Charity Numbei.: XN48459 Charity I'eglstration num ber: 103343 The Scotch-Irish Trust of Ulster Annual report for the year ended 31 March 2023
Scotch-Irish Trust of Ulster Annual report for the year ended 31 March 2023 Conteiits Pages Ti'iistees and advisers Trustees, i'epoit Independent auditoi's, report Statenient of financial activities 10 Balance sheet Notes to the financial statements 12-21 liivestmeLIt suinmaiy 22-24
The Scotch-Irish Trust of Ulster Trustees and advisers Trustees Mi. Johii Gilinoui. (Chaii'inan) Daine Gei'aldine Keegaii Pi'ofessoi. F Jack Sinitli Mi" David Moore Mi- Geral'd Bl'odei'ick JP MBE Di. Phi lip Mowat Mi- Alan McFai'land Mi. Michael Beattie President Mi- Jaines Melloii 11 Vlce President The Diike of Abercoi'ii Principal offAee The Ulster Amei'ican Folk Pai'k Mellon Road Castletown Oii)agli Co. Tyi'one BT78 SQU Investment advisers Evelyn Pai'tners 32-38 Lineiiliall Street Belfast BT2 8BG Bankers Danske Bank 520 Uppei. Newtownards Road Belfast BT4 3HD Danske Bank 5 - 7 Mai'kel Street Oinagh Co. Tyi'one BT78 IBN Independent auditors HMCI Lid TIA Hainill Mcll¥vaine 28-30 Old Moiinifield Road Oiiiagh Co. Tyroiie BT79 7BJ
The Scotch-Irish Trust of Ulster Trustees, report for the year ended 31 March 2023 The Ti'iistee5 pi'esent theii. I'eporl and the audited financial slalei)ients of the Ti'usl foi. the yeai. ended 31 Mai'ch 2023. The Ti'ustees have adopted the provisions of the Siateinent of Recomineiided Practice (SORP - FRS 102) "Accoiiiiting and Repoi'ting by Charities" in pi'epai'ing the annual I'epoit and financial stateinenls of the chai'ity. Structure, Governance and Management The Scotch-li'ish Ti'u5t of Ulster was sel up by a Scheine of Incoi'poi'ation Lindei. Section l O of the Charities Act (Northei'n li-eland) 1964, dated 20 Aiigiist 1969 and continues to work in accoi'dance with the Declaration of Ti'iist which is the govei'iiiiig docuiiient. The Ti'uslees took I'esponsibility foi. the Inaiiageinent of I'lie Melloii Centre foi. Migi'ation Studies (MCMS) with effect fi'oin l Api'il 1998. Tlie cliarity was registered witli The Cl)8rity Coiiiii)ission foi. Noril)ei-n Irelaiid on 4th Februai'y 2016 (cliai'ity niiinber 103343). The Inain addi'ess foi. the Ti'ust is The Ulster Amei'ican Folk Pai-k, 2 Mellon Road, Oinagh, BT78 5QU. Trustees The Trustees who served during tlie yeai. air: Mr Jolin Gilinoiii. (Chaii'inan) Mr Michael Beattie Daine Geraldine Keegan Pi'ofessor FJ Sinith Mi. David Mooi'e Mi. Alan McFarland Mi. Gerard Bi'oderick JP MBE Dr Philip Mowat Recruitment aiid appoiiitment of Ti'ustees The reci'iiilinent of new Trustees is conducted in accoi-dance witli the goveriiing docuimeiit - the Declaration of Triist. Induction aiid ti'aiiiiiig as I'equired, is cai'i-ied out by the Chaii-lnaii aiid one otlier experienced Ti'iislee. New Ti'ustee appointtiients are based oil a Skill's Aiidit, designed to higliliglit curi'ent gaps in Inanageinenl expertise and acadeinic specialisins, which ideally need to be filled. Oi'ganisational Striicture The chai'ity is Inanaged by the Ti-uslees who Ineet throiighoul the yeai. to oversee all operational Inattei's I'elating lo the Ti'ust and the work of the Mellon Centre for Migration StLidies. All decisions al-e Inade by tlie Trustees in accordance with the Declaration of Trust. Fi'oin its inception, the Trust has endeavored to meet the Chai'ity Coininissioii requireinent to opei'ate in the intei'ests of public benefit, by pi'oviding visitoi. and education prograinines. ii)Iis¢iiin and conservation projects- and libi-ary, iiiforinatioii and ai'chive sei'vices. Tlie Melloii Ceiili'e for Migi'ation Stiidies (MCMS) is now the main iindertaking of the Ti'ust, which il goveriis and fiinds. To fui'lliei. its aiins, it is suppoited by ali Advisoiy Coiiiniittee of MCMS, whose pi'iinai'y pui'poses al-e to.. Advise tlie Ti'ust on the policy and sti'ategic direction of tlie Centre Support and cliallenge the Dii'ectoi. and Ceiitre colleagiies in the delivery of tlie Ti'LlSt's goals and objectives Ensure tliat the Centre opei'ates in ali efficient aiid effective Inannei.. The Cliairinai) of the Ti'u5t ciiii'enily chaii's tlie Ineetiiigs of the Coininittee. In addition, Ineinbei'ship coinprises the MCMS Directoi., thi'ee Trustees, one co-opted Ineinber aiid oiie I'epi'esenlalive froni each of the pai-lnership bodies, incliidiiig Libi'ai'ies Nl, PRONI and the Queeii's Univei'sity of Belfast, which collaboi'ale with and support the woi'k of MCMS. Meinbers ciirrently total I I, but nuiiibers may fluctiiate accoi'diiig lo changiiig pi-ioi-ities and new pi'ogi'ainiiie initiatives.
