COMPANY REGISTRATION NUMBER: N1616033 CHARITY REGISTRATION NUMBER: NIC100106 Inner City Buildings Preservation Trust Company Limited by Guarantee Financial Statements 31 March 2024 FERGUS MCATEER & CO Chartered accountants & statutory auditor 31133 Clarendon Street Derry BT48 7ER
Inner City Buildings Preservation Trust Company Limlted by Guarantea Financial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) 12 Balance sheet 13 Notes to the financial statements 14 The following pag88 do not form part of the financial statement8 Detailed statement of financial activities 22 Notes to the detailed statement of financial activities 23
Inner City Buildings Preservation Trust Company Llmltsd by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year endad 31 March 2024 The trustees, who are also the directors for the purposes of company18w, present their report and the financial statements of the charity for the year ended 31 March 2024, Reference and admln18tratlve d•tall• Reg18t•r•d charfty name Inner City Buildings Preservation Trust Charlty r•gl8tratlon numb•r NIC100106 Company r•gl8tratlon numb•r N1616033 Prlnclpal office and rogl•ter•d 31-33 Ship4uay Street offlco Derry BT48 6DL Th• tru8te•• Mr Patrick Walsh Mr William Mc8ride Mr John Meehan Mr William Mclvor Company •ecretary Helen Quigley Audltor Fergus McAteer & Co Chartered accountants & statutory auditor 31133 Clarendon Street Derry BT48 7ER Bank•rn First Trust 88nk 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 Guarant88 Trustees. Annual Report (Incorporating the Director's Report) fcontlnu•d) Year ended 31 March 2024 Structur•, governance and management The D1CtorS are pleased to present their annual report together with the financi81 statements of the Charity for the year ending 31 March 2024 which are also prepared to meet the requirements for a Directors, report and accounts for Companies Act purposes The financial statements comply with the Charities Act {Nl) 2008, the Charities (Accounts and Reports) Regulations (Nl) 2015, Companies Act 20CE, 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 (FRS102) {effective 1 January 2019.1 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 2024 were as follows.. William McBride William Mclvor John Meehan Patrick Walsh Related Partle8 Londonderry Inner City Trust is the sole member of Inner City Buildings Preservation Trust and is also a related paty by virtue of the fact that some of Its directors a also directors in Inner City Buildings Preservation Trust, ObJectlv08 and aetlvitles The company's obtsects as set out in the Articles 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 Llmlted by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (¢ontlnu•d) Year ended 31 March 2024 Achlevemont8 and p•rformance Despite the continuing economic uncertainty and various political difficulties, the Trust continues to recover, and it continues to work with its tenants to regain the financial strength that had been damaged in Covid. The Trust's strategic approach 18 fundamentally about the identificab'on, acquisition and restoration of listedlhistoric buildings and increasing the level of skills awareness and education in the field of heritage. Over the last year the Trust continued with its systematic programme of facilities management invesling in the maintenance of high standards within its historic and listed buildings. The Trusts commitment in this area of its operations is vital in ensuring its assets not only remain in good structural condition but also protect their capability to generate income for future activities. 8y implementing this approach in a systematic way, the Trust can breathe new life into old buildings and ensure that the restored assets positively contribule 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 envwonment we need to be a patient capital investor over the longer term. This approach In turn, enables the Trust to 88rve the widest public benefit. The remainder of the Trust's Income, l.e. that element not re-invested to secure the immediate advancement of its objectives, is retained lo build up a sufficient capital reserve, The purpose of this retention is to enable the Trust to invest in future projects that require finances and patient restoration. This is particularly important given that grant aid for such projects is becoming harder to secure, whilst the inflationary cost pressures on these projects continue to rise. Flnanclal revlew The year to 31st March 2024 saw the Trust report net deficit of £1,417 (2023.. £472,651) and a reduction in net assets to £1,450,914. The main source of income is rent from the refurbished Northem Counties building. now operating independently as the Bishop's Gate Hotel. Net income from rent for the year was £127,432 {2023. £123,332), bringing the unrestricted serveS to £632,71912023'. £632,719). The Trustees have set