Cliai'it}' Number: XN48459 Chai'ity registr<ion nutn bei.: 103343 The Scotch-Irish Trust of Ulster Annual report for the year ended 31 March 2024
Scotch-Irish Trust of Ulster Anllulql report for the year ended 31 m.arch 2024 Contents Pages Ti-ustees and advisei's Ti'LlStees' report Iiidepeiident aLiditors' ieport Statement of fiiiancial activities 10 Balance sheet Notes to tlie fiiiaiicial stateineiits 12-20 liivestinent suiniiiary
The Scotch-Irish Trust of Ulster Trustees and advisers Trustees Mi. John Gilinoui. (Chaii'inan) Daiiie Geraldine l<eecTan Professor F Jack Siiiith Mi. David Mooi'e Mi. Gei'ai'd Bi-odei'ick JP MBE Di. Pliilip Mowal Mi. Alan Mcfarlaiid retired M]. Michael Beattie Ms Eiineai. Muinaghan OBE Ms Anii Robiiisoii Presideiit Mr James Mellon 11 Vice Pi'esiclent The Diike of Abei'corn Priiicipal otrice The Ulstei. Ainerican Folk Paik Mellon Road Castletown Oinagh Co. Tyi'one BT78 SQU Investment advisers Evelyn Partners 32-38 Linenhall Sti'eet Belfast Bf2 8BG BaiilieJ"s Danske Bank 520 Uppei. Newlowiiards Road Belfast BT4 3HD Danske Bank 5 7 Mai'ket Sti'eet Oinagh Co. Tyrone BT78 IBN Independent 2u(litors HMCI Ltd TIA Hainill McIlwaine 28-30 Old Mountfield Road Omagh Co. Tyi'one BT79 7BJ
The Scotch-Irish Trust of Ulster Trustees, report for the year ended 31 Marcli 2024 The Trustees present Iheii. report and the audited financial stateinents of the Trust for the year encled 31 March 2024. The Ti'uslees liave adopted the pi'ovisioiis of the Slateinent of Recoinniended Pi'actice (SORP - fRS 102) 'Ac¢ounting aiid Reporliiig by Charities" in preparing the aiii)ual repoi-t and fiiiancial stateinents of the cliai'ity. Sti'ucture, GoveriiAiieC and Management Tlie Scotch-li'ish Trust of Ulstei- W<iS set up by a Scheme of Incorporation uiidei. Section l O of the Chai'ities Act (Noi'tliern Ireland) 1964, dated 20 Aiigllsl 1969 and conliiiues to woi'k in accordance witli the Declai'atioii of Triist whicli is tlie govei'niiig (lociiinenl. The TriisLees took i'esponsibility foi. the Inaiiagement of Tlie Mellon Ceiitre foi. Migratioii Sludies (MCMS) witli effect from l Api'il 1998. Tlie cliarily was registei'ed with The Cliai-ity Coininission foi. Norlhei'n li'elaiid on 4tli Febi'uary 2016 (chai'ily nuinber 103343). The main addi'ess for the Trust is The Ulster Ainei'ican Folk Pai'k, 2 Melloii Road, Oinagli, BT78 5QU. Trustees The Ti'iistees who sei'ved during the yeai- are.. Mi. John Gilinour (Chaiiinan) fvTh. Michael Beattie Daine Geraldiiie Keegan Pi'ofessoi. FJ Smit51 Ms Elliieai- Murnaglian OBE Mr David Mooi'e Mi. Alan McFai'land Mi. Gei'ai'd Bi"oderick JP MBE Dr Pliilip Mowat Ms Anii Robii)son Recruitmeiit and appointment of Trustees Tlie i-eci-uitineiit of new Trustees is condiicted in accoi'dance with the govei'ning dociiiiient- the Declai'ation of Ti'iisl. Indiiction and kn'aining as i-eqiiired, is cai'i'ied oiil by Ilie Cliaii'iiiaii aiid one otl)ei' expei'ieiiced TrLlStee. New Ti'LlStee appointinet)Is are based oli a Skill's Audit, designed to liighlight curi'eiit gaps iii maiiageinent expertise and acadeiiiic specialisins. which ideally need to be filled. Oi'ganisational Structui-e Tlie Cliai'ity is inanaoed by tlie Trustees who meet Ihi'ougl)out the year lo oversee all operatioiial mattel-s relating to the Ti-iist and the woi'k of ihe Mellon Ceiitre for Migratioii Studies. All decisions are inade by the Ti'ustees in accoi'dance witli the Declaration of Ti'ust. From ils inception, the Ti'ust lias endeavoi'ed to ineet the Chai'ity Coininissioii requll'einent to opei'ate iii the intei'ests of public benefit, by pi-oviding visitoi. and educatlOD prograinines. museuiii and conservatioii projects. and libi'ary, inforination and ai-chive services. Tlie Mellon Centi'e for Migi'atioii Studies (MCMS) is iiow tlie Inain uiideilaking of the Ti'iist, wliich it ooverns and fuiids. To fuither its allns, it is siipported by an Advisory Cominittee of MCMS, whose pi'unai'y piii'poses al'e lo.. Advise the Ti'ust on the policsi and strategic dii'ection of the Centre Supijoi'l and cliallenge the Dii'ectoi. aiid Centi'e colleagiies in the delivery of the Ti'ust's goals and objectives Eiisure tliat the Centre opej'ates in an efficient and effective ii)aniiei'. Tlie Cliairinan of the Trust cui'i'ently cliaii-s the iiieetings of the Coininittee. lil addition, Ineillbei'ship compi'ises Ilie MCMS Dii'ectoi., thi'ee Ti'iistets, one co-opted inembei. and oiie representative fi'oiii each of tlie partnership bodies, including Librai'ies Nl, PRONI aiid the Queen's Uiiivei'sity of Btlfasl, wliicli collaboi'ate with aiid suppoi't tlie woi-k of MCMS. Meiiibei's currently total I I, but nunibei's Inay fliictliate accoi'ding to changing pi'ioi'ities and Iiew pl'ograiniiie initiatives.
