COMPANY REGISTRATION NUMBER: N1616033 CHARITY REGISTRATION NUMBER: NIC100106 Inner City Buildings Preservation Trust Company Limited by Guarantee Financial Statements 31 March 2025
Inner City Buildings Preservation Trust Company Llmlted by Guarant80 Financial Statemonts Year 8nd8d 31 March 2025 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 followlng page8 do not form part of the financial Statements Detailed statement of financial activities 22 Notes to the detailed statement of financial activities 23
Inner City Buildings Preservation Trust Company Llmited by Guarantee Trustees, Annual Report (Incorporating the Director'8 Report) Year ended 31 March 2025 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 2025. Rafer•nco and admlnlstratlvo detalls Reg18tered charfty nam• Inner City Buildings Preservation Trust Charlty r•gl8tratlon number NIC100106 Company r•glstratlon number N1616033 Prlnclpal offlce and reg18torod 31-33 Shipquay Street offlc• Derry BT48 6DL The tru8t••• Mr Patrick Walsh Mr William McBride Mr John Meehan Mr William Mclvor {Resigned 5 September 20241 Company 88cr•tary Helen Quigley Audltor Fergus McAteer & Co Chartered accountants & statutory auditor 31133 Clarendon Street Derry BT48 7ER Bank•r¥ AIB INI) Meadowbank House Strand Road Oerry 8T48 7TN Sollcltorn Brendan Kearney & Co Clarendon House 4 Clarendon Street Derry BT48 7EX
Inner City Buildings Preservation Trust Company Llmlted by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnu•dJ Year ended 31 March 2025 Structureg governance and management The Directors are pleased lo present their annual report together with the financial statements of the Charity for the year ending 31 March 2025 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 INI) 2008, the Charities (Accounts and Reports) Regulations (NII 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 IFRS102) (effective 1 January 2019.) Diredors 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 2025 were as follows. William McBride (Resigned S September 2024) 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 related party by virtue of the fact that some of its directors are also directors in Inner City Building8 Preservation Trust. ObJ8ctlv•8 and actlvltle• The company's objects as set out in the Articles of Association are.. 1., To secure by such means as are available for thè pijblic benefit the preseNation, protection and improvement of buildings, parts of buildings or structures of particular beauty, or of historic, environmentsl, 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 afeas of work with the object of enhancing their employment prospects. 3.. To promote such other exclusively charitable purposes in accordance with the 18w of charity in Northem Ireland as may from time to time be determined.
Inner City Buildings Preservation Trust Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Icontlnued) Year ended 31 March 2025 Achlevements and performance The Trusys strategic approach is fundamentally about the identification, 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 investing 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. 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 approach in tum, enables the Trust to serve the widest public benefit. 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 reserve, The purpose of this retention is to enable the Trust lo 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 31 st March 2025 saw the Trust report net income of £11,091 (2024.. net deficit of £1,417) and an increase in nel assets to £1,462,003. 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 £133,07412024'. £127,432), bringing the unrestricted reserves to £836,766. The Trustees have set aside £310,000 12024: £310,000) from this sum to meet future major maintenance works on its propety portfolio and a satisfied that the remaining free reserves are mo than adequate to sustain operations. The balance of net assets of £625,238 {2024. £533,118) represents funds attached to the propety assets of the Trust which 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 Llmitad by Guarantee Tru8t8es' Annual Report (Incorporating the Director's Report) (conunued) Year endad 31 March 2025 Plan8 tor future perlods In the corning year the Trust will continue to consolidate its financial position, improve the effectiveness of our operations, and increase our presence in the city and the heritage sector. Despite new pressures from inflationary increases. our audited accounts show a solid basis on which to build for the future. We will continue our balanced approach that ensures each year we contribute positively to each of our stated charitable objectives. Consequently. looking forward to 2025 - 26 year the Trust {by our own actions and in partnership wilh others) will'.- Continue to asset manage and invest in the Trust's existing projecls to ensure thal Ihe quality of the original restoration in maintained and that any additions are congruent with historic buildings standards, thereby enhancing the streetscape, increasing footfall and utilizing our built heritage to boost tourism and bring prosperity to the city. Continue to increase awareness, insiil pride 8nd educate the public on the importance of heritage and what can be achieved with thoughtful restoration. Continue to implernent the outcomes of the 2018 Walled City Conference and ensure Iheir incorporation into the city's Strategic Plan and where possible the Cty Deal helping move the proce88 of heritage restoration from the margins 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 programme$ 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 restoratson of key listed assets within the city.
