Cliarity Numbei.: XN48459 Chai'ity i'egistration number: 103343 The Scotch-Irish Trust of Ulster Annual report for the year ended 31 March 2025
The Scotch-Irish Trust of Ulster Annual report for the year ended 31]Ilareh 2025 Contents Pages Tiustees aiid advisers Trustees, repoit Independeiit aiiditors, ieport Statement of financial activities 10 Balance sheet Notes to the fiiiancial statements 12-20
The Scotch-Irish Trust ot. Ulster Trustees and advisers Trustees Mi. John Gillnour (Chainnan) Mi. Gei'ai'd Bi'odei'iclc Pi'ofessoi. Peter Gi'ay Daine Gei-aldine Keegan Mi. Alan Mc Farland ' David Moore Dr Philip Mowat Mi's Einei. Murnaghan Ms Ann Robllison Professor F Jack Smith Presideiit MT James Mellon Il Vice President The Duke of Abei'corn Pi'incip21 office The Ulster American Foll( Pai'k Mellon Road Castletown Omagh Co. Tyrone BT78 SQU Investmeiit advisers Evelyn Pai'tnei's The Ewai't 3 Bedford Sts'eet Belfast BT2 7EP Baiilcei's Danske Baiik 520 Uppei. Newtownai'ds Road Belfast BT4 3HD Danslce Bank 5 - 7 Market Street Omagh Co. Tyrone BT78 IBN Independent auditors FIMCI Ltd TIA Hainill M¢Ilwaine 28-30 Old Moiintfield Road OLnagh Co. Tyi'one Bf79 7BJ
The Scotch-Irish Trust of Ulster Trustees, report for the year ended 31 March 2025 The Tiustees present thell. report and the audited flllancial statement5 of the Trust foi. the year ended 31 March 2025. Tlie Ti'ustees have adopted the pi-ovisions of the Stateiment of Recoinmeiided Practice (SORP - FRS 102) "Accoiinting and Reporting by Cliarities" in preparing the annual i'eport aiid fLnatLcial stateinents of the chai'ity. Structure, Governance and Management The Scotch-Irish Trust of Ulster was set up by a Scheine of Incorporation under Section 10 of the Charities Act (Northern Ireland) 1964, dated 20 August 1969 and continues to woi'k in a¢coi'dan¢e with the De¢lai'ation of Tnlst which is the governing document. The Ti-ustees took i-espoiisibility foi. the inanageillent of The Mellon Centre foi. Migration Studies (MCMS) witli effect fi'oin l Api'il 1998. Tlie charity was i'egistei-ed with The Chai-ity Cominission foi. Noilhei'n Irelaiid on 4th Februai'y 2016 (cliai'ity nuinber 103343). The inain address for the Trust is The Ulster Ainerican Folk Pai'k, 2 Mellon Road, Oinagli, BT78 5QU. Ti-ustees The Trustees who served during the year are.. Mi. John Gihnour (Chail'inan) Professoi- F Jack Sinith Daine Gei'aldine Iceegaii Professor Petei. Grey Miss Ann Robinson Mr David Moore Mi" Gerard Brodei'ick JP MBE Di. PhÈlip Mowat ' Alan McFarland Mrs Einer MurIiatshan Recruitment and appointment of Tru5tee5 The i'eciuitment of new Trustees is conducted in accoi'dance with the governing document- the Declaratioii of Ti'ust. Indiiction aiid ts'aining as i'equll'ed, is ¢ai'i'ied out by the Cliall'man and one otlier experienced Ti'ustee. New Trustee appointments are based on a Slcill's Audit, designed to highlight curreiit oaps in inanagemeiit expertise and acadeinic specialisms, which ideally need to b8 filled. Oi'ganisational Structure The chai'ity is Inanaoed by the Ti'ustees who ineet throiighout the yeai. to oversee all operational inatters relating to the Ti'ust and Ihe woi-k of the Mellon Centi'e for Migration Studies. All decisions are illade by the Ti'ustees ID accordaiice with the Declai'atioii of Trust. Fi'oin its inception, the Trust has eiideavoi'ed to meet the Cliai'ity Cominission requireinent to operate in the intei-ests of public benefit, by providing visitor and education programines. rnuseiim and consei'vation pi-ojects,. and libry, infoiination and ai'chÉve sei'vices. Tlie Mellon Centi'e foi. Migration Stlidies (MCMS) is now the inain undeitaking of the TTUSt, which it governs and funds. To ftirllier its allns, it is suppoited by an Advisoiy Coiiiimittee of MCMS, whose pi-llnaiy piuposes al-e to.. Advise the Tiust on the poli¢y and stt-ategic directioii of tlie Centre Support and challenge the Dii'ectoi. aiid Ceiitre colleagues in the delivery of tlie Trust's goals and objectives Ensure that the Cenu'e operates in an efficieiit and eflective inannei.. The Cliall'nian of the Trust curi'ently chairs Ilie ineetlligs of the Coinmiltee. In addition, Ineinbei'ship coinpi-ises the MCMS Directoi., tkn-ee Trustees, one co-opted ineiiiber and one i'epresentative fi-oin each of tlie pai-tnei-sliip bodies, llicluding LibL'aries Nl, PROFII aiid the Queen's University of Belfast, wliich collaborate with aiid siippoi-t the woi'k of MCMS. Meinbeis cui-Leiitly total 10, but nuinbers niay fluctuate accoi'diiig to changing PL'lOI'ities and new pi'0.&1rne initiatives.
