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 2024 Finegan Gibson Ltd Chartered accountsnt & 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 2024 Trustees, annual report (incorporating the director's report) Independent auditorfs report to the members 12-15 Statement of financial activities (including income and expenditure account) 16-17 Statement of financial position 18 Statement of cash flows 19 Notes to the financial statements 20-32
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 2024 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 2024. Reference and administrative details Registered charity name: Council of the Northem Ireland War Memorial (Incorporated) Charity registration number: 103635 Company registration number: N1002888 Principal and registered office: 21 Talbot Street Belfast BT12LD Directorsrrrustees: Colonel (Retd) D Bigger- Chairperson Dr B E Barton Mr K Beattie (Resigned 7th Dernber 2023) Mrs C Champion DL- VI Chairperson Mr J L Costain (Appointed P December 2023) Flight Lieutenant A J Crowther (Resigned 5th April 2024) Mrs C Dixon (Retired 181h July 2023) Mr R Doherty FIRSO Major K M J Guthrie MBE Mr R B Hannam Lieutenant Colonel C T Hogg MBE KStJ UD JP DL Mr M G Logan JP Ms J R Vlfilliams (Appointed P December 2023) Company secretary: Flight Lieutenant A J Crowther (Resigned 5th April 2024) 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 Sollcltors: 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 2024 Councll members.. Colonel JM Steele CB OBE TD DL (Patron) (Retired 22nd March 2024) Mr C Bailey (Resigned 23rd April 2023) Lieutenant Colonel M Barnes OBE TD Mr K Beattie (Resigned 71h December 2023) 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 J L Costain (Appointed 7th December 2023) Mr P Cregg MBE Flight Lieutenant A J Crowther Mr J Davies MBE Mrs C Dixon (Retired 18th July 2023) Colonel A M Donaldson MBE OStJ VR DL Dr B Duff Bsc MA Dip CS PhD FRGS FRUSI Colonel S M Elder MBE TD JP DL Major K M J Guthrie MBE Mr R B Hannam Colonel l G Henderson OBE TD MSc(Econ) Ms E Hill (Appointed 21st September 2023) Lieutenant Colonel C T Hogg MBE KStJ UD JP DL MrNJIHogg Mr S Johnston Captain J D Mccahon (Resigned 3151 March 2024) Mr C McGuicken Commander R Milligan Mr l Montgomery (Resigned 6th June 2023) Mr C Moore (Appointsd 215t September 2023) Mr T Parkhill Mr L Quigg BEM Colonel A H Reid OBE TD DL Mr T Ringland (Appointed 2181 September 2023) Lieutenant Commander E M Shanks RD Chief Officer P Shaw RD DL Mr N Spence Lieutenant Colonel K Thomas MBE RE (Appointed 21st March 2024) Lieutenant Colonel DW F Twigg MBE CStJ JP Mrs C Walker Mr G Warner Mr l A Wilson Commander H B White VRD Ms J R Williams (Appointed 7th December 2023)
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 2024 Structure, governance and management Governing document The Council of the Northern Ireland War Memorial (Incorporated) 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 Twstees. Appolntment 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 reelection. 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 infomiation 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 prOdUres. and a system of delegation and accountability. The Board of Trustees has assessed the major risks to which the Council of the Northern 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 beneflt Acknowledgement of the Council of the Northern 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 ServIS 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 Northem Ireland and look fotward with confidence 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) {continue Year ended 31 January 2024 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 two 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 FOrS 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 perf0rnan of the Charity in meeting its objectives for the year ended 31 January 2024. 2023 completed the first year of the current strategic plan (2023-2027). This five year plan was agreed by the Board in December 2022 to focus future output. The plan was formulated through the input of various stakeholders including Trustees, Council Members, staff, community groups. university students, teachers and visitors. 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 forward. 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 Statement The Northern Ireland War Memorial was established to provide an enduring memorial for the men and women of Northem Ireland who died in the fwo World Wars, and to commemorate the American presence in Northem 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 Wortd 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 Offi and meeting accommodation to ex-service charities, and award small grants to projects which are in line with our charitable objectives. Values AuthentiGity- 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.
