2023-01-31-accounts

COMPANY REGISTRATION NUMBER.. N1002888 CHARITY REGISTRATION NUMBER: 103635 Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Financial Statements 31 January 2023 Finegan Gibson Ltd Chartered accountant & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Financial Statements Year ended 31 January 2023 Trustees, annual report (incorporating the director's report) Independent auditor's report to the members 16-19 Statement of financial activities (including income and expenditure account) 20-21 Statement of financial position 22 Statement of cash flows 23 Notes to the financial statements 24-36

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 January 2023 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 January 2023. Reference and administrative details Registered charity name: Council of the Northern Ireland War Memorial (Incorporated) Charity registration number: 103635 Company registration number: N1002888 Principal and registered office: 21 Talbot Street Belfast BT12LD Directorsrrrustees: Colonel (Retdl D Bigger- Chairperson (Appointed 9th June 2022) Dr B E Barton Mr K Beattie (Appointed 23rd March 2023) Mrs C Champion DL- Vice Chairperson Flight Lieutenant A J Crowther Mrs C Dixon Mr R Doherty FIRSO Major K M J Guthrie MBE (Appointed 9th June 2022) Mr R B Hannam {Appointed 24th October 2022) Lieutenant Colonel C T Hogg MBE KStJ UD JP DL Mr M G Logan JP (Appointed 81h December 2022) Chief Officer P Shaw RD DL (Resigned 8th December 2022) Mr l A Wilson (Resigned 15th September 2022) Company secretary: Flight Lieutenant A J Crowther Auditor: Finegan Gibson Ltd Chartered accountant and statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers: Danske Bank Donegall Square West Belfast BT16JS Solicitors: Crawford Lockhart Black Solicitors 7-11 Linenhall Street Belfast BT2 8AA

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 January 2023 Council members: Colonel JM Steele CB OBE TD DL (Patron) Mr C Bailey (Resigned 23rd April 2023) Lieutenant Colonel M Barnes OBE TD Mr K Beattie Colonel (Retd) D Bigger Lieutenant Colonel C Bennett UD Mrs C Champion DL Commander T I Chrishop Flight Lieutenant Dr J S A Collins DL Mrs L Corken Mrs B M Corry Mr P Cregg MBE Flight Lieutenant A J Crowther Mr J Davies MBE Mrs C Dixon Colonel A M Donaldson MBE OStJ VR DL Dr B Duff Bsc MA Dip CS PhD FRGS FRUSI (Appointed 30th May 2022) Colonel S M Elder MBE TD JP DL Major K M J Guthrie MBE Mr R B Hannam (Appointed 9th June 2022) Colonel l G Henderson OBE TD MSc{Econ) Lieutenant Colonel C T Hogg MBE KStJ UD JP DL MrNJIHogg Mr S Johnston Captain H Mackintosh MBE TD (Resigned 5th August 2022) Captain J D Mccahon Mr C McGuicken (Appointed 9th June 2022) Commander R Milligan Mr l Montgomery (Resigned 6th June 2023) Mr T Parkhill Mr L Quigg BEM Colonel A H Reid OBE TD DL Lieutenant Commander E M Shanks RD Chief Officer P Shaw RD DL Mr N Spence Lieutenant Colonel DW F Twigg MBE CStJ Jp Mrs C Walker Mr G Warner Mr l A Wilson (Appointed 15th September 2022) Commander H B White VRD

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 January 2023 Structure, governance and management Governing document The Council of the Northern Ireland War Memorial Ilncorporated) is a company limited by guarantee governed by its Memorandum and Articles of Association. The Council appoints the Board of Trustees who are responsible to the Council for the day-to-day management of the charity. All decisions are made by the Board of Trustees. Appointment of Trustees The Trustees are appointed by the Council Members at the Annual General Meeting. Each year one third of the Trustees resign by rotation, though they may stand for re*lection. Trustee induction and training The Chairman ensures that appropriate induction and training is given to all Trustees. Each new Trustee is provided with a pack of information about the history of the Council of the Northern Ireland War Memorial (Incorporated) and their responsibilities, a tour of the gallery and an opportunity to meet all staff. Organisation The Trustees have overall responsibility for the charity- The Council, which meets at least once a year, appoints the Trustees to administer the charity and manage its day to day operations. Risk management and internal control The Board of Trustees is responsible for ensuring that an effective system of internal control is maintained and operated by the Council. The system of internal financial control is based on a framework of regular management information,. administrative procedures,. and a system of delegation and accountability. The Board of Trustees has assessed the major risks to which the Council of the Northem Ireland War Memorial (Incorporated) is exposed, in particular those related to the operations and finances of the Council, and is satisfied that systems are in place to mitigate any exposure to major risks. Public benefit Acknowledgement of the Council of the Northem Ireland War Memorial (Incorporated) public benefit role was confirmed with the award of registration with the Charity Commission for Northern Ireland in September 2015. The Trustees believe that the charitable company provides a public benefit in the commemoration of the men and women from Northern Ireland who died during the World Wars. This is achieved through providing a capital educational resource in the form of a museum gallery open to all members of the public, maintenance of war memorials within the museum gallery, organisation of fitting commemorations and the preservation and development of a museum collection relating to the world wars. The charitable company offers grant funding to primary schools towards the travel costs of classes visiting the gallery. The building and its offices within, maintained by the charity, are significant in supporting the amenities and services for the advancement, relief and benefit of present and former members of the armed forces. The Trustees believe they are operating entirely within the guidelines issued by the Charity Commission for Northern Ireland and look fO￿ard with Confiden￿ to the development of the Council's work in the province.

