COMPANY REGISTRATION NUMBER: N1068079
CHARITY REGISTRATION NUMBER: 107531
Foundation (Northern Ireland)
Company Limited by Guarantee
Unaudited Financial Statements
28 February 2023
Finegan Gibson Ltd
Chartered accountants
Causeway Tower
9 James Street South
Belfast
BT2 8DN

Foundation (Northern Ireland)
Company Limited by Guarantee
Financial Statements
Year ended 28 February 2023
Page
Trustees, annual report (incorporating the director's report)
Independent examiner's report to the trustees
11
Statement of financial activities (including income and
expenditure account)
13
Statement of financial position
14
Notes to the financial statements
15

Foundation (Northern Ireland)
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Director's Report)
Year ended 28 February 2023
The trustees, who are also the directors for the purposes of company law, present their report and the
unaudited financial statements of the charity for the year ended 28 February 2023.
Refe￿nce and administrative details
RegiSte￿d charity name
Foundation (Northem Ireland)
Charity registration number
107531
Company registration number N1068079
Principal office and regISte￿d Carnegie Library
office
121 Donegall Road
Belfast
BT12 5JL
The trustees
Mr A Leonard
MrJ Holmes
(Appointed 1 March 2025)
Independent examiner
Paul Dolan FCA
Finegan Gibson Ltd
Causeway Tower
9 James Street South
Belfast
BT2 8DN

Foundation (Northern Ireland)
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (contlnued)
Year ended 28 February 2023
Structure. governance and management
The Northern Ireland Foundation {NIF) is a charitable company limited by guarantee, governed by its
Memorandum and Articles of Association. The organisation operates as a membership-based charity
with three classes of membership-lndividual. Affiliate and Associate-who support the charitable objects
and, where applicable, participate in general meetings. Voting rights are reserved to Individual and
Affiliate Members.
The charity is overseen by a Board of Directors, who also act as the charity's trustees for the purposes
of charity law. Directors are elected by the voting membership at General Meetings in accordance with
the governing document, and the Board may appoint individuals to fill casual vacancies until the next
election. Each year the Board appoints from among its members a Chair, Vice-chair, Treasurer and
Secretary. The Board of Directors delegale day-to-day operations to the Project Managers and
Coordinator, who report directly to the Board. The Trustees retain full responsibility for moniloring
performance, financial stewardship, and compliance.
The Board meets regularly and has overall responsibility for strategic direction, governance, financial
oversight and compliance. Operational decisions may be delegated to sub-committees or advisory
groups where appropriate, though the Board retains ultimate responsibility for all activities. Trustees
adhere to the charity's conflict-of-interest policy, and declarations are recorded in the minutes.
The charity's governing document allows the Directors to invite non-voting advisors with relevant
expertise to attend Board meetings in an advisory capacity.
The Board also receives reports from the charity's delivery partner, International Communities
Organisation (ICO), which supports the implementation of international programmes on behalf of NIF.
All expenditure, programme decisions and public-benefit outcomes remain subject to oversight and
approval by the Board.
New Trustees are appointed through open advertisement and nomination, ensuring a wide range of
relevant skills and perspectives. Each Trustee receives an induction pack outlining governance
responsibilities, policies, and current programmes. Ongoing training is provided to ensure Trustees are
aware of their duties under the Charities Act {Northern Ireland) 2008 and the Companies Act 2006.
The charity has adopted standard policies covering safeguarding, data protection, equality and
diversity, health and safety, and financial control. These policies are kept under review and updated as
necessary to ensure continued compliance and best practice.