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 2024 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 rnernber 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 Sha our stories The following 6 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 Redevelop strategic priorities strategic initiative for 2023 Board to agree on project concept, budget and timeframe for capital works in the museum. Key actions for 2023 Key performance indicators We will transft)rm 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. Agree on key themes and priorities. Agreed themes, priorities, objects. Select key objects and stories from NIVVM collection and identify potential loans and acquisitions. Research and storyline initiated. Site audit and master plan completed to create various project concepts. Begin storyline development, identifying research requirements. Engage interpretive planner to complete site audit, master planning, visitor experience and audi¢>visuallAR concept planning and provide art direction. Timeframe and budget for fit-out agreed. We will embrace digital technology and ensure we exhibit objects and stories that reflect the whole of Northem Ireland's experience in the Second World War. to full potential. Suppliers identified Medialpublic interest in project. Identify suitable providers of environmental control equipment, heating and lighting for museum spa. Grants explored. We will seek grant assistance and value for money and consult our audiences throughout the process. Continued communication with tenants. Ensure public engagement with project through marketing strategy. Explore available grant opportunities. 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. Liaise with tenants on future requirements.
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 2024 Strategic aim 2 Income diversification Strategic priorities Strateglc initiative for 2023 Board to begin to consider alternative investment ortunities. Key actions for 2023 Key performance indlcators We will explore new ways to create an income for the charity- Reach out to propety management consultants to consider potential future opportunities during the strate ic eriod. No potential or suitable opportunities highlighted during the year. Strategic alm 3 Offering inspiring experiences and increasing our reach Strategic priorities strategic initiative for 2023 Increase engagement across Northern Ireland. Key actions for 2023 Key perfonnance indicators Visitor profiling and access audit completed. We will develop our existing learning and outreach programmes and increase capacity by engaging with people in the museum and across Northem Ireland through outreach. Undertake visitor researchlprofiling to understand who is not visiting the museum. Approval of access plan and achievement of objectives. Complete AcsS audit (required by Museum Accreditation) and develop AcsS Plan to ensure improvements are made. Achievement of engagement targets. We will work with a wide range of partners to maximise our impact. Implementation of Marketing Strategy. Increase capacity for primary school outreach thn)ugh revision of Learning Facilitator role and working hours. An extended geographical reach with outreach activities in all six counties of Northem Ireland. We will continue to provide small grants to projects which are in line with our charitable objectives. Increase awareness of primary school and community outreach programmes through Marketing Strategy. Second World War map of Nl started to be developed. Deliver an expanded range of outreach and partnership activities including but not limited to.. An Elephant Never Forgets primary school project in partnership with Belfast Zoo funded through The Wild Escape by Art Fund and Arts Council England (via Northern Ireland Museums Council). £3,750 awarded to projects in line with charitable objectives. Victory Voices community outreach project in partnership with Karen Diamond funded by Arts Council Nl Art and Older People Grant Programme. Jeannie's Adventure project with reschools, funded b the
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 2024 Northern Ireland Museums Council Playful Museums Project. Develop a map of Northem Ireland highlighting key Second World War sites. strategic aim 4 Supporting the erection of a fitting Blitz Memorial in Belfast Strateglc priorities Strategic initiative for 2023 To agree on design and budget for Blitz Memorial. Key actions for 2023 Key perfomiance indicators 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. Support the progress of this project through development of a Belfast Blitz Memorial Committee with NIWM and BCC representation. Continued partnership with Belfast City Council to ensure progression of project. Timetable agreed for stages of Memorial design and installation. Development of terrns of reference for Belfast Blitz Memorial Committee. We will explore memorials in other areas that suffered air raids (Londonderry, Bangor and Newtownards). Committee to undertake historical research and agree timetable for public consultation on names and redesign of memorial. Reach out to Bangor and Derry City Councils regarding memorial to Blitz victims in these areas.
