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
unle￿rItted
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
2,453￿15
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 be￿eeTh 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 p￿pared 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 ￿Qu1￿MentS a￿ appropriate. They also ¢omKtywith the Charities SORP IFRS 1021120191.
The chanty is a public benefit entty.
The￿ a￿ no matenal Un￿rtaIntieS 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 COrnmun￿es is shown in Ihe Statement of Financial Actiwties in the year in thich il is re￿ved. 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 supp￿1 ¢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 a1￿c￿led 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 equiva￿nI 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 bU1￿1ng$ 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 Ind￿eS 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, amhC￿gh 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 rec￿nISed in th8
accounts.
colleCt￿nS 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 comp￿mentary subject a￿a$. National Museums Nl ￿n11n￿e to colleci wlhin Ihese subject areas and the lime periods and geographic
a￿a$ 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
Nat￿nal 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 c￿leCtIOnS 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 aC￿MUlated impaimient losses. AmortisatM)n is calculated, using the straight-
line method, to allocate the depreCIa￿e amount ol the assets to their ￿$￿Val values over their estimated useful lives. as follows..
Software
On-Trade License
4-S￿rS
10 years
Development costs that are direcuy attributable to the design and lestirrfJ of identifiable and unique software products controlle(J by Nat￿nal
Museurns Nl are recognised a5 intangitAe Èsset5 when the follo￿ng crtberia are meL
. it is technic8llyfeasible tc> complet8 the software so that r( wll be available for us8-
. management intend5 to complete and use tt.,
. it can be detnonstrated how the software wll generate probab￿ future econornic beneffls"
' adequate technical, finanaal and other resources to complete the development and to use the software are avaikble-, and
. the expendrture attributable to the software during rts devety)ment (an be ieliably measured.
Other development expenditures that do nol meet these criteria a￿ reCOgnk8￿j as an expense as incU￿d.
The minirnum level for capitalising Intangib￿ fixeil assets is £1.IKKI. atth(wh k)wer v8lued ￿tern$ 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.
R*sarvès Policy
Nat￿n81 Museums Nl forecasts to operate on an annual basis wilhin a balanr*d 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
A￿1Vities.
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 un￿strICted General Fund. iogether
with this policy. is rewewed on an annual basis.
Nat￿n81 Museums Nl recewes var￿u$ types offunding wh￿h 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 re￿iVed for a
specified purpose. They comprise the followng:
Collect￿￿ acqUisit￿rn 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 rep￿SentS funding from the Department for the ao]uisityon of fixed assets which following acquisition
have no restriction on use and therefore transfer lo the Un￿tricted 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 wh￿h 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 NaI￿al 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 dep￿Ciation.
Revaluation re5erve- this fund represents the revalution surplus or10$5. net of the corresponding adjustment to accumulated depreciatk)n on the
revalued assets.
Governrnent grant for fixed ass8t5- this fund ttMJether wilh th8 rapital fund and th8 revalualK)n r8serv8 r8pres8nts the net book value of 811
unrestricted assets. narnety land and buildings. fixtures and equipment and motor vehides.
Gener81 fund - thi5 fund is to enable Nats"on81 Museums Nl to manage its working (xtxtal relating to unrestricted actIv￿es.
Unrestricted Designated Fund
Board Reserve general fund- donatK)n mon￿$ 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￿.
Nat￿nal 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 dOnati￿S to the colecti￿S of £99.725. In addition to above. 15 the contribLrtion tnade by
volunteer5. V(Aunteer5 rDake a significant znd dp￿rse contribution to Ihe Suc￿5 01 National Museutns Nl. They supwrt us in many areas of the
Organisat￿n. 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￿$tri￿e¢}
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..
Nat￿nal 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 Ne￿OrkI
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 ex￿ptIon 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
E4UiWl*rt
SubTotal
Heritsge
Total
EAhibibons
V•hid*
Cost orvaluatlon
Al 1 ￿￿nI 2023
75.853.OW)
13.394.151
16.667.191
533.754
I￿.448.1￿6
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
ReVa￿a￿on
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
Dispos*s
11.931)
1461.051}
1468.9821
146K9B21
ReVa￿abo￿
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.1￿338
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 bu1￿1￿8 *net twk V￿￿¢ C(Wnpri￿".
Lea5ehaW Imwovernent3
LO￿ kaSe￿dS
75.475.671
75.477.666
75.841.015
75.845.frfM
IndUd￿ In land and ￿￿dir￿ Ls a site orw0￿MatdY 0.25 a¢￿5&X3ied at L3ThlseerSIrt has been a9￿￿ lors* al£550,￿0. The sale ofthis
asset COMp￿ted in July2024.
Aful vaknation fordl other Lqnd and buldkngswas a4rrkd by Land arvj Plopwservi￿ (LPS)at31 2tr24.
The va￿3[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
aleX￿brO L%e aThJ buildings al deprec4ated
UlsterTransport Museurn
19.379.016
L￿¥j al eX￿ts￿ LEe a￿j buildings al dgpreLiated
U15terAmeFiran Folk Parf
5.364.TT3 Lawj alex￿￿￿ use a￿j building5 al de￿￿ated
rerkneni1￿Sl
Re$￿ential Centre
1.633.419
La¥J al UBe aThJ buildings al deweuated
repkatemenitttsi
Lat￿ al La￿se￿r Street
.(W L￿￿j al rnarkel kssLfsp05al costs
StDres
6.7Y).IW Matketvthe and ￿ at Exisbtu usevakn8 and
al¢Jgwe(¥atsd reP￿￿Then1 cost
75.475.671
l otherassets of Nationa MuS￿m$ 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 Ma￿h 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 I￿land 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￿ relea￿j 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 lik￿Y 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$
COl￿tI￿ 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 aCquisit￿n 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
To￿1
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
To￿1 N$1 Assets
24.19).620
80.679.533
104.870,153
104,620,271
20. CAPITAL COMMtrMENTS
Ther• wart capital commthanis ai 31 March 2(r2412￿22I23." £2LK).LXXJI t*tirvJ ￿ MU￿ cawtal
21. NOTES TO CASHFLOW
Re¢oncill*tion of Incornp to net
infflow from operating activths
2024
2023
Net incomellexppnditurel forthe reports.ng penod as perthe statementotffinancial aclivths
11.072.304)
1623.2211
Adjustments for..
Depreciauon
Amortisation
Impairment c￿rge¥
IProfftWoss on d￿￿SaI offixed assels
Dec￿¥$*111n¢reaS6I in slctk
DeCreas￿lI￿CreaSe) in debt(Ks
In¢reasellde¢rea*l 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 prO￿ded 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 PU￿1C 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 re￿iVed 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 Be￿ast 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 re￿IVed 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 0￿rational 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 ex￿Sed 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