The Scotch-Irish Trust of Ulster Trustees, report for the year ended 31 March 2025 (continued) Summai'y of Purposes When f)rst established, the pi'imai'y puiyose of the Trust was 'the encouiageinent of iesearch into the stlldy of the Iiistory and cultUTe of the people of Northei'n b'eland aiid in particular those known (in the USA) as the Scotch Irish and the links of that history and cultui'e with those of other countries, and the advaiiceinent of the knowledge of the public in those subjects., (Declayalion of Trust 1967) Over tlie yeai's the remit of the Ti'ust lias broadened to focus on the pi'ocess and llnpact of bistori¢ mI.ation both into and out of Ii'eland and the global llnpact of the Irish Diaspora, The Trust's pw'poses &lso include the pi'ovision of scholai-ships, bllrsaries aiid gi'ants for the I'eseai'ch and study of migi'ation aiid foi. the publication of books, treatises and acadeinic papers. It inay also acquire, iestore, presei've and Inaintain foi. tlie public beiiefit, buildings and lands which have 'aii historic association with tlie history and cultui'e of the people of Noitherii Ii'eland; or which have a liistoi'ic association with the cultui'e of the people of Noi'tliei-ii h'eland in otlier pails of tlie woi-ld., (Declai-L71ion of Tr'usl J967). Compliance with the above enabled the Trust to set up the Ulster Amei'ican Folk Pai'k and to develop and manage it foi. over 20 years and fi'oin 1998 onwards to establish, goveiTh and fwid the Mellon C8ntt'e for Migi'ation Studies (MCMS) which pi-omotes reseai'ch, teaching aiid publication of the piocess of Migi'ation. The Mellon Centre for Migration Studies. (MCMS). MCMS is housed in a modern Research Libraiy, open to the public, which was oi'iginally biiilt, equipped, and stocked by the Trust. In partnei'sliip with Libi'ai'ies NI, the Ti'ustlMCMS provides researcli, library and llifoi'ination sei'vice to the general public during norjnal libi'ai'y and inuseuin opening Iiours. Users have the benefit of fi'ee acces5 to a specialist Migration Histoiy Libl.Y and an Ii'ish Emigi'ation Database and, by appointment tlie expert services of Librai'y and Academic Staff. The benefits are demoiistt'ated ttll'ough i'aised awareiiess and increased knowledge of MigratÈon, Th'ish Aniei'ican histoi'y and culture, and genealogy. Htliftl Ive (lo ? The MCMS vision is of 'an inforined Coininunity, confidently and ci'eatively engaged with its inigration histoiy, culture and heritage, and its inission is 'to serve the cominunity as a leading intei'national institution foi. the skndy of huinan migi'ation, focusing on the peoples of Ireland world-wide, Witli funding suppoit froin tlie Northern Iieland Asseinbly, through the Departtnent foi. Communities (Dfc), the Centre woi'ks in paitnership with othei. Dfc-fijnded agencies (particulai'ly the Ulstei'_Ainerican Folk Parl(INMNI, Librai'ies NI, aiid PRONI) to impleinent the 'Cominunity Cohesion, strategkc priorities of 'bi'inging divided coinmunities togethei 'taclcli]ig disadvaiitage and pi'omoting equality of oppoi'tunity. and 'inaxiinising public benefits from the culml'e, aits and leisiii'e sectors,. Wlio nre oE41' iisei's? A significant nuinber of the visitors to MCMS al'e also visitors to the Ulster-Ainei'ican Foll( Park. About 500/0 of the users coine fi'oin North Ainei'ica, Bi'itain, Austt'alia and New Zealand, with most of the othei. half coming fi'oiii Irelaiid, north and south, and about 20/9 coining froin otliei. parts of Eui'ope and tlie l-est of tlie world. The global pattern of usei-s of the Centi'e's oiiline resoiii'ces is Sllnilar. The local users of our facilities include I'esearch scholai's, tea¢heis and leciui'ers, third level sthdents, school pupils, authors and family historians,
The Scotch-Irish Trust of Ulster Trustees, report for the year ended 31 March 2025 Mellon Centre for Migi'ation Studies ' Programme Higlilight5 2024-25. The highl1]t5 of this repoiting yeai. were as follows.. l.Ulster Amei'ican Heritage Symposiiim- June 2024. A very successful intei'national confei'ence, held at the Ulster American Folk Parlc, on 'The How of Migration, Follow up wol'l< is ongoÉng on the publication of the confei'ence papei's. 2. Annivei'sai'y Celebi-ations for 2026. The 50th Anniversary of the Ulster Amei'ican Folk Pai-k,. the 40th Aniiivei-saiy of the UA Syinposium. and the 25011I Annivei'sai'y of the United States of Ainei'ica. Planniiig is undei'way with sts'ategic partnei's including Departtneiit for Coininunilies. National Museunis NI, PRONI aiid the Univei'sities. 3. Publieatioiis: MCMS staff contributed to eight academic books and vai'ious confei'ence papei's on the theine of historic inigi'ation. 4. Community Ai'eliaeology: in partnei'ship with the Cents-e for Ai'chaeological Fieldwoi'k at QUB, a dig was oi'ganised at one of the oi'iginal Melloji Far'in sites, in Septeinbei. 2024. Local cominwiity groups aiid schools paL'ticipated alongside tlie professional ai'chaeologists. 5. ALI MI Conferenee Luxembourg Septembei. 2024: staff pi'eseiitations to the amiual conference of the Association of Eui'opean Migi'ation Institutions. 6. Donegal- Scotland migrAtions: migration pi'oject in conjunction with Donegal County Council and the Heritage Council on seasonal inigi'alioiis to Scotland, which led to a major exliibition and acconipanying publication. 7. P31'tnei'ships: with NMNI, Lib1..1¢5 NI, PRONI, QUB and UU, Feiinanagh and Oinagli District Councils, Oinatsh Hei'itage Foi'uin, the Bducation Authoi'ity and tkne PSNI, on training, research and infonnation sharing. 8. Community outi'eaeh: sonie 26 taLks Ilectures delivei'ed by MCMS staff between Api'il '24 and Mai'ch '25. 9.Annual Autumn School -Novembei' 2024. Migration stories of Thoinas Mellon, William Cai'lton, and John Montague. 10. Annu21 Piiblic Lecture". Mai-ch 2025. Notes fi'om Fennanagli field sdIeS by BaleY Devine. I l. Intei'ns pi'ogi'amme . 4 inleims froin QUB and UU were hosted by MCMS foi. a six inonth SdY pi'ogi'ainine. MCMS Staff continue to woi-k with cominunity and local histoiy gi'oups, aci'oss the province to delivei. lectures and woi'kshops, as well as dealllig with the daily i-esearch and infoi'Lnation needs of a divei'se l'ange of users, including intei'national tourists, acadeinic scholars, and local schoolchildren. Tlie Scotch Irish Ti'ust as the governing body of the Mellon Centre foi. Migratioii Studies, remains coiwnitted to Inaintaining the cui'rent levels of i'esoui'ce funding foi. its opei-ation, iii paithiei'ship with the Depai'tment foi. Coininunities. riinaiicial review- Aiinual accounts 2024125 Results The stateinent of fmancial actLVlties foi. the yeai. is set out on page 10 of the flliancial stateinents. The total net incoining i'esources of the Trust for the year before gains on the i'evalualion of investtneiits were £16,208 (2024:£6,273). The Trust has total assets of £3,316,033 at the year-eiid as coinpai'ed with total assets of £3,234,954 at the end of March 2024.