The Scotch-Irish Trust of Ulster Trustees, report for the yeai" ended 31 March 2024 (continued) Summai-y of Pui-poses en first established, the primary piirpose of the Ti'u5t was 'the encoui'ageineiit of research iiito the study of the history and cultt]re of the people of Noitliei'ii h'eland aiid in p8rliculai' those kiiowri (in tlie U8A) as the Scotcli li'ish and the links of that histoiy aiid culture with those of other counts'ies, and the advanceiiient of the laiowledge of Ilie public iii those subjects., (Declai'ali017 of TF'llSt J9f) 7) Over the yeais tlie I'eniit of the Ti'ust Sias bi'oadened lo focus oil tlie pi'ocess aiid iinpact of Iiisloric niigi'ation both iiito aiid out of Ii'eland aiid the global impact of tlie Ii'ish Diaspoi'a. The 'fi'iist's purposes also incliide tlie provisioii of scholai'ships, bursaries and gi'ants foi. the research and stiidy of migralioii aiid for Ilie i)ublicatioii of books, tt-ealises aiid acadeiDic papei's. It Inay also acquii'e, I'estoi'e, preserve and maiiilain foi. the i)ublic benefit, buildings aiid lands ivhich Iiave ' an historic associatioii with the histoly and cultLlI'e of the people of Noithei'n Ii-elaiid. oi. wliicl) have a histoi'ic association witl) tlie culture of the people ofNoitliei'ii li'elaiid in othei. parts of the woi-ld., (Declai'alion of Ti'iisi J967). Compliance with the above enabled the Trust to set up the Ulster Ainerican Folk Park and to develop and Inanage it for ovei. 20 yeai's and fi'oin 1998 onwai'ds to establish, goveiii aiid fuiid the Mellon Cent]'e foi. Migi-ation Sttidies (Mcfvls) wliich pi'oinotes i'eseai-ch, teaching and Pliblication of the pi'ocess of Migi'atioji. The Mellon Centre foi. Migi-ation Studies. (MCMS). MCMS is housed in a modein Research Libi'ary, open to the public, which was oi'igiilally built, eqiiipped, and stoclced by the Trust. In paitnei'ship with Libi'ai'ies NI, the Ti'iisllMCMS provides re5eai'ch, libi-ai'y aiid iiilorinalLOlI sei'vice to the geiieL'al public diii'ino i)oi'inal library and Inuseum opeiiiiig houi"s. Usei's Iiave Ilie benefit of fl-ee access to a specialisi Migi'ation Histoi'y Library aiid ali Irisli Einigi'atioi) Database and, by appointtnent tlie expeit sei'vices of Libi'aiy and Acadeinic Staff. Tlie benefits al'e deinonsh'ated throutrll i'aised awareness and increased knowledge of Migration, Ii'isli Ainerican histoi'y and ciilture, aiid genealogy. l{/liiil Ive (lo ? The MCMS vision is of 'aii inforined coininunity, confidently and ei'eatively engaged with its Inigratioii histoiy, eulture and hei'ilage, and its Inission is 'to sei've tlie coininunity as a leadlllts llltei'iiational institutlOLi foi. tlie study of huiiian migration, foeusiiig oil the peoples of Ii-eland woi'ld-wide, Witli fundiilo suppoi-i froni the Noitliei-n Ireland Asseinbly, through tlie Department for Coininunities (Dfc), the Ceiitt'e woi'ks tn pai"ttiership witli other Dfc-fiinded atreiicies (paiticulai-ly tlie Ulstei'_Aiiiericaii Folk PaFldNMNI, Libi'ai-ies Nl, aiid PRONI) to llnpleiiienl the 'Coininuiiity Cohesion, sh'ategic priorities of 'bi'lligllits divided coiiiinunities logetlier,, 'tackling disadvaiilage aiid pi'oinoting equality of opportunity, alld 'inaxiinisiiig public benefits fi'om the cultuj'e, ai-ls and leisui'e sectoi-s,. Ivlio aTe oiii. iisers ? A sigiiificant nuinbei. of the visitors to MCMS are also visitoi's to the Ulster-ALiiei-icaii Folk Park. About 500/0 of the users coiiie fi'oin North Ainei'ica, BL'itain, Aush'alia and New Zealai)d, witli inost of the oihei- half coiniiig fi-oin IrelaLId, noi'ih and soiith, and about 2 /0 coiiiing fi'oin otliei. pai'ts of Eui'ope aiid the rest of the world. Tlie global pattei-n of users of Ilie Centt'e's onliiie resoui'ces is Sllnilai.. Tlie local users of oui. facilities include reseai'ch scholai's, teachei's and lecturei's, tlill'd level students, school pupils, autliors and fainily historiaiis.
The Scotch-Ii-ish Trust of Ulster Trustees, report for the year ended 31 March 2024 MCMS Progi'an)me highliglit5 2023-24 The higliliglits of this rei)oi'tiiig year wei'e as follows.. l Bad Bi'idgel Boolc Clubs . a five week pi'ogi'ainiiie to graduate and iindei'graduate students witli the Good Relations Office of feriiianagli aiid Omagli District Council Sooking at Ilie lives of emigraiit woinen iii the 19111 and early 20 cenlui'ies. A podcast was i'ecoi"ded at the Ulstei. Miiseiiin with QUB,NMNS and UU. 2. Rui-dl Comniuiiity Netiyoi-li sliidy of pliotogi'aphs and ai'chive Inatei'ials on local hei'itage aiid iiiigi'atioll 5toi.ies 3. Loiigl)s Agency: Sti'eain keepei's, pi'oject delivei-ed l O workshops 01) tlieines of Inigratioii bi'idges and I'oiite5. 4. Ei ast Teiinessee State Univei-sity .' pi'ogi'ainine of lectures delivered online lo gi'aduate and uiidei. gi'adiiate student5. QUB Libei'411 Ai'ts '. woi'king ivith slLJdents aiid staff oil a Migration aiid Ageing project. 6.Sti'ule Sliill-ed Cam pils, Omagli. The Directoi. and staff of MCMS c()Iiliniie to worl( witli i)i'incii)als, governoi's and local second¢lry school studeiits in the developineiit of the coiicept of Inigi'atioii ai)d ils praclical applicatioll iTJ coiiteinpoi-aiy society. 7.. Om¢igli Litei'acy f(eslival: preseiitations by MCMS using oi'iginal einigi'aiit lettei's fi'oin dat(tbase 8. Study 2bi.oad pi-ogi-amme .'hostiiig studeiits fi'oiii East Teiiiiessee State Uiiiversity foi. leckni'es aiid field trips. 9.11'ish Hei-itage Ti'ust: ShaTed Islaiid i)I'ogi-ainine lo present woi'lcshoi)s in Newry and Strokestowii l O.Assoeiatioin of Ei urope911 Migi'atioii Institution5, Slovenia. Pi'eseiitalioii by Dll'ector MCMS. I l HeritAge Lottery f4 uild.. Advised Gleiiock Cliurch Newtownstewai't on a major i'efurbishjnent project. 12.miiseuin of Amei'icaii FR'oiitiei' Ciiltui-e, Vii'ginia. MCMS provided acadernic advice on inlei'pi'elation. 13.Ulster Amei'icgtn fl ollc Parlc.. collaboi'ative woi'king with NMNI and the Scotch Ii'isli Trust on Ilie long terin developinent of the Folk l)ark. MCMS staff contii)ue to ivoi'k with coininunity aiid local histoi'y groui)s, riohi aci'oss the pi-oviiice lo deliver lectui'es aiid woi'kshops, as well as dealiiig 11th the daily i'esearch and infoi'matioii iieeds of a divei'se range of iisei's, including intei'iiational toui'ists, acadeknic scliolars, aiid local schoolchildi'en. The Scotch li-isli Ti'ust as Ilie govei'51ing body of the Melloii Cenh'e foi. MigL'ation Studies, reinains coininitted to Inaiiitaiiiii]o the ciin'eiit levels of i'esoui'ce fiindino foi- its opei'ation, iii pai'tnership with the Depai-tiiieiit of Cominuiiities. Financial i'eview - Annual Aecoiiiit5 2023-24 Results The slateiiient of fanCial activities foi. the yeai. is set out on page 10 of the fmancial statements. The total net incomiI)g resoui'ces of the Ti'iist for Ilie yeai- before gains on tlie i-evaluation of investtnents wei'e £6,273 (2023:£26,472). The Tiusl lias total assets of £3,234,954 at the yeai'_end as compai'ed with total assets of £3,204,870 at the eiid of 2023.