Inner City Buildings Preservation Trust" Company Llmltad by Guarantse Trustses, Annual Report (Incorporating the Director'8 Report) {contlnu•d) Year ended 31 March 2025 Re8erv08 poIIcy 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'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 match variable income with fixed commitments and the balance and nature of the reserves themselves. As part of this review the directors also analyse the future mandatory capltal commitments placed on the Trust from the maintenance and upkeep of the properties and assets und8r ils stewardship. and have separately indented those materkql Commitments within the reserves held at the year end The Trust IS also committed to certain capital proiecls and the associated impact on Ihe reseNes of the Trust are incorporated into its annual reseNes review. As at 31st March 2025 the directors have desvJnated £310,00013111 March 2024. £310,000) of the free reserves lo meet future major maintenance and repair works on its propety portfolio, and intend to gradually increase this in the coming years as and when free reserves allow. The directors have forecast the level of free reserves (that is those fijnds not tied up in fixed assets, and designated and restricted funds) that the charity will require to suslain its operations and meet its financial obli9alions 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 charitable activities of the organisation can be funded from its resources Rl8k management Risk management The directors have examined the major strategic. bu8ine88 and operational risks which the charlty faces and confirm that systems have been established to enable regular reports to be produced w that the necessary steps can be taken to lessen these risks. The Trust have implemented a Rlsk Regislar to facilitate the idenlificalion 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 Diractors.
Inner City Buildings Preservation Trust Company Llmlted by Guarante• Trustees, Annual Report (Incorporating the Director's Report) (¢ontlnu•dJ Year ended 31 March 2025 Tru8t•e•' re•pon81bllltle8 statoment The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and Uniied Kingdom Accounting Standards {United Kingdom Generally Accepted Accounb'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 expenditure, for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charilies SORP., make judgments and accounting estimates that are reasonable and prudent., prepare the financial ststements on the going concarn basis unless it is inappropriate to presume Ihat the charity will continue 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 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 olher irregularities, Each of the persons who is a trustee at lh& date of approval of this report confirms that., so far as they are aware, there is no relevant audit information of which the charity's auditor 18 unaware.. and they have tsken all steps that they ought to have taken as a trustee to make themselves 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 section 487 of the Companies Act 2006. Small company provl8lon8 This report has been piepared In accordance wlth the provlslons applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 28 June 2025 and signed on behalfof the board oftruste88 by Mr William Mclvor Trustee /
Inner City Buildings Preservation Trust Company Llmited by Guarantea Independent Auditor's Report to the Members of Inner City Building8 Preservation Trust Year ended 31 March 2025 Oplnlon We have audited the financial statements of Inner City Buildings Preservation Trust (the 'charity'l for the year ended 31 March 2025 which comprise the statement of financial activities (including income and expenditure account), 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 Unrted Kingdom Accounting Standards, including FRS 102 The Financial Reponing Standard applicable in th8 UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the flnancial statements.. give a true and fair view ofthe state of the charity's affairs as at 31 March 2025 and of its incoming resources and applicatlon of resources, including Its income and expenditure, for the year then énded., have bèen properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Comp8nies Act 2006. Ba818 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 stalements section of our report. We are independent of the charity In accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion, Conelu81on8 relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use ofthe going concem basis of accounts'ng in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least fvlelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of Ihe trustees with respect to going concern are described in the relevant sections of this report
Inner City Buildings Preservation Trust Company Limlted by Guarantea Indepandent Auditor'8 Report to the Membern of Inner City Buildings Preservation Trust (¢ontlnu•dJ Year ended 31 March 2025 Other Infomiatlon The other information comprises the information included in the annual report, other than the financial statements and our auditor's report Ihereon The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, 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 infomiation and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or ottterwise app8ars 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 the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there s a materlal ml8Statement of thi8 Other Infonnatlon, we are requlred to report that fact. We have nothing to report in this regard, Oplnlon• on othor m•ttern pr••crlbod by th• Compinlm 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 statements are prepared Is consistent with the financial statements., and the trustee8' report h88 been prepared in accordance with applicable legal requirements. Matt•rn on whlch we are roqulrnd to report by exceptlon In the light ofthe knowledge and understanding of the charity and its environrnent obtained in the course of the audlt. we have not 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 accountlng records have not been kept, or returns adequale for our audit have not been received from branches not visited by us., or Ihe financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or wa have not received all the Information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in Preparing the directors. report and from the requirement to prepare a strategic report.