aside £310,000 12023.. £310,000) from this sum to meet future major maintenance works on its propety portfolio and are satisfied thal the remaining free reserves a more than adequate to sustain operations. The balance of net assets of £533.118 (2023.. £819,610) represents funds attachecl to the propety assets of the Trust whh are part-funded by grants and therefore have restrictions 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 Llmlted by Guarantsa Trustees. Annual Report (Incorporating the Director's Report) {¢ontlnu•d) Year ended 31 March 2024 Plans for future perlod8 In the coming year the Trust will continue to consolidate its financial FQSition. improve the effectivenass of our operations, and increase our presence in Ihe city and the heritage sector. Despite still recovering from deferred income under Covld and with the new pressures of inflationary increases, our audited accounts show a solid basis on which we are building back for the future. We will continue our balanced approach that ensures each ye8r we contribute positively to each of our stated charitable objectives. Consequently. looking forward to the 2024-25 year the Trust (by our own actions and in partnership with others) will'.- Continue to assel manage and invest in the Trust's two existing projects to ensure that the quality of the original restoration in maintained and that any additions are congruent with historic buildings stsndards. thereby enhancing the streetscape, increasing footfall and utilizing our built heritage lo boost tourism and bring prosperity to the city Continue to increase awareness, instil pride and educate the public on the importance of heritage and what can be achieved through thoughtful restoration. Continue to implernent the outcomes of the 2018 Walled Cty Conference and ensure their incorporation into the city's Strategic Plan and where possible the City Deal helping move the process of heritage restoration from the margin5 to the mainstream of regeneration. Continue to advocate for best practice in urban regeneration through the local council. government, the National Trust, Development Trust Nl, Locality and the Academy of Urbanism. We will also continue to showcase our existing restoration projects on Heritage Open Days and similar public viewing as and when these return Ensure that the Fashion & Textile Design Centre continues to deliver its programmes of skills development, including the revival of traditional textile based skills. Ensure that the Trust contributes to the development of wider capital sources that will accelerate the reimaging and restoration of key listed assets within the city.
Inner City Buildings Preservation Trust Company Llmlted by Guarantee Tru8tees' Annual Report (Incorporating the Director'8 Report) {conllnu•d) Year ended 31 March 2024 Re8erve8 pollcy The directors review the reserves of the Trust on an annual basis. This reserves review is carried out annually by the directors prior to the Trust'g Annu81 General Meeting, which takes place in September each year. The review encompasses the nature ofthe incxjme and expenditure streams, the need to match variable Income with fixed commitments and the balance and nature of the reseNes themselves. As part of thls review tho directors also analyse ih8 future mandatory C8Pital commitments placed on the Trust from the maintenance and upkeep of the properties and assets under its stewardship, and have separately Indented those material commitments within the r88eNes held at the year end. The Trust is also committed to ¢8rt8in capital projects and the associated impact on the r8seNes of the Trust are incorporated into Its annual reserves review. As at 31st March 2024 the directors have designated £310,000 (31st March 2023. £310,000} of the free reseNes to meet future major maintenance and repair works on its propety portfolio, and intend to gradually in¢re8se this in the coming years as and when free reserves allow. The directors have forecast the level of free reseNes (that is those funds not tied up in fixed assets, and designated and restricted funds} that the charity will require to sustain its operations and meet its financial obllgations over luture periods. They are Satisfied that the reseNes held ara more than adequate for Ihese purposes and will continue to monitor and review the funds held to ensure that the existing and future charitable activities of the organisation can be funded from its resources R18k manag•mont Rlsk management The directors have examined the major strategic, business and operational risk8 which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The Trust have implemented a Risk Register to facilitate th& identification of key risks on a timely basi8. Committees, where appropriate, have been established to cover all risk areas and these committees report regularly to the Board of Directors.
