COMPANY REGISTRATION NUMBER.. N1616033 CHARITY REGISTRATION NUMBER; NIC100106 Inner City Bulldings Preservation Trust Company Limited by Guarantee Financial Statements 31 March 2023 FERGUS MCATEER & CO Chartered accountants & statutory auditor 31133 Clarendon Street Derry BT48 7ER
Inner City Buildings Preservatlon Trust Company Llmlted by Guarantse Flnanclal Statsments Year ended 31 March 2023 Page Trustees, annual report (incorporating the directorfs report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) Balance sheet 12 13 Notes to the financial statements 14 Tho followlng pages do not form part of the flnanclal statements Detailed statement of financial activities 22 Notes to the detailed statement of financial activities 23
Inner City Buildings Preservation Trust Company Limltsd by Guarantse Tru8tees' Annual Report (Incorporatlng the Dlrector'8 Report) Year ended 31 March 2023 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2023. Roferenco and admlnl•tratlv• dotall8 Ro918tered charlty nam• Inner City Buildings Preseprfats'on Trust Charlty ro918tratlon number NIC100106 Company r8gl8tratlon number NI816033 Prlnclpal office and r•gl•t•r•d 31-33 Shipquay Street offlce Derry BT48 6DL The Tru8t•e8 Mr Patrick Walsh Mr Williarn McBride Mr John Meehan Mr William Mclvor Company •ecrotary Helen Quigley Audltor Fergus McAieer & Co Chartered accountants & statutory auditor 31133 Clarendon Street Derry BT48 7ER Banker• First Trusl Bank Meadowbank House Strand Road Derry BT48 7TN Sollcltorn Brendan Kearney & Co Clarendon House 4 Clarendon Street Derry BT48 7EX
Inner City Buildings Preservation Trust Company Llmlted by Guarantee Tru8toe8' Annual Report (Incorporating the Dlrector'8 Report) (contlnu•d) Year ended 31 March 2023 Stru¢turei governance and management The Directors are pleased to present their annual report tO9ether with the financial statements of the Charity for the year ending 31 March 2023 which are also prepared to meet the requirements for Directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act (NII 2008, the Charities (Accounts and Reports) Regulations INI} 2015, Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities. Statement of Recommended Practise applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 2019.) Directors and Trustees The Directors of the charitable company (the charity) are the Trustees for the purpose of charity law. The Trustees during the year and at the 31 March 2023 were as follows.. William McBride William Mclvor John Meehan Patrick Walsh Related Parties Londonderry Inner City Trust is the sole member of Inner City Buildings Preservation Trust and is also a related party by virtue of the fact that some of its directors are also directors in Inner City Buildings Preservation Trust. ObJe¢tlves and actlvltl08 The company's objects as set out in the ArtIGles of Association are.. 1. To secure by such means as are available for the public benefit the preservation, protection and improvement of buildings, parts of buildings or structures of particular beauty, or of historic, environmental, architectural or constructional merit or interest in the Inner City area of Derry City and to stimulate and educate public interest therein. 2.. To advance the education and vocational skills of the public in building preservation. restoration, refurbishment, traditional and general construction and related areas of work with the object of enhancing their employment prospects. 3. To promote such other exclusively charitable purposes in accordance with the law of charity in Northern Ireland as may from time to time be determined.
