COMPANY REGISTRATION NUMBER: N1024103 CHARITY REGISTRATION NUMBER: NIC105286 The Somme Association Company Limited by Guarantee Financial Statements 31 March 2024 AUBREY CAMPBELL & COMPANY Chartered accountants & statutory auditor 631 Lisburn Road Belfast BT9 7GT
The Somme Association Company Limited by Guarantee Financial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the directorfs report) Independent auditorfs report to the members Statement of financial activities (including income and expenditure account) 15 Statement of financial position 16 Statement of cash flows 17 Notes to the financial statements 18 The following pages do not form part of the financial ststements Detailed statement of financial activities 35 Notes to the detailed statement of financial activities 37
The Somme Association Company Limited by Guarantee Tru5tees' Annual Report (Incorporating the Dlrector's Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law. present their report and the financial statements of the charity for the year ended 31 March 2024. Reference and admlnlstratlve detalls Reglstered charlty name The Somme Association Charity registration number NIC105286 Company reglstration number N1024103 Principal office and reglstered 233 Bangor Road office NeOwnards Co. Down BT23 7PH The trustees Mr A McFarland Mr E Holmes Mr L Cree Mr L Logan Mr V Deshpande Mrs E Hoy Auditor Aubrey Campbell & Company Chartered accountants & statutory auditor 631 Lisburn Road Belfast BT9 7GT
The Somme Association Company Llmlted by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (coniinutdj Year ended 31 March 2024 Structure, governance and management Goveming Document The Somme Association is a charitable company limited by guarantee, incorporated on 26 January 1990. The company was established undera Memorandum ofAssociation which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £10 to the Charity's assets if it should be wound up while he or she is a member or within one year after he or she ceases to be a member for payment of the charity's debts and liabilities contracted before he or she ases to be a member and of the Costs, charges and expenses of winding up and for the adjustment of the rights of the contributors among themselves. Recruitment and Appointment of Trustees The Directors of the Company are also charity Trustees for the purpose of charity law and under the company's Articles are members ofthe Somme Association. Underthe requirement ofthe Memorandum and Articles of Association, the Trustees of the Somme Association Board are elected to serve for period of three years after which they must be reelected at the next Annual General Meeting. All members of the Board give their time voluntarily and receive no benefit from the charity. Any expenses reclaimed from the charty are set out in the accounts. Organisational Structure The Somme Association has a Board of Trustees of 6 members who, meet quarterly or more frequently. rf required. The 8oard is responsible for the strategic direction and policy of the Charity. The Director of the Somme Association. attends meetings of the Board. but has no voting rights. Day lo day responsibility for the management of the charity is delegated to the Director, who is responsible for ensuring that the charity delivers the services in accordance with its objectives set out in the Memorandum of Understanding, and Ihat key performance indicators are met. The Director has responsibilty for the day to day operational management of the staff at the Somme Museum and at the Ulster Memorial Tower. and for ensuring staff members continue to develop their skills and working practices in line with good practice. Hlstory The Somme Association was formed in 1990 with the aim of educating the public and commemorating. on a cross-community basis, the role played by Irish men and women in the First World War. It administers the Ulster Memorial Tower in France, and in 2004 purchased Thiepval Wood through grant from the Department of Culture, Arts and Leisure. It has over the last few years carried out archaeological excavations of the trenches in Thiepval Wood, from where the Ulster Division made its historic charge on the 1st July 1916. The Wood was opened for guided tours in July 20C6 and work continues on the original First World War trenches. The Association also owns Craigavon House in East Belfast, fomer home of Sir James Craig, Northern Ireland's first Prime Minister and central figure in the Home Rule Crisis. The Somme Heritage Centre opened in 1994 and became a fully accredited museum in 2002 under Museums, Libraries and Archives IMLAUK). The Trustees ofthe Somme Association decided to change the Museum's name to Somme Museum in 2014 and this was approved by Museums, Libraries and Archives in the same year. The Somme Museum (SM) operates as an educational facility, independent museum and as a tourist attraction. The Museum examines Ireland's role in the First Worfd War with special reference to local cross- community involvement in the three volunteer Divisions raised in Ireland: the 1 Oth and 16th
The Somme Association Company Limited by Guarantee Trustees, Annual Report (Incorporating tha Directorfs Report) {contsnuod) Year ended 31 March 2024 (Irish) Divisions, and the 36th (Ulster) Division. It provides public access to educational material that references the significant local historical, political, cultural and heritage context of the years 1910-22 and specifically in relation to the Battle of the Somme. The Museum conducts outreach work with schools; providing learning materials and links with the school curriculum. The Museum has also established relationships with a number of community and voluntary sector organisations which it aims to develop particularly within the women's sector. Since 2000, the Museum has expanded into the Second World War and other modem international conflicts. The key aims of the Museum include strengthenin9 cross-community understsnding and knowledge of shared heritage, improving cross-border relationships, promoting reconciliation and building on educationl outreach facilities and programmes - particularly towards youth and women. This supports the Executive's statement that events will be organised under the principles of- educational focus., reflection., inclusivty., - tolerance; respect., responsibility- and, - interdependence. The SM has an extenstve collection of material from the First World War period and in the last number of years a growing collection from World War Two. In 1998, a 'Management Committee, was formed for the SM, which incorporated members of the Somme Association, Ards Borough Council, North Down Borough Council, and interested individuals with educational, business and community relations backgrounds. Wrth the r&organisation of local govemment, the stwcture of the Committee has changed and now includes three Councillors from Ards and North Down Borough Council.
