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 O￿lce..
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.
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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
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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<lndiiiKl1'k bLiildiiig?s. It works witli Iociil people lo seciire susiaiiiable fuiiires for bLiildingJs Ilial are
Imeaiiiii¥vlLII lo Il)eiii.' Ilie Ti'LisI's liei'iiagye-led reg)on¥ri¢ lion tocus iiieans Ilial lis locus is on people, witl) Ilie cily's
biiildiiig>s sei'viiig as Ilie veli icle tor civic reL?eiiei'aiioii.
Tlie buildii)L?s secure by tl)e trust are restricted for Iliis PLlI'POSe.
Esine Mitchel Development Fuiid
Ali iii ili¢l13 yeic I. project slai'led iii Il)L SiiniiiiLr of 2018, ¥vliicli W£lS extended by an additional 2 years in 2020. 10
progTress Ilie proposed scI)eiii¢ al Cai-lisle Memoi-ial Cl)Iii'cli aiid the ci'eillion ot Ilie Noi1h Bellilst Heritage
Cliisler
Tlie fundiiig is used to part-f1111cn¢e the Developinenl ManaiTei"s lime and lo provide some parl-time
adminislralion support, fuilI)er enablingy Ilie D¢velopineni ManG2gTei' lo focus on project delivery
Patse 25

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