Conipany registration number.. N1031327 Charity registration number.. 100818 Belfast Buildings Trust (A company lini iled by guarantee) Annual Report and Financi<il Statements foi. tlie Year Elided 30 Sepieiiib¢r ?022 Hoppei. & Co ClJiirlered Accountants 6 Doagli Road Bal lyclare Co Aniriin BT39 9BG
Belfast Buildings Trust Contents Trustees, Report I to8 Objectives and activilies Independent Examinerfs Report Stalemenl of Financial Activities Balance Sheei 12to 13 Notes lo the Financial Slalemenls 14to27
Belfast Buildings Trust Trustees, Report The trustees. who are directors for the purposes of company law, present the annual report together with the financial sialenienls of the charitable conipany for the year ended JO Sepiember ?02? Trustees note the significant impact of Covid-19 on regular acliviry from March ?020. Objectives and activities ObjeL'ls uiid niiiis Belfasi Buildintss Trust delivers ph}'sical. social. and economic regeneration tlirough the reuse of historic and laiidmark buildings in Belfast. It ivorks ivith local coinniunities, often in areas of high deprivation. to find and develop sustainable uses for buildines whicli are perceived as having no viable economic use. Objecliiyes, .flrulegies und uclivilies The Tiust supports and advances the development of a coiifideiit and mature civic society in Northern Irelaiid tlirough th¢ delivery of enoa(veTnenl aciivilies relaiino lo heriiaoe, reoeneration, urban d¢v¢lopment, and civic society issues. It hosis lectures, conducts research. provides infonnaiion, and enoa(Fes with the public on a range of iSSLies relaiino 10 the development of Belfasi and wider reaeneration and heritage issues in Northern Ireland. The Trust also provides meniorinu and advice to a ranue of conimunilv ortsanisalions relatino to heritage, retseneralion, urbaii developmellt, and civic society issues. Tliis can include tlie establisliillenl of ollier charitable or(Jaiiisalions or advice on handling a specific regeneration or capital iyorks issue. Piiblic beiiefil Bellasl Buildintss Trusi meets Ihe public benefil requiremeni b), providino benefii to the general public in Belfast and in Northern Ireland a5 a 'hole. Through the nature of Specific capital regeneraiion work, some benetils are focused on a particular geooraphic area, bul these are in such a way as to maximise the broadest public benefii as possible. Some private benefit is oenerated Ihrouoh employing individual contractors on specific capiial works, but Ihis privaie benefit is incidenial and is sionificanily outiveiohed by the work of the Trust in achievinu its purposes. Benefits arising from Ihe Trust's purposes and activities include economic development, tlie improvement of the physical and built environment, increased communiiy cohesion. job creation, an improved sense of place. the proteclion of Ihe character and fabric of places in Northern Ireland, protection of the built environment, the delivet). of suslainable and appropriate development, a sirengihened civic sociery. a siren(yihened voluniary and community sector, and a more engaged public. These benefiis are demonslraled Ihroiioh feedback from Communities in whicli tlie Trust has worked. in feedback from slalutory agencies relaiing 10 ihe work of ihe Trusi, in surneys of people who use th¢ Trust's service5 or buildings. 11 can be further evidenced through public support for Ihe reuse of hisioric buildinos, through the clear support for buildings to provide a regenerative purpose in areas of deprivation, and through increased levels of public en&Fag7einenl ii) iSSLies relating lo building a confident Civic society in Northern Ireland The trustees confirm ihai they have complied iyith the requirements of section 4 of the Charities Act 2008 to have due regard to Ihe public benefit ouidance published by The Charity Commission for Northern Ireland. Page I
Belfast Buildings Trust Trustees, Report Achievements and performance Carlisle Memorial Chu rch Carl isle Memorial Church remains ai the core of the Trust's current activity on capilal project development. As issiies relaiing 10 Covid-19 eased in the second half of the FY. Ihe potential of Carlisle Memorial as a meiqnivliile space for hire ivas a significant highlight. DevelopingF on long-standing ¢ngageinenl and developmeni work. the Trust continued projeci planning and developiiienl work to refocus the fulure use of Carlisle Memorial on cultural and creative skills. The Trust has identified vit<11 pol¢nlial partnerships for Ihis, notably wilh Northern Ireland Opera. • As part of tliis developineni, the Trusi prepared and submitted a second capital fulldin&i application to the UK Governineni's 'Levell in&-Up' fund during summer 2022- Ihe ouicome remaiiied pending al Il)e end of Ilie FY. Also a5 part of the development work, the Trusi convened a Creative Carlisle Roundiable, in partnersliip with Nl Opera, iii Sepiei)Iber ?0?? and involving a rnnge of local. skills, and cultural organisations to refresh how engFag?emeiil is desig)ned aiid delivered. Tlie building was siiccessfully used for 'Dreamachine'. a major UK-wide creative exhibiiion. between June and September 2022. This provided a high-level of public attention and fooifall, wilh over 20,000 visitors over 6 weeks. Trusiees ackiiowledge the p051tive partnership5 thal made Ihe projecl a success, notably with the Drec11nachine and Northern Ireland Science Fesrival te1< Ins. A yeK2r-long hire for a miilii-sensory Van Gogh exliibiiion commenced in mid-september 20?2. The Qlltdoor areas were again successfully replanied and mainiained during spring and summer. with an additional wildflower area planied beiween il)e buildin¥ and Ili¢ Indian Coininunity Cenlre- Trustees thank Martina Belleiv for her etTorts and are grateful Ihat she remains committed lo the Trust's work here as a keyliolder and niainienance suppon. Onbjoing niainlenance checks 10 Ihe roof were completed. Trustees thank David Hamilton and his colleagues at Martin & Hamilton for Iheir continued and responsive elTorts. Cale Lodge Tl)e TrL151 rioted Ilie conlinuing use of the Good Shepherd Gale Lodge as (he Trust's H¢adquarters and a return to in-person meetings. BelfM5t City of M usie Ti'iistees celebraied the successful designaiion of Belfast as a UNESCO City of Music in November 2021 and, especic111y, the Trusi's role in developing the initial policy proposals as building on The Belfast Opera in 2015116. The Trust also noled Ihat tlie future initiatives include proposals lo Inake betier use of the city's liisloric buildings lor Iiiusic. Academy of Urbiinism Congress As parl of ils Civic regeneration aclivily, the Trusl was a vilal partner for ilie AQU Congress, held in Belfast over Ilii'¢e days in June 20?2. The Trust's Development Director cl)aired the Steering Group, curated Ilie event in partnership wilh colleaoues from Belfast Cit). Council. Paul Hoganh, and Urban Scale Inlerventions, and cooi'dinaled delivery ofil)e event. Tlie Trusi's ceiitral role ensured a core posilioning of culture and heriiage in the programme. It also provided a sigiiilicanl plailomi for the Trust's strategic cross-sectoral collaboration. including willi Beifasl Ciiy Council, Departimenl t.or Cominunilies, Strategic Investment Board, Titanic Quarter, Beifasi Chamber, Thrive, and Eas15ide Partnership. Page 2