The Scotch-Irish Trust of Ulster Trustees, report for the year ended 31 March 2023 (continued) Summary of Purposes When fii'st established, the priinary piii'pose of tlie Triist was 'the eiicoiii'ageinent of I'eseai'ch into the study of the histoi'y aiid ciiltui'e of Ilie people of Noi'ihei'n li-elai)d and in pai'ticulai. those known (in the USA) as the Scotch li-ish and tlie liiik5 of that hi5toiy aiid ciiltui'e with those of othei. counli'ies, and the advancement of the knowledge of the public iii those subjects., (Declcii'ali017 of Ti'ii.sl 1967) Ovei. the yeai's the I'eimit of the Trust has bi'oadened to focLiS on the pi'ocess and iinpact of histoi'ic Inigration botl) into and out of Ii'eland and the global iiiipact of the Ii'ish Diaspoi'a. The Ti'ust's pui'poses also iiiclude the pi'ovision of scholarships, biirsaries and grants foi. the research and sliidy of Inigration and foi. the publicatioii of books, Ii'ealises and academic papers. It iiiay also acqiiii'e, I'eslore, pi-eserve and IT]ainlain foi. the public benefit, biiildings and laiids which Iiave 'an historic association witli the histoi'y and ciiltiire of the people of Noriliern Ireland,. oi. which have a Iiistoi'ic associatioii with tlie cultui'e of the people of Noitliern Ireland in oihei. paits of the woi'ld., (Declcii'alioi? of Ti'iisr 1967). Compliance wilh the above enabled the Trust to set up tlie Ulstei. Ainei'ican Folk Park and to develop and Imanatse it foi. over 20 years and froin 1998 oiiwai-ds to establisli, govei'n and fuiid the Mellon Centre for Migi'ation Studies (MCMS) which proinotes I'eseai'ch, teaching and piiblication of the pi'ocess of Migi'ation. The Mellon Centre for Migratioii Stiidies. (MCMS). MCMS is housed iii a niodern Reseai'ch Library, open to the public, which was originally built, equipped, and stocked by tlie Ti'iist. In partnership with Libi'ai'ies Nl, the TrustlMCMS pi'ovides I'esearch, librai'y and infoi'ination sei'vice lo tlie IFeneral piiblic dui'iiig noi'inal libi'ary and Iniiseiiin opening hoiirs. Usei's have the beiiefit of fl'ee access to a specialist Migi-ation Histoiy Libi'ary ai)d an Ii'ish Einigi'atioii Database and, by appointinent the expert sei'vices of Libi'ai'y and Acadeiiiic Staff. The benefits al'e deinonstrated thi'oiigh raised awai-eness and inci'eased knowledge of Migi'ation, Ii'ish Ainerican liistoi'y and cllliure, and genealogy. Wli(Il Ive (lo ? The MCMS vision is of 'aii infoi'ined coininunity, COI)fideiitly and creatively engaged with its Inigi'alion hisloi'y, cultui'e aiid hei'itaoe, and its Inission is 'to serve the coininuiiity as a leadino international institution foi. Ilie stiidy of liiiman Inigi-atioii, focusing oli the peoples of Ireland woi'ld-wide, With funding siippoi't froin the Noriliei'n Ireland Assembly, through the Depai'linent foi. Cominunities (Dfc), the Centre works iii pai'tnei'sl)ip witli othei. Dfc-funded agencies (parliciilai'ly the Ulslei'_Aiiierican Folk Pai'klNMNI, Libi'ai-ies Nl, and PRONI) to iinpleineiit the 'Coi)Iinunity Cohesion, sti'ategic prioi'ities of 'bi'inging divided coiniiiunities togethei 'tacklii)g disadvaiitage aiid proiiiotints equality of oppoi'tunity, aiid 'inaxiinising public beiiefits fioiii the cultLlI-e, ai'ts and leisui'e secloi's,. Wlio ol'e oiii, iisei'sy A 5igi)ificaiit numbei. of the visiloi's to MCMS are also visitoi-s to the Ulstei-_Aimei'icaii Folk Park. About 50 % of the usei's coine fi'oiii Noi-lli An)erica, Britain, Aiisti'alia and New Zealaiid, with Inost of Ilie othei. half coining froiii Ii'eland, iioi'tli and SOLltlI, and abolit 20/0 coiiiing fi'oin other parts of Eui-ope and the l'est of the woi'ld. The global pattern of usei's of the Ceiiti'e's onliiie I'esources is siinilai-. The local iisei's of our facilities incliide I'esearch scliolai's, leachei's and lecturers, thii'd level students, school piipils, aiitl)oi's and faimily liistoriaiis.
The Scotch-Irish Trust of Ulster Trustees, report for the year ended 31 March 2023 MCMS Programme highliglits 2022-23 Following the thi'ee cl)allengiiig and di51'UPtive yeai's of Covid, the Cenli-e's public services aiid I'esearch Ilectui'e progi'ains have I'etiii'ned to neai. noi'inality. Tl)e highlights of this I'eporling year wei'e as follows: l.The biei)nial Ulstei. Amei'ican Heritage Sym posium was held in Jiii)e 2022, at the East Teiiiiessee Slate Univei'sity, in Joliiisoii City. The lectui-es and seininai's wei'e cliaired iii pei'son by Dr Liaiii Campbell, the Dii'ectoi- of the Ceiiti'e aiid acadeinic papei's wei'e presented oiiliiie by MCMS Colleague5 and cui'atoi'ial staff fi'om the Ulster Amei'ican Folk Park. The coiifei'ence papeI's will be published aiid cii'culated iii the iieai. future. 2.Sti'iile Shared C2m pus, Omagli. The Dii'ectoi. and staff of MCMS continiie lo work willi priiicipals, govei'nors and local secoiidai'y scliool stiidenls in the developinent of tlie concei)t ofinigratioii and ils pi'actical application in conteinpoi'ary society. 3. Pai'lnei-ship pi'ogi'amine with PRONI and the Nei've Centre- CollabArchive wliich enables conteiiiporai'y Inigranls lo exploi-e 19, centui'y einitsi'ant lettei's, Imaking coinpai-isons with theii. own lives and experiences and subsequently writing Iheii. own lettei's and Inakiiig podcasts. 4.Tivisted Root Course- faiiii ly history and heritage in the foi'in of a book club run over five weeks in conjunction with the Good Relations Uiiit of FODC. 5. Publie History QUB - intei'nsl)ip pi'ograiniiie delivei'ed by MCMS, attracting Ainerican 5tudeiits, culininaliiig in a poster pi'esentalion in the Gi'eat Hall. 6. Local stiidies course on the Sti'ule Rivei. Valley in parlnei'ship with the Ulstei. Hisloi'ical Foundation. Well attended by a local audience and was Inost helpfiil iii biiilding LIP Strong coiiiinunity engageineiit with MCMS. 7.Loughs Agency - MCMS delivei-ed l O workshops on the Iheine of Inigi'ation, bridges, and i-OLltes. 8. oil Line eoikfereneeslsem iEiars - alidiences for oiii. annual coiifei'ences have continiied to expand, lai'gely due to oiiline technology developed during Covid. Tlie Autuinr) School on 15, Oclobei. 2022 on a local hei-itage tlieine, presented in parliiership with PRONI, Librai'iesNI and FODC attracted overl 50 people as did Dr Williain Roulston's People aiid Land iii Northwest Ulster, in Febi'uai'y 2023. MCMS staff continiie to woi'k with coininunity aiid local history groups, riglit aci-oss the province to deliver lectures and woi'ksliops, as well as dealing with tlie daily i'eseai'ch aiid infoi'niation needs of a divei'se l'ange of iisers, ii)cluding intei'national tourists, acadeiiiic scholars, and local sclioolchildi'en. The Scotch Irisli Ti'ust as the governing body of the Melloii Ceiiti'e for Migration Studies, reinains coininitted to Imaintaining the curreiit levels of resoiirce funding foi. ils opei'ation, iii paitnei'ship with the Department of Coiminunities. It also gi'eatly values the suppoi't of Libi'ai'iesNI, in providing the specialist libi'ai'y aiid infoi'ination services to its users. Financial i'evieiv- Aiiiiual accounts 2022-23 Results The slateii)ent of financial activities for the year is set out on page l O of the fii)ancial stateinents. The total net incoining I'esoui'ces of tl)e Ti'u5t foi. the yeai. befoi'e gains on the I'evaluation of investinents wei'e £26,472 (2022.. £74,136). The Ti'ust l)as total assets of £3,204,870 at the year end as coinpai'ed witli total assets of £3,310,369 al the end of 2022.
