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
#232
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 fo￿ard.
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
aUdIen￿S 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 Se￿iceS 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 be￿een 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 Ir￿guIaritie$,
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 ac￿rdance 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
unr￿trIcted 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 r￿QUre¢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 fO￿ard 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