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 2025 *AE5KVW' 2710612025 COMPANIES HOUSE A22
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Finegan Gibson Ltd Chartered accountant & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Financial Ststsments Year ended 31 January 2025 Pa Trustees, annual report (incorporaling the director's report) Independent auditor's report to the members 14-17 Statement of financial activities (including income and expenditure account) 18-19 Statement of financial position 20 Statement of cash flows 21 Notes to the financial statements 22-34
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) Year ended 31 January 2025 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 2025. Reference and administrative details Regi$ter•d charlty nam•: Council of the Northern Ireland War Memorial (Incorporated) Charity registration number: 103635 Company registrat5on number: N1002888 Princlpal and reglstered offlce: 21 Talbot Street Belfast BT12LD Dlrectornrrru8tee8: Colonel (Retd) D Bigger- Chairperson Dr B E Barton Mrs C Champion DL- Vice Chairperson Mr J L Costain Flight Lieutenant A J Crowlher (Resigned 51h April 2024) . Mr R Doherty FIRSO Major K M J Guthrie MBE Mr R 8 Hannam Lieutenant Colonel C T Hogg MBE KStJ UD JP DL .MrMGLoganJP Lieutenant Colonel K Thomas MBE RE (Appointed 61h November 2024) Ms J R Williams Company secretary: Flight Lieutenant A J Crowther (Resigned 51h April 2024) Auditor: Finegan Gibson Ltd Chartered accountant and ststutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers: Danske Bank Donegall Square West Belfast BT16JS Soli¢itOf8: 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) (contlnued) Year ended 31 January 2025 Council m•mb•rs: Colonel JM Steele C8 OBE TD DL (Patron) (Retired 22nd March 2024) Lieutenant Colonel M Bames OBE TD Colonel (Retd) D Bigger Lieutenant Colonel C Bennett UD Mrs C Champion DL Commander T I Chrishop Flight Lleuienant Dr J S A Collins DL Mrs L Corken Mrs B M Corry Mr J L Costain Mr P Cregg MBE Flight Lieutenant A J Crowther Mr J Davies MBE (Retired 61h August 2024) 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 8 Hannam Colonel l G Henderson OBE TD MSc(Econ) Ms E Hill {Resigned 111h June 2025) Lieutenant Colonel C T Hogg MBE KStJ UD JP DL MrNJIHogg Mr S Johnston Captain J D Mccahon (Resigned 31 March 2024) Mr C McGuicken Commander R Milligan Mr C Moore Mr T Parkhill Mr L Quigg BEM Wing Commander Jacqueline Rankin (Appointed 14th June 2024) Colonel A H Reid OBE TD DL Mr T Ringland Lieutenant Commander E M Shanks RD (Resigned 2nd June 2025) 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 (Resigned 2nd June 2025) Ms J R Williams Mr J Vmlliamson (appointed 12th April 2025)
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) fcontinu Year ended 31 January 2025 Structure, governance and management Governing document The Council of the Northern Ireland War Memorial (Incorporated) is a company limited by guarantee 9overned by its Memorandum and Articles of Association. The Council appoints the Board of Trustees who are responsible to the Council for the day-to-day management of the charity. All decisions are made by the Board of Trustees. Appointment of Trustees The Trustees are appointed by the Council Members at the Annual General Meeting. Each year one third of the Trustees resign by rotstion, though they may stand for re-elects'on. Trustee Induction and training The Chairman ensures that appropriate induction and tralning is given to all Trustees. Each new Trustee is provided with a pack of information about the history of the Council of the Northern Ireland War Memorial (Incorporated) and their responsibilities, a tour of the gallery and an opportunity to meet all staff. Organlsatlon 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 Trusiees 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 managernent information: administrative procedures,. and a system of delegation and accountability. The Board of Trustees has assessed the major risks to which the Council of the 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 b•neflt Acknowledgement of the Council of the Northem Ireland War Memorial (Incorporated) public benefit role was confirmed with the award of registration with the Charity Commission for Northern Ireland in September 2015. The Twstees 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 preseplation and development of a museum collection relating to the world wars. The charitable company offers grant funding to primary schools towards the travel costs of classes visiting the gallery. The building and its offices within, maintained by the charity, are significant in supporting the amenities and services for the advancement. relief and benefit of present and former members of the armed forces. The Trustees believe they are operating entirely within the guidelines issued by the Charity Commission for Northem Ireland and look forward 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 Trustses. Annual Report (Incorporating the Director's Report) {contsnu•dJ Year ended 31 January 2025 Objectives and activitie8 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 Northem 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 8ritish Legion and other charitable bodies which are established and organised for the advancement. relief and benefii of present and former members of the armed forces,. to provide and maintain in at least one building therein accommodation to be known as The Hall of Friendship to commemorate the association of the Armed Forces of the United States of America with Northern Ireland in the 1939-1945 Warf. 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 perfomiance of the Charity in meeting its objectives for the year ended 31 January 2025. 2024 completed the second year of the current strategic plan (2023-2027). This five year plan was agreed by the Board in Oecember 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 Ststement and Values of the Charity was revisited and streamlined to more appropriately align with the museums aims and objectives moving foard. Vlslon 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. Mi8$lon Statement The Northern Ireland War Memorial was established to provide an enduring memorial for the men and women of Northern Ireland who died in the World Wars, and to commemorate the American presence in Northern Ireland during the Second World War. Now an Accredited Museum, our mission is to tell Ihe story of Northern Ireland's role in the Second World War comprehensively and authentically through engaging exhibitions, publications. research, outreach and accessible learning programmes. In addition, we maintain war memorials to the fallen in the First and Second World War and the Belfast Blitz. We organise respectlul commemorations, provide offic8 and meeting accommodation to ex-service charities, and award small grants to projects which are in line with our charitable objectives. Values Authenticity- Our collection is at the heart of everything we do to inspire research and create unique learning experiences, resources and publications. striving for excellence - We are responsible for the professional care and interpretation of the collection. We will share our knowledge by presenting the collection and our research to their full potential.
