Company registration number: N1031327 Charity registration nwnber: 100818 Belfast Buildings Trust (A ConanY limited by guarantee) Annual Report and Financial Ststernents for the Year End¢d 30 September 2023 Hopper & Co Chartered Accountants & Registered Auditors 6 Doagh Road Baltyclare Co Antrim BT39 9BG
Belfast Buildings Trnst Contents Trnstees, Report Itolo Indepell&ent Examinerfs Report li Statement of Financial Activities 12to13 Balance Sheet 14to15 Notes to the Financial Statements 16to31
Belfast Bui]dings Trust Trustees, Report Th¢ ttijstees, who are directors for the purposes of company law, present the aunual report together Thith the fmancial statetnents of th¢ charitable company for the year ended 30 September 2023. Ob3ectiv&q and activities Objects andaiths Belfast Buildings Trust delivers physicaL social, and economi¢ regeneration through the reuse of historic and landmark buildings in Belfast. It works with local peopl¢ to develop sustsinable uses for buildi]w which are perceived as baving no viable economic use and to ¢hampion relevan( authentic, and impactfill regeneration. Objectiv, strategles Imd aclivilies The Trust supports and advances the deYelopm¢nt of a confident and JnatUTe civic soci¢ty in Northern Ireland through the delivery of engagement activitÈes relating to heritage, regeneratio ball d¢v¢lopmenL and civi ' society issues. It hosts lectus, Conducts researc14 provides inforE[LatiO and engages with the public on a rdnge of issues retsting to th¢ development of Belfast and wider regenerdtion and heritsge issues in North¢rn Irelan The Th)st also provides mentoring aud advice to a range of community organisations relating to heritage, regeneration. urban developmenL and civic society issues. This can include the estabkishment of other Gl]arAtable organisations or advice on handling a spe¢ific regeneration or capital works issue. Publlc benefit Belfast Buildings TrLiSt Eneets the public benefit requirement by providing ben¢fit to the general public in Belfast and in Northern Ireland as a whole. Through the nature of specific capital r¢gen¢ratAon work, some benefits ar¢ focused on a particular geographic are4 but these are ill suth a way as to nthximise the broadest public benefit as possible. Some private benefit is generated througb employints individual contractors on specific capitsl works, but this private beneflt is incidental and is significantly outweighed by the wodi of the Trust in achi¢ving its purposes. Benefits atising from the Tnjst's PUTPOS¢S and activities include economic development the iriwrovement of the physical and built enT4imninenL in¢reased community cohesi0 job creation, an irnproved sense of place, the protection of the character and fabric of places in Northern treland, protection of the built enviromn¢nt, the delivery of sustainable and appropriats development, a strengthened civic society, a Strengthened voIuntary and community sector, and a more engaged publi¢. These benefits are demonstrated through feedback from communities in which the Trust h&$ worked, in feedback from statutory agencies retsting to the work of th¢ TTh( in surveys of people who use the Tn'S seic¢S or buAEdings. It call be fiwther evidenced tbrough public support for the reuse of historic buildings, througb the clear support for buildings to provide a r¢g¢nerative purpose im areas of deprivation, and through illcre&sed lev¢ls of public engagement in issues relating to building a confident cAvic society in Nortbern Irelalld The trustees ronfjrni that they have complied with the r¢quirements of section 4 of the Charities Act 2008 to have due regard to the public benefit guidance published by The Charity CoEnmission for Northern Jrelan Page I
Belfast Buildings Trust Trustees, Report Achievements and performance Corporate: Project & Engagement Officer The Trust appointed a new member of staff to th¢ newly created post of Project & Engagement Officer. Cara Jones took up the role in November 2022 afteT a competitive recruilmellt process during autllmu 2022. The role is a significant development in BBT'S activity, provithng additÈonal capacity to develi)p and deliver engagement activity in Carlisle Memorial and coordinating the buAKding's commercial hire opportutiities. Trustees gratefjjlty acknowledg¢ the 3-year funding support for this rnle through the Departm¢nt for Communities, Covid Recovery Economic Skills Initiative, administered by the National Lottery Heritage Fun Strategy Development Recognising that the Trust will celebrate tts 30th anniversary in 2026, Trustees and staff begaffj in Jull¢ 2023, a process of reviewing recent actlvity, identifying future opportunities, and developing an outlille strategy fiztnework that the organisation can use to help guide tIVIty over the thre¢-to-fLve y¢ats. This work included scoping potential capital regeneration opportunities in support of tUre financial Susta)bilIty and scoping delivery themes in hous1] skills, health & well-bein& and culture, through which the Trust liJ its WO to broader policy. It also helped to identify a rdtionalisation of cxisling activity across th¢ Trust's four nmin areas as Buildings (Capital Reg¢neration), Creativ¢ B¢lfast (Outreach Engagement), Successfill Belfa>( (Policy & Stakeholder Engagement}, and Mentoring. Work remained ongoiDg at y&arend, due for completÉon in November.2023. The process was pported by the Trust preparing and submittiJ]g an application to the knchiteciurnl Heritage Fund's Heritage Development Progr&u)me ill Sept¢mber 2023, the outcome of which came after the year-end. Income Generation The Trust genera*a a sigllificant proportkon of its annual income via a wmmerciai bire of Carlisle Memorial. Trustees aGkllowledge the continued fimding support of the Department for Conllnuties (D) alld NationaI Lottery Heritage Fund (NLHF), the Esmé Mitchell Tn¢ and the Architectural Heritsge Fund (AHF). Page 2