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 January 2023 Objectives and activities of the Council The objectives of the Council are 'to provide and maintain, as an enduring War Memorial for Northern Ireland, a building or buildings which will worthily commemorate the men and women of Northern Ireland who died in the o World Wars 1914-1918 and 1939-1945" to provide and maintain therein accommodation. amenities and services for the Royal British Legion and other charitable bodies which are established and organised for the advancement, relief and benefit of present and former members of the armed forces,. to provide and maintain in at least one building therein accommodation to be known as The Hall of Friendship to commemorate the association of the Armed Forces of the United States of America with Northern Ireland in the 1939-1945 War,. Legal opinion has been sought on the actions which the Trustees can take in the furtherance of these objectives. The principal activities of the Council continue to be those of holding properties and other investments. Achievements and performance The Trustees are satisfied with the performance of the Charity in meeting its objectives for the year ended 31 January 2023. This was the first full financial year without government restrictions imposed to museum activities since the Coronavirus pandemic began in March 2020. On the abolishment of social distancing guidelines employees returned to working in the office. However efficiencies brought about through the pandemic have been integrated into daily working routines. Although not as heavily relied upon as in-person education, online platforms remain an effective engagement tool for learning and outreach, especially for those who cannot easily visit the museum. 2022 fulfilled the final year of the current strategic plan (2017-2022). The following 5 strategic aims and their associated objectives, outcomes and key performance indicators provide the framework for the development of the Council of the Northern Ireland War Memorial and how the senior management team report to the Trustees. strategic aim 1 To care for, preserve, develop, and present the collection to Museum Accreditation standards Ob-ectives Maintain museum accreditation Outcomes Improved performance of the museum. Increased recognition and improved reputation of the museum. An improved focus on users, needs. Development and support for the workforce. Increased partnerships and loans with other museums. Formalised procedures, policies, and forward planning. Ke erformance indicators Accreditation maintained. . Annual accreditation review completed in conjunction with Museum Mentor in November 2022. In tandem with the accreditation review, the Museum Mentor delivered a report for consideration by the Board in December 2022. Consultation with stakeholders completed and strategic plan roved in De￿rnber 2022. 7 acquisitions purchased. 24 donations to the museum. 2 collection related grants applied for and received amounting to £2,500. Develop the collection in line with Collections Development Policy Collections management framework provides a legal and ethical basis for the acquisition and disposal of objects in the collection. Enables the growth of the collection in line with established themes and priorities for future collectin

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 January 2023 Ensures that information held relating to the collection is accurate, secure, reliable, and accessible. Enables the NIWM to build a substantial oral history archive while the Second World War is in living memory. New objects and sound recordings will be used in future publications, exhibitions, interactives, promotional material. and as resources for researchers and media. 7 non-accessioned items transferred to a more suitable museum. 34 oral recordings added to the NIWM collection in line with Documentation Policy, over the following geographical locations; Location Number of interviews Antrim Arma Belfast Down Fermana rone Mainland 16 UK Use of the recordings by the museum, researchers, and the media. 40 interviews transcribed and roofread b interviewees. Backlog of documentation continues to be addressed. 466 new data entries recorded on MODES. . Accuracy of records improved on MODES. 189 objects photographed professionally. 4 objects loaned to and 1 borrowed from other museums for display. HMS Egilsay bell and Dun Laoghaire fire helmet remain on lon -term loan for dis la Record of object cleaning and cleaning of collection store maintained in NIWM housekeeping file. Restricted use of locked cabinet. Conservation work completed on 8 objects. McKendry frieze cleaned by professional conservator. Housekeeping records reported to Museum Committee re ularl Continue to document the collection as outlined in Documentation Plan and Procedures Manual Enables the museum to borrow from and lend objects to other museums. New acquisitions because of good communication with donors. Increased public access to the collection, allowing the NIWM to fulfil learning role. . Allows the NIWM to care for and be accountable for the collection, allowing the museum to arrange appropriate conservation, insurance. and a recovery plan. Continue to implement a Care and Conservation Plan and Policy Enables the museum to follow best practice procedures relating to the care and conservation of its collection. Allows the museum to address the needs of the collection and set of priorities for conservation work. Long-term care of the collection through a rolling schedule of conservats'on can engage public interest. Remedial conservation of objects increases understandin of their si nificance. Strategic aim 2 Attract new visitors and increase footfall with exhibitions, events, lectures and workshops. Ob'ectives Provide access to the collection Outcomes Increased visitor figures from taking an audience-centred a roach to exhibitions, erformance indicators 21 events with 567 participants.

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 January 2023 learning, events, lectures, website content, resources, and publications. Potential to attract new and return visitors. Increased awareness of museum results in objects and stories being donated to collection. Facilitating access to research and the stored collection increases awareness of the museum as a trusted place for research by historians, community groups and universities. Voluntary donations made by visitors and sales of NIWM publications generate additional income. Visitor feedback improves service and contributes to future strategy. Feedback received from museum users {visitors, schools. informal learners, researchers). Visitor figures and attendance at lectures and commemorative events - refer to visitor figure targets table below. NIWM continue to provide access to the collection by responding to research enquiries from students, journalists, museums and historians. Research outputs (lectures, talks, publications, resources supplied to researchers). contributions to 6 online lectures and 3 conferences. 2 temporary exhibitions installed.. US 80 exhibition to mark the 801h anniversary of the official arrival of US forces in Northern Ireland. Formation of US Rangers exhibition to mark the 801h anniversary of the establishment ofthe US Rangers in June 1942. Number of people reached on all social media platforms.. Platfomi Number of People Reached 18,318 users across 21.700 sessions Reach of 293,562 59,184 ressions 10,024 ressions 8,818 ressions 1,674 views NIWM website Facebook Twitter Instagram Pinterest YouTube Draft volunteer policy created and to be formally adopted in 2023. 2 volunteer placements completed at NIWM. 68 book sales made. Visitor feedback and social media engagement. External complaints policy drafted and formally adopted in December 2022. Develop and deliver a marketing plan which raises the profile of the museum . Acting on feedback ensures important improvements are made which ensures visitor satisfaction.

