COMPANY REGISTRATION NUMBER: N1068079
CHARITY REGISTRATION NUMBER: 107531
Foundation (Northern Ireland)
Company Limited by Guarantee
Unaudited Financial Statements
29 February 2024
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 29 February 2024
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 29 February 2024
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 29 February 2024.
Reference and administrative details
Registered charity name
Foundation (Northern 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
Mr J 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) (continuedj
Year ended 29 February 2024
Structure, governance and management
The Northern Ireland Foundation (NIF) is a charitable company limited by guarantee, governed by ils
Memorandum and Articles of Association. The organisation operates as a membership-based charity
with three classes of membership-lndividual, Affiliate and Asso¢iate-who support Ihe charitable obje¢ls
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 delegate day-to-day operations to the Project Managers and
Coordinator, who report directly to the Board. The Trustees retain full responsibility for monitoring
performance, financial stewardship, and compliance.
The Board meets regularly and has overall responsibility for strategi¢ dire¢tion, 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, Intemational 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 oftheir 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 Directorfs Report) (continued)
Year ended 29 February 2024
ObjeGtives and activities
Charity's Objectives
The Northern Ireland Foundation (NIF) was established to undertake resear¢h and promote
educational activities on issues relating to a °Shared Future. in and from Northern Ireland. Today, its
work focuses on building understanding, trust, and cooperation across divided communities and
applying these lessons internationally in Contexts where peace, reconciliation, and inclusive
govemance are urgently needed. The charity hosts and participates in dialogues, capacity building
initiatives, and training programmes that promote cross-community understanding and share practical
knowledge of peacebuilding. In Northern Ireland, Nl F 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 Intemational Communities Organisation (ICO), NIF
shares relevant lessons from Northem Ireland's peace and reconciliation journey to support divided
communities abroad. In addition, ICO collaborates with divided communities to highlight issues on the
inlernational stage and works with the governments where they reside to find meaningful policy
solutions.
Charity's Activities
In Northern Ireland, NIF has continued to root its work in the principles of community engagement and
shared learning, strengthening its role as a bridge be￿een Northern Ireland's "Shared Future"
experience and international peacebuilding efforts. This includes ongoing collaboration with
practitioners and experts from across Northern Ireland to inform reconciliation approaches abroad,
ensuring that lessons from the peace process continue to support divided societies globally.
Forum for Cities in Transition
The Northern Ireland Foundation continued to provide secretariat services to the Forum, which is an
international network of municipalities in divided societies. The Forum for Cities in Transition brings
together protagonists from divided societies. Its guiding principle is that one divided society is in the
best position to help another.
ICO as an agent of NIF
Internationally, through its delivery partner. the International Communities Organisation (ICO), NIF has
further expanded its conlribution to peace, reconciliation, minority inclusion, and good govemance.
In Cameroon, the ICO provided capacity-building through variou5 initiatives. ICO collaborated
with the local council to enhance decentralisation and improve capacity in the areas of civic
engagement and gender equality. ICO also collaborated with stakeholders from the
English-speaking regions on a unified peace plan based on non-violence, human rights, and
inclusive participation. NIFIICO also partnered with the Office of the Public Independent
Conciliator to strengthen Complaint management, governance accountability, and access to
rights at the local and regional levels.