The Scotch-Irish Trust of Ulster Trustees, report for the year ended 31 March 2025 (continued) The Ti'ust maintains a portfolio of investsnents which is inanaged by the Ti'ustees in Conjunction with quai'tei'ly reviews which al'e carried out by advisoi's, Evelyn Paitnei's. Dui'ing the year to 31 March 2025 these investments generated £109,3 56 of incoine for the Ti'ust. Other sources of income included.. Rental income fi'om lands held atLd rented to the Natioiial Museuiffis Nl (£24,000). Gi'ant i'eceipts from Department foi. Cominunities (£80,000). and other incoine from Lectui'es and other income (£10,618). The total expenses for the year ainounted to £216,488. The main costs I'elated to staff salai'ies and pensions totaling £13 8,871. The employees al'e involved in the deliveiy of the Ti'ust's objectives and are involved with maiiaging the reseai'ch, leaching and study of migration. A breakdown of all the expenses is set out in Note 7 to the accounts. The iiet assets of the Ti'iist at 31 Mai'ch 2025 ainounted to £3,316,033 (2024.. £3.234,954). The Inain reason for the inci-ease in the yeai. i'elated to tlie uw'ealised gains on the inai'lcet valiie of the investtnents. Resei've policy The Ti'ust has free resei'ves (tliat is unresh'icted funds) of £3,156,891 as at 31 Marcli 2025. Dediicting the fixed assets of £3,016,554, tlie Ti'ust has ' liquid. net assets of £140,337. This represents 1.03 yeais of unrestricted expenditui'e. The Ti'ustees believe that due to the volatile natui-e of the investment inai'ket, and the future plans to furthei. develop The Mellon Cents'e for Migration Studies, this level of fi'ee resei'ves is necessaiy. The Melloii Homestead at clIphIlI Fund (I'estricted funds) i'epresents inonies received fi'oiii the JTish Ainerican Partnei'ship that can only be ulilised foi. tlie uplceep and i'spair of the Mellon Homestead. The fuiid balance is included within the cash resources of the Ti'ust. (Note 16) InvestmeIit policy The Trust has engaged Evelyn Pai'tners as investtnent inanagers to piii'sue a policy of Jnaxll]]ising incoine whilst maintaining soine capital gi'owtli. The TTusI'ees have the power to invest in such assets as they see fit. The Chairman is i'esponsible foL' liaising with the llivesttnent managers and repoÈ'ting to the Ti'ustees at each Ti'ustee's ineeting. Tlie investment pei'forinance foi. 24125 yielded iiivestmeiit incoine of £109,356 (2024.. £97,507). This is slightly below the objective of achievllig a i'etui'ii of between 5-8 %. Taxation The Ti'ust is a registered chai'ity, and as such is entitled to cei'lain tax exeinptions on incoine and pi'ofils fi'oin investments, and surpluses on any h'ading activities carried on in fu)thei'aiice of the Ti'ust's prllnaiy objectives if these pi'ofits aiid sui'pluses al'e applied solely foi. chai'itable plpOSe5. Ris1( Management The Trustees are aware of their i'esponsibilities to regularly review th8 inajor i'isks to which the chai'ity is exposed. The alln of such a review is to iinplernent a inanageinent sti'ategy, which coinpi'ises.. an ontsoing review of the risks whicli the cliai'ity may face. the establisknnent of systeii)s and procedui'es to initigate tliose risks identified in the review. the iinplenientation of pi'ocedui'es designed to miniinise the unpact on Ilie cliarity should aiiy of the risks Inatei'ialise.