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 2024 Strategic aim S Developing and valuing our Collection Strategic prioritles Strategic initiatlve for 2023 Develop collection and facilitate research so that the NIWM represents Northern Ireland in the Second World War more comprehensively. Key actions for 2023 Key perforniance Indicators New acquisitions and donations reported to Museum Committee throughout year. We have a growing collection which is at the heart of everything we do, and we will ensure it develops to represent 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. Continue to collect objects proactively, in line with Collections Development Policy, addressing gap areas highlighted through a review of the collection. Museum Accreditation returns SUCSsfUl. Retain our status as an Accredited Museum (retum due June 2023). Published The American Red Cross in Northem Ireland and History of the Northern Ireland War Memorial. Publish and launch The AmeriGan Red Cross in Northern Ireland by Clive Moore. Publish and launch The History of the Northern Ireland War Memorial to mark 60th anniversary of the opening of the original War Memorial building on Waring Street in October 1963. We will facilitate and commission high quality research and publications. Strategic aim 6 Invest in our people and place Strategic priorities Strategic initiative for 2023 Evaluation of roles and responsibilities, additional headcount and review of salaries, pensions and other benefits to inspire and reward success. Key actions for 2023 Key performance indicators HR audit recommendations completed. People will remain at the heart of our organisatj'on. Vve will continue to build an organisational culture which embeds trust, respect, and inclusion. Complete HR audit recommendations which include introducing hybrid working and staff wellbeing policies. Staff training records and regular appraisals with all staff. Promote, maintain and develop professional skills and core competencies in our staff through focused training for all team members. Our Trustees and staff will be engaged and empowered to drive and enable the NIWM to continually change and evolve. Increased headcount and reviewed roles. As an organisation we will be environmentally conscious by minimising waste and reducing our effect on the environment. Increased benefits to staff. Support staff through bi-annual appraisals. A happy and valued operational team and Board of Trustees. Trustee succession planning and training as required. Term5 of reference created for sub Committees. Increase headcount and review all roles and salaries.
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 2024 Review NIWM pension contribution and introduce other benefits for staff. Company off-sites organised. Reduced impact on the environment and environmental champion appointed. Conduct effective Board and Committee meetings. Organise company off-sites. Appoint an environmental champion within the operational team. 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 befween income and capital growth with medium risk. The investments generated income of £180,740 (2023: £153,487) in the year. The 1000/0 owned subsidiary NI Holdings Limited, which maintains the investment propety, 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. 2023 marked a much-needed comeback when it came to market performance after a dreadful 2022. Bolstered by the combination of a solid economy, better than expected corporate earnings, and an apparent end to interest rate hikes, stocks rallied in the second half of 2023. Net gains in revaluation of investment assets (realised and unrealised) amounted to £526,629 (2023: Ioss £515,663). Net gains in revaluation recorded for the year ending January 2024 translates as 6.16 % of portfolio value held at year-end, with £395k withdrawn from the portfolio during the year to fund charitable objectives. 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 2025. The Trustees view 2024 as a year of normalisation. The drivers of the equity bull market remain intact and disintlation continues across developed economies, boosting ntral banks, confidence to stsrt cutting interest rates. The number of rate cuts may be moderate, but it would signal an orderly soft landing, instead of a recessionary scenario. 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 16 and 17.
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 2024 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. Reserves 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 conseNation requirements. The actual free reserves at 31 January 2024 were £993,502 (2023: £1,072,751) (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 Associats'on 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 reserves 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 between growth of income and capital. with medium risk. Donations The Council made charitable donations amounting to £200 (2023: £200) 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 {2023.- £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 uncertain economic times. Resources will be managed in a cost-effective manner. Expenditure will be strictly monitored and controlled without compromising quality of servi. Management structures will be kept under review and monitored to ensure that good governance prevails and exposure of the charity too is minimised. Trustees have approved an operational plan and budget for the year ending 31 January 2024 based on the agreed Strategic priorities set out in the plan (2023-2027). The plan comprises strategic initiatives, key actions and key performance indicators for the year ahead to safeguard effective governan. 