Belfast Buildings Trnst Trustees, Report Buildiugs: Carlisle Memorial Church Carlisle Memorial C]Mwch is the Trust's primary focus for development &s a regeneration project and remains at the core of the Tn'S current tiVIty. The building was swcessfiffly let as a con)mercial hire for an immersive art experience for the whole FY (September 2021 until September 2022). This had a significant impact on bringtng the biylding to wider public awaren¢ss and helped bring a new audAence to the space. It also demonstrat¢d the building's potential as a long-t¢ venue and supported both tbe Trust's testing of potential us¢s and its fmancial sustainability. Dlwing this tiJn¢, while the building was not available for th¢ Trust to deliver activity Én it, efforts were continu¢d to maintain Eong-standing ¢ngagement and dev¢lopn]ent work. In particular, the Trust continued project planning and development work to refocus the fiiture use of CarlisI¢ Memorial on cultural and creativ¢ skills. Having previously identified vital pot¢niial partherships for this, including witb Northern Ireland Opera, BBT expanded these dIscu10S to involve other potent1 parthers. Building on work begun in September 2022, the Trust conv¢ned and launched a regular 'Creative Be]fast Advisory Group,, coordinated by the new Project & Engagement Officer. This group involves roughly 15 organisations across the local community, cultural, and skills 5e¢tors WAth whom BBT has a prior relationship to collaborate on potential uses of tlke buildi both in the short and long ternL The outdoor areas were again successfillly replanted and n]aintained during Sing and summer. Trustees thank Martina Bellew for her efforts and are gratefui that she renmins committed to the Trl'S worf( at Carlisle Memorial as a key-holder and maiut¢nall¢e supporL Scheduled maintenance clwks to the roof were compl¢tsd. Trustees thank David Hamilton and his colleagues at Martin & Hamilton for their continued and Tesponsive efforts. Gate Lodge The Trust noted the continuing use of the Good Shepherd Gate Lodge as the TnVS Headquarters. Towards the elld of 2022123, the Trust entered into a parinership agreement with the Turnarowid Project, arAother social enterISe that 8UPPOrts people in the justice system in building relevant skills, to undertakn r¢gular nintenanCe of the Gate Lodge grounds" the Tnistees thank the Turnaround team for their Tesponsiveness and positive paMDership. Page 3
Belfast Buildings Trllst Trustees, Report Su¢¢essful Belfast (Policy & Stakeholder Engagement): The Trust has continued tts active programme of strategic governm¢nt relations and advoca¢y worL especially in relation to built kltage, regeneration and plannin& as well &s individual projects. The Development Director and a TnJste¢ ar¢ both members of the Histoiic Environment stskeholder Group and are respectively involved in this group's Placeshaping and Advocacy & Commutiications Working Gmups. During 2022-23, BBT played a central role in drafting a Heritage Regeneration paper for inclusion in a forthcoming toolkit b¢ing developed by the Ministerial Advisory Group on Architecture & the Built Environment (launched in Febrnary 2024, after the end of the fll]ancial year). The Trust's D¢velopm¢nt Director was aIso asked by Dfc to participate as a member of the task force supporting th¢ development of a first Culture, Arts, & Heritage strategy in Northern Irelalld. Accordingly, the Trnst ¢ontributed to the reconmi¢ndations of the Task FoTce presented to the Department in July 2023. Regular and robust engag¢ment with 01cla1S in Belfast City Council (BCC). Dfc, and other relevant bodies regaTding city regeneration and culture and heritage issues continue( including on matters related to the Cathedral Quart¢r, Belfast Stories, and Belfast2024. New relationships wer¢ developed with the Stratsgi Investrnent Board (SIB), building on the Trust's prevkous contribution to the Inv¢stsnent Strategy for Nl (during FY2021-22). These ltical stakeholder relationships contributed to the Trt securkng fornial 6UPPOrt for kts application to the H¢ritage Developmellt TTUSt programme from BCC, Dfc, SIB, Choice Housing Asso¢iatio the Turnaround Pmject, Martin & Hamilto and Northern [reld Oper& BBT plays an active role in th¢ Heritage Trust Network (HTN); a Ine and the Development Director sit on tb¢ HTN Northern Ireland Conjmittee and played a central role in programniing and coordFnating the d¢livery of two Northern Ireland HTN events in Derry/LotLdondeny (community-led regenerntioffj May 2023) and Lurgan (investment in heritage regeneration, Septetllber 2023). Th¢ Tnt'S Development Dirertor continues to engage with nattonal heritage and pla¢emaking stakeholders through bis involvement with th¢ Academy of Urbanism (Aou) as a Board Director and Curator of the Aou coness. Creative Belf&4t (Outreach Engagement): BBT contlnued its Iollgstanding record of Commuuity engagement work in heritage and culture. Much of this involved research atld proj¢ct development to prepare for the 2023-24 FY, when the Trust can delÉv¢r activity in Carlisle Memorial once more, and exploiing d¢liv¢ry opporttmities for prospective city programmes, such as B¢lfast2024. A series of 'Creative Carlisle t&ster' events w¢re held in the Crnmlin Road GaoL in partllership with Northern TrelaDd Op¢r4 in November 2022. These focused on introducing to young people some of the skills identified in the ¢m¢rging 'Creative Belfast. framework and served to fiwther build engag¢ment with potential th)Jr¢ use8 of Carlisle Memorial. The Trust delivered a 'Love L¢tter to Belfast, Campai in Febrnary 2023, in parlnership with Tbrive and Belfast Chamber of Commerce, focused on building civic attaC1ent to Belfast's tUre regeneratioEL The Trust delivered a 'Bring Your Belfast, workshop in July 2023, in partnership wAth Natitl Museums NL working wÈth a group of oEder people in Dee Street Community Centre. This focus¢d on using artefacts to share stories of people and their connection to B¢lf&st. Mentoring Page 4
Belfast Buildings Trust Trustees, Report BBT spent COllsiderabl¢ tiine supporting other conllnunity and heritag¢ regeneration OTganisations at various stsges of project development. Some of those relationships during 2022-23 included Holywood CoDsen•tion Group, Forward Soutl An Droichea(L Aerobuild NI, and Belfast Civic TrusL Sehools Debating Competition At the end of 2022-23, the Trust relaunched the NI Schools Debating Competition after & four-year COVID-19 hiatijs, for delivery during 2023-24. Other Achievements Partnership work during 2022-23 wls developed wi, . Vault Ajtist Sd10s . Northem Ireland Opera . Northern Ireland Science Festival . Linen Hall LiTrTrrary . Architecutural Heritage Fund . Northern Ireland EnviroDrnent Link . Belfast City Council . Department for Communities . Academy of Urbanism . Strategic tnvestment Board . Belfast Chamber . Thrive ' Queen's University Belfast School of P]aDn7ng . Queen's University Belfast School of knhitecture . National Museutns Northern Ireland . Choice Housing . Turnaround Project . Eastside Parthership . Maritiine Belfast Tnist . Indian Community Centre . NI Screen . The Prince's Trust . Greater Shankill Parts)ersbip . Ann City, Banbridge, & Craigavon Council