The Scotch-Irish Trust of Ulster Trustees, report for the year ended 31 March 2023 (continued) The Trust Inaiiitains a poi'tfolio of investments which is Inanaged by the Triislees in conjunction witli quai'terly I'eviews which al'e cari-ied out by advisoi's, Evelyn Partnei's. Dui'ing the yeai. to 31 Mai'ch 2023 tliese inve5tineiils genei'aled £109,082 of incoine foi. the Trust. oihei. soiirces of incoine included.. Rental incoine fi-oim laiids lield and I'ei)led to the National Museuins Nl (£24,000); Grai)t rec¢ipts froin Depai'tinent foi. CoiT]Inunities (£62,000). aiid other incoii)e fi'oim Lectures and othei. incoine {£13,557). Tlie lolal expeiises foi. the year ainoiinted to £182,244. The Inaiii costs related lo staff salaries and pei)sions totaliiig £128,450. The einployees are iiivolved in the delivery of the Trust's objectives and are involved with Inanaging tlie I'esearch, leaching aiid sliidy of Inigration. A bi'eakdowii of all the expenses is sel out in Note 7 10 the accounts. The Iiet assets of the Trust al J l Mai'ch 2023 ainoiinted to £3,204,870 (2022.. £),310,369). Tlie iiiain reason foi. the deci'ease in tlie year related to the Lini-ealised losses on tlie Inai'kel value of the investi)ients. Reserve policy The Trust lias free I'eserves (that is uni'esti'icted fLinds} of £3,066,731 as at 31 Mai'ch 2023. Deducting the fixed assets of £2,932,239, the T2'USt lias ' liquid, iiel assets of £134,492. This i-epi'esents 1.12 years of uiii'esti'icted expenditui'e. The Trustees believe chat dLie to the volatile naliire of the investinent Inai'ket, and the flltui'e plan5 to further develop The Melloii Centi'e foi. Migratioi) Stiidies, this level of fl'ee reserves is i)ecessary. The Melloii Hoimestead at Cainpliill Fund (I'eslricted fiiiids) repi'esents Inoiiies I'eceived froin the Ii'isli Ainerican Parlnei'ship that can only be Lltilised for the iipkeep and i'epaii. of the Mellon Floinestead. The fund balaiice is ii)cliided within the cash i'esoiirces of the Ti'u5t. (Note 17) Investmeiit policy The Ti'iist has eiioaged Evelyn Partnei's as iiivestinei)t i)iaiiagei's to pursue a policy of Inaxiii)isiiig incoine whilst Inaintaiiiii)g soime capital growth. The Ti'i15tee5 have the powei. to iiivest in such assets as they see fit. The Chairman is I'espoiisible for liaisiiig witli the investinent Inanauei's aiid reporliiig to tlie Ti'ustees al each Ti'iislee's Ineeting. The inveslinenl performaiiee foi. 22123 yielded investment incoine of £109,082. Tliis is li) line witli the objective of achieviiig a I'etui'ii of between 5-8Q/o. Taxatioii The Ti'ust is a i-egistei'ed cl)ai'ity, and as Slich is entitled to cei'tain tax exeiiiptioiis on iiicoiiie (11)d pi'ofits froin inveslinent5, and sui'pluses 01) any li-ading activities cai'i'ied 01) iii fui'tliei'ance of11)e Ti'iisl's pi'iiiiai'y objectives if these profits and surpluses al'e applied solely foi. cliai'itable pui'poses. Risk Management The Ti'iislees are awai'e of theii. i'esponsibilities lo I'eglilai-ly review the Inajor I'isks to wliicli the chai'ity is exposed. The aiin of siich a I'eview is to iinpleinent a manageinent strategy, which coinpi'ises.
The Scotch-Irish Trust of Ulster Trustees, report for the year ended 31 March 2023 (continued) an ongoiiig I'evieiv of the risks which the chai'ity Inay face. the establishinent of systeins and procedui'es lo Iniligale those I'isks identified in the review. the impleiiientation of pi'ocedure5 designed to Iniiiiinise tlie iinpact on tlie chai'ity slioiild any of the risk5 malerialise. Public benefIt statement Iii setting our objectives and plaiining Olir activitie5 foi. the yeai. the trustees have given carefLII considei'ation to the Charity Commission foi. Noi'thei-n Ii'elaiid's guidaiice 011 public beiiefit to ensure that the activities have helped to achieve the charity's purposes and pi'ovide a benefit to the beneficiai'ies. Statement of Ti'ustees, responsibilities The Trustees are responsible foi. pi'eparing the Ti'iistees, Report and the finaiicial stateinents in accordance with applicable law and United Kingdoin Accountiiig Standard5 (United Kingdom Genei-ally Accepted Accounting Pi'actice). Tlie law applicable to cliarities in Northern li'eland I'equii'es the trustees to prepai'e fiiiancial stateinenls for each financial yeai. which give a ti'ue and fair view of the state of affaii's of tlie cliai-ity and of tl)e incoiDiiig I'esoiirces and application of i'esoui'ces of tl)e charity for that pei'iod. In pi'epariiig these financial slateinents, the Triistees al'e required to.. select siiitable accoiintiiig policies and then apply thein consistently. obsei've tlie Inetliods and pi'iiiciples in the Chai'ilies SORP. Inake judginents and estiinates tl)at are I'easoiiable and priident. state whethei. applicable accounting standai'ds have been followed, siibject lo any Imaterial deparlui'es disclosed and explaiiied in the financial slateii)ents' prepai-e the financial stateiiieiits on tlie going concern basis unle55 It is iiiappi'opi'iate to pi'e5UIT]e tliat the cliai'ity will continue iii business. The Triistees are I'esponsible foi. keepiii(J pi'opei. accountiiig I'ecoi'ds that disclose ivith i-easonable accuracy at aiiy tiine the fiiiancial position of Il)e chai-ity aiid eiiable tl)ei)I to eiisui'e that the finai)cial stateinents coinply with tlie Cliai'ities (Noithern Ireland) Ordei. 1987, as aineiided by Ilie Chai'ities Act 2006, the Chai'ity (Accounts aiid Repoi'ls) Regulatioiis 2008 and the pi'ovisi011s of the trust deed. Tliey al'e also I'espoiisible foi. safeguai'ding the assets of tlie cliarity aiid hei)¢e for taking reasonable steps for the preveiitioii and detection of fi'aiid and oihei. iri'egiilai'ities. Statement of disclosure of infoi'mation to auditors So fai. as each of the Trustees in office at tlie date of approval of these financial stateineiits 15 awai'e: there is no relevant audit infoi'ination of which the Ti'ust's auditoi's are iinaware. aiid as Ti'iislees, they have taken all the necessaiy steps lo Inake theinselves awai'e of any I'elevant aiidit infoi'iiiatioii aiid to establish that the Ti'ust's aliditoi's al-e awair of that iiiformalion. By ordei. of the Triistees ohi) A Gilino Chaii'inaii Dated.. 5 Janiiary 2024