Inner City Buildings Preservation Trust Company Limited by Guarantee Independent Auditor'8 Report to the Members of Inner City Buildings Pr88ervatlon Trust (¢onllnu•d) Year ended 31 March 2025 Re8pon81bllltle• of tru8tee8 As explained more fully in the truslees, responsibilities statement, the trustees (who are also the directors forthe 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 misstatemenl, 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 lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidat8 the charity or to cease operations, or have no realistic alternative but to do so. Audltor'• re•pon•lbllltle8 for the audll of tho flnanclal 8tatem•nt• Our objèctives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo 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 IUK) will always detect a material misstatement when it exists. Misstatements C8n arise from fraud or error and aro considered material if, Individually or In the aggregate, they could reasonably be expected to influence the economic decision8 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 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 irregularitles, Including fraud is detailed below.. Identlfylng and a880881ng potentlal r18k8 r•lated to Irregularltle8 In identifylng and a55essing risks of material misstatement in respect of irregularities, including fraud and non-complianc8 Wth laws and regulations we considered the folk)wing'. the nature of the irKlustry 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 proceduros on compliance with laws and regulations including any instances of non-compliance Audlt response to rlsk Id8ntlfled As a result of performing the above we identified 8nd performed the following procedures enouiry of management, those charged with governance around actual and potential litigation and claims. enquiry of entity 8l#H in compllance function8 to idantify any instan¢?¥ of non-GornplianG? Wlth laws and regulation8. Reviewing financial statement dlsclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Inner City Buildings Preservation Trust Company Llmltsd by Guarant80 Independent Audltor'8 Report to the Members of Inner City Buildings Preservatlon Tru8t (etMtlnu•d) Year ended 31 March 2025 Performing analytal 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 Journal entfies and other adjustments ft)r appropriateness, and evaluating the business rationale of significant transactions outside the normal course of busine5S. As part of an audit in accordance with ISAS IUKI. we exercise professional Judgment and maintaln professional sceptscism throughout the audit. We also.. Identlfy and assess the risks of material misstatement of the financial statements, whether due to fraud or error, 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 fasulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, rnisrepresentations. or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumslance8, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting eslimales and relaied 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 doubl 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, lo modify our opinion. Our conclusions are based on the audit evidence obtained up lo the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a golng concern. Evaluate the overall pres8ntation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying irans8Ctions and events In a manner that achieves fair presentation. 10
Inner City Buildings Preservation Trust Company Limited by Guarantee Independent Auditor's Report to the Membern of Inner City Buildlng8 Preservation Trust (contlnu•dJ Year ended 31 March 2025 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. Use of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 18 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity, members those matters we are required to slate to them in an audilofs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for th8 opinions we have formed. Conor McAteer (Se or Statutory Auditor) For and on behalf of Fergus McAteer & Co Chartered accountants & statutory auditor 31133 Clarendon Street Derry BT48 7ER 26 June 2025 2 6 JUN 3025 11