The Scotch-Irish Trust of Ulster Trustees, report for the year ended 31 March 2024 (continued) The Tl'ust Inallilaiiis a poi'tfolio of iiivestinents which is Inaiiaged by the TrL]Stees in coiijunclion with qiiarlei'ly reviews wliÉch al'e cari'ied out by advisoi's, Evelyii Parliiei's. Dui'ijig tlie yeai. to J l Mai-cli 2024 Iliese inveslillents genei'aled £97,507 of incoine for tl)e Ti'ust. Othei- soui'ces of incoine included.. Reiilal iii¢oine fi'oin lands lield aiid i'ented to the Natioiial Museums Nl (£24,000). Grant I'eceipts fi'om Depailnient for Coiiiiiiuiiities (£62,000). and other iiicoine fi'oin The Irisli America Paitnership (£12,407) and Lectures and other incoine (£14,788). The total expenses for the yeai- ainounted to £204,524. The main costs i'elated to staff salaries and pensions totaling £131,000. Tlie einplojiees al'e iiivolved iii tlie delivei'y of the Ti'ust's objeLlives aiid al'e iiivolved with maiiaging ilie i'eseai'ch, leaching ai)d stiidy of Inigi'ation. A bi-eakdowii of dll Ihe expenses is set out iii Note 7 10 tlie accoiinls. The net assets of the Ti'ust at 31 Mai'ch 2024 ainounted to £3,234,954 (?023.' £3,204,870). I'he Inain I'eason foi- the increase in tlie year related to the utu'ealised gaiiis oIi Ilie inai'ket value of the investillents. Reserve policy Tlie Ti-ust lias fi'ee i'esei-ves (that is uiii'estt'icted fuiids) of £3,084,408 as at 31 March 2024. De(lucting the fixed assets of £2,922,580, tlie Ti'iist has ' liquid, net assets of £161,828. This i'epi'esents 1.14 yeai's of u.estI.lCted expenditui'e. The Ti'iislees believe that due lo tlie volatile nattii'e of the iiivestmellt inarket, aiid the futtii-e plaiis to furthei- develop Tlie Mellon Centi-e for Migration Studies, this level of free i'esei'ves is necessary. The Mellon Homestead at Caiiiphill Fund (i'estt'icled funds) represeiits Inoi)ies received fL'OllI tlie Ii-ish Ainei'icaii Pai'liiei'ship that cali only be utili5ed for the upkeep and i-epair of Ilie Mellon Hornestead. The fuiid balance is included within the casli i'esoui'ces of tlie Ti'ust. (Note 17) Investnient policy The Ti-LlSt has eiigaged Evelyn Pai'lners as investinent Inanagei's lo piirsue a policy of Jnaxiinising incoine whilst Inaintaining soine capital gi'owtli. The Ti'iistees have tlie powei- lo invest in such assets as they see fit. The Chaii-iiiaii is I'esponsible foi. liaising with the invesbnenl inanagei's aiid repoi-li]10 lo the Trustees at eacli Ti-ustee's ineetinil .The investtnent pei-foi7naiice for 23124 yielded investtnent income of £97,507 (2023.. £109,082). Tliis is slightly below the objective of achievino a i'etuim of betweeii 5-8 %. Taxatioii The Trust is a I'egistei'ed chai'ity, and as such is entitled to ceitain tax exeinplioiis on incoi)ie and pi'ofits fi'oin investments, and sui-pluses on aiiy Ii'adino activities cari-ied oil in l.therance of Ilie Ti-usl's pi-iiiiary objectives if these pi'ofits aiid sw'pluses al'e applied solely for cl)ai'ilable piii'poses. Risli Maiiagement Tlie Ti'ustees al'e awai'e of Ilieir i'esponsibililies to i-eoulai-ly review tlie iiiajoi. risks to which tl)e charity is exposed. The allii of such a review is to iinpleinent a inaiiageinent sts'ategy, wliich coinpi'ises:
The Scotch-Irish Triist of Ulster Trustees, report for the year ended 31 March 2024 (continued) an ongoiiig I'eview of the i-isks which tlie chai'ity l)iay face. the eslablishinejit of systems and i)i'ocedui-es to mitigate those i'isks idei)tiFied iii the i'eview. the iillpleinentatioii of pi'ocedui'es designed to Ininiiiiise Ilie iinpacl 011 tlie cliai'iiy shoiild any of the risks Inatei'iali.%e. Public benefit stateinent In settiiig our objectives and planiiing oui. activities foi- the yeai. tlie triistees have given cai-eful coiisidei'alion lo the Chai'ity Comiiiission foi. Noi-lliern li'eland's giiidaiice oil i)ublic benefit lo ensiii'e tS)at the activities Iiave lielped lo achieve the chai'ity's purposes and pi-ovide a benefit to the beneficiai'ies. Statemeiit of Trustees, R'esponsibilities The Ti'iistees al-e i'espoiisible for pi'epai'ii]ts the Ti'llstees, Repoi-l and the fiiiaiicial slateinents in accoi'dallLe with applicable law and United Kingdoin Ac¢oiinting Standards (United Icingdoiii Geiierally Accepted Accoutjting Pi-actice). The law applicable to chai'ities in Noi'thei'ii Ii'elaThd I'equires the tL'UStees to prepai'e fLnaiicial stateinenls foi. each fiiiaiicial yeai. wliich tsive a li-lle aiid faij. view of the state of affaii's of the cliai'ity aiid of tlie iIicoinii]IT I'esources aiid ai)plication ol i'esoui'ces of the chai'ity foi. that pei'iod. Ii) pi'epai'llig Ihese fiiiancial slaleinents, the Ti'iistees al-e I'equired to.. select suitable accounting policies ai)d then apply tlieni consistently. obsei-ve Il)e inetliods and pi'inciples iii the Cliarilies SORP; Inake judgineiils aiid estiiiiates that are I'easonable and prudeiit. state wliethei. applicable accoLllltiiirJ staiidai'ds liaiie been lolloived, SLibject to any IT]atei-ial depai'tures disclosed aiid explained in tlie financial slatenients. prei)ai'e the fiiiaiicial stateinenls on the goiiig concei-n basis unless it is iiiappropi'iate to pi'esuine Ilial the cliai'ity will coiitinue ui biisiiiess. Tlie Ti-iistees are i'esponsible foi. keeping pi'oper accounting i'ecords that disclose with i-easonable acciiracy at any tllne the fii)ancial i)osilioii of the cliarity and eiiable them to ensLlI'e tliat tlie fiijancial stateiiieiits coinply Miith the Cliai'ities (Northei-n Ii'elaiid) Oi-dei. 1987, as aineiided by tlie Cliarities Act 2006, tlie Cliarity (Accounts aiid Reports) Regulations 2008 and tlie provisioiis of ihe ti'ust deed. They al'e also I'espoiisible for safegllai'ding the assets of the cliai'ity and hence for takiiig reasoiiable steps for the pi'evention and detection of fi'aud and otlier iiregulai'ilies. Statement of disclosui'e of iiifoi'matioii to auditoi's So far as each of tlie Ti'ustees in office at tlie date of approval of tliese financial stateineiits is aware.. thei'e is no i-elevant audit infoniiation of whicli the Trust's auditoi's are unawai'e. and as Ti'uslees, they liave taken all the necessaiy steps to inake theiiiselves aware of any relevant aiidit infoi-lnation aiid lo establish that tlie Ti-ust's auditors are aware of th81 inforination. By ordei- of Ilie Trustee5 John A Giliiioui. Chairinan Dated: 23rd Octobei. 2024