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, port and the financial statements in accordan with applicable law and United Kingdom Accounting Standards 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 2024 (United Kingdom Generally ACpted 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 reSoUrS and application of resources, including the income and expenditure, for that period. n preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the applicable Charities SORP., make judgments and accounting estimates that are reasonable and pnjdent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that a 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 hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor 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 infomiation 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 13th June 2024 and signed on behalf of the board of trustees by: By order of the Board Colonel (Retd) D Bigger Chairman Date.. 13bl June 2024 11
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 2024 Opinion We have audited the financial statements of Council of the Northem Ireland War Memorial Limited (the 'charity') for the year ended 31 January 2024 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 auditovs 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 fomed. In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 January 2024 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 Practi., have been prepared in accordan 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 auditor s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance 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 accordan 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 retums 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 following 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 Ie1ve months from the date when the financial statements are authorised for issue. 12
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 2024 Other infomiation The other information comprises the information included in the annual report, other than the financial statements and our auditorfs 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 assuran 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 inft)rmation. If. based on the work we have performed, we conclude that there is a material misstatement of this other infomiation. we are required to report that fact. We have nothing to report in this regard. Opinions 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 is consistent with the financial statements., and the trustees, report has been prepared in accordan 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 kepL 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 cOrdS and returns; or certain disclosures of tfUStees' remuneration specified by law are not made" or we have not received 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. 13
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 2024 Responslbllities of trustees As explained more fully in the trustees, responsibilities ststement, the trustees (who are also the directors for the purposes of company law) are responsible ft)r 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 conrn basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realisti alternative but to do so. Auditorfs responsibllltles 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 assuran, but is not a guarantee that an audit conducted in aordan 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- Complian 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 performance 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 InStanS of non-compliance", detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud: the intemal 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 inntiveS 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 perfom specific procedures to respond to the risk of management override. We also obtained an understsnding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct effect on the detemiination 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. 14
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee IndependentAuditor's Report to the Members of Council of the Northern Ireland War Memorial Limited (contlnuedj Year ended 31 January 2024 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 $pticISM throughout the audit. We also: Identify and assess the risks of material misstatement of the financial ststements, whether due to fraud or error, design and perfomi 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 prOdureS that are appropriate in the circumstances. 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 concem 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 auditorfs 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 auditorfs report. However, future events or conditions may cause the charity to cease to continue as a going COnrn. 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 governan 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) 13th June 2024 For and on behalf of Finegan Gibson Ltd Chartered accountant & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 15