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 2025 Working together- By promoting teamwork and exploring collaborative ideas we reflect the whole of Northern Ireland, ensuring our activities are wide-reaching and relevant to our varied audiences, both current and new. Showing respect- We host fitting commemorations which are inclusive of all. We support diversity and a work culture which values and empowers our team and recognises their achievements. We remember our roots and help towards building a more dynamic future for the organisation. Innovative- We are ambitious and imaginative about finding better ways to do things. embracing technology and partnerships, to share our stories The following 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. Stratogic aim 1 Redevelop Strateglc prforltles Strategic Initiativo for 2024 With the Scoping Study completed, continue to advance plans to prepare for th8 redevelopment of the exhibition space. Key actlons for 2024 K•y p•rformanco Indicators We will transform the museum with a phased programme of capital works on the ground floor, ensuring that the Hall of Friendship and existing memorials are integrated in a fitting way. 1.1 Select key objects and stories from NIWM collection to be included in exhibition. 1.1 List of key objects and sound bites of oral history accounts finalised. Relevant acquisitions added to collection. Notable purchase of Militargeographische Angaben uber Irland: A very rare set of German maps prepared for the German high command as part of Operation Green, the invasion of Ireland. 1.2 Identify potential loans from other museums, discuss required conditions and forecast associated costs to proceed with loans. 1.3 Engage mount-maker and conservalor to begin preparing selected objects for exhibition. We will embrace digital technology and ensure we exhibit objects and stories that reflect the whole of Northern Ireland's experience in the Second World War, to full potential. 1.4 Work with Tandem to identify research requirements and text required, and begin Content production. 1.2 Long term loans of OFB Helmet and HMT Egilsay Bell renewed. 1.5 Identify suitable providers of environmental control, heating and lighting for the museum by seeking impartial expert advi. Seek solutions for both ground and 1st floor, with future expansion in mind. We will seek grant assistan and value for money and consult our audiences throughout the process. 1.3 24 items identified as objects likely to be displayed as part of the museum refurbishment remain out for conservation. 1.6 Ensure public engagement with development project through consultation. In the long-term the Board is committed to expand the mus8Urn space within the building and is considering a number of options on how best to achieve this. 1.4 Work on research and text requirements underway. 1.7 Ensure conservation standards are maintained throughout development of new exhibition through consultation on options for environmental control. heating. artefact dis la and mountin 1.5 Potential suppliers identified.
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) f¢ontinued) Year ended 31 January 2025 1.8 Explore available grant opportunities and VAT relief for new exhibition. 1.6 Future consultation with stakeholders and aUdIenS plans in place. 1.9 Develop audience engagement plan for period of closure to include outreach. travelling exhibitions, online and printed resources. 1.7 Paused while funding opportunities explored. 1.8 Grants explored and plan in place to submit. 1.10 Liaise with tenants on leases and our future expansion aspirations. 1.9 Paused while funding opportunities explored. 1.10 Continued Communication with tenants. 1.11 Engage Engineering Consultancy to complete survey of the existing heating, ventilation, drainage, water services, eleclrical infrastructure, including metering, distribution, lighting, fire alarm, and security systems to produce detailed proposal for Mechanical & Electrical SeiceS required for the new museum space. 1.11 Paused while funding opportunilies explored. Strateglc alm 2 Income diversification Strategic prioritles Strategic Initiative for 2024 Board to begin to consider alternative investment opportunities. Key actions for 2024 Key perforniance Indlcators We will explore new ways to create an income for the charity. 2.1 Reach out to property management consultants such as Mcconnell Chartered Surieyors to consider potential future opportunities during the strategic period. 2.1 None noted 2.2 Quarterly review of investment performance completed at each FAR meeting. 2.2 Liaise with extemal investment managers on a timely basis to evaluate the performance of the portfolios and ensure most beneficial return is recognised, within the remit of the Charity's agreed mandate. 2.3 External investment managers kept informed of strategic plans and appropriate actions in place. 2.3 External investment managers to be kept informed of all long term strategic plans to Ènable Iiquldlty of cash to fulfil other investment rtunities if the arise.