Inner City Buildings Preservation Trust Company Llmitsd by Guarantee Tru8tee8' Annual Report (Incorporating the Dlrector's Raport) f¢onllnu•d) Year ended 31 March 2023 Achlevements and performanc• Overall, the year 2022-23 has seen the further recovery from the difficulties associated wilh COVID and Brexit. The income is recovering, and the Trust will move forward cautiously. We will continue to work with the tenants to ensure that the financial strength of the Trust is rebuilt to enable us to underpin our slrategic approach. The Trust's strategic approach is fvndamentally about the identification, acquisition and restoration of listedlhistoric buildings and increasing the level of skills awareness and education in the field of heritage. By implementing this approach in a systematic way. the Trust can breathe new life into old buildings and ensure that the restored assets positively contribute to the regeneration of the city of DerrylLondonderry over short, medium and long-term timescales. Furthermore, the restored buildings not only animate the urban landscape, but also generate income to be used in further investment in capital projects and In skills and awareness programmes. We believe that to effectively restore and utilize our listed built environment we need to be a patient capital investor over the longer term. This, in turn. enables the Trust to serve the widest public benefit. Over the last year the Trust continued to invest in maintaining the fabric of its assets to ensure that they remained in good structural condition and to protect them for future generations. The remainder of the Trust's income, i.e that element not re-invested to secure the Immediate advancement of its objectives, is retained to build up a sufficient capital SerVe. The purpose of this retention is to enable the Trust to invest in future projects that requi finances and patient restoration. This is particularly important given that grant aid for such projects is becoming harder to secure. whilsl the inflationary cost pressure5 On these projects continue to rise. Financlal revlew The year to 31st March 2023 saw the Trust report nel income of {£472.651) {2022.. £76,704) and reduction in net assets to £1,452,329. The main source of income is rent from the refurbished Northern Counties building, now operating independently as the Bishop's Gate Hotel. Net income from rent for the year was £123,332 {2022.. £119,687), bringing the unrestricted reserves to £632,719 12022. £509.387} The Trustees have set aside £310,000 12022.. £260,000) from this sum to meet fulure major maintenance works on its propety portfolio and are satisfied that the remaining free reserves are more than adequate to sustain operations. The balance of net assets of £819,61012022.. £1,415,594) represents funds attached to the property assets of the Trust which are part-funded by grants and therefore have restrictsons attached to them by funders. Overall, the Trustees determine that the Trust has a solid financial foundation and continues in good financial health.
Inner City Buildings Preservation Trust Company Llmltsd by Guarantse Tru8tses' Annual Report (Incorporatlng the Director's Report) (contlnu•d) Year ended 31 March 2023 Pl•n• for futurè perlod8 In the coming year the Trust will continue to con501idate and improve its financial position, improve the effects'veness of our operations, and increase its positive impact in the city and in the heritage sector. Despite still recovering from deferred income and with the new pressures of inflationary increases, our audited accounts show a solid basis on which we are building back for Ihe future. We will continue our balanced approach that ensures each year we contribute positlvely to each of our stated charitable objectives. Consequently, looking forward to the 2023-24 year the TrLSSt (by our own actions and in partnership with others) will:. Continue to asset manage and invest in the Trust's t0 existing projects to ensure that the qu81ity of the original restoration is maintained and that any additions are congruenl with historic buildings standards, thereby enhancing the streetscape, increasing footfall and utilizing our built heritage to b008t tourism and bring prosperlty to the city. Continue to increase awareness, instil pride and educate the public on the Importance of heritage and whet can be achieved throush thoughtful restoration. Continue to implement the outcomes of the 2018 Walled City Conference and ensure their incorporation into the city's Strategic Plan and where possible the City Deal. Continue to advocate for best practice in urban regeneratlon through ttte local council, government, the National Trust. Development Trusts Nl, Locality and the Academy or Urbanism. We will also continue to showcase our existing restoration projects on Heritage Open Days and Similar publlc viewing as and when these return. Ensure that the Fashion & Textile Design Contre continues to deliver its programme of skills development, including the reviv81 of tradition81 skills. Re•erv•8 poIIcy The dlrectors review the reseNes of the Trust on an annual basis. This reserve5 review is carried out annually by the directors prior to the Trust's Annual General Meeting, which takes place in September each year. The review encompasses the nature of the income and expenditure streams, the need to rnatch variable income with fixed commitm8nts and the balance and nature of the reserves themselves. As part of this review the directors also analyse the future mandatory capital commitments placed on the Trust from the maintenance and upkeep of the properties and assets under ils stewardship, and have separately indented those material commitments within the reserves held at the year end. The Trust is also committed to certain capital projects and the associated impact on the reserves of the Trust are incorporated into its annual reserves review. As al 31st March 2021 the directors have designated £210,000 of the free reserves to meel future major maintenance and repair works on its property portfolio, nd intend to gradually increase thi8 In the coming years as and when free reserves allow. The directors have forecast the level of free reserves Ilhat is those funds not lied up in fixed assets, and designated and restricted funds) that the charity will require to sustain its operations and meet its financial obligation3 over future periods. They are satisfied that the reserves held are more than adequate for these purposes and will continue to monitor and review the funds held to ensure that the existing and future charitsble activities of the organisation can be funded from its resources