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 January 2023 Achievement of visitor targets and audience development by taking an audience-centred approach. Demonstrates the NIWM'S values including accountability, self-analysis, and quality of service. Correct handling of complaints which mitigates the risk of damage to the NIWM'S reputation. Ability to track and respond to visitor trends enables more cost-effective approach to marketing. Increased awareness of museum by attracting new visitors from outside the main catchment area. Enables greater public access to the collection. Increased interaction with public may encourage the donation of objects and stories. 13 adverts placed on 11 platforms. . Analysis of catchment area of visitors as follows.. Northern Ireland Republic of Ireland UK excl Nl Overseas . Continued review of NIWM performance against similar visitor attractions. Continued radio, television, and press coverage. New museum tour leaflet information drafted for print in 2023. Achieve visitor targets Achievement of set targets 2022 Tar et 2,500 2022 Actual 2,845 Visitors walk-ins Schools (on- site and virtual Informal learnin Outreach 1,361 Events 567 Room usa 94 Visitor total 6,500 8,418 School visits (on-site) - 2,638 pupils and teachers from 95 classes across 60 schools. Loan boxes - 339 users (excl reminiscence). Virtual visits- 308 pupils from 10 classes across 7 schools. Increased geographical reach - 13 primary school visits outside radius of 30 miles from the museum. Engagement with and feedback from online learning videos. Learning homepage on NIWM website visited 887 times. - Resources webpage on NIWM website visited 526 times. 1,500 2,946 750 605 750 1,000 Offer free learning workshops and resources to primary school children in Northern Ireland Increased awareness of museum by local families. Achieve visitor targets. Enable greater public access to the collection. Improved workshops and resources for children. 4,050 free 'Craft Packs, provided to schools and individuals. New online learning resources created.

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 January 2023 'Second Wortd War Stories for Kids, viewed 370 times on YouTube. . Travel grants awarded to 58 schools. New evacuee loan box created for use by Key Stage 1, Key Stage 2 and special educational needs classes. Kids in Museums Takeover Days, Nl Science Festival and National Drawing Day Contributions, which helped act visitor fi ures. 61 participants across 3 workshops as part of Playful Museums event. Early years facilities added, and improvements made to exhibition. Jeannie the Hen loan box borrowed ￿lce and used by 61 under 5's. Copies of Jeannie's Adventure to the Countryside, illustrated book circulated and provided free when loan box borrowed. . Tour created for secondary schools- 9 post primary classes visited with 244 artici ants. Reminiscence loan box borrowed once by a group of 81 users. Informal Learning - 29 group visits to the museum with 605 visitors. 1,361 people participated in 46 outreach sessions (includes outreach to primary schools). Feedback received from informal learners and outreach participants. Develop new learning experiences for new users and non-users of the museum Enable greater public access to the collection. Increased awareness of museum by local families through Playful Museums Festival. Increased partnership with secondary schools increases awareness of the museum as a place for research. Increased awareness of museum results in objects and stories being donated to collection. Expand the informal learning and outreach programmes for groups in the local ommunity, offering more opportunities to current users and non-users Improved workshops and resources which are accessible and inspire learning and fulfilment for all. Increased partnership with ex-service charity tenants and positive impact on veterans. Increased awareness of museum enables greater public access to the collection. Increased objects and stories being donated to collection from new audiences. Voluntary donations made by visitors and rou enerates additional income. Strategic aim 3 To provide ex-service bodies and charities with afft)rdable office accommodation and facilities for meetings. Ob"ectives Provide affordable office accommodation to ex-service charities Outcomes Floor fully rented out to charitable tenants ensures a guaranteed income stream to help fulfil NIWM'S activities. Ofrices rented out at 113 less than market value to the ex-service tenants helps to strengthen their financial position and safeguard their future in the short-term. Increased partnership with ex-service charity tenants assists the ositive im act on veterans. Ke erformance indicators 1st floor fully let to 5 charitable tenants - Combat Stress, SSAFA, RAFA, Help for Heroes and Royal British Legion. Rent charged continues to be 113 less than market value in the area.

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 January 2023 Increased awareness of museum through footfall of veterans to the charitable tenants. Increased partnership with ex-service charity tenants assists the positive impact on veterans. Increased awareness of museum through usage of board room, education room and gallery by other team members not usually based in Belfast and veterans. Provide additional facilities to the charitable tenants as required Facilities used by the charitable tenants 7 times {94 users). Strategic aim 4 To administer a small grant scheme towards projects which fulfil the NIVVM Statement of Charitable Purpose. Ob'ectives To provide small grant funding towards projects in line with NIWM charitable purpose. Outcomes Enables the charity to reach out to other organisations with similar charitable purpose. Increased awareness of the Charity by supporting projects throughout Northern Ireland. Ke erformance indicators 4 small grants awarded amounting to £6,500. 1,729 website page views for small grants information. Press coverage and acknowledgement of NIWM from grant recipients- Robert Hill Hanna VC statue in Kilkeel and Richard Clements, production of 'How to Bury a Dead Mule, at the ric Theatre. A new small grants application form has been drafted and will be approved and adopted prior to the end of 2023. Formal letter of offer drafted to include evidence of work carried out, bank payment, final invoices and acknowledgment of NIWM support to the project. Letter of offer will be approved and adopted prior to the end of 2023. To improve the small grant application form and monitoring process. Application form is streamlined to fit with the branding and design of other procedures and protocols introduced by NIWM. Form clearly sets out requirements of the applicant to meet the objectives and charitable purpose of NIWM. All prerequisites defined on the form, to include number of quotations and description of other funding towards project. Recipient aware of the requirements of the organisation to fulfil their obligations once grant has been awarded through a formal letter of offer. Ensures NIWM is acknowledged appropriately in press coverage and supporting materials with roved lo os and editorial. Enables the charity to reach out to other organisations with similar charitable purpose. Increased awareness of the museum, Council and Board by supporting projects throughout Northern Ireland. To promote the small grants scheme . 4 small grants awarded amounting to £6,500. 1,729 website page views for small grants information. Press coverage and acknowledgement of NIWM from grant recipients- Robert Hill Hanna VC statue in Kilkeel and Richard Clements, production of 'How to Bury a Dead Mule, at the ric Theatre.