Belfast Buildings Trust Trustees, Report Policy & Stakeholder Engagement Tlie Trust lias continued its active pi'ograinme of strategic government relations and advocacy work, especially relating lo built heritage, regeneration and plannii)g, as H'ell as individual projects. Iii paiticular, the Trust's Developnienl Direcioi. and a Trustee are both iiienibei-s of the Hisioi-ic Environment Si<qkeholder Group. Tli is Gi'oiip chaiiged ils Sli'ucture al tlie end of the FY, and the Trust is now represenied on boili the Placeimakino and Ilie Advocacy & Coimillunicatioiis Workinu Groiips. Engaoeiiienl continued witli individual membei's of tlie Higli Streets Task Force, and the Triisi submitted consuliaiioii respoiises, based on its ?021 policy. paper, to the Task Force and to Ilie Iiiveslmenl Strategy for Nortliei-i) Irelc1nd, emphasisino Ilie iimpoi'lance of pi'ioritising tl)e use and reuse ot existing assets. Work began lo scope a pai1nei.sliip approacli iviih oiliers lo further tlie Triist's ideas in tliis area. The Trusi participaied in piibl ic consultatioiis on the developiiig ' Belfast Sioi'ies. project, emphasising the need foi. tliis 10 be reposilioiied as an oppoituiiity lo use civic stories for i-egeiieraiion railiei. Ihaii purely for a tourism produci. Mentoring & Outreach Work BB T plays ali active I'ole in the Hei'iiage Ti'usl Network. will) a Triislee and the Development Director sitting on il)¢ HTN Noi'ihern Ireland Coinimillee. Both aiiended the HTN Coiiference in Coventry in Noveinber ?021. The Trust Colitinued as a iiieinber of tlie Cathedral Qiiai-lei. Physical Inlerventioii Woi'king Groiip, convened by DestinaiionCQ; however, the Group has iiot met siiice November 2021. Scliools Debating Competition Covid-19 iiiipacts Ineaiit Ilial Ilie Nl Schools Debating Competition reiiiained cancel led. I iiconie Generation As Ilie clialleiiges of Covid-19 eased. tlie Ti-L15t Saw Carlisle Meinorial generate the first substantial income since ?019. Tliis was significanily increased as tlie FY drew lo a clos¢, with Ilie siiccessful instigation of a licence for a year-long hire. Tl)e Trusi secured 3-yeai' fundiiig froin the DfCThLH F Covid Recovery Econoniic Skills Initiative lo einploy a Project & Enga&Fement Officer and help biiild engJag7eillent and income development opportunities, specitically related lo Carl isle Meinorial. Recruilinenl begaii (11 tlie veiy eiid of the FY, with tlie aiin lo liave someone in post by Ihe end ol'November 20?2. Trustees a150 acknowledue the conliiiLiing support of the Esmé M ilcliell Trust and Architectural Heritage Fund. Otlier Achievements The Trust refreshed its website and piiblic commlinications channels. buildingF on the Communications Revi¢iv cai'ried out in ?021. The Ti'usi's Developnieiit Directoi. successfully completed the UK-wide H¢ritage Trade-up prooramme, del ivered by the School for Social EiitrepreiieLlI'S and funded by tlie NLH F. Partnership Ivork du ring 2021122 s developed with: Noriliern Ireland Opera Di'¢aiiiachine Northern Ireland Science Festival Lineii Hall Library Ai'cli ilecutui'al Herita(ye Fund Noriliern Irelaiid Environineni Link Beifasi City Council Depaiiniei)I foi. Coinmunities Acadein}i of Urbanisin Sirategic Invesinieni Board Titaii ic Quarter Bel fast Chainber Thrive Queen's University Belfast Page 3
Bell'ast Buildings Trust Trustees, Report Department for Infrastrucllire National Museiims Norlhei'ii Ii'eliqnd Choice Housing Easiside Partnership Milriliiiie Belfast Ti'iist And conlinuiiig Imenloriiig relationsl)ips wei'e mainlaiiied with several organisations throughout Noi1hem Ireland, incliidiiig the Indian Coiiiniunily Cenire, Sli'eelSp¢?¢e, An Droichead, and Belfast Civic Trust. Fiiiaiicial review Pi)liL'y oil rejerves Tlie Trustees lias established a polic), wliereby tlie unresti'i¢led tunds iiot committed or invested in tangible fixed assets ('Ihe free reserves,) held by the cliai'ily sliould be between ? and 6 Inonilis of the resources expended. wliicl) equates to between £13,4? l <iiid £40,?64 iii geiieral fliiids. Al this level, the Ti'ustees think the Cliarity WOLild be i1ble lo coiiliniie Ilie ciii-l'enl clivilies of the cliarily. In Ilie eveiil ot a sig)nificaiil drop iii fuiiding?, il woii Id obvioiisly be necessai'y lo coiisider liow Ilie fuiiding? woiild be I'eplclCLd or activities cli<ing)ed. Al pi'esenl Ilie free I'esei'ves aiiioiiiit lo £?09,460 ai)d al'e above tlie Ti'iislee's l¢ql'g?et I'anuje. Tlie Trlisiees will coiilinue to Inoiiilor free I'eserves. Plans for future i)eriods The TrLisI's pi'iiiiaiy focLlS iiI 2022123 will coiitiniie 10 be Carlisle Meinoi'ial. Two significant developi)ieiils in tlie lorilicoiiiiiig year will be Ilie appoiiitiiieiit of a i)ew Pi-ojecl & Ei)gF£2bJeineiit Olficei. lo lead delivery or eniT1( 1)eiiieiil aiid incoi)ie gyeiiei'1c lioii projects, aiid Ilie coiiliiiiied developinenl of a new 'Creil1ive Cai'lisle, eng7agyeiMent fraiiiewoi'k foi- IIIis Ilclivity to l iiik to specific creative skills. Fuiidaiiienlally, and depeiidiii&i oli Ilie Olltcoiiie ot exisliiig tiiiiding iipp1icc11ioiis, the Trust will conlinlie to exploi'e aiid updc11e business plai)s loi. Ilie bLiildii)bJ'S long-leri)) I'elise, in ways that pi'ovide ecoiioii)ic and coii)iiiiii)ily benefits. Boili efforts will involve sus11< iiied aiid new partiiersl)ip developnieiil. Tlie Trust will exploi'e a fLilure BBT-led pi'og>raiiime of activity iii Cai'lisle Meinorial 10 complement extei'nal Iiii'es Ic l)d ensure a stroi)bJ COI)11)iuiiily inpiil lo ils iise. Tlie Ti'iisl will bLiild oli ils 51roiigJ aiid effective slakeliolder rLlc?lionsliips lo develop its piiblic pi'ofile through efteclive social iiiedia c111d oilier coini)ILlI) icalions usiiigJ ils relociisLd Loiiimuiiicalions appi'oacli. Usiiig ils existing engiageiiienl on stralegyic and place-based engTagei)ieni policy, tlie Trust ivill seek to deliver piiblic-facin&T activity in pai'li)ership with olliers. The Trust will conlinLie lo play ai) active role in ils core pai11)ei'sliips, willi the Heritage Trust Network and Acadeiny of Urbanism and SLlPPOlt delivery of Northern Ireland activity for both. The Triisl reinains fully cominitled to tlie Northern Ii'eland Schools Debating Competition. Subject to Covid-19 developinenis, the Coinpetilion ivill liopeful ly I'eliii'n duriiig Ilie next financial year. Fii)ully, the Ti'ust will coniiiiiie lo work willi pai'liiei- oi'¥iaiiisqi lions, boili old aiid new, in ils (Idvice and menloriiigJ role. It will contil)Lie ils sli'oiig governnienl i-elalioiis and advocacy work and Ilie bi'oad benefits ot peoplL aiid hei'ilaue-led I'egenei'<ilion. Page 4
