Belfast Bui]dings Trust Trnstees, Report Th¢ tllLStees, who are directors for th¢ purposes of company law, present the aunual report together with the fmancial statements of th¢ charitable company for the year ended 30 September 2023. Objectives and a¢tivities Objects andalms Belfast BuildTrngs Trust delivers physicaL social, and economic regeneration thmugh the reusc of historic and landmark buildillgs in Belfast. It works with local peopl¢ to develop sustainable uses for buildings which are perceived as having no viable econotnic use and to champion relevan( authentic, and impactfill regeneration. Objectives, strategles and acllvl The Trust supports and advan¢¢s the devclopment of a ¢onfident and mature ¢ivic society in Northcrn Ireland through the delivery of engagement activities relating to heritage, regeneratioll, urban d¢v¢lopmenL and civi society issues. It hosts lectures, conducts researcls provides information, and engages with the public on a range of issues relating to th¢ development of Belfast and wider regeneration &nd heritsge issue5 in North¢rn Irelaud. The Trust also provides mentoring and advice to a range of Community organisations relating to heritage, regeneration, urban developmenL and civic society issues. This can snclude the establishmcnt of other GJ]aritable organisations or advice on handling a specific regeneration or Capital works issue. Publlc beneJ7t Belfast Buildings Tnt meets the public benefit requirement by providing bcn¢fit to the general publi¢ in Belfast and in Northern Irel¥U]d as a whole. Through the nature of specific capital r¢generation work, some benefits ar¢ focused on a particular geographic arei but these are in such a way as to maxin]ise the broadest public benefit as possible. Some private benefit is generated through employing individual contractors on specific capitsl works, but this private benefit is incidental and is significantly outweighed by the work of the Trust in achi¢ving its purposes. Benefits arising from the Trnst's Putposes and activities include economi¢ developmen( the improvement of the physical and built environineni increased COTt)munity cohesioffj job creatkon, an improved sense of place, the prot¢ction of the clthracter and fabric of places in Northern Ireland, protection of the built enviroment, the delivery of sustainabl¢ and appropriate development, a strengthened civic society, a strcngthened voluntary and community sector, and a inore cngaged publi¢. These benefits are demonstrated through feedback from communities in which the Trust h&8 worked, in feedback from statutory agencies relating to the work of the Trus( in swveys of people who llse the Tn'S services or bulldings. It can be fLWtlier evid¢nced tbrougb public support for the re¢ of historic buildings, througb the clear support for buildings to provide a regleratIve purpose im areas of deprivation, and through increased levels of public engagement in issues relating to building a confident civic society in Northern Irelattd The truste¢s ronfirni that they have complied with the rwirements of section 4 of the Charities Act 2008 to have due regard to the public benefit guAdan¢e published by The Charity CoEnmission for Northern JrelanLt Page I
Belfast Buildings Trust Trustees, Report Achievem¢nts and performance Corporate: Project & Engagement Officer The Trust appointed a new member of staff to th¢ newly ated post of Project & Engagement Officer. Cara Jones took up the role in NovpAnber 2022 after a competitive reLruitm¢nt process durAng autumn 2022. The role is a significant development in BBT'S activty, provithng additÉonal capacity to develop and deliver engagement activity in Carlisle Memorial and coordinating the buAlding's commercial hire opportunities. Thlstees gratefillty acktiowledge the 3-year funding support for this role through the Departm¢nt for Communities, Covid Recovery Economic Skills tnitiative, administered by the National Lottery Heritage Fund. Strategy Development Recognising that the Trust will celebrats its 30th anniversary in 2026, Trustees and staff began, in Jun¢ 2023, a process of reviewing recent activity, identifying futur¢ opportunities, and developing an outlin¢ strategy framework that the organisation can use to help guide activity over the next three-to-five y¢ars. This work included scoping potential