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 D1￿CtorS 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 wh￿h 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 con￿rn 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 SO￿lY 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
be￿een 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