Belfast Buildings Trust Trustees, Report Trustees and officers The trustees and officers serving during the year and since the year end were as follows: Trustees: Mrs F Jay-O'Boyle. Patron Mrsjco Mr B O'Donnell. Director & Trnstee Mr M Patlon Mr P Millar Mrs R Harkin Senior Management l Leadership Team.. Mr S Quinn, Company Secretary Structure* governance and management Niiliire ofguveriiiiix cloLiiiiieiil The Bellasl Bui Idiiigs Trust is a company liniiled by guarantee and as such (he liability of each of the ni¢mbers is liiniled. Under Seciion 6? of Ilie Coinp1c nies Aci ?006. Ihe Society is exeinpi froin using Ihe word Liiniled. The Socieiy's governing document is the Memorandum and Articles of Associalion. In the evenl of the coinpany being) wound up members are required to contribute £ 1.00 RcJ¢riiiliiienl Iiiiil nppoiiiliiieiil of friislees New trustees are identified by tlie board froin leading members of tlie community who have the requisite skills and experience for Ilie position along with a desire 10 serve the community Page 5
Belfast Buildings Trust Trustees, Report liijur ri5k5 aiicl iiiuiiageiiieiil ofiliose risks Pei'soni?el the risk ot losing key staff or volunteers, with the associated loss of expertise and experience Repiilalion Ihe risk Iliat the charity n)ighi be suffer repuiaiional damage as the result of unaulhorised public statements Financial Ihe risk that cl)arity could run into financial difficuliies. Reference and Adininistrative Details Charity Regislralion Nuniber.. Company Registration Number: 100818 N1031327 The charily is incorporaled in Nortliern Ireland. Reg?isiered Olce.. The Gate Lodg¥e 51 l A Orineau Road B¢lfasl Antriin BT7 3GS Independent Examiner.. Hopper & Co ChartL'red Accouniants 6 Doag>h Road Ballyclare Co Anlriin BT39 9BG Solicitors: Cleaver. Fulton and Rankin 50 Bedford Street Beifasl Fiiiuncial inslrumenls ObJeL'lji7es (iiiclpullc'les The charity's aclivities expose il to a number of financial risks includiniy credit risk. cash flow risk and liquidity risk. Tlie iise of financial derivative5 is governed by (h¢ charity'5 policies approved by the board of trustees. which provide wrillen principles on the use of financial derivaiives lo manage these risks. The charity does not use derivative tinancial instruments for speculative purposes. Cii.Ilifl()w risk The charity'5 aciivilies expose it primarily lo Ihe financial risks of chanaes in foreign currency exchange rates and inleresl rates. Tlie chariiy uses foreign exchaiige fonvard contracts and inierest rate swap conlracls to hedg¢ Iliese exposures. Interest bearing assets and liabilitie5 are held at fixed rat¢ to ensure certainty of cash flows. Page 6
Belfast Buildings Trust Trustees, Report Credil risk The charity s principal financial assets are bank balances and cash, trade and other receivables, and invesiments. The charil) s credil risk is primarily attributable to its trade receivables. The amounts presented in the balance sheel are net of allowances for doubtt.ul receivables. An allowance for iinpainnent is made where there is an ideniified105s event which, based on previous experience. is evidence of a reduction in the recoverability of tlie cash flows. The credit risk on liquid ndS and derivative financial instruments is limited because the counterparties are banks with hioh credit-ratings assigned by international credil-rating agencies. The charity has no significant concentration of credit risk, Ivith exposure spread over a large number of counterparties and customers. Liiiuidity risk In order lo maintain liquidity to ensure ihat sufficient funds are available for ongoing operdtions and tUre developments, the chariry use5 a mixture of long-temi and short-term debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial staremenis. Creditor payment policy The charity supports prompt payment and targets paymenl for ¢yoods and services lo be made within agreed payment terms or within l O day5 of receipt of invoices noi in dispute. Going concern The trustees assess whether Ihe use of ooino concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on ihe ability of the charity to continue as a going concern. The trustees make this assessmeni in respect of a period of one year froin tlie date of approval of the financial stalemenls. In March 2020 Ilie charity took steps (in line with govemment advice) to help contain tlie outbreak of COVID-19. Tliis included the temporary suspension of all physical gatherings and tlie charity Curtailed, or changed, ils operations, including moving some activities online. These restrictions are now largely lifted and the Trust has, like many others, adopted a blended work and delivery pattern. Th¢ trusl¢es are monitoring income and expenditure and, if il becoTnes necessary, will take measures io mitigate the impact of COVID-19 on the free reserves. The nature of funding is such that Trusiees cannot be certain that projected future fundino will materialise. At the linie of approvinu the accounts, despite financial cliallen(Fes aiid folloivin(J assessmeni the Trustees have a reasonable expectation that the charity has adequate resources to continue in operaiional exisl¢nce for the foreseeable future. Thus the Trustees conlinue to adopt ilie uoino concern basis of accounting in preparing these financial sialemenis. Page 7