The Somme Association Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) f¢ontlnuedJ Year ended 31 March 2024 Objectlves and activitles Vision To assist in bringing the people of the island of Ireland to a mutual understanding through the commemoration and interpretation of the experiences of the men and women who lived, served, fought and died in modern international conflicts. Mission To improve community relations through commemoration and education on the important role played by Irish Soldiers in defence of freedom in the modern era in a baland, accurate and entertaining manner - through the provision of museum displays and experiences at the Somme Museum, and through the visitor experience at the Ulster Memorial Tower and Thiepval Wood in France. Values The Somme Association occupies a unique position, in which it has the respect and support of the full range of organisations and political parties representing communities from across the island of Ireland. As a result, it is able to make a significant contribution towards building a united and shared community in line with Northern Ireland Executive aims and priorities. The Association achieves this through promoting a factual and balanced analysis of the events surrounding the First World War, in order to educate all sections of our community in our shared history - a history which cannot be claimed by any one group to the exclusion of others. The whole community of Northem Ireland will benefit through the development of a common understanding of the commitment and sacrifices made by peoples from a Nationalist and Unionist background as they stood and fought together on the Western Front during the First World War. Although the story of the First World War is often told through the mililary and regimental museums in Ireland, the Somme Museum provides a shared space where people from various backgrounds can come to learn more about family members and the wider history of the war including the social and political conditions that prevailed at home. Through its professional approach in researching the history of the First World War, the Somme Association is commrtted to addressing the need for a shared communty set out by the Northern Ireland Executive and works closely wtth and supports the education sector in developing material to support the schools, curriculum requirements. Our Key Aims Our key aims are as follows.. - To strengthen our cross-community standing, and knowledge of our shared heritage., To improve Cross-border relationships., To build on our educationloutreach facilities and programmes particularly towards youth; To develop our exhibition areas to provide greater public access to material held by the Museum; and, - To improve our collections and collections management procedures. Public Benefit Statement The Somme Association is satisfied that it adheres to the public benefit test set out by the Charities Commission for Northern Ireland due to the objectives and activities it provides.
The Somme Association Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2024 Strategic report The following sections for achievements and performance and financial review fomi the strategic report of the charity.
The Somme Association Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) {¢ontlnued) Year ended 31 March 2024 Achlevements and performance Ister Memorial Tower: The Ulster Memorial Tower at Thiepval, France, has had a successful year. Several new staff members, supported by Museum staff, have quickly developed excellent relationships with visitors to the Tower and this has seen an increase in visitor numbers and new tour operators deciding to include the site in their itinerary. It is of note that the Thiepval site received top marks on Tripadvisor and was Travellers, Choice Winner for 2023124 season. The Association has been able to recruit locally based staff members. which allows a surge capacity at busy periods and over the annual Battle of Ihe Somme commemorations on 1st July. The previous staff members, who unexpectedly departed from their posts at the Tower in January 2023, submitted several pages of allegations against the Association and its staff. These were sent to the Association and further complaints, relating to governance, sent the Department of Finance (DoF} and the Charity Commission. An Association Trustee was tasked to investigate the allegations. It took some time to extract from the couple written evidence lo back up the claims made and the veracity of the accusations. Any outstanding issues were sorted out; a report is being compiled by the Chaimian and will be considered by the Board of Trustees in due course. Craigavon House featured by name in the polFiical agreement 'New Decade New Approach.. The Association has continued to insure and look after the site and it is to be hoped that a solution to its refurbishment and reuse may be found soon. The Chairman and Director have continued to meet with parties interested in developing a settled future for the House, including the Somme Nursing Home. The Director has continued to offer bespoke tours of Craigavon House to interested established groups and the House has been made available for filming and appeared in. BBC Restoralion Rescue,, 'The Prime Ministers, with Professor Alvin Jackson, and The Long & the Short of It, with The Hole in the Wall Gang & Dr David Hume. omme Museum: With reductions in income and financial support, the Somme Museum has been obliged to reassess its methods of operation. It is only open for walk-in vis¢tors each Wednesday and o Saturdays a month. However, the Museum introduced a booking system for group visits and this has proved very successful. We have also introduced an option to book evening group visits and this has also proved popular. The system for school visits has returned to normal and this continues to be our main business. The Museum operates with two full-time and one part-time staff members and is fortunate to have seven experienced and knowledgeable volunteers, who allow the guiding system to function and provide logistical support. Although adding additional pressure to her busy job, the Director has continued to carry out successful evening outa¢h presentations to Community and Historical Groups throughout Northern Ireland. Many of the groups follow up the presentation with a visit to the Museum. During the year, several events and exhibitions have been held at the Museum, including a successful visit and presentation titled 'Footsteps in Flanders Fields - The Battle of Messines, by Heuvelland Tourism and the Irish College Leuven in November 2023. The Royal British Legion carried out its annual Poppy Appeal Launch in October 2023. The Annual 'Christmas in the Trenches,, over three days prior to Christmas, quickly sold out and has again proved very popular. The Association has continued to work with the Heritage Lottery Fund over a grant application to fund management consullancy study into fulure possibilrties for the Museum. The study will cover