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 January 2024 2024 Unrestrlcted Restricted Total funds funds funds 2023 Tolal fvnds Note Incoming resourceslincome Incoming resources from generated funds: Voluntary income Activities for generating funds: Property Income Investment Income 4,467 4,069 8,536 6,581 60,835 180,740 246,042 60,835 180,740 250,111 46,638 153,487 206,706 Total incoming resources Resources expended Cost of generating funds: Property related expenses Cost of managing investrnents for income generation and capital maintenance Charitable activities: 4,069 38,123 38,123 51,505 10 63,288 63,288 64,422 Operation of gallery Total resources expended Net outgoing resources before other gains and losses Unrealised gainsl(losses} on investment assets Unrealised (losses)Igains on foreign exchange retranslation Realised gainsl(losses) on investment assets Net movement In funds Funds balances brought forward at 1 Februa Funds balances carrled fonNard at 31 Janua 11 513,018 614,429 5,537 5,537 518,555 619,966 353,003 468,930 (368,387 11,468) (369,855) (262,224) 17 497.436 497,436 (452.606) (4,519) (4,519> 8,306 33,712 33,712 (71,363) 158.242 (1,468) (777,887) 1,468 11,070,145 11,848,032 156,774 11,068,677 23 11.226.919 11,226,919 11,070,145 16
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) (contlnued) Year ended 31 January 2024 2024 Unrestricted Restricted funds funds 2023 Total funds Total funds Gross charitable income Charitable expenditure Net outgoing resources 210,431 (614,429) (403,998) 4,069 214,500 181,041 (5,537) (619,966) (468,930) (1,468) (405,466) (287,889) Interest receivable Net outgoing resources before other gains and losses Unrealised gainsl(losses) on investment assets Unrealised {losses)Igains on foreign exchange retranslation Realised gainsl(losses) on investment assets Net movement in funds 35.611 35,611 25,665 {368,387) (1,468) 1369,855) (262,224) 497,436 497,436 (452,606) (4,519) (4,519) 8,306 33,712 158,242 33.712 156,774 (71,363) {777,887) (1,468) 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. 17
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Statement of Financial Position 31 January 2024 2024 2023 Note Fixed Assets Tangible Assets Investrnents 15 1,684,694 1,740,186 8,549,223 8,255,740 10,233.917 9,995,926 17 Current Assets Debtors: amounts falling due within one year Debtors: amounts falling due after one year Cash at bank and in hand 18 24,348 26,303 453,805 453,805 564,234 630,923 1,042,387 1,111,031 (49,185) (36,412} 993,202 1,074,619 11,227,119 11,070,545 (200) (400) 11,226,919 11,070,145 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 10,273,114 10,114,872 953,805 953,805 11,226,949 11,070,145 Unrestricted funds - general Unrestricted funds - designated 23 23 The financial statements on pages 16 to 32 were approved by the board on 13th June 2024 and were signed on its behalf by.. olonel Retd) D Bigger Chairman ¢(J Gk.- Mrs C Champion DL Trustee 18
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee ststement of Cash Flows Year ended 31 January 2024 2024 2023 Cash flows from operatlng actlvltles Net movement in funds Adjustments for.. Depreciation of propety Interest reiVed Unrealised gains on revaluation of investments Unrealised gains on foreign exchange retranslation Realised gains on disposal of investments Dividends on investments Changes in." Trade and other debtors Trade and other creditors Cash used in operating activities 156,774 (777,887) 56,343 (35,611) 1492,917) 57,472 (25.665) 444,300 (33,712) (145,129) 71,363 (127,822) 1,955 12,573 (479,724) 18,094 11,179 (328,966) Cash flows from Investing activities Purchase of tangible assets Interest received (851) 17A17 145,129 (1.794) 7,424 127,822 Dividends received Translation differences on foreign currency cash investments Payments to acquire investments Receipts from sale of investments Cash generated from investing activities (2,937) (1,813.627) 2,049,710 394,841 45,625 (1,830,717) 1,960,389 308.749 Cash flows from financing activities Interest reiVed 18,194 18,194 18,240 18,240 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 {66,689) 630,923 564,234 {1,977) 632,900 630,923 Cash and cash equivalents consist of the following: Cash at bank and in hand 564,234 630,923 19
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements Year ended 31 January 2024 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. Ststement 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 rtain 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 CUenCY 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 functional 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. 20
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 January 2024 Incomlng 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 evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. Property income, which excludes value added tax, is accounted for on the accruals basis. Investment income is accounted for on a re{Vable basis. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which 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 property 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. Governance 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, expt 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 balan 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 beeen 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. 21