Belfast Buildings Trust Trustees, Report Statement of tru5tees' responsibilities The Ii'ustLes (who are also il)e directors of Bellasl Buildings Trust for the purposes of company law) are respoiisible for prepariiig Il)e trustees, repori and Ilie fiiian¢ial slatenients in accordaiice wilh applicable law and Uiiiied Kingdoin Accoiiiiliiig Standards (Ui)iied Kiiigdoiii Geiieriql ly Accepted Accoiiiiiin Practice), including FRS 102 'Tlie Fiiiancial Repoi1ii)g Standard applic(1 ble in Ilie UIC aiid Republic of Ii'eland The report and accouiits have been prepared ii) accordaiice ivilli Ilie provisions in Ili¢ Companies Aci 2006 relating to small coiiipaiiies. Coinpany law requ ires tlie triisl¢¢s to prepai-e finii ncial slic leiiienis for eacli finaiicial year. Under company law Ihe Iruslees iiiusi iiol approve Ilie tllliiiicial slaleiiieiils uiile55 Iliey are saiisfied Ilial Iliey give a Ii-ue and fair view of Il)e slclle of ¢lffairs of tl)e clllL I'iiable COliiP<l1)y ciiid ol. Ilie iiicoiiiing? resources and appl icalion of resources, includiii(y ils iiicoiiie aiid expend ilLlI'e, of Ili¢ cli<ll'iltiblL Coliipclliy for Ilii< I pei'iod. I n prepariiis these fiiiaiicial slaleinenls, Ilie Iriistees are requii'ed to.. seleci siiilc1ble aLCOllI)iing policies and apply Ilieiii coiisislei)Ily; observe the Inetliods and priiiciples in Ilie Cl)arilies SORP; Imake jiidgyeineiils <ind esliiiiates that are I'easonable <lnd prudeiil; state wl)eil)er applicable accounlingy standards, coinprising FRS 102 have been followed, subject to any llliilei'ial departui'es disclosed cliid explaiiied iii Ilie Iinanci121 sl¢ilemenls; aiid pi'epare tl)e fiiianci<il sialeiiienls oli Ilie goii)gi coiicern basis uiiless il is iiiappropriaie to presiinie that the chai'iiable comp1< ny will coniiniie in busiiiess. The Irusiee5 are respoiisible lor keepiiig pi'opei. accoLiiilin&p recoi'ds Ili(g1 cali disclose with I'easoiiable acciii'acy al ,Iiiy Iii)ie Ilie fiii(111Cl£il posilioii of Ilie Ll)cll'ilable coiiipaiiy (giid Lli£iblL Il)ein lo ¢iisure Ilial Ilie finaiicial siaienienls coi)Iply willi Ilie Coiiip¢ili ies Aci ?006. '1"liey 1¢ I'e <1150 1'espoi)siblL I'oi. SlL leb>iiard iiibi Ilie assets of Ilie cliarilable COIIIPcllly Iiiid liLnL¢' lor li< kiiibJ I'eason6iblL steps lor Ilie pi'LVLiilioii aiid dLleclion ol- Irciiid aiid otlier irrebyulai'ilies. Tlie Iriislees are I'esponsible foi. Ili¢ IniL Iiile111c nce <ind inle&Trily of Il)e corporate and financial inforinalion iiicliided on Ilie cliai'il<iblL comp¢l1ly'S wLbsile. Legiislalioii gFovei'i)iiigy 11)e prepic fc11ion and dissemination of f1111c llcicil Sl¢lteineiils iiiay diffei. froin |L&g?islalioii iii oiliLr jiii'isd iclions, Sinall coinpxnie5 provisioii 5tatenicnl Tliis repoi11)as beeii pi'epai'ed in accordance willi Ilie siiiall Coliiplc iiies r¢g7iine Liiider Ilie Coinpanies Act 2006. The aniiual rep011 was appi'oved by the Ii'lislees of IhL cliai'ity on 8 Jiine 2023 <1nd sigjned on ils behalf by.. r B O'Doiinel I Director and Trustee Page 8
Belfast Buildings Trust Independent Examiner's Report to the trustees of Belfast Buildings Trust ('the Company,) report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2022. Responsibilities and bas15 of report As the charity s Irustees of BelfasT Buildings Trust (and also ils directors for the purposes of coimpany law} you are responsible for the preparation of the accounis in accordance with tlie requireinents of the Companies Act 2006 ('the 2006 Act.). Having satisfied myself that the accounts of Belfast Buildings Trust are not required to be audited under Part 16 of the ?006 Act and are eligible for independeni exainination, I report in respect of my exaniiiiaiion of your charity's accounts as carried out under section 65(3) of the Charities Act (Northern Ireland) 2008 ('the 2008 Act,). In carryino out my examination I have followed the Directions given by the Charity Commission under section 65(9)(b) of Ihe 2008 Act. Independenl examiner's slatement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause lo believe.. accounting records were noi kept in respect of Belfast BuildinJts Trust as required by section 386 of the 2006 Act. or 2. the accounts do noi accord with (hose records; or 3. the accounts do nol comply with the accounting requirements of section 396 of Ihe 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. or 4. the a¢¢ounis have not been prepared in accordance with ihe methods and principles of the Statement of Recommended Practice for accountino and reporting by charities [applicable to charities preparin(J their accounts in accordance wilh the Financial Reportino Siandard applicable in the UK and Republic of Ireland {FRS 102)]. I have no concerns and have come across no otlier matters in connection with the examination to H'hich attention should be drawn in this report in order to enable a proper undersianding of the accounts to be reached. Simon Hopper FCA Chartered Accountants Chartered Accountants Ireland 6 Doagh Road Bal lyclare Co Anlrim BT39 9BG 8 June 202i Page 9
Belfast Buildings Trust Statement of Financial Activities for the Yertir Ended 30 September 2022 (Including Incomc and Expenditure Account and Statement of Total Recognised Gains and Losses) U nrestricted run(Is Reslrictcd funds Total 2022 Note Income uiid li ndoivments from: Doiiatioiis and legacies Ch2¢ rilc1ble activities Invesii)ienl iiicoiiie 100 49,866 88? 48,488 28,500 48,588 78,366 882 Total iiicoine 50,848 76,988 127,836 Eypeiiditure on: Cliarilable aclivilies oilier expei)diiure (80,5?9) {20,093) {34,319) (100,622) (34,319) Total expeiiditlire (80,529) (54,412) (134,941) Net (expendiliire)lincome (29,681) 22,576 {7,105) Nel moveniei)l in fiinds (29,681) ?2,576 (7,105) Reconciliiilion or run(Is Total flinds broLibl)I forward 239,141 2,894,824 3,133,965 Total tLinds carried forward 17 209,460 U Iire51 ricte(I ruiids 2,917,400 Restricted ruiids 3,126.860 Tol&il 2021 Note Ticonie aiid Eii(loivmeiit5 from: Doiic11ioiis aiid leg>1( cies Cli1( ril¢lble aLlivili¢s Ii)vesiiiicnl iiicoii)e 61,167 3,000 61.167 21,450 89 18,450 89 Total iiicoiiie 18,539 64,167 82,706 Eipciid itiire on: Clii?rilable aciivilies oilier expendilui'e (54.283) (66,156) (34,319) (120,439) (34,319) Tolal expenditure (54,283) (100,475) (154,758) Nei expendillire Translers betweeii funds (35,744) (3,337) (36,308) 3,337 (72,052) Nel nioveiiienl in Ilinds (39,081) (32,971) (72,052) Recollciliatioii or ruiids Toial funds brouglil foi'ivard 278.2?2 2,927,795 3,206,017 Total funds carried forward 17 239,141 2,894,8?4 3,133,965 Tlie iioies on pag¢s 14 to 27 foi'in an integlral parl of these finaiicial stateinenls. Page 10
