UNTOLD: THE MUSEUM LTD
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
| Unrestricted Restricted funds funds 2025 2025 Notes £ £ Income from: Donations and legacies 3 456,771 891,749 Charitable activities 4 701 - Investments 5 43,727 - Total income 501,199 891,749 Expenditure on: Raising funds 6 2,463 - Charitable activities 7 87,002 23,479 Other expenditure 12 3,500 - Total expenditure 92,965 23,479 Net gains/(losses) on investments 13 19,417 - Net income 427,651 868,270 Transfers between funds 750,092 (750,092) Other recognised gains and losses: Foreign exchange loss 15 (7,512) - Net movement in funds 9 1,170,231 118,178 Reconciliation of funds: Fund balances at 1 September 2024 58,326 - Fund balances at 31 August 2025 1,228,557 118,178 |
Total Unrestricted funds 2025 2024 £ £ 1,348,520 61,811 701 - 43,727 2,136 1,392,948 63,947 2,463 - 110,481 5,621 3,500 - 116,444 5,621 19,417 - 1,295,921 58,326 - - (7,512) - 1,288,409 58,326 58,326 - 1,346,735 58,326 |
Total Unrestricted funds 2025 2024 £ £ 1,348,520 61,811 701 - 43,727 2,136 1,392,948 63,947 2,463 - 110,481 5,621 3,500 - 116,444 5,621 19,417 - 1,295,921 58,326 - - (7,512) - 1,288,409 58,326 58,326 - 1,346,735 58,326 |
|---|---|---|
| 63,947 | ||
| - 5,621 - |
||
| 5,621 | ||
| - | ||
| 58,326 - - |
||
| 58,326 - |
||
| 58,326 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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UNTOLD: THE MUSEUM LTD
BALANCE SHEET
AS AT 31 AUGUST 2025
| Notes Fixed assets Intangible assets 16 Tangible assets 17 Investments 18 Current assets Debtors 19 Cash at bank and in hand Creditors: amounts falling due within one year 20 Net current assets Total assets less current liabilities The funds of the charity Restricted income funds 21 Unrestricted funds 22 |
2025 £ £ 65,717 1,072 736,253 803,042 7,174 540,019 547,193 (3,500) 543,693 1,346,735 118,178 1,228,557 1,346,735 |
2024 £ £ - - - - - 58,326 58,326 - 58,326 58,326 - 58,326 58,326 |
2024 £ £ - - - - - 58,326 58,326 - 58,326 58,326 - 58,326 58,326 |
|---|---|---|---|
| - 58,326 |
|||
| 58,326 | |||
| - 58,326 |
|||
| 58,326 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2025.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees on .........................
.............................. .............................. Mr H Crossey Lt Col A HART OBE Trustee Trustee
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UNTOLD: THE MUSEUM LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
1 Accounting policies
Charity information
UNTOLD: THE MUSEUM LTD is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 28 Bedford Street, Belfast, BT2 7FE.
1.1 Basis of preparation
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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UNTOLD: THE MUSEUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software 20% Straightline
1.7 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers 25% Straightline
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.8 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.9 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.10 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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UNTOLD: THE MUSEUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
1 Accounting policies
(Continued)
1.11 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.12 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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UNTOLD: THE MUSEUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
3 Income from donations and legacies
| Unrestricted Restricted funds funds 2025 2025 £ £ Donations and gifts 456,771 - Grants - 891,749 456,771 891,749 Grants Conference Grant - 222 Veterans Foundation - 17,500 National Lottery - 124,620 Royal Irish Regiment Charity - 749,407 Royal Irish Regiment Benevolent Fund - - - 891,749 |
Total Unrestricted Restricted funds funds 2025 2024 2024 £ £ £ 456,771 311 - 891,749 61,500 - 1,348,520 61,811 - 222 - - 17,500 - - 124,620 - - 749,407 - - - 61,500 - 891,749 61,500 - |
Total 2024 £ 311 61,500 |
|---|---|---|
| 61,811 | ||
| - - - - 61,500 |
||
| 61,500 |
4 Income from charitable activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Hire/Letting Income | 674 | - |
| Other income | 27 | - |
| 701 | - |
5 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Income from listed investments | 43,727 | 2,136 |
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UNTOLD: THE MUSEUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
6 Expenditure on raising funds
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Investment management | 2,463 | - | |
| 7 | Expenditure on charitable activities | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Direct costs | |||
| Staff costs | 4,299 | 5,539 | |
| Depreciation and impairment | 16,786 | - | |
| Event Costs | 2,470 | - | |
| Fundraising Costs | 35,795 | - | |
| Insurance | 533 | - | |
| Postage & Stationery | 522 | - | |
| Bank Charges | 32 | 52 | |
| Training | 117 | - | |
| Subscriptions | 290 | - | |
| Computer Expenses | 388 | - | |
| Advertising | 1,105 | - | |
| Legal & Professional Fees | 32,843 | - | |
| Travel | 5,153 | - | |
| 100,333 | 5,591 | ||
| Grant funding of activities (see note 8) | 10,148 | 30 | |
| 110,481 | 5,621 | ||
| Analysis by fund | |||
| Unrestricted funds | 87,002 | 5,621 | |
| Restricted funds | 23,479 | - | |
| 110,481 | 5,621 | ||
| 8 | Grants payable | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Grants to institutions | 7,998 | 30 | |
| Grants to individuals | 2,150 | - |
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UNTOLD: THE MUSEUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
| 8 Grants payable - 9 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets Amortisation of intangible assets |
(Continued) 2025 2024 £ £ - - 357 - 16,429 - 16,786 - |
(Continued) 2025 2024 £ £ - - 357 - 16,429 - 16,786 - |
|---|---|---|
| - |
10 Trustees
None of the trustees(or any persons connected with them) received any remuneration or benefits from the charity during the year.