Flnancial review The nmin incoming resources of the Clwity remain the rental of various properti¢4 illcome from th¢s¢ sources totalled £139,524 (£49,866 - 2023} and other grallt funding. The Charity is extremely gratefill to all its wt fjjnders and sponsors, without whose support the Charity would not be able to a nuDth¢r of its activities. Policy on reserv The TTUStee5 has established a policy whereby the unresth¢ted fijnds not wmmitted or invegt¢d tangible fixed &ssets (Yhe free Teserves,) held by the charity should be between 2 and 6 months of the resour¢¢s expende(L which equates to between £18,692 alld £56,076 in general funds. At this level, the Trustees think the CIwty would be able to continue the Current activities of the charlty. In the event of a significant dtop in fiding. it would obviously be necessary to consider how th¢ fidIng would be ttpla¢ed or activities Ghanged. At present the free reserves atnount to £245.387 and are above the Trustee's target range. The Trn8t¢¢s will continue to monitor free reserv¢s. Page 5
Belfast BuildRngs Trust Trnstees, Report Plans for future periods From its benning$, Belfast Buildiw Trust has focus¢d tts deliv and allltiOnS on using Belfast's heritage to deliver clear regeneration b¢nefits for people: i.e., that the use and reuse of Belfast's authentic ass¢ts is at the forefront of the city's r¢g¢n¢ration, meeting economic, soclal, and comlnunity n¢¢ds. This focus will continue in 2023-24 and beyond, thaDks to the Tnst's values and the work undertaken to set out clear strat¢gi¢ direction up to and beyond its 30th Atmiv¢rsary in 2026. The Trust will balanre work across its four areas of activity, between capital regeneration development and continued scoping of relevant opportunities, its 'Cr¢ative Belfast, outreach worK its 'Su¢ce5sful Belfast, policy engag¢menL and its mentoring work. The Trusvs piitnary focus foi capital regenerdtion development in 2023124 will ¢ontinue to be Carlisle Memorial and it will continue to explore alld scope opportunities for otber Capital regeneration projects. Deltvering public engagement actÈvity and developing relevant partnerships through which the Trust can effectiv¢ly a¢tKvate Carlisle Memorial's use in the short ternj and explore opportunities for its long-terni use be irThportanL Continued development of the BBT-led programme of activity in Carlisle Memorial will onwlemellt external hires and ensure a strong comukunity input to its use. Enhancing and expanding th¢ 'CTeatAve Belfast, engagement work wi]1 guide this d¢livy and other public-facing activities. The Trust will build on its strong and efftctive stakeholder relationships to develop its public profile through effectkve Social media and other con)munications using its refocused con)munications approach. Using its existing engagement on strategie and place-based engagement policy, the Trust will seek to deliver publi¢-facing actÉvity in partnership with others. It will continue to actively participate in its core partherships with the Heritage Trust Netwo and Academy of Urbanism and support the delivery of Northern Ireland activity for both. The Trust renmins fidly comrnitted to the Northern Ir¢land Schools D¢bating Competitio]4 which will continue in 2023-24. Finally, the Trust will continue to work with partner organisations, both old and new, in its advice and mentoring role. It will continue its strong govenllnent relations and advocacy work and the broad benefits of people and heritag¢-led regenerdtion. Page 6
Belfast Buildmngs Trust Trustees, Report Trus*ees and otTieers The trustees and officers serving durlng the year and since the year end were as follows: Trnst¢¢s: Mrs F Jay-O'Boyle, Patron Mrs J Corr B ODoTrnelk, Director & Tnee Mr M Patton (Resigned 22 October 2022) Mr P Miltsr R Harkin Mrs K Collie (appointed 8 June 2023) Senior Management / Leadership Mr S Quinn, Company Secretary structur governance and management Nature ofgoverning docupAenl The Belfast BuildÉngs TTUSÉ is a company limited by guaranttt and as such the liabllity of each of the members is limitrd Under Section 62 of the Companies Act 2006, the Society is ¢xempt from using the word Limit¢d. The Society's governing document is the M¢mordndum and Articles of Association. In the event of the Company being wound up Enetnbers are required to contribute £1.00 Recruitinent ondappolnlmenl oflrnstees New trnstees are identified by the board fronl leading members of the Community who hav¢ the requisite skills and experience for the position along with a desire to serve the ¢onJmunity Page 7
Belfast Buildings Trust Trustees, Report Major risks ap pnanagement oflhosÉ risks Personnel th¢ risk of losing key stsff or volunteers, with the associated loss of expertise and experience Reputatio the risk that the charity migbt be suff¢r reputational damage a5 the r¢suIt of unauthorised public statements Financial the risk that charity could run illto fllwicial difficulties. Reference 2nd Administrative Details Charity Registration Number: Company Regtslration NuLllber". 100818 N1031327 The ¢barAty is incorpordt¢d in Northern Irelan The Gate Lodge 51 IA Ormeau Road Belfast Antrim BT7 3GS Registered Office: Independent Examiner.. Hopper & Co Chartered Accountants & R¢gist¢red Auditors 6 Doagh Road Ballyclare Co Antritn BT39 9BG Solicitors: Cleaver, Fulton and RaDkin 50 Bedford Street Belfast Financial finstruments Objectives andpolicies The Charity's activities expose it to a numbet of financial risks including credit risk, cash flow risk and liquidity risk. The use of fllLincial derivatives is governed by the charity's policies approved by the board of ttwtees, which provide written prin¢ipl¢s on the use of fmancial derivatives to manage th¢se risks. The charity does not Use derivative finallcial instnllnents for spe¢uiatAve pwposes, Cashflow rlsk The charity's activities expose it lmarIlY to the financial risks of changes in forei CUTrency exchange rates and interest rates. The charity uses foreign exclwige forward contracts and interest rate swap contracts to hedge these exposures, Interest beIng &ssets and Ikabilities are h¢ld at fixed rats to ensure certainty of Cash flows. Page 8