Belfast Buildings Trust Statement of Financial Activities for the Year Ended 30 Septcmber 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) All ot. the charity's activities derive froim coniinLiiiig opei'alions during Ilie above Iwo pei'iods. The flinds breakdown tor 2021 is shown iii note 17. The notes on pages 14 to 27 foi'in an integral part of these finaiicial statements. Pa¥ye I I
Belfast Buildings Trust (RL'gistr¢ltion number: N1031327) Balance Sheet as lit 30 September 2022 2022 2021 Note Fixed assets Tangible assets 12 2,846,860 2,881,572 Current asset5 Debioi's Cash al baiik and iii hand 2.900 328,092 2.900 270,7?2 14 330.992 273,622 Creditors: AInounts fiilliiig diie williin one year (3?,742) (1,979) Net cu rrent assets ?98,?50 271,643 Total iissets less current liabililies 3,145,110 3,153,215 Cre(lilors: Amounts fiilliiig due nfter mol'e thali oiie year (18,?50) (19,250) Net asset5 3,1?6,860 3,133,965 Funds of tlie cli# rity: Restricte(l iiicome fuiids Resli'iclL'd luiids 2,917,400 2,894,824 Unrestricted iiicome funds Uni'eslricled l uiids ?09,460 239,141 Total fil lids 3,1?6,860 3,133,965 For tlie finclllclcil ye1L I. ei)diiig 30 Sepieii)bei' 202? tlie chc11.lty was eiililled lo exeniption froin audit Liiider section 477 01. Ilie Coiiipai)ies Aci ?006 1'¢lilllllg7 to Slll¢111 COlliP<iiiies. Directors, responsibilities: Tlie Ineiiibei's have not I'equired the cliai'ily lo obtain an audit of its accounts for the yeai. in question in accoi'daiici will) s¢vlion 476; Llnd Tlie directors acknowledgye Ilieir respoi)sibil ilies lor coinplying willi the reqliireiiients of the Act willi respecl to accounting records and 11)e pi'epai'alion of 1¢ ccoiints. Tliese tlllÉ?ncial slaleiiieiils liave beeii prepared in accordciiice willi Il)e special provisions relating to companies subject lo tlie siiiall coiiipaiiies I'egJiiiie witli iii Part 15 of Ilie Coinpaiiies Act 2006. The notes on pages 14 10 27 forin an inlegi'al pail of these financial slaiements. Page 12
Belfast Buildings Trust (Registration number: N1031327) Balance Sheet as at 30 September 2022 The financial sialemenls on pages 10 10 27 were approved by the trustees, and authorised for issue on 8 June 10?3 and signed on their behalf by.. Mr B O'Donnell Director and Trusiee The noies on pages 14 10 27 forni an integral part of these financial statements. Page 13
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2022 I Charitv status The cl)arily is limited by guarantee. incorporated in Northern Ireland, and consequenily does not have share capital. Eacli of the Irusiees is liable lo contribule an ainouni nol exceeding £ I towards the assets of the cliarity in the event of liquidation. The address of 115 r¢gi51¢red office is: Tlie Gate Lodge 51 l A Orineau Road Belfast Aniriii) BT7 3GS These financial siatemenls were authorised for issue by the trusiees on 8 June 2023. 2 Accounting policies Suiiinia ry of significant aecounting policies and key accounting esliinal¢s Tl)e principal accoiiniing policies applied in Ihe preparation of tliese financial statemenis are set out below. These policies have been consisienily applied io all Ihe years presenied. unless otherwise stated. Staleinent of compliance Tlie 111i12ncii?I slaleinenls have been prepared in accordance wilh Accouiitingy and Reporting by Charities: Slolei)i¢iil of Recoiiimended Practice (applicable 10 charilies preparing their accounts in accordance witli the Financi611 Reportingy Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) (Cliarities SORP {FRS 102)). the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Aci ?006. Basis of preparation Bel fasi Buildingys Trust meets the definition of a public benefit entity under FRS 102. Assets and liabi lilies are initially recogynised al historical cost or trdnsaclion value unless otherwise slated in the relevant accouniing policy notes. Coing concern Tl)e trusiees consider Ihai Ihere ar¢ no material uncenainiies about Ihe charity's ability to continue as a going concern nor any significant areas of uncertainty that alTecl Ilie carrying value of assels held by the charity. Income and endowmenls Al l inconie is re¢ognis¢d once the charity has eniitlement to ihe income, il is probable that the income will be received and the amount of the income receivable can be measured reliably. Doiiiiliniis uiicl legiicie5 Donations are recognised when the charily has been notified in ivriling of both the ainouiit and settlement date. In Ilie eveiil Ihat a donaiion is subjeci lo conditions thai require a level of perfomiance by tlie charity betore the charity is enliiled 10 the funds, the incoine is deferred and noi recognised until either tliose Conditions are fully mel, or the fulfilmenl of those conditions is wholly within Ihe conlrol ot" tlie charity and li is probable that these conditions will be fulfilled in the reporting period. Page 14
Belf4gSt Buildings Trust Notes to the Financial Stiitements for the Year Ended 30 September 2022 Griiiils reL'elviibl Gi'aiils are recogFiiised wlieii ilie cliarily lias ali ei)lilleii)eiil lo Il)e fiiiids aiid aiiy conditions linked lo Ilie grants have beei) Inei. Wliei'e perfoi-iiiance condilioiis <ll'e allaclied to Il)e g?I'aiil aiid al'e yel lo be mel, the incoine is recobJnised as a liabi lity aiid iiicluded oli Ilie balaiice sl)eei as defei'i'ed iiiLoiiie lo be I'eleased. IiiiJL31iiiLiii IiiL'I)IiiL Dividends are recognised once tlie dividend lias been declai'ed and noti ficalioii lias been received of Il)e dividend diie. Expeiiditui'e All expeiidilure is recogjiiised once Iliei'e is a leg)411 or conslrii¢live oblig?<1tioii 10 tliai expenditure. il is probable seiileiiieiil is I'eqLllI'ed <iiid Ilie anioiiiil Ci1n be iiieasLifLd I'eliably. All costs are allocalcd lo Ilie applicable expenditure headiiig7 Ilial agbJregFaie siinilar cosls lo Ihal category. Wli¢re costs caiinol be dii'ecily aitribuled to P1( 11iculai' liec1diiig)s Iliey liave beeii allocated on ¢1 basis consisteiii willi Ilie iise ot I'esuui'ces, willi ceiili'al staff COSIS c111ocaied on Il)L' bclsis ol. liine speni, and dipi'eei<l1ion cliai'gjes allocated oli Ilie porlioii of Ilie assei's use. Oilier siipporl cosls i)r¢ Iillocctled bc15ed on tlie spi'e<id ol. SlL1tI' costs. CliÉiril(Ible (IL'ljiijiliis Cliarilable expeiidillire coiiiprises tliose cosis iiiciiri'ed by Ilie cliarity in the del ivei'y of ils activities aiid services loi. ils b¢ii¢lic11c I'ie5. 