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 January 2023 Strategic aim 5 Continue to prioritise good governance and organisational health. Ob'ectives Trustee training in good governance Outcomes Strengthens the Trustees, knowledge of charity governance, regulation and best practice. Affirms the understanding of their role and responsibilities as Trustees. Offers ne￿OrkIng opportunities with other Trustees in the sector. Safeguards compliance of NIWM with charity legislation. Increased Board engagement to create impact, meet objectives and sustain improvement. Motivation of Trustees. Defines the vision, objectives, scope and deliverables of NIWM Committees. Outlines the roles and responsibilities of NIWM Committees. Ensures common understanding among members and im roves effectiveness. Enables consideration of the objectives of NIWM and establishes whether they remain fit for purpose. Allows review of articles such as conflict of interest, quorums, ability to hold meetings online, small grant awards and provisions for electronic communications. . Affimis the understanding of the NIWM governing documents by the Trustees and management team. Advancement of Blitz Memorial project with Belfast City Council as a consequence of the consideration of a specific grant funding article. Provides a good foundation for consultation with stakeholders in advance of the new strate lannin eriod 2023-2027 . Clear, appropriate and coherent set of policies and procedures ensures NIWM is well managed. Ensures compliance with governing laws and regulations. Provides appropriate controls including a framework for delegation by the Trustees to staff and volunteers that set out how charitable business should be conducted and what is expected of people. Transparency and accountability that the Trustees conduct the work of the charity appropriately. Limits risk. Provides written guidance for employees to ensure structure, control, consistency, fairness and reasonableness are core within the or anisation. Ke erformance indicators All Trustees received a copy of the C03 guide to Great Governance by Roger Courtney. 4 new Trustees recruited to address skills gap - specifically finance, governancelrisk. and museumlcollections expertise. Charities legislation requirements met. Formation of Terms of Reference for Committees (to improve Committee effectiveness) Draft TORS in the process of completion with Committee Chairs. Final TORS to be implemented by the end of 2023. Review of Memorandum and Articles of Association (to comply with best practice recommendations) Communication of proposed amendments to Council of increase in Board members to 12 in May 2023. Ratification by Council at AGM in June 2023. Review and ongoing development of governance policies and procedures HR audit carried out in September 2022 and report received from external consultant in October 2022. Chair involved in the review and formally documented per the Board minutes. Continue to prioritise HR policies for staff HR audit carried out in September 2022 and report received from external consultant in October 2022. io

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 January 2023 Safeguards compliance with employment legislation and informs employees of their responsibilities and NIWM'S expectations. Provides transparency as policies are easily accessible to all staff. Appraisal system provides the opportunity to recognise and reward staff, motivate employees to perform to the best of their ability and develop their potential. O timal or anisation erformance. Allows the museum to fulfil its sustainability obligations to staff, visitors, and stakeholders., and to present and succeeding generations. Compulsory requirement of Museum Accreditation which allows the NIWM to maintain Museum Accreditation standard. Chair involved in the review and formally documented per the Board minutes. Evidenced completion of performance excellence reviews for all staff. Evidenced completion of probationary reviews for new staff members. Continue to implement an environmental sustainability policy NIWM continues to be aware of environmental sustainability Going fO￿ard the strategic plan 2023 to 2027 prioritises that the organisation will be environmentally conscious by minimising waste and reducing its effect on the environment. Related training has been lanned for 2023. Evidenced review of fire risk register and access security and approval by the Board. Detailed record kept of all fire alarm evacuations. Record kept of all staff training attended. Signed record now maintained of all weekly fire alarm tests for the buildin Continue to prioritise safety of staff and security of the building and collection with an emergency and recovery plan. Health and safety of staff and visitors. Enables the emergency seNices and the NIWM to respond swiftly and effectively in any given circumstance or event which enables successful recovery of the collection. Compulsory requirement of Museum Accreditation which allows the NIWM to maintain Museum Accreditation standard Fundamental to the Trustees is safeguarding the organisation's ability to self-finance to meet its objectives. As most of the Charity's income is generated from investments, the Trustees engaged ￿0 independent investment managers to administer its portfolio in accordance with a policy of achieving a balance between income and capital growth with medium risk. The investments generated income of £153,487 (2022: £128,328) in the year. The 100°/o owned subsidiary NIVVM Holdings Limited, which maintains the investment property. continues to perform well and is fully let. Financial review The key financial objective is to ensure financial stability and continuing solvency year on year, so that the charity can achieve its objectives. The Charity relies on a solid performance from investments to meet their objectives. 2022 is likely to be remembered as the year of transition as the year's actions saw an end to the era of low inflation and near-zero interest rates. The war in Ukraine. as well as the supply chain issues, further exacerbated this transition, ultimately resulting in the toughest year for multi-asset investors in over 50 years. Net losses in revaluation of investment assets (realised and unrealised) amounted to £515,663 (2022- gain £571,568). Net losses in revaluation recorded for the year ending January 2023 translate as 6.25 % of portfolio value held at year*nd. Considering the relative minimal impact to the Council despite such a dreadful year for markets globally, the Trustees consider the results to be satisfactory and do not envisage any material change in the nature of activities in the year to 31 January 2024. li

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 January 2023 Post year-end the Trustees are cautiously optimistic moving forward, while remaining mindful that the worldwide interest rate increase may still result in continued volatility until the effects have been felt throughout the world's economies. The first quarter performance shows indicators for investor confidence as returns are broadly in line with set benchmarks. Trustees will continue to monitor the situation and engage with the independent investment managers as necessary. The Statements of Financial Activities are set out on Pages 20 and 21. Reserves policy The Council has established a policy whereby the uninvested funds not committed or invested in tangible fixed assets (the free reserves) held by the Council should be in excess of at least one year's resources expended. ReseNes are essential to ensure that the Charity has enough resources to fund educational programmes, support ex-service Charities accommodation, cover day to day running costs, staff costs, building repairs, museum acquisitions and conservation requirements. The actual free reserves at 31 January 2023 were £1.072,751 (2022.. £1,105,469) (see note 26). At this level, the Trustees are of the view that they would be able to continue the current activities of the charity for up to 3 years (based on current year expenditure) in the event of a significant drop in investment return. The reserves policy is reviewed annually by the Trustees and is deemed adequate considering current market unknowns driven by the Russian invasion on Ukraine and inflation. Investment powers and policy Under the Memorandum and Articles of Association the Trustees have the power to invest in any way the Council wishes. The investment policy of the Council of the Northern Ireland War Memorial (Incorporated) is as follows.. The Council, having regard to the liquidity requirements of operating the charity and to the reseNes policy, will operate a policy of delegating the management of its investments to professional investment managers with a mandate to manage the investments to achieve a balance be￿een growth of income and capital, with medium risk. Donations The Council made charitable donations amounting to £200 (2022: £100) during the year, principally for the benefit of local communities in which the council operates. No donations for political purposes were made in the year (2022: £nil). Plans for future periods The Board of Trustees will continue to plan for the delivery of consistent, high quality standards in relation to providing and maintaining an enduring War Memorial. Collectively they will ensure that those charged with governance or management of the Council will be made aware of their responsibilities. The charity will demonstrate that it is using its resources to deliver charitable activity and therefore public benefit in the best possible way in these un￿rtain economic times. Resources will be managed in a cost-effective manner. Expenditure will be strictly monitored and controlled without compromising quality of service. Management structures will be kept under review and monitored to ensure that good governance prevails and exposure of the charity too is minimised. The five year strategic plan (2023-2027) of the Charity was agreed by the Board in December 2022 to focus future output. The plan was ft)rmulated through the input of various stakeholders including Trustees, Council Members, staff, community groups, university students, teachers and visitors. 12