Foundation (Northern Ireland)
Company Limited by Guarantee
Trustees. Annual Report {Incorporating the Director's Report) (¢ontinutdJ
Year ended 28 February 2023
Objectives and activities
Charity's Objectives
The Northern Ireland Foundation (NIFI was established to undertake research and promote
educational activities on issues relating to a "Shared Future" in and from Northern Ireland.
Today, its work focuses on sharing lessons from Northern Ireland's reconciliation process to build
understanding, trust, and cooperation across divided communilies and applying these lessons
internationally in contexts where peace, reconciliation, and inclusive governance are urgently needed.
The charity hosts and facilitates in dialogues, capacity building initialives, and training programmes
that promote cross-community understanding and share practical knowledge of peacebuilding. In
Northern Ireland, NIF continues to anchor its work locally through the restoration of the Carnegie
Oldpark Library as a shared community hub for education, enterprise, arts, and civic engagement,
embodying the principles of cooperation, inclusion, and mutual respect.
Internationally, and through its delivery partner International Communities Organisation (ICO), NI F
shares relevant lessons from Northern Ireland's peace and reconciliation journey to support divided
communities abroad. In addition, ICO collaborates with divided communities to highlight issues on the
international stage and works with the governments where they reside to find meaningful policy
solutions.
Charity's Activities
In Northern Ireland, NIF has continued to anchor its work in Community life through the restoration of
the Carnegie Oldpark library as a shared community hub. This project embodies the 'Shared Future.
ethos by bringing together people of all backgrounds for education, enterprise, arts, and civic
engagement.
Forum for Cities in Transition
The Northem Ireland Foundation continued to provide secretariat services to the Forum, which is an
international network of municipalities in divided societies. The Forum for Cits'es in Transition brings
together protagonists from divided societies. Its guiding principle is that one divided society is in the
best position to help another.

Foundation (Northern Ireland)
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continued)
Year ended 28 February 2023
Objectives and activities (¢ontinuedJ
ICO as an agent of NIF
Internationally, through its delivery partner, International Communities Organisation (ICO), NIF has
applied lessons from Northern Ireland's peace and reconciliation journey to support divided
¢ommunities abroad.
In Kosovo, programmes have focused on minority inclusion in decision-making, economic
development through the Economic Prosperity Fund, and structured community consultations,
helping to bridge divides between Kosovar Serbs and Albanians.
In Cameroon, education initiatives have provided free higher-education courses to over 120
students across linguistic and cultural divides, while local councils in Anglophone regions have
been supported to strengthen governance and resilience.
In the Middle East, NIF/ICO has advanced coexistence projects be￿een Jewish and Arab
communities, including language exGhan9e, youth sport, cultural initiatives, and
cross-community SMES. Alongside grassroots activities, high-level mediation dialogues and
economic projects such as the Holy Land Bond have sought to create conditions for lasting
peace and cooperation.
In Cyprus. NIFIICO has supported bi-communal dialogue and entrepreneurship, including a
major business fair in the UN Buffer Zone, Greating space for Cooperation across
long-standing divides.
Across all of these activities, NIF ensures that expenditure is linked to measurable outcomes, whether
in Belfast or abroad. The core principle remains the same= building peace through practical initiatives
that bring people, civil society and government together, create opportunities, and support inclusive
governance. Trustees have considered the Charity Commission's public benefft guidance and are
satisfied that all activities undertaken during the year directly advance the charty's purposes.
Strategic report
The following sections for achievements and performance and financial review fomi the strategic
report of the charity.

Foundation (Northern Ireland)
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continued)
Year ended 28 February 2023
Achievements and performance
Examples of outputs and outcomes of the charity's Work
In Kosovo, 1,200 rnembers of the Serb community took part in surveys and consultations,
leading to practical recommendations on minority inclusion, while more than 40 Kosovar
Albanian and Serb leaders engaged in dialogue events that promoted cooperation. The
launch of an Economic Prosperity Fund has started building pathways for minority
entrepreneurs, linking reconciliation to economic growth.
In Cameroon, over 120 young people from both Anglophone and Francophone backgrounds
completed free higher education courses, while four local councils covering a population of
428,000 benefited from ¢apacity-building programmes to strengthen governance and
resilience.
In the Middle East, the Good Neighbours programme engaged over 400 people in
cross-community activities such as youth football, language cafés, cultural tours, and
community gardening, fostering everyday trust between Jewish and Arab residents. In
parallel, the Holy Land Bond initiative advanced investment in housing, SMES, and healthcare
for underserved Palestinian communities.
In Cyprus, more than 200 people from across the island attended a business and ne￿OrkIng
fair in the UN Buffer Zone, building cooperation be￿een divided communities, while policy
dialogues enabled high-level leaders to explore inclusive solutions to long-standing barriers to
peace.
Through these projects, the charity has delivered tangible outputs, education courses completed,
leaders convened, communities engaged, alongside outcomes such as strengthened trust, increased
participation in decision-making, and improved opportunities for disadvantaged groups. Trustees are
satisfied that all of these a¢tivities provide clear and measurable benefit to the public.

