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 libr￿y,
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￿.&1￿rne
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 s￿dIeS by Bal￿eY Devine.
I l. Intei'ns pi'ogi'amme . 4 inleims froin QUB and UU were hosted by MCMS foi. a six inonth S￿dY 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 c￿lIphIlI 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 pl￿pOSe5.
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 TI￿Ste¢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 f￿ancial 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
ch￿tel.¢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 f￿anCIal 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.