Belfast Buildings Trust Trustees, Report The Iruslees. who are directors for the purposes of compan}, law, present the annual report together with the financial slaieinenls of the charitable coinpan! for tlie year ended JO September ?02? Trustees note the significant impacl of Covid-19 on regular activity from March ?O?O. Objectives and activities ObjeLlS all(1 aiiiij Belfast Buildings Trust delivers ph)sical. social. and economic regeneration through tlie reuse of historic and landmark building5 in Belfast. It ivorks with local conimunities, often in areas of high deprivalion, 10 find and develop sustainable uses for buildings which are perceived as having no viable econoinic use. Objeclives, -slralegies an(1 (Iclivilies The Trust supports and advances tlie developmeni of a confidei)i and maiure civic society in Northern Irelaiid throuu .h the delivery of en¥oagement activities relalinu 10 heritage, regeneration, urban development, and civic society issues. It hosts lectures. conducts research. provides information. and engages with the public on a range of issues relalino to the development of Belfast and wider reoeneralion and heritage issues in Northern Ireland. The Trust also provides mentorino and advice lo a ranoe of community organisations relatino to heritage, regeneraiion, urban developmeni, and civic socieiy issues. This can include ilie esiablishment of other charitable or02nisaiions or advice on liandl ino a specific reueneraiion or capital works issue. PubliL' bgiiefil Belfast Buildings Trust Ineets tlie public benefit requireinenl bs, providinu benefit to the general public in Belfast and in Northern Ireland as a 'hole. Through the nature of specific capital regeneration work, some benefits are focused on a particular geooraphic area, bul Ihese are in such a way as to maximise the broadest public benefit as possible. Some privaie benefil is generated Ihrouoh employing individual contrdctors on specific capital works, but Ihis privaie benefit is incidenial and is sionificanily outweighed by the ivork of the Trust in achieving its purposes. Benefits arising froTn the Trust's purposes and aciiviiies include economic development, the improvement of the physical and built environment. increased community cohesion, job creation, an improved sense of place. the protection of the character and fabric of places in Northem Ireland, protection of the built environmeni, the deliver), of sustainable and appropriate development, a strenotliened civic society. a sirenorhened voluntary and coinn)unity sector, and a more enga£ed public. Tliese benefits are demonslr<21ed throiigh feedback from communiiies in which Ilie Trust has worked. in feedback from slalutory agencies relating to the work of the Trust, in suTh'eys of people who use the Trust's services or buildings. 11 can be turiher evidenced Ihrouoh public suppon for Ihe reuse of hisioric buildinos, t]irou the clear support for buildings 10 provide a reueneralive purpose iTt areas of deprivation, and Ihroygh increased levels of public enuauenienl iii issiies relating lo buildingJ a confident civic society in Northern Ireland The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2008 to liave due regard to the public benefit guidance publislied by The Charity Commission for Nortliern Ireland. Page I
Belfast Buildings Trust Trustees, Report Achievements and performance C42rlisle Memorial Churcli Carlisle Memorial Churcli remains at the core of the Triist's current activity on capital project developmeni. As issues relating lo Covid-19 eased iii Ilie second half of the FY. tlie potential of Carli51e MeTnorial as a meanivliile space for liii'e was a sitsnificanl liiglilight. Developing on loiig-standini? engageinent aiid development woi'k, the Trust continued project planning and developnieiit work to refocus Ilie future use of Carlisle Memoi'ial on ciiliural and creativ¢ skills. The Trust has identified vitcll potential parlnei-ships for tliis. notably witli Nortliei-n I I'eland Opei'a. As Pc1rt of this developiiieiit. Ilie Trust prepared and subim itled a second capital funding application to the UK Government's ' Levelling-up, fund dLlI-ing SLiniiiiei- 2022; the oiitcome remaiiied pending al the end of tlie FY. Also as part