The Somme Association Company Limited by Guarantee Trustees, Annual Report (Incorporating the Dlrectorfs Report) (contlnuedj Year ended 31 March 2024 governance, sustainability and an assessment of site, location and key facilities and is expected to commence in Autumn 2024. t Whites ots". The Chairman and Director have had a series of meetings with Ards & North Down 8orough Council regarding the development of Whitespots Country Park and possible development of a new gateway centre for the site. Flnancial review The Somme Association has continued to operate in very difficult financial circumstances. In April 2023, the Association received a letter from the Department for Communities stating that funding for the Somme Museum would not be granted for 2023124. The Department had been providing project related funding during the 'Decade of Centenaries, 2012-2022. The Department of Finance has continued core funding for the Ulster Memorial Tower. The Association has been successful in applications to support OLrtreach activities. Discussions with the French tax authorities on the AsSlatIon,S liabilty to VAT, have progressed and we are awaiting further clarification on a small number of issues. The Association has continued in its efforts to transfer Craigavon House into suitable hands and there are encouraging signs that a solLrtion may emerge - such a transfer would ease the Association's financial burdens. Plans for future perlods The Somme Association is encouraged to believe that funding for a study into the future of the Somme Museum will be available and that the consultancy may begin in Autumn 2024. The Association has continued to be in discussion with the Department of Finance regarding potential refurbishment and enhancement of the Ulster Memorial Tower Visitor Centre at Thiepval. The Association is seeking to ensure a secure future for the Somme Museum, which provides such a unique educational and cultural experience. Discussions continue with Ards and North Down Borough Council, and other partners, to construct a plan for the development of the Museum, in parallel with the development of Whitespots Country Park. Trustees. responsibilities statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
The Somme Association Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnued) Year ended 31 March 2024 In preparing these financial statements. the trustees are required to.. select suitable accounting policies and then appty them consistently; observe the methods and principles in the applr2ble Charities SORP., make judgments and accounting estimates that are reasonable and prudent: state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements: prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are sponsible for keeping adequate accounting records that are Sufflent to show and explain the charty's transactions and disclose wrth 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 taking reasonable steps for the prevention and detection of fraud and other irregularities. Audttor Each of the persons who is a trustee at the date of approval of this report confimis that.. so far as they are aware, there is no relevant audrt inf0mtK)n of which the charty's auditor is unaware" and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charty's auditor is aware of that information. The trustees, annual report and the strategic report were approved on 5 February 2025 and signed on behalf of the board of trustees by: Mr A McFarland Trustee Mr L Cree Trustee
The Somme Association Company Limited by Guarantee Independent Auditorfs Report to the Members of The Somme Association Year ended 31 March 2024 Quallfied oplnlon We have audited the financial statements of The Somme Association (the 'charty') for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account). statement of financial position. statement of cash flows and the related notes, including summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unrted Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Iland (United Kingdom Generally Accepted Accounting Practice). In our opinion. except for the effects of the matter described in the basis for qualified opinion section of our report, the financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including ts income and expenditure, for the year then ended: have been properly prepared in accordance wilh Unrted Kingdom Generalty Accepted Accounting Practice., have been prepared in accordance with the reqUire[rnts of the Companies Act 2006. Basls for quallfied oplnlon The Association has historically regarded trade at the Ulster Tower visitorfs centre. srtuated at Thiepval IFnCe), as exempt from 'Taxe sur la Valeur Aj'outée. or TVA (French VAT). Legal advice received on this matter suggested that revenue generated on certain items is typically subject to French VAT, and - unless exemption from filing is available - VAT must be accounted for on sales, and retums filed from the month the threshold is breached. The advice did not confinn that an exemption was applicable, and it suggests that as the French tax authorities are unaware of vatable activity at the Ulster Tower, the Association is at risk of refusal to the French VAT exemption regime which would have applied up to 2018 (and subsequently through to 2024). The Association. rt states. must apply to the French tax authorities for VAT registration. providing an explanation of the situation. draft VAT returns, and applications for the necessary VAT exemptions vthere possible. In response. the Association filed the necessary VAT retums for 2017 to 2019. by email, on 24th March 2020, but they are yet to receNe a response from the French govemment departments of their submission. Accordingty, the Association remains unable to demonstrably confinn their level of exemption from VAT {between 2016 and 2024 inclusive), and to accurately quantify the amount of VAT which will become due (note that. to any liabilrty calculated, a penalty of 10°A will be applied plus late interest). We conducted our audit in accordance with Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the audito¢s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance wrth the ethical requirements that are revant to our audi( of the financial ststements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualifEd opinion.
The Somme Association Company Limited by Guarantee Independent Auditorfs Report to the Members of The Somme Association (contlnued) Year ended 31 March 2024 Material uncertainty related to golng concern In foming our qualified opinion, we have considered the adequacy of the disclosure made in note 3 of the financial Statements conceming The Somme Association's abilty to continue as a going concem. The statement of financial actNty (SOFA) shthvs that the Association suffered a financial loss in the year ended 31 March 2024 of £58.242 (2023. £35,547) We acknowledge the Board's attempt to perfom a financial review of the year ended 31 st March 2025, given the limrted resources available, and in light of inherently uncertain times, both generally and for the tourism and not for profrt sectors. Cash flow projections were not available, and the infomiation presented was not substantively auditable. Historically, atthough income in the fonn of government grants - the backbone of the Association's viabilty - has uttimately been received, the precise timing of any substantial sums has been sporadic. It is also noteworthy that long standing issues which may affect the viabilty ofthe Ass¢xiation in the short to medium temi, such as the sale of Craigavon House, sums owed to HM Revenue and Customs in respect of PAYE and National Insurance Contributions arrears and the VAT status of the Ulster Tower in France also linger. Accordingly, we agree with the Board that an underlying material uncertainty exists which may cast significant doubt with regard to the Asssxiation's abilty to continue as a going concern, given the sporadic timing and quantum of government grants to cover core funding.. and. the indefinite nature of voluntary donations, sizeable or otherwise. Our opinion is not modifEd in respect of this matter. Other infomiatlon The other infomiation comprises the infomiation included in the annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any fomi of assurance conclusion thereon. In connection with our audrt of the financial statements, our responsibilty is to read the other infornation and, in doing so, consider whether the other infornation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identfy such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other infomation. If. based on the work we have performed, we conclude that there is a material misstatement of this other infonrjation, we are required to report that fact. We have nothing to report in thts ard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the urse of the audit: the infomation given in the trustees. report for the financial year for which the financtal statements are prepared is consistent with the financial statements: and the trustees. report has been prepared in accordance with applicable legal requirements. 10