The Scotch-Irish Trust of Ulster Independent auditor's report to the Trustees of the Scotch-Irish Trust of Ulster Year ended 31 March 2023 Opinion We have audited the accouiils of Scolch-li-ish Ti'ust of Ulstei. {tlie 'charity') foi. the yeai. ended 31 Mai'cl) 2023 whicli coinpi'ise the Stateiment of Financial Activities, the Balance Sheet and the notes to the accouiits, includiiig a suininai'y of significant accounting policies. The finai)cial I'eporting frainewoi'k that l)as been applied in theii. pi'eparalion is applicable law aiid United Kingdoin Accounting Standai'ds (United Kingdoin Generally Accepted Accounting Practice), inclLidiiig Stateinent of Recoinimended Practice (SORP- FRS 102) 'Accounting and Repoiting by Cliai'ities" in pi'epai'ing the anniial report and fiiiancial slaleinenls of the charity. Iii oui. opinion tl)e accouiitS'. give a ti'ue and fail. view of th¢ state of the cliarity's affaii's as at 31 March 2023 and of it5 incoining resoiirces aiid application of resoui'ces, includints its income and expenditui-e, foi. the year tlien ended; have been pi'operly prepai'ed in accoi'dance with Uiiited Kiiiodoin Gei)ei'ally Accepted Accouiiting Pi'aclice. and have beeli pi'epared in accordance witli the StateiMent of Recoininended Pi'actice.. Accoiinting and Repoi'ling by Charities. Basis for opinion We condLlCted oui. audit iii accoi'dance with Intei'national Standai'ds oil Aiiditing (UK) (ISAS (UK)) aiid applicable18W. Our I'esponsibilities undei. those standai'ds are fuithei- desci'ibed in tl)e Aiidiloi s respoiisibilities foi. tlie audit of the accouiits section of Olir report below. We al'e independent of tlie cliarity li) accoi'dance witli tlie ethical l'equii'elenIs that are I'elevant to Olir audit of the fiiiancial statements in the UK, ii)cliidints the FRC'S Ethical Standai-d, and we have fulfilled oui. other ethical I'espoiisibilities in accoi-dance with these requireinenls. We believe that the audit evidence we have obtained is sufficieiit and appi'opriale lo provide a basis foi. oui. opinion. Coiicluslon relating to going colicern In aiiditing tlie fiiiancial stateineiits, we liave concliided that tl)e ti'ustees use of the going coiicei'n basis of accounting iii the pi'epai'ation of the financial stateiiienls is appi'opi'iate. Based 011 the work we have pei'forimed, we have not identified any Imatei'ial ui)cei'tainties relating lo events oi- coiiditions that, individually oi. collectively, Inay cast significaiil doiibt oil the cl)ai-ities ability to coiitiniie as a going concern for a pei'iod of at least twelve Inonths froin when the f121ancial slateinents are authoi'ised foi. issiie. OLII. i'esponsibilities ai)d the I'esponsibilities of tlie coinrnittee Ineinbei-s with i'espect to goiiig con¢ei'ii are described in the i'elevant secti011s of this I'epoi'l. Olhei. informatioii The othei. infoi'iiiation coiiipi'ises the inforinalion incliided iii the annual I'epoi'l, other than the accollllts aiid oiir aiiditoi s report thei-eon. Tlie Ti'ustees al'e responsible foi. tlie otliei. iiifoi-lnalioii. Oiir opinion oli Ilie accoiints doe5 not covei. Ilie othei. infoi'ination and, except lo the extent othei'wi5e explicitly stated in oui. I'eporl, we do not expi'e55 aiiy form of assiii'aiice conclusioii Ihei'eon. Iii connection with oiii. audit of tlie accounts, oiii. I'espoiisibility is to l'ead the othei. infoi-lnation aiid, iii doing so, considei. wheihei. the othei. infoi'iiiation is Inatei'ially incoiisistent with tlie accoiinls oi. oiii. knowledae obtained in the audit or otherwise appeal's to be 111atei'ially Inisstated. If we ideiitify such Inatei'ial incoi)sistencies or appai'ent n)atei'ial Inisstatements, we al'e I'equii'ed lo detei'inine whethei. there is a Inatei'ial misstateii)ent iii Ilie accounts oi. a Inalerial Inisstatement of the othei. i21forniation. If, based on the woi'k we have pei'forined, we concliide that there is a material Inisstatemeiit of this other iiifoi'ination, we al-e i-equired to repoit tl)at fact. We have nothiiig to repoi't ii) tliis I'etsard.
The Scotch-Irish Trust of Ulster Independent auditor's report to the Trustees of the Scotch-Irish Trust of Ulster Year ended 31 March 2023 (continued) Opinions on other matters Ili Olir opinion, based on the woi'k undei'taken in the coui'se of oui. audit.. the inforination given in the Ti'LlStees' Report foi. tlie finaiicial yeai. for which the accounts are prepai'ed is consistent with tlie accouiits. and the Ti'ustees, Report has been pi'epai'ed in accoi'dance will) applicable legal I'equireinenls. Mattel's on ivhieh ive I'e required to i'epoi'l by exception In light of tlie kiiowledge and understanding of the Charity and ils envii-01)Inenl obtained in the course of the audit, we have not idei)tified Inalerial Inisstatemenls in the Trustees, Repoi'l. We have notl)ing to I'epoi't in respect of the following Inatters in I'elatioii lo which we are required lo I'epoit to you if, in our opiiiion. adeqiiale accoiinting I'ecoi'ds have not been kept, oi. I'etui'ns adequate foi. oui. audit have not been I'eceived; oi. the accounts al'e not in agreeinent with the accounting I'ecords and I'etui-ns. or certaiii di5c105ul.es of remunei'atioii specified by law are not ii)ade' oi. we have Iiot I'eceived all the infoi'inalion aiid explaiiations we I'eqiiii'e for oui. audit. Responsibilities of Ti'ustees As explained more fiilly in the Siateiiient of Ti-ustees, Respoiisibilities, tlie Ti-ustees al-e responsible for the preparation of the accounts and foi. being satisfied Iliat they give a ti'ue and fail. view, aiid foi. such intei'iial conti'ol as the tl-LlStees detei-liiiiie is necessary to enable the pi'epai'ation of accoiinls that are free fi'oin Inaterial iiiisstateinent, whethei- due to fi'aud oi. eri'or. In pi'epariiig the accoiints, the Ti'u5tees are I'espoiisible foi. assessii)g the charity's ability to continue as a goiiig concern, disclosing, as applicable, niattei's I'elaling to going concei'n and Lising tlie goiiig coi)cei-n basis of accoiinting iinless the Trustees eithei. intend to liquidate the charity or lo cease operations, oi. have no realistic altei'native biit to do so. Auditoi s responsibilities for tlie audit of the fiiiaiicial statements Oiir objectives are to obtain reasonable assuraiice about wliether the accouiils as a wliole are free fi'oin Inatei'ial iiiisstateiment, whethei. diie to fi'aiid oi. eri'oi-, aiid to issiie ali aiiditor's repoi't that ineliides our opinion. Reasonable assiirance is a higli level of assurance but is iiot a guai'antee tlial an audit coiiducted in accordance with ISAS (UK) will always detect a Inalerial Inisstateinenl wheii it exists. Misstateineiits can ai'ise froiii fraud oi. ei'i'or and al'e considered Inaterial if, individually oi. in tlie aggi'egale, they could reasoiiably be expected to iiifliience the ecoiioinic decisions or Ilsei's takeii on the basis of these accoiints. Ii'i'egiilarities, incliiding fi'alid, al'e instaiices of non-coinpliance witli laws and i-egiilatioiis. We design i)i'ocediii'es in line with oiii. I'esponsibilities, Oliilined above, lo detect Inaterial Inisstateiiieiits in I'espect of ii'i'egiilai-ities, ii)cludiiig fi'aud. Tlie extent to which oiir pi'ocedui'es al'e capable of detecting irregulai'ities, iiicluding fi'aud is detailed below.. We uained an undei'standing of the legal and I'eglilatoi'y fi'amewoi-k applicable to the cliai'ity and the industry in which it operates, and coi)sidered the I'isk of acts by the chai'ity that wei'e contraiy to applicable laws and regulatioiis, including fi'alid. We designed aiidit pi'ocediii'es to respond lo the risk, I'ecognising that the I'isk of iiot detecting a Inatei-ial Inisstateineiit due to fraud is l)igliei' tliai) tlie I'isk of not detecting one i-esiilting fi'oin ei'roi., as fi'aiid inay involve delibei'ate coiicealineiit by, foi. exainple, forgei'y oi. intenlioi)al iiiisi-epi'esentations, or through colliision. We focused 01) laws ai)d regulatioiis which coiild give I'ise to a Inatei'ial Inisstateineiits in the fiiiancial stateineiits, incliiding, bLIt iiot liinited lo, Ilie accounting and I'epoi'liiig of chai'ities and UK tax legislatioii. Oiii. tests incliided ag1'eein the fiiiaiicial stateinents diselosiires lo iiiidei'lying suppoi'ting dociiiiientalion, enqiiii-es witli Iiianageineiit aiid enqiiii'es of legal couiisel where appropriate. Thei'e al'e inherent liinitatioiis iii the aiidit procediires