11 iiicliides bolli cosis Ilial cali be al located dii'ecily to sucli activities and Iliose cosis of ali iiidii'ecl nalLire iie¢¢ssai'y 10 5LlPPOI'I tIILIn. Support costs Siipport costs incliide ceiili'al fiinclioiis and have been al locaied lo activity Cost caleg?ories on a basis ¢onsislenl willi Ilie use of resoLlI'ces, foi. exaimple, allocalii)b propeily COS15 by flooi. areas, or per capila, staff costs by the iiiiie speiit aiid oiliei. costs by Ilieir Lisagye. Govei'iia lice costs -Fliese iiiclude Ilie cosis ic tiribiil<qble lo Ilie cliil l'ily's coiiipl iaiice willi constilulioiial aiid slalulory requireineiits, iiicludinb7 aLidil, 511.ciiegyj¢ ii)Llllr?b)Lineiil <?iid Irusiees n)¢eliiigis c111d r¢iiiibiii-sed e¥peiises. Taxution Tl)e cl)ai'ity is coiisidci'ed lo pass Ilie iesis sei out in P<iragrapli I Scliediile 6 of Ihe Finance Act 2010 and Ilierefore il ii)eels tlie definilioii of a c111( I'ilable Coliipic ny for UK corporalioii tax purposes. Accoi'dingyly, the cIIL1rily is polL'iili<illy exeiiipi fi'oni lax1( lioii in I'especl of incoine oi. capital gains received wiiliin caieg?ories covci'¢'d by Clii2plei' 3 Pai'l I l of Ilie Coi'poi'c1tioii Tax Aci ?010 oi. Seclioii 256 of the Taxation of Cliai-geable G<iiliS Act 199? lo Ilie exleni tlial SLicli iiicoime oi. g7c1ins ai'L appliLd exclusively 10 charitable purposes. Tmngible fixed assets Individual fixed a55els costing £0.00 or Inore are iiiilially I'ecorded al cost, less any subsequent accumulated depreciation and subsequent accumulated iinpairinenl losses. DepreLialion and ainoi.tl5kilion Depi'ecialioii is pi'ovided 01) taiigible tixed assets 50 as lo wi'ile ott tlie cost or valuation, less any estimated residLial value, over Il)c'ii' expected Liseful ecoiiuniic l ife as follows.. Page 15
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2022 Trade debtors Ti'ade debloi's are aniouiits due from CLisloiMLI's for mei'chandise sold or services perforni¢d in the ordinary coiii'se of business. Ti'ade debtors are I'ecog)nised initial ly al the traiis1c clion price. Tliey are subseqiienily Ineasured al aimortised cost usiiig Ihe effeclive iiiicrLsI iiiell)od, less pi'ovisioii tor iiiipairnienl. A provisioii for the impairimeiil of trade debtors is eslablislied when Il)ere is objective evidence tlial Il)e charity will not be able lo collect al l amounts diie according lo the origiiial terims of the receivables. Cash and casl) equ ivii leiils Ciish aiid casli eqiiivi11eiils coinprise cash on liand 1cnd call deposits, c1nd other short-lerm highly liquid invesiii)LnlS tliai 1( I'e I'L<idily coiivei'iible lo a known IqimoLiiiI ot cash and are Slibjeci 10 an insigynificant risk of cli¢111gie iii value. Tr#de creditors Trade ci'edilors are obligy<?lions lo pay foi. gioods oi. sei'vices thai have been Iqcqiiired in the ordinclly COLlI'se of bLlS11)es5 fron) siippliLI'S. Accouiils payable are LlassifiLd £lS Clirreiil licibililiLs if Ilie cliarily does noi liave an Iincoiidilional ribjlil, al Ilie eiid ol. Ilie rLPOI'iing period, lo defei- seiileii)eiii ol- Ilie ci'edilor toi. al leasi twelve iiionihs after the repoi'liiib date. I f Iliei'e is <111 iiiicond ilioiial I'igylil lo deler seiilenienl for al least twelve moiillis atter Ilie I'epoi1ing) dale, Iliey al'e presented as i)on-curreiii liabilities. TrLide creditors are recog)iiised initially at tlie ti'aiisaclion pi'ice and subsequently Ineasured al ainortised cost Iisiiig> Il)e elleclive iiilei-esl iiieiliod. Borroivings Inierest-bei< I'iiig boi'i'owingis are inili<il ly I'ecoi'ded ai fair vallie, nel of Iransaciion costs. Inlerest-bearing boi'i'owing7s are siib5eqiienily carried al ainoi'lised Lost, willi Ilie diffLreiice belweeii 11)e pi'oceeds, nei of Ii'aiis1< ciion costs, and Il)L aiiioiiiil due on redeiiiplioi) being? I'ecogii ised as a ch1( rbje 10 Ilie Slaleiiienl of Fii)ancial Activities over Ilic pci'iod ol. Ilie I'elevaiil boi-i-olviiig. Iiileresl expeiise is recog71iised oli Ilie basis of Ilie effective interest Ineiliod and is inclLided in interest payable aiid si1711 l<ir cli<irges. Boi'i'owings are classified as current liabilities Linless Ili¢ charity has an iincondilional rig?hi to defer settlement of the liability for al least twelve ii)onihs after tlie repoi1ing dale. P<lge 16
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2022 Foreign eichange Ti'ansaclions in foreign currencie5 are recorded al the late ot" excliange ai the date of the transaction. Monetary assets and liabilities denoiiiinated in foreign curi-encies at tlie balance sheet date are reported ai rhe rates of exchange prevailing at that dale. The results of ovei'seas operations are translated at the average l'ates of exchange during the period and their balance sheeis al the rates I'iiling at the balance sheet date. Excliange differences arisino on translation of the openiiig nel assets and resiilts of ovei'seas operations are I'eporled iii other comprehensive income and accumulated in equity (aiiributed lo non-conlrolling interests as appi'opriate). Other exchange differences are recognised in the Stateimenl of Financial Activities in the period in which they arise except for: l ) exchangTe differences 011 Iraiisactions entered into lo hedge certain foreign currency risk5 (see above). 2) exchange differences arising on gains or losses on non-monetaiy items which are recognised in other comprehensive income. and 3) in Ilie case of tlie consolidated financial stateilleiits, exchangJe differLnces on monetary iteins receivable from or payable to a foi'eiiJn operalion for wliich settlement is neiilier planiied nor likely to occur (therefore foriming part of the net investinent iii the foreigi) opei'alion), whicli are recognised in otlier comprehensive income and reported undei. equity. Fuiid structure Uni'eslricted incoine fuiids are general funds that are avai lable for use al the trustees discretion in furtherance of the objectives of Ihe charity. Reslricled income funds are those dollaied for use in a P1< rti¢iilar ai-ea or for specific purposes, the use of which is restricted to that ai'ea oi. piirpose. Financial instruments Clii.ssific'(Ilioii Financial assets and financial liabilities are recognised wlien the cliarily becomes a party to the contractual provisions of Il)e instrument. Financial liabiliiies and equity instruinenls are classified according to Ilie substance of tlie contractual arrantsemenis entered into. An eqiiity i1151runieni is any contract Ilial evidences a residual interest in the assets of Ilie cliarity after d¢ducting 1111 of its liabi lilies. PaiJe 17
