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 De￿rnber 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 prO￿dUres. 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
ServI￿S 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 FOr￿S 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 Ac￿sS audit
(required by Museum
Accreditation) and develop
Ac￿sS 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 SUC￿SsfUl.
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 AC￿pted 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 reSoUr￿S 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 I￿e1ve 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 con￿rn 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
a￿ordan￿ 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 InStan￿S 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 in￿ntiveS 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 prO￿dureS 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 COn￿rn.
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 re￿iVed
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 re￿iVed
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 CU￿enCY 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, ex￿pt 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 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.
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 Cu￿ent 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 serVi￿S 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 OU￿e19h 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 eX￿dIng £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