11 Employees
The average monthly number of employees during the year was: 0
| The average monthly number of employees during the year was: 0 | ||
|---|---|---|
| 2025 | 2024 | |
| Number | Number | |
| Total | - | - |
| Employment costs | 2025 | 2024 |
| £ | £ | |
| Wages and salaries | 4,299 | 5,539 |
| There were no employees whose annual remuneration was more than £60,000. |
Remuneration of key management personnel There are no staff in the charity.
12 Other expenditure
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Auditors Fee | 4,200 | - |
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UNTOLD: THE MUSEUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
13 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| Gains/(losses) arising on: | £ | £ |
| Sale of investments | 19,417 | - |
14 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
15 Other gains and losses
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Gains/(losses) upon: | £ | £ | |
| Foreign exchange | 7,512 | - | |
| 16 | Intangible fixed assets | ||
| Software | |||
| £ | |||
| Cost | |||
| At 1 September 2024 | - | ||
| Additions | 82,146 | ||
| At 31 August 2025 | 82,146 | ||
| Amortisation and impairment | |||
| At 1 September 2024 | - | ||
| Amortisation charged for the year | 16,429 | ||
| At 31 August 2025 | 16,429 | ||
| Carrying amount | |||
| At 31 August 2025 | 65,717 | ||
| At 31 August 2024 | - |
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UNTOLD: THE MUSEUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
17 Tangible fixed assets
| Cost Additions At 31 August 2025 Depreciation and impairment Depreciation charged in the year At 31 August 2025 Carrying amount At 31 August 2025 18 Fixed asset investments Cost or valuation Carrying amount At 31 August 2025 At 31 August 2024 19 Debtors Amounts falling due within one year: Other debtors 20 Creditors: amounts falling due within one year Accruals and deferred income |
Computers £ 1,429 1,429 357 357 1,072 Total £ - - 2025 2024 £ £ 7,174 - 2025 2024 £ £ 3,500 - |
Computers £ 1,429 1,429 357 357 1,072 Total £ - - 2025 2024 £ £ 7,174 - 2025 2024 £ £ 3,500 - |
|---|---|---|
| 1,429 | ||
| 357 | ||
| 357 | ||
| 1,072 | ||
| Total £ |
||
| - | ||
| - | ||
| 2024 £ - |
||
| 2024 £ - |
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UNTOLD: THE MUSEUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
21 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At 1 | Incoming | Resources | Transfers At | 31 August |
|---|---|---|---|---|
| September | resources | expended | 2025 | |
| 2024 | ||||
| £ | £ | £ | £ | £ |
| - | 891,749 | (23,479) | (750,092) | 118,178 |
22 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 September 2024 £ General funds 58,326 Previous year: At 1 September 2023 £ General funds - |
Incoming resources Resources expended £ £ 501,199 (92,965) Incoming resources Resources expended £ £ 63,947 (5,621) |
Transfers Gains and losses At 31 August 2025 £ £ £ 750,092 11,905 1,228,557 Transfers Gains and losses At 31 August 2024 £ £ £ - - 58,326 |
|---|---|---|
23 Analysis of net assets between funds
| Unrestricted Restricted funds funds 2025 2025 £ £ At 31 August 2025: Intangible fixed assets 65,717 - Tangible assets 1,072 - Investments 736,253 - Current assets/(liabilities) 425,515 118,178 1,228,557 118,178 |
Total 2025 £ 65,717 1,072 736,253 543,693 |
|---|---|
| 1,346,735 |
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UNTOLD: THE MUSEUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
23 Analysis of net assets between funds
| Analysis of net assets between funds | (Continued) | ||
|---|---|---|---|
| Unrestricted | Restricted | Total | |
| funds | funds | ||
| 2024 | 2024 | 2024 | |
| £ | £ | £ | |
| At 31 August 2024: | |||
| Current assets/(liabilities) | 58,326 | - | 58,326 |
| 58,326 | - | 58,326 |
24 Related party transactions
During the year there were the following related party transactions;
During the year donations totalling £360 were made from Andy Hart to the charity during the year.
During the year UNTOLD: The Museum purchased a painting collection to the value of £58 This was treated as a grant to the UNTOLD: The Collections & Archives Ltd. Laura Patrick is a trustee of this charity.
During the year wages amounting to £4,299 were processed by Royal Irish Regiment Benevolent Fund on behalf of UNTOLD: The Museum Ltd.
During the year UNTOLD: The Museum spent £7,940 on building repairs on behalf of Royal Irish Regiment Benevolent Fund. This was treated as a grant to the Royal Irish Regiment Benevolent Fund.
During the year UNTOLD: The Museum received investments from Royal Irish Regiment Charity to the value of £721,725. These were treated as grants received.
During the year UNTOLD: The Museum received a grant of £27,683 from Royal Irish Regiment Charity for the capitalisation of website development costs. These were treated as grants received.
Last year (2024) there were no related party transactions.
25 Cash generated from operations
| Cash generated from operations Surplus for the year Adjustments for: Investment income recognised in statement of financial activities Foreign exchange differences Gain on disposal of investments Depreciation and impairment of tangible fixed assets Amortidation Movements in working capital: (Increase) in debtors Increase in creditors Cash generated from operations |
2025 £ 1,295,921 (43,727) (7,512) (19,417) 357 16,429 (7,174) 3,500 1,238,377 |
2024 £ 58,326 (2,136) - - - - - - |
|---|---|---|
| 56,190 |
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UNTOLD: THE MUSEUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
26 Analysis of changes in net funds
The charity had no material debt during the year.
- 22 -