capilal regeneration opportunities in support of future fmallcial sustainability and scoping deliv¢ry themes in housin& ski118, heallh & well-being, and culture, through wlllch the Trust Can lu)k its work to broader policy. It also heEped to identify a rdtionalisation of existing activity across th¢ Trust'5 four llAn areas &$ Buildings (Capital Reg¢neration), Creativ¢ Belfast (Outreach Engagement), SuccessfiLI Belfast (Policy & Stakeholder Engagement), and Mentoring. Work remained ongoing at year4nd, due for completion in November.2023. The process was supported by tlie Trust pr¢paring and submitting an application to the Architeciurnl Heritage Fund's Heritage Development Programme iti Scptcmber 2023, the outcome of which came atler year-end. Income Generation The Trust generakd a siAficant proportkon of tts annual income via a wnunercial hir¢ of Carlisle Memorial. Trustees aGknowledge th¢ continued funding support of the Departsnent for Conllnurrities (Dfc) and NationaI Lottery Heritage Fund (NLHF), the Esmé Mitchell Tnt, and the Archite¢ttwal Heritage Fund (AHF). Page 2
Belfast Buildings Trnst Trustees, Report Buildings.. Carlisle Memorial Church Carlisle Memorial Church is the Trust's primary focus for development &$ a regeneration project and remains at the core of the TnLSt's Cuent a£tivity. The building was suCcessfilY let as a coulln¢rcial hire for an immersive art experience for the whole FY (September 2021 until September 2022). This had a significant impact on bringtng the building to wÉder public awaren¢ss and helped bring a new audienc¢ to the space. It also demonstrated the building's potential as a long-tern] venue and supported both the Trust's testing of potential us¢s and its fanCIal sustainability. During this tinie, while the building w&$ not available for th¢ Trust to deliver activity in it, efforts were contillu¢d to maintain long-standing engagem¢nt and development work. In particular, the Trust continued project planning and development work to refocus the fiitwe use of Carlisle Memorial on culturak and creative skills. Having previously identified vital pot¢ntial parthershAPS for this, including wxth Northern Ireland Opera, BBT expanded these diseussions to involve other potential parthers. Building on work begun in September 2022, the Trust convened and launched a regular 'Creative Belfast Advisory Group,, ¢oordinated by the new Project & Engagement Officer. This group involves roughly 15 organisations across the local community, cultural, and skills se¢toTs with whom BBT has a prior relationship to collaborate on potential uses of the buildi1 both in the shi)rt and long tern]. The outdoor areas were again successfully replanted and maintained during sping and summer. Trustees thank Martina Bell¢w for lier efforts and are grateful that she remains committed to the Trust's worf( at Carlssle Memorial as a key-holder and maint¢nan¢e supporL Scheduled maintenance checks to the roof were completed. Trustees thank David HaEnilton and his colleagues at Martin & Hamilton for their continu¢d and responsive efforts. Gate Lodge The Trust noted the continuing use of the Good Shepherd Gate Lodge as the Trusvs Headquarters. Towards the end of 2022123, the Trust entered into a partnership aeernent with the Ttrnaround Projeot, arAother social enterISe that supports people in the justA¢e systsm ill buiEding relevant skills, to undertake T¢gular nintenanCe of the Gate Lodge grounds. the Trustees thaDk the Turnaround team for their r¢sponsivene&8 and positive partnership. Page 3
Bejfast Buildings Trust Trustees, Report Successful Belfast (Policy & Stakeholder Engagement): The Tht 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 Truste¢ ar¢ both members of the Historic Enviro))ment sthkeholder Group and are Tesp¢¢tively involved in this group's Placeshaping and Advocacy & Communications Working Gmups. During 2022-23, BBT played a central role in drafting a Heritage Regeneration paper for inclusion in a fortlicotning toolkit being developed by the Millisteriak Advisory Group on Arthitecture & the Built Envirotllnent (launched in Febnmry 2024, after the end of the f]nancial year). The Trust's D¢velopm¢nt Director was atso asked by Dfc to participate as a manber of the task force supporting the developmcnt of a fJTst Culture, A, & Heritage strategy