Inner City Buildings Preservation Trust Company Llmlted by Guarantee ststement of Flnancial Activities (including income and expenditure account) Yoar ended 31 March 2025 2025 Restricted funds Total fund8 Total funds 2024 Unrestricted funds Not• Income and endowm6nt8 Other trading activitie8 Investment income 139,950 12,901 139,950 12,901 149,600 16,653 Total Incom 152,851 152,851 166,253 Expendltur• Expenditure on raising funds Costs of other trading activities Expenditure on charitable activities Tot41 oxp•ndlture 3.372 16,405 42,983 48,355 16,405 63,103 18.702 19.777 42,983 62,760 81,805 Net108ses on investments 10 (79,000) 179,000) 185,8651 Net Incom•l(•xp•ndllur•) 133,074 1121,983) 11,091 (1,4171 Transfer8 beeen funds (214,104) 214.104 Net movement In fund8 181,030) 92,121 11,091 (1,417) Reconclllallon of fund8 Totsi funds broughl forward Total fund8 carrled forward 917,796 533,117 1,450,913 1,452.329 838.786 625,238 1.462,004 1,450.913 The statement of financial activities inclLsdes all gains and Ioss8s recognised in the year. All income and expenditure derive from conlinuing activities The note• on page• 14 to 20 forni part ol tho•• flnanclal 8tatsm•nt•. 12
Inner City Buildings Preservation Trust Company Llmlted by Guarantee Balance Sheet 31 March 2025 2025 2024 Not• Flxed a880t8 Tangible fixed assets 13 4,727,709 4,849,693 Current a•set• Debtors Cash al bank and in hand 14 6,101 256,008 16,653 700.464 262,109 717,117 Cr•dltor•: amounts falllng du• wlthln ono yoar Net current Ilabllltl•• 15 3,527,815 3,265,706 1.462,003 4,715,898 3,398.781 1,450,912 Total a••ot•1088 currant Ilabllltlg8 Net a•8ets 1,462.003 1,450,912 Fund8 01 th• charlty Restrlcted funds Unrestricted funds 625.238 836,765 533,118 917,795 Total charlty fund• 16 1,462,003 1,450,913 These financial statements have been prepared in aordanCe with the provisions applicable to companies subject to the small companies, regime, ese financial statements were approved by the board of trustees and authorised for Issue on 26 Jun8 25, and are signed on behalf of the board by.. Mr William Mclvor Trustee The note8 on pages 14 to 20 form part of the•e flnanclal ststem•nts. 13
Inner City Buildings Preservation Trust Company Limited by Guarantse Notes to the Financial Ststsments Year ended 31 March 2025 General 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 registered office is 31-33 Shipquay Street, Derry, BT48 6DL. Statement of compllanc• These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic 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 Ireland (FRS 1021 (Charities SORP IFRS 10211 and the Companies Act 2006. Aeeountlng pollcle• Parent company Inner City Buildings Preservation Trusl is a wholly owned Subsidiary of Londonderry Inner City Trust which is a private charitable company limited by guaranlee, registered in Northem Ireland. The address of the registered office is 31- 33 Shipquay Street. Derry, BT48 6DL. Consolidated group financial statements have been prepared by the parent. Ba818 of preparatlon The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investrnent 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 ability to continue. Fund accounting Unrestricted funds are available for use al the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor orthrough the terms of an appeal, and fall into one Offr0 sub-classes.. restricted income funds or endowment funds. 14
Inner City Buildings Preservation Trust Company Llmited by Guarantee Note8 to the Financial Ststements (wiflnu•d) Year ended 31 March 2025 Accountlng pollcle8 (ContInu) IncomSng r080urc•8 All income is InclL¢ded in the slatemenl of financial activities when entitlement has passed to the charity, it is probable that the economic benefils associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categori8s of income. income from granl8 is recognised when there is evidence of entitlement to the funds, any performance conditions attached to the grants have been met, receipt is probable and its amount can be measured reliably. rental income Is recogni8ed when there is