Inner City Buildings Preservation Trust Company Llmlted by Guarantee Tru8tee8' Annual Report (Incorporatlng the Dlr8ctor'8 Report) (contlnu•d) Year ended 31 March 2023 R18k management The directors have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established lo enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The Trust have implemented 8 Risk Register to facilitate the identification of key risks on 8 timely basis. Committees, where appropriate, h8ve been established to cover all risk areas and these committees report regularly to the Board of Director5. Tru•te•8' r•8pon81blllt1•8 Statornont The trustees, who are also directors for the purposes of company law, are responsible for preparing the irustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practlce). Company law requires the charity trustees to prepare financial statements lor each year whlch give 8 true and fair view of the state of affairs of the charitable company and the incomlng resources and application of resources, including the income and expenditure, for that period. In preparing these financlal statements, the trustees are required to: select suitable accounting pollcies and then apply them conslstently, observe the methods and principles in the applicable Charities SORP., make judgments and accounting estlmates that are feasonable and prudent., preparo the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in busines8. The tru8tees ar6 responsible ft)r keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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, Each of the persons who is a trustee at the date of approval of this report confims that: so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware, and they have taken all steps Ihal they ought lo have taken as a trustee to make themselves aware of any relevant audil information and lo establish that the charity's auditor is aware of that information. The audilor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
Inner City Buildlngs Preservatlon Trust Company Llmltsd by Guarantee Tru8tee8' Annual Report (Incorporatlng the Dlrector'8 Report) (contlnued) Year ended 31 March 2023 Small company provl8lon• This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The truste6s' annual report was approved on 22no June 2023 and signed on behalf of the board of trustees by.. Mr John Meehan Trustee
Inner City Buildings Preservation Trust Company Llmlted by Guarantee Indapandent Audltorfs Report to the Members of Inner Clty Building8 Preservation Tru8t Year ended 31 March 2023 Oplnlon We have audlted the flnancial statements of Inner City Buildings Preservation Trust {the 'charity'l for the year ended 31 March 2023 which comprise the statement of financial activities {including income and expenditure account). balance sheet and the related notes, including a summary of significant accoLsnting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Slandard applicable in the UK and R8public of Ireland (United Kingdom Generally Accepted Accounting Practice) In our oplnion the flnanci81 statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended.. have been properly prepared In accordance with United Kingdorn Generally Accepted Accounting Practice; have been prepared in accordance wilh the requirernents of the Companies Act 2006. Ba•ls for oplnlon We conducted our audlt in accordance wlth International Standards on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described In the auditor's responsibilities for the audit of the financial Statements sectlon 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. W8 believe that the audit evidence we have obiained is 8uffi¢ient and appropriate to provide a basis for our opinion. Conclu8lons relatlng to golng concem In audlting the financial statements, we have concluded that the trustees, 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 dentifIed any material uncertainties relating io 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 e1ve 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.
Inner City Buildings Preservation Trust Company Llmlted by Guarantee Independent Audltor'8 Report to the Member8 of Inner Clty Bulldlngs Preservatlon Trust (contlnu•dJ Year ended 31 March 2023 Other Infomiatlon The other information cornprlses the informatlon included in the annual report, other than the financlal statements and our auditor's report thereon. The trustees are responsible for the other infomation. Our opinion on the financial statements does not cover the other information and, except to the extent otheNiise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connèction with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in Ihe financial statements or a material misstatement of Ihe other information. 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. Oplnlon• on other mott•r• pr88crlbod by the Compan1•• Act 2006 In our oplnion, based on the work undertaken in the course of the audit.. the information given in the trustees, report for the financial year for which the financial statements are prepared is consisienl with the financlal 8tatement8', and the trustees, report has been prepared in accordance with applicable legal requirements, Matt•rn on whlch wo ar• r•qulred to roport by •xceptlon In the light of the knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not identified m8ierial misstatements in the trustees, report. We have nothing to report in respeci of the following matter8 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and retums; or certain disclosures of trust8es' remuneration specified by law are not made, or we have not received all the information and explanations we require for our audit., or the trustees were not entltled to prepare the financial statements In accordance with the small companies regime and take advantage of the small companies, exempts'ons in preparing the directors, report and from the requiremenl to prepare a strategic report.