The Scotch-Irish Trust of Ulster Trustees, report for the year ended 31 March 2025 (continued) Public benefit statement In setting our objectives and planning our activities for the year the trustees have given careful consideration to the Charity Coininission foi. Northe1 Irelaiid's guidance on public benefLt to ensure that the activities have helped to achieve the charity's pui-poses and pi'ovide a beiiefit to the beneficiai-ies. Statement of Trustees, responsibilities Tlie Ti'ustees al'e i-esponsible foi. prepai-ing the Trustees, Report and the financial stateinents in accoi'dance with applicable law and United lciiigdom Accounting Standai'ds (Uiiited ICi]igdom Genei'ally Accepted Accounting Practice). The law applicable to charities in Northern Ireland requii'es the tt'iistees lo prepai'e financial statements for each fmancial year which give a true and fall. view of the state of affairs of the charity and of the incoming i'esoui'ces and application of i'esoiii-ces of the Gharity foi. that period. In pi'epai'ing these fjnancial statements, the Trustees ar8 i'equii'ed to.. select suitable accounting policies and tlien apply them consistently. obsei've the inethods and prknciples in the Chai'ities SORP. Inake judgnients and estllnates that al'e i-easonable and pi'udent. state whethei. applicable accounting standai'ds have been followed, subject to any Inaterial dep.tureS disclosed and explait]ed in the financial stateinents. pi-epare llie financial staleinents on the going concern basis unless it IS lliappropriate to presuine that the charity will continue in business. The Trustees are responsible for keeping proper accounting recoi'ds tliat disclose with reasonable aceuracy at any tlllle the fmaiicial position of the charity and enable them to ensui'e that the fmancial stateinents comply with the Charities (Noi'lhei-n Ii'eland) Order 1987, as ainended by the Chai'ities Act 2006, the Charity (Accouiits and Reports) Regulations 2008 and the provisioiis of the trust deed. They al-e also i-espoiisible foi. safeguarding the assets of the charity and hence for taking i'easonable steps foi. the prevention and detection of fraud and otlier iiTegularities. Statement of disclosure of information to Auditors So far as each of the Trustees in office at the date of appi'oval of these fmancial stateirents is awai'e; there is no i'elevant audit lliformation of wliich the Ti'ust's aiiditoi's are unawai'e. and as Trustees, they have taken all the necessary Steps to iiiake theinselves aware of any i'elevant audit inforination and to establish tliat the Trust's aiiditoi's al'e aware of that infoi'ination. By oj'der of the Ti'ustees John A Gihnour Cliaii'man Dated.. i odi December 2025
The Scotch-Irish Trust of Ulster Independent auditor's report to the Trustees of the Scotch-Irish Trust of Ulster Year ended 31 March 2025 Opinioii We have audited the accouiits of Scotch-lrish Trust of Ulster (the 'charity') for the yeai. ended 31 March 2025 which compi'ise the Siateinent of Fiiiancial Activities, the Balance Sheet and the notes lo the accoiints, iiicluding a suminary of significant accoiinling policies. The fii)ancial reporting frainewoi'k that has been applied li) tlieir prepai'ation is applicable law and United Kingdoill Accounting Standai'ds (Uniled Kingdom Genei'ally Accepted Accounting Practice), including Stateinent of Recoininended Pi'actice (SORP - FRS 102) "Accounting aiid Repoi'ting by Charities" in pi'eparing the annual report and financial stateinenls of the chai'ity. In oui. opiiiion tlie accounts- give a true and fair view of the slate of the charity's affaii's as at 31 March 2025 and of its incoining I'esources and application of i-esoui'ces, including its incon)e and expenditure, foi. the yeai. then ended. have been properly prepai'ed in accordance witli United Kingdoin Generally Accepted Accounting Pi?ctice' and have been pi'epai'¢d in accordance with the Stateinent of Recoininended Practice: Accounting and Repoiting by Chai'ities. Basis for opinion We conducted oui. aiidit in accordance with Interiiatioi)al Standai-ds on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities uiidei. those standai'ds are further described in the Auditor's responsibilities foi. tl)e audit of the accoiints sectioii of our report below. We al-e independent of the chai'ity in a¢coi'dance with the ethical requii-einents that are relevaiit to our audit of the financial stateinents in the UK, including the FRC'S Ethical Standard, and we have fulfilled our othei. ethical respoiisibilities in accordance with tliese I'equireinents. We believe that the audit evidence we have obtained 15 sufficient and appropi'iate to provide a basis for our opinion. Conclusion relating to going concern In auditing tlie financial stateinents, we have concliided that the trustees use of the going coiicei'ii basis of accounting in Ilie preparation of tlie financial stateinents is appi'opi-iate. Based on the work we have pei'forimed, we have not identified any Inatei'ial uncei'tainties relating to events or conditions that, individually oi. collectively, Inay cast significaiit doubt on the cl)ai'ities ability to continue as a going concei'n for a pei-iod of at least twelve Inonihs fi'om wheii the finaiicial stateinents al'e authoi'ised for issiie. Oui. i'esponsibilities and the I'esponsibililies of the ¢oininittee Ineinbers with respect to going concei'n al'e desci'ibed in the relevant sections of this i'eport. Other informatioii Tlie oiliei. infoiinatioii coinprises the iiifoi'ination iiicluded in the annual i'epoi'l, othei. than the accouiits and our auditoi s report thei'eoii. The Ti'ustees al-e I'esponsible foi. the oihei. infoi'ination. Our opinion on the accounts does not covei. Ilie other infoi'ination and, except to the extent oihei'wise explicitly stated in oiii. report, we do not express any forni ofassui'aiice conclusion thereon. In connection with oiir audit of tl)e accounts, oui. I'esponsibility is to l'ead the other infoiinatioii and, in doing 50, consider wl)eiher the ollier inforniation is Inaterially iiiconsistent with the accounts or oui. kiiowledge obtained in the audit or oihei'wise appeal's to be Inatei'ially Inisstated. If we identify such Inalerial inconsistencies oi. appai'ent inatei'ial misstateinents, we al'e requii'ed lo detei'iiiine whethei. thei-e is a IT]atei'ial Inisstatement in the accounts or a Inatei'ial misstateii)ent of the olhei. infoi'ination. If, based on the woi'k we have perfoi'iiied, we conclude that there is a Inaterial Inisstaleinent of this otlier information, we are I'equii'ed to i'eport tliat fact. We liave nothing lo I'eporl iii this i'egard.