of the development work, the Trust convened a Ci'ealive Carlisle Roundiable, in partnersliip with Nl Opera, in Septeinber ?0?2, and iiivolving a range ot local, skills, and cultural organisations to refresh how engJagFeiiieiit is designed aiid delivered. The buildino was successfully iised for 'Dreainachine', a major UK-wide creative exhibition, between June and September 2022. Tliis pi'ovided a hi.1i-level of public attention and footfall, with over 20,000 visitors over 6 weeks. Trustees acknowledg7e the positive P<1rtnerships thal made the project a success, notably with the Dreaiiiacliine 1( lid Noi1h¢rn Ii-eland Science Fesiival leaiiis. • A yei1r-lono hire for a miilii-seiisoiy Van Gotsh exl)ibiiion commenced in mid-sepieniber 2022. The oiitdoor areas were again successfully replanted and Inainlaiiied during spring and slimmer, with an additional wildflower area planied between Il)e building and tl)e Iiidian Coimmunily Cenlre. Trustees tliank Mailina Bellew for her effoits and are gJraleful tlial she reinains coinmitled to Ilje TrLlSt's work here as a keyl)older aiid iiiainleiiance support. Ongioing Imaintenance che¢Ls lo the roof wei'e coinpleled; Trustees thank David Hamilton and his colleagues at Martin & Hainillon for their coiitinued and I'esponsive etyorls. Gate Lodge Tlie Trust noted the conlinuiiigJ use of tlie Good Shepherd G<lte Lod(ye as the Trust's Headqiiarters and a return to in-person meetings. Belfast City of M usic Ti'ustees celebrated the successfiil desigiialion of Belfast as a UN ESCO City of Music in November 2021 and, especially, the Trust's role in developing the initial policy pi'oposals as building on The Belfast Opera in 2015116. The Trust also noted that Ilie tuture iiiitialives include pi'oposals lo iiiake better use of the city's liistoi'ic buildings for niusic. Acadeniy of Urbanisni Congress As pail of ils civic regeiieration activity, the Trust was a vital paitner for the Aou Conoress, held in Belfast over Iliree days in June ?0?? Tlie Trust's Developmeiil Dii-eclor cliaired tlie Steering Group, curated the ev¢nl in paitnership with colleagues froin Belfast Cits, Couiicil, PaLII Hogarth, and Ui'ban Scale Interventions, and cooi-dinated del ivery of the event. Tlie Trust's central role ensured a core positioniiig7 of cultiire and heritage iii the programme. It also provided a significant platform for the Ti-ust's strategic cross-sectoral collaboration, includino with Belfast City Council, Depaitinenl for Coininunilies, Sti'ate&Tric Iiivestillent Board. Tilaiiic Qiiaiter, Belfast Chamber, Thrive, and Eastside Partnership. Page 2
Belfast Buildings Trust Trustees, Report Policy & Stakeliolder Engagement Tlie Trust lias coiilinued its active pi'ograimine of strategic government relations and advocacy work, especially I'elaling to biiili lieritabye, regenei-ation and planniiig, as well as individual pi'ojects. I li paiticular, Ilie Trust's Developiiienl Direcloi. aiid a Trustee are both nienibei's of Ihe Hisioi'ic Eiivironn)ent Sl<ikeholder Gi'oLlP. Tli is Gi'oiip cliaiiged ils striictiii'e at tlie ei)d of Ilie ry, and Ihe Triisi is now represented on boil) Ihe Placeinakingj and Ilie Advocacy & Coiniiiiinicatioiis Woi'kino Groiips. Eng)a(Jen)eiil contiiiued witli individLial menibei's of tlie Fligli Streets Task Force, and the Trust subinitted consullalioii respoiises, based oli its ?021 policy papei., to the Task Force and to tlie Investinenl Strategy for Noi'll)Li-ii I relaiid, einpliasisiiigy tlie iimpoi'lance of pi'ioritising Ilie iise aiid reuse ol. exisiing assets. Work began to scope a pai'liiei'sli ip appi'oacli with oiliers to tLlI'llier tlie Triisl's ideas in 11)is area. Tlie Trust pailicipaled in public consuliaiioi)s on the developiiig ' Belfast Sioi'ies, pi'ojeci, empliasisiiig the need toi. Il)is lo be I'eposilioned as an oppoi'tuii ity to use Civic stoi'ies tor I'egieneration I'atlier Ihaii piirely for a tourisin pi'oducl. Meiitoriiig & Outrellch Worlc BB T p11( YS c?ii active I'ole in IIiL HerilagL Trust Neiwork. willi <1 Ti-Lislee and the DLvelopiMeni Dii'ecior silting oli Ilie HTN Noi'iliei'n Ii'el<2nd Coiniiiillee. Boili attended Ilie FITN Coii fei'ence in Covei)Iry iii Noveiiibei. ?021. Tlie Trusi coi)iiiiiied as a iiieimbei. ol'11)e Ccl11)Ldrcil QLiai'iei' PIIysic¢il I i)iei'venliOli Workinb Gi'oLlP, convened by DesliiiaiioiiCQ; however, Ilie Gi'oup l)<iS Iiot iiiel siiice Noveinb¢i' 2021 Scliools Debating Coiiipctition Covid-19 iliipcicls Ini'<ll)I Ilicll Ilie N I Scliools Deb<iliiigy Coinpetilioi) I'ei))aiiied caiicelled. nconiL. CeiiL'I'Mtioii As Ilie challeiig?es ot" Covid-19 eLlsed, tlie Triisl saw C1L I'lisle Meimoi'ial gi¢iierale the fiist siibslan111<1 income since 2019. Tliis was sigiiiiliccliiily iiici'eased as Ilie FY drew lo a close, wilh Ilie sii¢¢¢ssfiil inslis?