The Scotch-Irish Trust of Ulster Independent auditor's report to the Trustees of the Scotch-Irish Trust of Ulster Year ended 31 March 2023 (continued) described above and, the fLlI'ther i-einoved non-coinpliance with laws and I'egulations is fi-oin tlie events and transactions reflected in the financial stateinents, the less likely we would becoine aware of it. We did not ideiitify any key aiidil Inattei's I'elating lo ii'regulai-ities, includii)g fraiid. As in all oui. audi15, we also addressed the risk of nianageinent ovei'i'ide of internal controls, incllidiiig testing joui'nals and evaluatiiits whether there was evideiice of bias by the coininittee Ineinbei's that I'epi'esented a risk of Inalerial Imisstateinent dlie to fi'aiid. A fiii'ther desci'iption of our I'esponsibilities for the audit of the accoiiiits is located on the Finaiicial Repoi'tiiig Council's website at.. http'./lwww.fi'c.oi'g.uklaiiditorsrespoiisibi5ities. Tliis desci'iption foriiis pait of oiii. auditoi s i'epoit. This i'epoi't is Inade 501ely to the chai'ity'5 Trustees, as a body, in accordance witli Chai'ities Act (Noi'thei'ii Ii'elaiid) 2008 and regulations Inade under that Act. Our aiidit woi'k has been iindei'laken so tliat we i)iight slate lo the cliarity's Ti'ustees those Inattei's we al'e reqiiii'ed lo state to thein in an aiiditor's I'epoi'l and foi. no othei. pui'pose. To Ilie fullest extent pei'mitted by law, we do i)ot accept oi. assuine I'esponsibility lo anyone othei- thali the chai'ity and its Trustees a5 a body, for oiir audit work, for this I'epoit, oi- foi. the opinions we Iiave foi'ii)ed. Mr Rodiiey Hamill FCA (Seiiior Slatutoiy Auditor) Foi. and on behalf of Hainill Mcllwaine Chartei'ed Accountaiits and Statutory Auditor 28-30 Old Mountfield Road Oinagli Co. Tyi'oiie BT79 7BJ 5 Janiiary 2024
The Scotch-Irish Trust of Ulster 10 Statement of Financial Activities for the year ended 31 March 2023 Unrcsti'icted fuiids Restricted funds 2023 Total 2022 Total Note Incoming resoul'ees Iiicomii)g i'esoui'ces fi'oin genei'ated funds Investinent incoine 109,159 109,159 123,427 4,086 Irish Ainerican parlnei'ship Othei. incoining resoui'ces Siindry incoime Reiital incoine 13,557 24,000 13,557 24,000 62,000 208,716 8,488 24,000 62,000 222,001 Gi'ant 62,000 62,000 TotAI incoin iiig I'esoui'ces xpenditiire on: Investiiient Inanageinent costs Cliaritable activities 146,716 11,495 11,495 11,443 Mellon Ceiiti'e foi. Migi'alion Stiidies costs Trust's costs 88,936 19,813 120,244 26,472 62,000 150,936 19,813 182,244 26,472 118,277 18,145 147,865 74,136 Total resources expended Net ineoming resources before (losses) /gains oil investn)ents Nel (losses)/gaiiis on iiiveslinents Net movemeiit in fuiids 62,000 (131,971) (105,499) 3,172,230 3,066,731 (131,971) {105,499) 3,310,369 3,204,870 79,237 153,373 3,156,996 3,310,369 Total funds brolight foi'ward Total funds cari'ied forward 138,139 138,139 18,19 All ainounts i'elate to continuing opei'ations of tl)e Ti'iist.
The Scotch-Irish Trust of Ulster 11 Balance sheet as at 31 March 2023 2023 2022 Note Fixed assets Tangible assets Investinenls 550,457 2,381,782 2,932,239 551,626 2,452,593 3,004,219 12 Currenl llssets Debtoi-s 13 227,608 259,936 Shoi't terni deposits Cash at bank and in liand 14 54,620 282,232 (9,601) 272,631 3,204,870 69,226 329,166 (8,056) 321,110 3,325,329 (14,960) 3,310,369 Creditoi's: amount5 falliiig due within one year Net Current assets 15 Total assets less current liabilities Provisions foi. liabilities 16 Net assets 19 3,204,870 Funds Restricted fiinds 17 138,139 3,066,731 3,204,870 138,139 3.172,230 3,310,369 Uni'esti'icted fiinds Total funds 19 The financial stateiiieiits on page5 10 10 24 were appi'oved by the Ti'ustees and wei'e sigiied 011 Ilieii. belialf by: i) A. Gilii)our Cliairnlaii Date.. 5 Janiiary 2024
The Scotch-Irish Trust of Ulster 12 Notes to the financial statements for the year ended 31 March 2023 Accounting policies and statutory information The financial slaleinenls have been pi'epai'ed in accoi'dai)¢e with Accoiinting and Reporting by Cliai'ities.. Slaleinent of Recoiminended Pi'actice applicable to charities prepai'iiig Ilieir accounts in accoi-daiice witli the Financial Reporting Standai'd applicable in the UIC and Repiiblic of Ii'elai)d (FRS 102) - {Chai'ities SORP (FRS 102)) and tl)e Financial Repoi'liiig St<indard applicable in the U IC aiid Republic of Ii'eland (FRS 102). The Scotch-li'ish Ti'ust of Ulster Ineels the defiiiitioii of a public beiiefil entity undei. FRS 102. As5e15 and liabilities al'e initially I'ecognised at historical cost oi. ti'ansaction valiie unless oiheiivise stated in the I'elevant accouiiting policy note. The charity was I'egistered with The Chai-ity Coininissioii foi. Noitl)ern Ii'eland 01) 4th Febi'u<11'y 2016 (chai'ity niiimber 103343). The Inaiii addi'ess for Ilie Triist is The Ulstei- Ainei'icaii Folk Park, 2 Mellon Road, Oinagl), BT78 5QY. The principal accounting policies, which have been applied con51Stently thi'oughoiil the yeai., are set oiit below. Cash flow statement The Ti'iist is exeinpt froin the requireiiieiil lo publish a cash flow stateinenl. Tangible Fixed assets, depi'eciatioii aiid impairment Tl)e cost of tangible fixed assets is theii. piirchase cost, togeihei. with any incideiital cos15 of acqiiisition. Depreciation is calculated so as to wi'ile off the cost of taiigible fixed assets, less Iheii. estiinated I'esidiial values ovei. the expected useful economic lives of the assets concei'ned. I'lie pi'iiicipal annual l-ates iised al'e (Is follow5.. Coinpiitei- equipiiient Office eqiiipineiit 25 % sti'aight liiie I 00/0 Sti'aight liiie Wlieii the recovei'able aimount of a fixed asset is found to be below its net book value the asset is wi'itten down to the recovei'able figui'e and loss on iiiipaii-lnent is i'ecognised iii the stateinent of financial activities. Thei'e is 110 aiiioiint below which fixed assets are not capitalised. Land is not depi-eciated or I'evalued as il is considered to be l)eld foi. public benefit and is therefoi'e ti'eated as a tangible fixed asset i'atlier than inveslimeiit property. Pensioii Tl)e Ti'iisl is Inaking payinents lo Ilie Uiiivei'silies Siiperanniiation Scheine on behalf of einployees. The cost of fiinding tlie scl)eine is cliai'ged to the stateinent of fiiiancial activity as incui'i'ed. Tlie Trust has an iii)funded defiiied benefit scheime. A provision lias been established lo account for the liability the Ti'usl will iiiciir until this scheine is iio loiigei. I'equired aiid is being ainoi'tised ovei. l O years. The eosls inciirred annually al'e cl)arged against Ilie pi'ovision. Any additional i)ioveinent iii tlie pi'ovision is reflected in Ilie Staleiiient of Fiiiai)cial Activities. iivestments Inveslineiits are slated at Iheii. Inai'ket valiie at the balance sheet dale. Investiiients iiicliide the Iiet gaiiis ai)d losses ai'isii)g 011 I'evaliiations and disposals Ilii'ougliout tlie yeai..