Foundation (Northern Ireland)
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Director's Report) (eontlnued)
Year ended 29 February 2024
Objectives and activities (continued)
In Israel-Palestine, NIFIICO supported a major diplomatic breakthrough, facilitating the joint
commitment of Former Prime Minister Ehud Olmert and Former Foreign Minister Nasser
Al-Kidwa to advance a ￿0-State solution based on mutual recognition and the 1967 borders.
In Kosovo, NIFIICO strengthened minority participation through the Forum for Non-majority
Communities, enabling representatives from the Serb, Ashkali, Turkish, Bosniak, and Roma
ommunities to engage directly with government leadership.
In Cyprus, NIFIICO supported efforts to advance dialogue on the Bizonal, Bicommunal
Federation (BBF) solution through collaboration with the Cyprus Peace and Dialogue Centre.
This work facilitated the dialogue be￿een the divided communities, encouraging them to build
on prior convergences, learn from best practice and work together towards a shared future.
ICO also support human rights and economic cooperation initiatives which brought together
Greek Cypriots and Turkish Cypriots.
At the United Nations, NIFIICO significanlly deepened its advocacy work. Through high-level
engagements in New York and Geneva, including meetings with the UN Secretary-General,
Deputy Secretary-General. and High Commissioner for Human Rights, NIFIICO amplified the
concerns of communities affected by conflict in Cameroon, Cyprus, and Kosovo. The charity
also contributed multiple submissions to UN mechanism5, including reports on minority rights,
excessive use of force, gendered barriers to participation. and human rights implementalion
under the Universal Periodic Review.
Across all of these activities, NIF ensures that charitable funds are tied to clear outputs and
measurable outcomes. The core principle remains consistent: supporting peace by bringing people,
communities, and institutions together to build trust. create opportunity, and strengthen inclusive
governance. The Trustees have considered the Charity Commission's public-benefit guidance and are
satisfied that all work undertaken during the year directly advances the charity's purposes.
Across all of these activilies, 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 Charty Commission's public benefit guidance and are
satisfied that all activities undertaken during the year directly advance the charty's purposes.
Strategic report
The following seclions for achievements and performance and financial review form the strategic
report of the charity.

Foundation (Northern Ireland)
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Director's Report) (contlnued)
Year ended 29 February 2024
Achievements and perfomiance
Examples of outputs and outcomes of the charity's Work
Cameroon.. ICO supported the development of Gender Coordination Committees within five local
councils across the North West and South West. Ico-facilitated dialogue among leaders of the former
British Southern Cameroons resulted in a reduction in violence. Over 100,000 children returned to
school as violence decreased, reflecting improved ground conditions linked to locally owned peace
efforts. Governance accountability enhanced through cooperation with the Office of the Publi¢
Independent Conciliator.
Israel-Palestine-. The ICO facilitated the Olmert-Al-Kidwa talks, which aim to revitalise intemational
support for a negotiated two-state solution. This joint peace plan hopes to be presented to senior
global leaders, contributing to renewed diplomati¢ momentum.
Kosovo.. Engagement with the Forum for Non-majority Communities strengthened the inclusion of
Serb and other minority groups in national decision-making. ICO launched The Economic Prosperity
Fund which hopes to unlock million in commitments new investments benefitting minority-owned
enterprises, with projects designed to promote cross-community economic cooperation.
Cyprus.. More than 200 stakeholders participated in dialogues, consultations, or advocacy events
aimed at advancing reconciliation. The EMBRACE project delivered cross-community legal support,
trust-building initiatives, and international engagement to address rights-based obstacles to peace.
United Nations.. NIFIICO produced multiple high-quality human rights submissions to UN
mechanisms and facilitated the participation of minority and indigenous leaders at the UN Forum for
Minority Issues. EMRIP, and UPR processes. These interventions strengthened global awareness of
the challenges faced by partner communities and amplified their voices in international policymaking.
Through these projects, the charity delivered substantial public benefit, supporting ¢onflict-affected
communities, strengthening governance systems, enabling the participation of indigenous and minority
groups, and promoting inclusive, rights-based approaches to peace. Trustees a￿ satisfied that the
charity's work in 2024 demonstrably improved trust, participation, and opportunities for disadvantaged
or divided groups.