The Scotch-Irish Trust of Ulster Indepeiident auditor's report to the Trustees of the Scoteli-Irish Ti'ust of Ulster Yeai. ended 31 Marcli 2024 Opiiiion We Iiave audited the accoiiiils of Scotch-li-ish Ti'ust of Ulstei- (tlie 'cliai'ity') foi- tlie yeai. elided 31 Marcli 2024 which coinprise tlie Statement of Financial Activities, the Balance Sheet aiid the iiotes to Ihe accouiils, iiicluding a sumniaiy of sigiiificant accoiiliting policies. The fiIiancial i'epoiliiig fraii)cwork Ihat l)as been applied in theii. pi'ei)ai-atioii is ai)plicable law and Uiiited Kiiigdoin Accoiiiiliiig Standai'ds (Uiiiled Kingdoiii Genei'ally Accepted Accoiinling Pi'actice), including Statement of Ileeonimended Pi'actice (SORP- fRS 102) 'Accounting and Repoi'ling by Charities" in pi'epai'ijig tlie ai)i)ual repoit and finaiicial statements of the chai'ity. lil oiir opinion the accounts.. give a tt'ue and fair view of the state of the charity's affaii-s as at 31 Mai'cli 2024 aiid of its incoiniiig resoiii'ces aiid application of L'esources, illcluditig its incoiiie aiid expenditui'e, for the yeai. tlieii ended- liave been pi'opei'ly prepared in accoi'dance witli Uiiited Klligdoin Geiiei'ally Accepted Accounting Pi'actice. aiid Iiave been pi'epaTed iii accordaiice witli the Stateinent of Recoininended Pi'actice.. Accouiiling and Reporting by Charities. Basis foi. opinion We coiiducled our audit in accordance with liitei'i)atioiial Staiidai'ds on Auditin(F (UK) (ISAS (UIC)) and applicable law. Oui- respon5ibililies uiidei. those staiidards al'e fui'iliei. desci'ibed in tlie Auditol S L'esponsibilities foi. the audit of Ihe accouiits sectioii of oui- I'epoi-t beloiv. We are independent of the chai'ity iii accoi-dance with the etliical L'eqiill'eineiits that al'e relevaiit to oul. audit of the finaiicial statements iii the UK, incliiding the FRC'S Etliical Standai'd, and we have fulfilled oiii- otliei. eihieal I'esponsibilities in accordance with these requll'eineiils. We believe tliat the audit evideiice we have obtained is sufficient and appi-opj'iate to provide a basis for oui. opinion. Conclusioii relating to going concei-n In auditing tlie flliancial statements, l)ave concliided that the ti'ustees use of the going concerii basis of accounting in the pi'epai'atioii of the flliaiicial stateineiits is api)i'opi'iate. Based Oll Ilie WOTk we have pei'fornied, we have not identified any iiiatei'ial unceitaiiities I'elaliiig to events oi- condilioiis that, iiidividually oi. collectively, ITiay cast significant doiibi oli the chai'ilies ability to coiitlliue as a going concern foi- a pei'iod of at least twelve Iiionths fi'oim when the flliaiicial stateiiieiits are autlioi'ised foi. isslle. Oui. respoiisibilities ai)d tlie responsibilities of the COiTllniltee ineinbei-s with i-espect to going coiiceim al-e desci'ibed in the relevant sections of this report. Other iiifoi'niation Tlie othei. iiifoi'inalion coinpi'ises tlie inForinatioii included in tlie alliiual i'epoi't, otlier thali the accounts and our auditoi s i'epoi't tliei'eon. The Ti-LlStees al'e responsible foi. tlie otliei. infoi'iiiatioii. Oiii. opinioii on Ilie accoiints does iiot covei- tlie otliei. iiifoi'inatloll 1( nd, eycept to the extent othei'wise explicitly slated in oui- rei)oi't, we do not expi'ess aiiy foi-ill of assui'ance conclusion thereoii. In connection witli oui. audit of the accounts, oui. i'esponsibility is to l'ead the othei. iiifonnatloll ¢iiid, in doing so, consÉdei- Ivliethei. the other infoi-lnation is nic1tei-ially incoiisistent with the accoiints oi. oiir kiiowledge obtained iii the audit oi. otlierwise appeal's to be matei'ially niisstated. If we identily such inatei'ial iiicoiisisteiicies oi. appai'ent inatei-ial misstateineiits, Ive al'e I'equii'ed to detei'iiiine wliethei. Ihei'e is a Iiiatei'ial Inisstateinent in the accounts or a material lnisstatele1it of the otliei- lliformatioii. If, based 01) the woi'k we have pei'foiined, we concliide that thei-e is a Inaterial Inisslaleinent of this other infoiinatioii, we al-e i'equii'ed to I'eporl that fact. We have iiotliing to I'epoi't in this regai-d.
The Scotch-Irish Trust of Ulster Independent auditor's report to the Trustees ol. the Scotch-lrisli Trust of Ulster Year ended 31 March 2024 (continued) Opinions oil othei- nixtlers In our opinion, based on the woi'k undertaken in the coui-se of our audit.. the inforination giveii in the Ti'ustees, Report foi. the financial yeai. for which the accounts al'e pi'epared is consistent with ihe accoiiiits. and tl)e Ti'ustees, Repoit has been pi'epai'ed in accoi'dance wilh applicable legal requii'einents. Mxttei's on wliicli we xi'e requii'ed to repoi'l by exception In light of the knowledge aiid uiidei'standijig of Ilie Cliai'ity and its envii'oiiineiit oblaiiied sn the coiii'se of tlie aiidit, we have not identified Inatei'ial mi55tateinenls in the Trustees, Report. We have Iiothing to report in i'espect of the following inatlers in I'elatioii to wliich we are requii'ed to i'epoi-t to you if, in oui. opinion- adeqiiate a¢¢ouiiting I'ecords liave iiol been kept, or i'etui-ns adequate foL' ouI- audit have Iiot been received. or the accoiiiits al'e not in agreement with the accoiinting i'ecords and I'eturns. oi. cei'lain disclosiires of reiniinei'ation specified by law al'e not inade; oi. we liave not received all tlie iiifoi-lnation aiid explaiiatioiis we i'equu'e foi. oui. aiidit. Respoiisibilities of Ti'iistees As explained more fiilly in the Statement of Trustees, Responsibilities, the Ti'ustees are responsible for tlie pi'eparation of the accounts aiid for being satisfied tliat the), give a h'iie and fair view, aiid foi. such inlemal contt'ol as tlie trustees deteri)iiiie is i)ecessai'y to eiiable the pi'epai'alion of accouii15 Iliat are free fi'oiii in<1tei'ial i]]isslateineiil, ¥vliethei' due lo fraud or en'or. In preparing the accounts, tlie Tyustees are i'esponsible for assessing the chai'ity's ability to continue as a going coiicern, disclosing, as applicable, Inattei's relating to going concei"n aiid 115ili the going coiicern basis of accouiiling iinless the Trustees either iiitend to liqiiidate the cliarity or to cease opei-ati011s, or have no i'ealistic alternative but to do so. Auditor's i'esponsibilities foi. tlie aiidit of the fiiiancial stateJuents Oiii. objectives al'e to obtaiii reasonable assui-ance about whetliei. the accoiints as a ivhole al'e fi'ee froin Inateria Inisstateineiit, whethei- diie to fi'aud or e11'0r, aiid to ISSLie an aiiditOl-'s I'ei)oit that incliides oui. opinioii. Reasoiiable assui'ance is a Iiigh level of assui'aiice but is not a guarantee that ali audit coiiducled in accordaiice witli ISAS (UK) will always detect a inatei.ial misstateinent when it exists. Misstateinenls cali ai'ise fi'oin fi'aud oi. ei-i-oi. and al'e considei'ed Inatei'ial if, llidividiiall)i or in the aggi'egate, they could reasonably be expected to i]ifluence the eeonoinic decisions of users taken on the basis of Iliese accounts. Ii'i'egulai'ities, includiiig fi'aud, are iiislances of iioii-coinpliance witli laws and i'egulalions. We desiiyii procediii-es in line with our respoiisibililies, oiitliiied above, to detect iiiatei'ial inisslateinenls iii i'espect of ii-i'egulai'ities, iiicludii)g fi'aud. The extent to wliicli our procedui'e5 al'e capable of detecting iii'egiilai'ities, incliiding fi'aiid is detailed below- We gained all uiiderstaiidiiig of the legal and i'egiilatory fi'aniewoi'k applicable to Ilie chai'ity aiid Ilie iiidiistt'y iii wliich it opei'ates, and considei'ed the risk of acts by the cliai'ity that were contraiy to applicable laws aijd i-eglilations, iiicluding fi'aud. We designed audit i)i'ocediii'es to i'espond to the I'isk, i'ecognising tliat the L'isk of Iiot detecliiig a inatei'ial Inisstatemeiit diie lo fraiid is hiolier than tlie i'isk of not detecting one Tesiiltiiig fi'oin ei'i'oi., as fraud inay involve delibei'ate concealnient by, foi. exaniple, foi'gei'y oi. intentional Iiiisi'epi'e5entalions, oi. thi'ougli collusioii. We focused on laivs aiid i-etsulatioiis wliicli coiild give i'ise to a iiiaterial iiiisslatetiients iii the flliaiicial slateineiits, inclliding, but not liinited to, the accounting and i'epoiting of chai'ities aiid UK lax legislation. Oiii. tests iiicliided agi-eeing tlie fiiiancial stateineiits disclosui-es to underlyiiig suppoi'tiiig docuiiiei)lation, enqull'es witli inanageiiieiit and enqiiii'es of legal coiiiisel whei'e api)ropriate. There al'e inhereiit liinitations in tlie aiidil procedLires