Belfast Buildings Trust Trllstees, Report Credlt rLfk The charity's prill¢ipal fllwicial ass¢ts are balances and trade and other receivables, and investments. The charity's credit risk is primarily attributable to its trade receivables. The amounts pr¢sent¢d in the balance sheet are net of allowau¢es for doubt1 rec¢ivabl¢s. An lOwanCe for irnpainn¢nt is made where there is an identified loss event whic14 based on previous ¢xperience, is evidence of a reduction in the recoverdbility of the cash flows. The credit risk on liquid knds and derivative fllwicial instnunents 18 lirnited because the count¢rparties are baDks with higkn credlt-ratings asskgned by knternatAonal credit-rating agellcies. The charity has no SilfiCallt collrentration of credit risk, wtth exposure spread over a large number of couut¢Tparties and custom¢rs. Liquidty risk In order to maintaill liquidity to ensure that sufficient fidS are available for ongoing opetations and fiffte developments, the charity uses a mixture of long-terni and short-tem) debt f1¢e. Fwlh¢r details regarding liquidity risk can be found in the Statement of accounting policies in the fanCIal stat¢ments. Creditor payment policy The clwAty SUPPOrts prompt payment and targets payment for goods and services to be nwle within agreed payment ternis or within 10 days of receipt of invoices not in dispute. Goiug concern The truste¢s assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make tbis assessment in r¢spect of a p10d of one year frotn the date of approval of the financial statements, The nature of fimding is such that TnteeS cannot be certain that proje¢ted future funding will materialise. At the time of approvillg the accounts, despite financial Challenges and following assessm¢nt the Trustees have a reasonabl¢ expectation that the charity has adequate resources to ¢ontinue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going con¢¢m basis of accounting in prepating th¢se finallcial statements. Page 9
Btlfast BDildings Trust Trustees, Repfjrt. Statement of trustees. ttsponslbllities The trtJ%t¢es (itho are &so the dir¢¢iors of Belfast BuildAngs TnL%I for the purposes of company law,) are responsible for pr¢parintr lh¢ trU%tees' r¢port and the fsnan¢ial statements in aecordanc¢ with applicable law and United Kirydom Accounting Standards {Vnitcd Kingdofft Gtncrally Accepted Accounting Practice). Fncluthr,g FRS 102 'The FiDaBcial Reporting Slan£lard applicabl¢ in the UK and Rcpublic of IFeland" The report and accounts have been prepared in accordance the pro¥isions in the Companies .4ct 2006 relattng £0 small companies. Compan!. law Tequires the trustees to prepe financial slatema)ts foi fmancial }ear. l3ndu Company law the tn3Stees mLT not approve the fillala1 stalements ufjless th¢y are satisfied ily, a true and fair vieNv of the state of affairs ot the clwitable companv 2nd of the incomtng resour¢es &4d appli£ation of resources. including its income and e%di14 of Ilk charilable company for that perio& In preparing these fJDancial statementy the trLSttts are r¢quire¢l to: select witabl¢ accounting polieÈes and applv them conbisttntty" observe the thodS and principles in the Clw?"ies SORP" make judgemerjls and eslimates ate reasouable and P¢1]t. state whether applicable accounting standards, comprists FRS 102 love b¢¢n followr(I subject to any materiaI departure$ disclosed and TrIa[n¢d in the fin&n¢iaI stakmeTJts; and piepate the tInaCIal statements on the voing concein basis uDless it Is InapDropriate to presume that the chatitable company will conlitwe in bSineSS. The InJstee$ are r¢spons%bk for keep%rJ" - proper a¢coiFttting re¢ords that ¢an disclose ¥¢asonabie accuracy at any tsme Ihe tllwicial position of the charirable conwauv and enable them to ensure the financial ststements compIy with the Companies ACÉ ?006. They are also responsible for safetsuaTding the assets of the charitable Company and herjte for tr4k1tr reasonabl¢ steps for the pievention and detectson of fraua and otheT ifTegularities. The t¥ustee% ale iespotk8ibl¢ .foi the ainte.Ce mtegnty of the CQTtK)Tate and financial inforniatiQD included on the chaiitable conwaKW'S %¥ebsite. Legisl&tion verning Ihe PT¢paTatioD and dissemination of ftnancial statements %nay d&ffer fiofft legislation in otsknr jarisdictions. 5Th11 companies provisioEÈ ststemtnt T,lis-epoE£ bS b2en prepat¢d in accordallee the su1.1 companies regime under the Coillpanies .4ct 2006. The ar]nU report W7s approved by the ITtee$ of the Charl on 13 June 2024 and signed on its behalf by.. Mr B O'Donnell irwtor Y]d Trifstee Parye 10
Belfast Buildings Trust Independent Examiner's Report to the trustees of Belfast Buildings Trust ('the Company,) I report to the charity trustees on my exainination of the accounts of the Company for the year ended 30 S¢ptember 2CJ23. Responsibilities and basis of report As the charity's trustees of Belfast Buildings Trnst (and also its directors for the purposes of company law) you are respollsible for the preparation of the accounts in accordanc¢ with the r¢quir¢ments of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of Belfast Buildings Triist ar¢ not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, K report in Tespect of my examination of yoiir 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 Dirertions given by the Charity Cottllnission under section 65(9)(b) of the 2008 Act. Independent examiner's statement accounting re¢ords were not kept in Tespect of Belfast Buildings Trust as required by section 282 of the 2014 Act; or. 2. the accounts do not accord with those records. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requireinent that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination- or 4. the accourLts have not b¢¢n prepared in accordance with the methods and principles of the Statement of Recoinmended Practi¢e for ac¢oLintiJ)g and reportill¢v by ¢harities [applicable to chai-ities preparing their accounts in accordance with th¢ Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland (FRS 102)]. I hav¢ no concerns and have come across no othei- matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of tli¢ accounts to be reached. Sirnon Hopper FCA Hopper & Co Chartered Accountants & Registered ALLditors KE Body .'Charlered Accouiitants Ireland 6 Doagh Road Ballyclare Co AntriLn BT39 9BG 13 June 2024 Pag¢ll