Foundation (Northern Ireland)
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Director's Report) (continued)
Year ended 29 February 2024
Financial review
Financial Results
The current assets decreased to £6,826 {2023- £10,072), while creditors falling due within one year
increased to £664,020 12023: £661,920}. The Company's net liabilities therefore increased to
£657,194 {2023= £651,848), representing a deterioration of £5,346 compared to the prior year.
The movement in the year reflects a reduction in current assets and a modest increase in outstanding
liabilities. The Company's liabilities continue to be ¢on¢entrated with a single Greditor.
The trustees have reviewed the financial position and continue to assess strategies aimed at
improving the balance sheet position over time. Further details regarding these plans and the basis on
which the accounts have been prepared are set out in the Going Concern section of this report.
Pollcles on programrne 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 lied
to written agreements that set out objectives. permitted uses, and reporting requirements. Proposals
undergo due diligence and are approved against slrategic and financial criteria. Expenditure is
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 intemships that focus on areas such a5 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, in¢lusion, and compliance with relevant legal standards. Through this structured approach,
volunteers are integrated into NIF'S team in a way that both supports their development and
strengthens the impact of our organisation.
How expenditure supports the charlty's objectlves
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) (continued)
Year ended 29 February 2024
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 educalional 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 peace 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 directly 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 practitioners 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 individuals 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 slriGt
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 publi¢, both in Northem Ireland and internationally,
including participants who attend conferen¢es, 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 Gharity 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 seNices provided under contract, rather than liabilities arising from routine
trading or short-term operational costs.
The trustees recognise 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 fvrtherance ofthe
Charity's charitable objectives.

Foundation (Northern Ireland)
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Director's Report) (continued)
Year ended 29 February 2024
The trustees note that settlement of the related-paty 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 p￿sent 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 organisalions and partners.
Going Concern
The Company had net liabilities of £657,194 (2023: £651,848). Current assets decreased during the
year from £10,072 to £6,826, while liabilities due within one year increased to £664,020 (2023..
£661.920). Net liabilities therefore increased by £5,346.
The trustees have carefully considered the Company's financial position. While the Director had
previously indicated an intention to support the Company through the donation of digital copper
holdings, this strategy had not been implemented during the financial year under review.
The Director has reaffirmed their commitment to provide financial support through the transfer of
digital copper holdings held via associated entities. These holdings are listed on recognised
exchanges and are intended to be realised progressively, with proceeds applied toward reducing the
outstanding creditor balance. The principal creditor remains supportive of a structured repayment
approach.
Although a material uncertainty exists due to the Company's net liability position and the dependence
on the Director's continued support, the trustees believe that there is a reasonable expectation that
sufficient funds will be realised to enable the Company to meet its obligations as they fall due.
Accordingly, the financial statements have been prepared on a going concem basis.

Foundation (Northern Ireland)
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continuedj
Year ended 29 February 2024
Plans for future periods
Over the coming year, the charity intends to deepen and expand its programmes in Northern Ireland
and internationally, while remaining firmly anchored in its founding purpose of promoting a "Shared
Future." A key priority will be to continue strengthening the charity's slrategic partnership with the
International Communities Organisation {ICOI. ensuring that Northern Ireland's experience of
reconciliation continues to inform peacebuilding efforts across regions facing division and conflict.
In the Middle East. the charity hopes that the peace initiative advanced by Fomier Prime Minister
Ehud Olmert and Former Foreign Minister Nasser Al-Kidwa will lead to a formal agreement between
principals and encourage further initiatives aimed at social cohesion. mutual understanding, and a
shared future based on dignity and security for both peoples. The charity intends to support activities
that bring communities together, promote dialogue, and reinforce practical pathways towards a
sustainable peace.
In Cameroon and across West Africa, the charity plans to build on its growing engagement with
governments, civil society, and minority communities to strengthen governance systems, improve the
protection of human rights, and enhance the resilience of underserved regions. This will include
supporting mechanisms for communily participation. developing new models of locally led
power-sharing, and improving economic opportunities for minority and marginalised groups. The
charity also plans to increase capacity-building initiatives for local councils and public institutions,
drawing on comparative lessons from Northern Ireland and other peace processes.
At the international level, the ¢harity will continue to engage with the United Nations system,
expanding its dialogue with UN agencies, treaty bodies, and member states. This will include
contributing to emerging discussions related to the implementation of the Pact for the Future,
advancing protections for minority and indigenous communities, and ensuring that the perspectives of
divided and conflict-affected groups are represented in global policymaking. The charity will also
support ICO'S Research Centre as it develops best-pra¢ti¢e guidance for states working to implement
their human rights commitments.
NIF will fvrther expand its efforts to gather, refine, and share learning from Northern Ireland's peace
process
particularly in economic revitalisation, institutional refomi, community reconciliation,
human-rights-based governance, and cross-community dialogue. This learning will continue to inform
programmes in Kosovo, Cameroon, Cyprus. the Middle East, and any additional ¢ontexts where
support is requested.
These plans will be developed in aGGordance with trustee oversight, available resources. and
continued assessment of public benefit, ensuring that all expansion remains aligned with the charity's
objects and commitment to promoting peaceful, inclusive, and resilient communities.
The charity's relationshlp with related parties
The Northern Ireland Foundation (NIF) is a registered charity. To advance its charitable objectives,
NIF established International Communities Organisation (ICO), a not-for-profit company limited by
guarantee, which acts as its delivery partner. While ICO is not itself a registered charity, 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
networks, while retaining oversight and accountability for charitable expenditure.