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnu•d) Year ended 31 January 2025 Strategic aim 3 Offering inspiring experiences and increasing our reach Strateglc prioritios strategic Inltlatlv• for 2024 Increase engagement across Northern Ireland through school workshops, events, outreach, our website and social media Key actlons for 2024 Key performance Indicators 3.1 Achievement of engagement targets. Total of 14,862 visitors, which includes gallery visits, schools, outreach, events and room usage. 17,000 website visits - 486,447 Facebook reach 101,867 Twitter impressions 8,873 Instagram impressions 3,666 Pinterest impressions - 3.479 YouTube views We will develop our existing learning and outreach programmes and increase capacity by engaging with people in the museum and across Northern Ireland through outreach. 3.1 Achieve online and in- person engagement targets. 3.2 Increase awareness of school workshops, events and outreach programmes across Nl through delivery of Marketing Strategy which includes mailing lists and leaflet distribution. We will work with wide range of partners to maximise our impact. 3.3 Advance Access Plan by achieving 2024 objectives. 3,4 Deliver and evaluate Jeannie the Hen Storylelling and Story bag project with preschools and the Armstrong Trust, funded by the Northern Ireland Museums Council Playful Museums Festival Grant. We will continue to provide small grants to projects which are in line with our charitable objectives. 3.2 An extended geographical reach with outreach activities in every council area of Northern Ireland. NIWM leaflets distributed to relevant locations across Nl. 3.5 Distribute 3,000 Make, Do and Learn Bundles across Nl (printed resources for schools) in school year 2024125. 3.3 Access Audit objectives partially addressed. 3.6 Increase and formalise offering for SEND schools and families by launching Storytelling Saturdays and new no-outcome crafts, liaising with SEND schools and families to evaluate these. 3.4 Completed and evaluated Early Years project. 3.5 3,445 Make, Do and Learn bundles distributed and feedback received. 3.7 Continue with website improvements. 3.8 Develop a pilot programme for adults focusing on new areas of wellbeing such as mental health and mindfulness. 3.6 SEND offer formalised and outlined fully on NIIIIM website. Feedback received on no-outcome craft. 3.9 Offer a limited number of travel grants to post primary schools in Northern Ireland and the Republic of Ireland to support recently launched post primary workshops. 3.10 Improve and implement new online feedback forms to 3.7 Website improvements completed. 3.8 Feedback received and people engaged through wellbeing worksho
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnued) Year ended 31 January 2025 document how NIWM programmes impact audiences. 3.9 271 pupils and teachers from 9 classes across 9 schools took part in the post primary programme. 3.11 Offer 8SL and ISL accompanied tours of Ihe museum (find a provider and highlight availability of sign language tours on website)- 3.10 Plans put in place to develop in following period. 3.12 Offer events, lectures and blog posts highlighting key Second World War anniversaries. 3.11 Plans put in place to develop in following period. 3.12 34 events in 2024 with 1,131 participants. 3.13 Small grants development 3.13 Small grant forms updated for individuals and groups approved by Board. Strateglc alm 4 Supporting the erection of a fitting Blitz Memorial in Belfast Str4togi¢ prioritiO8 Strate9lc initiativ• for 2024 To agree on names to be included. Key actions for 2024 Key performance Indlcators 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. 4.1 Finalise contract and engage Blitz researcher. 4.1- 4.3 Engagement of Blitz researcher and appointment of Adjudication Panel. 4.2 Appoint members of an Adjudication Panel and develop terms of reference. To assist design team and agree on a final design for the memorial. 4.4 - 4.6 Progress made on final agreed list of Belfasl Blitz casualties. Will be finalised in 2025. Press interest in public consultation and enquiries received from the public. 4.3 Hold first meeting of Adjudication Panel in March 2024 to finalise list of Belfast Blilz victims to be released to publiclpress. We will explore memorials in other areas that suffered air raids (Londonderry. Bangor and Newtownards). To agree on final NIWM financial contribution to Belfast Blitz Memorial once costs are received. 4.4 Release list of Belfast Blilz casualties online and through press contacts, supported with press releases linked to NIWM collection and research. Continued partnership with Belfast City Council and design team to ensure progression of project. NIWM financial contribution agreed per Board. 4.5 Consolidate enquiries received from the public. 4.6 Adjudication Panel to meet to consider cases brought forward through public consultation, producing fi'nal list of Blitz victims for the 4.7 Plans put in place to develop in following period.