Inner City Buildings Preservation Trust Company Llmltsd by Guarantè• Trustoes, Annual Report (Incorporating the Director'8 Report) {contlnu•d) Year ended 31 March 2024 Trustees. r88pon81bllltl88 statement The trustees, who are also directors ft)r the purposes ofcompany law, are responsible for preparing the trustees, report and the financial statements in accordance with 8pplicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountr'ng Practice). Company law requires the charity trustees to prepare financial statements for each year which give true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expendlture, for that period. In preparing these financi81 statements, the trustees are required to.. select Suitable accounting policies and then apply them consistently., observe the mettrods and principles In the applicable Charitles SORP., make judgments and accounting eslimaie8 that are reasonable and prudent., prepare the financial statements on the going concern basis unless it 18 inappropriate to presume that the charity will continu8 in business. The trustees are responsible for 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 Compani8s Act 2006. They are also responsible for safeguarding the assets of the charity and hence for lakin9 reasonable steps for the prevention and detection of fraud and other irregularlties. Each of the persons whols 8 trustee at the date of approval of this report confirms that.. so far as they are aware, there is no relevant audlt infomation of which the charfjty's auditor 18 unaware, and they have taken all steps that they ought to have taken as a trustee to make Ihemselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with sectlon 487 of the Companies Act 2006. Small company provl8lon8 This report has been prepared in accordance with the provisions applicable to companies entilled to the small companies exemption. The trustee8' annual report was approved on 27 June 2024 and signed on b8half of the board oftrustees by Mr William Mclvor Trustee
Inner City Buildings Preservation Trust Company Llmltsd by Guarantse Independent Auditor's Report to the Membern of Inner City Buildin98 Preservatlon Trust Year ended 31 March 2024 Oplnlon We have audited the financial statements of Inner City Buildings Preservation Trust Ithe 'charity') for the year ended 31 March 2024 which comprise the ststement of financial activities (including income and expenditure 8ccountl. balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Flnancial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. givo a true and fair view of the stsle of the charity's affairs as at 31 March 2024 and of its incoming resources and applicatlon of resources, Including Its income and expenditure, for the year then ended., have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice, have been prepared in accordance with the requirements of the Companies Act 2006. Ba•1• for oplnlon 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 auditorfs responsibilities for the audit of the financial statements Saclion of our report. We are independent of the charity In accordanc8 with the ethical requlrements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Slandard, 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. Conclu•lon• relatlng to golng concern In auditing the financial slatemenls, we have concluded that the trustees, use oflhe going conrn 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 doubl on the charity's ability lo continue as a going concern for a period of at least e1ve months from when the financial statements are authofised 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 Auditor'8 Report to the Members of Inner City Buildings Pr888rvatlon Trust {contlnu•d) Year ended 31 March 2024 Other Infomiatlon 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. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise explicitly stated in our pOrt, we do not express any form of assurance conclusion thereon. In connection 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 otheNise 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 misststemenl in the financial statements or a material misststement of the other infomation. If, based on the work we have performed, we conclude that there Is a material misstaternent of this other information, we are required to report that fact. We have nothing to report in this regard. Opinlon8 on other matter3 prescrlbèd by the Companles Act 2006 In our opinion, 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 ststements are prepared Is consistent with the financial statements; and the trustees, report has been prepared in accordance with applicable legal requirements. Matter8 on whlch we are requlrod to report by exceptlon In the light ofthe knowledge and understanding of the charity and its environment obtained in the course of the audit, we have rot identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records hav& not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial ststements are not in agreement with the accounting records and retums; or certain disclosures of trustees, remuneration specified by law are not made.. or we have not recewed all the information and explanations we require for our audit, or the trustees were not entitled to prepa the financial statements in accordance with the small companies regirne and take advantage of the small companies, exemptsons In preparing the dlr8ctors' report and from the requirement to prepare a strategic report.
