NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 NATIONAL MUSEUMS NI STATEMENT OF FINANCIAL ACTMnES FOR THE YEAR ENDe0 31 MARCH 2024 Note unlerItted 20Z4 Restrlrted Unrestrlrted 2023 Income from- Donotions trnd legocies Donation5 Gifts in kind 105.115 105.115 1.027,890 101.687 101,687 99,725 1,027.890 99.725 Churitctble activitie5 Grant-in-aid Admissions Other grants 2,152,( 16,320.¢XYJ 1.294.665 IS.472,() 1.294,665 1.350,015 3,143.(X)o 16,131.(Y)o 1,159,035 19,274,OiK) 1,159,035 1,039,679 1.350.015 1.039,679 Othertruding urtivite5 Sponsorships Trading 9.739 9,739 1,288,798 1.4(M).954 I.4).954 1.288,798 Investment income other income 46.065 280.080 46,($ 280,080 8,254 191,976 8,254 191,976 TIAal income 4.529.905 19.446A79 23.976.784 4.292.143 18.880.750 23.172,893 Expendlture on= Ruisingfunds Trading 54.787 1.506.496 1.561.283 41,134 1.435,405 1,476,539 ChGritGble activites Care of collections Curatorial & Education Experience & Enterprise Audience DÈvÈlopment Operations 260.771 771.990 516.161 131.318 237,553 1,972.580 3,520.947 2,45315 6.999,905 1.784,021 6,811,324 23.076,508 3.781.718 3.225,805 7,516.066 1,915.339 7,048,877 25.049.088 197,144 616,994 274.588 145,100 106,208 1.381.168 2,431,420 2,814,399 5,947.247 1,652.986 8,133,489 22,414,946 2,628,564 3,431,393 6,221,835 1,798,086 8,239,697 23,796,114 Net incomellexpenditurel 2.557.325 13.629.6291 11.072.3041 2.910.975 13.534.196) 1623.2211 Translers beeeTh funds 11,057,9471 1,057.947 12,383,286) 2,383,286 Other recognlsed 8alnslllossesl Gain5111osses1 on revaluation of fixed assets 1.322,186 1.322.186 4,277,853 4.277,853 Nel movement in fvnds IA99.378 11.249A961 249.882 527.689 3.126.943 3,654.632 Reconciliation of funds.. Total funds brought forw8rd 22,456,180 82.164ABi IrA,6ZO271 21,9Z8,491 79,037,148 100,965,639 Total funds tarrled forward 23.955.558 80.914.595 IIX.870,153 21,456,180 82,164,091 104,620,271
NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2024 Note 2024 2023 Fix•d Ass•ts Tangible assets Heritage assets Right of use a55ets Intangible assets Investment in subsidiary 89,716,041 13,902,708 90,440,184 12,671,032 68.759 954.002 10 885,677 104,504,428 104,133,979 Current Assets stock Debtors Cash at bank and in hand 12 13 14 299,052 1.650,339 3,023,058 4,972,449 276,117 1,250.753 3,573,919 5,100,789 Llabllltles Credrf(ors - amounts falling due within one year 15 4.606.724 3.752.065 Net current assets 365,725 1,348,724 Total assets less current liabilities 104,870,153 105,482,703 Creditors - amounts falling due after more ihan one year Provision for liabilities and charges 16 17 129.8561 832.576 1862,4321 Total Net Assets 104.870,153 104,620,271 Represented by: Restricted funds Unrestricted funds Revaluation resetve 18 18 18 23,955,558 30.846.774 50.067,821 22,456,180 33.296.182 48,867,909 104,870,153 104,620,271 The notes on pages 67 to 82 forrn part of th8se account5. The accounts on pages 64 to 82 were approved by the Board of Trustees of National Museums Nl on 5 November 2024 and are signed on its behaw. G Milligan Chaimian of The Board of Trustees K Thom%)n Chief Execulive 65
NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF CASH FLOVIS FOR THE YEAR ENDED 31 MARCH 2024 Note 2024 2023 Cash flows from operating activities: N•t cash provid by lusgd inl operating a¢tivitlO$ 21 3,134,034 3,276,635 Cash flows from Snvestlng actSvltles: Interest recew8d Proceeds from the sale of property. plant and equipment Puchase of intangible fixed assets Purchase of tangible fixed assets 8.254 1299,5651 3,431,395 1318,9561 3,392,881) Nèt cash provldad by Ius8d Inl Invèsting actlvities 13,684,895) 13,703,583) Cash flows from financing activities: Payments of lease liabilities Interest on lease liabilities paid 138,6721 9751 Net cash provlded by (used Inl flnanclng actlvttles 139,6471 Chang8 In cash and cash u1valentS In the r•portlng rIOd Cash and cash èqulvalents at 1 April 2023 Cash and cash èquivalènts at 31 March 2024 1550,8611 3,573,919 3,023,058 1466,5951 4,040,514 3,573,919 21 21 Further detail to this cash flow statement is reported in Note 21. The notes on pages 67 to 82 fomi part of these accounts. 66
NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS ACCOUNTING POLICIES Basis of accounting These a¢Unts have been ppared in &CA)rdan with the historic4 (x)st wwentKX) as m¢yJffied by Ihe valUatiOn of certain assets. Without limiting the inforrnation given. the accounts meet the *counting and disdosuo requirements of the Companies Ad 2006, the acwunting standards issued or adopted by the Accounting Standards and disdosure requirements issued byth8 Department of Finance in so far 85 those Qu1MentS a appropriate. They also ¢omKtywith the Charities SORP IFRS 1021120191. The chanty is a public benefit entty. The a no matenal UnrtaIntieS related to events or condibms Ihat cast svJnthcanl doubt on the abiltyof National Museums Nl to continue as a going concern. The prin¢ipal pdi¢ies whth have been &lopted in Ihe preparation of these a¢rx¥unts a as fol0.. In¢omlng resou$ Grant incorne from the Departmenl for COrnmunes is shown in Ihe Statement of Financial Actiwties in the year in thich il is reved. Undra¥¥n grant4n-aid is not available to be carried forvard frorn one to the next. Other grant incorne is recognised as and when the (xJnditK)ns for its receipt have en meL Deferred income will be mat¢he(l and leaSed as and when the ndit)n$ for ts awlicats.on have been met. GtFts in kind donat8d, wher8 a third party is b88ring th8 (rt are induded atthe (>)sl to Ihe third party. Admissions in¢ome. trading income and donab.ons a aco)unted for an accruals basis. No amounts are included in the accounts for 5eMces donated by volunteers. Resources expended Resources expended are accounted for on an accrua15 basi5. Expendtture 15 dassffied under principal charitable actmties or cost5 of generating funds in order to provide more useful information to the users of the accounts_ Expenditure is dassrfied to be in furtherance of charityobj'ectives when it is direcuy attributatAe to the projects undertaken. AJI other expenditure is allo¢ated either to supp1 ¢o$ts or ¢osls of generating funds. as appropriate. Support costs ¢omprise the wsts of the Chief Executive's Office. Hurnan Resources, Finance and Governance costs and are a1cled to the Charitab acti¥e5 on a basis consisient with the use of the resources. The suptK)rt costs are albcated according lo the number of full time equivanI staff employed in each activity. G0Veman costs are the costs incurr&d to 8nsure proper standards of public accountabiltty within National Museurns Nl and are made up of internal audtt, extemal audit and professional lees associated with go¥eman¢e. 67
NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS Tangible Assets and Depre¢iation Tangible fixed assets are stated 8t wsl or valuati. Depreciation 15 provided on all tangible fixed assets, other than land, a55ets under construction arKI heritage asset5, at rate5 calculated to write off the cost or valuation, less estitn8ted resKILJal value, on 8 straight line basi5 for eath asset over its expected useful life as follow5.. Buildings Permanent exhibitions Computer equipment Fixtures and equipment Plant and machinery Motor vehicles 2%-5% 2%-20% 5%-20% 5°A- 20% S°h- 15% 7°A- 15% Per annum per annum per annum per annum per annum pw annum Land and bU11ng$ are professionally revalued every year. With the exception of pem)anent exhibitions. the cost of all other fixed assets are restated annually to reflect their current value using the relevanl price IndeS al the year end and io idents'fy any impairment of value. The revaluation surplus or loss. net of the corresponding adjustment io a¢curnulated depreaatK)n. is credited to the revaluation reseroe. The 8SS8ts' r8sidu81 valu8s and useful lives ar8 r8vi8wed. and adjusted. rf atvropriate. at th8 end of 88ch reporbng period. The minimum level for capitalising tangible fixed assets is £1,0(VJ, amhCgh h)wer valued items may be [le and capitalised where they constrtute a unit or group. Herltage Assets Objects purchased since 1 April 2001 are induded in the balan sheet al cost. Depreckqtion is nol charged and the objects are not revalued. Objects donated since 1 April 2001 are included at valuation based on the amount paid by the donor or an estimate of fair value based on the opinion of National Museum5 Nl's specialist staff. Where obtaining a value is not practs'cable, donated heritage ass8ts are not recnISed in th8 accounts. colleCtnS acquired before 1 April 2001 are 8Ssets of hiskn&91 and scientific imtxjrtance hdd to advance N8tion81 Museums Nl's educational and Itural objectwes. These assets were not capitalised in past accounti1 periods as reliable (xTrst