Inner City Buildings Preservation Trust Company Llmlted by Guarantse Independent Audltor'8 Report to tho Membern of Innor City Buildings Preservatlon Trust {contlnu•d) Year ended 31 March 2023 Re8pon81bllltle• ol tru8tee• As explained more fully in the trust8es' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial ststements that 8re free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees 8re responsible for assessing the charity's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either iniend to liquidate the charlty or to cease operations, or have no realistic alternative but to do so. AudltoV• re•pon•lbllltlM for the audlt of th• Ilnanclal •tatom•nt• Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from materlal misslatement, whether due to fraud or error, and to issue an auditor's report that includes our opinlon Reasonable assurance is a high level of assurance, but 18 not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect 8 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. Irregularitles, Includlng fraud, are Instances of non<ompllance wlth laws and regulations. We design procedures in line wilh our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Identifying and 838essing potential risk8 related to irregularities In identifying and assessing risks of malerial misstatement in respect of irregularities, including fraud and non<ompliance with laws and regulaiions we considered Ihe following. Ihe nature of Ihe industry and sector and control environment ' the legal and regulatory framework applicable" the results of our enquiries of managemenl and other key persons about their own identification and assessment of the risks and irregularities the Charity own policies and procedures on compliance with laws and regulations including any instances of non-compliance, Audit response lo risk identified As a result of performing the above we identlfied and performed the followlng procedures" enqulry of management, those charged with governance around actual and potential litigation and claims. enquiry of entity staff in compliance functions to identify any instances of non<ompliance with laws and regulations. Reviewing financi81 statement disclosures and testing to supporting documentation to assess compllance with applicable laws and regulations Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Auditing the risk of rnanagement override of controls, including through tesling journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business
Inner City Buildings Preservation Trust Company Llmlted by Guarantee Independent Audltor'8 Report to the Members of Innar Clty Bulldlng8 Preservatlon Trust (contlnuod) Year ended 31 March 2023 As part of an audit in accordance with ISAS IUKI, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financlal statements, whether due to fraud or error, design 2nd perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intenlional omissions, mlsrepresentations, or the override of internal control. Obtsin an underS18nding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriatenass of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concem b8sis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signiflcant doubl on the charlty's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the relaled disclosures in the financial statements or. if such disclosures are inadequate, lo modify our opinlon. Our conclL¢sions are based on the audit evidence obtained UP lo the date of our audilor's report. However, future events or Conditions may cause the charlty to cease to continue as a going concern. Evaluale the overall presentation, structure and content of the financial stalemenls. includin9 the disclosures. and whether the financlal sialemenls represent the underlying transactSons and evenls in a manner that achieves fair presentation. 10