Foundation (Northern Ireland)
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Director's Report) (contlnued)
Year ended 28 February 2023
Financial review
Financial Results
The Company reported Current assets of £10,072 and creditors falling due within one year of
£661,920. As a result. the Company was in a net liability position of £651,848 at the year end.
The Company's liabilities are primarily owed to a single creditor. The trustees Continue to monitor the
Company's financial position closely and remain engaged with the creditor regarding repayment
arrangements.
The net liability position reflects historic obligations and limited operating activity during the year. The
trustees have considered the financial position carefully in assessing the Company's ability to continue
as a going concern and have outlined their plans for financial support within the going concern section
of this report.
Policies on programme expenditure
The Foundation has in place a Clear programme expenditure and grant-making policy to ensure that
all funds are spent responsibly and deliver measurable impact. All grants or programme costs are tied
to written agreements that set out objectives. permitted uses, and reporting requirements. Proposals
undergo due diligence and are approved against strategic and financial criteria. Expenditure 15
monitored through narrative and financial reports, with staff oversight, audits, and site visits where
appropriate. Strong internal financial controls ensure compliance with charity law and funder
obligations, and outcomes are assessed to demonstrate real benefits for communities and to inform
future learning.
Information about the contribution made by volunteers
At Foundation (Northern Ireland) volunteers are central to advancing our mission of supporting
communities globally to build a more equitable and peaceful future. We involve volunteers in a variety
of ways, including through research fellowship programmes that contribute to our peacebuilding
agenda, and through specialised internships that focus on areas such as advocacy, digital
communications, project coordination. and policy development. These roles allow volunteers to gain
valuable experience while meaningfully contributing to NIF'S work.
Volunteers are always supervised by a member of staff, who conducts an induction. develops a
tailored work programme. and oversees their outputs to ensure a constructive and supportive learning
environment. Our recruitment process upholds our commitment to equal opportunities, ensuring
fairness, inclusion. and compliance with relevant legal standards. Through this structured approach,
volunteers are integrated into NIF'S team in a way that both 5UPPOrts their development and
strengthens the impact of our organisation.
How expenditure supports the charlty's objectives
All expenditure during the year was directed towards advancing the charity's objects as defined in its
governing document.. undertaking research and promoting educational activities on issues relating to a
"Shared Future in and from Northern Ireland.
Programme delivery - The majority of funds were spent on project activities such as community
programmes in Northern Ireland (e.g. the Carnegie Oldpark initiative) and international initiatives
under