<11ioii ol. a liceiice foi- a year-long hii'e. Tl)e Trusi 5ecLlI'ed 3-yeai- luiiding fi'oiii Ili¢ DIEN Ll-lr Covid Re¢ov¥ry Ecoiioinic Skil Is Initiative to eimploy a Pi'ojecl & Eiigiag?eineiil oificer aiid lielp biii Id Lngy¢1bieiiienl ¢iiid iiicoiiie developineiil opporliinilies, sp¢cifically I'el<21Ld lo CIL I'lislc Meiiioi'ic11. Ileci'ii iliiieiii begjaii <11 Ilie very end ot 11)e FY, willi Ilie aiiii lo have soineone in post by Ilie eiid ol. Noveinbei. 20?? Trustees (llso acknowledge tlie coiilinLI IllgF SllPPOrt of. the Esiiié M ilch¢ll Triist and ArcliiiectLiral Heritage Fiind. Otlier Ach ievemenls Tl)e Trlist refi-eshed ils website and public ¢oiminunications chaiiiiels, biiild inbi on tli¢ Commiinicalions Review carried out in ?021. Tlie Ti'LisI's Developnieiil Direcloi. siiccessfiil ly completed the U K-wide Heril?L ge Trade-up programme, del iver¢d by Ihe Scliool lor Social Eiili'epi'eiieiii's and lundi'd by Ilie NLH F. Pirf rtnL'rsl)ip iTrork du ring 2021122 was devclopcd with: Noi'iliern I I'¢l<ind Opei'(I Di'ei< iiiacliine • Northern Ii'elciiid Science Festival Linen Hal l Library Arcli ilecutui'al Heritagye Flind Noriliern Ii'elaiid Eiivironincni Lii)k Belfast City Couiicil Departiiieiil toi- Coiiimunities Acadeiny of Urb1c 11 ISIII Siralegi¢ Invesiimeni Board Titaiiic Quaitei. Beltast Cliamber Tlirive Queei)'s University Belfast Page 3
Belfast Buildings Trust Trustees, Report Department for Infrastructure National Mu5euins Northern Ii'eland Choice Housing Eastside Partnership Maritinie Belfast Ti'ust And contiiiuingJ ImenloriiigF relationships wei'e Imainlained with sevei'al organisations throughout Noithern Ireland, including the Indian Community Cenlre, Sli'eelspace, An Droichead, and Belfast Civic Trust. Financial review PoliLy on re3erves The Trustees has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets {'Ihe free reserves,) held by the chai'ity sliould be between 2 and 6 Inonths of the resources expended, which equates to between £13,421 aiid £40,264 iii geiieral funds. Al Ihis level, th¢ Trustees think the Cliarity would be able to coiitillue the current activities of the cliarity. In the eveiit of a significant drop in funding, it woiild obviously be nece55aiy to coiisider liow Ilie fundino woiild be i-eplaced or aclivilies changed. At pi'esent tl)e free reserves ainouiit to £209,460 and are above the Ti'ustee's target ran¥Je. The Triislees will continue to monitor free reserves. Plans for future periods The Trust's pi-iinary focus in 2022123 will coiitinue lo be Carlisle Memoi'ial. Two significant development5 in tlie fortliconiing year will be the appointnieiit of a new Project & Eiiga(Fement Officei- to lead delivery of engagement and income gen¢ration projects, and the continued development of a new 'Creative Carlisle, engagement fraiiiewoi-k foi. this activity to link to specific crealive skills. Fundamentally, and depeiiding on the outcoine of exi5tiiig fLinding applicatioiis, the Trust will continue to explore and update business plans for the building's long-tei-ln reuse, in way5 thai pi'ovide econoinic and commLllllty benefits. Both effoits will involve siistained and new partnership developiiient. Tlie Trust will explore a future BB T-led prograiiime of activity in Carlisle Meniorial lo complement external hires and ensure a strong conimunity input to ils use. The Ti-ust will bliild on its strong and effective stakeliolder relationships to develop ils public profile through effective social niedia and other coiniiiunications usiiig its ret"ocused conimullicalions appi'oacli. Using its existing engageinent on strategic and place-based engageinenl policy, the Ti'iist will seek to deliver public-facing