The Scotch-Irish Trust of Ulster Independent auditor's report to the Trustees of the Scotch-Irish Trust of Ulster Year ended 31 March 2025 (continued) Opinions on other matters In our opinion, based on the work undertaken in the course of our audit.. the infojrnation given in the Trustees, Report for ihe financial year for which the accounts al'e prepared is consistent witli the accounts. and the TISte¢S, Report lias been prepai'ed in accordance witli applicable legal requireinents. Mattel's on which we al'e i'equii'ed to report by exception In light of tlie knowledge and undei'standing of the Chai'ity aiid its eiivii'onment obtained in the coui'se of the audit, we have not identified rnatei'ial misstatemejits in the Trustees, Report. We have nothing to i'eporl in i'espect of the following inattei's in ielation to whicb we are requll'ed to i-eport to you if, in oui- opinion. adequate accounting recoi'ds have not been kept, oi. i'etunis adequate for our audit liave not been received. or the accounts are not ui agi'eeinent with the accounting i'ecords and i'eturns. or certain disclosui'es of remunei'atioii specified by law al'e not inade. oi. we have not i'eceived all the infoi'mation and explanations we require foi- oui. audit. Responsibilities of Trustees As explained mol'e fiilly lll the Statement of Ti'ustees, Responsibilities, the Ti-ustees al'e responsible foi. the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees detei'mine is necessai'y to enable the prepai'ation of accouiits that are free froin inatei'ial Inisstateinent, whetliei. due to fraud or ei'i'oi.. In pi'eparing the accouiits, Ilie Trustees al'e i'esponsible foi. assessing the charity's ability to continue as a going concern, disclosing, as applicable, Inatlei's i'elating to going concein and using tlie going concei-n basis of accounting iinless the Ti'ustees eithei. inteiid to liqiiidate the charity Ol. to cease operations, or have no i'ealistic alternative but to do so. Auditor's I'esponsibilities foi. the audit of the financial statements Our objectives are to obtalli reasonable assui'aiice about whether the accounts as a whole al'e fi'ee from inatei'ial misslateinent. whether due to fraud or error, and to issue an auditoi-'s i'epoit that in¢liides our opinion. Reasonable assurance is a high level of assui'all¢e but is not a guar'antee that an audit conducted in accoi'dance widi ISAS (UIC) will always detect a malei'ial inisstateiiient when it exists. Misstateinents cali ai'ise from fraud oi. eri'or aiid are considei'ed iiiatei'ial if, individually or lll the aggi-eg&te, tliey coiild i'easonably be expected to influence the economic decASiOiiS of usel-5 taken on the basis of these accoiuLts. Ii-i'egularities, uicluding fraud, are instances of non-compliaiice with laws and regulatioiis. We design pi'ocedures in line witli oui. i'esponsibilities, outlined above, to detect inatei-ial inisstateLnents in i'espe¢t of ll'i'egulai'ities, iiicluding fraud. The extent to whicli oui. pi-ocedures are capable of detecting irregulai'ities, iiicllldiiig fi-aud is detailed below.. We gained an undei-standiiig of tlie legal and regiilatory frainework applicable lo the chai-ity and the industy in wliich it opei'ates, and considei'ed the rislc of acts by tlie charkty that wei'e ¢ontt'aiy to applicable laws aiid regulations. including fi'aud. We designed audit pi'ocedui'es to respond to the risk, recogiiising tliat the risk of not detecting a Inatei'ial misstateinent due to fraud is highei. than the i'isk of not detecting one resulting fi'oin ei-ror, as fraud inay involve delibei'ate concealrnent by. for exainple, forgery oi. inteiitional inisrepresentations, or tm'ough collusioii. We focused on laws and iegii18tions wliich could give i'ise to a material misstateineiits in the fancial statements, including, but not lllnited to, the accounting and repoi'tllig of chai'itÉes and UK tax legislation. Ow. tests included agreeing the fmancial stateinents disclosures to undei'lyllig supporting documentation, enquii'es with inanageinent an6 enquir¢s of legal counsel whei'e appi'opriate. There al'e inhei'eiit liinitations in the audit pi-ocedut'es
The Scotch-Irish Trust of Ulster Independent auditor's report to the Ti'ustees of the Scotch-Irish Trust of Ulster Year ended 31 March 2025 (continued) desci'ibed above and, the fvrther reinoved non-compliance with laws and regulations is from the events and tt'ansactions i'eflected in tlie flliancial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to iri'egularities, including fi'aud. As in all our audits, we also addressed the risk of Jnaiiageinent override of intei'nal coiitrols, including testing journals and evaluating whethei. there was evidence of bias by the cominittee inembers tliat repi'esented a i'isk of matei'ial inisstateinent due to fi'aud. A fui'ther description of our responsibilities foi. the audit of the accounts is located on the FinancÈal Reporting Council's website at.. htrp'.Ilwww.frc.oi'g.iildauditorsi-esponsibilities. This description foiins pai't of our auditoi-'s i'eport. This i'eport is made solely to the chaL'ity'S Trustees, as a body, in accordance with Cliai-ities A¢t (Northern Ii'eland) 2008 and regulations Inade under that Act. Oui. audit woi'k has been undertaken so that we inight state to the cliarily's Trustees those mattel's we are requll'ed to state to thein in an auditor's i'eport and foi. no othej. purpose. To the fullest extent pei'initted by law, we do not accept or assunie i'esponsibility to anyone othei. than the Chai'ity and ils Ti'ustees as a body, foi- our audit woi'k, for this i'epoi't, or for the opinions we have fonned. Mi. Rodney Haiiiill FCA (Senioi. Statutoiy Auditoi.) Foi. and oil behalf of Hamill McIlwaine chtel.¢d Accouiitanls and Statutoiy Auditor 28-30 Old Mountfield Road Oinagh Co. Tyi"one BT79 7BJ ioth December 2025
The Scotch-Irish Trust of Ulster 10 Statement of f4 inanclal Activities for the year ended 31 March 2025 Unresti'ieted funds Restricted funds 2025 Total 2024 Total Note Incoming i'esources Inconiing resoui'ces froin generated funds Investment incoine IL'ish Ainei'ican pai'tnersliip Other incoinllig resoiirces Suiidi-y income Rental incoin8 109,482 109,482 8,596 97,602 12,407 8,596 10,618 24,000 10,618 24,000 80,000 232,696 14,788 24,000 62,000 210,797 Gi'ant 80,000 88,596 Total ineoniing i'esources Expenditure on: Investment Inanageineiit costs Charitable activities Mellon Centre for Migi'ation Studies costs Ti'ust's costs 144,100 11,353 11,353 11,648 97,832 27,303 136,488 7,612 80,000 177,832 27,303 216,488 16,208 155,381 37,495 204,524 6,273 Total re50urees expended Net incoming resources before (losses) Ig2ins on iThvestmeiits Net (losses)Igains on investsnents Net movement in funds Total funds brought forward Total funds cai'i'ied foi'ward 80,000 8,596 64,871 72,483 3,084,408 3,156,891 64,871 81,079 3,234,954 3,316,033 23,811 30,084 3,204,870 3,234,954 8,596 150,546 159,142 17,18 All ainounts relate to continuing opei'ations of the Trust.