Foundation (Northern Ireland)
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Director's Report) {¢onfinued)
Year ended 28 February 2023
the ICO brand (e.g. minority rights consultations in Kosovo, education access projects in Cameroon,
and cross-community dialogue in the Middle East and Cyprus). These directly support education,
reconciliation, and building more inclusive societies
Research and educational outputs
Expenditure also covered research fellowships, policy
consultations, and events (such as the House of Lords Kosovo briefing) designed to gather evidence,
promote knowledge exchange, and influence policy on peacebuilding and shared futures.
Capacity building and partnerships - Funds supported training, leadership development, and small
grants for community organisations and SMES, enabling local partners to advance pea¢e and
development goals sustainably.
Operational and governance costs - A small proportion of expenditure was used for governance,
compliance, and oversight. ensuring that all activities are properly monitored and align with the
charity's objects and public benefit duty.
In this way, every area of expenditure can be traced direclly to furthering the charity's aims of
education, research, and building a shared future both in Northern Ireland and internationally.
Charity's Public Benefit
The Northern Ireland Foundation (NIF) advances education and understanding relating to peace,
reconciliation. and a "Shared Future" rooted in lessons learned in and from Northern Ireland. The
benefits flowing from this purpose include increased awareness of positive peacebuilding practices,
improved skills for praclitioners and community actors, and enhanced cooperation across divided or
marginalised groups. These benefits are evidenced through participant feedback, partner evaluations,
and regular internal review of our programmes.
When working with individua15 and communities affected by conflict or trauma, there is a risk of
reinvoking difficult experiences. This risk is managed through robust safeguarding policies and a strict
code of conduct for staff and volunteers. Trustees consider that the proven educational and
reconciliatory benefits significantly outweigh this limited risk.
The charity's beneficiaries are the general public, both in Northern Ireland and internationally,
including participants who attend conferences. exchanges, community programmes, and educational
activities. Some private benefit inevitably arises for suppliers of services. but this is incidental and
necessary to deliver the Charity's purposes. All procurement follows recognised good-practice
standards to ensure transparency and value for money.
Reserves Policy
The trustees have considered the charity's need to maintain reserves in accordance with Charity
Commission guidance. At the reporting date, the Charity does not hold free reserves. As set out in the
Statement of Financial Position, the charity is in a net liability position, which primarily reflects amounts
owed to a related party for services provided under contract. rather than liabilities arising from routine
trading or short-term operational costs.
The trustees re¢ognise the importance of building appropriate reserves over time to support financial
resilience and long-term sustainability. However, given the charity's current funding model and stage
of development, available resources have been prioritised for programme delivery in furtherance of the
charity's charitable objectives.

Foundation (Northern Ireland)
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Director's Report) (continuedj
Year ended 28 February 2023
The trustees note that settlement of the related-party liability is expected to be managed over time,
including through the planned realisation of assets, and that the creditor has demonstrated ongoing
support for the charity's work. The trustees therefore consider that this liability does not present an
immediate operational cash-flow risk.
The trustees keep the charity's financial position under regular review and intend to develop a formal
reserves policy as income streams become more predictable and levels of unrestricted funding
increase. In the interim, financial risk is managed through close oversight of expenditure, careful
¢ash-flow management, and ongoing support from related organisations and partners.
Going Concern
The Company had net liabilities of £651,848. The trustees recognise that this represents a material
uncertainty which may cast significant doubt on the Company's ability to continue as a going concem.
The Company's liabilities are substantially owed to a single creditor. The Director has indicated an
intention to support the Company through the donation of digital ¢opper holdings held via associated
entities. These holdings are listed on recognised exchanges and are expected to be realised over
time, with proceeds applied toward reducing the outstanding creditor balance.
The creditor has indicated a willingness to consider a structured repayment approach.
Based on the Directo¢s stated commitment to provide financial support and the ongoing cooperation
of the principal creditor. the trustees consider it appropriate to prepare the financial statements on a
going concern basis. However, the position remains dependent on the successful implementalion of
the proposed support.

Foundation (Northern Ireland)
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (contlnuedj
Year ended 28 February 2023
Plans for future periods
Over the coming year, the charity intends to strengthen and grow its existing programmes, both in
Northern Ireland and internationally, while remaining firmly rooted in its founding purpose of promoting
a °Shared Future.. A key priority will be to deepen the charity's Strategic partnership with its delivery
agent. the International Comrnunities Organisation {ICO}, to ensure that the experiences and lessons
of Northem Ireland's peace process continue to inform practical pea¢ebuilding initiatives abroad.
The charity will expand its efftirts to capture, systematise, and share leaming from Northern Ireland's
legacy, particularly in areas such as disarmament and reintegration, economic revitalisation, inclusive
governance, and cross-communitylfaith dialogue. This expertise will be applied across current
programmes in Kosovo, Cameroon, Cyprus, and the Middle East, as well as in any new ¢ontexls
where communities seek support in rebuilding trust and cooperation.
NIF also aims to increase opportunilies for Northern Ireland practitioners, experts, and community
leaders to contribute to international work, creating a ￿0-WaY exchange of knowledge. By drawing
more deliberately on Northern Ireland's own experience of conflict transformation. while also learning
from global partners. The charity will continue to refine and strengthen its model of reconciliation,
peace education, and community empowerment.
These plans are aligned wth the charity's objectives and will be developed in line with trustee
oversight, available resources, and ongoing assessment of public benefit.
The charity's relationship with related parties
The Northern Ireland Foundation {NIF) is a registered charity. To advance its charitable objectives,
NIF established International Communities Organi5ation (ICO), a not-for-profit company limited by
guarantee, which acts as its delivery partner. While ICO is not itself a registered ¢harity, it operates
under agreements that make clear it is an agent of NIF when delivering programmes and spending
funds. This arrangement allows NIF to draw on ICO'S specialist expertise. staff, and international
ne￿orkS, while retaining oversighl and accountability for charitable expenditure.