The Somme Association Company Llmited by Guarantee Independent Auditorfs Report to the Members ofThe Somme Assoclation {¢ontirtued) Year ended 31 March 2024 Matters on whlch we are requlred to report by exceptlon In light of the knowledge and understsnding of the company and its environment obtained during the course of the audit, we have not identified material misstatements in the trust*s' annual report (incorporating the directors, report). Except for the matter described in the basis for qualifEd opinion section of our report as described above, solely of the limrtation on our work.. relating spectfically to the tax status of the Ulster Memorial Tower visitor centre in France, we have not obtained all the infomBtion and explanations that we considered necessary for the purpose of our audit., and relating specfficalty to the tax status of the Ulster Memorial Ter visitor centre in Fran, we were unable to determine whether adequate accounting records had been kept. We have nothing to report in SpeCt of the follTh¥ing matters where the Companies Act 2006 requires us to report to you if, in our opinion.. retums adequate for our audrt have not been received from branches not visited by us.. or the financial statements are not in agreement with the accounting records and the retums. or certain disclosures of directors rernuneration specrfied by law are not made,. and the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the directors reports and take advantage of the small companies exemption from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees. responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparalion of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the trustees detemiine is necessary to enab the preparation of financial statements that are free from materlal misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees erther intend to liquidate the charity or to cease operations. or have no realistic altemative but to do so. 11
The Somme Association Company Limited by Guarantee Independent Auditor's Report to the Members ofThe Somme Association (contlnued) Year ended 31 March 2024 Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will ahvays detect a material misstatement when it exists. Misstatements can anse from fraud or error and are considered material rf. individually or in the aggregate, they could reasonabty be expected to influence the economic decisions of users tsken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance wrth laws and regulations. We deSn procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to whh our procedures are capable of detecting irregularrties, including fraud is detailed below= Our approach to identifying and assessing the risks of material misstatement in SPect of irregularities, including fraud and non<ompliance wrth laws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identfy or recognise non-compliance wrth applicable laws and regulations., - we identified the laws and regulations applicab to the charty through discussions with trustees and other management., owe assessed the extent of compliance with the lay and regulations identthed above through making enquiries of management and inspecting legal correspondence: and identified laws and regulations were communicated within the audit team regularty and the team remained alert to instances of non<ompliance throughout the audit. We assessed the susceptibilty of the charty's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of managernent as to where they considered there was susceptibilty to fraud, their knowledge of actual, suspected and alleged fraud: and considering the intemal controls in place to mitigate risks of fraud and non<ompliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - perfonned anawical procedures to identfy any unusual or unexpected relationships; - tested journal entries to identrfy unusual transactions,. and assessed whether judgements and assumptions made in detennining the accounting estimates set out in note 3 were indicative of potential bias. In response to the risk of irregularities and non-ccynpliance with laws and regulatK)ns, we designed procedures which included, but were not limited to.. - agreeing financial statement disclosures to underlying supporting documentation: - reading the minutes of meetings of those charged with govemance; and 12
The Somme Association Company Limited by Guarantee Independent Auditovs Report to the Members of The Somme Assoclatlon (ntInued) Year ended 31 March 2024 enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audrt procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non- compliance. Auditing standards also limrt the audrt procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial ststements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audrt evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 13
The Somme Association Company Limited by Guarantee Independent Auditor's Report to the Members of The Somme Association (¢onllnued) Year ended 31 March 2024 We communicate with those charged with govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any signsficant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charty's members Ihose matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. ee (Senior Statutory Auditor) For and on behalf of Aubrey Campbell & Company Chartered accountants & statutory auditor 631 Lisburn Road Belfast BT9 7GT 5 February 2025 14
The Somme Association Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Note Income and endowments Donations and legacies Charitable activities Other trading activities Investment income Other income 46,181 47,000 22,485 93.181 22.485 98,697 750 1,500 146,158 13.343 61,364 98,697 750 1,500 1,500 Totsl Income 145,628 70,985 216,613 222,365 Expenditure Expenditure on raising funds: Costs of other trading activities Expenditure on charitable activities Total expendlture 10 11,12 26,267 139,538 26,267 248,588 29,839 228,073 109,050 165,805 109,050 274.855 257,912 Net expenditure and net movement In funds (20,177) (38,065) {58,242) (35,547} Reconclllatlon of funds Total funds brought forward Total funds carried forward (296,003) (316,180) 846,500 550,497 586,044 808,435 492,255 550,497 The statement of financial actNities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 18 to 33 forni part of th080 flnanclal 8tatsments. 15
The Somme Association Company Limited by Guarantee ststement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets 18 826,731 858,619 Current assets Stocks Debtors Cash at bank and in hand 19 20 6,006 27,050 13,174 7,246 13,149 12,569 46,230 32,964 Creditors: amounts falling due wlthln one year Net current Ilabllltles 22 380,706 341.086 334,476 308,122 Total assets less current Ilablllties 492.255 550,497 Net assets 492.255 550,497 Funds of the charlty Restricted funds Unrestricted funds 808,435 846,500 (316.180) (296,003) 492,255 550,497 Total charlty funds These financial statements were appfoved by the board of trustees and authorised for issue on 5 February 2025, and are signed on behalf of the board by:, Mr A McFarland Trustee Mr L Cree Trustee The notos on pages 18 to 33 fom) part of these flnanclal statements. 16