in Northern Ireland. Accordingly, the Trnst ¢ontribut¢d to the recom¢ndations of the Task Force presented to the Department in July 2023. Regukar &nd robust engagement with 01cla1S in Belfast City Coullcil (BCC), Dfc, and other relevant bodies regarding city reg¢nLrdtion and culture and heritage issues continued, including on matters related to the Cathedrnl Quarter, Belfast Stories, and Belfast2024. New relationships wer¢ d¢veloped with th¢ Strategi Investment Board (SIB), building on the Trn$t'$ previous contrlbution to the Investment Strategy for Nl (during FY202 E-22). Those critical stakeholder relationships contributed to the TrSt securing fornial 5UPPOrt for its application to th¢ H¢ritage Development Trust pro2mMe from BCC, Dfc, SIB, Choice Housing Associatio the Turnaround Project, Martin & Flamilton, and Northern Treland Opera. BBT plays an active role in the Heritage Trust Network (HTN). a tnee and the Development Director sit on th¢ HTN Northern Ireland Conjmittee and played a ¢entt71 role in prOgrming and coordinating the d¢livery of two Northern treland HTN events in Derry/Londondeny (community-led regeneration, May 2023) and Lurgan (investtnent in heritsge regeneration, September 2023). The Tnt'S Development Dirertor continues to engage with national heritage and placemaking stakeholders through bis involvement with the Academy of Urbanism (Aou) as a Board Director and Curator of the Aou Congress. Creative Belf&st (Outreaeh Engagement): BBT contlnued its longstanding record of commuuity engagement work in heritage and culture. Mueh of thAs involved research and project development to prepaTe for the 2023-24 FY, when the Trust can deliv¢r activity in Carlisle Memorial once more, and exploiing d¢liv¢ry opporttmiti¢s for prospective city programmes, such as Belfast2024. A series of 'Creative Carlisle taster, events w¢re held in the Crnmlin Road Gaol, in partllership with Northern Irelaod Oper4 in November 2022. These fUSed on introducing to young people some of the skills identified in the emerging 'Creative Belfast. framework and served to further build ¢ngag¢ment with potential thtur¢ u8e8 of Carlisle Memorial. The Trust delivered a 'Love Letter to Belfast, campaign in Febrnary 2023, in partllership with ThTive and Belfast Chamber of Commerce, focused on building civic attachment to Belfast's hture regeneration. The Trust aelivered a 'Bring Your Belfast, workshop in July 2023, in partnership with National Museums NI, working wkth a group of older people in Dee Street Community Centre. This focused on using artefacts to share stories of people and their connection to Belf&st. Mentoring Page 4
Belfast Buildings Trust Trustees, Report BBT sp¢nt considerable tiine supporting other co]nmunity and heritag¢ regeneration organisations at various stsges of proje¢t development. Some of those r¢lationships (turing 2022-23 included Holywood Consenotion Group, Forward SoudL An Droichea(L A¢robuild NI, and Belfast Civic TrusL Sehools Debatillg Competition At the end of 2022-23, th¢ Trust relaunched the NI Schools Debating Competition after a four-y¢ar COVID-19 hiatus, for delivery during 2023-24. Other Achiev¢ment5 Partnership work during 2022-23 w&s developed with., . Vault Artist Srndios . Northem Ireland Opera . Northern Ireland Science Festival . Linen Hall Library . ArLhitecutt]ral Heritage Fund . Northern treland Environment Link . Belfast City Council . Departsnent for Communities . AcadeLny of Urbanism . Strategic tnvesttnent Board . Belfast Chamber . Thrive ' Queen's University Belfast School of PlaDning ' Queen's Univei'sity Belfast khool of knhitecture . National Museutns Northern Ireland . Choice Housing . Turnaround Project . Eastside Partnership . Maritinie Belfast Trust . tndian Community Centre . Nl Scre¢n . The Princ¢'s Tnt . Greater Shankill Partnership . Annagb City, Banbridge, & Craigavon Council Flnancial revlew The nmin incoming resour¢¢s of the Charity reThIti the rental of various propertie4 illcome from these sources totalled £139,524 (£49,866 - 2023) and other grant funding. The Charity is extremely grateful to all its grant funders and sponsors, without whose support the Charity would not be able to run a number of its activities. Pollcy on rcferv The Thistee5 has established a policy whereby the unrestricted fijnds not wmmitted or invested in tangible fixed &ssets ('the free reserves,) held by the charity should be between 2 and 6 mooths of the resources expende which equates to between £18,692 alld £56,076 in general funds. At this level, the Trustees think the ChaTity would be able to continue the ¢urrent activities of the charity. In the event of a significant drop in funding. it would obviously be necessary to consider how th¢ fidIng would be replaced or activities Ghanged. At present the free reserves atnount to £245.387 and are above the Trustee's target rang¢. The Tnths will continue to mouitor free reserves. Page 5