Foundation (Northern Ireland)
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Director's Report) (continuedj
Year ended 28 February 2023
All funds disbursed to ICO are subject to written agreements setting out purposes, budgets, and
reporting requirements. Nl F's trustees retain responsibility for ensuring charitable funds are applied
properly, receive regular reports on activities and outcomes, and exercise appropriate oversight of
ICO'S work. This ensures that all expenditure is directed towards NIF'S charitable purposes and that
proper Gontrols are in place, while enabling effective delivery of impact on the ground.
The trustees, annual report and the strategic report were approved on 261h February 2026 and signed
on behalf of the board of trustees by..
MrJ Holmes
Trustee
10

Foundation (Northern Ireland)
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Foundation (Northern
Ireland)
Year ended 28 February 2023
I report to the trustees on my examination of the financial slatements of Foundation (Northern Ireland)
('the charity,) for the year ended 28 February 2023.
Responsibilities and basis of report
The charity's trustees (who are also the directors of the company for the purposes of company law)
are responsible for the preparation of the accounts in accordance with the requirements of the
Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company
law, and is eligible for independent examination, it is my responsibility to:
examine the accounts under section 65 of the Charities Act.,
to follow the procedures laid down in the general Directions given by the Charity Commission for
Northern Ireland under section 65{9)(b} of the Charities Act., and
to state whether particular matters have come to my attention.
Independent examiner's statement - matter of concem identified
In forming our opinion on the financial ststements, which is not modified. we have considered the
adequacy of the disclosures made in note 18 to the financial statements conceming the charity's
ability to continue as a going concern. The charity was in a net liability position of £651,848 at the
balance sheet date, with £661,920 within creditors. This liability position because of a large creditor
balance owed, along with the matters explained in note 18 to the financial statements, indicate
existence of a material uncertainty, which may cast doubt on the charity's ability to continue as a going
concern. These financial statements do not include the adjustments that would result if the charity was
unable to continue as a going concern.
I confirm that no other matters have come to my attention in connection with my examination giving
me cause to believe that in any material respect..
accounting records were not kept in respect of the charity as required by section 386 of the
2006 Act,. or
the financial statements do not accord with those records. or
the financial ststements do not comply with the accounting requirements of section 396 of
the 2006 Act other than any requirement that the accounts give a 'true and fairf view which
is not a matter considered as part of an independent examination., or
the financial statements have not been prepared in accordance with the methods and
principles of the Statement of Recommended Practice for accounting and reporting by
charities applicable to Gharities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
11

Foundation (Northern Ireland)
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Foundation (Northern
Ireland) (eontinuedj
Year ended 28 February 2023
I confirm that there are no other matters to which your attention should be drawn to enable a proper
understanding ofthe a¢counts lo be reached.
Paul Dolan FCA
Independent Examiner
Finegan Gibson Ltd
Causeway Tower
9 James Street South
Belfast
BT2 8DN
26th February 2026
12

Foundation {Northern Ireland)
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 28 February 2023
2023
Restricted
funds Total funds
2022
Unrestricted
funds
Total funds
Note
Income and endowments
Donations and legacies
Charitable activities
112,825
5,713
14,050
126,875
5,713
26,212
Total income
118,538
14,050
132,588
26,212
Expenditure
Expenditure on charitable activities
Total expenditure
137,973
14,050
14,050
152,023
152,023
34,265
34,265
137,973
Net expenditure and net movement In
funds
(19,435)
(19,4351
(8,053)
Reconciliation of funds
Total funds brought forward
Total funds carried forward
(644,991)
(664,4261
12,578
(632,413) (624,360)
(651,848)
(632,413)
12,578
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The notes on pages 15 to 23 forni part of these finan¢lal ststements.
13