The Somme Association Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Note Cash flows from operating activities Net expenditure (58,242) (35,547) Adjustments for." Depreciation of tangible fixed assets Other interest receivable and similar inccme Accrued expensesl(income) 38,066 (750) 1,534 36.830 {1.4821 Changes in.. Stocks Trade and other debtors Trade and other creditors 1,240 (13,900) 15,113 723 22,749 1,876 Cash generated from operations (16,939) 25,149 Interest received 750 Net cash (used in>lfrom operating activities {16,189) 25,149 Cash flows from Investlng actlvltles Purchase of tangible assets Net cash used in investing actNlties (6,179) (6,179) {475) {475) Net {decreaselllncrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equlvalents at end of year (22,368) 12,569 24,674 (12,105) 12,569 21 (9,799) The notss on pages 18 to 33 forni part of these flnan¢lal stslements. 17
The Somme Association Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General infonnation The Charity is a public benefit enlty and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 233 Bangor Road, Newtownards, Co. Down, BT23 7PH. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basls of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entty. 18
The Somme Association Company Limited by Guarantee Notes to the Financial Statements (¢ontlnu•dJ Year ended 31 March 2024 Accounting pollcles (contlnued) Going concem In preparing the financial statements, the trustees have considered the continued support of funding organisations, financiers and creditors. During the yearended 31 March 2024, the Association returned a deficit of£58,242 (2023.. £35,547 deficit). We. the Trustees, are acutely aware of our obligation to monitor the going concern status, via Management's continued focus on current and anticipated income and expenditure. The UlsterTowerwas open to visitors for the full season in 2024, and the museum in Nevrtownards opened on a part time basis and for prebooked group bookings. The profits generated in Thiepval continue to be of great importance. And although the timing of grant income remains an issue in terms of cash flow management, such income has been forthcoming, albeit to a lesser extent than in previous years. The sale of a local propety remains a prospect. On the other hand, sums owed to HM Revenue and Customs have increased, and despite further progress wf(h regard to confimation of the Association's VAT status in France, we continue to await confirmation from the French authorities. The Board and Management acknowledge their responsibility to manage the situation, and to make sound and sensible decisions regarding the viabilty of the operation at home and abroad. We continue to rely on the support of the bank and other third parties to whom the Association remains indebted. Although we acknowledge that the current economic trading condrtions and resultant lack of certainty regarding cash inflows suggest that a material uncertainty exists which casts significant doubt upon the Association's ability to continue as a going concern, as at the date of approval of the financial statements, we are not aware of any conditions that exist which may result in the withdrawal of support in the next 12 months by any known creditor. The Trustees therefore have a reasonable expectation that the Somme Association has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they consider that the preparation of the financial statements on a going concern basis is appropriate, and the financial statements do not contain any adjustments that would result if bank or credit facilrties were withdrawn or future funding or finance became unavailable. 19
The Somme Association Company Limited by Guarantee Notes to the Financial Statements (¢ontlnwdJ Year ended 31 March 2024 Accounting policies (continued) Judgements and key sources of estimation uncertainty The preparation of the financial ststements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Consequently, actual results may drffer from these estimates. The key judgements and estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: DepTrciation The company's statement of financial position reflects a tangible fixed asset class which is subject to depreciation. Depreciation rates are based upon the expected economic lives of the related tangible fixed assets. Any variation in the useful economic lives of the asset class will have an impact on the balance sheet and financial position of the company. The useful economic lives of tsngible fixed assets are uncertain and, therefore, the actual economic lrfe of an asset may be shorter or longer than expected. There have been no signifunt revisions to the estimated lives during the current financial year. Forelgn currencles Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transa¢tJon. Monetary assets and liabilrties denominated in foreign currencies are translated at the exchange rate ruling at the reporting date. with any gains or losses being taken to the statement of financial actNities. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for partular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of hvo SUblasSeS.. restricted income funds or endowment funds.
The Somme Association Company Limited by Guarantee Notes to the Flnancial Statements (conllnu•d) Year ended 31 March 2024 Accounting policles (¢ondnwd) Incoming resources All incoming resources are included in the statement of financial activities wher) entitlement has passed to the charity. tt is probable that the economic beneffts associated with the transaction will flow to the charity and the amount can be reliably measured. The following specrfic poIleS are applied to particular categories of income: income from donations or grants is reCOgned when there is evidence of entitMent to the gift, receipt is probable and its amount can be measured reliabty. legacy income is recogntsed when receipt is probable and entitlement is estsblished. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received rf the value can be reliably measured. No amounts a included for the contribution of general volunteers. income from contracts for the supply of services is recognised wrth the delivery of the contracted service. This is classffied as unrestricted funds unless there is a conlractual requirement for rt to be spent on a particular purpose and retumed rf unspent, In which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liabilty is incurred. Expendrture includes any VAT which cannot be fully recovered. and is classtfEd under headings of the statement of financial activities to which rt relates- expenditure on raising funds includes the costs of all fundraising actrvities, events, non- charitsble trading activities, and the sale of donated goods. expendrture on charitable activrtbes includes all costs incurred by a charity in undertaking activities that further its charrtable aims for the benefft of its beneficiaries, including those support costs and costs relating to the govemance of the charty apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charty nor part of its expenditure on charrtable activrties. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activty are allocated directty to that activty. Shared costs are apportioned betrween the activrties they contribute to on a aSOnable, justifiable and consistent basis. 21