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continue Year ended 31 January 2023 As part of this process, the wording of the Vision, Mission Statement and Values of the Charity was revisited and streamlined to more appropriately align with the museums aims and objectives moving fotward. Vision An engaging and welcoming museum that provides a window on Northern Ireland's key role in the Second World War and the impact of the war on its people. Mission Ststement The Northern Ireland War Memorial was established to provide an enduring memorial for the men and women of Northern Ireland who died in the ￿0 World Wars, and to commemorate the American presence in Northern Ireland during the Second World War. Now an Accredited Museum, our mission is to tell the story of Northern Ireland's role in the Second World War comprehensively and authentically through engaging exhibitions, publications, research, outreach and accessible learning programmes. In addition, we maintain war memorials to the fallen in the First and Second World War and the Belfast Blitz. We organise respectful commemorations, provide office and meeting accommodation to ex-service charities, and award small grants to projects which are in line with our charitable objectives. Values Authenticity- Our collection is at the heart of everything we do to inspire research and create unique learning experiences, resources and publications. striving for excellence- We are responsible for the professional care and interpretation of the collection. We will share our knowledge by presenting the collection and our research to their full potential. Working together- By promoting teamwork and exploring collaborative ideas we reflect the whole of Northern Ireland, ensuring our activities are wide-reaching and relevant to our varied audiences, both current and new. Showing respect- We host fitting commemorations which are inclusive of all. We support diversity and a work culture which values and empowers our team and recognises their achievements. We remember our roots and help towards building a more dynamic future for the organisation. Innovative- We are ambitious and imaginative about finding better ways to do things, embracing technology and partnerships. to share our stories The following six strategic priorities were set for the 5 year period (2023-2027) Redevelop We will transform the museum with a phased programme of capital works on the ground floor, ensuring that the Hall of Friendship and existing memorials are integrated in a fitting way. We will embrace digital technology and ensure we exhibit objects and stories that reflect the whole of Northern Ireland 's experience in the Second World War, to full potential. We will seek grant assistance and value for money and consult our audiences throughout the process. In the long-term the Board is committed to expand the museum space within the building and is considering a number of options on how best to achieve this. 13

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (eontlnued) Year ended 31 January 2023 2. Income diversification We will explore new ways to create an income for the charity. 3. Offering inspiring experiences and increasing our reach We will develop our existing learning programmes and increase capacity by engaging with people in the museum and across Northern Ireland through outreach. We will work with a wide range of partners to maximise our impact. We will continue to provide small grants to projects which are in line with our charitable objectives. 4. Supporting the erection of a fitting Blitz Memorial in Belfast We will continue to work in partnership with Belfast City Council to erect a fitting memorial to the people who lost their lives in the air raids on Belfast in 1941 . We will explore memorials in other areas that suffered air raids (Londonderry, Bangor and Newtownards). 5. Developing and valuing our collection We have a growing collection which is at the heart of everything we do, and we will ensure it develops to reflect the whole of Northern Ireland's experience in the Second World War. We will review our collection and proactively collect objects which address underrepresented aspects of the Second World War in Northern Ireland. We will facilitate and commission high quality research and publications. 6. Invest in our people and place People will remain at the heart of our organisation. We will continue to build an organisational culture which embeds trust, respect, and inclusion. Our Trustees and staff will be engaged and empowered to drive and enable the NIWM to continually change and evolve. This will include an evaluation of roles and responsibilities, additional headcount and review of salaries, pensions and other benefits to inspire and reward success. As an organisation we will be environmentally conscious by minimising waste and reducing our effect on the environment. Trustees have approved an operational plan and budget for the year ending 31 January 2024 based on these agreed strategic priorities. The plan comprises strategic initiative5, key actions and key performance indicators for the year ahead to safeguard effective governance. Funds held as custodian Trustee on behalf of others There are no funds held as custodian Trustee on behalf of others. statement of Trustees, responsibilities The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial statements, the trustees are required to-. select suitable accounting policies and then apply them consistently., 14

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 January 2023 observe the methods and principles in the applicable Charities SORP., make judgments and accounting estimates that are reasonable and prudent- prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Audltor Each of the persons who is a trustee at the date of approval of this report confirms that: so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware., and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 22nd June 2023 and signed on behalf of the board of trustees by: By order of the Board onel (Retd) D Bigger Chairman Date: 22nd June 2023 15

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Independent Auditor's Report to the Members of Council of the Northern Ireland War Memorial Limited Year ended 31 January 2023 Opinion We have audited the financial statements of Council of the Northern Ireland War Memorial Limited (the 'charity') for the year ended 31 January 2023 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an audito¢s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 January 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordan￿ with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. In common with many other organisations of a similar size and nature. the charity uses its auditors to prepare and submit returns to the tax authorities and assist with the preparation of their organisation's financial statements. Conclusions relating to going concern We have nothing to report in respect of the ft)Ilowing matters in relation to which the ISAS (UK) require us to report to you where: the trustees, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate., or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. 16