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2022 Recogiiili()ii (iii(l iiieft.siireiiieiil All finaiicial assets aiid liabiliiies c11'e initial ly IneasLlI'ed al tl'c111saclion price (incliidingi transaction costs), except foi. those financial assets classified c1S 1( t f<iir valLIL Ilii'oiigli profil or loss, which are initially measured al fair vallie (wli icli is iioriiial ly tlie Ii-aiisaclion pi'ice exclLidin¢F Ir¢111SEiCtion costs), unless rhe arrangement constitutes a rinanciiig Ii'd115aclion. I r an ¢irraiigJeimenl L01l51ilLiies a liniiiicingy Ii'ansaclion, the tinancial asset or financial liabilily is Ineasui'ed ai Ilie pi'eseiil value of tlie fiiliire payimenis discoiinled at a market rate of interest for a siniilar debt instrunient. Financial assets and liabilities are only offset iii Ihe st<11eiMenl of financial position when, and only when there exists a legally enloi'ceable rigl)I to sei ol'f Ilie recoginised amounts and the cliarity intends either to seitle on a nei basis, or 10 real ise Il)e asset aiid sellle tlie liability siiiiiilianeoiisly. Financial assets are derecog711ised wlien and only wheii a) the conlraclual rig)l)Is lo the casli flows from the fiiiaiicial asset expire or are settled, b) Ilie cliarily Iransfei's to 11 noiliei. pany subslanlially all of the risks and I'ewai'ds of owiiersliip ot Ilie fiiiaiicial asset. or c} Ilie cliai'ily, dLspile liavingy relained soine, but noi all, sig?iiiticanl risks ai)d rei%'ards of owiiersliip. l)as Iraiisl"errLd coiili'ol ol. Il)e assei lo another party. Finaiicial liabililies are dei'ecog?nised only wlieii Ilie oblig1c lion specifiL'd iii tlie contract is dis¢hargied. caiicel led or expii'es. Page 18
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2022 Debi iiislriiiiieiils Debi iiislruinenls wliicli Ineet tlie following conditions are subsequently n)easured at aimoriised cost using the efteclive interest Inetliod.. (a) The contractual return to the holder is (i) a fixed aniouiit- (li) a p0511ive fixed rale or a positive variable rate- or (iii) a combination of a positive or a negative fixed rate and a positive variable I'ale. (b) Tlie coiilracl niay provide tor I'epayineiits ot. the principal or the return lo the liolder (but not both) lo be linked to a single relevant observable iiidex of genei'al pi'ice inflatioii of the curi'ency in which the debt instrument is denoniinated, provided su¢li links al'e not leveraged. (c) The conti'acl Inay pi'ovide for a delerniinable varialioii of the retuni to the holder diiring the life of the instruineiit, pi'ovided Ihat (i} the new rate satisfies condition (a) and the varialioii is iioi coi)liiigenl on fllture events other than ( l ) a change of a coiiti'aciual vai-iable rate. (2) to protect the holder agFainst credit deterioration of the issiier; (3) clianges in levies applied by a central bank oi. arising froin changJes iii relevant taxation or law. or (li) tlie new I'ale is a market i'al¢ of iiilerest aiid salisties condition (a). (d) There is no contractual provision that could, by its terms, result in Ilie holder losing the principal amount or aiiy interest attributable to the current period or prior periods. (e) Contraciual pi'ovisioiis tlial perinil the issuer to prepay a debi instrument or permit the holder lo put it back to the issuer betore Inalurily are not contingent on fiilure events. other Ihaii 10 protect Ilie liolder against the credit deterioi'alion ol. Ihe issiier oi. a cliange iii control of the issuer, or to protect the lioldeF or issuer againsl changes in levies applied by a ceniral baiik oi. arisiiig fi'oin Changes in relevant taxation or law. (D Conlraclual provisions niay perinil tlie extension of the term of the debi instrument, provided that the relum lo tlie holder aiid aiiy other conti'aciual provisions applicable duriiig the extended term sat15fy the conditions of paragraplis (a) lo (c). Debt insirumenis Iliai al'e classified as P1( yable or receivable witliin one year on iniiial recoonition and which meet Ilie above condit10115 Ic I'e Imeasiired ai the undiscounted ainoiinl of the cash or other consideration ¢xpecled lo be paid 01- received, nel of iinpaii'ineni. Will) Il)e exception of soine liedg)ing iiistruinents, othei. debi instruimenis noi n)e¢ting tliese conditions are measured al tair value Ihroligh profit or loss. Conimiliments lo Inake and receive loans which meet the conditions mentioned above are measured at cost (whicli may be nil) less iiMpairnienl. liivesliiieiils Invesliiiei)Is in non-converlible preference sh<1res and llon-puttable ordinary oi. pi'eference shares (where shares are publicly Ir1L ded or theii- fair value is I'eliably iiieasiii'able) al'e IMeasLired at fair value Ihrougli profil or loss. Where tail. value caniiot be Ineasiii-ed reliably, investineiits are n)easiired at cost less iiiipairment. Investments in subsidiai'ies and associates are measiired al cost less impairment. For investn)enls in Slibsidiaries acquired foi. coiisideratioii ii)cluding tlie issue of shal-es qualitying for nierger relief, cost is measui'ed by refei'ence to tlie noniiiial value of the shares issued plus t.air value of otl)er consideration. Any preinium is ignored. Page 19
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2022 DeriviiliveJ7iiaiiLliil i1151ruiiieiils The charity uses derivative financial insirumenis lo reduce exposure to foreign exchange risk and interest rate Inovemenls. The charity does not hold or issue derivaiive financial instruments for speculalive purposes. Derivatives are initially recognised al fair value ai the dale a derivative contraci is enlered inlo and are subseqiienily remeasured to their fair value at each reporting date. Tlie resulting gain or loss is recognised in slaieiiieiii of financial aciiviiies immediaiely unless the derivaiive is d¢5ignated and effective as a hedging insirumeni, in which eveni rhe liming of Ihe recognilion in siaiement of financial aclivilies depends on Ihe nature of the hedge relaiionsliip. Fftlr viiliie iiiea.iiireiiieiil Tlie best evidence of fair value is a quoted price for an ideniical assei in an aclive market. When quoied prices are unavailable, Ilie price of a recent Iransaclioii for an identical assei provides evidence of fair value a5 long as there has not been a significant chanbye in economic circumstances or a sigiiificani lapse of time since the transaction took place. I f the market is not active and recent Iransactions of an ideniical asset on their own are not a good esiimate of fair value, the fair value is esiimated by using a valuation lechnique. 3 Income from donations and legacies Unre51ricted fuiids General Restricted runds Total runds Donations and legFacies' Doiialions froin individuals Gi'ants, including capiial granis: Grants from oilier charities 100 100 48,488 48,488 Total for 2022 100 48,488 48,588 Tolul for 2021 61.167 61,167 4 Income from charitable activities Unre51ricled funds General Restricted funds Tolal funds Letting of Property for cliaritable purposes 49,866 28,500 78,366 Total for 2022 49,866 28.500 78.366 Total for 2021 18,450 3,000 21,450 Paoe 20