Foundation (Northern Ireland)
Company Limited by Guarantee
Trustees. Annual Report {Incorporating the Director's Report) (contlnuedj
Year ended 29 February 2024
All funds disbursed to ICO are subject to written agreements setting out purposes, budgets, and
reporting requirements. NIF'S trustees retain responsibility for ensuring ¢haritable funds are applied
properly, receive regular reports on activities and outcomes, and exercise approprlate oversight of
ICO'S work. This ensures that all expenditure is directed towards NIF'S charitable purposes and that
proper controls are in place, while enabling effective delivery of impact on the ground.
The trustees, annual report and the strategic report were approved on 26th February 2026 and signed
on behalf of the board of trustees by..
Mr J Holmes
Trustee
10

Foundation (Northern Ireland)
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Foundation (Northern
Ireland)
Year ended 29 February 2024
I report to the trustees on my examination of the financial statements of Foundation (Northern Ireland)
('the ¢harity') for the year ended 29 February 2024.
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 ¢harity 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 ststem8nt- matter of Gon¢ern identified
In forming our opinion on the financial ststements, which is not modified, we have considered the
adequacy of the disclosures made in note 19 to the financial statements concerning the charity's
ability to continue as a going concern. The charity was in a net liability position of £657,194 at the
balance sheet date. with £664,020 within creditors. This liability position because of a large creditor
balance owed, along with Ihe matters explained in note 19 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 ¢onnection 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 Ihe
2006 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of
the 2006 A¢t other than any requirement that the accounts give a 'true and fai¢ 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 Pra¢ti¢e for accounting and reporting by
charities applicable to charities preparing their accounts in aGGordance 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) (eontlnuedj
Year ended 29 February 2024
I confirm that there are no other matters to which your attention should be drawn to enable a proper
understanding ofthe accounts to be reached.
Paul Dolan FCA
Independent Examiner
Finegan Gibson Lld
Causeway Tower
9 James Street South
Belfast
BT2 8DN
261h February 2026
12

Foundation (Northern Ireland)
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 29 February 2024
2024
Restricted
funds Totsl funds
2023
Unrestricted
funds
Total funds
Note
Income and endowments
Donations and legacies
Charitable activities
Other income
252,340
1,900
254,240
126,875
5,713
950
950
Total income
253,290
1,900
255,190
132,588
Expenditure
Expenditure on charitable activities
Totsl expenditure
258,636
1,900
260,536
152,023
152,023
258,636
1,900
260,536
Net expenditure and net movement in
funds
(5,346)
(5,346)
{19,435)
Reconciliation of funds
Total funds brought forward
Total funds carried forward
(664,426}
(669,772)
12,578
12,578
{651,848)
(632,413)
(657,194) (651,848)
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 form part of these financial staternents.
13