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Independent Auditor's Report to the Members of Council of the Northern Ireland War Memorial Limited (continued) Year ended 31 January 2023 Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report for the financial year for which the financial statements are prepared 15 consistent with the financial statements- and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion-. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us-, or the financial statements are not in agreement with the accounting records and returns- or certain disclosures of trustees, remuneration specified by law are not made- or we have not re￿iVed all the information and explanations we require for our audit. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the directors, report and from the requirement to prepare a strategic report. 17

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Independent Auditor's Report to the Members of Council of the Northern Ireland War Memorial Limited (continued) Year ended 31 January 2023 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, we Considered the following.. the nature of the industry and sector, control environment and business performance including the design of the remuneration policies, key drivers for directors, remuneration, bonus levels and perf0rrnan￿ targets; results of our enquiries of management about their own identification and assessment of the risks of irregularities- any matters we identified having obtained and reviewed documentation of their policies and procedures relating to- identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance. detecting and responding to the risks of fraud and whether management have knowledge of any actual. suspected or alleged fraud- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. the matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists, including tax and valuations specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included ongoing compliance with the UK Companies Act and tax legislation. 18

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Independent Auditor's Report to the Members of Council of the Northern Ireland War Memorial Limited (conlinued) Year ended 31 January 2023 In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for their ability to operate or to avoid a material penalty. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the cirCumstan￿s, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Paul Dolan FCA (Senior Statutory Auditor) 22nd June 2023 For and on behalf of Finegan Gibson Ltd Chartered accountant & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 19

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee ststement of Financial Activities (including income and expenditure account) Year ended 31 January 2023 2023 2022 Tolal funds Unrestricted Restricted Total funds funds funds Note Incoming resourceslincome Incoming resources from generated funds: Voluntary income Activities for generating funds: Property Income Investment Income 2,142 4,439 6,581 3,381 46,638 153,487 202,267 46,638 153,487 206,706 48,859 128,328 180,568 Total incoming resources Resources expended Cost of generating funds: Property related expenses Cost of managing investments for income generation and capital maintenance Charitable activities: 4,439 51,505 51,505 30,839 10 64,422 64,422 66,166 Operation of gallery Total resources expended Net outgoing resources before other gains and losses Unrealised {losses)gains on investment assets Unrealised gainsl(losses) on foreign exchange retranslation Realised {losses)Igains on investment assets Net movement in funds Funds balances brought forward at 1 Februa Funds balances carried forward at 31 Janua 11 350,032 465,959 2,971 2,971 353,003 468.930 325,499 422.504 1263,692) 1,468 (262,224) {241,936) 17 (452,606) (452,606) 401,265 8,306 8,306 (1,271) (71,363) (71,363) 171,574 (779,355) 1,468 1778.887) 11,848,032 11,518,400 329.632 11,818,032 23 11.068,677 1,468 11,070.145 11,848,032 20

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) (continued) Year ended 31 January 2023 2023 Unrestricted Restricted funds funds 2022 Total funds Total funds Gross charitable income Charitable expenditure Net outgoing resources 176,602 1465,959) {289,357 4,439 181,041 157,343 (2,971) (468.930) (422,504) 1,468 (287,889) 1265.161) Interest receivable Net outgoing resources before other gains and losses Unrealised (losses)Igains on investment assets Unrealised gainsl(losses) on foreign exchange retranslation Realised (losses)Igains on investment assets Net movement in funds 25,665 25,665 23,225 (263,692) 1,468 (262,224) {241,936) (452,606) 8,306 (452,606) 8,306 401,265 (1,271) 171,574 329,632 (71,363) 1779.355) (71,363) 1.468 (777.887) The statement of financial activities includes all gains and losses recognised in the year. All amounts above relate to the unrestricted continuing operations of the charity. 21

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee ststement of Financial Position 31 January 2023 2023 2022 Note Fixed Assets Tangible Assets Investments 15 1,740,186 1,795,864 8,255,740 8,946,699 9,995,926 10,742,563 17 Current Assets Debtors-. amounts falling due within one year Debtors: amounts falling due after one year Cash at bank and in hand 18 26,303 44,397 453,805 453,805 630,923 632,900 1.111,031 1,131,102 (36,412) (25,033) 1,074,619 1,106,069 11,070,545 11,848,632 {400) (600) 11,070,145 11,848,032 19 Creditors.. amounts falling due within one year Net current assets 20 Total assets less current liabilities Creditors.. amounts falling due after one year Net assets 21 Funds Restricted funds 23 1,468 10,114,872 10,894,227 953,805 953,805 11,070,145 11,848,032 Unrestricted funds - general Unrestricted funds - designated 23 23 The financial statements on pages 20 to 36 were approved by the board on 22nd June 2023 and were signed on its behalf by.. Colonel (Retd) D Bigger Chairman Mrs C Champion DL Trustee 22

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee ststement of Cash Flows Year ended 31 January 2023 2023 2022 Cash flows from operating activities Net movement in funds Adjustments for.. Depreciation of propety Interest received Unrealised gains on revaluation of investments Unrealised gains on foreign exchange retranslation Realised gains on disposal of investments Dividends on investments {777,887 329,632 57,472 (25,665) 444.300 57,190 (23,225) (399,994) 71,363 (127,822 {171,574) {105,103) Changes in.. Trade and other debtors Trade and other creditors 18.094 11,179 {328,966) 3,794 (757) 1310,037) Cash used in operating activities Cash flows from investing activities Purchase of tangible assets Interest received Dividends received Translation differences on foreign currency cash investments Payments to acquire investments Receipts from sale of investments Cash generated from investing activities (1,794 7,424 127.822 (12,323) 4,995 105,103 45,625 (16,787) (2,842,064) 3,043,704 282,628 11,830,717) 1.960,389 308,749 Cash flows from financing activities Interest received 18,240 18,240 18.230 18,230 Net cash generated from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (1,977) 632,900 630.923 (9,179) 642,079 632,900 Cash and cash equivalents consist of the following: Cash at bank and in hand 630,923 632.900 23

