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'el￿enIs 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