Foundation (Northern Ireland)
Company Limited by Guarantee
Statement of Financial Position
29 February 2024
2024
2023
Note
Current assets
Cash at bank and in hand
6,826
10,072
Creditors: amounts falling due within one year
Net Current liabilities
14
664,020
661,920
657,194
651,848
Total assets less Current liabilities
(657,194)
(651,848)
(657,194) (651,848)
Net liabilities
Funds of the charity
Restricted funds
Unrestricted funds
12,578
12,578
(669,772) (664,426)
(657,194) (651,8481
Total charity funds
16
For the year ending 29 February 2024 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 obtain 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 reGords and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to
companies 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 ofthe board by..
Mr J Holmes
Trustee
The notes on pages 15 to 23 fonn part of these financial staternents.
14

Foundation (Northern Ireland)
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 29 February 2024
General information
The charity is a public benefit entiiy and a private limited company by guarantee, registered in
Northern Ireland. The address of the regislered 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 Stsndard 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) (Charities
SORP IFRS 102)) 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 £657,194 net liability position at year end, this
indicates the existence of a material uncertainty which may cast significant doubt about the
harity'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 concem.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements 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.
Signrficant Judgements
There are no signifi¢antjud9ements (apart from those involving 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.
15

Foundation (Northern Ireland)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 29 February 2024
Accounting policies (continuedj
Fund accounting
Unrestrl￿ed 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 particular fulure project or
commitment.
Restricted funds are subjected to restrictions on their expenditu￿ declared by the donor or
through the terms of an appeal, and fall into one of two sub-classes.. 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 transa¢tion
will flow lo 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 to 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 contracts 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 (continve¢¥
Year ended 29 February 2024
Accounting policies (continued)
Resources expended
Expenditure is recognised on an a¢¢ruals 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 charity apportioned to charitable
activities.
other expenditure 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
between the activities they contribute to on a reasonable, juslifiable 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 carrying amount of an asset as a result of a revaluation, is recognised in other
recognised gains and losses, unless it reverses a charge for impaimient 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 recognised 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
200h straight line
200/0 Straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the reGoverable
amount being estimated where such indicators exist. Where the carrying value exceeds the
recoverable amount, the asset is impaired accordingly. Prior impairmenls are also reviewed for
possible reversal at each reporting date.
17

Foundation (Northern Ireland)
Company Limited by Guarantee
Notes to the Financial Statements (eonlinued)
Year ended 29 February 2024
Accounting policies (continued)
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 Ihe
cash-generating unit to whiGh the asset belongs. The ¢ash-generating unit is the smallest
idenlifiable 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 charity
are assigned to those units.
Financial instruments
A financial asset or a financial liabilty is recognised only when the charity becomes a party to the
contractual provisions of the instrument.
Basic financial instruments are initially recognised 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 changes 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 re¢ognised at fair value, unless
payment for an asset is deferred beyond normal business tem)s 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 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 r￿dit risk characteristics.
18

Foundation (Northern Ireland)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 29 February 2024
Accounting policies (continued)
Financial instruments (contlnuedj
Any reversals of impairment are recognised immediately, to the extent that the reversal does not
result in a carrying amount of the financial asset that exceeds what the ¢arrying amount would
have been had the impairment not previously been recognised.
Defined Contribution 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.
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 relaled 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
2024
Donations
Donations
252,340
1,900
254.240
Unrestricted
Funds
Restricted Total Funds
Funds
2023
Donations
Donations
112.825
14,050
126.875
Charitable activities
Unrestricted Total Funds Unrestricted Total Funds
Funds
2024
Funds
2023
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 (continued)
Year ended 29 February 2024
Other income
Unrestricted Total Funds Unrestricted Total Funds
Funds
2024
Funds
2023
other income
950
950
Expenditure on charitable activities
Unrestricted
Funds
Restricted Total Funds
Funds
2024
Charitable Activities
Support costs
256,523
2,113
1,900
258,423
2,113
258,636
1,900
260,536
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
Expenditure on charitable activities by activity type
Activities
undertaken
directly Support costs
Total funds
2024
Total fund
2023
Charitable Activities
Governance costs
258,423
258,423
2.113
150,077
1,946
2,113
258,423
2,113
260,536
152,023
10. Independent examination foes
2024
2023
Fees payable to the independent examiner for=
Independent examination of the financial ststements
2,100
1,920
20

