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 nUM￿r
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 r￿e1Ved 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 G￿at
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 p￿sent 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 Ma￿h 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 departU￿S
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 p￿pare 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
be￿een 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 requi￿rnent 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 p￿pared 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 rneasu￿d 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 be￿een 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
un￿strICted 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 v￿S 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 r￿ed 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-

C4ts
oor
QQC£tL 52￿c)C££

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