Belfast Buildings Trust Statement of Financial Activities for the Year Ended 30 September 2023 Uncluding Ineome and Kxpenditure Account and Statement of Total Recognised Gains and Losses) Unrestrfieted funds Restricted funds Total 2023 Note Incowe and Endowments from: Donations and legacics Charitable activities Tnveslment income 1,500 139,524 7,056 2,500 20,QtX) 4,000 159,524 7,056 Totsl income 148,080 22,500 170,580 Exp¢ndAture on: Charitable activities Other expenditure (112,153) (41,754) (34,319) (153,907) (34,319) Total expenditure (112.153) 76,073) (188226) Net income/(expendittwe) 35,927 (53,573) (17,646 Net movement in funds 35,927 (53.573) (17,646) Reeonciliation of funds Total fimds brougbt forw Total fjjnds Carried forward 209,460 2,917,400 3,126,860 17 245J87 Ullrestrieted funds 2,863,827 RtrIcted funds 3,109214 Total 2022 Note Income and Endowments from: Donations and legacies Charitable adivities Investment in¢om¢ loo 49,866 882 48,488 28,500 48,588 78,366 882 Total income 50,848 76,988 127,836 Expenditure on: Charitrdble activities Other expenditure Total expenditure (80,529} (20,093) (34,319) (100,622) (34,319) (80.529 (54.412 134,941) Net (expenditure)lincome {29,681) 22,576 7,105) Net movement in funds (29,681) 22,576 (7,105) Reconciliatlon of funds Total fiulds brought forward 239,141 2,894,824 3,133,965 Total fimds carried fonvard 17 209,460 2,917,400 3,126,860 All of the ¢lwAty's activities derive from continuing operations during the above two periods. The notes on pag¢s 16 to 31 forn) an illtegral part of th¢s¢ fjllan¢ÉaE statements. Page 12
Belfast Buildings Trust Statejllent of Financial Activities for tbe Year Ended 30 September 2023 (Including Income and Expenditure Account and Statement of Total Recogllised Gains and Losses) The fjjnds br¢akdown for 2022 is shown in note 17. The notes on pages 16 to 31 forni an integral part of thes¢ fjnaucial statements. Page 13
Belfast Buildings Trnst (Registration number: N1031327) Balance Sheet as at 30 September 2023 2023 2022 Note Fixed assets Tangible assets 12 2.813,040 2,846,860 Current assets Debtors Cash at bank and in hand 13 14 5,695 309,590 1900 328,092 315,285 330,992 Creditors: Amounts falling due within olle year Net current assets 15 (1.861) (32,742 313,424 298,250 Total assets less current liabilities 3,126.464 3,145,110 Creditors: Amounts falling due after more than ODC year Net assets 16 (17250 (18,250 3.109214 3,126,860 Funds of the charity: Restricted income funds Restricted fidS 17 2,863,827 2,917,400 Unrestricted Income funds Unrestricted funds 245,387 209,460 Total funds 17 3,109,214 3,126,860 For the fmancial year ending 30 September 2023 the Charity was entitled to exemption from audit ullder gertton 477 of the Conipanies Act 2006 r¢knting to snMII companie5. Directors, responsibilities. The memb¢rs have not Tequired the cl]arity to obtain an audit of its accou for the year kn question in accordan¢¢ with section 476" and The directors acknowledge their responsibilities for compl>ing WAth the requirements of the Act with respect to a¢¢ounting records and the preparation of accoutts. These fillancial statements have been prepared in accordance with the special provisions relating to conwies subject to the snmlk companies regime within Part 15 of the Companies Act 2006. The notes oll pages 16 to 31 form an integral part of these financial statements. Page 14
BelfASt Bulldings Trnst (RegRstrntioR number. N1031327) Balance Sheet as a£ 30 September 2023 The financial statements on p0e$ 12 to 31 Thtre approved by the trustees. and for issue on li June 2024 and signeé on their behalf bv: Mr B O'Donnell Director and Trust£ The notes ¢)n Wdges 16 to 31 fonn an lljtegr part of these fll*ncial statements. Paueli
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2023 I Charity status The charity is limited by guarantee, incorporated in Northern Ireland, and con8equently does not have she capital. Each of the tSte¢S is liabEe to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its T¢gistered offic¢ is: The Gate Lodge 51 IA Ornieau Road Belfast Antrim BT7 3GS These financial statements were authorRsed for issue by the trustees on 13 June 2024. 2 Accounting policies Summary of slgnifi¢ant accounting pollcfies and key accounting ¢stimat& The principal accounting policies applled in the preparation of th¢s¢ fjnancial stat¢m¢nts are set out below. These policies have beell consistentty applied to all the year3 pres¢nts(I ¢s$ othen¥ise state(L Statement of compliance Th¢ financial statements bave been prepared in accordance Accounting and Reporting by Charities: Statsment of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financid Reporti Standard applicable in the UK and Republic of Irelattd (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicabl¢ in the UK and R¢public of Treland (FRS 102) and the Compankes Act 2006. Basis of preparation Belfast Buildings Trust meets the definition of a public benefft entity under FRS 102. Assets and Iiabilities are initially recogoised at historicaE c(Yst or transaction value unless othen¥ise stat¢d ia the relewdnt accounting policy notes. Going concern The trnstees consider that there are no material uncertainties 81)out the ch3yity's ability to continue as a going concern nor any significant areas of uncertainty that aff¢ct the cturying Trnlue of assets held by the clwity. Exemption from preparing a cash Ilow ststement The charty opted to early adopt Bulletin I published on 2 Febru 2016 al hav¢ therefore not included a cash flow statement in these financial statements. Ineome and endoivments All income is recols¢d once the c]wity has entitlement to the inC0c, it is probable that the inwme will be recekved and the amount of the income receivable can be measured reliably. Page 16
Belfast Buildxngs Trust Notes to the Financial Statements for the Year Ended 30 September 2023 Donaliopu 17nd legacies Donations &r¢ recognis¢d when th¢ charty has been notified in writFng of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of perfonnanc¢ by th¢ charity before the charity is entitled to the tbe in¢ome is deferred alld not recognised until either those conditions are llY met, or the fidfiLm¢nt of those conditions is wholly within the control of the ¢blty and Kt is probable that these conditions will be fulfilled in th¢ r¢porting period. Grap receivable Grants are reCOlsed when the charity has an eThtitl¢D)¢nt to the funds and any conditions linked to the tss have been meL Where perforn)ance conditions are attached to the grant and are yet to be met, the income Is recognised as a liability and included on the balance sheet as deferred income to be Teleased. Investmenl Income Dividends are recogllised on¢¢ the dividend h&8 been declared ond notificatAon been received of the dividend Expenditure All expenditLwe is recognised once there is a legal or consthictive obligation to that expenditure, it is probable s¢ttl¢ment ts r¢quir¢d and the amount can be measured retiably. All costs are allocated to the applicable ¢xpellditur¢ heading that aggregate similar costs to that category. Where costs C&Dnot be dir¢¢tly attiibuted to particular