evidenc8 of entitleThnt R•iource8 oxpendod Expenditure is recognised on an accruals basis as a Ilability 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, expendlture on raising funds includes the costs ol all fundraising activitie8, events and non- charitable trading activities expendilure on charitable activities include8 all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficianes, including those support costs and costs relating to Ihe 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 expendlture on charitable activities. All costs are allocated to expenditure categories rellecting the use of the resource. Direct costs attributable to a single aclivlty are allocated directly to that activlty. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and con8lStent basls T•nglbl• a889ts Tangible assets are initially recorded at cost, and subsequently staled at cost less any accumulated depreciation and impairment losses. Any tangible assets carrieé at revalued amounts are recorded at the fair value al 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 cognised 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 ststement of financial activities. 15
Inner City Buildings Preservation Trust Company Llmited by Guarante8 Nots8 to the Financial Statements (contlnu•d) Year ended 31 March 2025 Accountlng pollcl•8 (contlnu•d) Deprnclatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic lile of that asset as follows.. Freehold propety Fixtures and fittings Nll depreciation 1 Ovo Straight line Impalmient of flxed a••et• A review lor 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 recoverable amount of an individual asset, en estimate is made of the recoverable amount of the cash-generaling unit to which th6 asset belongs. The cash-generaiing 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. Fln•nclal Instruments A financial asset or a financial liability is recognised only when the entity becomes a paty to the contractual provisions of the instrument. 88sic financial instruments are initially recognised al the amount feceivable 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. Llmlt•d by guarant Inner City 8uildings PreseNation Trust is a registered charity company limited by guarantee. HMRC Charity Reference number.. N100014 Nl Charity Commission Reference number. NIC100108 Other tradlng actlvltle8 Unrestricted Totsl Fund8 Unrestricted Total Funds Funds 2025 Funds 2024 Rent receivable 139,950 139,950 149.600 149,600 16
Inner City Buildings Preservation Trust Company Llmlt8d by Guarantao Notes to the Financial Ststements (contlnu•d) Yaar ended 31 March 2025 Inva8tm6nt Income Unrestricted Total Funds Unrestricted To*al Funds Funds 2025 Funds 2024 Bank Interest 12.901 12,901 16,653 16,653 Cost8 ol othar trndlng actlvltle• Unr8Strlct8d Funds Restricted Total Fund• Funds 2025 Costs of other trading activities 3,372 42,983 46,355 Unrestricted Funds Restricted Total Funds Funds 2024 Costs of other trading activities 20,120 42,983 63,103 Expendltur• on ch•rltabl• a¢tlvltl•• by lund typo Unrestricted Total Fund8 Unrestricted Total Funds Funds 2025 Funds 2024 Events and advertising Support cost8 3,000 15,701 3,000 15,702 16,405 18,405 16,405 16,405 18,701 18,702 Exp•ndltur• on charltabl• actlvltlM by actlvlty typo Support Total funds sts 2025 Total fund 2024 Events and advertising Governance costs 3,000 15,702 16,405 16,405 16,405 18,405 18,702 10. N•t1088•8 on Investment8 Restricted Total Fund8 Funds 2026 Restricted Total Funds Funds 2024 Gainslllosses) on investment propety 179,000) (79,000) 185,865) 185,8651 17