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 January 2024 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°A straight line 20 % straight line Impairment of flxed 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. Flnancial instruments A financial asset or a financial liability is recognised only when the charity becomes a party 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 Cuent liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. IAlhere investments in shares are publicly traded or their fair value can otheNise 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 impainnent, 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 22
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (c¢>ntlnued) Year ended 31 January 2024 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 arnount 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. When 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 servi, the liability is measured on a discounted present value basis. The unwinding of the discount is CogniSed as an expense in the period in which it arises. 23
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Ststements (contlnue Year ended 31 January 2024 4. Limited by guarantee The company is limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contrÈbute 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 (2023: £nil). During the year £620 {2023'. £171) was reimbursed to one (2023.. one) Trustee in respect of travelling and sundry expenses incurred. Voluntary income 2024 Unrestricted Restricted funds funds 2023 Total funds Total funds Donations 2,990 200 2,990 4,269 1.277 8,536 1,569 4,639 373 Grants 4,069 Book Sales 1,277 4,467 4,069 6,581 Property income 2024 Unrestricted Restricted funds funds 2023 Total funds Total funds Office rents 28.458 29,767 1,000 1,610 60,835 28,458 29,767 1,000 1,610 60,835 17,996 27.642 1,000 Service charges Car park rents Insurance 46,638 Investment Income 2024 2023 Unrestrlcted Restrlcted funds funds Total funds Total funds Listed unit trusts and listed securities 145,129 35,611 180,740 145,129 35,61q 180,740 127,822 25,665 153,487 Bank Interest 24
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 January 2024 9. Cost of generating funds: Property related expenses 2024 Unrestricted Restricted funds funds 2023 Total funds Total funds Repairs and maintenance Cleaners 2,453 10,289 3,000 11,348 10,500 533 2,453 10,289 3,000 11,348 10,500 533 13,794 9,520 3.000 15,527 9,294 370 Agents, commission and letting fees Heat and light Insurance Service charges & other levies 38,123 38,123 51,505 10. Cost of generating funds: Costs of managing investments for income generation and capital 2024 maintenance 2023 Unrestricted funds Restricted funds Total funds Total funds Management fees 63.288 63,288 64,422 11. Charitable Activities: Operation of the gallery 2024 2023 Unrestricted funds Restricted funds Total funds Total funds Support costs (see note 12) Service charge Legal and professional fees Trustee and council member expenses Depreciation Bank charges Miscellaneous 315,966 20,930 2,876 655 315.966 206,912 20,930 10.018 2.876 7,117 655 171 56,343 77 56,343 77 57,472 88 248 248 186 Museum costs 68,977 18,958 9,996 1,267 16,525 200 5,537 74,514 18,958 9,996 1,267 16,525 200 43,209 6,046 5,305 479 Marketing Travel Entertaining Grants 15,800 200 Donations 513,018 5,537 518,555 353,003 25
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 January 2024 12. Analysis of Support Costs 2024 Unrestricted Restricted funds funds 2023 Total funds Total funds Staff costs (see note 14) Premises 292,486 292,486 187,792 Repairs and maintenance Communications and IT 9,847 9,847 6,136 Telephone Computer expenses General offi 2,014 5,318 2,014 5,318 1,838 4,760 Postage Stationery Governan costs 602 602 499 709 709 587 4.990 315,966 4,990 315,966 5,300 206,912 13. Net outgoing resources 2024 2023 Net outgoing resources is stated after charging: Staff costs (see note 14) Depreciation Auditors, remuneration: 292,486 56,343 187,792 57,472 Fees payable to the company's auditors for the audit of the financial statements 4,990 5,300 14. Employee information 2024 2023 Staff costs: Wages and salaries Social security costs 248,801 17,935 266,736 24,274 1,476 292,486 172,105 10,732 182,837 4,955 Pension costs Private heaSthcare 187,792 26
Council of the Northern Ireland War Memorial (Incorporated) ~ The Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 January 2024 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 rn0 that £60,000 (2023.. 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 serViS is shown below." 2024 2023 102,759 81,890 15. Tangible assets Land Furnishings Website and and Development buildings equipment Costs Total Cost At 1 February 2023 Additions Disposals At 31 January 2024 2,491,763 190,873 851 (158,350) 33,374 13.944 2,696,580 851 (158,350) 2,539,081 2,491,763 13,944 Accumulated depreciation At 1 February 2023 Charge for the year Disposals At 31 January 2024 767,026 49,835 183,790 3.719 (158,350) 29,159 5,578 2,789 956.394 56,343 (158.350) 854.387 816,861 8,367 Net book amount At 31 January 2024 At 31 January 2023 1.674,902 1,724,737 4,215 7,083 5.577 1,684,694 1,740,186 8,366 27