The Seotch-Irish Ti-ust of Ulster Independent auditor's repoi-t to the Triistees of the Scotch-Irish Trust of Ulster Yeai" ended 31 March 2024 (continued) desci'ibed above aiid, the fiirther removed Moii-coinpliance with laws and I'egulation8 is fi'oim the eveiits aiid ti'a115actioi)s i-eflecled in Ilie fsnaiicial slatemenls, Ilie less likely we would becoine awai-e of it. We did not ideiitify any key audit Inatters relating to iri'egulai'ities, iiiclii(ling fi'aud. As in all oui. audits, we also addi'essed the I'isk of iiiaiiagement oiieri'ide of intei'i)al eonti'ols, inclLiding testing joui'i)als aiid evaliiating whethei. tliere was evidence of bias by the coininittee nieinbeL'S Iliat i'epi'esented il i-isk of inatei'ial Inisstateinent due lo fi'aud. A fui'llier desei'iption ol oiii. I'espoiisibilities foi. the audit of the accoiiiits is located on the Financial Rei)oi'ting Council's website at.. http-./lwww.fi'¢.oi'g.uklaudilorsrespoiisibilities. This description foims pai't of oui. auditoi s report. Tliis i'epoi't is Inade solely lo Ilie chai'ity's 'fi-ustees. as a body, iii accoi'dance witli Chai'ities Act (Noi'ihei'n Ji'eland) 2008 and I'eglilalioiis inade undei- that Act. Our alidit woi'k has been uiidei'lakeii so that we Iniglit state lo the chai'ity's Ti'iistees Iliose Inatters we are i'equii'ed to state lo Ilieni i ali auditOl-'5 I'epoi't and foi. iio ollier pui'i)05e. To the Fullesl extent pei'initted by law, we do not accept oi. assiiine i'espoiisibility to aiiyoiie othei. Ilian the charity and its Ti'ustees as a bod),, for oui. audit woi-k, foi. this I'epoi't, oi- foi. Ilie opinions we have foi'i)ied. Mi. Rodney H1< Iiiill FCA (Senioi- Statutoi'y Auditoi'} Foi. aiid on beliaif of 14aiiiill Mcllwaiiie Chartei'ed Accountants aiid Statutoi'y Auditoi. 28-30 Old Moulltfield Road Oinagli Co. Tyi'oi)e BT19 7BJ 23, October 2024
The Scotch-Jrish Trust of Ulster 10 Statement of fiinancial Activities for the year ended 31 March 2024 Uiii'estricted funds Re.strieted funds 2024 Total 2023 Total Note Incoming i'esoui-ce.5 Incoming i'esoui'ces fi'oin genei'ated funds Investmeiit iiicoiiie 97,602 97,602 12,407 109,159 li'isli Aiiiei'ican p81-lnei.ship Otliei. incoinino resoui'ces 12,4U7 Suiidiy incoine Rental incoine 14,788 24,000 14,788 24,000 62,000 210,797 13,557 24,000 62,000 208,716 Gi'aiit 62,000 74,407 Total ineoming resoui'ees Expenditui-e oil.. Investsnent inanageiiient costs Chai'itable activities 136,390 11,648 11,648 11,495 Mellon Centre foi. Migi'ation Studies costs Ti'ust's costs 93,381 37,495 142,524 (6,134) 62,000 ISS,381 37,495 204,524 6,273 150,936 19,813 182,244 26,472 Totxl i'esources expeJ]ded Net incoming i-esoii rees before (losses) lg4lillS on iiivcstnieiits Nel (losses)Igains on investtneiils Net mo)Teinent in funds 62,000 12,407 23,811 23,811 30,084 3,204,870 3,234,954 (131,971) (105,499) 3,310,369 3,204,870 17,677 3,066,731 3,084,408 12,407 138,139 150,546 Total fiinds brought foi'wai'd Total fuiid5 eai'i-ied forwa rd 17,18 All amoLlllts I'elate to continuing opei'ations of tlie Trust.
The Scotch-Irish Trust of Ulster Balance slieet as at 31 March 2024 2024 2023 Note 4 ixed ¢2ssets Tangible assets Investinenls 549,582 2,372,998 2,922,580 550,457 2,381,782 2,932,239 12 Cui'reiit assets Debtors 13 246,308 227,608 Sliorl tenn deposits Cash at baiik and in haiid 14 78,259 324,571 (12,197) 312,374 3,234,954 54,620 282,232 (9,601) 272,631 3,204,870 Ci-editoi-s: xmoiints falling due witliin one }peai' Net ciiri'eiit asset5 15 Tot(91 lé ssets less ciiri-ent liabilities Provisioiis for liabilities 16 Net assets 18 3,234,954 3,204,870 Fiiiid5 Ilesli'icted fliiids lJO,J46 3,084,408 3,234,954 138,139 3,066,731 3,204,870 Uni'estL'iCted funds 17 Total funds 18 The financial stl( teinents on pages l O to 23 Nvere approved by Ilie Ti'iistees aiid were signed on thell. belialf by.. Jolin A. GÉlinow' Cliait'man Date.. 23rd Oclobei. 2024
The Scotch-Irish Trust of Ulster 12 Notes to the financial staten)ents for the year ended 31 March 2024 AcLOUllting policies and .statutory iiiformation Tlie fsiiancial slaleinents have been prepai'ed in accordanLe with Accountiiig and Repoi'ting by Cliai'ities.. Stateinenl of Recomine21ded Practice applicable to cliai'ities prepariijg Iheii. accounts in accoi'(lance with the Finaiicial Repoi'lllig Stai)dai'd ai)pli¢able in the UIC and Repiiblic of Ii'elaiid (FRS 102) - (Chai'ities SORP (FRS 102)) aiid tlie Fiiiancial Repoi'tiiig Standard ai)plicable iii Ilie 1111 and Repiiblic of Ii'elaiid (fRS 102). The Scolch-Jrish Ti'iist of Ulstei. iiieets Ilie definitioii of a public benefit eiitity uiidei. FRS 102. Assets and liabilities al'e initially I'ecogiiised at historical cost or transaction value unless othei'wise stated iii the i-elevpLnt accounting policy note. The cliai'ity was i'egislered with The Chai'ity Coininission for Noitliem Ireland 011 4th Febi'uai'y 2016 (chai'ity niiinbei- 103343). The Inaiii addi'ess foi. the Ti'ust is The Ulstei. Aniei'icai) Folk Park, 2 Mellon Road, Oinagh, BT78 5QY. Tlie pi'incipal accounting policies, which have beeii applied consistently tkn'oiighoiit the yeai., al'e set out below. Casli floiv statement The Trust 15 exeinpt fi'om the I'equii-einent to publisli a cash flow slalement. Tangible fl ixed assets, depi'eeiation and iinpaii'n)ent The c05t of laiigible fixed assets is their pui-chase cost, together with any iiicidental costs of acqiiisitioii. Depi'eciation is calculated so as lo write off Ilie cost of taiigible fixed assels, less Iheii- estinialed residual valiies ovei. the exi)ected usefijl ecoiioinic lives of Ilie assets coi)ceined. The pi'iiicipal aniiual i'ales iised are as follows.. Coinpulei. eqiiipinent Office eqliipineiit 250/0 straioht line I 00/0 stt-aiglit liiie tlie I'ecovei'able ainoiii)t of a fixed a55el is found lo be below its net book value the asset is writteii dowii lo Ilie i'ecovei'able figui'e and loss on iinpairiiiei)t is i'ecotsnised in the slalenient of finaiicial aclivilies. Tliei'e is iio ainounl below which fixed assets al'e iiot capitalised. Land is iiot depi'eciated or revalued as it is considered to be held foi. public beneflt and is thei'efoi'e ts'eated as a tanoible fixed asset rather tlian investineiit pi'opeity. Pension Tlie Trust is inaking payineiits lo the Universities Siipei'annuation Scheine on behalf of eii)ployees. The cost of fftiidllig tlie scljeine is chai'ged to tlie stateineiit of financial activity as incui'i'ed. Tlie Trust has ali uiifuiided defined benefit scheine. A provision had been established to accouiit for the liability tlie Ti'ust will lllCUI' until this scheine is iio loiigei- requii'ed and was being ainoi-lised over l O yeai's. As tlie provision has iiow beeji fully utilised the on-going cost is i-eflecled iii the Statenient of Financial Activities. Ini'estmeiits Invesbnenls al'e stated at Iheii. Inai'ket value at the balance sheet date. Investtneiits iiicllide Ilie net gains and losses arising on revaluatioiis and disposals tlu'oughout tlie ye1< 1..