Inner City Buildings Preservation Trust Company Llmited by Guarantee Nota8 to the Financial Statements (contlnu•d) Year ended 31 March 2025 11. Net Incomg1{expendlturel Net incomel(expenditure) is stated after chargingllcreditingl.. 2025 2024 Depreciation of tangible fixed assets Fees payab18 for the audit of the financial ststements 42,984 3,050 42,983 3,600 12. Trust•• romuneratlon and oxpen808 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 2024 - £200 for four trustees). The key management personnel of the charity comprises the Trustees, the General Manager and the Finance Manager of the parent company, Londonderry Inner City Trust. The total benefits of the key mana9ernent personnel of the trust was £nil131 March 2024 - £nil). 13. Tanglble flxed a880ts Freehold Fixtures and propety fittings Total Cost Al 1 April 2024 Revaluations 4,749,045 179.0001 4,670,045 429,834 5,178,879 {79.000) 5,099,879 Al 31 March 2026 429,834 Doprèclatlon At 1 April 2024 Charge for the year At 31 March 2026 6,811 322.375 42,984 329,186 42,984 6,811 365.359 372,170 Carrylng amount At 31 March 2025 4,663,234 64,47S 4,727,709 At 31 March 2024 4,742,234 107,459 4,849,693 14. D•btorn 2025 2024 Prepayments and accrued income 6,101 16.653 18
Inner City Buildings Preservation Trust Company Llmlted by Guarantse Note8 to the Financial Statements fconllnu•d) Year ended 31 March 2025 15. Credltor8: amounts falllng due wlthln one year 2025 2024 Amounts owed to group undertakings Accruals and deferred income Social security and other taxes 3,519,283 3,763 4,769 4,101,047 9,214 5,637 3,527.815 4,115,898 16. Analy81• of charftable fund• Unre•trlcted fund8 At 1 Apr 2024 Gains and At losses 31 Mar 25 Income Expendlture Transfers Unrestricted general funds Designated Fund 607,796 310,000 152.851 (19,7771 {214,1041 526,766 370,000 917,796 152,851 (19,7771 {214,1041 836,788 At 1 Apr 2023 Gains and At osses 31 Mar 24 Income Expenditure Transfers Unrestricted general funds Designated Fund 322,720 310,000 166.253 (38,8211 157,644 607,796 310,000 632,720 166,253 {38,8211 157,644 917,798 R•8trlct•d fund$ At 1 Apr 2024 Gains and At losses 31 Mar 25 Income Expenditure Transfers Property Fund 533,117 (42,983) 214,104 {79.000) 625,238 At 1 Apr 2023 Gains and At losses 31 Mar 24 Income Expenditure Transfers Property Fund 819.609 142,983) (157,844) (85,865) 533,117 19
Inner City Buildings Preservation Trust Company Llmltsd by Guarantee Notss to the Financial Statements {contlnu•d) Year ended 31 March 2025 17. Analy•l8 of net a88ets between funds Unrestricted Funds Restricted Total Fund8 Funds 2025 Tangible fixed assets Current assets Creditors less than 1 year Not a88ets 594,832 4,727,709 262,109 282,109 120,1751 (3,507,639) {3,527,814) 836,766 625,238 1,462,004 4,132.877 Unfestrted Funds Restricted Toial Funds Funds 2024 TangSble fixed assets Current assets Creditors less than 1 year Not a88ot• 594,832 4,849.693 717,117 717.117 (394,154) (3,721, 7441 (4,115.898} 917,795 533,117 1,450,912 4,254,861 20
Inner City Buildings Preservation Trust Company Limlted by Guarante8 Management Information Year ended 31 March 2025 Th• followlng pag•8 do not form part ol th• fln•ncl•l 8tat•m•nt8. 21
Inner City Buildings Preservation Trust Company Llmited by Guarantee Detsiled Statsment of Financial Actlvitle8 Year ended 31 March 2025 2025 2024 Income and endowments Other tradlng actlvltl•8 Rent receivable 139,950 149,600 Inve8tmont Incom• Bank interest 12,901 16,653 Totsl Income 152,851 166,253 Expendltur• Costs of other tradlng actlvltlo• Repairs and maintenance Depreciation 3.372 42.983 20,120 42,983 46,355 63,103 Expondlture on charltablo actlvlt108 Rent Insurance Other motorltravel costs Legal and professional fees Other interest payable and slmilar charges General expenses Advertising 74 10,594 200 5,449 74 9,262 200 6,114 52 3,000 18,405 18,702 Total exp•ndlture 62,760 81,805 Net1088e8 on Inv•8tm•nts Gainslllossesl on investment propety (79,0001 (85,865} Net Incomollexp•ndlture) 11,091 {1,4171 22
Inner City Buildings Preservation Trust Company Llmited by Guarantee Notes to the Detailed Ststement of Financial Activities Year ended 31 March 2025 2025 2024 C08t8 of other tradlng actlvltle• Repairs & maintenance Depreciation 3,372 42,983 20 120 42,983 46,355 63,103 Costs of othèr tradlng actlvltle• 46,355 63,103 Exp•ndlture on charltable actlvltl Actlvltl88 undertaken dlr•ctly Advertising Govornanca eo•t• Rent Insurance Travelling and entertainment Audit fees Legal fees Professional & consultancy fee8 Bank charges General expenses 3,000 74 10,594 200 3,050 74 9,262 200 3,600 2,514 2,399 54 34 52 16,405 15,702 Expendlturo on charltable actlvltle• 18,405 18,702 23