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 2025 Memorial. 4.8 Approval from Charities Commission to be sought. 4.7 Progress QU8 Mapping the Blitz project in tandem with ongoing Blitz research. 4.9 & 4.10 Preliminary design of Belfast Blitz memorial agreed. 4.8 Once cost of memorial can be estimated, NIWM to liaise with Charities Commission and agree contribution in line with Articles & Memorandum. 4.11 Plans put in place to develop in following perlod. 4.9 Consult families of Blilz casualties on proposed designs and provide feedback to BCC design team. 4.10 Continue to support Design team appointed by BCC and consider proposed designs. 4.11 Reach out to Ards and North Down Borough Council and Derry City and Strabane District Council regarding memorials to Blitz victims in these areas. Strategic aim 5 Developing and valuing our collection Strategic priorities Strategic initiative for 2024 Develop collection and facilitate research so that the NIWM represents Northern Ireland of the Second World War more comprehensively Key actlons for 2024 Key perfomiance indicators 5.1- 5.3 351 objects have been donated to the museum, in addition to 25 purchases. 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 under-represented aspects of the Second World War in Northern Ireland. 5.1 Purchase objects proactively, in line with Collections Development Policy, addressing gap areas highlighted. 5.4 Conservation Plan reviewed. 5.2 Encourage the donation of relevant objects through public appeals and press. 5.5 Progress made in Conservation Plan. Museum Accreditation maintained. 5.3 Accession material relating to the history of the Northern Ireland War Memorial. 5.6 Progress made in Documentation Plan. 5.4 Review Conservation Plan once Management and Maintenance Plan is received from Sean Madden. 5.7 Postponed. 5.8 60 oral history interviews conducted in 2024. We will facilitate and commission hi 5.5 Progress objectives outlined in Conservation Plan
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (eofttinued) Year ended 31 January 2025 quality research and publications. (likely to include improvements to collections storage areas, remedial consep4ation of selected artefacts and conservation of objects selected for new exhibition). 5.6 Progress objectives outlined in Documentation Plan. 5.7 Publish and launch The Battle of the Atlantic and the Maiden City by Richard Doherty. 5.8 Continue to promote the NIWM Oral History Project and growing collection, encouraging people across Northern Ireland to contribute their stories. Highlighl and address gap areas and encourage the public to donate prerecorded Iwritten stories which NIWM can di itise. Strateglc alm 6 Invest in our people and place Strateglc prlorltles Stratoglc Inltlatlva for 2024 Evaluation of roles and responsibilities, additional headcount and review of salaries, pensions and other benefits to inspire and reward success. Key actions for 2024 Key performan¢• Indlcators 6.1 Staff training recorded. People will remain at the heart ofour organisation. We will continue to build an organisational culture which embeds trusl, respect, and inclusion. 6.1 Promote, maintain and develop professional skills and core competencies in our staff through training. 6.2 Wellbeing, away days and staff meetings held. 6.2 Promote wellbeing through away days encompassing wellbeing activities and regular staff meetings. 6.3 Bi-annual appraisals completed. Our Trustees and staff will be engaged and empowered to drive and enable the NIVVM to continually change and evolve. 6.4 Relevant training completed by the board. As an organisation we will be environmentally conscious by rninimising waste and reducing our effect on the environment. 6.3 Support staff through bi- annual appraisals. 6. 5 Off-site meeting held in Enniskillen. 6.4 Trustee succession planning and training as required. 6.8 Appointment and training of environmental champion and objectives set. 6.5 Organise company off-sites. 6.6 Appoint and train an environmentsl champion within the operational team and consider how the NIWM can reduce its impact on the environment. 6.7 Formation and first meeting of Remuneration & Personnel Committee in February 2024 to review HR policies and staff benefits. Approval of io
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (conllnued) Year ended 31 January 2025 6.7 Approval of NIIM41 Volunteer Policy and Code of Conduct which was developed to allow the NIIWIM to offer volunteer roles. Volunteer Policy and Code of Conduct. 6.8 Approval of Hybrid Working and Stress at Work Policy Security improvements completed. 6.8 Approval of Hybrid Working and Stress at Work Policies. 6.9 Security and safety continually reviewed. 6.9 Implement security improvements outlined in PSNI Security review. Fundamental to the Trustees is safeguarding the organisatlon's ability to self-finance to meet its objectives. As most of the Charity's income is generated from investments, the Trustees engaged Nyo independent investment managers to administer its portfolio in accordance with a policy of achieving a balance behveen income and capital growth with medium risk. The investments generated income of £233.677 (2024.. £180,740) in the year. The 1000/0 owned subsidiary NIINM Holdings Limited, which mainlains the investment property, continues to perform well and is fully let. Financial review The key financial objective is to ensure financial stability and continuing solvency year on year, so that the charity can achieve its objectives. The Charity relies on a solid performance from investments to meet their objectives. In 2024, the global investment markets generally showed positive performance, with strong returns across various asset classes. US equities, in particular, saw significant gains, driven by sectors like communication seNices, IT and artificial intelligence. Net gains in revaluation of investment assets (realised and unrealised) amounted to £990,99212024.. £526,629). Net gains in revaluation recorded for the year ending January 2025 translates as 11.060/0 of portfolio value held at yearond, with £461k withdrawn from the portfolio during the year to fund charitable objectives. The Trustees consider the results to be sats'sfactory and do not envisage any material change in the nature of activities in the year to 31 January 2026. After iwo strong performance years, the Trustees view 2025 as a year that will bring volatility. due to geo-political uncertainty, the election of Trump and imposing of tariffs. They believe the year ahead will bring an opportunity to calmly reevaluate asset allocation, rebalance and diversify geographically, while focusing US exposure on assets that are truly unique to the US. The Statements of Financial Activities are set out on Pages 18 and 19. li
