The trustees present their annual report and financial statements for the year ended 31 August 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply 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)".
CHARITY ADMINISTRATIVE AND REFERENCE DETAILS
Charity Name: UNTOLD: The Museum Ltd
Charity Registration Number: 110074
Registered Office: RHQ, The Royal Irish Regiment, 28 Bedford Street, Belfast, BT2 7FE
Trustees - There are 7 Trustees’ who have served during the year:
Mr H Crossey
Mr L Callow MBE BEM
Mr D Gavaghan
Lt Col A HART OBE
Mr W Nickels
Professor T Scott
Mrs R Stevenson
Investment Managers: Quilter Cheviot Limited, Montgomery House, Belfast, BT1 4NX
RBC Brewin Dolphin Limited, Lanyon Plaza, Belfast, BT1 3LP
Auditor: Amanda Harbinson, Corrigan CA Limited, 24 Greystone Road, Antrim BT41 2QN
Bankers: Danske Bank, Donegall Square West, Belfast, BT1 6JS
Solicitors: Edwards & Co, 28 Hill Street, Belfast, BT1 2LA
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The Public Benefits of the Charity are as follows:
Purpose 1: The advancement of the arts, culture, heritage or science
The direct benefit which flows from purpose one is access to and security and conservation of important built heritage, unique artefacts and extensive archives for the benefit, well-being and enjoyment of the whole community of the island of Ireland, visitors and through linked online galleries, the international diaspora. Enhanced and inclusive access to the above through best practice design and programming helps nurture whole-community ownership of three and a half centuries of a vibrant and enduring heritage. Shared and safe spaces facilitate inclusive discussion for all, helping to challenge divisive myths and fostering unity and cohesion across communities. The Charity also makes a significant contribution to the mental health, well-being and esteem of the veteran community on the island of Ireland. Rich collections, archives and built heritage offer engaging, evidence-based insights into the military, political, industrial and cultural evolutions in Ireland, The United Kingdom, the British Empire and the service of Irish in the British Army.
Purpose 2: The advancement of education
The direct benefit which flows from the second charitable purpose is a focus on education and whole life-long learning. Educational resources developed for all built heritage, collections and archives align with the relevant school curricula at all stages in the UK and ROI, following best practice to promote creative learning and diversity of engagement. Inclusive and accessible learning environments, physical and virtual, are designed with objectivity to stimulate debate, enable whole-life learning, support research, and foster shared ownership of 350 years of heritage, thereby contributing to greater tolerance and understanding of others from different backgrounds.
The year 2024-2025 saw a dedicated focus on an application to The National Lottery Heritage Fund, NI. This application was successful and a grant of £124,619.50 was awarded to the Charity in December 2024. Following the permission to start, the Charity worked with The National Lottery Heritage Fund to agree and issue a press release, launching the project formally in the public sphere for the first time. The story was covered on BBC NI and UTV, along with hard and digital copy press, in NI and ROI.
The Development Fund, at 49% match funding, is to develop the designs for No. 28 Bedford Street, the Charity's Belfast galleries. The Enniskillen galleries will follow in due course.
Following the grant award and public release, the Charity had appointed the following posts and contracts to further the objectives of the project: Engagement Officer, Capital Manager, Design & Interpretation Team, Quantity Surveyor, Architect, Mechanical & Electrical Engineers, Structural Engineers, Evaluators, Conservator, Access & Inclusion Consultants, and Contested Heritage Practitioners.
A key aspect of the development work is the public engagement with the project, and input from community and internal stakeholders, through a consultation and co-design process. This has been essential in shaping our designs for the new galleries, raising awareness for the stories of the Irish in the British Army and drafting our ethical framework.
UNTOLD had also secured the long-term loan of the Victoria Cross awarded to Thomas Esmonde, Captain at the time, which has been returned to the island of Ireland for the first time in over 100 years. Our thanks to the Esmonde-White family.
We are thankful for the support from the Architectural Heritage Fund, who funded our Capital Manager post, and the Veterans Foundation for funds towards engagement programming.
The Charity is also grateful to all the individuals, organisations and associations who have donated to the project, through both financial contributions, but also with their time.
There was a significant increase in overall income from £63,947 to £1,392,948 largely due to the fact that a one-off large donation of £376,742 was received. There were also grants received from the Royal Irish Regiment Charity as they transferred over their investments during the year. This has resulted in investment income increasing from £2,136 in 2024 to £43,727 in 2025.
Amounts spent on building repairs and wages during the year have been included in the financial statements as grants to institutions to the Royal Irish Regiment Benevolent Fund. These payments have been treated as grants received in the Royal Irish Benevolent accounts.
There was also a significant increase in expenditure from £5,621 in 2024 to £116,444 in 2025. This was due to large fundraising costs and legal & professional fees in relation to design work for the new museum.
Restricted reserves at the year-end were £118,178 compared to £58,326 in 2024. Unrestricted reserves at the year-end were £1,228,557 compared to £0 in 2024. This is mainly due to the transfer of investments from the Royal Irish Regiment Charity.
During the reporting year income exceeded expenditure by £1,288,409. In 2024 income exceeded expenditure by £58,326. The majority of the reserves are made up of investments held by the Charity as at 31st August 2025.
Investment performance:
During the year investment market value increased by £19,417. The total value of investments at the year end was £736,253 compared to £0 in 2024. This was due to the transfer of investments from Royal Irish Regiment Charity to UNTOLD: The Museum during the year.