activity in partnersliip with others. The Ti'ust will continue to play an active rol¢ in its core partnerships, with the Heritage Trust Network and Academy of Urbanisin and support delivery of Noi'lhern Ireland activity for both. The Trust remains fully coininitted to the Nortlierii Ireland Schools Debating Competition. Subject to Covid-19 developments, the Coimpelilion will hopefully return during the next financial year. Fiiially, the Trust ivill continue to work with parliier orgaiiisations, boili old and new, in ils advice and Inentorints role. It will conliiilie its sti'ong tsovernin¢iil relations and advocacy work and the broad benefits of people and herilaoe-led reoeneralioii. Page 4
Belfast Buildings Trust Trustees, Report Trustees and officers The trustees and officers serving during ihe year and since the year end were as follows: Trustees: Mrs F Jay-O'Boyle, Patron Mrs J Corr Mr B O'Donnell, Director & Trustee Mr M Paiton Mr P Millar Mrs R Harkin Senior Managemenl / Leadership Team.. Mr S Quinn. Company Secreiary Struclure, governance and management N¢iliire ofRoveriiiii% IloLiiiiieiil Tlie B¢1 l¥lSI Buildings Triisi is a company limiied by guaraniee and as such the liability of each of the Ineinbers is liiiiiied. Under Seciion 6? of tlie Coinpaiiies Aci 2006. Ihe Socieiy is e¥empi froiii using the ivord Liiniied. The Socieiy's governiiig documeni is Ilie Memorandum and Articles of Associalion. In the event of the coiiipany beinb) wound up menibers are required 10 coniribuie £ 1.00 R¢L'riiiliiieiil iiiid Iipp(Iliiliiieiil (If Iriislees New Iruslees are idenlilied by Ilie board from leadiiig meinbL'rs of Ilie community who have Ihe requisiie skills and experience for ilie Posilioii alonby will) a desire io serve Ihe coini)iui)ily Page 5
Belfast Buildings Trust Trustees, Report Major risks aiiil moiiiigenieiil of Iliose risks Pei'sonnEI the risk of losing key staff or volunteers, with Ihe associated loss of expertise and experience RepEilalion the risk that Ihe charity mighi be suffer reputational damage as the result of unauthorised public statements Financial the risk that charity coiild run into financial difficulties. Reference nnd Adininistr#tive Detllils Charity Registration Number: 100818 Company Regislralion Number.. N1031327 The charil), is incorporaied in Northem Ireland. The Gate Lodge 51 IA Onneau Road Belfast Antrim BT7 3GS Reg)islered olce. Independent Examiner.. Hopper & Co Chartered Accouniants 6 Doagh Road Ballyclare Co Anlrim BT39 9BG Solicitors: Cleaver. Fulton and Rankin 50 Bedford Street Belfast Financial instruments Objeclives uiiclpolicies The charity's acliviiies expose it to a number of financial risks including credit risk, cash flow risk and liquidity I'isk. Tl)e use of financial derivatives is govemed by the charity's policies approved by the board of trustees. which provide written principles on the use of financial derivatives to Inanage these risks. The charity does nol Use derivative tinancial instruments for speculative purposes. Ca.slifloiv risk The charity's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. Tlie charity uses foreign exchangJe fon¥ard contracls and interesl rate swap contracts to hedge these exposures. Intei-est bearing assets and liabilities are held al fixed rale lo ensure certainty of cash flows. Page 6
Belfast Buildings Trust Trustees, Report Credit risk The charity's principal financial asseis are bank balances and cash, trade and other receivables, and investment5. The charit} s credit I'isk is priniari ly altribulable lo ils Irade receivables. The ainounls presented in the balanc¢ sheet are nel ot alloivances for doubilul receivables. An allowance for impainnent 15 Inade where tliere is an idenlitied loss eveni which, based on previous experience. is evidence of a reduction in tlie recoverability of rhe cash flows. Tlie credit risk on liquid funds and derivative financial insiruineiils is limited because the counterparties are banks with high credil-ratings assigned by intemaiional credil-raiing agencies. The charity has no significant concentration of credit risk, Ivitli exposure spread over a large nunib¢r of ount¢rparties and cuslomers. Lliiiil(Ilty rlsk Iii order 10 iiiainiain liquidiiy 10 ensure ihal