Inner City Buildings Preservation Trust Company Llmlted by Guarantee Independent Audltor'8 Report to tho Member8 of Innor Clty Bullding8 Preservation Tru8t (contlnu•d) Year ended 31 March 2023 We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in intemal control that we identify during our audit. U8• of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditorfs report and for no othar purpose. To the fullest extent permitted by law, we do not accept or assume responsibility 10 anyone other than the charity and the charity's members as 8 body, for our audit work, for thls report, or for the opinions we have formed, Conor McAteer IS nior Statutory Auditor) For and on behalf of Fergus McAleer & Co Chartered accountants & statutory auditor 31133 Clarendon Street Derry 8T48 7ER CHARTEREO 2 2 JUN Z023 22nd June 2023 ANTS 11
Inner City Buildings Preservation Trust Company Llmitsd by Guarantse Statam8nt of Flnanclal Actlvltla8 (including income and expenditur8 account) Year ended 31 March 2023 2023 Restricted funds Total fund8 Total funds 2022 Unrestricted funds Not• Incom• and endowm•nt• Other trading activities Totsi Incomo 142.500 142,500 138,800 142,500 142,500 138,800 Expendltur• Expenditure on raising funds.. Costs of other trading activities Expenditure on charitable activities Total expendlture 2,245 16,923 42,983 45,228 16,923 46,833 15.263 19,168 42,983 62,151 62,096 Net108ses on investments (553,000) (553,000) Net (oxpendlturolllncome and n•t movoment In fund• 123,332 (595,983) {472.651) 78,704 Reconclllatlon of funds Total funds brought forward Total fund• carrled forward 509,387 1,415,593 1.924,980 1,848.277 632,719 819,610 1,452,329 1,924.981 The statement of financial activities includes all gains and lossès recognised in the year. All income and expenditure derive from continuing activities The not•• on page8 14 to 20 fom part of theM flnanclal 8tatement•, 12
Inner Clty Buildings Preservation Trust Company Llmited by Guarantee Balance Sheet 31 March 2023 2023 2022 Not• Flxed a880ts Tangible fixed assets 12 4,971,676 5,587,659 Curr•nt a•80ts Cash at bank and in hand 589,620 481,052 Cr•dltor•: amounts falllng du• wlthln on• y•ar Not curr•nt Il•bllltle• 13 4,108,967 3,519,347 4,123,730 3,642,678 Total a••ot• le•• curr•nt Ilabllltle• 1,452,329 1,924,981 Not a••ots 1,452,329 1,924.981 Funds of the charlty Restricled funds Unrestricled funds 819,610 632,719 1,415,594 509,387 ToLIl charlty fund• 14 1,452.329 1,924.981 These financial statements have been prepared in accordance with the provlsions applicable to companies subject to tho small companies, regime. These financial slatements were approved by the board of trustees and authodsed for Issue on 22nd June 2023, and are signed on behalf of the board by.. Mr John Meehan Truslee Th• nots8 on pages 14 to 20 forni part of them fln•nclal •tat•ment•. 13
Inner City Buildings Preservation Trust Company Llmltsd by Guarantse Notes to the Flnancial Ststsment8 Year ended 31 March 2023 Goneral Informatlon The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the reglstered office is 31-33 Shipquay Street, Derry, BT48 6DL. Statom•nt ol compllanc• These financial statemenls have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republlc of Ireland,, the Statement of Recommended Practice applicable to charities prep8ring their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 1021 (Charilies SORP (FRS 102)) and the Companies Act 2006. Accountlng pollcle• Par•nt company Inner City Buildings Preservation Trust is a wholly owned subsidiary of Londond8rry Inner City Trust which is a private charrtable company limited by guarantee, registered in Northern Ireland. The address of the registered office Is 31 33 Shipquay Street, Derry, BT48 6DL. Consolidated group fin8nci81 statemenis have been prepared by the parent. Ba81$ of preparatlon The linancial 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. Golng concern There are no material uncertalntl88 about the ¢harity'S abllity to continue. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purpose8. Designated funds are unrestricted funds earmarked by the trustees for particular future prolect or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of sub-¢las8es,' restncted income funds or endowment funds. 14
