Charity registration number 104796 Company registration number N1045100 (Northem Ireland) THE SIEGE MUSEUM LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR TrIE YEAR ENDED 31 DECEMBER 2023
THE SIEGE MUSEUM LTD CONTENTS Page Charity Infomiation Trustees. report Independent examiner's report Statement of financial activities Balance sheet 9-10 Notes to the financial ststements
THE SIEGE MUSEUM LTD LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr William Hay Mr James Brownlee Mr Ronald Mccausland Mr Worthington McGrath Mr Ivan Taylor Mr Richard Wray Mr George Luney Mr Victor Wray Mr Michael Speers Mr James Speers Mr Noel Moore Mr William Moore Mr Matthew Hamilton (Appointed 9 March 2023) Secretsry Mr Worthington McGrath Charity number 104796 Company nUMr N1045100 Registered offic6 The Siege Museum 13 Society Street Londonderry 8T48 6PJ Independent examlner Moore {Nl) LLP 21123 Clarendon Street DerylLondondery BT48 7EP Bankers Danske Bank PO Box 183 Donegall Square West Belfast BT16JS
THE SIEGE MUSEUM LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annual report and financial statements for Ihe year ended 31 December 2023. Thè financial statements have been pr8pared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" (effective 1 January 2019}. ObJe¢tlves and actlvftles ur ses and aims Our charity's purposes are as set out in the objects clause contsined in the company's Memorandum of Association: To restore and promote the permanent preservats'on, for the benefit of the public generally and especially the inhabitants of the city of Londonderry of a Memorial at the Royal Bastion. City Walls, Londonderry to the Late Reverend George Walker. joint Govemor of the city of Londonderry during the siege of 1689 and to establish and maintain for the education and benefit of the public generally and especially the inhabitants of the city of Londonderry museums, interpretive or heritage centres within the City Walls of Londonderry to depict by display and chronicles, the attainments of the Scottish, English and French Protestanl settlers and descendants in the City and County of Londonderry with 8 permanent feature on the events of 1688 - 1689 incorporating ihe Reverend Doctor George Walker's influence on the besieged and his subsequent national acclaim The focus of our w Our main objective for the year to provide tours and exhibitions for the benefit of the public relating to the Glortous Revolution of 1688, with hislory and heritage around the walls of Londondery through the siege heroes trail and other events wilhin the city Whou and benefil from our seNices? Our objects and funding focus on the promotion. education and preservation of the historical events surrounding the Great Siege of 1689 and Ihe benefit extends to the general public within Northern Ireland and Ireland, international visitors, educational bodies and cross community initialives. A core element of the project will be the development of new teaching materials on the history of the Great Siege, for Primary and secondary schools, which will link in with both the Northem Ireland and Ireland educational syllabuses The trustees have paid duo regard to guidance issued by the Charity Commlsslon in deciding what activltles the charity should undertake.