The Somme Association Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2024 Accounting policies (¢ontlnuedJ Intangible assets Intangible assets are inrtially Orded at cost, and are subsequentty stated at cost less any accumulated amortisation and impaimient losses. Any intangible assets carried at revalued amounts. are recorded at the fair value at the date of revaluation. as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are onty recognised separately from goodwill when they arise from contractual or other legal rights. are separable, the expected future economic benefits are probable and the cost or value can be measured reliab. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over Ihe useful lrfe of that asset as follows.. Copyright 10% Straht line If there is an indication that the has been a significant change in amortisation rate, useful lrfe or residual value of an intangible asset, the amortisation is revised prospectivety to reflect the new estimates. Tangible assets Tangible assets are inrtialty recorded at cost. and subsequently stated at cost less any accumulated depreciation and impaimient losses. Any tangibSe assets carried at revalued amounts are recorded at the fair value at the date of revaluation bess any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a resutt of a revaluation, is recognised in other recognised gains and losses. unsS rt reverses a charge for impaimient that has previously been recognised as expenditure within the ststement of financial actNities. A decrease in the carrying amount of an asset as a resuft of revaluation, is OgnISed in other recognised gains and losses, except to which rt offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activrties. Heritage assets measured under the cost model are recognised initially recorded at acquisition cost, and subsequently stated at cost less any accumulated depreciation and impaimient losses. Heritage assets measured under the revaluation model are recorded at fair value less any accumulated impaimient losses. +Vhere infomiation on the cost or value of an asset is not available and cannot be obtained at a cost which is commensurate wtth the beneffts to users of the financial statements, the asset shall not be recognised in the statement of financial posrtion. 22
The Somme Association Company Limited by Guarantee Notes to the Financlal Statements (conllnu8dl Year ended 31 March 2024 Accounting pollcles (conJnued) Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset. less its residual value, over the useful economic lrfe of that asset as follows.. Land and buildings Baxter Hut Fixtures and fittings Motor vehicles Thiepval Wood 2°A straight line 30A straight line 200A straight line 20% straight line 2% strauht line Impairnient of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable arnount being estimated where such indicators exist. Vthere the carrying value exceeds the recoverable amount. the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing. when rt is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash%enerating unli is the smallest identifiable group of assets that includes the asset and generates cash inflows that largety independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill. the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating unrts that are expected to benefrt from the synergies of the combination. irrespective of whether other assets or liabilities of the charity are assigned to those units. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Financial Instruments A financial asset or a financial liability bs recognised only when the chanty becomes a party to the contractual provisions of the instrument. Basic financial instruments are initialty recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities a subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at arrnrtised cost. 23
The Somme Association Company Llmited by Guarantee Notes to the Financial Ststements {conb"ftu Year ended 31 March 2024 Accountlng policles (conlinued) Flnanclal Instruments (continuedj IAlhere investments in shares are publicly traded or their fair value can otherwise be measured reliably. the investment is subsequentty measured at fair value wrth changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impaiment. Other financial instruments. including derivatives, are initialty recognised at fair value, unless payment for an asset is deferred beyond nornal business tenns or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If the is objective evidence of impaimient, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of Sn¢anCe. and other financial assets that are individually significant. these are assessed indNidually for impaimient. Other financial assets are either assessed indivKlualty or grouped on the basis of similar credit risk characteristics. Any reversals of impaim*nt are recognised immediately. to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previousty been recognised. Defined contrlbution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. Vthen contributions are not expected to be settled wholly wtthin 12 months of the end of the reporting date in which the employees render the related service. the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Llmlted by guarantee The charty is a company limited by guarantee. not having a share capital and is registered in Northem Ireland. The liabilty of members is limited to £10.
The Somme Association Company Llmited by Guarantee Notes to the Financial Ststements (conlinuodj Year ended 31 March 2024 Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2024 Donations Membership subscriptions Donations 13.052 23.129 13,052 23,129 Grants Dpt for Communities grants DFP grants Ards and NDBC grants National Lottery Heritage Fund 47,000 47,000 10,000 10,000 46.181 47.000 93,181 Unrestricted Funds Restricted Total Funds Funds 2023 Donatlons Membership subscriptions Donations 14,784 14,374 14,784 14,374 Grants Dpt for Communities grants DFP grants Ards and NDBC grants National Lottery Heritage Fund 29.000 47,000 29,000 47,000 10,000 31,000 10,000 31,000 39.158 107.000 146,158 Charltable actlvities Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 Sale of gocmlslservices as part of direct charttable activities 22,485 22.485 13,343 13,343 25
The Somme Association Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Shop sales Cafe sales Hunt income Thiepval Wood sales Event Income 12,975 58,170 3.289 24,183 80 12,975 58,170 3,289 24,183 80 20.402 30,613 3,081 7,018 250 20,402 30,613 3,081 7,018 250 98,697 98,697 61,364 61,364 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 750 750 Other Income Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 GOLI income 1,500 1,500 1,500 1,500 10. Costs of other trading activitias Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Costs of other trading activities - Shop and cafe costs 26,267 26,267 29,838 29.839 26
The Somme Association Company Limited by Guarantee Notes to the Financial Statements (cltinued) Year ended 31 March 2024 11. Expenditure on charltable actlvttles by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Headquarters Ulster Tower Somme Museum Support costs 11,784 33,366 79,493 14.895 11,786 76,628 109.478 50,696 43,262 29.987 35,801 139,538 109.050 248,588 Unrestricted Funds Restricted Total Funds Funds 2023 Headquarters Ulster Tower Somme Museum Support costs 10,278 13,333 46,517 (5,876) 64,252 275 55.748 71,998 35,801 10,552 69,081 118.515 29.925 163,822 228.073 12. Expenditure on charitable activities by actAvlty type Activities undertaken directly Support Totsl funds costs 2024 Totsl fund 2023 Headquarters Ulster Tower Somme Museum Governance costs 11.786 76.628 109.478 11,786 76,628 109,478 50,696 10,552 69.081 118.515 29,925 50,696 197,892 50,696 248.588 228,073 13. Net expendlture Net expendrture is stated after chargingl(crediting).' 2024 2023 Depreciation of tangible fixed assets Foreign exchange differences 38,066 2.731 36.830 27