Foundation (Northern Ireland)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 29 February 2024
11. Stsff costs
The total staff costs and employee benefits for the reporting period are analysed as follows..
2024
2023
Wages and salaries
Social security costs
Employer contributions to pension plans
222,598
25,491
3.969
98,230
10,856
2,073
252,058
111,159
The average head count of employees during the year was 4 (2023- 3).
The number of employees whose remuneration for the year fell within the following bands, were..
2024
2023
No.
No.
£60,000 to £69,999
12. Trustee ￿mUneration and expenses
No trustee received any remuneration during the year. No trustees received expenses during the
year.
13. Tangible fixed assets
Plant and Fixtures and
machinery
fittings
Total
Cost
At 1 March 2023 and 29 February 2024
5,683
332
6,015
Depreciation
At 1 March 2023 and 29 February 2024
Carrying amount
At 29 February 2024
At 28 February 2023
5,683
332
6,015
14. Creditors: amounts falling due within ono year
2024
2023
Amounts owed to group undertakings
Accruals and deferred income
660,000
4,020
660,000
1.920
664,020
661,920
21

Foundation (Northern Ireland)
Company Limited by Guarantee
Notes to the Financial Statements (continuedj
Year ended 29 February 2024
15. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined
contribution plans was £3,969 (2023.. £2,073).
16. Analysis of charitable funds
Unrestricted funds
At
29 February
2024
At
1 March 2023
Income Expenditure
General funds
(664,426)
253,290
(258,636) (669,772)
At
28 February 2
023
At
1 March 2022
Income Expenditure
General funds
(644,991)
118,538
(137,973) (664,426)
Restricted funds
At
29 February
2024
At
1 March 2023
Income Expenditure
Restricted Donation
12,578
1,900
(1,900)
12,578
At
28 February 2
023
At
1 March 2022
Income Expenditure
Restricted Donation
12.578
14,050
(14,050)
12,578
22

Foundation (Northern Ireland)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 29 February 2024
17. Analysis of net assets between funds
Unrestricted
Funds
Restricted Total Funds
Funds
2024
Current assets
Creditors less than 1 year
Net liabilities
(5,752)
(664,020)
(669,772)
12,578
6,826
(664,020)
(657,194)
12,578
Unrestricted
Funds
Restricted Total Funds
Funds
2023
Current assets
Creditors less than 1 year
Net liabilities
(2,506)
(661,920)
(664,426)
12,578
10,072
(661,920)
(651,848)
12,578
18. 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.
19. Going concern
The Company had nel liabilities of £657,194. The trustees recognise that this represents a
material uncertainty which may Gast 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 Directorfs stated commitment to provide financial support and the
ongoing cooperation of the principal ¢reditor, 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 29 February 2024
The following pages do not form part of the financial statements.
24

Foundation (Northern Ireland)
Company Limited by Guarantee
Detailed Statement of Financial Activities
Year ended 29 February 2024
2024
2023
Income and endowments
Donations and legacies
Donations
254.240
126,875
Charitable activities
Gift aid
other income
5,638
75
5,713
Other incom8
Other income
950
Total income
255,190
132,588
25

Foundation (Northern Ireland)
Company Limited by Guarantee
Notes to the Detailed Ststement of Financial Activities
Year ended 29 February 2024
2024
2023
Expenditure on charitable activlties
Charitable Activities
Activities undertaken directly
Wageslsalaries
Employer's NIC
Pension costs
Rates & water
Light & heat
Repairs & maintenance
Events
Other costs
Subscriptions
Western Union
222.598
25,491
3,969
96
1,170
2,424
1,446
446
98,230
10.856
2,073
174
2,057
29,091
6,311
425
860
783
258,423
150,077
Governance costs
Independent Examination Fee
Legal and other professional fees
2,100
1,920
26
2,113
1,946
Expenditure on charitsble activities
260,536
152,023
Net expenditure
(5,346)
(19,435)
26