beadings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spenL and depre¢iatÉon charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff Costs. Charitable I11vIlle5 Clwitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs include central fiCtIOnS and have been allooated to activity cost categories on a basis consistent with the use of resource4 for example, allocating prop¢rty costs by floor ar¢&g, or p¢r wjita, staff oosts by the tijne spent and other costs by their usage. Governanee Costs These include the costs attributable to the cl]arity's complianc¢ with constitutional and statutory requirements, including audiL strategic management and trist¢es nie¢tings and reimbursed expenses. Taxation The charity is considered to pas3 the tests set out in Paragraph I Schedule 6 of the Flnance Act 2010 and therefore it meets the defltiOn of a Charitable company for UK Corporation tax purposes. Accordiogty, the harity is potentially exempt from taxation in respect of ilicome or capital gain5 received within ¢ategories v¢red by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tanglble fixed assets Individual fixed assets costing £0.00 or more are irritialty recorded at cost, less any subsequent actumulated depreciation and subsequent accumulated impainnent losses. Page 17
Belfast Buildings Trust Notes to the Finaneial Statements for the Year Ended 30 September 2023 Depreeiation and amortisation Depreciation is provided on tangible fed assets so as to write off th¢ ¢ost or Valuatio less any estitnated r¢sidual value, over their ¢xpect¢d usefal ¢¢onomi¢ Iif¢ as follows: Trade debtors Trdde debtors are amounts due from ¢u5tomers for merchalldise sold or services perfonned in the 4)rdinary course of business. Trade debtors are reco initsdty at the tran$tion price. They are subsequently measured at amortised cost using th¢ effective interest method, less provision for impairnient. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original ternis of the receivables. Cash and cash equivalents C&sb and ch equivalents comprise c&sh on haud and call deposits, and other short-t¢rm highly ]i<tuid investments that are readily convertible to a knovm amount of cash and are subject to an insignificallt risk of change in value. Trade creditors Trade creditors are obligations to pay for goods or services that have be¢n acquiTed ill the ordsnary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of tbe credAtor for at least twelve months after the reporting date. If there is an unconditÉon81 right to defer Settlement for at I$t twelve months after the reporting date, they are presented as non-cuellt liabiIities. Trade creditors are recognised initially at d]e trallsaction price and subsequently measured at amortised cost using the ¢ffective interest n)¢thod. Borrowings Interest-bearing bottowings are initially recorded at fair value, net of transaction costs. Interest-bearing bottowitigs are subsequently ca1¢& at amortised cost, with the difference betweell the proceeds, net of transactlon cost8, and the amount due on redemption being recognised as a charge to th¢ Statement of Financial Activities over the period of the relevant borrowing. Int¢r¢st expense is recognis¢d on the basis of the effective itrterest method and is included in intsrest payable and similar charges. Borrowings are classified as current liabilities unless th¢ charity has an Ull¢sMditiollal rigbt to defer settlement of the liabijity for at least twelve months after the reporting ddte. Page 18
Belfast Buildings Trust Notes to the Finaneial Statemellts for the Year Ended 30 September 2023 Foreign exchange Transa¢tions in foreign currencies are recorded at th¢ rats of ¢xchange at the date of the transaction. Monetary assets and liabilities d¢nominatsd in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. The results of overse&s operations are translated at the av¢rag¢ rates of exchange durll the period and their balance sheets at the rates ru]ing at the balance sheet dats. Exchang¢ differences arising on translation of the opening net assets and results of overs¢as operations are r¢ported in other comprehensive income and a¢cumulated in equity (attributed to non-controlling int¢r¢sts as approlate). Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for. l) exchange differences on transactions entered into to hedge certain foreign currency risks (see above)" 2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income. and 3) in the c&se of the consolidated financial statements, exchallge differences on monetary items receivable from or payable to a foreign operation for which settlement is neither platmed nor lll(ely to occur (therefore forn]ing part of the net inVes1nnt Ill the forei operatÉon). which are recognised in other COmPTehensive income and reported Under equity. Fund strueture Unrestricted income funds are general funds that ate available for use at the trustees discretion in fithernnce of the objectives of the charity. R¢strirt¢d income fimds are those donated for use in a paMi¢ular ar¢a or for specifi¢ pwposes, th¢ use of which is restricted to that area or purpose. Financial instruments Classificallon Financial &ssets and fllmncial liabilities arc recognised when the clty becomes a paty to the cOntracttl provisions of the instnllnent. Financial liabilities and equity instruments are cl&ssified according to the substance of the cOntraCttl 8llangements entered into. An equity inslnllnent is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabiliti¢s. Pag¢ 19
Belfast Buildings Trust Noteg to the Financial Statements for the Year Ended 30 September 2023 Recognition andmeasuremenl All fmancial assets and liabilities are initially measured at transa¢tii)n price (inch]ng transaction costs), except for those fmancial assets classified as at fair value througb profit or loss, which are initially measured at fair value (which is normally th¢ transaction price excluding transaction costs), unless tbe aTrang¢ment ronstitutes a fmancing transaction. If an aThng¢ment ¢onstitutes a financing tran$tion, th¢ financial asset or financial liability is measured at the pr¢s¢nt valu¢ of the future pa>rynents discounted at a Maet rate of interest for a similar debt inslnunent. Financial assets and liabilities are only offset in tbe stafrment of financial position when, attd onty when there exists a Iegally enforceable right to set off the recOlsed amounts and the charity inte]S either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecolsed when and only when a) th¢ Contracts rights to the cash flows from the financial asset e4)ire or are settle(L b) th¢ charity transfers to another party substantially all of the risks and rewards of omnership of the financial asse¢ or ¢) the Charity, despite having retained some. but not alL significant risks and rewards of ownership, has transferred control of the asset to allother party. Financial ]iabiKities are derecognised only when the obligation specified in the contract is dis¢harg¢<L ¢anc¢lked or expires. Pag¢ 20