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) {ct>ntinued) Year ended 31 January 2025 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. Reseprfes are essential to ensure that the Charity has enough resources to fund educational programmes, support ex-service Charities accommodation, cover day to day running costs. staff costs, building repairs, museum acquisitions and conservation requirements. The actual free reserves at 31 January 2025 were £1,328,747 (2024.. £993,502) {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 markel unknowns driven by geo- political uncertainty, the imposing of tariffs and the subsequent negotiations to reach a deal. Investment powers and policy Under the Memorandum and Articles of Association the Trustees have the power to invest in any way the Council wishes. The investment policy of the Council of the Northem 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 beeen growth of income and capital, with medium risk. Donation8 The Council made charitable donations amounting to £25012024.. £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 (2024.. £nil). Plan8 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 il 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 service. Management structures will be kept under review and monitored to ensure that good governance prevails and exposure of the charity is minimised. Trustees have approved an operational plan and budget forthe year ending 31 January 2026 based on the agreed strategic priorities set out in the plan {2023-2027). The plan comprises strategic initiatives, key acts'ons and key performance indicators for the year ahead to safeguard effective governance. The Trustees fully acknowledge that delivery of public benefit is central to the ethos of the organisation. Future plans are in place to offer inspiring experiences and increase reach. NIVVM plans to attend the Balrnoral Show for the first time since initial fundraising for War Memorial House on Waring Street took place. The Show is Northern Ireland's largest agri-food event consistently drawing over 100,000 visitors each year. Our physical presence will provide an alternative method to engage with a wide range of people from across the UK and Ireland. Funds held as custodian Trustse on behalf of others There are no funds held as custodian Trustee on behalf of others. 12
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 2025 ststement of Trustees, responsibilities The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the Incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial statements, the twstees are required to". select suitable accounting policies and then apply them consistently., obseprfe the methods and principles in the applicable Charities SORP; make judgments and accounting estimates that are reasonable and prudent; prepare the financial statements on the going 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 are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Audltor Each of the persons who is a trustee at the date of approval of this report confirrns 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 eornpany prov181ons This report has been prepared in accordance wilh the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 191h June 2025 and signed on behalf of the board of trustees by.. By order of the Board olonel {Reld) D Bigger Chalrnian Date: 19th June 2025 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 Year ended 31 January 2025 Oplnion We have audited the financial statements of Council of the Northem Ireland War Memorial Limited (the 'charity') for the year ended 31 January 2025 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 auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work. for this report, or for the opinions we have formed. In our opinion the financial ststements: give a true and fair view of the state of the charity's affairs as at 31 January 2025 and of its incoming resources and application of resources, including its income and expenditure, for Ihe year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Companies Act 2006. Bas58 for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law, Our responsibilities under those stsndards are further described in the auditorfs responsibilities for the audit of the financial stalements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevanl to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. In common with many other organisations of a similar size and nature, the charity uses its auditors to prepare and submit returns to the tax authorities and assist with the preparation of their organisation's financial statements. Concluslons relatlng to golng concom 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 concem basis of accounting in the preparation of the financial ststements is not appropriate. or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. 14
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 2025 Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on th6 financial statements does not cover the other information and, except to the extent otheThvise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we a required to report that fact. We have nothing to report in this regard. Opinions on other matters prescrlbed by the Companles 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 accordance with applicable legal requirements. Matt•rn on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements In the trustees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion., adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounth'ng records and returns; or r2rtain disclosures of trustees, 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. 15
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Independent Auditor's Report to the Members of Council of the Northern Ireland War Memorial Limited {continuod) Year ended 31 January 2025 Responsibilities of trustee$ As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) a responsible for the preparation of the financial statements and for being saiisfied 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 traud or error. In preparing the financial st8tem8nts, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters relaled to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic alternats've but to do so. Auditorfs responslbllities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design Procedu s in line with our responsibilities, outlined above, to detect material misstatements in respect of IrguIaritie$, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, we considered the following.. the nature of the industry and sector, control environment and business performance including the design of the remuneration policies, key drivers for directors, remuneration, bonus levels and perfomiance targets; results of our enquiries of management about their own identification and assessment of the risks of irregularities., any matters we identified having obtsined and reviewed documentation of their policies and procedures relating to.. identifying, evaluating and complying with laws and regulations and whether inanagement were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-complian with laws and regulations. the matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists, including tax and valuations specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK), we a also qUired to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included ongoing Complian with the UK Companies Act and tsx legislation. 16