The Scotch-Irish Trust of Ulster 11 Balance sheet as at 31 March 2025 2025 2024 Note i ixed assets Tangible assets Investments 548,924 2,467,630 3,016,554 549,582 2,372,998 2,922,580 12 Curi-ent assets Debtoi's 13 216,663 246,308 Short term deposits Cash at banlc and in hand 14 96,028 312,695 (13,216) 299,479 3,316,033 3,316,033 78,259 324,571 (12,197) 312,374 3,234,954 3,234,954 Ci'editors: amounts falling due within one year Net cui'i'ent assets Total assets less curi'ent liabilities 15 Net assets 18 Funds Restricted funds Um'esh'icted funds 16 JS9,142 3,156,891 3,316,033 150,546 3,084,408 3,234,954 17 Total funds 18 The fiiiancial stateinents oil pages l O to 20 were appi'oved by tlie Ti'ustees and wei'e signed oil theiL' behalf by.. ,'Jthorf John A. Gilillo Cliaii'man Date: ioih Deceinber 2025
The Scotch-Irish Trust of Ulster 12 Notes to the financial statements for the year ended 31 March 2025 Accounting policies and statutory information The financial slateillents have been prepai'ed in accoi'dance with Accouiiting and Reporting by Charkties.. Statement of Recoininended Practice applicable to chai'ities preparing lliell. accounts in accoi'dance with the Financial Repoitllig Staiidard applicable in the UIC and Republic of Ireland (FRS 102)- (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ii'eland (FRS 102). The Scotcli-h'ish Ti'ust of Ulster meets the defmition of a public benefit entity undei. FRS 102. Assets and liabilities al'e initially recognised at historical cost or transaction value unless otlieiwise stated iii tlie i-elevant accouiiti]Ig policy note. The cliarity was regi5tei.ed with Tlie Charity Cominissioii for Noithei'n Irelaiid on 4th Febi'uary 2016 (cliai'ity iiuinber 103343). The inaiii addi'ess foi. the Ti'ust is The Ulster Ainei'ican Folk Park, 2 Mellon Road, Oinagli, BT78 5QY. The pi'incipal accounting policies, which have been applied consistently throughout th¢ yeai., ait set out below. Cash flow statement The Ti'ust is exeinpt fi'orn th¢ requii'ejnent to publish a cash flow statement. Tangible Fixed assets, depreciation and impairmenl The cost of tangible fixed assets is thell. pul'chase cost, together witli any incidental costs of acquisition. Depi-eciation is calculated so as to write off the cost of tangible fixed assets, less their estllnated i'esidual values ovei. the expected useful econoinic lives of the assets conceimed. The pi'incipal annual rates used al'e as follows.. Coinputei. equipinent 25 % straight line Office equipinent I OOID Straight line When the recovei'able amount of a fixed asset is founa to be below its net book value the asset is wi'itten down to the recovei'able figui-e and loss on llnpaii'inent is i-ecognised in the stateinent of fmaiicial activities. Thei'e is no amouiit below which fixed assets al'e not capitalised. Land is not depreciated or i'evalued as it is considei'ed to be held for public benefit and is therefoL'e tt'eated as a tangible fixed asset i'athei. than investment pi'operty. Pension The Trust is iiialiing payinenls to the Univei'sities Supei'annuation Scheine on behalf of einployees. The cost of funding the scheine is chai'ged to the statement of fmancial activity as incurred. Iiive5tments Investinents are stated at tlieir inai'ket value at the balance sheet date. Investtnents include the net gallis aiid losses ai'ising on i'evaluations and disposals tlll'ollghout tlie year.