Foundation (Northern Ireland)
Company Limited by Guarantee
Statement of Financial Position
28 February 2023
2023
2022
Note
Current assets
Cash at bank and in hand
10,072
27,587
Creditors: amounts falling due within one year
Net current liabilities
13
661,920
660,000
651,848
632,413
Total assets less current liabilities
(651,848) (632,413)
(651,848)
(632,413)
Net liabilities
Funds of the charity
Restricted funds
Unrestricted funds
12,578
(664,426)
(651,848)
12,578
(644,991)
(632,413)
Total charity funds
15
For the year ending 28 February 2023 the charity was entitled to exemption from audit under section
477 of the Companies Act 2006 relating to small companies.
Directors, responsibilities..
The members have not required the company to obtsin an audit of its financial statements for the
year in question in accordance with section 476.,
The directors acknowledge their responsibilities for complying with the requirements of the Act
with respect to accounting records and the preparation of financial statements.
These financial ststements have been prepared in accordance with the provisions applicable to
ompanies subject to the small companies, regime.
These financial statements were approved by the board of trustees and authorised for issue on 26th
February 2026, and are signed on behalf of the board by..
Mr J Holmes
Trustee
The notes on pages 15 to 23 fomi part of these financial statements.
14

Foundation (Northern Ireland)
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 28 February 2023
General information
The charity is a public benefit entity and a private limited company by guarantee, registered in
Northern Ireland. The address of the registered office is Carnegie Library, 121 Donegall Road,
Belfast, BT12 5JL.
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 the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charilies
SORP (FRS 1021) and the Companies Act 2006.
Accounting policies
Basis 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 entity.
Going concern
In forming our opinion on the financial statements, we have considered the charity's ability to
continue as a going concern. The charity is in a £651,848 net liability position at year end. this
indicates the existen¢e of a material uncertainty which may cast significant doubt about the
charity's ability to continue as a going concern. The financial statements do not include the
adjustments that would result if the charity was unable to Continue as a going concern.
Judgements and key sources of estimation uncertainty
The preparation of the financial slatements 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.
Significant Judgements
There are no significant judgements {apart from those involving estimates) that management has
made in the process of applying the entity's a¢¢ounting policies and that have the most
significant effect on the amounts recognised in the financial statements.
15

Foundation (Northern Ireland)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 28 February 2023
Accounting policies (¢ontinuedJ
Fund accountlng
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 eamiarked by the trustees for particular 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 two sub-Glasses: restricted income funds or
endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has
passed to the charity-, it is probable that the economic benefits associated with the transaction
will flow to the charity and the amount can be reliably measured. The following specific policies
are applied to particular categories of income..
income from donations or grants is recognised when there is evidence of entitlement lo the
gift, receipt is probable and its amount can be measured reliably.
legacy income is recognised when receipt is probable and entitlement is established.
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 if the value can be reliably measured. No amounts are included for
the contribution of general volunteers.
income from ¢ontra¢ts for the supply of services is recognised with the delivery of the
contracted service. This is classified as unrestricted funds unless there is a contractual
requirement for it to be spent on a particular purpose and returned if unspent. in which case
it may be regarded as restricted.
16

Foundation (Northern Ireland)
Company Limited by Guarantee
Notes to the Financial Statements (eontlnued)
Year ended 28 February 2023
Accounting policies (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any
VAT which cannot be fully recovered, and is classified under headings of the statement of
financial activities to which it relates-
expenditure on raising funds includes the costs of all fundraising activities, events,
non-charitable trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking
activities that further its charitable aims for the benefit of its beneficiaries, including those
support costs and costs relating to the governance of the ¢harity apportioned to charitable
activities.
other expendilure includes all expenditure that is neither related to raising funds for the
charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs
attributable to a single activity are allocated directly to that activity. Shared costs are apportioned
be￿een the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any
accumulated depreciation and impairment losses. Any tangible assets carried at revalued
amounts are recorded at the fair value at the date of revaluation less any subsequent
accumulated depreciation and subsequent accumulated impairment losses.
An increase in the ¢arrying amount of an asset as a result of a revaluation, is recognised in other
recognised gains and losses. unless it reverse5 a Gharge for impairment that has previously been
recognised as expenditure within the statement of financial activities. A decrease in the carrying
amount of an asset as a result of revaluation, is re¢ognised in other recognised gains and losses.
except to which it offsets any previous revaluation gain, in which case the loss is shown within
other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual
value, over the useful economic life of that asset as follows-
Plant and machinery
Fixtures and fittings
20¥0 Straight line
200￿ straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable
amount being estimated where such indicators exist. Where the Garrying value exceeds the
recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for
possible reversal at each reporting date.
17