The Somme Association Company Limited by Guarantee Notes to the Financial Statements (eonbnued) Year ended 31 March 2024 14. Auditors remuneratlon 2024 2023 Fees payable for the audit of the financtal statements 8.122 6,623 Fees payable to the charty's auditor and its assocFates for other services: Other non-audit sen4ices 2.708 2,208 15. Staff costs The total staff costs and employee beneffts for the reporting period are analysed as follows: 2024 2023 Wages and salaries Employer contributions to pension plans 110.203 2.469 119,068 2,454 112.672 121,522 The average head count of employees during the year was 4 (2023: 5). The average number of full-time equNalent employees during the year is analysed as follows.. 2024 2023 No. Somme Museum Ulster Tower No employee receNed empbyee benefits of more than £60.000 during the year (2023: Nil). 16. Trustee remuneratlon and expenses No remuneration or other benefits from employment with the charity or a related entty were received by the trustees during the year. 17. Intangible assets Copyright Cost At 1 Aprll 2023 and 31 March 2024 Amortlsatlon At l April 2023 and 31 March 2024 Carrying amount At 31 March 2024 10.394 10,394 At 31 March 2023 28
The Somme Association Company Limited by Guarantee Notes to the Financial Ststements (¢ontlnuedJ Year ended 31 March 2024 18. Tangible fixed assets Land and buildings Baxter HLrt Fixiures and ffttings Motor vehicles Thiepval Total Cost At 1 Apr 2023 Additions Disposals At 31 Mar 2024 1,292.120 49,268 472,504 6,179 (3.451) 475,232 18.798 415.840 2,248,530 6,179 (3,451) 415.840 2,251,258 1,292.120 49,268 18,798 Depreciation At 1 Apr 2023 Charge for the year Disposals At 31 Mar 2024 734,569 14.779 470,260 18.798 151,505 1.389.911 25.842 1.642 2,265 (3,450) 469,075 8,317 38,066 (3,450) 159.822 1,424,527 760.411 16,421 18.798 Carrying amount At 31 Mar 2024 531.709 32,847 6,157 256.018 826,731 At 31 Mar 2023 557,551 34,489 2.244 264,335 858.619 The Somme Museum is located near the training ground of the 36th (Ulster) DivisTron, near Newtownards, the museum examines Ireland's role in the Great War. hosts schools. conferences, educational seminars, and exhibitions on more recent conflicts. The museum has increasing f(used upon the community relations potential of our shared history as a vehTrcle to developing mutual understanding and reconciliation. The museum was opened in 1994. The Ulster Tower vksitorfs ntre is Ited at the srte of the Ulster Tower. Thiepval, France. The centre comprises an exhibrtion area, AV room, cafelshop with adjoining seating area and customer toilets and is a focus for thousands of visitors each year who come to visit the Ulster Tower and Thiepval Wood. Craigavon House and Thiepval Wood are regarded as being heritage assets. Further details can be found in note 3 of the financial statements. During the year ended March 2013 the charity was grfted two Baxter Huts by the Ministry of Defence. The huts were used variously throughout the 20th century as soldier's billets and for housing intemees. The huts are a unique part of l¢xal history and were without market value. Due to the poor state of repair of the huts and the damage involved in the taking down of the huts, one hut was constructed from the two. The trustees are, therefore. of the opinion that the costs of obtaining a valuation for the original huts would be disproportionate in terms of the benefit derived. The costs incurred in the construction of the hLrt have been capitalised and are being depreciated. The trustees thank the Heritage Lottery Fund for their financial support of this project. In 2004 the Somme Association received a grant from the Department of Arts, Cufture and Leisure towards the purchase of Thiepval Wood. 29
The Somme Association Company Limited by Guarantee Notes to the Financial Statements (c¢Jntlnued) Year ended 31 March 2024 19. Stocks 2024 2023 Raw materials and consumables 6.006 7,246 20. Debtors 2024 2023 Trade debtors Prepayments and accrued income Other debtors 859 6.478 19,713 295 6,445 6.409 27.050 13,149 21. Cash and cash equlvalents Cash and cash equivalents comprise the following: 2024 2023 Cash at bank and in hand Bank overdrafts 13.174 (22,973) {9,799) 12,569 12,569 22. Creditors: amounts falling due wlthln one year 2024 2023 Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes Other credrtors 22,973 8,799 24,793 98,480 225,661 2,290 23,259 102.896 212,641 380,7C 341,086 Bank loans as detailed above includes bank loans and overdrafts. The bank overdrafts of £22,973 (2023: £nil) disclosed under creditors falling due within one year are secured by the company. First Trust Bank holds a legal mortgagelcharge over Craigavon House as security against borrowings.
The Somme Association Company Limited by Guarantee Notes to the Financlal Statements (¢ontlnu•¢ Year ended 31 March 2024 23. Pensions and other post retirement benefits Defined contributlon plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £2.469 (2023: £2.454). 24. Analysis of char5table funds Unrestrlcted funds At 31 March 20 24 At 1 April 2023 Income Expendrture General funds {296,003) 145,628 {165.805) (316,180) Al 31 March 20 23 1 April 2022 Inconp Expenditu General funds (302,435) 100.522 {94,090) (296,003) Restricted funds At 31 March 20 24 At 1 April 2023 Income Expenditure Somme Association Restricted Fund 846.500 70,985 (109,050) 808,435 At 31 March 20 23 1 April 2022 Income Expendrture Somme Ass(Kiation RestrKted Fund 888.479 121,843 (163,822) 846,500 31
The Somme Association Company Limited by Guarantee Notes to the Financial Ststements (¢onthued) Year ended 31 March 2024 25. Anatysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 6,157 {91,631) (230,706} 820,574 137.861 (150,000} 826,731 46.230 (380,706) 492,255 (316,180) 808,435 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 2.244 856.375 858.619 {107.161) 140,125 32.964 {191,086) (150,000) (341,086) {296,003) 846,500 550,497 26. Analysls of changes In net debt At At 1 Apr 2023 Cash flryws 31 Mar 2024 Cash at bank and in hand Bank overdrafts 12,569 605 (22,973) (22,368) 13,174 (22,973) (9,799) 12.569 27. Contingencles A contingent liabilty exists in respect of professional services provided to the charity by Alastair Coey architects. To date, professional fees have not been delivered to the Association for payment. although the trustees believe that the value of the engagement can be reasonab estimated to be in the region of £85.000 (the exact quantum has not been agreed). The trustees do not expect payment of any amount to be considered until agreement has been reached on the validty of the work perfomied and the associated costs, in addition to receipt of funds from the sale of Craigavon House. 28. Llmltatlon of auditors liability The company has entered into a liabilty limitation agreement with its audrtor. Aubrey Campbell and Company on the following basis.. la) the maximum aggregate amount of the auditofs liability to the company shall not exceed the sum of seven times the fees payable (excluding expenses and value added lax) under the engagement letter agreed for the financial pericrfj, or £30,000, whichever is the lesser amount. (b) the agreement was passed by a resolution of the company's members on 27th January 2025. 32
The Somme Association Company Limited by Guarantee Notes to the Financial Statements (¢ontlnu Year ended 31 March 2024 29. Related partles The Association has a close relationship wrth Ards and North Down Borough Council, which nominates 3 members of the Somme Museum Management Committee and provides funding to enable the Museum to carry out its charitable objects. The Somme Museum received £10,000 (2023.. £10,000) in grant support and £1.671 (2023.. £1,625) membership subscriptions, Musuem licket sales and event income from Ards and North Down Borough Council in the year. At the balance sheet date £nil {2023'. £nil) remained due to the Sornme Museum. 33
The Somme Association Company Limited by Guarantee Management Infonnation Year ended 31 March 2024 The followlng pages do not fomi part of the flnanclal ststements.