information was fM)t available and 8 reliable valuation approach was not considered to be comrnensurate wth the benefits io users of the financial statements. Nature & scale of herStage assets The collection5 of National Museurns Nl are multidiscitAinary. diverse and span all time peritxls, referenrAng North8m Ir8land within, and to, th8 wider worfd. Hisiorically. they have grown on the site-based framework of the Ulster Museum. the Ulster FrAk & Transport Museums and the Ulst8r American Folk Park. However. since similar collection types can late lo more than one site. they are more appropriately classified within six broad and compmentary subject aa$. National Museums Nl n11ne to colleci wlhin Ihese subject areas and the lime periods and geographic aa$ to which they relate". 2. Emigration., 3. Folk Life and Agriculture., 4. Human History., S. Natural Sciences.. and 6. Transport. Industry and Technology. Policy on aequisition and disposal of Hèritagè Ass•ts Natnal Museums Nl has a Collections Development Policy in pl. This wdicy promdes further infom)ation on the nature of heritage assets held. It is available online at www.nab"onalmuseumsni.org. 68
NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS Pollcy on management and preseryatlon of herltage assets Three policie5 ouuine National Museums Nl's intent tOWdrds the development, management, (zre, conseNation of, and access to the collections.. the Collection5 Developrnent Policy., the cleCtIOnS Care and Conservation Policy,. and the Collections Informat and Acc8ss Policy. Thes8 p(Aicies were developed as part of Natic>nal Museums Nl's successful application renewal for Museum Accreditab'on in 2015, approved by the B(18rd of Trustees in March 2015 and it is currently being reassessed and remewed. In addition. a National Museums Nl Collections Documentation Plan exists which ouuines the tasks required to progress the management ol the collections in alignment wth the minimum industry standard known as SPECTRUM. Intangible assets Intsngible assets are stated al cost less accumulated amorbsation and aCMUlated impaimient losses. AmortisatM)n is calculated, using the straight- line method, to allocate the depreCIae amount ol the assets to their $Val values over their estimated useful lives. as follows.. Software On-Trade License 4-SrS 10 years Development costs that are direcuy attributable to the design and lestirrfJ of identifiable and unique software products controlle(J by Natnal Museurns Nl are recognised a5 intangitAe Èsset5 when the follong crtberia are meL . it is technic8llyfeasible tc> complet8 the software so that r( wll be available for us8- . management intend5 to complete and use tt., . it can be detnonstrated how the software wll generate probab future econornic beneffls" ' adequate technical, finanaal and other resources to complete the development and to use the software are avaikble-, and . the expendrture attributable to the software during rts devety)ment (an be ieliably measured. Other development expenditures that do nol meet these criteria a reCOgnk8j as an expense as incUd. The minirnum level for capitalising Intangib fixeil assets is £1.IKKI. atth(wh k)wer v8lued tern$ may be twled and capitalised where they constitute a unit or group. Stocks St(kS have been valued at the lower of (x>st arKI estimated net realisable walue. Creditors Cr8ditors and prow5ions are recDJnis8d where the chartty has a pr8sent obligatK)n r8sulb.ng frorn a past ev8nt that will probably r8SU in th8 transfer of funds lo a third party and th8 amount due to setue the obligation can be measured or estimaled r8li8bly. Creditors and provisions ar8 norrn8lly recognised at their setdement amount after allowing for any Irade discounts due. Debtors Trade and other debtors are recwnised at the setllement amount due after anytrade discaxjnt offered. Prepayments are valued at the net amount prepaid. Cash at bank and in hand Cash at bank and in hand include deposts heky at 11 with banks and petty cash and float balances. Liabilities and provisions Liabilities and provisions a recognised as iesoJrces expen¢Jed as s(x)n as there is a legal or c(fftstructive obligats.on commth.ng Nats"onal Museums Nl to expenditure. Rsarvès Policy Natn81 Museums Nl forecasts to operate on an annual basis wilhin a balanrd fvnding fomiula of grdnt-in-aid. sponsorship and donations. and