Inner Clty Buildings Preservation Trust Company Limlted by Guarantee Note8 to the Flnanclal Statsments (contlnu Year ended 31 March 2023 Accountlng pollcle8 (conflnu•d) Incomlng re•ourco8 All income is included In the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from grants is recognised when there is evidence of entitlement io the funds, any performance conditions attached to the grants have been met, receipt 1$ probable and its amount can be measured reliably. rental income Is recognised when there is evidence of entitlement Resourc•• •xp•nd•d Expenditure is recognisgd on an accruals basis as a liability is Incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities. events and non-charitable Irading 8Ctivities 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 C06ts and costs relating to the governance of the charity apportioned to charitable activltles. other expenditure includes all expenditure that is neither lated to raising funds for the charity nor part of It8 expendlture on charitable activlties. 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 befvleen the activities they contribute to on a reasonable, justifiable and consislenl basis. Tanglblo 488et• Tangible assets are initially recorded at cost, and subsequently staled at Cosl 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 impairment that has previously been recognised as expenditure within the statement of financial aclivi118s. 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 withln other recognised gains and losses on the statement of financial activities. 15
Inner City Bulldings Preservation Trust Company Llmltad by Guarantse Notes to the Flnanclal Statement8 (conllnued) Year ended 31 March 2023 Accountlng pollclej (C(lInU•d) Depreclatlon Depreciation is calculated so as to write off the cost or valuatlon of an asset, 18S8 Its residual value, over the useful economic life of that asset as follows.. Freehold propety Fixtures and fittings Nil depreclation 10 % straight line Impalmignt of flxed a••et• A review for indicators of impairment is carried out at each reporting date. with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the rgcoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit io which the asset belongs. The cash%eneraling unit is the smallest identifiable group of assets that includes ttte asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. Flnanclal In8trum•nt8 A financial asset or a financial liability is recognised only when the enlity becomes a paty to the contractual provisions of the instrument Basic financial inslrumenls are initially recognlsed at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted al a market rate of interest for a slmllar debt instrument. Llmlt•d by guarant•e Inner City Buildings Preservation Trust is a registered charity company limited by guarantee. HMRC Charity Reference number. N100014 Nl Charity Commission Reference number. NIC100106 Other tradlng actlvltlots Unrestricted Total Fund• Unrestricted Total Funds Funds 2023 Funds 2022 Rent receivable Misc Income 142,500 142,500 138,750 50 138,750 50 142,500 142,500 138,800 138.800 16
Inner City Buildings Preservation Trust Company Llmltsd by Guarantee Nots8 to the Flnanclal Statements (contlnuod) Year ended 31 March 2023 Costs of oth•r tradlng aGtlvltl•• Unrestricted Funds Restricted Totsi Fund8 Funds 2023 Costs of other trading activities 2,245 42,983 45.228 Unrestricted Funds Restricted Total Funds Funds 2022 Costs of other trading activities 3,850 42,983 46.833 Expandlture on charltable actlvltle• by fund typo Unrestricted Total Fund• Unrestricted Total Funds Funds 2023 Funds 2022 Events and advertising Support costs 4,000 12,923 4,000 12,923 15.263 15,263 18.923 18,923 15,263 15,263 Expendlturo on charltabl• actlvltles by •¢tlvlty type Activities undertaken direclly Support Total fund• cost8 2023 Total fund 2022 Events and advertising Governance costs 4,000 4,000 12,923 12,923 15,263 4,000 12,923 16,923 15,263 N•t10•808 on Invo8tmont8 Restricted Total Fund8 Funds 2023 Restricted Totsl Funds Funds 2022 Gainsl(losses) on investment propety 1553,000) 1553,000) 10. Net (•xp8ndltur•lllncome Net (expenditure)lincome is stated after chargingllcreditSng): 2023 2022 Depreciation of tangible fixed assets Fèas payabl8 for th8 audit of tho financial statam8nts 42,983 3.950 42,984 2,980 17