Belfast Buildings Trust Notes to the Fillancial Statements for the Year Ended 30 September 2023 Debl $IrnMENts D¢bt Instsients which meet the following conditions are subsequently measured at athortised cost using the ¢ff¢ctive interest method: (a) The cOntracttl return to the holder is (i} a fixed amount" (ll) a positive fjxed rate or a positive vartable rate. or (iii) a combination of a positive or a negative fed rate alld a POSAtiv¢ ylab]e rate. (b) The contract may provide for repayments of the principal or the reftrn to the holder (but llot both) to be linked to a single relevallt observable index of general ]ce infiatRon of th¢ ¢urr¢ncy in Tr1¢ the debt instnunent is denominated, provided such IiDks are not leveraged. (c) The contract may Provide for a deterniiMbl¢ variation of the r¢turn to the holder during the life of the inStrum¢nt, provided that (i) the new Tate satisfies condition (a) and the variation is not contingent on future events other than (l) a change of a contrnctual varAable rate. (2) to protsrt the holder against credit deterioration of the issuer. (3) C1]geS in levi¢s app]ied by a central bank or arising frojn ¢hang¢s ill relevant taxation or law. or (li) the new rate is a nkarket rate of interest and satisfies condition (a}. (d) There is no contractt]al provision that could, by Ats tsrn, result in the holder losing the principal amount or any interest attributable to the cuff¢nt period or prior perxods. (¢) Contractual provisions that pern]it the issuer to prepay a debt iDslnllnent or pernlit the holder to it back to the issuer before nttlty are not contingent on fiJture events other than to PTOt¢ct the holder agaÉnst the credit det¢rioration of the issuer or a ¢hange in control of the issuer, or to prntect the holder or issuer against changes in levies applied by a central bank or arising from Changes in relevant taxation or law. (fj Contractllal provisions may p¢rn]it th¢ extension of the term of the Ikbt insiavmenL provided that the return to the holder and any other Contractual provisions applicabl¢ dwing the &xtended term satisfy the conditions of paragraphs (a) to (c). Debt instruments that are classified &8 payable or r¢c¢ivable within one y&ir on initial recognition and which meet the above c4)nditions are tneasur¢d at th¢ undiscounted amount of the ¢ash or other consideration expected to b¢ paid or r¢c¢ived. net of ipaIrtAL With the exception of sonle hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss. Con3mitments to ne and receive loans which meet the conditions Jn¢ntioned above are rne&SUTed at cost (which may be nil) less impainnent. Invthents Invesiments in nonwconvertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably m¢asurabl¢) are measured at fair value through profit or loss. Where fair value ¢anllOt be measured reliably. invesLments are measured at wst les5 impairnient. Investments in subsidiaries and associates are tneasured at cost less impairnient. For investnwits in subsidiaries acquired for consideration including the issue of shares qualifying for meTger }1< cost is measured by reference to th¢ norniDal value of the shares issued plus fair value of other consideration. Any premium is gnored. Page 21
Belfast Buildings Trnst Notes to the Financial Statements for the Year Ended 30 September 2023 Derivalivefumncial iputruments The charity uses derivative fmancial instrum¢nts to r¢duc¢ ¢xposure to foreigu exchang¢ risk and int¢T¢St rato movements. The charity does not hold or issue derivatAve financial instruments for speculative purposes. Derivativcs are initially recognised at fair value at the date a derivative contract is enter¢d inu) and are subsequently rem¢a5ured to their fair value at ¢arh reporting date. The resulting gain or loss is recog)ised irA statement of financial activities in]raediately unless the derivative is designated and eff¢ctive as a hedging instrumenL in which event the tirlling of the recoguition in Statellllt of fillancial activities depends on the nature of the hedge relationship. Fair value measuremenl The best evidence of fair value is a quoted price for an identical asset in all active nlarket. When quoted pices are unavailable, the price of a recent transaction for an kdentical asset provides ¢vidence of fair value as long as there has not been a SIlficant chang¢ in economic ¢ircumstan¢¢s or a significant lapse of time since the trnnsaction took place. t£ the market is not active alld recent iransactions of an identical asset on their own are not a good estimate of fair value, the fair value Is ¢stitnated by using a valuation t¢cbnique. 3 Jncome from donatlons and legacles Unrestrycted funds General Total unds funds Donations and legacies. Donations from community groups Grants, including capitsl wts" Grants from other charities 1,500 1,500 2,500 2,500 Total for 2023 1,500 2,500 4,1)00 Total for 2022 100 48,488 48,588 4 Ineome from charitable activities UnrestrACted funds General Restrict¢d fpnds Total funds Letting of Property for charitable pury)oses Total for 2023 139,524 20,000 159,524 139,524 20,000 159,524 Total lor 2022 49,866 28,500 78,366 Page 22
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2023 S Investment ineome Unrestricted funds G¢neral Total nds Interest receivable and similar income. Interest receivable on bank deposits Total for 2023 7,056 7,056 7,056 7,056 Total for 2022 882 882 6 Expenditure on eharitable activitie5 Unrestricted funds Gelleral Restricted lunds Total lunds Lettittg of Propety for ¢harÈtable purposes 112,153 41,754 153,907 Total for 2022 80,529 20,093 100,622 Total expenditure In addition to the expenditure anYSed above, there are also governance costs of £1,823 (2022 - £1,300) which r¢lat¢ dir¢rtly to charitable activities. See nofr 8 for fiwth¢r details. 7 Other expenditure Restricted funds Total funds Note Depreciation, amortisation and other similar costs 34,319 34,319 Total for 2023 34,319 34,319 Total for 2022 34,319 34,319 Page 23
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2023 8 Analysis of governance and support costs Governanee eosts Unrestricted funds GeneraE Total funds Independent dyaminer fees Examination of th¢ financial statements Other governance costs 1,450 373 1,450 373 Total for 2023 1.823 1,823 Total for 2022 1,300 1,300 Page 24