su1¢1¢nI funds are available for ongoing operations and future developi)ien15. the chariiy uses a Inixlure of long-iemi and short-temi debi finance. Further details regJarding liquidity risk can be found in the Siaiemenl of accounting policies in the financial statements, Creditor pa)'Ineiit policy The charity supports prompt payment and iargels paymenl for goods and services 10 be made within agreed paymeiil leriiis or wiiliin l O days of ceIPt of invoices not in dispuie. Going concern The Ii'lisiees assess whether the use of goingTr concern is appropriale i.e. whetlier there are any material uncertainiies relaied 10 events or conditions Ihal may casl significant doubi on Ihe ability of the charily to continue as a bYOiI)gJ concern. Tl)e Iruslees make this assessmeni in respect of a period of one year froin Ilie date of approval ol. Ilie Iii)ancial stateii)ents. Iii March ?O?O the cl)arily took steps (in line with government advice) to help contain Ihe outbreak of COVID-19. Tl)is included the temporary suspension of all physical gailieriiigs and Ihe charity cunailed, or cl)aiigJed, ils operalions, inclliding nioving some aciivilies online. These reslriclions are now largely lifted and the Trust has, like many oiher5, adopted a blended work and delivery pattern. The Iruslees are monitoring income and expendillire and. if it becomes necessary, will lake measures to mitigate lh¢ impact of COVI D-19 on 11)e free reserves. The nature of funding is such thai Trusiees cannoi be c¢rtain Ihal projected future funding will materialis¢. Ai the lime of approving the accouiils. despite financial challengFes and folloiviiig asse55menl the Trustees have a reasonable eNpeciaiion thai the charily has adequate resources to coniinue in operational exisleiice for th¢ roreseeable future. Tlius tl)e Trustees conlinue lo adopi Ilie going concern basis of accounting in preparing these rinancial slalements. Page 7
Belfast Buildings Trust Trustees, Report Statement of trustees, responsibilities The trusiees (who are a150 the directors of Belfasl Buildings Trust for the purposes of company law) are responsible for preparing the trustees. report and Ihe financial staiemenis in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). iiicluding FRS 102 "Tlie Financial Reponino Standard applicable in tlie UK and Republic of Ireland" The report and accounts have been prepared in accordance iviih (he provisions in ihe Companies Act 2006 relating to small companies. Company law requires the trustees to prepare financial siateinents for each financial year. Under company law the triisiees must not approve the financial staiemenls unless they are salisfied that tliey give a true and fair view of Ilie state of affairs of Ihe cliaritable company and of the incoming resources and application of resources, including its income and expenditure, of tlie cliarilable coinpan), for that period. In preparing these finaiicial statements, the trustees are required to: select suitable accounting policies and apply them consistently- observe Ihe methods and principles in Ihe Charities SORP. make judgements and eslimates that are reasonable and prudenl- slate whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The triistees are responsible for keeping proper accounling records ihat can disclose wilh reasonable accuracy at any lime ihe financial posilion of the charilable company and enable Ihein to ensure that the financial statemellts comply with the Companies Act ?006. They are also responsible for safeguardino ilie assets of the charitable company and hence for takino reasonable sieps for Ilie prevention and deleciion of fraud and other irregularities. The trusiees are responsible for Ihe maintenance and integrity of Ihe corporate and financial inforniation included on the charitable company's iyebsiie. Legislation governing the preparation and disseillination of financial stateinents may differ from leoislation in other jurisdictions. Small companies provision statement This report has been prepared in accordance with Ihe small companies regiine under the Companies Act ?006. The annval report was approved by the trustees of Ihe charity on 8 June ?02) and signed on its behalf by.. r B O'Donnell Director and Trltstee Page 8