Inner City Buildings Preservation Trust Company LSmlted by Guarantee Notss to the Financial Statsments fcontlnuedj Year ended 31 March 2023 11. Trustee romuneratlon and expenses None of the trustees have been paid any remuneration or received any other payment from an employment with the charity or a related charity. In the year four trustees were reimbursed expenses for travelling totalling £200 (31 March 2022 £200 for four trustees). The key management personnel of the charity comprises the Trustees. the Chief Executive and the Finan manager of the parent company, Londonderry Inner City Trust. The total benefits of the key management personnel of the trust was £nil (31 March 2022 - £nil). 12. Tangible flxed a888ts FehOld Fixtures and propety fitts'ngs Total Cost At 1 April 2022 Revaluations 5,381,045 1553,0001 4,828,045 429,834 5,810,879 1553,000} 5,257,879 At 31 March 2023 429,834 Depreclatlon At l April 2022 Charge for the year At 31 March 2023 6,811 236,409 42,983 243,220 42,983 6,811 279,392 286,203 Carrylng amount At 31 March 2023 4,821,234 150,442 4,971,676 At 31 March 2022 5,374.234 193.425 5,567,659 13. Cr8dltor8: amounts falllng due withln ona year 2023 2022 Amounts owed to group undertakin9S Accruals and deferred income Social security and other taxes 4.095,005 7,661 6,301 4,111,019 6,711 6,000 4,108,967 4,123,730 18
Inner City Buildings Preservation Trust Company Llmlted by Guarants8 Notes to the Flnancial Statements fconflnugd) Year ended 31 March 2023 14. Analysls of charltable fund8 Unre8trlcted funds At 1 Apr 2022 Gains and At losses 31 Mar 23 Income Expenditure Transfers Unrèstricted general funds Designated Fund 249,387 260,000 142,500 119,1681 (50.000) 50,000 322.719 310,000 509,387 142,500 {19,168) 632,719 At 1 Apr2021 Gains and At losses 31 Mar 22 Income Expenditure Transfers Unrestricted general funds Designated Fund 179,700 210,000 138,800 (19,113) (50.000) 50.000 249,387 260,DOO 389.700 138,800 (19,113) 509,387 Re•trlcted fund8 At 1 Apr 2022 Gains and At losses 31 Mar 23 Income Expenditure Transfers Property Fund 1,415,593 142,983) 1553,0001 819,810 At 1 Apr 2021 Gains and At losses 31 Mar 22 Income Expenditure Transfers Propety Fund 1,458,577 142,9831 1,415,594 19
Inner City Buildings Preservation Trust Company Limited by Guarantee Notes to the Flnanclal Statemonts (contlnued) Year ended 31 March 2023 15. Analy818 of net a88ets between fund8 Unrestricted Funds Restricted Total Fund8 Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Not a88•t8 70,972 4,971,675 589,620 589,620 {27.873) 14,081,093) 14.108,9661 632,719 819,610 1,452,329 4,900,703 Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Not as8et8 70,973 5,567,659 481,052 481,052 {42.637} 14,081,093) {4.123,730) 509,388 1,415,593 1,924,981 5,496,686 20
Inner City Buildings Preservation Trust Company Llmlted by Guarante8 Management Informatlon Year ended 31 March 2023 Tho followlng pag•8 do not form part ol tho flnanclal Statemonts. 21
Inner City Buildlngs Preservatlon Trust Company Llmited by Guarantee Detsiled Statemont of Financlal Actlvitles Year ended 31 March 2023 2023 2022 Incomo and endowments Other tradlng activiti88 Rent receivable Misc Income 142,500 138,750 50 142,500 138,800 Total Income 142,500 138,800 Expendlture C08t8 of other tradlng actlvltles Repairs and maintenance Depreciation 2,245 42,983 3,850 42,983 45.228 46,833 Expondlture on charltablo actlvitles Rent Insurance Other motorltravel costs Legal and professional fees Other interest payable and similar charges Events General expenses Advertising 74 8.640 200 3,950 46 1,000 13 3,000 74 8,172 200 6,710 94 13 16,923 15,263 Total expendlture 62,151 62,096 Net108808 on Investments Gainsl(losses) on investment propety {553,000) Not {0xndItur8)I[nCOmO {472,6511 76,704 22
Inner Clty Buildings Preservation Trust Company Llmlted by Guarantee Not88 to the Detalled Statsment of Flnanclal Actlvltle8 Year ended 31 March 2023 2023 2022 Co•t8 of othor tradlng actlvltles Repairs & maintenance Depreciation 2,245 42,983 3.850 42.983 45,228 46,833 Co•ts of oth•r tradlng actlvltl 45,228 46,833 Expendlture on charltable actlvltl•8 Actlvltlos undertaken dlrnctly Events Advertising 1,000 3.000 4,000 Gov•rn•nc• co•t• Rent Insurance Travelling and entertainment Audit fees Legal fees Bank charges General expenses 74 8,640 200 3,950 74 8,172 200 2.960 3.750 94 13 48 13 12,923 15,263 Expendlture on charltabla actlvltl•8 16,923 15,263 23