The Scotch-Irish Ti-list of Ulster 13 Notes to tlje financial statements for the year encled 31 March 2024 (continued) Aeeounting policies (contiiiued) Ii)com iiig i'e50urces All incoining resources al'e ineliided in Ilie slateinenl of fiii8ncial activities when the Ti'ust is legally entitled lo the incoine aiid Il)e ainoiint can be qiiaiitified witli I'easoiiable acciii'aLy. Iiivestm ei)t incon) e liiveslinent iiicoine is accounted foi- on tlie basis of I'eceipt by the Inveslinent Maiiagers. Donations Donatioi)s al'e iiiclu(led in full wheii received. Graiits Revenue oi'aiits al'e ci'edited to inLoiMe I'esoui'ces on the earlier date of when they are I'eceived oi. wheii tliey are i'eceivable. unless they relate to a si)ecified futui'e pei'iod, iii wliicli case they al'e defei-red. Graiits foi. tlie pui'pose of capital expendittii-e al'e ci'edited to I'ests'icted iiicoiiiing i-esources when receivable aiid transferi-ed Lo um'esti'icted funds on piii'cliase of asset. Otliei. ineome aiid genei-ated fuiids Otliei. income and geiiei'ated fuiids is iiicliided iii fiill in tlie Siateineiit of Finaiicial Activities wlien I'eceivable. Resovi-ees expeiided All expenditui'e is accouiited foi. oil ali accruals basis and ha5 beeii classified undei. headiiios that aggi'egated all costs appi'opi'iately i'elaled to a i)aiticulai- categoiy. Cost of geiiei-atilig funds Cost of genei'atiiig funds ¢onipi'ises the costs associated with investtnent iiicoine and tlie inve5tsneiil poitfolio. Chai-itable activities Cliai'itable activities al-e those incui'i'ed ii) connectioii with cost of I'uiiiiiiig the Ti'iist aiid Tlie Melloii Ceiitre for Migi'ation Studies. Othei. eosts Otliei. costs iiiclude those iiiciirred in the goveriiaiice of its assets and are associated wilh constittitional, statutoi-y aiid sti'ateo jc I'equii'einents. Fuiid aecountiiig The Trust lias vai'ious types of fiinds foi. which il is responsible aiid whicli I'equii'e sepai'ate discloslli-e. A defmitioii of the various types of fiinds is as follows.. Resti'icted fuiids Resh'icted fuiids al'e to be used foi- specified pui'poses as laid down by Ilie donoi.. Expeiiditui'e, wliicli ineets these ci'itei'ia, is chai'ged to the fiind, togetliei- with a fail. allocation of ovei'hea(Is and siipport costs. Unrestricted fiiiids Uiii'estt-icted funds al'e doEiatioiis and othei- iIicoinii)g resoui'ces received oi. geiiei-ated which al'e expeiidable at the disci'etion of the chai'ity in furtheraiice of its objectives.
The ScotLh-Irish Trust of Ulster 14 Notes to tlie financxal statements for the year ended 31 March 2024 (contiiiued) Critical accoiinting judgements g2nd l<ey soui'ces of estimation uncertainty Estiinales and judoeinents al'e continuall)i evaluated aiid al-e based oil hi5101.ical expei'ience aiid othei. factoi's, including expectatioiis on Iiitui'e events that al'e believed to be iiiidei" the Cll'cuinslances. (a) Ci'itical judgeineiits iii applyiiig the coini)any's accouiiting policies. There al'e Iin ci'itical judgeinents in applying the coiiipaiiy's accoiinting policies. (b) Ci'ilical accountiiig estiinates aiid assuinptioiis. Thei'e are no ci'itical accoiinling esti]nates and assuinptioiis. Investment income 2024 2023 Investmei)t ineoine coinpi-ises: Divideiids and oihei" sii)iilai' i'etui-iis on inveslineiits 97,507 95 109,082 77 Moiiey Inai'ket llltei'est 97,602 109,159 Suiidi"y income 2024 2023 Sund I'y iiieoine coin pi-15es'. Lectiii'es and foi'unis 6,005 8,783 4,996 8,561 Ii'ish Fainily Histoi'y Fouiidatioii Symposiuin incoine 14,788 13,557 Rental income 2024 2023 Renlal ii)eome coin pi-ises.. National Museuins of Noi'thein 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 2024 (continued) Grants 1024 2023 G i-?iit incoJiie eoinpi'ises: Depai'tinent foi. Coininuiiities- standai-d gi'ant 62,000 62,000 62,000 62,000 Cliaritable activities Ui)restricteil Resti'ieted 2024 2023 Mellon Centi'e foi. Migr2¢ tioii Studie5 costs Administt'ation cliai'tses to Folk Park 4,500 69,000 2,485 5,387 4,500 131,000 2,485 5,387 4,500 128,450 2,998 4,613 1,150 Staff costs (note l O) Coini)iitei' and office costs Ti'avelling and siibsistence Frintlliiy postage, slatioiiery and adverlisints Sundi'y costs L.ibraiy staff costs Insui'ances 62,000 240 240 248 4,292 4,287 400 4,292 4,287 400 4,209 1,946 1,536 117 Syinposiuin exiieiiseslevents Audit fees 1,814 loo 1,814 loo Bank cl)ai'ges Depi'eciation 876 876 1,169 150,936 93,381 62,000 155,381 UnI'esti'ieted Resti-icted 2024 2023 Trust's ruiining eosts Ti'avelling and subsistence paid to ti'ustees Siindi'y costs Aiidil aiid accouiitancy Bank chai'ges Syinposiiim expenses Pensioii expeiises 2,045 2,045 431 15,534 3,744 69 15,534 3,744 69 12,975 4,340 58 830 16,103 37,495 16,103 37,495 1,179 19,813
The Scotch-Irish Trust of Ulster 16 Notes to the finaiicial statements for the year ended 31 Mai'ch 2024 (continued) Statemeiit of investinent gains 2024 2023 Realised gain/ (loss) on disposal of inve5tmeiits Adjustinent foi. i)I'evious iini'ealised gainl (loss) on inveslinents disposed Cliange iii iini'ealised gainl (loss) on investiiients (27,277) 10,613 4U,475 23,811 196 (22,937) {109,230) (131,971) Net incoming R'esoiii'ces foi" the year 2024 2023 Net iiieoniiiig i-csources for the ye4I1' 1< ftei. eliai-giiig: Fees payable to the chai'lty's aiiditoi. foi. the audit of the accouiits 5,558 5,876 10 Ei mployee intormation 2024 2023 Stalf costs Wages and salaries Social secui'ity costs Other pension costs 100,130 11,307 19,562 131,000 96,610 11,393 20,447 128,450 Numbei" Nuinber Avei'age nioi)tlily iiiInibei- of pei-soiis einployed by tlie Ti-ust diii-ing the yeai. (exeluding Ti'iistecs): Reseai'GII Indeiiiiiity lllSUI-ance for tlie Tj'ustees l)as iiot beeii piii'chased. Trustees are iiot I'emiiiiei'ated for services to the Ti'ust, othei- thali ali Iioiiorai-iuin of £ l 0,000 paid to tlie cliaii-lnaii. The nuii)bei' of eiiiployees whose aiu)ual i'einui)ei'ation was £60,000 oi. Inoi'e were.. 2024 2023 Niiniber Nuinber £60,001 £70,000 £70,001 £80,000