THE SIEGE MUSEUM LTD TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and performance The Siege Museum is pleased to retain its 4 Stsr recognition from Tourism Northern Ireland. The report was exceptionally complimentsry, Gommending stsff. presentation and deanliness. A few recommendations were suggested and will be implemented on an ongoing basis. On 4th January 2023, Fluid Audio Visual engineers commenced the installation of new projectors and screens on the 1st and 2nd floors of the museum, enhancing the films on both levels. Cost of the project totalled £19,985. The museum was delighted to continue welcoming cultural groups, community associations. school parties and university students during the year. We are especially pleased to welcome many international academics introduced by Queen's University and students from several unrversities based in the United States participating in conflict resolution studies. The visitors found the museum and our explanations usefijl arHJ valuable to understand the complex road to peace in Northem Ireland. The gallery continues to offer a welcoming environment to all groups that wish to understand the culture associated with the Great Siege of Londondery and its legacy. Special visitors.. On the 18th May we were pleased to welcome the Secretary of Stste. Chris Heaton Harris and offer a guided tour of the museum, explaining its Creation and purpose. A warm welcome was also extended to Will Gelling, the new Northern Ireland Office Political Director who visited the museum on the 21st June. We were again delighted to welcome the Perfiamentsry Under Secretsry of Stale, Lord Jonathan Caine, on Wednesday 4th October. Following a guided tour of the museum we engaged in a meaningful discussion debating the ongoing legislation introduced to North8m Ireland through the implementstion of the Protocol and Windsor Framework. Recent projects include: Urban Village Initiative.. Although the funding was initially for a three-year project, we were delighted to re1Ved a further extension to the programme. The extra year enabled the facilitstors to continue providing guided tours to visiting groups from various areas of Northem I[and. Although a challenging initiative, we are pleased to proceed with the venture and continue to welcome group visits to the museum. Schools Programme: Once again it was pleasing to continue with this presentation which eni>UrageS school parties to the Siege Museum thus offering us the opportunity to convey an understanding of the history of the Gat Siege of 1689. Department of Foreign Affairs Reconciliation Fund: Funding was secured towards sponsoring group visits to the Siege Museum. The funding provided a guided tour, refreshments, coach travel and a booklet on the Siege. Derry City & Strabane District Council: We were pleased to secure funding to assist towards rnuseum overheads. As part of the ongoing inttiative to celebrate the citys rich cultural heritsge DCSDC along wtth The Honourable The Irish Society. worked in partnership to offer smal5 grants to venues to present animation during Culture Night. We were successfLJI in obtsining funding to provide an exhibition on 17th century cannon and mustket fire. We were also pleased to secure funding from the DCSDC Heritage Animation and Visitor Servicing Fund to assist with staff salaries and summer animation of Ihe museum. We also made a successful application to the slippage fund to psent a 17th century cannon and musket display each Saturday during March. This display attracts curious and attentive spectators and assists the promotion of the museum.
THE SIEGE MUSEUM LTD TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Partnerships: Th8 museum continues to be represented on a Walled City Heritage Venue5 Group coordinated by officials from Derry City & Strabane District Council. This committee will pioneer and encourage visitors to the hentage venues around the walls and the city in general. A visitor pass scheme has been created and managed by Wisit Derry. This enterprise has yet to reach its anticipated potential for the museum and other participating visitor attractions. Despile the initial disappointment, we believe the pass should have improved advertising and hopefully this will increase sales and add to the museum footfall during the incoming year. Accredltallon: The museum is pleased to have achieved Northem Ireland Museum Accreditation. Our focus will now be aimed at ensuring the policies and plans are maintained and the museum retains the high standard we have achieved to comply with the qualification. We hope the accredilation will enhance prospects for suslainabilily, assist future funding applications and most importantly, comply with conditions set out by funding agencies that contributed towards the construction of the museum. Soclal medla: The Siege Museum's website displays all relevant information concerning the museum, introducing events & programmes, opening hours, admission prices, facilities and directions. Facebook and Twitter ensure visitors are updated with relevant events. including tslks and tours that are taking place. Outreach vehicle: Volunteers continue to plan for events and activities which will attract visitors to the museum. Their promotional activity greatly enhances the museum. raises the profile. creates awareness and encourages footfall io our exhibition. 2023 has been an encouraging year wrth the retum of tourists and vlsitors to the city. We now look forward to increasing our tourism potential and creating additional footfall tr) the Siege Museum. Flnanclal revlew The Trustees have secured funding from Derry City & Strabane Dislrict Council, the Department of Foreign Affairs and Trade,. Reconciliation Fund, Urban Village Initiative and The Act Initialive during the year. Th8 charity has recorded an overall deficit of £6.491 for the year. The majority of this relates to spending restricted funds received in the prior year. Unrestricted funds have decreased by £785 on the prior year. Income Irom tours of the musèum has increased slightly on the previous year and sales of souvenirs hav& increased by £7k. on the previous year. The restricted income received from funders varies from year to year depending on the projects being funded and as a consequence costs specific to projects vary accordingly. Restricted funds at the year end are £17,704. The running costs of the museum are at a similar level of the previous year and the trustees are satisfied with the financial result. The Trustees have examined the charity's requirements for reserves in light of the main risks to the organisation. The reserves are required to meet the working capital requirements of the Charity. The long term slrategy is to build reserves through planned operating surpluses. structure, governance and management The charity is a company limited by guarantee incorporated on 7 January 2003 and regislered as a charity with the Charity Commission for Northern Ireland. The charitable company was established under a Memorandum of Association and is governed by its Articles of Association. Memberfs liability in the evenl of the company being wound up is limited to £1.