Inner City Buildings Preservation Trust Company Llmited by Guarantse Independent Auditor's Report to the Membor8 of Inner City Buildings Pre88rvation Tru8t (contlnu•d) Year endod 31 March 2024 Re8ponslbllltle8 of trustee8 As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes ofcompany lawl are responsible for the preparation ofthe 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 statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are 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 intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Audltorf8 re8pon8lbllltle8 for the audlt of the flnanclal statements 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 {UKI will always detect a material misstaternent 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting rregularilies, Including fraud is detailed below.. Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations we considered the following. the nature of the industry and sector and control environment, the legal and regulatory framework applicable" the results of our enquiries of management 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 inclL6ding any instances of non-compliance, Audit response to risk identified As a result of performing the above we Identified and perfomied the following procedures" enquiry of management, those charged with governance around actual and potential litigation and claims. ' enquiry of entity staff in compliance fvnctions to identify any instances of non-compliance with laws and regulations. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance 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 management override of controls, including through testing joumal 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 Llmltad by Guarantee Indepondent Auditor'8 Report to the Members of Inner City Buildings Preservatlon Trust (c¢tInu&) Year ended 31 March 2024 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or efror, design and 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 results'ng from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, rnisrepresentations, Of the override of internal control Obtain an understanding of internal control relevant to the audit in order to design audit procedures Ihat are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting poli¢ias 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 concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity'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 related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentstion, 10
Inner City Buildings Preservation Trust Company Llmlted by Guarantee Independent Auditor's Report to the Members of Inner City Buildings Preservatlon Trust (contlnu•dJ Year ended 31 March 2024 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 internal control that we identify during our audit, U•• of our report This report Is made SOlY to the charity's mernbers, as a body, in accordance with Chapter 3 of Part 18 of the Companies Act 2006, Our audit work has been undertaken so Ihat we might state to the charity, members those matters we are required to slate to them in an aL*ditoffs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbility to anyone other than the charity and the charity's members as a body, for our audit work, ft)r this feport, or for Ihe opinions we have formed s MCA TÈÈ CHARTERED Conor McAteer (Senior Statutory Auditor) For and on behalf of Fergus McAleer & Co Chartered accountants & statutory auditor 31133 Clarendon Street Derry BT48 7ER 2 7 JUN 2024 ACCOUNTANTS 27 June 2024
Inner City Buildings Preservation Trust Company L5mited by Guarantee stst•ment of Financial Activitlos (includlng Income and expendlture account) Year ended 31 March 2024 2024 Restricted funds Total fund• Total fund8 2023 Unrestricted funds Not• Income and endowments Other trading activities Investment income 149,600 16,653 149.800 16,653 142,500 Total Incom• 166,253 168,253 142,500 Expendltur• Expenditure on raising funds. Costs of other trading activiti88 Expenditure on charitable activities Total expendlturo 20 120 18,701 42,983 83.103 18.702 45,228 16,923 38,821 42,983 81,805 62,151 Net losses on Investments 10 (85,885) (85,865) (553,000) Not •xp•ndltur• 127.432 (128,848) 11,417) 1472,6511 Tran8fer3 behveen funds 157,644 (157,644) N•t mov•ment In fund• 285,076 1286,492) (1.417) (472,651) Roconclllotlon of fund8 Total funds brought forward Total funds carrled forward 632,719 819,610 1,452,329 1,924,980 917,795 533,118 1,450,913 1,452,329 The statement of financial activi118s includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The note• on page• 14 to 20 fomi p•rt ol the flna[al •tatsm•nt•. 12