The Scotch-Irish Trust of Ulster 13 Notes to the financial statements for the year ended 31 March 2023 (continued) Accounting polAcies (continued) Iiicoming resources All incoining I'esoiirces are incliided in the stateinent of financial activities when the Ti'ust is legally entitled to the IIIC02ne and tl)e aii)oiint cali be qiianlified willi I'easoiiable accui'acy. Investmeiit iiicom e Ii)vestlT]enl incoine is accounted foi. on the basis of receipt by the Investinent Managers. Doiiatioiis Donatioi)s al'e iiicluded in fiill when I'eceived. Grants Revenue grants al'e credited to income resoui'ces 01) tlie earlier date of when they al'e i'eceived oi. when they al'e I'eceivable, unless tliey relate to a specified future period, in which case they al'e defei'i'ed. Grants for the pui'pose of capital expenditiire al'e ci'edited to resti'icled incoining I'esources when I'eceivable and transferi'ed to unresti'icted fiinds on pui'chase of asset. Othei. iiicome and generated funds Otliei. iiicoiiie and generated funds is included li) fiill iii the Stateinent of Financial Activities when receivable. Resources expende(I All expenditure is accoiinted for on an acci'uals basis aiid ha5 been classified uiidei. lieadi11ts5 that aggregated all costs appi'opi'iately I'elaled to a pailiciilai. category. Cost of geiiei-ating funds Cost of geiiei'atiiig fuiids coiiipi'ises the costs associated with investiiieiit incoine and the iiivestinent poi'tfolio. Charitable activities Chai'ilable activities al'e tliose iiicui'i'ed in connection with cost of running the Triist and Tlie Mellon Ceiitre foi. Migi'ation Stiidies. Otliei. costs Oihei. costs iiicliide those incui'i'ed in tlie govei'iiaiice of its assets and al'e associated with coi)stitutional, statutoi'y and sti'ategic i-equireinents. Fund aceountiiig The Trust has vai'ioiis types of fiinds foi. wliich it is responsible aiid which I'equire sepai'ate disclosui'e. A definition of Ilie various types of fiinds is as follows.. Restricted fui)ds Reslricled fiiiids al'e lo be iised foi. specified pui'poses a5 laid down by tlie donoi.. Expenditiii'e, wliich Ineels these ci'iteria, is cl)arged lo the fiind, logetlier with a fail. allocatioii of ovei'heads aiid suppoi't costs. Uiirestrieted funds Uni'estricled fiinds al'e donations and otliei- incoiniiig I'esoiii'ces I'eceived oi. genei'ated which al'e expendable at the disci'etion of the charity ii) fiirthei'ance of it5 objectives.
The Scotch-Irish Trust of Ulster 14 Notes to the financial statements for the year ended 31 March 2023 (continued) Critical accounting judgements and key sources of estimation uncertainty Estiinates and jiidgeinents are continlially evaluated and al-e based on hisloi'ical experience and other factoi's, incliiding expectations on futui'e events that are believed to be undei. the cii'ciiinstances. (a) Ci'itical judgeineiils in applying the coinpany's accounting policies. Thei'e are no critical jiidgeinenls in applying the coinpany's accoiinting policies. (b) Ci'itical accoiinling esliimales aiid assiiinptions. Iii calculating the pe115ion pi'ovision for the iinfunded pension, the cost lo piii'cliase a siiitable annuity was obtained fi'oin peiision pi'ovidei's. This cost is aiiiorlised over the estiiiiated life expectancy of the beiieficiai'y. Tlie carrying value of the pe115ion provision at the balance sheet date is sel oiit in iiote 16. Investment income 2023 2022 Investrnent iiicome conipi'ises: Dividends and other siimilai. I'etui'iis on investinent5 109,082 77 123,351 76 Money Inarket intei'est 109,159 123,427 Sundry income 2023 2022 Suiidry illeome com pi-i5es: Lectui'es and foi'iims 4,996 8,561 145 Ii'ish Faiiiily Histoi'y Fouiidalion Syinposiuin iiicoine 8,343 13,557 8,488 Rental income 2023 2022 Rental iiicon)e compi'i5e5: National Museuins of Noi'thei'n li-eland 24,000 24,000 24,000 24,000
The Scotch-Irish Trust of Ulster 15 Notes to the financial statements for the year ended 31 March 2023 (continued) GR'ants 2023 2022 Grant income comprises: Depai'tment foi. Coininunities - standard gi'ant 62,000 62,000 62,000 62,000 Charitable activities Uiirestricted Restricted 2023 2022 Mellon Centre for Migration Studies costs Adn)inisli'ation charges to Folk Pai'k Staff costs (iiote l O) Coinpiitei- and office costs Ti'avelling aiid siibsislence Pi'inting, postage, statioiiery aiid advei'tising Sundiy costs Staff ti'ainiiig Insui'ances 4,500 66,450 2,998 4,613 1,150 4,500 128,450 2,998 4,613 1,150 4,500 99,356 4,659 1,827 475 62,000 248 248 235 500 4,209 1,946 1,536 117 4,209 1,946 1,536 117 3,998 1,190 1,470 67 Syinposiui)i eypenseslevents Aiidit fees Bank chai'ges Depi'eciation 1,169 88,936 1,169 150,936 62,000 118,277 Unrestricted Restricted 2023 2022 Tr115t's ruiiniiig c05t5 Ti'avelling and siibsistence paid to ti'ustees Siiiidi'y costs Alidit aiid accouiitancy Bank chai'ges Syiiiposiuin expenses Pension expeiises (note 16) 431 431 529 12,975 4,340 58 12,975 4,340 58 12,521 3,840 830 830 I,J79 19,813 1,179 19,813 1,173 18,145
The Scotch-Irish Trust of Ulster 16 Notes to the financial statements for the year ended 31 March 2023 (continued) Statement of investment gains 2023 2022 Realised gain on disposal of iiiveslments Adjustinenl for pi'evious unrealised (loss)Igain on inveslinents disposed Change in iinrealised {loss)Igain on inveslinents 196 59,956 (52,104} 71,385 79,237 (22,937) (109,230) (131,971) Net incomiiig resources for the year 2023 2022 Net incoining resoui'ces fo). the year after charging: Fees payable to the chai-ity's aiiditor foi. the audit of the accounts 5,876 5,345 10 Employee information 2023 2022 Staff costs Wages and salai'ies Social secui'ity costs Othei. pension costs 96,610 11,393 20,447 128,450 75,626 8,307 15,423 99,356 Number Nuinber Avei'age monthly iiurnbei. of persoiis employed by tlie Trust du I'iiig the yeai. (excludiiig Trustees): Researcl) No eiiiployee received reiniinei'ation of Inore than £60,000 in eithei. yeai.. Indeiniiity insiirance foi- the Tiiistees has not beei) piirchased. Triistees al'e iiot I'einiinei'ated foi- Services to Ihe Ti'iist, oihei. thai) ali Iionoi'ariiiin of £1 0,000 paid to the chaii'inat).