Foundation (Northern Ireland)
Company Limited by Guarantee
Notes to the Financial Statements (¢ontlnued)
Year ended 28 February 2023
Accounting policies (eontlnuedj
Impairment of fixed assets (continued)
For the purposes of impairment testing, when it 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-generating unit is the smallest
identifiable group of assets that includes the asset and generates cash inflows that largely
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 units that are expected to benefit from
the synergies of the combination, irrespective of whether other assets or liabilities of the Gharity
are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the
contractual provisions of the instrument.
Basic finan¢ial instruments are initially re¢ognised at the amount receivable or payable including
any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other
consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured
reliably, the investment is subsequently measured at fair value with ¢hanges in fair value
recognised in income and expenditure. All other such investments are subsequently measured at
cost less impairment.
other financial instruments. including derivatives, are initially recognised at fair value, unless
payment for an asset 15 deferred beyond normal business terms 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
reGogni5ed in the statement of financial adivities, 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 there is objective evidence of impairment, 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 significance, and other financial assets that are
individually significant, these are assessed individually for impairment. Other financial assets are
either assessed individually or grouped on the basis of similar credit risk characteristics.
18

Foundation (Northern Ireland)
Company Limited by Guarantee
Notes to the Financial Statements {continuedJ
Year ended 28 February 2023
Accounting policies (conlinuedj
Financial instruments (continued)
Any reversals of impairment are recognised immediately, to the extent Ihat 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 previously been recognised.
Defined ¢ontribution plans
Contributions to defined ¢ontribution 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.
When contributions are not expected to be settled wholly within 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.
Limited by guarantee
The company, being a company limited by guarantee, does not have share capital.
Donations and legacies
Unrestricted
Funds
Restricted Total Funds
Funds
2023
Donations
Donations
112,825
14,050
126,875
Unrestricted
Funds
Restricted Total Funds
Funds
2022
Donations
Donalions
539
25.673
26,212
Charitable activities
Unrestricted Total Funds Unrestricted Total Funds
Funds
2023
Funds
2022
Gift aid
other income
5,638
75
5,638
75
5,713
5,713
19

Foundation (Northern Ireland)
Company Limited by Guarantee
Notes to the Financial Statements (conllnued)
Year ended 28 February 2023
Expenditu￿ on Gharitable activities
Unrestricted
Funds
Restricted Total Funds
Funds
2023
Charitable Activities
Support costs
136.027
1,946
14,050
150,077
1,946
137,973
14,050
152,023
Unrestricted
Funds
Restricted Total Funds
Funds
2022
Charitable Activities
Support costs
5,050
29,215
34,265
5,050
29,215
34,265
Expenditure on charitable activities by activity type
Activities
undertaken
directly Support costs
Total funds
2023
Total fund
2022
Charitable Activities
Governan￿ costs
150,077
150,077
1,946
29,215
5,050
1,946
150,077
1,946
152.023
34,265
Independent examination fees
2023
2022
Fees payable to the independent examiner for-.
Independent examination of the financial statements
1,920
10. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows..
2023
2022
Wages and salaries
Social security costs
Employer ¢ontributions to pension plans
98,230
10.856
2,073
111,159
The average head count of employees during the year was 3 (2022.. Nil).
No employee received employee benefits of more than £60,000 during the year (2022.. Nil).
20

