Cliai'it}' Number: XN48459
Chai'ity registr&ltion 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 f￿anCial 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
lnisstatel￿e1it 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