Inner City Buildings Preservation Trust Company Llmltod by Guarantso Balance Sheet 31 March 2024 2024 2023 Nota Flxod a88•ts Tangible fixed assets 13 4,849,693 4,971,676 Curront asset• Debtors Cash at b8nk and in hand 14 16,653 700,465 589,620 717,118 589,620 Credltor•: amount• falllng du• wlthln ono year Net current Ilabllltlo• 16 4,115,898 4,108,967 3,519,347 3,398.781 Total a•••t• 10•8 ¢urr•nt Ilabllltl•• 1,450,913 1,452,329 1,450,913 1,452,329 Fund• ol the ¢h•rlty Restricted funds Unrestricted funds 533,118 917,795 819.810 632,719 Total charlty funds 16 1,450,913 1,452,329 These financial st8t8m6nts have been prepared In accordance with the provisions applicable to companies subject lo the small companies, regime, The financial statements were approved by the board oflrustees and authorised for issue on 27 June and are signed on behalf of the board by.. Mr William Mclvor Trustee Tho nots8 on pogo• 14 10 20 fom part of th08• flnanclal •tstement•. 13
Inner City Buildings Preservation Trust Company Llmlted by Guaranto0 Notes to the Financial Statements Yaar ended 31 March 2024 G•n•ral Informatlon The charity is a public benefit entity and a private company limited by guarantee, registered in Northem Ireland and a registered charity in Northern Ireland. The address of the registered office is 31-33 Shipquay Streel, Derry. BT48 6DL. ststement of compllanc• These financial statements have bean prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republ of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iraland (FRS 102) {Charities SORP (FRS 102)) and th8 Companies Act 2006. Accountlng pollcl•• Parent company Inner City Buildings Preservation Trust is a wholly owned subsidiary of Londonderry Inner City Trust which is a private charitable company limited by guarantee, registered In Northern Ireland. Th8 address of the reglstered offlce Is 31- 33 Shipquay Street, Derry, BT48 6DL. Consolidated group financial statements have been prepared by the parent, 8a•l8 of pr•paratlon The financial statements have beén prépared on the hlslorical 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 uncertainties about the charity's ablllty to continue. Fund accountlng Unrestricted funds are available for use 8t tha discretion of the trustees to further any of the charity's purpose$. Designated funds are unrestricted fund$ earmarked by the trustees for particular future proiect or commitment. Restricted funds are subjected to restriction8 on their expenditure declared by the donor or through the terms of an appeal, and fall into one of tsvo sub-classe8.' restricted income funds or endowment funds. 14
Inner City Buildings Preservation Trust Company Llmlted by Guarantsa Notes to the Financial Ststsments (¢ontlnu•d) Year ended 31 March 2024 Accountlng pollcle8 (contlnu•d) Incomlng r•80urces 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 reliabty measured. The following specific policies are applied to particular categories of income: income from grants is recognised when there is evidence of entitlement to the funds. Sny performance conditions attached to the grants have been met, rec&ipi is probable and its amount can be measured reliably. rental income is recognised when there is evidence of entitlement Re80urce8 8xpend•d Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement offinancial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events and non- charitable trading activities expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its exFenditure on charitable activities. All costs are allocated to expenditure categories reftecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Tanglbl• asset8 Tangible assets are initially recorded at cost, and subsequently slated at cost less any accumulated depreciation and impaimient 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 impairment10&ges. 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 activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain: in which case the loss is shown within other recognised gains and losses on the statement of financial activities. 16
Inner City Buildings Preservation Trust Company Llmited by Guarantee Nots8 to the Financial Statements (¢ontlnu•d) Year endod 31 March 2024 Accountlng poll¢le8 (¢ondnu•d) Depreclatlon Depreciation is calculated so as to wrile off the cost or valuation of an asset, less Its residual value, over the useful economic life of that as5el as follows= Freehold propety Fixtures and fittings Nll depreciation 10% straight line Impalmient of flxod assets A review for indicators of impairment is carried out at each reporting date, with the recovefablo amount being estimated where such inclicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly Prior impairments are also reviewed for possible rever$81 at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the Coverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets Flnanclal Instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement Constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Llmlted by guarantee 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 a¢tlvltlo8 Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Rent receivable 149.600 149,600 142,500 142,500 16