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements Year ended 31 January 2023 General information The charity is a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 21 Talbot Street, Belfast, BT12LD. 2. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act (Northern Ireland) 2008. The Council of the Northern Ireland War Memorial (Incorporated) meets the definition of a public benefit entity under FRS102. 3. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Foreign currencies Foreign currency transactions are initially recorded in the fvnctional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. 24

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 January 2023 Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: Voluntary income from donations or grants is recognised when there is eviden￿ of entitlement to the gift, receipt is probable and its amount can be measured reliably. Propety income, which excludes value added tax, is accounted for on the accruals basis. Investment income is accounted for on a re￿1vable basis. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VATwhich cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: expenditure on raising funds relates to propety related expenses incurred in the running of the War Memorial building and costs of managing investments. expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries and include, primarily, staff costs and costs associated with the operation of the museum. Govemance and staff costs include those incurred in the governance of its assets and are associated with constitutional, statutory and strategic requirements. Tangible assets Tangible assets are initially recorded at cost. and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Investments Investments are stated on the balance sheet at fair value and all movements, including realised and unrealised gains and losses, are shown in the Statement of Financial Activities. Realised gains and losses are the aggregate of the difference be￿een sales proceeds and opening fair value (or on addition if purchased during the year). Unrealised gains and losses represent the movement in market value during the year. 25

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 January 2023 Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Land and buildings Furnishings and equipment Website development costs 20/0 Straight line 20 % straight line 20 % straight line Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash orother consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. ere investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed 26

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 January 2023 individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. Vvhen contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. 27

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 January 2023 Limited by guarantee The company is limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of it being wound up while he or she is a member or within one year after he or she ceases to be a member. 5. Trustees, remuneration and expenses The charity trustees were not paid and did not receive any other benefits from employment within the Charity in the year (2022- £nil). During the year £171 (2022.. £nil) was reimbursed to one (2022.. one) Trustee in respect of travelling and sundry expenses incurred. Voluntsry income 2023 Unrestricted Restricted funds funds 2022 Total funds Total funds Donations 1,569 200 1,569 4,639 373 1,037 1,900 444 Grants 4,439 Book Sales 373 2,142 4,439 6.581 3,381 Property income 2023 Unrestricted Restricted funds funds 2022 Total funds Total funds offi￿ rents 17,996 27,642 1,000 46.638 17,996 27,642 1,000 46,638 20,629 27.230 1,000 48,859 Service charges Car park rents Investment Income 2022 2023 Unrestricted Restricted funds funds Total funds Total funds Listed unit trusts and listed securities 127,822 127,822 25.665 105,103 23,225 128,328 Bank Interest 25,665 153,487 153,487 28

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Ststements (contlnued) Year ended 31 January 2023 Cost of generating funds: Property related expenses 2023 Unrestricted Restricted funds funds 2022 Total funds Total funds Repairs and maintenance Cleaners 13,794 9,520 3,000 15,527 9,294 370 13,794 9,520 3,000 15,527 9,294 370 3,200 5,331 3,000 10,228 8,666 414 Agents, commission and letting fees Heat and light Insurance Service charges & other levies 51.505 Cost of generating funds: Costs of managing investments for income generation and capital 2023 maintenance 51,505 30,839 10. 2022 Unrestricted funds Restricted funds Total funds Total funds Management fees 64,422 64,422 66,166 11. Charitable Activities: Operation of the gallery 2023 2022 Unrestricted funds Restricted funds Total funds Total funds Support costs (see note 12) Service charge Legal and professional fees Trustee expenses Depreciation Bank charges Miscellaneous 206,912 10,018 7,117 171 206.912 10,018 7,117 171 197,181 13,290 3.439 57,472 88 57,472 88 57,190 78 186 186 155 Museum costs 40,238 6,046 5,305 479 2,971 43,209 6,046 5,305 479 32.476 12,141 4,168 781 Marketing Travel Entertaining Grants 15,800 200 15,800 200 4,500 100 Donations 350,032 2,971 353,003 325,499 29

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 January 2023 12. Analysis of Support Costs 2023 Unrestricted Restricted funds funds 2022 Total funds Total funds Staff costs (see note 14) Premises Repairs and maintenance Communications and IT Telephone Computer expenses General office Postsge Stationery Governance costs 187,792 187,792 178,953 6,136 6,136 5,310 1,838 4,760 1,838 4,760 1,921 4,804 499 587 5,300 206.912 499 587 5,300 206,912 1,144 549 4,500 197,181 13. Net outgoing resources 2023 2022 Net outgoing resources is stated after charging: Staff costs (see note 14) Depreciation Auditors, remuneration.. 187.792 57,472 178,953 57,190 Fees payable to the company's auditors for the audit of the financial statements 5,300 4,500 14. Employee information 2023 2022 staff costs: Wages and salaries Social security costs 172,105 10,732 182,837 4,955 187,792 165,257 8.922 174,179 4,774 178,953 Pension costs 30

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 January 2023 14. Employee information (continued) Number Number The average monthly number of persons employed by the company (excluding Trustees and council members) during the year by activity was: Administration No employee received remuneration of more that £60,000 {2021: None) Key management compensation Key management includes the Trustees and members of senior management of the charity. The compensation paid or payable to key management for employee seNices is shown below.. 2023 2022 81,890 87,840 15. Tangible assets Land Furnishings Website and and Development buildings equipment Costs Total Cost At 1 February 2022 2,491,763 189,079 13,944 2,694,786 Additions At 31 January 2023 1,794 190,873 1,794 2,696,580 2,491,763 13.944 Accumulated depreciation At 1 February 2022 Charge for the year At 31 January 2023 717,191 49,835 767,026 178,942 4,848 183,790 2,789 2,789 5,578 898,922 57,472 956,394 Net book amount At 31 January 2023 At 31 January 2022 1,724,737 1,774,572 7,083 10,137 8,366 11,155 1,740,186 1,795.864 31