Council of the Northern Ireland War Memorial (Incorporated) ~ The Company Limited by Guarantee Independent Auditor's Report to the Members of Council of the Northern Ireland War Memorial Limited (contlnued) Year ended 31 January 2025 In addition, we considered provisions of other laws and wulations 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 material penalty. As part of an audit in acrdance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misststement 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 intemal control relevant to the audit in order to design audit procedures 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 concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditlons may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Paul Dolan FCA (Senior Ststutory Auditor) 19th June 2025 For and on behalf of Finegan Gibson Ltd Chattleied accoiifiiant & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 17
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 2025 2025 2024 Total funds unrtrIcted Restricted funds fund8 Totsl funds Note Incoming resourceslincome Incoming resources from generated funds: Voluntary income A¢tivities for generatlng funds: Propety Income Investment Income 4,901 7,318 12,219 8.536 56,583 233,677 295,161 56,583 233,677 302,479 60,835 180,740 250,111 Total incoming rQUre¢S Resources expended Cost of generatlng funds: Property related expenses Cost of managing investments for income generation and capital maintenance Charitable actlvlties: Operation of gallery Total resources expended Net outgolng resources bofore other gains and losse8 Unrealised gains on investment assets Unrealised losses on foreign. exchange relranslation Realised (losses)Igains on investment assets Net movement in funds Funds balances brought fOard at 1 Februa Funds balances carrled lorward at 31 Janua 7,318 43,898 43,898 38,123 10 67,616 67,616 63,288 11 477,717 589,231 676 478,393 589,907 518,555 619,966 676 1294,070 6,642 (287,4281 (369,855) 17 1,025,577 1,02S,577 497,436 11,831 (1,831) (4.519) 132,754) (32,7541 33,712 696,922 6,642 703,564 156,774 11,226,919 11,226,919 11,070,145 23 11,923,841 6,642 11,930,483 11,226,919 18
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) (continued) Year ended 31 January 2025 2025 Unrestricted Restricted funds funds 2024 Total funds Total funds Gross charitable income 234,477 {589,231) (354,754) 7,318 241,795 214.500 (676} 1589,9071 (619,966) 6,642 1348,112) (405,466) Charitable expenditure Net outgoing resources Interest receivable Net outgoing resources beforn oth•r galn• and losses Unrealised gains on investment assets Unrealised losses on foreign exchange retranslation Realised (losses>lgains on investment assets Net movement in funds 60,684 60,684 35,611 {294,070) 6,642 (287,428) (369,8551 1,025,577 497,436 1,025,577 (1.831) {32,754) 696,922 (4,519) 33,712 156,774 {32,754) 703,564 6,642 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. 19
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Statement of Financlal Posltlon 31 January 2025 2025 2024 Note Fixed Assets Tangible Assets Investments 15 1,631,116 1,684,694 ,963,978 8,549,223 10,595.094 10,233,917 17 Current Assets Deblors.. amounts falling due within one year Debtors.. amounts falling due after one year Cash at bank and in hand 18 19 34,429 24,348 453,805 453,805 888,223 564,234 1,376,457 1,042,387 141,068) (49,185> 1,335,389 993,202 11,930,483 11.227,119 (200) 11,930,483 11,226,919 Creditors.. amounts falling due wilhin one year Net current assets 20 Total assets lèss currant liabilities Creditors.. amounts falling due after one year Net assets 21 Funds Restricted funds Unrestricted funds - general Unrestricted funds - designated 23 23 6,642 10,970,036 10,273,114 953,805 953,805 11,930,483 11,226,919 23 The financial statements on pages 18 to 34 were approved by the board on 191h June 2025 and were signed on its behalf by.. Colonel (Retd) D Bigger Chaimian Mr R B Hannam Trustse 20
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Statement of Cash Flows Year ended 31 January 2025 2025 2024 Cash flow8 from operating activitle8 Net movement in funds Adjustments lor.. Depreciation of propety Interest received Unrealised gains on revaluation of investments Realised lossesl(gains) on disposal of investments Dividends on investments Changes In.. Trade and other debtors Trade and other creditors Cash used in operating activitles 703,564 156,774 54,872 (60,684) (1,023,746} 32,754 (172,9931 56,343 (35,611) (492,917) (33,712) {145,129) (10,081) 18,3171 1484,631 1,955 12,573 1479,724) Cash flow8 from Investlng a¢tivit1•8 Purchase of tsngible assets Interest received Dividends received Translation differences on foreign currency cash investments Payments to acquire investments Receipts from sale of investments Cash generated from investing actlvlties {1,294) 42,413 172,993 (851) 17,417 145,129 (18,998> 11,928,381> 2,523,616 790,349 (2,937) (1,813,627) 2,049,710 394,841 Cash flows from flnancing a¢tivltle8 Interest received Net cash gen•rated from financing activiti88 18.271 18,271 18,194 18,194 Not increasel(decrease) in cash and ¢ash equivalents Cash and cash equlval•nts at beginning of year Cash and cash equivalonts at end of year 323,989 564,234 888,223 (66,689) 630,923 564,234 Cash and cash equlvalents con818t of the followlng.. Cash at bank and in hand 888.223 564,234 21
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements Year ended 31 January 2025 General information The charity is a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 21 Talbot Street, Belfast, BT12LD. 2. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Charities SORP (FRS 102)) and the Charities Act (Northern Ireland) 2008. The Council of the Northern Ireland War Memorial (Incorporated) meets the definition of a public benefit entity under FRS102. 3. Accountlng policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sierling, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue. Judgements and k•y sourc•8 of e8tlmallon uncertalnty 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. For•lgn curr•ncl 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 rale ruling at the reporting date, with any gains or losses being taken to the statement of financial activities. Fund accountlng 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. 22