The Scotch-Irish Trust of Ulster 17 Notes to the financial statements for the year ended 31 March 2024 (continued) 11 Tangible assets Cotnpiitei- equii)In ent ofriee equipiiient L2nd Total Cost At l Api'il 2023 546,952 115,000 6,775 668,727 Addit10115 At 31 M#F'eh 2024 546,952 i is,noo 6,775 )68,727 Accuiiiiilated depi'eeiation At l Api'il 20?3 Depi'eciatioii chai-ge At 31 Mai'Lh 2024 111,495 876 6,775 118,270 876 112,371 6,775 119,146 Net bool< 8moiiiit At 31 Mai-cli 2024 546,952 2,629 549,581 At J l Mai'cli 202J 546,952 550,457 Melloi) Meiii 01-abili? Hei-itage assets The Trust OW115 a sinill collection of L'lc I'e books and aitefacts I'elaling lo the stoi'y of tlie Mellon Fainily. All of the itein5 iii tliis eollectkoii have beeli acqull'ed, illostly by doiiation, ovei. ii)aiiy years and have been fully doeiiinented. Resi)onsibility foi. tlie cal'e aiid manageineiit of tlie books, wliicli al'e held in the Melloii Ceiitt'e foi. Migration Studies, iiow I'ests witli Libi'aries NI, follolvllig the i-eoi'ganizatioii and inergei. of the five libi'aL'y sei'vices lli Nortliern Ii'eland. The le110n arlefacls al-e ciirated and exhibite(I by National Miiseuins Noithei"ii Ircland (NMNI) uiidei- a liceiise atsi'eenient witli the Ti'usl aiid al-e oil secure display iii the Eniioraiils, Gallei-y. No valuatioii has been cai-i'ied out in tliese books as tliey al'e considei'ed to be so i'ai'e, Ilieir use is i'estricted acadeinic i'efei'eiice oiily aiid given the specialisin of the text, it is felt an accuiate valuation woiild be difficiilt lo obtain. The nuiiiber of books iii the collectioii is 9. The Melloii Centi'e of Migration Studies libi-ai-)' Tlie Libi'ary colleclioii was eslablislied Fii'st by Ilie Ti'iisllUlstei- Aiiiei'icaii Folk Pai'k iii the late 1970's-eai'ly 1980's and fui'thei. developed by tlie Westem Education and Libi'ai'y Board (WELB) Libi'ary Sei'vice, wheii it took ovei- the I'ui)Illlig and stocking of the Libi'ary froin the inid 1980's. Coi)sequently the colleelion coinpi'ises books, iiiaps, docuiiieijts aiid otliei. i-esearch Inatej'ials which al'e joiiitly owiied by tlie Triist aiid Librai'ies Nl. An agi'eeiiienl was inade between Ulstei. Ainei'ican Folk Pai'k and WELB, tliat sliould one of the Iwo bodies cease to exist tlie Libi-ary collectioii woiild becoine tlie pi-operty of the SLlI"viving entity. 14enee it has iievei. been coiisi(lei'ed necessaiy to separately identify or value, tliose book.% aiid othei. iteins wliicli have beeii piirchased ii) the past titliei- by Ulslei. Ainei'icaii Folk Pai'k oi. WELB, oi. Inoi-e i'eceiitly by Libi'aries Nl. Consequently no value has been attributed to any of tlie above collections witliiii these accouiils The Melloii Honiestead Tlie Ti'ust owiis ali historic tliatclied cottage wliicli was Ilie birthplace of Thoinas Melloii, wlio ivas boi-n in 1813. The pi'opei'ty foL'liiS an iiilegral pai't of the exhibit10115 at ihe Ulslei. Aiiiei'icaii Folk P81'k wliicl) National Miiseuins Nl lias a liceiise lo use. As Ihei'e is iio liistoi'ical cost av<iilable, tl)e asset is iiot i'ecoi'ded on tlie balance slieet. As explained iii note 16, any niajoi. i'epau'liipkeep is funded fi'oin a specific i'esti'icted fuiid.
The Scoteh-Irish Trust of Ulster 18 Notes to the financial statements for tl)e yeai. ended 31 March 2024 (continued) 12 Investments Market value at l Api'il 2023 Purchases at cost 2,381,782 965,774 (998,369) (27,277) 10,613 Disposal pi-oceeds Loss on disposal Adjustsnent foi. unrealised pi'ofit pi'eviously recognised foi. disposals in yeai. Unrealised Iiioveineiit 40,475 2,372,998 2,207,099 Mxt'liet value Élt 31 Mai-cl) 2024 Hisloi-ieal eost 2024 Clas5ifieaÉioii Bonds Moi'tiyatse backed debt 17,175 134,770 183,904 Pi'efei'eiice shares Fund Altei'iiative aiid inulti-asset Gold and pi'ecious Inetals Hedge fiinds Private equity Lower volatility fllnds Propei'ty Dii'ect 59,108 89,087 32,200 32,368 245,063 Equities United Ki]igdom Nortli Ainei'ica 674,718 381,695 64,438 72,381 183,578 39,150 163,363 2,372,998 Eui'ope Japan Pacific Basil) ex Japan Einerging Mai'kets Global Tot21 13 Debtoi"s 2024 20?3 Othei. debtoi's 234,534 11,774 246,308 216,581 11,027 227,608 Prepayinenls and accrued incoine
The Scoteh-Irish Trust of Ulster 19 Notes to the financial statements for the year ended 31 Marcli 2024 (continued) 14 Sliort term deposits 2024 2023 Danske Banlc busiiiess tei'm deposit accouiit 15 Ci'cditors: aiiiount5 falling due within oiie yeai" 2024 2023 Sundi'y ci-edilors and acci'ued expenses 12,197 9,601 16 Restricted fund.% Melloi) HoJT] estead at CxJnpl)ill fund Balaiiee at l Api-il 2023 Incoiniiig i'esoui'ees foi. the ye81. Related expenditui'e foi. Ilie year Balance t 31 Mqi i-ch 2024 138,1)9 12.407 150,546 MCMS gl'ant aid fiiiid Balaiice at l Api'il 2023 Incoiiiing I'esoui'ces foi- the year Revenue expenditui'e foi. tlie year Balance at 31 Mai'eh 2024 62,000 (62,000) The Mellon Hoineslead at Cainphill Fuiid repi-eseiils 1i1011ies i'eceived fi-oin the b'ish Ainei"ican Pai'tnei'ship that can oiily be ulilised foi. the upkeep aiid i'epaii. of tlie Mellon Hoine5tead. The fuiid balance is iiicluded witliin the cash resoui'ces of tlie Ti'iist. MCMS gi'ant fiind aid is inoiiey i-eceived to assist witli tlie i'unnlljg costs of Tlie Melloii Centi'e foi. Migi'atioii Studies. Tlie grants are i'ecogiii5ed uiidei. the perfoi'inance inodel and reported in tlie SOFA wlieii received. This niainly funds tlie salai'ies.