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantse Notes to the Financial Statements (contlnued) Year ended 31 January 2023 16. Heritage assets A heritage asset is defined as a tangible asset with historical, cultural and education qualities that is held and maintained principally for its contribution to knowledge and culture. The museum receives low value donations from the public regarding the First and Second World Wars. These items, mainly composed of ephemera and social history artefacts, are used for educational and research purposes. FRS102 requires such assets to be reported in the Statement of Financial Position where information is available on cost or value. Reliable cost information is not available and conventional valuation approaches lack sufficient reliability- the cost of providing such information unaffordable, unmanageable and deemed to Ou￿e]gh the benefits to the users considering the nature of the items donated. Accordingly, these items are not capitalised on the Statement of Financial Position. 17. Investments Interest in subsidiary Quoted undertaking Investments Total Market value brought fO￿ard Additions at cost 8,946,699 8,946,700 1,830,717 1,830,717 (2,069.070) (2.069,070) (452,606) (452,606) 8,255,740 8,255,741 7,692,637 7,692,638 Disposals at carrying value Unrealised gain on investment assets Market value as at 31 January 2023 Historical cost at 31 January 2023 The charity has an investment in its subsidiary NIWM Holdings Ltd, which is incorporated in Northern Ireland, and owns 100 % of the issued share capital. The net assets of the company are £2,559 and it had a profit for the year of£1,819. 2023 2022 Turnover 49,936 (29.965) (18,152) 1,819 51,509 (32,533) (18,152) 824 Expenditure Interest Profit for the year Assets 477,269 (474.710) 2,559 493,821 (492,738) 1,083 Liabilities Funds The Trustees believe that the carrying value of the investments is supported by their underlying net assets. 32

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 January 2023 18. Debtors: amounts falling due within one year 2023 2022 Other debtors Amounts owed by group undertakings Prepayments and accrued income 35 24 17,000 34,952 9,268 26,303 9,421 44,397 19. Debtors: amounts falling due after one year 2023 2022 Amounts owed by group undertakings 453,805 453,805 20. Creditors: amounts falling due within one year 2023 2022 Trade creditors Other creditors Accruals Accruals for grants payable Taxation and social security 12,134 2,201 12,289 5,000 4,788 36,412 8,109 970 13,065 2,889 25,033 21. Creditors: amounts falling due after one year 2023 2022 Deferred grant income 400 600 Reconcillation of deferred income Deferred income brought forward Deferred income released 600 (200) Deferred in year Total deferred income as at 31 January 2023 400 Deferred income relates to a grant received for 2 laptops, released to the income and expenditure account over the useful economic life of the assets. 33

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 January 2023 22. Analysis of net assets between funds Tangible fixed assets Investments Other net assets Net assets at year-end Restricted funds 1,468 118,946 953,805 1,074,219 1,468 10,114,872 953,805 11,070,145 Unrestricted funds - general Unrestricted funds - designated 1.740,186 8,255,740 1,740,186 8,255,740 23. Movement in funds Balance at Balance at 31 January 2023 February 2022 Incoming Resources Investment Gains Outgoing Resources Transfers Unrestricted funds General funds Designated funds: capital development project 10,894,227 202,267 (515,663) (465.959) 10,114,872 953,805 953,805 11,848,032 202,267 (515,663) (467,629) 11,068,677 The capital development project relates to funds earmarked to finance investment property. The trustees are considering purchasing other investment property in the Cathedral QuarterArea. The figure earmarked was based on the value of their previous acquisition plus uplift in current market values. Balance at 1 February 2022 Balance at 31 January 2023 Incoming Investment Outgoing Resources Gains Resources Transfers Restricted funds Beth Johnson Foundation 150 (150) NIMC Museum Collections Care 1,500 11.500) NIMC Playful Museums 321 (321) NIMC Esme Mitchell Collecting for the Future 1,000 (1,000) Arts Council of Nl - Arts & Older People Pro ramme 1,468 1,468 4.439 (2,971) 1,468 34

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 January 2023 23. Movement in funds (continued) Beth Johnson Foundation- Grant received to fund an intergenerational project be￿een primary school children and care home residents. NIMC Museum Collectlons Care- Grant received to fund conservation and photography of US flag. NIMC Playful Museums- Grant received to fund 'Jeannie the Hen, Museums Storytime project NIMC Esme Mitchell Collecting for the Future- Grant received to assist acquisition of 'Firemen, after the Blitz, Belfast, by William Conor OBE. Arts Council of Nl - Arts & Older People Programme - Grant received to help fund a choir project in 2 care homes promoting positive mental health and well-being. 24. Taxation The Company is a registered charity and, as such, is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives. if those profits and surpluses are applied solely for charitable purposes. 25. Financial Instruments 2023 2022 Financial assets held at amortised cost Cash at bank and in hand 630,923 35 632,900 24 other debtors Amounts owed by group undertakings Investments 470,805 488,757 8,255,740 8,946,699 9,357,503 10,068,380 2023 2022 Flnancial liabilities measured at amortised cost Trade creditors 12.134 2,201 12,289 5.000 4,788 8,109 970 other creditors Accruals and deferred income 13,065 Accruals for grants payable Taxation and social security 2,889 25,033 36.412 35

Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 January 2023 26. Free reserves Free reserves as noted in the directors, report on page 12, are calculated as ft)Ilows'. 2023 2022 Total unrestricted reserves 11,068,677 11,848,032 (1,740,186) (1,795,864) (8,255,740) (8,946,699) 1,072,751 1,105,469 Tangible assets Investments 27. Related party transactions During the year the company entered into the following transactions with related parties: 2023 Transaction 2023 2022 Balance Transaction owed byl{to) 2022 Balance Nature of Value Value owed byl{to) transactions Trustee expenses NIWM Holdings Ltd Expenses Net of payments and ex enses 171 117,952) 470,805 4,200 488,757 28. Liability of members The Council of the Northern Ireland War Memorial (Incorporated) is a company limited by guarantee. The liability of the members is limited to an amount not exceeding £1. The number of members at 31 January 2023 was 39 (2022. 36). Indemnity insurance of £955 (2022.. £872) for Trustees. liability has been purchased by the Council. 29. Ultimate controlling party There is no ultimate controlling party- 36