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 January 2024 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 Ststement of Financial Position where information is available on cost or value. Reliable c05t information is not available and conventional valuation approaches lack sufficient reliability: the cost of providing such information unafft)rdable, unmanageable and deemed to OUe19h 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. Investrnents Interest in subsidiary Quoted undertaking Investments Total Market value brought foNard Additions at cost 8,255,740 8,255,741 1,813,627 1,813,627 (2,017,580) (2,017,580) 497.436 497,436 Disposals at canying value Unrealised gain on investment assets Market value as at 31 January 2024 Historical cost at 31 January 2024 8,549,223 7,560,861 8.549,224 7,560,862 The charity has an investment in its subsidiary NEWM Holdings Ltd, which is incorporated in Northern Ireland, and owns 100 /D of the issued share capital. The net assets of the company are £4,199 and it had a profit for the year of £1,643. 2024 2023 Turnover 60,874 (41,079) (18,152) 1,643 49,936 (29,965) (18,152) 1,819 Expenditure Interest Profit for the year Assets 465,066 (460,867> 4,199 477,269 (474,710) 2,559 Liabilities Funds The Trustees believe that the carrying value of the investments is supported by their underlying net assets. 28
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Ststements fcontinued) Year ended 31 January 2024 18. Debtors: amounts falling due within one year 2024 2023 other debtors Amounts owed by group undertakings Prepayments and accrued income 16,960 35 17,000 7,388 24,348 9,268 26,303 19. Debtors: amounts falling due after one year 2024 2023 Amounts owed by group undertakings 453,805 453,805 20. Creditors: amounts falling due within one year 2024 2023 Trade creditors Other creditors Accruals Accruals for grants payable Taxation and social security 19,373 7,209 15,368 250 6,985 49,185 12,134 2,201 12,289 5,000 4,788 36,412 21. Creditors: amounts falling due after one year 2024 2023 Deferred grant income 200 400 Reconciliation of deferred income Deferred income brought fotward Deferred income released 400 (200) Deferred in year Total deferred income as at 31 January 2024 200 Deferred income relates to a grant received for 2 laptops, released to the income and expenditu account over the useful economic life of the assets. 29
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 January 2024 22. Analysis of net assets between funds Tangible flxed assets Investments Other net assets Net assets at year4nd Restricted funds Unrestricted funds - general Unrestricted funds - designated 1,684,694 8,549,223 39,197 953,805 993,002 10,273,114 953,805 11,226,919 1,684.694 8,549,223 23. Movement in funds Balance at Balance at 31 January 2024 February 2023 Incoming Resources Investment Gains Outgoing Resources Transfers Unrestricted funds General funds Designated funds: capital development project 10,114,872 246,042 526,629 (614,429 10,273,114 953,805 953,805 11,068.677 246,042 526.629 (614,429) 11,226,919 The capital development project relates to funds earmarked to finance investment propety. The trustees are considering purchasing other investment propety in the Cathedral Quarter Area. The figure earmarked was based on the value of their previous acquisition plus uplift in current market values. Balance at 1 February 2023 Balance at 31 January 2024 Incoming Investment Outgoing Resources Gains Resources Transfers Restricted funds 8eth Johnson Foundation 125 1125) NIMC Playful Museums 425 (425) NIMC Wild Escape Grant Fund 2,051 12,051) Arts Council of Nl - Arts & Older People Pro ramme 1,468 1,468 (2,936) 1,468 4,069 (5,537) 30
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 January 2024 23. Movement in funds (continued) Beth Johnson Foundation- Grant received to fund an intergenerational project bebNeen primary school children and care home residents. NIMC Playful Museums - Grant received to fund 'Jeannie the Hen, Museums Storytime project, specifically targeted to meet the developmental needs of babies, toddlers or pre-schoolers under the age of 5. NIMC Wild Escape Grant Fund- Grant received to fund the 'Elephant NeverForgets' project, enabling 5 primary school classes explore Sheila the Elephant's Second World War adventure through a series of creative workshops. 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 solety for charitable purposes. 25. Financial Instruments 2024 2023 Financlal assets held at amortised cost Cash at bank and in hand 564,234 16,960 453,805 8,549,223 9,584,222 630,923 35 Other debtors Amounts owed by group undertakings Investments 470.805 8,255.740 9,357,503 2024 2023 Financial liabilities measured at amortlsed cost Trade creditors 19,373 7,209 15,368 250 12.134 2,201 12,289 5,000 4,788 38,412 Other creditors Accruals and deferred inwme Accruals for grants payable Taxation and social security 6,985 49,185 31
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 January 2024 26. Free reserves Free resetves as noted in the directors, report on page 10, are calculated as follows.. 2024 2023 Total unrestricted reserves 11,226,919 11,068,677 (1,684,194) (1,740,186) (8,549,223) (8,255,740) 993,502 1.072,751 Tangible assets Investments 27. Related party transactions During the year the company entered into the ft)Ilowing transactions with related parties.. 2024 Transaction 2024 2023 Balance Transaction owed byl{to) 2023 Balance Nature of Value Value owed byl(to) transactions Trustee expenses NIWM Holdings Ltd Expenses Net of payments and ex enses 620 {17,000) 171 (17.952) 453.805 470.805 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 eXdIng £1. The number of members at 31 January 2024 was 39 (2023: 39). Indemnity insurance of £881 {2023'. £955) for Trustees, liability has been purchased by the Council. 29. Ultimate controlling party There is no ultimate controlling party. 32