Funding & Income:
During the year one significant donation totalling £376,742 was received from an individual. This donation was specifically for the new museum project. During the year UNTOLD: The Museum received a grant in the sum of £721,724 from The Royal Irish Regiment Charity. This was in relation to the transfer of investments. During the year UNTOLD: The Museum also received a grant in the sum of £27,683 from The Royal Irish Regiment Charity. This was in relation to the transfer website development costs for the new museum.
Grants received totalled £891,749 during the year. £749,407 was received from Royal Irish Regiment Charity. £124,619 and £17,500 was received from the National Lottery and the Veterans Foundation respectively. There was also a Conference grant of £222 received.
During the year UNTOLD: The Museum spent £7,940 on building repairs on behalf of The Royal Irish Benevolent Fund. This was treated as grants to intuitions in the accounts of UNTOLD: The Museum.
Income from investments was £25,647 this year (£0, 2024). This was due to the investments only being transferred during the year.
The main expenditure in the year was on fundraising costs and legal & professional fees which were in relation to the development of the new museum.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The charity has unrestricted reserves of £1,228,557, which is significantly higher than the desired levels. This level of reserves is held for the development of the new museum.
The Trustees have assessed the ability of the UNTOLD: The Museum Ltd to continue as a going concern and in their assessment they have considered all available information about the future, and conclude that it is appropriate for the financial statements to be prepared on a going concern basis.
Investment Policy and Objectives
Under the Trust Deed, the Trustees have absolute investment powers on behalf of the charity. Except for funds retained to meet current requirements, the majority of funds are invested to provide a balance of capital growth and income. The Trustees have appointed two independent investment manager companies, who have discretionary powers within agreed mandates reviewed on a regular basis. The funds are invested with a moderate risk profile.
The UNTOLD: The Museum Investment Managers are given parameters to work within and are provided with an indication of the level of return required to service the Charity.
With the advent of MS Teams all Trustees are now briefed and involved in investment decisions. All Trustees evaluate periodically how the investments have performed and make routine decisions required and provide recommendations on any changes in investment strategy. Some of the investments are aimed at long term capital growth to provide for future need; whilst others are invested for the dividend income they provide to support current need.
Risk Management
The Trustees continue to assess the major and minor risks to both the project and the Board, with a Risk Register a standing item on the quarterly agenda meeting. This is continually updated to reflect local, national and global risks. Best practice is sought from other military museums, but also the wider heritage sector. The Board of Trustees are responsible for the risk, and furthermore are responsible for the review of financial and management process to protect against fraud and financial irregularities.
Future Plans
The Board of UNTOLD look to the future with the primary objective of creating a sustainable museum to tell the stories of the Irish in the British Army. This work is progressing in line with a robust Business Case, developed by an external consultant, and reviewed during our The National Lottery Heritage Fund application process. Phase One of this process is the opening of new galleries at No. 28 Bedford Street, Belfast. All works are being developed with communities for communities to ensure the widest support possible for the project and future sustainability of visitor numbers.
UNTOLD: The Museum Ltd is a company limited by guarantee with the brand UNTOLD Stories of the Irish in the British Army held as a registered trademark. The Board of Trustees hold the responsibility for the management of the activity and funds of the Charity, and the Project Director holds delegated authority to act on the Trustees behalf when appropriate.
The Board meets four times a year and can be called for additional special meetings as and when the need arises. Meetings can be in person, online or hybrid, and out of committee decisions can be agreed via email and ratified at the following meeting.
All procurement is managed by the Project Director on behalf of the Trustees, who have final sign-off. Work valued at less than £50,000 require at least three quotes, and greater than £50,000, a tender report is required, and long with a demonstration that a least three quotes were sought, and the contract can be advertised publicly.
The Project Director, is seconded to the Board from The Royal Irish Regiment Benevolent Fund. They have delegated authority for up to £10K, and two finance trustees have been identified to approve invoices. The Bank Account also requires two signatories, as does the investment accounts.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Trustees for the Charity Board have been selected based on the experience they bring from a variety of sectors. This includes: third sector; sustainable organisations; economic development; education; law; investment management; events management; veteran affairs; and active service.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the company's contractual and other legal obligations.
The Board of Trustees are also the Directors of the Company and hold the final authority for all decisions. They do not currently employ any staff; however, a Project Director and Engagement Officer are seconded to the Board from The Royal Irish Regiment Benevolent Fund. The Project Director manages the Engagement Officer and reports directly to the Board. Both work to the Boards charitable and project objectives and are delegated to represent the Charity at any events as appropriate. The Project Director manages the finance and governance of the Board.
In accordance with the company's articles, a resolution proposing that Corrigan CA Limited be reappointed as auditor of the company will be put at a General Meeting.
The Trustees Report report was approved by the Board of Trustees.
The trustees, who are also the directors of UNTOLD: THE MUSEUM LTD for the purpose of company law, are responsible for preparing the Trustees Report Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Opinion
We have audited the financial statements of UNTOLD: THE MUSEUM LTD (the ‘charity’) for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Trustees Report use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The corresponding figures for the year ended 31/08/2024 are unaudited.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
We have nothing to report in respect of the following matters in relation to which the Charities Accounts and Reports Regulations (Northern Ireland) 2015 requires us to report to you if, in our opinion:
the information given in the financial statements is inconsistent in any material respect with the Trustees Report report; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities Accounts and Reports Regulations (Northern Ireland) 2015. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Corrigan CA Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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.
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.
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.
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.
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.
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.
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:
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:
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.
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.
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).
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.
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, 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, 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.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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.
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.
None of the trustees(or any persons connected with them) received any remuneration or benefits from the charity during the year.
The average monthly number of employees during the year was: 0
There are no staff in the charity.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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.
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.
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.
The charity had no material debt during the year.