Inner City Buildings Preservation Trust Company Llmitsd by Guarantee Notes to the Financial Ststements (¢ontlnu•dJ Year ended 31 March 2024 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest 16,653 16,653 Costs of other tradlng actlvltle8 Unrestricted Funds Restricted Total Funds Funds 2024 Costs of other trading activities 20,120 42,983 63,103 Unrestricted Funds Restricted Total Funds Funds 2023 Costs of other trading activities 2,245 42,983 45,228 Expandlturo on charitabla actlvltles by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Events and advertising Support costs 3,000 15,701 3,000 15,702 4,000 12.923 4,000 12,923 18,701 18,702 16,923 16,923 Exp&ndlturo on charltabla actlvltles by actlvlty type Activities undertaken directly Support Total funds costs 2024 Total fund 2023 Events and advertising Governance costs 3,000 3,000 15,702 4,000 12,923 15,702 15,702 3,000 18,702 16,923 10. Net1088e$ on Investment• Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 Gainsl(lossesi on investment propety {85,8651 185.865) 1553,000) 1553,000) 17
Inner City Buildings Preservation Trust Company Limlted by Guarantee Notes to the Financial Statsments (eontlnued) Year ended 31 March 2024 11. Net oxpondlturo Net expenditure is stated after chargingllcrediting): 2024 2023 Depreciation of tangible fixed assets Fees payable for the audit of the financial statements 42,983 3.600 42,983 3,950 12. Trustee remuneratlon and oxponses 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 £200131 March 2023- £200 for four trustees). The key management personnel of the charity comprises the Trustees, the Chief Executive and the Finance manager of the parent comp8ny, Londonderry Inner City Trust. The total benefits of the key managernent personnel of the trust was £nil131 March 2023 - £nil). 13. Tanglble flxed a180ts Freehold Fixtures and propety fittings Total Co8t At 1 April 2023 Aéditions Revaluations 4,828,045 6,865 {85,865) 4,749,045 429.834 5,257,879 6,865 185,865) 5,178,879 At 31 March 2024 429,834 Depreclatlon At 1 April 2023 Charge for the year At 31 March 2024 6,811 279,392 42,983 286 203 42,983 6,811 322,375 329,186 Carrylng amount At 31 March 2024 4,742,234 107,459 4,849,693 At 31 March 2023 4,821,234 150,442 4,971,676 14. Debtor8 2024 2023 Prepayments and accrued income 16,653 18
Inner City Buildings Preservation Trust Company Llmlted by Guarantse Notss to the Financial Statements (contlnu•dJ Yaar ended 31 March 2024 15. Crodltor8: amounts falllng duo wlthln one year 2024 2023 Amounts owed to group undertakings Accruals and deferred income Social security and other taxes 4,101,047 9,214 5,637 4,095.005 7,661 8.301 4,115,898 4,108,967 16. Analy•18 of charltable fund8 Unrestricted lund8 At 1 Apr 2023 Gains and At losses 31 Mar 24 Income Expenditure Transfers Unrestricted general funds Designated Fund 322.719 310,000 166,253 (38,821) 157,644 607,795 310,000 632,719 166,253 (38,8211 157,644 917,795 At 1 Apr 2022 Gains and At losses 31 Mar 23 Income Expenditure Transfers Unrestricted general funds Designated Fund 249.387 260.000 142,500 119,168) (50,000) so,000 322,719 310,000 509,387 142,500 119,168) 632,719 R•8trlct•d fund8 At 1 Apr2023 Gains and At losse$ 31 Mar 24 Income Expenditure Transfers Propety Fund 819,610 (42,9831 {157,644) {85,865) 533,118 At 1 Apr 2022 Gains and At losses 31 Mar 23 Income Expenditure Tran8fers Property Fund 1,415,593 {42,9831 {553,000} 819,610 19
Inner City Buildings Preservation Trust Company Llmlted by Guaranteo Notes to the Financial Statements (eonUn(Md) Year ended 31 March 2024 17. Analy81• of net a880ts between fund8 Unrestricted Funds Restricted Total Fund8 Funds 2024 Tanglble fixed assets Current assets Creditors les8 than 1 year Not a88•t8 594,831 4,849.693 717,118 717.118 (394,154) 13,721, 7441 (4,115,898) 917,795 533,118 1,450,913 4,254,862 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible flxed assets Current assets Creditors less than 1 year N•t a•80ts 70,971 4,971,673 589,620 589,620 (27,873) (4.081,093) (4,108,966) 632,718 819,609 1,452,327 4,900,702 20
Inner City Buildings Preservation Trust Company Llmlted by Guaranto0 Management Information Year 8nd8d 31 March 2024 Tho followlng page8 do not lorm part ol tho flnanclal 8tat•ments. 21
Inner City Buildings Preservation Trust Company Llmlted by Guarantso Detailed Ststement of Financial Activities Year ended 31 March 2024 2024 2023 Income and ondowment• Other tradlng actlvltles Rent receivable 149,600 142,500 Inv•8tm•nt In¢om• Bank Interest 16,653 Total Income 188,253 142,500 Exp•ndlturo Co8t8 of other tradlng acllvltle• Repairs and maintenance Depreciation 20,120 42,983 2,245 42,983 63,103 45,228 Expendlture on charltable actlvltl Rent Insurance Olhar motorltr8vel c08ts Legal and professional fees Other interest payable and slmilar charges Events General expenses Advertising 74 9,262 200 6,114 52 74 8,640 200 3,950 46 1,000 13 3,000 3,000 18,702 16,923 Total expondlturo 81,805 62,151 Not1088•• on Inv•atmont8 Gainsl(losses) on investment property 185,865) 1553,000) Net oxp•ndltur• {1,417> (472.651) 22
Inner City Buildings Preservation Trust Company Llmltsd by Guarantee Notes to the Detailed Ststement of Financial Activities Year ended 31 March 2024 2024 2023 Co8ts of othor tradlng actlvltle• Repairs & maintenance Depreciation 20,120 42,983 2,245 42,983 63,103 45,228 Costs of other tradlng actlvltl•8 63,103 45,228 Expondlture on ¢harltable actlvltl Actlvltl•s undertaken dlrectly Events Advertising 1,000 3,000 3,000 3,000 4,000 Govornan¢• ¢ost• Rent Insurance Travelling and entertainment Audit fees Legal fees Bank charges General expenses 74 9,262 200 3,600 2,514 52 74 8,640 200 3,950 46 13 15,702 12,923 Expendlture on charltable actlvltles 18,702 16.923 23