THE SIEGE MUSEUM LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees, who are also the directors for the purpose of company law. and who served during the year and up to the date of signature of the financial statements were: Mr William Hay Mr James Brownlee Mr Ronald Mccausland Mr Worthington McGrath Mr Ivan Taylor Mr Richard Wray Mr George Luney Mr Victor Wray Mr Michael Speers Mr James Speers Mr Noel Moore Mr Raymond Ch8StnLrtt Mr William Moore Mr Mathew Hamilton (Resigned 9 March 2023) (Appointed 9 Mah 2023) Under the requirements of the Memorandum and Articles of Association trustees are elected at an Annual General Meeting from amongst those persons nominated by the ordinary members. The trustees have the power at any time to appoint any person to be a trustee, either to fill a casual vacancy or as an addition to the existing trustees. Any trustee so appointed serves only until the next Annual General Meeting at which Trustees are to be elected and are then eligible for re-election. A retiring Trustee is eligible for re-election. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. ststement of trustees. responsibilities The trustees, who are also the directors of The Siege Museum Ltd for the purpose of company law. are responsible for preparing the Trustees, Report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the charity and of the incoming sourceS and application of resources. including the income and expendrture, of the charitsble company for that year. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then appty them consistenlly". - observe the methods and princtples in the Chartties SORP: make judgements and estimates that are reasonable an(J pruden( stste whether applicable UK Accounting Standards have been followed, subject to any material departUS disclosed and explained in the financial ststements. and prepare the financial ststements on the going concem basis unless it is inappropriate to presume that the charity will continu8 in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charty 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 tsking re8sonable steps for the prevention and detection of fraud and other irregularities.
THE SIEGE MUSEUM LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees, report was approved by the Board of Trustees. Mr Worthington McGrath Trustee Mf William Moor8 Trustee 6 March 2024
THE SIEGE MUSEUM LTD INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SIEGE MUSEUM LTD We report on the financial statements of the charity for the year ended 31 December 2023. which are set out on pages 8 to 21. Respective responsibilities of trustees and examiner The trustees. who are also the directors of The Siege Museum Ltd for the purposes of company law, are responsible for the preparation of the accounts in accordance vith the requirements of the Companies Act 2006. Having satisfied ourselves that the Charity is not subject to audit under company law, and is eligible for independent examination, it is our responsibility to: examine the accounts under section 65 of the Charities Act (il) follow the procedures laid down In the general directions given by the Charity Commission for Northem Ireland under section 65(9){b) of the Chartlies Act {iii) to state whether particular matters have come to our attention. Basls of Independent examlnerfs report We have examined your charity accounts as required under section 65 of the Charities Act and our examination was carried out in accordance with the general Directions given by the Charity Commission for Northem Ireland under section 65(9)Ib) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disdosures in the accounts, and seeking explanations from you as charty trustees concerning any such matters. Our role is to stste whether any material matters have come to our attention gNing us cause to believe: 1. That accounting records were not kept in accordance with section 386 of Ihe Companies Act 2006 2. That the accounts do not accord with those accounting records 3. That the accounts do not comply with the accounting quIrernents of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland 4. That there is further information needed for a proper understanding of the accounts to be reached. Independent examinerfs statement We have completed our examination and have no concerns in respect of the matters (1) to (4) listed above and. in connedion with following the Directions of the Charity Commission for Northem Ireland. We have found no matters that require drawing to your attention. (a) which gives us reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 386 of the Companies Act 2006. and {ii) to ppare financial statements which accord vlith the accounting cordS, comply with the accounting requirements of section 396 of the Companies Act 2006 and wllth the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities; have not been met or (b) to which, in our opinion. attention should be drawn in order to enable a proper understanding of the financial ststements to be reached. Moore (Nl) 21123 Clar DerylLon BT48 7EP LP don Street onderry Dated.. 6 March 2024