se- generated income. Annual operating surpluses lor deficits) a kepl to a minimum and are iransferred to the Unrestricted General Reserve at 31 March each year. The Charities SORP requTres c8Pital grants to be included within ttTe Statement of Financial Activities in the year in which they are Teceivable. The only expenditure against this is depreciation. Therefore during periods of high G3tHlal investment, surpluses wll arise on the Statement of Financial A1Vities. The balanc8 On th8 R85trict8d General Fund avail8bl8 at 31 March 2024 w8s £24.Om. The Trustees (nSider that sufficient fLJnds 8r8 held in an appropriate form to enable funds to be applied in acwrdance wth any restrictiorh imposed. The balance on the unstrICted General Fund. iogether with this policy. is rewewed on an annual basis. Natn81 Museums Nl recewes varu$ types offunding whh require separate disc4)sure. These are differentiated beiween restricted and unrestricted funds. 69
NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS Restrfcted Funds Restricted funds are those funds which are subject to speryfic reslricbon imFM)sed by the donor. by the purpose of an appeal or are reiVed for a specified purpose. They comprise the followng: Collect acqUisitrn fund- this fund represents the value of herttage assets lunded by restrided dc¥)ations and grant-in-aKI since April 2001. Government grant for f1xed assets- this fund repSentS funding from the Department for the ao]uisityon of fixed assets which following acquisition have no restriction on use and therefore transfer lo the Untricted lunds. Exhibition fund- this fund represents Ihe nel t*)ok value of NatK)nal Museums Nl's peThanenl exhibitions. The Art Fund - the 2010 Art Fund Prize fund. to be used on a curatorial prograrnme. Curatori81 Projects fund - funds to be used on spectfic curatorial projects. O.L. Nelson L8gacy fund- donat8d to National Mu58urns Nl forthe sp8(xfic purtxjse to purchase prints and drawngs. Patrick Donald Legacy Fund- donated to NatK)nal Museums Nl forlhe Spe(ir purw)se to purchase artefacts of Irish interest. General fund - this fund is to enable National Museums Nl to manage rts worf(iThJ catxtal rdats.ng to restricted actNth"es. Unrestricted Funds Unrestricted funds are those funds whh are availat4e for use al the discretion of the Twstees in furtherance of the general objectives ol National Museums Nl. They comprise the lollowng= Capital reserve- represents fixed assets transferred to NaIal Museums Nl the Ulsier Folk and Transport Museum when National Museums Nl was established under the Museums and Galleries (Nothem Ireland) Order 1998. This fund is reduced annualty by depCiation. Revaluation re5erve- this fund represents the revalution surplus or10$5. net of the corresponding adjustment to accumulated depreciatk)n on the revalued assets. Governrnent grant for fixed ass8t5- this fund ttMJether wilh th8 rapital fund and th8 revalualK)n r8serv8 r8pres8nts the net book value of 811 unrestricted assets. narnety land and buildings. fixtures and equipment and motor vehides. Gener81 fund - thi5 fund is to enable Nats"on81 Museums Nl to manage its working (xtxtal relating to unrestricted actIves. Unrestricted Designated Fund Board Reserve general fund- donatK)n mon$ set aside to fvnd fijlure projects approved by Ihe Trustees. in the furtherance of our general objectives. Board Reserve capital fund- prowds of Sa of assets to wnvesl in capilal projects approved by the Trustees. Taxation All incorne and expenditure is slated exdusive of VAT, which i8 fulty re0)verab. Natnal Museums Nl has been granted charitable ststvs by HM Revenue & Customs. 70
NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS DONATIONS AND LEGACIES 2024 2023 Donations.. Gift Aid Other donations 30.156 74.959 14,972 86.715 105,115 101,687 Glfts In klnd.. tlonated assets 1.027.890 99.725 Donated serw¢es Total 1.027.890 99.725 The incotne from donations of £105,115 are unrestricted12022123." £101.6871. Grfts in kind incorne at Marth 2024 cotnprise5 donations to the collections of £1.027.890. At March 2023 this induded dOnatiS to the colectiS of £99.725. In addition to above. 