The Scotch-Irish Trust of Ulster 13 Notes to the financial statements for the year ended 31 March 2025 (continued) Accounting policies (continued) Incorning I'esources All iiicoming i'esoui'ces are llicluded in the statement of fanCIal activities when the Trust is legally entitled to the llicome and the amount can be quantified with I'easonable accui'acy. Investment income Inveshnent incoine is accounted for on the basis of i-eceipt by the Investtnent Managei's. Donations Donations al'e included in full wheii i'eceived. Gi'ants Revenue gi'ants are credited to incoine i'esources on the earlier date of when they are i'eceived oi. when they are receivable, unless they Telate to a specified fvture pei'iod, in which case they are deferred. Grants for the pllrpose of capital expenditure are ci'edited to restt'icted incon]ing i'esources when receivable and transferred to Ur¢S-l¢ted funds on purchase of asset. Other ineome and geilerated funds Otliei. incoine and genei'ated ftinds is included in full in the SlateLnent of Financial Activities when receivable. Resoui'ces expended All expenditure is accounted for on an accruals basis and has been classified undei. headings that aggregated all costs appropi'iately related to a particulai- categoiy. Cost of generxting fuilds Cost of generattng funds compiises the costs associated with investtnent income and the investsnent poi'tfolio. Cliai'itable actxvities Charitable activÈties are those incui'red in con]iectioii witli cost of running the Ti'iist and The Mellon Cents'e for Migi'atioii Studies. Other costs Othei. costs include those incuii'ed in the governance of its assets and are associated with constitutional, statutory and sts'ategic i-eqiiirements. i und accounting Tlie Trust lias various types of funds for which it is i'esponsible aiid which i'equii'e sepai'ate disclosure. A definition of tlie various types of ndS is as follows.. Restrieted fiiEids Restricted funds are to be iised foi. specified purposes as laid down by the donor. Expenditure, which Meets these ci'iteria, És charged to the fund, togetlier with a faiT allocatioii of ovei'heads and siipporl costs. Uni-esti'ieted fiinds Uw'estricted funds are donations aiid other incoining resources i'eceived oi. genei'ated which are expendable at the discretion of the Chai'ity 111 fuithei'ance of ils objectives.
The Scotch-Irish Trust of Ulster 14 Notes to the financial statements for the year ended 31 March 2025 (continued) Critical accoullting judgements and Iiey sources of estimation uncertainty Estllnates and judgeinents are continually evaliiated aiid are based on histoi'ical experience and otlier factors, including expectations on tUre events that 'e believed to be linder the circumstances. (a) Critical judgeinenls in applying the company's accounting policies. There are no ci'itical judgeiDeiits in applying the coinpany's accounting policies. (b) Ci'itical accouiiting estllnates and assumplions. There 81'e no ci'itical accounting estllnates and assiirnptions. Investment income 2025 2024 Investment income comprises.. Dividends aiid other similar i'eturns on investn3ents Money marlcet iiiterest 109,356 126 97,507 95 109,482 97,602 Sundry income 2025 2024 Sundi'y income eoniprises: Lectures and foi'ums Ii'ish Fainily Histoi'y Foundation Symposiuin incoine 1,420 8,628 570 6,005 8,783 10,618 14,788 Rental income 2025 2024 Rental income eompi'ises: National Museums of Northern Ireland 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 2025 (continued) Grants 2025 2024 Gi'ant income comprises: Depai'tment foi. Communities- standard grant 80,000 80,000 62,000 62,000 Charitable activities Unrestrieted Resti'icted 2025 2024 Mellon Centi'e for Migration Studies costs A(hninistration cliai'ges to Folk Park Staff costs (note l O) Coinputer and office costs Travelling and subsistence Sundi'y costs Librai'y staff costs Insurances Syinposium expen5es/events Audit fees 4,500 58,871 4,158 4,034 1,233 11,041 4,901 6,690 1,634 113 4,500 138,871 4,IS8 4,034 1,233 11,041 4,901 6,690 1,634 113 4,500 131.000 2,485 5,387 240 80,000 4,292 4,287 400 1,814 100 Bank Chaiges Depi'eciation 657 657 876 97,832 80,000 177,832 155,381 Uni'estricted Resti'icted 2025 2024 Ti'ust's i'uiining e05ts Travelliiig and subsistence paid to 'ustees Sundry costs Audit and accountancy Bank chai'ge5 Pension expenses 567 567 2,045 13,751 4,388 63 13,751 4,388 63 15,534 3,744 69 8,534 27,303 8,534 27,303 16,103 37,495
The Scotch-Irish Trust of Ulster 16 Notes to the financial statements for the year ended 31 March 2025 (continued) Statement of investment gains 2025 2024 Realised gaknl (loss) oji disposal of investtnents Adjusttnent foi. previoiis Uill'ealised gain/ (loss) on investinents disposed Change in um'ealised gainl (loss) on investsnents 3,453 (10,815) 72,233 64,871 (27,277) 10,613 40,475 23,811 Net incoming resouree5 for the year 2025 2024 Net iiicolning resoui-ces foi- the ye?¢ I. aftei. chai'giiig: Fees payable to the chai'ity's auditor foi- tlie audit of the accounts 6,022 5,558 10 Employee inforination 2025 2024 Staff costs Wages and SaI.18S Social security costs Other pension costs 110,577 12,749 15,545 138,871 100,130 11,307 19,562 131,000 Numbei" Nuinbei. Avei-age monthly ttuniber of pei'sons employed by the Ti'ust dui'ing the yeai. (exeluding Trustees): Reseai'ch Indeinnity insiii'ance for the Trustees has not been purchased. TILislees al'e not reinunei'ated foi. services to the Th'ust, other than an hoiioiariuill of £1 0,000 paid to tlie cliairinan. Tl)e number of employees wliose annual i'emuneration was £60,000 oi. Inoi'e were.. 2025 2024 Number 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 2025 (continued) 11 Tangible assets Computer eqiiipment Office equipment Land Total Cost 668,727 At l April 2024 546,952 115,000 6,775 Additions At 31 M¥l1'clI 2025 546,952 115,000 6,775 668,727 Accumulated depreciatioii At l April 