The Scotch-Irish Trust of Ulster 17 Notes to the financial statements for the year ended 31 March 2023 (continiied) I l Tangible assets Computer equipment Office equipment Land Total Cost At l Api'il 2022 546,952 115,000 6,775 668,727 Additions At 31 Mai'ch 2023 546,952 115,000 6,775 668,727 Accumiilated depreciation At l April 2022 Depi'ecialion chai'ge At 31 March 2023 110,326 6,775 117,101 1,169 1,169 118,270 111,495 6,775 Net booli amount At 31 March 2023 546,952 3,505 550,457 At 31 Marcli 2022 546,952 4,674 551,626 Mellon Memoi'abilia - Hei'itage assets The Trust owns a sinall collection of i'are books and ai'tefacts I'elaling to the stoi'y of the Mellon Fainily. All of the iteins iii this collection liave been acqiiii'ed, i)iosily by donation, ovei. Inany yeai-s and have beeii flilly docuinented. Responsibility foi. the cal'e and iiiaiiageinent of tlie books, which al'e lield in tlie Mellon Ceiiti'e foi. Migi'atioii Studies, now I'esls with Libraries Nl, following Ilie I'eoi'ganizacion and Inei-gei- of the five libi'ary sei'vices in Noitliern li'eland. The Melloii ai'lefacts are cui'ated and exhibited by National Museuins Norihei'n Ii'elaiid (NMNI) uiider a license agi'eenieiit witl) the Trust and are oil seciire display in Ilie Einigi'anls, Gallei'y. No valuation lias been cai'i'ied oiit in these book5 as tl)ey al'e considei'ed lo be so rai'e, their use is resli'icted acadeinic I'efei'ence only and given the specialisim of tlie text, it is felt an accui'ate valuation would be difficult to obtain. Tlie nuinbei. of books in the collection is 9. The Mellon Ceiiti'e of Migi'atioii Studies library The Libi-aiy collectioii was established first by Ilie Ti'iist/Ulstei' Ainei'icaii Folk Park in the late 1970's-eai'ly 1980's and fui'thei- developed by the Westei-11 Education aiid Libi'ary Boai'd (WELB) Libi'ary Service, when it took ovei. tlie riiiining and stocking of the Libi-ary fi-oiii tl)e Inid 1980's. Coi)sequeiitly the collection coinpi'ises books, Inaps, docuinents and othei. I'eseai'ch Inatei'ials wliich al'e jointly owned by tlie Ti'iist and Libraries NJ. An aoreeinent wa.8 Iade betweeii Ulster Ainei'ican Folk Pai'k and WELB, tliat should one of the two bodies cease to exist tlie Libraiy collectioii would becoine the pi'opei'ty of the siirviving entity. Hence it lias iiever been coiisidered iiecessai'y lo sepai'ately ideiitify oi. value, those books aiid oil)ei' ileins whicli have been pui'cliased in tl)e past eitliei- by Ulstei. Ainei'icaii Folk Pai-k oi- WELB, 01- Inoi'e recently by Lib121'ies Nl. Conseqiiently no value has beeii atti'ibllted to any of the above colleclioiis witliiii tliese accounts The Mellon Homestead Tlie Ti'iisl owiis an histoi-ic thatched cotlage whicli was tlie bii'thplace of Thoinas Mellon, who was boi'ii in 1813. The pi'operty foi'ins an ii)tegi'al pail of the exliibitions at tlie Ulste2' Ainei'ican Folk Pai-k which National Miiseuins Nl lias a license lo iise. As there is no histoi-ical cost available, Ilie asset is not recoi-ded on the balance slieet. As explained in note 17, any Inajoi. repaii'lupkeep is fiinded fi-oiii a specific I'esti'icted flind.
The Scotch-Irish Trust of Ulster 18 Notes to the financial statements for the year ended 31 March 2023 (continued) 12 Investments Mai'ket value at l Api'il 2022 Pui'chases at cost 2,4S2,593 233,905 (172,745) 196 Disposal proceeds Pi'ofit on disposal Adjustinent for unrealised profit pi'eviously recognised foi. disposals in year Uni'ealised Inoveinent (22,937) (109,230) 2,381,782 2,207,390 Mai'l(et valiie at 31 Mai'cli 2023 Historical cost 2023 Classifieatioii Bonds Moi'lgage backed debt Pi'efei'ence sliai'es 20,025 130,750 181,356 Altei'iiative aiid m ulti-asset Gold and precioiis iiietals Hedge funds Pi'ivate equity Lower volatility fiinds Propei'ty Dii'ecl 53,533 80,660 28,100 32,507 261,939 Equities United Kingdoin Noitli Ainerica 735,712 326,540 68,379 67,213 199,899 38,925 156,244 2,381,782 Eui'ope Japan Pacific Basin ex Japan Einei'giiig Markets Global Total 13 Debtors 2023 2022 Othei- debtoi's 216,581 11,027 227,608 249,649 10,287 259,936 Prepayiiients aiid acci'lied incoine
The Scotch-Irish Trust of Ulster 19 Notes to the financial statements for the year ended 31 March 2023 (continued) 14 Short tel'm deposits 2023 2022 Danske Baiik business tei'in deposit accoiint 15 Creditors: amounts falling due within one year 2023 2022 Sundi'y creditors aiid acci'ued exi)enses 9,601 8,056 16 Provisions for liabilities Pen51011 provisioii At l Api'il 2022 Credited to the pi'ofit and loss account At 31 Mai'cli 2023 14,960 (14,960) Profit and loss cha rge: Pension payinents Inade Provisioii released 16,139 (14,960) 1,179 Pi'ofit aiid loss eliarge for year (note 7}
The Scotch-Irish Trust of Ulster 20 Notes to the financial statements for the year ended 31 March 2023 (continued) 17 Restricted funds Melloii Homestead at Cnmphill fund Balance at l Api'il 2022 Incoining I'esoLlI'ce5 foi. the year Relaled expenditui'e for the year Balaiice at 31 Marcli 2023 138,139 138,139 MCMS grant aid fund Balance at l Api'il 2022 Incoiniiig I'e50urces for the yeai. Reveiiue expenditiii'e foi. the year Balanee at 31 Marcl) 2023 62,000 (62,000) The Mellon Homestead at Cainphill Flind repi-esenls Inonies received fi-oin the Irish American Paiti)ei'ship that can only be ulilised foi. the upkeep aiid I'epair of tlie Mellon Hoinestead. The fiiiid balance is included within the cash I'esource5 ofthe Ti'iist. MCMS grant flind aid is Inoney I'eceived to assist witli the i'unning costs of Tl)e Mellon Centi'e for Migi'ation Studies. The grants al'e recognised under the perfoi'inance Inodel and I'epoi'ted in tlie SOFA when received. This Inainly funds the salaries. 18 Uni'estricted funds Balai)ce at l Api'il 2022 Incoining resoiii'ces foi. the year Resoiii'ces expended foi. the year Net (losses)Igains 011 investments Balance at 31 Mai'eli 2023 3,172,230 146,716 (120,244) (131,971) 3,066,731
The Scotch-Irish Trust of Ulster 21 Notes to the financial statements for the year ended 31 March 2023 (continued) 19 Analysis of net assets Unrestrieted funds Restricted funds Total 2023 Total 2022 Analysis of type of asset and liability: Fixed assets 550,457 2,381,782 89,469 54,620 550,457 2,381,782 227,608 54,620 551,626 2,452,593 259,936 69,226 iive51inents Debtoi's 138,]3)( Cash at bank and in hand Shoi't tei'in deposits Ci'ediloi's.. aiiioiints falling due witliin one year Pi'ovision foi. liabilitie5 {9,601) (9,601) (8,056) (14,960) 3,310,369 3,066,731 138,139 3,204,870 20 Pensions The Trust is Inakinu payiiieiits iiito the Universities Supei'anniiation Scheine on belialf of employees. The liability of the TrLlSt is liinited to the pay2nent of the eniployei's and einployees contributions to the Scheines. This is an unfunded defiiied benefits scheme, biit the Ti'iisl is unable to identify ils shal'e of the undei'lying assets and liabilities of the schemes. In accoi-daiice witli FRS 17, ¢onlributioi)s to the scheiiie al'e accoiinted for 01) a defiiied contributions basis and are cl)ai-ged to staceineiit of fiiiancial activities as payinenls al'e Inade.