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 January 2025 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 receivable basis. Resources oxpended Expenditure is recognlsed 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 re18tes to propety related expenses incurred in the running of the War Memorial building and costs of managing investments. expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries and include, primarily, stsff costs and costs associated with the operaiion of the museum. Governance and staff costs include those incurred in the governance of its assets and are associated with constitutional, ststutory and strategic requirements. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation. is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other'recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Investments Investments are stated on the balance sheet at fair value and all movements, including realised and unrealised gains and losses, are shown in the Statement of Financial Activities. Realised gains and losses are.the aggregate of the difference beiween 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. 23
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantse Notes to the Financial Statements (contlnu•d) Year ended 31 January 2025 Depreciation Depreciakn'on 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 20A straight line 20Vo Straight line 200/0 Straight line Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. V4+here 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-generaling unit is the smallest Idenlifiable 9roup 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 ar8 assigned to those units. Financial Instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the arnount receivable or payable including any related transaction costs. Current assets and current 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. Vthere investments in shares are publicly traded or their fair value can otherwise be measured reliably, the . investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities. with the exception of hedging instruments in a designated hedging relatioYs*ip. 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 eviden of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed 24
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 January 2025 individually or grouped on the basis of similar credit risk characteristics. Any reversals of impaimient are recognised irnmediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds whal the carrying amount would have been had the impairment not previously been recognised. Deflned contributlon plans Contrlbutions to defined contribution plans a recognised as an expense in the period in which the relaied 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 refvnd. 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 service, the liability is measured on a discounted presenl value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. 25
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limitsd by Guarantee Notes to the Financial Statements (Continued) Year ended 31 January 2025 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 contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of it being wound up while he or she is a member or within one year after he or she ceases to be a member. S. Trustses, remuneration and expenses The charity trustees were not paid and did not receive any other benefi'ts from employment within the Charity in the year {2024.' £nil). During the year £ {2024: £620) was reimbursed to one (2024.. one) Trustee in respect of travelling and sundry expenses incurred. Voluntary income 2025 Unrestricted Restricted funds funds 2024 Total funds Total funds Donations 4,078 200 4,078 7.518 623 2,990 4,269 1,277 8,536 Grants 7,318 Book Sales 623 4,901 7,318 12,219 Property Income 2025 Unrestrlcted Restricted funds funds 2024 Total funds Total funds Office rents 25,608 29,027 1,000 948 25.608 29,027 1.000 28,458 29,767 1.000 1,610 Seniice charges Car park rents Insurance 56,583 56.583 60,835 Investment Incomo 2025 2024 Unrestrlcted Restricted funds funds Total funds Total funds Listed unit trusts and listed securities 172,993 60,684 172.993 60,684 233,677 145,129 35,611 180,740 Bank Inte$t 233,677 26
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Ststements (contlnu¢d) Year ended 31 January 2025 9. Cost of generating funds: Property related expenses 2025 Unrestricted Restricted fund8 funds 2024 Total funds Total funds Repairs and maintenance Cleaners 4,226 11,527 3.360 12.656 11.440 689 4,226 2,453 11,527 10,289 3,360 3,000 12,656 11,348 11,440 10,500 689 533 Agents, commission and letting fees Heat and light Insurance Service charges & other levies 43,898 43,898 38,123 10. C08t of generating fund8: Costs of managing investments for income generation and capital maintenance 2025 2024 Unrestrlcted funds Re8trlcted funds Total funds Total funds Management fees 67,616 67,616 63,288 11. Charitablo Activities: Operation of the gallery 2025 2024 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 322,548 17,771 6,338 280 322,$48 315,966 17.771 20,930 6,338 2,876 280 655 54,872 104 54,872 56,343 104 77 56 56 248 Museum costs 39,232 12,486 9,632 1,458 12,690 250 676 39,908 74,514 12,486 18,958 9,632 9,996 1,458 1,267 12,690 16,525 . 250 200 Marketing Travel Entertaining Grants Donations 477,717 676 478,393 $18,555 27
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 January 2025 12. Analysis of Support Costs 2025 Unrestricted Restricted funds funds 2024 Total funds Total funds staff costs (see note 14} Premises 303,159 303,159 292,486 Repairs and maintenance Communications and IT 8.463 6,463 9,847 Telephone Computer expenses General offlce 2.958 4.180 2,958 4,180 2,014 5,318 Postsge Stationery Governance costs 196 196 602 552 552 709 5,040 322.548 5,040 322,548 4,990 315,966 13. Net outgoing resources 2025 2024 Net outgoing resources Is stated after charglng: Staff costs {see note 14) Depreciation Auditors. MUneratiOn.. 303,159 54,872 292,486 $6,343 Fees payable to the company's auditors for the audit of the financial ststements 5,040 4,990 14. Employee infonnation 2025 2024 Staff costs: Wages and salaries Social security costs 254,974 19,798 274,772 26,528 1,859 303.159 248,801 17,935 266,736 24,274 1,476 292,486 Pension costs Private healthcare 28
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 January 2025 14. Employee infomiation (continued) Number Number The average monthly number of persons employed by the company lexcluding Trustees and council members) during the year by activity was: Administration No employee received remuneration of more that £60,000 (2024.. 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 services is shown below.. 2025 2024 116,893 102,759 15. Tangible assets Land Furnl8hlng8 Webslt6 and and Development buildings equipment Costs Total Cost At 1 February 2024 Additions Disposals At 31 January 2025 2,491,763 33,374 1,294 13,944 2,539,081 1,294 2,491,763 34,668 13,944 2,540,375 Accumulated depreciation At 1 February 2024 Charge for the year Disposals At 31 January 2025 816,861 49,835 29,159 2.248 8,367 2.789 854,387 54,872 866,696 31.407 11,156 909,259 Net book amount At 31 January 2025 At 31 January 2024 1,625,067 1,674,902 3,261 4,215 2,788 5,577 1,631,116 1,684,694 29