The Somme Association Company Limited by Guarantee Detsiled Statement of Financial Activities Year ended 31 March 2024 2024 2023 Income and endowments Donations and legacies Membership subscriptions Donations Dpt for Communities grants DFP grants Ards and NDBC grants National Lottery Heritage Fund 13,052 23,129 14,784 14.374 29,000 47,000 10,000 31,000 47.000 10,000 93,181 146,158 Charitable activftles Sale of goodslservices as part of direct charitable acttvities 22,485 13,343 Othar trading activftles Shop sales Cafe sales Hunt income Thiepval Wood sales Event Income 12,975 58,170 3.289 24,183 80 20,402 30.613 3,081 7,018 250 98.697 61,364 Investment Income Bank interest receivable 750 Other Income GOLI income 1.500 1.500 Total income ' 216,613 222,365 35
The Somme Association Company Limited by Guarantee Detsiled Ststement of Financial Activities (conttnued) Year ended 31 March 2024 2024 2023 Expenditure Costs of other tradlng activities Opening stk Purchases Closing stock 7,246 25,027 7,969 29,116 7,246 26,267 29,839 Expenditure on charitable actlvltles Wages and salaries Pension costs Light and heat Repairs and maintenance Insurance Other motorltravel costs Legal and professional fees Telephone Other office costs Depreciation Foreign exchange gainlloss Write off VAT account Sundry expenses Bank charges Exhibition and event costs 110.203 2.469 13,444 11,139 21,656 21.339 12,630 5,078 4,011 38,066 2,731 119,068 2.454 8,373 6,603 22,121 25,995 9.724 4.639 3.299 36.830 946 (16,629) 568 2,952 1.130 945 3,536 1,341 248.588 228,073 Total expenditure 274,855 257.912 Net expendlture (58.242) (35,547) 36
The Somme Association Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 March 2024 2024 2023 Costs of other tradlng activities Costs of other trading activities - Shop and cafe costs Shop and cafe costs - opening stock Shop and cafe costs - purchases Shop and cafe costs - closing stock 7.246 25,027 (6,006) 26,267 7.969 29.116 {7,246) 29,839 Costs of other tradlng actlvlties 26.267 29,839 37
The Somme Association Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities (contlnued) Year ended 31 March 2024 2024 2023 Expenditure on charitablo activities Headquarters Activities undertaken directly Headquarters - pension costs Headquarters - repairs & maintenance Headquarters - other motorltravel costs Headquarters - telephone Headquarters - other office costs Headquarters - sundry expenses Headquarters - Bank charges Headquarters - Exhibition and event costs 1,800 527 5,785 1,161 1,594 1,800 326 5,355 1,625 333 326 274 11,786 10,552 Ulster Tower Actlvities undertaken directly Ulster Tower - wageslsalaries Ulster Tower light & heat Ulster Tower repairs & maintenance Ulster Tower insurance Ulster Tower - other motorltravel costs Ulster Tower telephone Ulster Tower other office costs Ulster Tower - foreign exchange gainlloss Ulster Tower sundry expenses Ulster Tower bank charges Ulster Tower - Exhibition and event costs 41,762 1,873 6,504 4,312 15,542 1,712 1,054 2.731 35,656 2,042 4,879 3,757 18,657 1,557 233 946 120 341 893 546 592 76,628 69,081 Somme Museum Activities undertaken dlrectly Somme Museum - wageslsalaries Somme Museum - pension costs Somme Museum - light & heat Somme Museum - repairs & maintenance Somme Museum - insurance Somme Museum - other motorAravel costs Somme Museum - telephone Somme Museum - other office costs Somme Museum - sundry expenses Somme Museum - bank charges Somme Museum - Exhibition and event costs 68,441 669 11,571 4,108 17.344 12 2,205 1,363 359 2,657 83,412 654 6,331 1,398 18,364 1,983 2,236 1,441 448 2,285 JI 749 (37) 118,515 109,478 Governance costs 38
The Somme Association Company Llmited by Guarantee Notes to the Detailed Statement of Financial Activities f¢ontlnuedJ Year ended 31 March 2024 2024 2023 Governance costs - accountancy fees Governance costs - audit fees Governance costs - legal and other professional fees Governance costs - depreciation Governance costs - write off 2.708 8,122 1,800 38,066 2,208 6,623 893 36,830 (16,629) 29,925 50,696 Expenditure on charitsble actlvltles 248.588 228,073 39