The Scolch-Irish Trust of Ulster 20 Notes to the financial statements foi. the year ended 31 MarL'h 2024 (continued) 17 Uni'estricted fiinds Balaiice at l Api'il 2023 liicoining i-esources foi. the yeai. Resoui-ces expended for the yeai. Net (losses)/gains on investineiits Balaiice at 3J Mai-ch 2024 3,066,731 135,994 (142,128) 23,811 3,084,408 18 Analysis of net assets Uni-estrieted riinds Restricteil runds Total 2024 Total 2023 Analysis of type of &1sset ai)d liability: Fixed assets 549,582 2,372,998 95,762 78,259 549,582 2,372,998 246,308 78,259 550,457 2,381,782 227,608 54,620 Inve5tsiients Debtoi's 150,S46 Cash at baiik aiid in haiid Slioit terin deposits Ci-ediloi's.. amouiits falluig dlie williin one yeai. {12,197) 3,084,408 (12,197) 3,234,954 (9,601) 3,204,870 150,546 19 Pensions The Ti'ust is Inaking payineiils into the Uiiivei'sTrties Superannuation Sclieine on behalf of einployees. The liability of the Trust is liniited to tlie i)ayiiieTrt of tlie einployei's aiid eiiiployees conti"ibutions to tlie Schemes. This is an uiifuiided defLned beiiefit5 sclieine, biit Ilie Ti'ust is Iiiiable to ideiilify its shal'e of the Linderlyino assets and liabilities of tlie scheines. Iii accoi'dance Miitli FIIS 17, contribLltioiis to the s¢lieine are accoiiiited foi. on a defll]ed conli'ibutions basis and are cliai'ged to stateinent of fmaiicial activities as payinents are Inade.
The Scotch-Irish Trust of Ulster 21 Investments summary Aequisitioiis iiuin bei. ol shxi'es 42,000 175,000 175,000 175,000 200,000 24,000 180,000 Cost CIBC UK US Inconie Autocall Ocl 28 42,413 J74,472 173,972 United Kingdom Govei'i)Inenl of T Bil Uiiited Icingdoin Govei'i)Inent ofT Bill UKI"B UlCl"B 199,197 23,697 177,725 UKI"B UKTB 96S,774
The Scotch-Irish Trust of Ulster 22 InvestniLnts summary (Lontinued) Mai-lcet value at 31 Mareh 2024 Investiiient5 At 31 Mai'cli Year of Cost 2024 Pui-eliase 59,000 6,460 Aviva 8.3750/0 Cuni Ii'i. pi'f GBPI Aviva Ord GBPO.3289 20051201112013 76,489 32,472 71,980 32,080 2007r201012011 12012 1999 15,200 52,500 BP Ord USDO.25 66,954 66,242 75,346 66,360 HICL Infrastriiettire Ord GBPO.000 I 20091201012011 12012120131201 512016 20061200912010 12013 20061201112013 7,000 HSBC Holdiiigs PLC Ol'd USDO.50 (UK Reg) Lloyds Banking Group 9.25D/o Non- Clim -i- Pi'f Shs Lloyds Bankiiig Gi'oup OrdGBPO.I 50,108 43,330 45,500 60,723 62,790 49,000 20031200512009 1201012011 20021200812009 67,914 25,362 5,000 M&G Investtneiit inanageineiit Ltd Cliai'ifuiid liic Pi'udeiitial Ol-d GBPO.05 51,768 72,804 19991200012004 23,826 46,705 26,208 26,005 49,500 73,500 3,000 2,800 SSE PLC Ol'd GBPO.50 2007 Royal Dutch Shell B Ord EURO.07 (UIC Listing) Unilever Ol'd GBPO.03111 I 19891201512016 1,600 25,000 28,421 4.000 22,500 35,000 2,500 35,542 2007 21,573 67,404 48,885 74,160 39,761 51,395 21,099 36,313 63,608 101,250 92,795 91,000 55,913 42,525 18,700 32,368 City of London Ti'ust Ol'd GBPO.25 31 Infrasb'iicture Ord NPV 201112012 2012 BHP Billiton PLC USDO.50 201212015 MIiL'i'ay Inteinational Ti'ust Ord GBPO.25 Lowlaiid Investtnent Co. Ord GBO.25 2016 2018 Baillie Gifford Japan Trust Ord £0.05 Investec Fund Maiiagers Inveslec Divers tNC 12 GBP Real est Ci'edit Iiiv Ltd Ord NPV 2019 201912020 15,000 2,000 2019 25,019 19,984 17,175 32,200 NB Private Eqty Part]iers Ltd Class A Ol'd Slis Blackn'ock Fund Managei's Ltd Contl Eurp Inc D Ui)its Inc Maitland Iiist Sei'vice5 Gi'eencoat Ul( IITjiid PLC Ord GBPO.01 BNY Mellon Global Fiinds PLC US Equity liicoiiie E GBP Dist Supei'iiiai'ket Iiicoiiie IiEIT PLC Ol'd GBPO.01 Loiidoiiiiiett'ic pi'opei'ty- foi-ii)ei'ly Seciire liicoiiie REIT PLC Ol'd GBPO.I (Retr s Seqiioia Fcoiiomic Iiifra Inc Fd NPV Sclirodei. Asia Pacific Fund Ol'd GBPO. I O 2019 21,750 2019 34,289 42,226 300 2018 33,597 24,406 52.213 29.182 27,820 85,345 20,000 50,000 2019 201912020 22,500 2019 22,985 17,460 13,695 201912020 29,845 27,828 40,000 i 0,000 45,000 2019 43,939 45,034 45,277 32,440 49,600 201912020 LioiTrtriisl Fund pai'ttiei's LLP Moiithly bic Bnd B Gross Int 2020
The Scotch-Irish Trust of Ulster 23 Mai'liet vdlue at 31 IVIai'eli 2024 Iiivestments At 31 Marcli Yeai. of Cost 2024 Pui'c1114 se 30,000 Jl) Morgan Gbl Eing Mkts Inc Tst Ord GBPO.01 Nextei'a Enei'gy Tiic Coin USDO.O I Premiei. poi'ifolio inanagei's pti-lnirt Initon US Oppoi'tLllllties B acc Astrazeneca Ol'd USDO.25 2020 40,305 39,150 450 2020 24,517 23,275 22,782 31,227 7,000 2021 650 2021 46,562 51.583 69,407 53,681 45,000 Jiipitei. Uiiit ti'ust inaiiagers Japan Incoine Z GBP Dis JP Moi'gan Asia Growili aiid incoine PLC Ord GBO.25 CG Poitfolio fund PLC Dollai. hedged GBP Dis Oceai) Ai'ete Lllniled l(LS Arete inaci'o Sl GBP ACC SEI Global inastei. fund PLC tlie SEI Liqiiid altei'iiative GBX Dis Cordiant digital infi'astt'iicttire Ltd Ord NPV Bald( of america coi'poration coin USDO.O I Mici'osoft coi'p coin USDO.00000625 Pi'ologis Iiic Coin USDO.O I Natixis iiivestiiient Inaiiagei's SA Looinis sayles US Eqiiity leaders Q AG USD RWE AG NPV Sanlain ai'tificial intellegence Z GBP Bellevui. lieaallhcai'e tt'ust PLC Redeeinable ol'd GBPO.O I Niiiety 01)e fund managei's UIC Lid global envii'omiieiil IC GBP Inc Veolia EllVLroninental Aitemis Investtnent Funds ICVC Arleillis Coi'poi'ate Boiid Fund Xtrackei's ETC PIC Physical Gold etc GBP HDG CIBC UK US Incoine Aulocall Oct 28 2021 12,350 2021 60,649 42,978 500 2021 51,277 46,225 175 2022 22,576 1,600 2022 20,509 22,352 20,000 2022 21.966 12,800 1,800 150 400 2022 2022 2022 53,248 34,234 42,353 36,973 54,087 41,270 48,195 11,500 2022 825 13,000 19,350 2022 2022 2022 24,903 38,033 37,460 22,212 44,145 30,225 20,500 2022 37,209 33,081 3,800 42,060 2023 2023 42,839 38,455 48,860 38,779 2,250 2023 50.039 59,107 42,000 2024 42,413 44,159 919,128 2,147,226 2,372,998