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' Friends Of The Ulster Museum
Statement of Financial Activities for the Year Ended 30 June 2025
Unrestricted Total Total
funds 2025 2024
Note 2 £ J
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income and Endowments from:
Donations and legacies 6,430 6,430 5,186
Charitable activities 8,959 8959 5,229
investment income A 2,657 2,657 2,966
Total income 18,046 18,046 13,401 |
Expenditure on: .
Charitabie activities (33,664) (33,664) (19,750)
Total expenditure (33,664) (33,664) (19,750)
Gains/losses on investment assets 15,184 15,184 4,152
Net expenditure (434) (434) (5,197)
Net movement in funds (434) (434) (5,197)
Reconciliation of funds
Total funds brought forward 105,682 105,682 110,878
Total funds carried forward 13 105,248 105,248 105,681
All of the charity's activities derive from continuing operations during the above two periods.
The funds breakdown for 2024 is shown in nofe 13. |
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The notes on pages 10 to 15 form an integral part of these financial statemenis. : Page & |
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Friends Of The Ulster Museum
(Registration number: 101366)
: Balance Sheet as at 30 June 2025
2025 2024
Note £ z
Current assets
investments 10 99,724 82,244
Cash at bank and in hand 11 6,397 23,917
106,121 106,161
Creditors: Amounts falling due within one year {2 (8/3) (480)
Net assets } 105,248 105,687
Funds of the charity:
Unrestricted income funds
Unrestricted funds. 105,248 105,681
Total funds 13 105,248 105,687
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3428 iinangial siatements on pages 8 to 15 were approved by the trustees, and authorised for issue on ep . tetsserteeeseeeeeees ANG Signed on their behalf by: J Virie Carragher Mrs Anna Carragher - Chairman and trustee
The notes on pages 10 to 15 form an integral part of these financial statements. Page 9
, Friends Of The Ulster Museum Notes to the Financial Statements for the Year Ended 30 June 2025 1 Accounting policies
statement of compliance The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. Sasis of preparation Friends Of The Ulster Museum meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items | recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounis. The financial statements are in £sterling and rounded to the nearest £1.
Going concern | The trustees consider that there are no material uncertainties about the charity's ability to continue as @ going concern.
income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
investment income
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. [t includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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Friends Of The Ulster Museum Notes to the Financial Statements for the Year Ended 30 June 2025 (continued) Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. - Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 296 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Current asset investments
Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.
Cash and cash equivalents Cash ana cash equivalents comprise cash on hand and call deposits, and other shori-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
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, Friends Of The Ulster Museum
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Notes to the Financial Statements for the Year Ended 30 June 2025 (continued)
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Recognition and measurement All financial assets and liabilities are initially measured at transaction price (including transaction cosis), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price exciuding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments ciscounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only. when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows
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from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset fo another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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Friends Of The Ulster Museum
Notes to the Financial Statements for the Year Ended 30 June 2025 (continued)
2 Income from donations and legacies
Unrestricted
funds Total
General funds
& £
Donations and legacies:
Donations from individuals 6 430 6 430
,
Total for 2025
6,430 6430 -
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Total for 2024 5,186 5.186
3 income from charitable activities
Unrestricted
funds Total
| General funds
£&
8959 8,959
Total for 2025 8,959 8959
Total for 2024 5,229 3,229
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4 investment income
Unrestricted
funds Total
Generali funds
£ 7
interest receivable and similar income:
interest receivable on bank deposits 94 974
Other income from fixed asset investments 2,006 2,005
Total for 2025 2,657 2,657
Total for 2024 2,986 2.986
2 Expenditure on charitable activities
. Unrestricted
funds Total
General funds
Note £ £
Charitable activities 33,664 33,664
Total for 2024 19,750 19,750
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Friends Of The Ulster Museum Notes to the Financial Statements for the Year Ended 30 June 2025 (continued) 6 Trustees remuneration and expenses No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. ? Staff costs costs
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? Staff costs costs ,
The monthly average number of persons (including senior management
by / leadership team) employed
the charity during the year expressed as full time equivalents was as follows:
2025 2024
Average No No
number of staff 1 1
No employee received emoluments of more than £60,000 during the year
& independent examiner's remuneration
2025 2024
Independent £ £
examiners fee 648 ‘ $70
2 Taxation
The charity is a registered charity and is therefore exempt from taxation.
10 Current asset investments
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2025 2024
Listed ; E. £
other shares 99,724 82,244
11 Cash and cash equivalents
2025 2024
:
Cash £ £
at bank 6,397 23,917
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Friends Of The Ulster Museum
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Notes to the Financial Statements for the Year Ended 30 June 2025 (continued)
12 Creditors: amounts falling due within one year
2025 2024
£ £
Other taxation and social security 346 ~
Other creditors (1) -
Accruais 928 480
373 480
13 Funds
Other Balance at
Balance at incoming Resources recognised 30 June
1 July 2024 resources expended gains/(losses) 2025
£ £ £ £ £
Unrestricted funds -
Generai 105,682 18,046 (33,664) 15,184 105,248
Other Balance at
Balance at Incoming Resources recognised 30 June
1 July 2023 resources expended gains/(losses) 2024
£ £ £ £ £
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Unrestricted funds
General 110,878 13,401 (19,790) 1,152 105,681
14 Analysis Analysis of net assets assets between funds funds
Unrestricted - Total funds
funds at 30 June
General 2025
E r
Current assets 106,121 106,121
Current liabilities (873) (873)
| 105,248 105,248
Total net assets
Unrestricted Total funds
funds at $0 June
General 2024
£ &
Current assets 106,161 106,161
Current liabilities (480) (480)
Total net assets 105,681 105,681
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14 Analysis Analysis of net assets assets between funds funds
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