Foundation (Northern Ireland)
Company Limited by Guarantee
Notes to the Financial Statements {continvedJ
Year ended 28 February 2023
11. Trustee ￿muneratIon and expenses
No trustee received any remuneration during the year. No trustees received expenses during the
year.
12. Tangible fixed assets
Plant and Fixtures and
machinery
fittings
Total
Cost
At 1 March 2022 and 28 February 2023
Depreciation
At 1 March 2022 and 28 February 2023
Carrying amount
At 28 February 2023
At 28 February 2022
5,683
332
6,015
5,683
332
6,015
13. Creditors: amounts falling due within one year
2023
2022
Amounts owed to group undertakings
Accruals and deferred income
660.000
1,920
660,000
661,920
660,000
14. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined
Gontribution plans was £2,073 (2022- £Nil).
21

Foundation (Northern Ireland)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 28 February 2023
15. Analysis of charitable funds
Unrestricted funds
At
28 February
2023
At
1 March 2022
Income Expenditure
General funds
(644,991)
118,538
(137,973)
(664,426)
At
28 February 2
022
At
1 March 2021
Income Expenditure
General funds
(640,480)
539
(5,050)
(644,991)
Restricted funds
At
28 February
2023
At
1 March 2022
Income Expenditure
Restricted Donation
12,578
14.050
(14,050)
12,578
At
28 February 2
022
At
1 March 2021
Income Expenditure
Restricted Donation
16,120
25,673
(29,215)
12,578
16. Analysis of net assets between funds
Unrestricted
Funds
Restricted Total Funds
Funds
2023
Current assets
Creditors less than 1 year
Net liabilities
(2.506)
(661,920)
12,578
10,072
(661,920)
(651,848)
{664,426)
12,578
Unrestricted
Funds
Restricted Total Funds
Funds
2022
Current assets
Creditors less than 1 year
Net liabilities
15,009
(660,000)
(644,991)
12,578
27,587
(660,000)
(632,413)
12.578
22

Foundation (Northern Ireland)
Company Limited by Guarantee
Notes to the Financial Statements (continuedj
Year ended 28 February 2023
17. Foundation Nl expenses
Foundation Nl Expenses
In the year ICO paid expenses on behalf of NIF to the total of £29,922. These expenses will not
be reimbursed.
18. Going concern
The Company had net liabilities of £651,848. The trustees recognise that this represents a
material uncertainty which May cast significant doubt on the Company's ability to continue as a
going concern. The Company's liabilities are substantially owed to a single creditor. The Director
has indicated an intention to support the Company through the donation of digital copper
holdings held via associated entities. These holdings are listed on recognised exchanges and are
expected to be realised over time, with proceeds applied toward reducing the outstanding
creditor balance. The creditor has indicated a willingness to consider a structured repayment
approach. Based on the Directols stated commitment to provide financial support and the
ongoing cooperation of the principal creditor. the trustees consider it appropriate to prepare the
financial statements on a going concern basis. However, the position remains dependent on the
successful implementation ofthe proposed support.
23

Foundation (Northern Ireland)
Company Limited by Guarantee
Management Information
Year ended 28 February 2023
The following pages do not form part of the fJnan¢ial statements.

Foundation (Northern Ireland)
Company Limited by Guarantee
Detailed Statement of Financial Activities
Year ended 28 February 2023
2023
2022
Income and endowments
Donations and legacies
Donations
126,875
26,212
Charitable actlvities
Gift aid
Other income
5,638
75
5,713
Total income
132,588
26,212
25

Foundation (Northern Ireland)
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 28 February 2023
2023
2022
Expenditure on charitable activities
Charitable Activities
Activities undertaken d1￿CtlY
Wageslsalaries
Employer's NIC
Pension Gosts
Rates & water
Light & heat
Repairs & maintenance
Events
Other costs
Subscriptions
98,230
10,856
2,073
174
2,057
29,091
6.311
425
860
150,077
Support costs
Charitable Activities
29,215
Governance costs
Overhead costs
Independent Examination Fee
Legal and other professional fees
5.050
1,920
26
1,946
5,050
Expenditure on charitsble activities
152,023
34,265
Net expenditure
(19,435)
(8,053)
26