2024 Depreciation chai'ge At 31 March 2025 119,146 657 112,371 657 6,775 113,028 6,77S 119,803 Net boolc amount At 31 Mareli 2025 546,952 1,972 548,924 2,629 549,581 At 31 March 2024 546,952 Mellon Memorabilia- Hei-itage asset5 The Trust owns a sinall collectioii of i'are books and ai'tefacts relating to the story of the Mellon Family. All of the iteins in tliis collection have been acqull-ed, mostly by donation, over inany yeais and have been fully docwnented. Liesponsibility foi. the care and illanageinent of the books, which al'e held in the Mellon Centre foi. Migration Studies, now rests with Libi'ai'ies NI, following the i'eorganization and Inergei. of the five libi'ai'y services in Noithei-n Ireland. The Melloii arlefacts are clli'ated and exliibited by National Museums Northeiii 'tIalld (NMNI) undei. a license agi'eement with the Ti'iist and al'e on secui'e display the Emigi'aiits, Gallei'y. No valuation has been cai'i'ied out in these books as they al'e coiisidei'ed to be so i'ai'e, their use is restt'icted acadeinic reference only and given tlie specialism of the text, it is felt an accw&te valuation would be difficult to obtalll. The nuinbei. of books in the collection is 9. The Melloii CeThti'e of Migratioii Studies library The Libraiy collection was eslablished first by the Trustlulstei. Ainei'ican Folk Pai'k in the late 1970's-eai'ly 1980's aiid L'lhei- developed by tbe Westei'n Education aiid Libraiy Board (WELB) Libi'ary Service, wheLI At took ovei- tlie rLinnllig and stocking of the Librai-y froin the inid 1980's. Consequently the collection compi'ises books, n)aps, docuinents and other research matei'ials whicli al-e jointly owned by Ilie Ti'ust and Libi'aries NI. An agi'eeinent was inade be1Nrfeen Ulstei. Aillei'i¢aii Folk Parlc aiid WELB, Iliat shoiild one of the two bodies cease to exist the Libiary collection would becoEne Ilie pi-opei'ty of the sui'viving entity. Hence it has never beeii considered necessai'y lo sepai'ately identify oi. value, those books and otlier iteins which have been purchased in the past either by Ulster Ainei'ican Folk Pai'l< oi. WELB, oi. Inore recently by Librai'ies NI. Conseqiiently no value has been attributed to any of tlie above collections within these accounts Tlie Mellon Homestead The Trust owns an histoi'ic thatclied cottage which was the birthplace of lliomas Mellon, who was bom in 1813. The pi'opei'ty fonns an integral part of the exhibitions at the Ulstei. Aineiican Folk Parlc which National Museums NI has a liceiise to use. As thei'e is no histoiical cost available, tlie asset is not i'ecorded on the balaiice sheet. As explained in note 16, any major repall'lupkeep is funded fi'om a specific i'estricted fund.
The Scotch-Irish Trust of Ulster 18 Notes to the financial statements for the year ended 31 March 2025 (continued) 12 Investments Market value at l Api'il 2024 Pui'chases at cost Disposal proceeds Loss on disposal Adjustment foi. unrealised pi'ofit pi'eviously iecogiiised for disposa15 in year UJll'ealised moveillent Marlcet value at 31 Mai'eli 2025 HistOl'iC21 cost 2,372,998 175,004 (145,243) 3,453 (10,815) 72,233 2,467,630 2,192,148 2025 Classification Bonds Govei'mnent- Conventional Moitgage backed debt Pi'eference shares Fund Alternative ai)d multi-asset Gold and pi'ecious inetals Hedge funds Private equity Loiver volatility funds Pi'operty Diiect Equities Uiiited Kingdom North America 124,205 18,300 15D,416 134,985 82,474 90,039 30,240 32,280 230,928 710,453 380.821 43,082 71,746 171,388 39,750 156,523 2,467,630 Burope Japan Pacific Baslll ex Japan Emerging Mai'kets Global Total 13 Debtors 2025 2024 204,775 11,888 216,663 234,534 11,774 246,308 Other debtors PiepayineThts and acci'ued incoine
The Scotch-Irish Trust of Ulster 19 Notes to the financial statements for the year ended 31 March 2025 (continued) 14 Short term deposits 2025 2024 Danske Bank biisiness tei'in deposit accoiint 15 Creditors: ainounts falling diie within one year 2025 2024 Sundry creditoi's alld accrued expenses 13,216 12,197 16 Restricted funds Mellon Homestead at Camphill fund Balance at l Api'il 2024 In¢oiniiig resour¢es for the year Related sxpenditure foj. the year Balance at 31 March 2025 150,546 8,596 159,142 MCMS gi'ant aid fund Balaiice at l Api-il 2024 Incoining resources foi. the year Reveniie expenditure foi- the year Balaiiee at 31 Mai'eh 2025 80,000 (80,000) The Mellon Homestead at Cainphill Fund i'epresents inonies i'eceived froii) the n-ish Ainei'ican Pai'tnei-ship that can only be utilised foi. the upkeep and repall. of the Mellon Hoinestead. The fund balance is included within the cash resoui'ces of the Trust. MCMS grant fund aid is money received to assist with the runiiinu costs of The Mellon Ceiitre foi. Migi'ation Studies. The gi'ants al'e recognised under the perfoiinance model and i'epoi'ted in the SOFA when received. Tliis mainly funds the salaries.
The Scotch-Irish Trust of Ulster 20 Notes to the financial statements for the year ended 31 March 2025 (continued) 17 Unrestricted funds Balance at l April 2024 Incoining I'esoui'ces foi. the yeai. Resoiirces expended for the year Net (losses)Igains on investtnents Balance at 31 Marcli 2025 3,084,408 144,100 (136,488) 64,871 3,156,891 18 Analysis of net assets Uni'estricted funds Resti'icted funds Totgl 2025 Total 2024 Analysis of type of asset and liability: Fixed assets 548,924 2,467,630 216,663 96,028 549.582 2,372,998 246,308 78,259 548,924 2,467,630 57,521 96,028 Investtnents Debtois Cash at bank and in liaiid Shoi't tei'in deposit5 Ci'editoi's.. arnouiits falling due within one yeai. 159,142 (13,216) 3,156,891 (13,216) 3,316,033 (12,197) 3,234,954 159,142 19 Pensions The Ti'ust is making payineiits into the Univei'sities Superannuation Scheine oil behalf of employees. The liability of the Ti'ust is liinited to the payineiit of th8 eillployers and employees conti-ibutions to the Scheine.