THE SIEGE MUSEUM LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrictsd Restrlcted funds funds 2023 2023 Total Unre8trlcted Restricted funds fund5 2022 2022 Total 2023 2022 Notes Income from: Donations and legacies Charitable activities 12,354 70,511 12.354 110,597 15,668 61,877 15.668 101,357 40,086 39,480 Totsl Income 82,865 40,086 122.951 77,545 39,480 117,025 endit eon: Charitable aclivities 85,968 43,474 129,442 67.418 45,632 113,050 Net (outgolng)Ilncomlng resources before transfers (3,103) (3,388) (6,491) 10,127 (6,152) 3,975 Gross transfers beeen funds 2,318 12.318) 1,985 (1,985) Net {expendltureylncome for the yearl N•t movement In funds (785) 15.706) 16,491) 12,112 (8,137) 3,975 Fund balances al 1 January 2023 - as restated 233,632 23,410 257,042 221,520 31,$47 253,067 Fund balances at 31 December 2023 232,847 17.704 250,551 233,632 23.410 257,042 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Th8 Statement of financial activtlies also complies with the requirements for an income and expenditure account Ljnder the Companies Acl 2006.
THE SIEGE MUSEUM LTD BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 as restated Notes Fixed assets Tangible assets Heritsge assets 85,369 12.000 73,172 12,000 10 97.369 85,172 Current assets Stocks Debtors Cash at bank and in hand 11 12 13.998 129 141,196 16,461 7,673 149,514 155,323 173,648 Credltors: amounts falling due wlthln one year 13 (2.141) (1,778) Net current assets 153,182 171,870 Total assets less current Ilabilitles 250,551 257,042 Income funds Restricted funds Unrestricted fund Designated funds General unrestricted funds 15 17.704 23,410 16 52,966 179,881 1.770 231.862 232,847 233,632 250,551 257.042
THE SIEGE MUSEUM LTD BALANCE SHEET {CONTINUED) AS AT 31 DECEMBER 2023 The company is entitled to the exemption from the audit requirnent contained in section 477 of the Companies Act 2006. for the year ended 31 Dec8mb8r 2023. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with r8spect to accounting records and the preparation of financial ststements. The members have not required Ihe wrnpany to obtain an audit of its financial ststements for the year in question In accordance with section 476. These financial statements have been prepar8d in accordance with the provisions applicable to companies subj8Ct to the small companies regime. The financial Ststements were approved by the Trustees on 6 March 2024 Mr Worthlngton McGrath Trustee Mr Willlam Moore Trust•• Company reglstratlon number N1045100 10-
THE SIEGE MUSEUM LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charlty inforniation The Siege Museum Ltd is a private company limited by guarantee incorporated in Northem Ireland. The registered office is The Siege Museum. 13 Society Stree( Londondery, BT48 6PJ. 1.1 Accounting convention The financial statements have been ppared in accordance with the charitys [goveming document], the Companies Act 2006, FRS 102 The Finanual Reporting Stsndard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republi¢ of Ireland (FRS 102)" (effective 1 January 2019). The charty is a Public Benefit Entity as defined by FRS 102. The charity has taken advantsge of the provisions in the SORP for charities not lo prepare a Statement of Cash Flows. The financial statements are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. [modified to indude the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements. the trustees have a reasonable expectstion that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the twste&s continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds a available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds a subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notss to the financial ststements. Endowment funds are subject to spectfic condttions by donors that the capital must be maintained by the charity- 1.4 Income Income is recognised when the chartty is legally entitled to it after any performance CLJnditions have been met, the amounts r2n be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipL Other donations are recognised once the charity has been notified of the donation. unless performance Conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognrsed at the time of the donation. Legacies are recognised on receipt or otherwise rf the charity has been notified of an impending distribution, the amount is known. and CeIpt is expected. If the amount is not known. the legacy is treated as a contingent asset. 11