The Scotch-Irish Trust of Ulster 22 Investments summary Acquisiti0115 number or sllares Cost 1200 Bank od Ainei'ica Coi'poi'ation Prologis Iiicoi'porated Veolia Enviroiiinenlal ADR 32,511 19,059 42,839 38,679 38,697 50,039 12,058 23 200 1900 38000 Bai'clays 10.40/0 FTSE S&P incoine Ai'teinis Investi)ient Funds 42060 2250 Xirackers PIC 722 Woodside Eiiei'gy spin off of BFIP Gi'oup NPV Pi'einiei. Miltoii Iiivestineiit Fui)ds - Fund Accuiniilation 233,905
The Scotch-Irish Trust of Ulster 23 Investments suinmary (coiitinuecl) Marl<et value at 31 Marcli 2023 Iiivestments At 31 IIAa reh Year of Cost 2023 Purchase 59,000 6,460 Aviva 8.375% Cuin Iri. prfGBPI Aviva Ol'd GBPO.3289 20051201112013 76,489 32,472 69,325 26,111 20071201012011 12012 1999 15,200 3,500 52,500 BP Ord USDO.25 66,954 16,744 66,242 77,642 31,535 81,375 Close Brothers Groiip Ord GBPO.25 HICL Infi'aslructui'e Ol'd GBPO.000 I 2003 20091201012011 12012120131201 512016 20061200912010 12013 20061201112013 7,000 HSBC Holdings PLC Ord USDO.50 (UK Reg) Lloyds Banking Gi'oiip 9.25 /0 Non- Cuin Ii'i. Prf Shs Lloyds Banking Gi'oup OrdGBPO. I 50,108 38,479 45,500 60,723 61,425 49,000 20031200512009 1201012011 20021200812009 67,914 23,361 5,000 M&G Iiivestiiient Inanageinent Lid Chai'ifiind Inc Pi'udential Ord GBPO.05 51,768 74,159 3,500 2,800 19991200012004 23,826 26,208 38,570 64,638 Royal Dutch Shell B Ord EURO.07 (UK Listing) SSE PLC Ord GBPO.50 19891201512016 3,000 1,600 25,000 28,421 4,000 4,500 22,500 35,000 15,000 40,000 2,000 2007 46,705 21,573 67,404 48,885 74,160 39,761 46,862 51,395 25,019 43,939 19,984 54,090 67,040 103,500 88,958 102,380 60,210 20,093 43,488 20,025 32,160 28,100 Uiiilever Ol'd GBPO.03111 I 2007 City of London Triist Ol-d GBPO.25 3 i Iiifi'astructui'e Ord NPV 201112012 2012 BHP Billitoii PLC USDO.50 201212015 Mui'i'ay liiternational Ti'LlSt Ol'd GBPO.25 Vodafone Gi'oup Oi'dinai'y US$O.2095238 Lowlaiid Iiivestineiit Co. Ol-d GBO.25 2016 2017 2018 Real est Ci'edit Iiiv Ltd Ol'd NPV 2019 Sequoia Ecoiioiiiic Iiifi'a Iiic Fd NPV NB Pi'ivate Eqty Parlnei's Ltd Class A Ord Shs Siipei'imarket Incoiiie REIT PLC Ol'd GBPO.01 Secui'e Iiicoine REIT PLC Ord GBPO. I (Reg s) Greeiicoat UK Wiiid PLC Ol'd GBPO.O I 2019 2019 22,500 2019 22,985 19,485 24,900 201912020 29,845 24,502 20,000 35,542 2019 24,406 36,313 31,360 32,507 Investec Fuiid Managei'5 Iiivestec Divei's INC 12 GBP BNY Melloii Global Fiiiids PLC US Equity Incoiiie E GBP Dist Blackrock FLind Managei-s Ltd Contl Eui'p Iiic D Units Inc Baillie Giffoi'd Japan Ti'iist Ol'd £0.05 Nexlera Eiiergy Inc Com USDO.O I 201912020 50,000 201912020 52,213 74,790 21,750 2019 34,289 39,582 2,500 450 2019 21,099 24,517 18,725 28,119 2020
The Scotch-Irish Trust of Ulster 24 Ma rl£et value at 31 March 2023 Investments At 31 March Year of Cost 2023 Purchase 7,000 Preimiei. poi'tfolio Inanagei's pli'inirl Im iton US Opportiinities B acc Astrazeneca Ol'd USDO.25 2021 23,186 24,367 650 2021 46,562 51,583 73,008 48,486 45,000 Jupilei. Unit trust Inai)agers Japan Incoine Z GBP Dis JP Moi'gan Asia Growtli and incoine PLC Ol'd GBO.25 CG Poi-lfolio fliiid PLC Dollai. hedged GBP Dis Schi'odei. Asia Pacific Fuiid Ol'd GBPO. I O 2021 12,350 2021 60,649 45,819 500 2021 51,277 47,915 i 0,000 45,000 201912020 45,034 45,277 51,700 36,126 Lionli'iist Fund pai'tnei's LLP Monthly Inc Biid B Gross Int Maitlaiid Inst Sei'vice5 Ocean Arele Liiniled KLS Ai'ete Inaci'o Sl GBP ACC SEJ Glob81 Inaster fund Pl,C the SEI Liquid altei'nalive GBX Dis Coi'diant digilal infrasti'uctLS1'e Ltd Ol'd NPV Bank of aiiiei'ica corpoi-ation coin USDO.O I Microsoft coi'p coin USDO.00000625 Pi'ologis Inc Coin USDO.O I Nalixis investinent Inanagers SA Looinis sayles US Equity leadei's Q AG USD RWE AG NPV Saiilaiii ai'tificial intellegence Z GBP Bellevui. heaalil)cai-e trust PLC Redeeinable ord GBPO.O I 2020 300 175 2018 2022 33,597 21,837 27,591 19,671 1,600 2022 20,506 20.944 20,000 2022 21,966 16,260 1,800 150 400 2022 2022 2022 53,248 34,234 42,353 36,973 41,705 35,057 40,452 34,537 11,500 2022 825 13,000 19,350 2022 2022 2022 24,903 37,998 37,460 28,797 32,874 29,257 20,500 Niiiety oiie fiiiid Inanagers UK Ltd (Flobal envii'oniiieiit K GBP Inc JP Moi'gan Gbl Eing Mkts Inc Tst Ol'd GBPO.01 Veolia Ei)vii'oni)iental Barclays l 0.40/D FTSE S&P Incoine Autocall 2022 37,386 33,903 30,000 2020 40,305 38,925 1,900 38,000 2023 2023 42,839 38,679 47,512 40,044 42,060 Ai'teiiiis Investiment Funds ICVC Ai'teinis Corpoi'ate Bond Fui)d Xti'ackei's ETC PIC Physical Gold etc GBP HDG 2023 38,697 37,564 2,250 2023 50,039 53,534 932,433 2,207,390 2,381,782