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