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2022 S Investment incolne Unrestricted funds General Total funds Interest receivable and similar income. Inlerest receivable on bank deposits 882 882 Total for 2022 882 882 Total for 2021 89 89 6 Expenditure on charitable actii'ities Unrestricted funds General Restricted funds Total funds Letting of Property for charitable purposes 80,529 100,622 Total for 2021 66,156 120,439 Total expenditure In addition to the expenditure analysed above. there are also governance cosis of £1,300 (2021 £1,300} which relate directly to charitable activilies. See noie 8 for further details. 7 Other expenditure Restricted funds Total funds Note Depreciation, amortisalion and other similar costs 34.319 Total for 2022 34,319 34,319 Total for 2021 34,319 Paue?I
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2022 8 Analysis ofgovernance and support COStS Governance costs Unreslricled funds Ceneral Total funds Independent examiner fees Exaiiiii)alion of (he financial statemenls 1,300 1,300 Total for 2022 1,300 1,300 Total for 2021 1,300 1,300 Page 22
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2022 9 Trustees rerniineration and expt115es No trustees have received any reiinbursed e¥penses fi'om the chai'ily during the year. l O liidependent examiner's remuneration 2022 2021 Exainination of Ilie financial slateinents 1,300 1,300 I l Taxation The cliai-ity is a registered charity aiid is Ilierefoi'e exempt froim taxation. 12 Tangible fixed assets Land and buildings Furniture and equipment Total Cost At l October 2021 3,400,532 23,641 3,424,173 At JO September ?0?2 3,400,532 23,641 3,424,173 Depreciation At l October 2021 Charge for Ilie year 519,940 34,319 22,061 393 542,601 34,712 AI 30 Sepieinber 202? 554,259 23,054 577,313 Net book I'alue AI 30 Sepleinber 2022 2,846,273 587 2,846,860 AI 30 Sepleinber 20?1 2,880,592 980 2,881,572 13 Debtors 2022 2021 Trade debtors 2,900 2,900 14 Cash #nd cash equivalents 2022 2021 Cash at bank 3?8.092 270,722 Page 23
Belf4qSt Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2022 15 Creditors: amounts falling due within one year 2022 2021 Trade creditors VAT granl repayable Other creditors Accriials 4,999 3.606 1,337 (659) 24,136 1,300 3?,742 1,979 16 Creditors: aniounts falling due lifter one yethr 2022 2021 Bank loaiis 18,250 19,?50 17 Funds BMliince at 30 September 2022 I nL'oiniiig resou rces Resources expL'iide(I October 2021 U iire5tricted fuiid5 GL•iieriil Uiiresiricied Funds 239,141 50,848 (80,529) 209,460 Resti'ilted Bliild ii)&Js Flind Esiiie M itcliel l Developiiient Flind Scliools DebLqling Coinpetition Tlie sli'eels wliLrL IIILY liv¢d proj¢¢l Siiccessful Bellasi Hei'itabje Recovery Fund 2,880,592 {34,319) 2,846,273 28,500 {20,006} 8,494 5,852 5,852 800 1,910 5,670 (579) 221 1,823 54,737 (87) 4(),067 Total restricted funds 2,894.824 76,988 (54,412) 2,917,400 Tolal funds 3,133,965 127,836 (134,941) 3,126,860 Page 24
Belfast Buildings Trust
Notes to the Finuncial Statements for the Year Ended 30 September 2022
Balance at
30
September
2021
Balance at
October
2020
Inconiing
resou rces
Resource5
expeiide(I
Transfers
Unrestricted funds
Geiieriil
Uni'estricled Fiinds
278,??2
18.539
{54,283)
(3,337)
239,141
Restrii'tL(I
Buildiiig)s Fiiiid
Esnie M ilcliel l Developiiienl
2,914,911
{34,319)
2,880,592
16,667
{?0.004)
3,337
Scl)ools DLbaiiiig
Coiiipelilion
Tlie sli'eets wliere they lived
project
successt.ul B¢ifasl
14¢1'iiab>e Recovei'y Fuiid
5,852
5,852
6,800
232
(6,000)
(5,32?)
(34,830}
800
1.910
5,670
7,000
40,500
Toliil rest riclL'd fuiids
?,9?7,795
64.167
(100,475)
3,337
2,894,8?4
Tol41 fu lids
3.206,017
(154,758)
3,133,965
Tlie specilic PLlI'poses for wl)icli Ilie fiiiids are lo be applied al'e as follows..
Building?s Fiind.
Beltasi Buildinbis Trust (BBT) delivei's pl)ysical. social, aiid ecoiioimic regeneration Ihi'ough the reuse or
Beltasl's l
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2022 18 Analysis of net assets between funds Unrestricted funds General Total funds at 30 September 2022 Restricted funds Tanoible fixed assets Current assets Current liabilities Creditors over l year 2,846,860 70.540 2,846,860 330,992 (32,742) (18,250) ?60,45? (3?,74?) (18,?50) Total nel assets ?09,460 ? 917.400 3,126,860 Unreslricted funds General Total fund5 at 30 September 2021 Restricted funds Tangible fixed assets Current asseis Current liabiliiies Creditors over l year 2,881,572 13,252 2,881,572 27J,622 (1,979) (19,250) 260.J70 (1.979) (19,250) Total nel assets ?j9,141 2.894,824 J,133,965 19 Analysis of net funds A130 September 2022 Al l Oclober 2021 Financing cash flo,5 Cash al bank and in hand ?70,72? 328,092 Net debt 270.72? 328,09? At30 September 2021 At l October 2020 Financing cash flows Cash at bank and in hand 307.073 (J6,J51) 270,722 Nei debt i07,073 (36,J51) 270.722 Pa(Fe ?6
Belfast Buildings Trust INotes to the FinanLial Statements for the Year 14 ndcd 30 September 2022 20 Related party transactioiis During Il)e year tlie cliarity Inade the following I'e11c led party Iraiisaclioiis.. Jay Associates (Jay Associ<21es is deeimed to be a I'elcqled paily diie lo it ussocialion witli Fionnula Jay-O'Boyle a Iruslee of the Belfast Buildiiigis Triist.) Diii'ing Ilie yecl1' the cl)ai'ity paid Jay Associates £25,800 in man1¢ gyeiiieni fees.. Al Ilie balance sheet dale the ainouiil due loltroim Jay Associ1( les was £Nil (2021 £Nil). Shane QuinIi (Sliaiie Quinii is deenied 10 be a I'elaied paity diie 2¢ s lie is coiiipaiiy s¢¢relaiy of tlie Belfast BLli Idii)gs Trust.) During) Ilie yeai. Il)e chai'ily paid S Qiiiiiii £39,586 in Inanagenient fees.. Ai tlie balaii¢¢ slieel date Ilie aiiiounl due loltroiii Sliaiie Quinii was £N il (20? I £Nil). The ti'uslees liave I'eviewed Ilie above arraiigeiiieiils arid are coiileiil Il)e iiecessary iiilernic I governance and coiilrol pi'OCLdures exist lo ei)siire value toi. iiioiiey is acliieved by tlie triisl. Page 27