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 January 2025 16. Heritsge assets A heritage asset is defined as a tangible asset with historical, cultural and education qualities that is held and maintained principally for its contribution to knowledge and culture. The museum receives low value donations from the public regarding the First and Second World Wars. These items, mainly composed of ephemera and social history artefacts. are used for educational and research purposes. FRS102 requires such assets to be reported in the Statement of Financial Position where infomation is available on cost or value. Reliable cost information is not available and conventional valualion approaches lack sufficient reliability., the cost of providing such information unaffordable, unmanageable and deemed to outweigh the benefits to the users considering the nature of the items donated. Accordingly, these items are not capitalised on the Statement of Financial Position. 17. Investments Intorest in subsidlary Quoted undertaking Investments Total Market value brought forward Additions at cost 8,549,223 8,549,224 1,928,381 1,928,381 (2,539.203> (2,539,203) 1,025.577 1,025,577 8.963,978 8,963.979 7,503,092 7,503,093 Disposals at carrying value Unrealised gain on investment assets Market value as at 31 January 2025 Historical cost at 31 January 2025 The charity has an investment in its subsidiary NIINM Holdings Ltd, which is incorporated in Northern Ireland, and owns 1000A of the issued share capital. The net assets of the company are £5,451 and it had a profit for the year of£1,252. 2025 2024 Turnover 57,527 138,1231 118,152) 1,252 60,874 (41,079} {18,152) 1,643 Expenditure Interest Profit for the year Assets 492,842 1487,391) 5.451 465,066 (460,867} 4,199 Liabilities Funds The Trustees believe that the carrying value of the investments is supported by their underlying net assets. 30
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantse Notes to the Financial Ststements (continued) Year ended 31 January 2025 18. Debtors: amounts falling due within one year 2025 2024 Other debtors Amounts owed by group undertakings Prepayments and accrued income 1,474 16,960 28,152 4,803 34,429 7,388 24,348 19. Debtors: amounts falling due after one year 2025 2024 Amounts owed by group undertakings 453,805 453,805 20. Creditors: amounts falllng due wlthln one year 2025 2024 Trade creditors Other creditors Accruals Accruals for grants payable Taxation and social securi 18,243 2,696 14,184 19,373 7,209 15,368 250 6,985 49,185 5,945 41,068 21. Creditorn: amounts falling due after one year 2025 2024 Deferred rant income 200 Reconciliation of deferred income Deferred income brought forward Deferred income released 200 (200) Deferred in year Total deferred income as at 31 January 2025 Deferred income relates to a grant received for 2 laptops, released to the income and expenditure account over the useful economic life of the assets. 31
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (¢ontlnued) Year ended 31 January 2025 22. Analysis of net assets between funds Tangible fixed assets Investments Other net assets Not assets at year4nd Restricted funds 6.642 374,942 953,805 1,335.389 6.642 10,970,036 953,805 11,930,483 Unrestricted funds - general Unrestricted funds - designated 1,631,116 8,963,978 1,631,116 8,963,978 23. Movement in funds Balance at Balance at 31 January 2025 February 2024 Incoming Resources Investment Gains Outgolng Resources Transfers Unrestrlcted funds General funds Designated funds.. capital development project 10,273,114 295.161 990,992 1589,231) 10,970,036 953.805 953,805 11,226,919 295,161 990.092 (589,231) 11,923,841 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 Iheir previous acquisition plus uplift in current market values. Balance at 1 February 2024 Balance at 31 January 2025 Incomlng Investmenl Outgolng Resources Galns Resources Tran8fer8 Restrlcted funds Irish Government Reconciliation Fund 6,818 (176) 6,642 NIMC Playful Museums 500 (500) 7,318 (676) 6,642 32
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (ntinUed} Year ended 31 January 2025 23. Movement In funds (continued) NIMC Playful Museums Grant received to fund 'Jeannie the Hen, Museums Storykn'me project, specifically targeted to meet the developmental needs of babies, toddlers or pre-schoolers under the age of 5. Irish Govemment Reconciliation Fund - Grant received to fund a syllabus-based educational experience for post primary pupils from the Republic of Ireland. Pupils visiting the museum will learn about the story of the Belfast Blitz and life in Northern Ireland from 1939-1945. Our facilitators will enhance the visit by introducing themes that are relevant to the pupils. studies and how "the Emergency" impacted life in Éire. The lesson is complemented by an illustrated Blitz Walking Tour which incorporates first-hand accounts from people who were there. Syllabus based resources will be available for pre-visit activities in the classroom. 24. Taxation The Company is a registered charity and, as such, is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if those profits and surpluses are applied solely for charitable purposes. 25. Financial Instruments 2025 2024 Financlal assets held at amortised cost Cash at bank and in hand 888,223 564,234 1,474 16,960 481,957 453,805 ,963,978 8,549,223 10,335,632 9,584,222 Other debtors Amounts owed by group undertakings Investments 2025 2024 Flnanclal Ilabllltles measured at arnortl8ed cost Trade creditors 18.243 2,696 14,184 19.373 7,209 15.368 250 Other creditors Accruals and deferred incorne Accruals for grants payable Taxation and social security 5,945 41,068 6.985 49,185 33
Council of the Northern Ireland War Memorial (Incorporated) - The Company Limited by Guarantee Notes to the Financial Statements (eonllnu•d) Year ended 31 January 2025 26. Free reserves Free reserves as noted in the directors, report on page 12, are calculated as follows.. 2025 2024 Total unrestricted reserves 11,923,841 11,226,919 (1,631,116) (1,684,194) (8,963,978> (8,549,223) 1,328,747 993,502 Tangible assets Investments 27. Related party transactions During the year the company entered into the following transactions with related parties.. 2025 Transactlon 2025 2024 Balance Transaction owed byl{to) 2024 Balance Nature of V•lu• Value owed byl{to) transactions Expenses Net of payments and ex enses Trustee expenses NIWM Holdings Ltd 280 28,152 620 (17,000) 481,967 453,805 28. Liability of members The Council ofthe Northern Ireland War Memorial (Incorporated) is a company limited by guarantee. The liability of the members is limited to an amount not exceeding £1. The number of members at 31 January 2025 was 39 {2024.' 391 Indemnity insurance of £829 (2024.. £881) for Trustees, liability has been purchased by the Council. 29. Ultimate controlling party There is no ultimate controlling paty. 34