THE SIEGE MUSEUM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies Icontlnued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to third party. it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be rneasud reliably. Expenditure is classified by activity. The costs of each activty are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned bemieen those activities on a basis consistent with the use of resources. Central staff costs are allocat8d on the basls of time spent, and depreciatlon charges are allocated on the portion of the asset's use. 1.6 Tangible flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreelallon Is recognised so as to write off the cost or valuats'on of assets less their resldual values over their useful lives on the following b35es: Leasehold improvements Fixtures and fittings Computers Motor vehicles 2% straight line 200A straight line 250k straight line 200A straight line The gain or loss arising on the disposal of an asset is determined as Ihe difference beeen the sale proceeds and the carying value of the asset. and is recognised in the statement of financial activities. 1.7 Impalrment of fixed assets Al each reporting end date, the charity revlews the carrying amounts of rts tangible assets to determlne whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to det8fmine the extent of the impairment loss (rf any). 1.8 Stocks stocks are stated at the lower of cost and estimated selling price less cosls to complete and sell. Cost comprises direct materials and, where applicable. direct labour Costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal considerab.on are measured the lower of replacement cost and cosL Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.9 Cash and cash equivalents Cash and c35h equivalents include cash in hand. deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 12-
THE SIEGE MUSEUM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.10 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instrnments. Financial instruments are rerngnised in the charity's balance sheet vthen the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilittes are offseL with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic flnanclal assets Basic financial assets, vthich include debtors and cash and bank balances, a initially measured at transaction price including transaction Costs and are subsequently carried at amortised cost using the effective Interest method unless the arrdngement constitutes a financing transaction, wher8 the transaction is measured at the present value of the fvture receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basi¢ financlal Ilabllitles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequentty carried at amortised cost. using the effective interest rate rnethod. Trade ¢dItorS are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classtfi8d as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are CogniSed initially at transaction price and subsequenty measured at amrtised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entilement rs recognised in the period in which the employee's seNices are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.12 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 13-
THE SIEGE MUSEUM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Crltl¢al accounting estlmates and Judgements In the application of the charity's a¢¢ounting policies, the trustees are required to make judgem8nts, estimat8S and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are Considered to be relevant. Actual results may differ from these estimates. The e5timate5 and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both Gurrent and future periods. Donatlons and legacles Unrestrfctad Unreslrlcted fund8 funds general general 2023 2022 Donations and gifts Grants received 11,554 800 14,868 800 12,354 15,668 Gran16 recelvabl¢ for Core actlvltles Other grant income 800 800 BOO BOO 14-
THE SIEGE MUSEUM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activities Operation of Operation of a museum a museum 2023 2022 Tour income Grant income Ancillary trading incorne 34,846 40,086 35,665 33,379 39.480 28,498 110,597 101,357 Anaty5is by fund unstrICted funds - general Restricted funds 70,511 40,086 61.877 39,480 110,597 101.357 Perfonnance related grants Dery Cty and Strabane District Council Department of Foreign Affairs and Trade: Reconciliation Fund Urban Village Initiative Association of Independent Museums The Act Initiative Other 15,627 13,106 10,703 23,532 8,404 5.300 2.244 650 40,086 39,480 15-