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2023 9 Trustees remuneration and expenses No trustees have received any reimbursed expenses from the charity during tbe year. 10 Independent examiner's remuneration 2023 2022 Examination of the fllwicial statements 1,450 1,300 11 Taxation The cIwity is a registered charity and is therefor¢ ex¢mpt from taxatio 12 Tangible fixed assets Land and bllildlngs Fllrniture and equipment Total Cost At l October 2022 Additions 3,400,532 23,641 1,234 3,424,173 1234 At 30 Septenther 2023 3,400,532 24,875 3,425,407 Depreciation At l October 2022 Charge for the year 554,259 34,319 23.054 735 577,313 35,054 At 30 September 2023 588,578 23,789 612,367 Net book value At 30 September 2023 2,811,954 1,086 2,813,040 At 30 September 2022 2,846,273 587 2,846,860 13 Debtors 2023 2022 Trad¢ debtors Other debtors 2,900 2,795 5,695 2,900 2,900 Page 25
Belfast Buildings Trnst Notes to the Financial Statements for the Year Ellded 30 September 2023 14 Cash and cash equivalents 2023 2022 Cash at bank 309,590 328,092 IS Creditors: amoullts falllng due within one year 2023 2022 Trade creditors Other taxation and social security VAT grant repayable Other creditors Accruals 1,200 635 (1,424) 4,999 3,606 1,450 24.136 1,861 32,742 16 Creditors: amounts faljlng dlle alter one year 2023 2022 Bank loalls 17,250 18,250 17 Fuads Balance at 30 September 2023 Balance at I October 2022 IneomiAAg resources Resources exp¢nd¢d Uurc5tricted funds Genernl Unr¢strÉcted Funds 209,460 L48,080 (112,153) 245,387 Restricted Buildings Fund Esrn¢ Mitchell Developtnent Fund Schools Debating Competttion The streets where they lived project Successfijl Belfast Heritage Recovery Fund Covid Recovery Employment & Skills InÈtiative PRS Fund 2,846273 (34,319) 2,811,954 8,494 5,852 20,000 (9,965) 18,529 5.852 221 1,823 5,670 (185) (1,823) (5,511) 36 159 49,067 (24,270) 24,797 2,500 2,51)0 Total wtrficted funds 2,917,400 22,500 (76,073 2,863,827 Page 26
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2023 Balance at 30 September 2023 Balance at I Oetober 2022 Incoming resources Resources expended Total funds 3,126,860 170,580 (188.226} 3,109,214 Page 27
Belfast Buildings Trnst Notes to the Financial Statements for the Year Ended 30 September 2023 Balance at 30 September 2022 Balance at I October 2021 Incoming r¢sourees Resources expended Unrestrieted funds General UnrestrACted Funds 239,141 50,848 (80,529) 209,460 Restricted Buildings Fund Esme Mitchell Development Fund Schools Debating Competition The streets where they jived project Successful Belfast Heritage Recovery Fund Covid Recovery Employment & Skills Initiative 2,880,592 (34J19) 2,846,273 28,500 (20,006) 8,494 5,852 5,852 800 1,910 5,670 (579) 221 1,823 5,670 {87) 49,067 Total restricted funds 2,894,824 76,988 (54,412) 2,917,400 Tot funds 3,133,965 127,836 (134,941} 3,126,860 Page 28
Belfast Buildings Trust Notes to the Finaneial Statements for the Year Ended 30 September 2023 The specifie Purposes for which the funds are to be applied are as follows.. Buildings FuniL Bejfast Buildings Trust (BBD delivers physical, sociaL and economic regen¢ration through the reuse of Belf&%t's landmark buddings. It works with Ioeal people to s¢¢ur¢ sustainable futures for buildings that are meaningful tr) them," the Trust's heritsge-led Tegeneration foc means that its focus is on people, with the city's buijdings serving as the vehicle for civic regeneration. The buÉldings secure by the trust are restricted for this purpose. Esm¢ MÉtchel Development Fund An initial 3 year project started in th¢ Sunjmer of 2018, which w&% extended by an additional 2 years in 2020, to progress ttLe proposed scheme at Carlisle Memorial Church alld the cr¢ation of th¢ North Belfast Heritage Cluster The fidIllg is used to part-fmanc¢ the Development Manager's tin]e and to provide some part-time administratioll suppo¢ fiuther enabling the Developm¢nt Manager to focus on project delivery The Covid Recovery Economic Skilts Illitiative (CRESD CRESI was established by the Departtnent for Conjmvnities in 2022 and administered by the National Lottery Heritage Fund. It is a one-off ftwding programme to support organisations in the h¢ritage sector, and the sector more widely, to attract and retain people with skills necessary for sectofs future sustainability. The fimding secured by the TnL¥t is used directty to fid the Project & Engagement Officegs role alld relevant associated training for 3-ye&rs. 18 Analysis of net assets between funds Unrestricted funds General Total funds at 30 September 2023 Restricted thnds Tangible fixed assets Cuent assets Current liabllities Creditors over l year Total net assets 2,813,040 50,787 2,813,040 315285 (1,861) 17250 264,498 (1,861) 17250) 245,387 2,863,827 3.109214 Page 29
Belfast Buildings. Trust Notes to the Finallelal Statements for the Year Ended 30 September 2023 Unrestrieted unds General Total funds at 30 September 2022 Restrieted funds Tangible fix¢d assets Cullent assets Curtent liabilities Creditors over l year Total net assets 2,846,860 70,540 2,846,860 330,992 (32,742) (18,250) 3,126,860 260,452 (32,742) (18,250) 209,460 2,917,400 19 Analysis of net funds At30 September 2023 At l October 2022 Fiuancillg Cash flows C&8h at baDk and ill hand 328,092 18,502) (18,502) 309,590 N¢t debt 328,092 309,590 At30 September 2022 At l October 2021 Flnaneing easb flows C&h at bank aud in hond 270,722 57,370 328,092 Net debt 270,722 57,370 328 092 Page 30
Belfast Buildillgs Trust Notes to the Financial Statements for the Year Ended 30 September 2023 20 Related party transaetions During the year the ¢harity made the following related paty transactions.. Jay Associates (Jay Associates is deemed to be a related paty due to it associatxon with Fionnula Jay-OBoyle a trustee of the Belfast Buildings TrnsL) During the year the charity paid Jay Associates £25,990 iu nwiagement fees.. At the balance sheet date the amount due to/from Jay Associates was £Nil (2022- £Ntl). Sbane Quinn (Shane is deemed to be a related paty due as he is company secr¢tary of the Belfast Buildings TrusL) During the y¢ar the charity paid S Quinn £33,775 in management f¢es.. At the balance sheet date the amount due to/from Shane Quinn was £Nil {2022- £Nil). The trustees have reviewed the above arrdngernents and are content the necessary ]ntsnl governance and ontrol procedures exist to ensure value for money is achieved by the trust. Page31