15 the contribLrtion tnade by volunteer5. V(Aunteer5 rDake a significant znd dprse contribution to Ihe Suc5 01 National Museutns Nl. They supwrt us in many areas of the Organisatn. in roles ranging frorn assistiry curatorial stsff. to as5istiry wilh visitor servKes and education stsff. INCOME FROM CHARITABLE ACTMTIES Grant4n-ald from the Department for Communltie8 2024 2023 Resour grant-in-aid lun$trie¢} Capital grant IRestrictedl 16.320.000 2.152.000 16.131.000 3.143.000 Total recelved 18.472.000 19,274,000 Admissions 1.294.665 1.159.035 Other grants 2024 2023 Capitsl grants.. Natnal H1510ry Museum Friends of the U15ter Museum NatK)nal Heritage Memorial Art Fund E5mee Mitchell Trust IFPDA Foundalion 165.144 10.100 90,000 41.700 6.000 8.532 32.000 Total ¢apitsl grants 197.144 156.332 Revenue grants.. National Lottery Herita9e Fund Northern IrÈLgnd Environment Agency E5mee Fairb3irn NalK)nal Archives Other N8tK)nal History Museum Tate (British Art NeOrkI NatK)nal Portrait Gallery Imwrial War Museum British brary P8ac8 IV Pilgrim Trust Total revenue grants 617.868 414.048 51.133 19,856 33.436 6.257 5.250 5.000 23 429.090 350.$34 29.054 38.785 10.008 1.750 5.465 11,471 800 4,496 1.894 1.152.871 883.347 1.3.015 1.039.679 With the exptIon of resour grant-in-aid all of the grant5 are held in a restriLled fund (further ¢Jetail on rest¢ted funds 15 given in note 11. 71
NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS 4. INCOME FROM OTHER TRADING ACTMTIES 2024 2023 Sponsorshlps 9,739 Trading.. Retail Hire of facilities Consuttancy fees Photographic sales Events income Franchise income 862.608 231,841 42.934 29,888 83,105 150,578 791.286 104,470 42.648 33,127 140,139 177,128 1.400,954 1,288,798 Sponsorship in¢orne relates to specific programmes and events atwj is reslricted. Tr&Jing incorne is unrestricted. 5. OTHER INCOME 2024 2023 Other Income 280,080 191,976 280.080 191.976 6. EXPENDITURE Other Staff costs Direct costs Indlrect Depreciatlon & costs impairment 2024 Total 2023 Total Trading Care of Collections Curatorial & Education Exp8ri8nC8 & Enterpris8 Audience Development Operations 594.432 2,61M,607 1.T11.513 4,781,985 1.010.701 1.622.007 621.310 82.436 107,644 432,178 552.578 358.108 455,704 1,011,782 324.561 257.307 3.890.692 348.313 263.105 637,289 543.606 1,266,595 322.770 1,187.865 1,561,283 3,781,718 3.225.805 7,516,066 1.915.339 7.048.877 1,476,539 2,628,564 3.431.393 6,221,835 1.798.086 8,239,697 12,385.245 5,952.489 2.490.124 4.221.230 25,049,088 23,796.114 Expenditure on charitable actwitses was £25,049,08812022123.. £23,7.114) of which £1,972.580 wer8 r8Strict8d12022123.. £1,381,168). 72
NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS 6. EXPENDITURE l¢ontinuedl staff costs 2024 2023 Sabries and wages lindudes temp)rary rt)n-payc41 staffj Social security Costs Pension costs Apprenbceship levy Other staff costs Release of Historic Payroll PwsN)n 9,745.318 888.252 2,524,346 29.106 10,798 1812.5751 8,507,520 765,040 2,281,896 25,664 24,580 Total costs wtthin expenditure 12,385,245 11,604,7(x) Induded in the above cost5 15 £416.77912022r23". £431.3011 paid in respect of emphJyThent agency5tsff. Induded in other staff costs are £10.798 12022123.. £13,506) of redundancy (x)sts. Stsff costs of £319,77012022123.. £310,068) have been rApital'sed in relati to capilal project management time and are not included in resources expended. Further information on the release of historic payToII provisi G8n be found vthhin note 17. Further inforrnation on staff costs is contained within Ihe Remun8ratKJn and Staff RerM)rt. Support Costs Trading Care of Curatorial Experien¢e Audi*n¢e Operations colkdions & Education & Enterprise 2024 2023 FinancelCEO officel Human Resources 119.222 625.028 SI7. 1.463.268 3.721.125 503.741 6,950,290 3,034,372 Governance- induded in above 6.245 32.737 27.126 76.642 19.491 26.385 188.626 220,082 Governan¢o Costs 2024 2023 Audit and accountancy fees Other governance costs 75,135 113.491 39,755 180,327 188.626 220,082 7. NET INCOMING RESOURCES Net incoming resources is stated after charging.. 2024 2023 Auditors, remuneration= in respect of audit S8rvic8s in respect of intemal audrt Depreciation ortisation Impairment Charges IProfrt)ILoss on Distx)sal of Fixed Assets 29,1(M) 46.035 3.852.184 436,646 167.6001 18,100 21,655 3,613,531 98,110 117,600 The 2023 impairmÈnl tharge rèL2tes lo tho dovm of a site near Landseer Street. Belfast to market value. This asset was put up for sale and the 2024 figure refiects the increase in value of the assel up to the agreed sale pri. More infotmatK)n this can be found in note 8. 73
NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS 8. TANGIBLE FLXED SSETS Latsd and Fixtyjres and E4UiWlrt SubTotal Heritsge Total EAhibibons V•hid Cost orvaluatlon Al 1 nI 2023 75.853.OW) 13.394.151 16.667.191 533.754 I.448.16 12.671,032 119.119,1 Add$ 801.054 f37.116 701.151 1.739.321 1231,676 2,970,997 DisKh)sals [1.931) 1462.11n 1470.0481 1471J,IM81 Reversal of Itnpairrn9nt 67.6 67.6 ReVaaon 1.233.YJ81 14.551 (gg).014) 990,014 Al 31 MarL 2024 75.487.746 13.623.316 17.135.658 548.305 1(.795.024 13.W2,708 120.697 732 Al 1 Apnl 2023 4.411.270 11.249.226 16.(X)7.982 16,007,9B2 Depreciation 2.445.665 1.034W6 35.sn 3.852.184 3.85Z.1J4 Impaimient ¢h¥gss Disposs 11.931) 1461.051} 1468.9821 146K9B21 ReVaabo 2.443,671 1.304 5.167 2.31Z.2 Z.311ZQO At31 March 2024 10.080 4.739.43S 11.949.324 380.144 17.078.gB4 17,078,9ft4 Net ts(k valuè At 31 M4rch 2024 75.477.666 8,883.881 s.1338 168,161 89.716.041 11902.708 103,618,749 At 31 March 2023 7S.845.fAJ4 ,98l361 S.417, 194.354 9J.44D.184 11671.lJ32 103,111,Z1$ Land and bu118 net twk V¢ C(Wnpri". Lea5ehaW Imwovernent3 LO kaSedS 75.475.671 75.477.666 75.841.015 75.845.frfM IndUd In land and dir Ls a site orw0MatdY 0.25 a¢5&X3ied at L3ThlseerSIrt has been a9 lors al£550,0. The sale ofthis asset COMpted in July2024. Aful vaknation fordl other Lqnd and buldkngswas a4rrkd by Land arvj Plopwservi (LPS)at31 2tr24. The va3[10$ be$ ofvalualon. 05$ al shes ¥e as fdkwts.. Property Value Basls ofvaluatlon Ulster Museum 27.45T.IJ72 al exi%tsry use buildings al d&clated Ulster Folk Nluseum 14.341.391 aleXbrO L%e aThJ buildings al deprec4ated UlsterTransport Museurn 19.379.016 L¥j al eXts LEe aj buildings al dgpreLiated U15terAmeFiran Folk Parf 5.364.TT3 Lawj alex use aj building5 al deated rerkneni1Sl Re$ential Centre 1.633.419 La¥J al UBe aThJ buildings al deweuated repkatemenitttsi Lat al Laser Street .(W Lj al rnarkel kssLfsp05al costs StDres 6.7Y).IW Matketvthe and at Exisbtu usevakn8 and al¢Jgwe(¥atsd rePThen1 cost 75.475.671 l otherassets of Nationa MuSm$ Nl re reydw in Ine ilh awytyiats irfKwal 31 Mari* 2024. 74
NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS 8. TANGIBLE FIXED ASSETS (Contlnued) Heritage assets acquired since 1 April 2001 have been capttalised at either purchase cost or at a valuation based on the amount paid by the donor or an estimate of fair value based on the opinion of National Museums Nl's specialist staff. The analysis of additions between purchases and donations for the current year and the preceeding four years are summarised below. No assets have been disposed of. depreciated or impaired. 2024 2023 2022 2021 2020 Acquisitions at cost Donated assets at valuation 203.786 1,027,890 1,231,676 500,851 99,725 623,075 442,670 1,065.745 418.234 865,782 1,284,016 173.996 625,375 799,371 600,S76 75
NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS OPERATING LEASES Financial commitments under operab.ng aSes= 2024 2023 Building$= Not later than one year Later than one year and not later than five years Later than five years 22,000 33,000 21,277 22,000 $4.277 Other- Not later Ih8n one year Later than one year and not later than five years Later than five years 4.459 3,716 4.459 7,946 8,175 12,405 Total commitments under operating leases 30,175 66,682 The recognition of leases on the Balance Sheet in 2022123, amounting to £68,759, has been reversed to comply wth the Charities SORP IFRS 1021120191. The difference between this and the 2022123 liabiltty of £66.682 dis¢losed at)ove is to a¢¢oLJnt for the present value of the lease obligations. The totsl expenditure relatsng to operating leases rewgni5ed in the Ststement of Financial ActNits"es during 2023124 is £39,536. 76
NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS 10. INTANGIBLE FIXED ASSETS Computer software On.trade licence Totsl C05t or valuation At 1 April 2023 994,481 199,588 1,194,069 Additions 368.321 368.321 At 31 March 2024 1.362.802 199.588 1.562.390 Amortisation At 1 April 2023 236,741 3,326 240.067 Charge for year 414.839 21.807 436.646 At 31 March 2024 651.580 25.133 676.713 Net book value At 31 Mah 2024 711,222 174,455 885,677 At 31 March 2023 757.740 196.262 954.002 11. INVESTMENTS 2024 2023 Investment in Subsidiary- National Museums Northem Iland Enterprises Limrte National Museums Nl owns the Who ol the issued Sha capitsl of National Museums Northem Ireland Enterprises Limited INMNIELI. a registered company. The registered office ol NMNIEL is Administration Offi, Ulster Folk Museum, Bangor Road, Holywood, Northern Ireland, 8T18 OEY. At 31 March 2023, NMNIEL had net assets totalling . 12. STOCK 2024 2023 Shop goods for re58le Academic publications for resale Maintenance materials and consumab Farm stock 233,499 19,625 27.249 18,679 201,790 22,300 28,975 23,052 299,052 276,117 13. DEBTORS 2024 2023 Trade debtors Prepayments and accrued income Other debtors 243.799 901,333 505.207 119,672 642,792 488,289 1.650.339 1.250.753 77
NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS 14. CASH AT BANK AND IN HAND 2024 2023 Cash at bank and in hand 3,023,058 3,573.919 15. CREDITORS lamounts fallin9 due within one year) 2024 2023 Trade creditors other taxe5 and sockal securty A¢¢ruals Deferred in¢ome Other ¢dI10 Lease liabilities 1,067.931 191.289 3.171.006 173.611 2.887 603.198 181.654 2.738.809 191.100 478 36,826 4.606.724 3.752.065 Movement on deferred income Advance admin charyo Contract I grant Sponsorship Event deposit Total Balance as at 1 April 2023 Amounts released from previous years Incoming resources deferred in the currenl year Balanc8 as at 31 March 2024 125.876 153.(X)11 12.9)1 58.474 I33.3)) 59.001 3.750 13.7501 3.750 191.100 193.1411 75.652 13.(KXJI 85,776 84,085 3,750 173.611 Deferred income will be matched al releaj as aw¥J when the contracbJal oLligations have been discharged. 16. CREDITORS lamounts falllng due after more than one yearl 2024 2023 Lease liabilities 29.856 29,856 78
NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS 17. PROVISIONS FOR LIABILITIES AND CHARGES Payroll Other Total Balance as at 1 April 2023 Provided In year Provisioll5 not required wrttten back Utilised in year 812.576 20.(K)O 832.576 {657,5081 {155,0681 1657,5081 1175,0681 120,CKJOI Balance as at 31 March 2024 Followng final judgement in the IPSNI v Agnewl legal case in the Sutleme Court. and legal adw(2 soughl by NatH)nal Museums Nl. the provision of £812,576 has been released, with a revised estimate of £155,068 made for the likety finanual outlay. This sum is included wthin the total accruals amount di5c105ed wtLhin note 15. The funding of this likY oullay has been prowded by the Departsllent for Communities. Anafysis of expected timing of discounted Ilows Payroll Other Total Less than one year Later than one year and not later than five stars Later than 5 years Balancè as at 31 Mareh 2024 79
NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS 18. STATEMENT OF FUNDS At l April 20rJ Expenditure Revaluation Transfers At 31 March 2024 R¢strictsd Fund$ COltI acquisition fu 12,671.032 1.123.875 107,801 13.2,708 Government grant for fixed assets 15,0841 1.818,899 11,705,379) 108,436 Exhibition fund 8.982,861 237.116 I336, 8.883,881 Voluntary Exil Scheme fund 9.484 Payroll Provision 1812.5761 1155.068 812.576 1155.0681 The Art Fund 1tKI.000 1100.IKKII I32.0) CuratorSal Projects Fund 8.099 8,099 O.L. Nelson Legacy 438,340 127,2231 411,117 P Donald Legacy 319,734 148.5781 271,156 Nalural History Museum 165,144 1165,1441 General fund 744.290 22.456.180 1.152.871 4.529,905 11.381,4161 11.972,5801 515,745 23.955,558 11.057.947) Unre5triGted Funds DèsiynatÈd fund: Board Reserve fund Board Reserve capital fund 226.961 473.719 105.116 227.(M)O 332,077 700,719 Unde81gnated funds: Capital reserw8 1.857,6 1488,OZ7 1.369,579 Revaluation reserve 48.867,gJ9 1122,274 1,322,186 50.(E7,821 Government grant forffixed assets 31.685.813 13.274.8331 1.869.457 30.280.437 General fund 1947.9171 82.164.091 19.114,763 19.446,879 119.191.3741 123.076.5081 1811.5101 1.057.947 11.836.038) 80.914,595 1.322.186 Totsl Funds 104,620,271 23,976.784 25,049.088 1,322.186 104,870,153 The transfer of £1.705.379 from Restricted Funds". l>)vemment grant for fixed assets. represents the aCquisitn of a55ets during the year whKh have no rÈsiriciions on use. 80
NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS 19. ANALYSIS OF NET ASSETS BET¥VEEN FUNDS 2024 To1 20rJ Totsl Fixed Assets Current Ass8ts 22,786.589 3.430.9 2.026.959} 81,717,839 1.541.459 2.579,765 104.504,428 4.972,449 14.606,724 104,133,979 5,100,789 14,614.497 To1 N$1 Assets 24.19).620 80.679.533 104.870,153 104,620,271 20. CAPITAL COMMtrMENTS Ther• wart capital commthanis ai 31 March 2(r241222I23." £2LK).LXXJI ttirvJ MU cawtal 21. NOTES TO CASHFLOW Re¢oncilltion of Incornp to net infflow from operating activths 2024 2023 Net incomellexppnditurel forthe reports.ng penod as perthe statementotffinancial aclivths 11.072.304) 1623.2211 Adjustments for.. Depreciauon Amortisation Impairment crge¥ IProfftWoss on dSaI offixed assels Dec¥$111n¢reaS6I in slctk DeCreaslICreaSe) in debt(Ks In¢reasellde¢real in ¢reditOIS Increaselldecreasel in provision Deposit Intsrest rt¢trivabltr (Gaifilloss on derec(unition of right of use assets 3.852,184 436,646 167,6001 1,066 122,9351 1399,5861 1.283.127 832,5761 146.0651 2,077 3.613.531 98.110 117.600 11.6031 823.162 1754,7401 11.075 18.2YI 975 Nel cash prOded bylused inl operating acbvibes 3.134.034 3.276.635 Anatysis of ¢a$h and ¢8¥h wuivalonts 2024 2023 ¢8sh al bank and in han 3.023.058 3.573.919 Anatysis of change in net debt At 31 March 2024 2023 Cash flows Cash Cash equiv¥lenls Overdraftfacilty Loans due ¥wlhin one year Loans due after one year Fin¥nce kase oblv3alion$ Totsl 3,573.919 1550,8611 3,023,058 3.573.919 1550,861 3.023.058 81
NATIONAL MUSEUMS NI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS 22. RELATED PARTY TRANSACTIONS National Museums Nl is a Non-Departmental PU1C Body fvnded by the Department for Communf(ies. The Chief Executive is a non executive director of Strategic Investmenl Board (SIB). During the year £50,464 was paid to SIB for secondee services to provide Asset Management suprK)rt. No money was reiVed by SIB during the year12022123'. £6951. The Chief Executive is a non executive director of Visit BeKast and during the year £4,200 was paid to Visit Beast for annual partnerships and publirotions12022123." £6.3001. Visrt Belfast paid nothing to National Museums Nl in the Gurrerht year12022123.. £nill. The Chief Executive is a executive director of Tourism Ireland. During the year nothing was paid to Tourism Ireland {2022123'. £nill and £2,720 was reIVed as a donation12022123: £2.7201. National Museums Nl has had a number of transactions wlh other Govemment Departments and olher Central Government Bodies. These have been mainly wth Central Procurement Directorate and Civil Service Pensions Brarhch withhn the Department of Finance and Personnel. 23. FINANCIAL INSTRUMENTS National Museums Nl's resources are met through grant-in-aid funding received from ihe Department for Communities and also throLJgh grant funding from other sources and from income generated thiough admissions, trading activities and donations. National Museums Nl does not hold any Gomplex financial instruments. The only finanThal instruments inGluded in the awunts are reGeivables and payables. cash and short term investments. Trade re(Eivables are recognised at fair value less a provision for impairment (bad debll. The provision is made when the National Museums Nl is of the view that the debt may not be collectable in full. or in part, in accordance with the ternis. The organisation has no borrowngs and relies primarily on departmental grants for its cash requirements. Other than the financial assets and liabilities which are generated by day to day 0rational activities, National MuseLJms Nl holds no finanaal instruments. Liquidity Ri$k National Museums Nl secures funding for inescapable core actiwties in advan of expenditu being committed. National Museums Nl however relies on Seif-Generated Income to distharge ts full ststulory obligab.S therefore is exSed lo some liquidity risk. Credit Risk National Museums Nl have credit policies and procedures in place and currenty do rw)t exlend material credit facilities. National Museums Nl is not therefore exposed to any malerial credil risk. 24. CONTINGENT LIABILITIES With regards to the IPSNI v Agnewl legal case referred to in Note 17. uncertainty exists in relation to whether interest or any other uplrft will become payable on the sums due to the Claimants to flect the effluxK>n of time. As this matter is not agreed. no provision has been made in Note 17, however a contingent liability is being disdosed in the event thal the posrftion changes during the remaining ourse of setdement proceedings. 25. EVENTS AFTER THE REPORTING DATE There were no events since the end of the financial year requiring disclosure. The Accounting Officer authorised these financial statements for issue on 13 November 2024 82