THE SIEGE MUSEUM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltable activitles Operatlon of Operatlon of a museum a museum 2023 2022 Staff costs Depreciation and impairment Outreach costs Exhibition costs Premises costs Insuranc8 Advertising Printing, stationery, postage and teleplK>ne Travel and subsistence Legal and professional fees Bank charges General expenses Cost of memorabilia sold 39,223 8,832 28,297 7,575 6,872 4,512 1.408 2,756 2,110 2,095 1,967 2,043 21,752 36,045 8,122 18,439 9,500 5,564 4,389 2,520 2,572 1,722 3,539 1,831 2,114 16,693 129,442 113,050 129,442 113,050 Analysis by fund Unrestricted funds Restricted funds 85,968 43,474 67,418 45,632 129,442 113,050 Trustees No trustees received any remuneration for services as members of the Board of Trustees in either the Currènt or prior financial year. A Irustee, Mr W Moore, received payments tolalling £5,500 (2022: £2,600) for servic88 for facilitation of agreed accommodations. Another tNstee, Mr J Brownlee received £1,668 {2022'. £1,220) in volunteer expens8s. No other trustee or person related to the Charity had any personal interest in any contract or transaction entered into by the Charity during the currènt or prior financial year. Employees The average monthly number of employees during the year was: 2023 Number 2022 Number 16-
THE SIEGE MUSEUM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Employees (Continued) Employment costs 2023 2022 Wages and salaries Other pension costs 38,326 897 35,470 575 39,223 36,045 There were no employees vthose annual remuneration vS more than £60.000. Taxation The charity is exempt from tsx on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. Tangible red assets Leasehold Fixtures and Comput•rs Molor vehl¢lo1 Improvements fftiings Total Cost At 1 January 2023 Additions 77.979 63,172 20,579 20,922 449 68,685 230,758 21,028 At 31 December 2023 Tl,979 83,751 21,371 68,685 251,786 Depreciation and impaimient At 1 January 2023 Depreciation charged in the year 13,050 1,560 54.929 7,249 20,922 68,685 157.586 8.831 At 31 December 2023 14.610 62,178 20,944 68,685 166.417 Carrying amount At 31 December 2023 63,369 21,573 427 85,369 At 31 December 2022 64.929 8,243 73,172 17-
THE SIEGE MUSEUM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Heritage assets At 1 January 2023 and at 31 December 2023 12,000 Heritage assets relate to a collection of deactivated w8aponry and memorabilia dating to the 36th Ulster Division and the early formation of the Ulster Volunteer Force in 1913. This collection is included at cost in the financial ststements. Depreaation is nol provided as it is considered to have an indefinite life. However. it is reviewed for impairm8nt due to damage or det8rioration at each reporting dat8. Oth8r coll8ctions on dlsplay in the Siege Museum are on loan from the Trustees of the Apprentice Boys Memorial Hall and are thèrefore not included in the financial statements. 11 Stocks 2023 2022 Finished goods and goods for resale 13,998 16,461 12 Deblors 2023 2022 Amounts falllng due wlthln one y•ar: Other debtors 129 7.673 13 Cradltors: amounts falllng dua wlthln ono year 2023 2022 As restated 594 1,184 Other taxation and sorial security Accruals and deferred income 657 1,484 2,141 1,778 14 Retlrement beneflt schemes Deflned Contrlbution schemes The charity operates a defined contribution p8nsion scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an indep8ndendy administered fund. The charge to profit or loss in respect of defined contribution schemes was £897 (2022 - £575>. 18-
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THE SIEGE MUSEUM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Analysls of net assets between funds Unrestricted Restricted funds funds 2023 2023 Totsl Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Fund balances at 31 December 2023 are represented by: Tangible assets Heritage assets Current assetsl(liabilities) 72.423 12,000 148.424 12,946 85,369 12,000 153.182 58.230 12,0(Xl 163,402 14,942 73,172 12,000 171,870 4.758 8.468 232,847 17.704 250,551 233.632 23,410 257.042 18 Related party transactions Other than the transactions disdosed at Note 6 to the financial statements, there were no disclosable related paty transactions during the year (2022 - none). 19 Prlor perfod adjustment It was recognised in an earlier year that an amount of £18,670 included within accruals was not payable. However, no adjustment was made to the financial statements at that time. This has now been amended by way of prior year adjustment with the effect of decreasing accruals and increasing openlng unrestricted reseNes In the prior year by £18,670. -21