Belfast Builditngs Trust Trnstees, Report Plans for future periods From its begimiings, Belfast Buildings Trust has focus¢d tts d¢livery and ambitions on using Belfast's heritage to deliver clear regeneration b¢llefits 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 ecoiiomic, sociaL and community n¢¢ds. This focus will continue in 2023-24 and b¢yond, thanks to the Trnst's values and the work undertaken to set out clear strdt¢gic direction up to and b¢yond Rts 30th Anniversary in 2026. The Tn]st will balanc¢ work across its four areas of activity, between capital regeneration development and contiuued scoping of relevant opportunities. its 'Cr¢ative Belfast, outreach worL its 'SceSSful Belfast. policy engagemenL and its mentoring worf(. The Tn8 pTin]ary focus for capital regeneration development in 2023124 will continue to be Carlisle Memorial and it will Lontinue to explore and scope opportunities for other Capital regeneration projects. Delivering public engagetllent actKvity and developing relevant partnerships through which the Tntst 08 effectively acttvate Carlisle Memorial's use in the short ternj and explor¢ opportunities for its long-terni use will be importanL Contsnued development of the BBT-led programrne of activity in Carligle Memorial will mplement external hires aud ensure a strong community input to its use. Enhancing and expanding th¢ 'Creative Belfast, engagement work will guide this delivery and other publifrfacing activities. The Thist will build on its strong and effective stakeholder relationships to develop its public profile through effective social media and other communications using its refocused con)munication$ approach. Using its existing engagempAit on strategic and place-based engagement policy, the Trust will seek to deliver publi¢-facing activity in parthership with others. It will continue to actively participate in its Core partlierships with the Heritage Trust Network and Academy of Urbanism and support the delivery of Nortbern Ireland a¢tivity for both. The Trust renmins fulty ¢ommitted to the Northern Ireland Schools D¢bating Competitiofy which will continue in 2023-24. Finally, the Trust WILI continue to work with partner organisations, both old and new, in its advice and mentoring role. It will continue its strong government relations and advocacy work and the broad benefits of people and heritage-led regenerdtion, Page 6
Belfast Buildmngs Trust Trustees, Report Truslees and oifieers The trustees and officers seing during the year and since the year end were as follows: Trustees: Mrs F lay-O'Boyle, Patron Mrs J Corr B OThTrnell, DirtttOT & Trustse Mr M Patton (Resigned 22 October 2022) Mr P MiElar ML3 R Harkin Mrs K Collke (appointeAI 8 June 2023) SeDior Management / Leadership Mr S Quinn, Company Secretary Structur& governance and manag¢m¢nt Nature ofgoVern8 documenl The Belfast Buildings Trust is a Company limited by guarantee and as such the liability of each of the members is limited. Under Section 62 of the Companies Act 2006, the SocÈety is ¢xempt from using the word Limit¢d. The Society's governing document is the Memorandum and Articles of Association. In the event of the company being wound up members are required to CODtribute £1.00 Recrullment dnd4ppolntment oftrustees New trustees are identified by the board froin leading members of the Community who have the requisite skills and experience for the position along with A desire to serve the ¢on]nJunity Page 7
Belfast Buildillgs Trnst Trustees, Report Major riskn 4nd managemenl ofthosÉ rKsks Persopmel the risk of losing key staff or volunteers. with the associated loss of expertise &nd experien¢¢ Reputatio the risk that the charity might b¢ suffer reputational damage 45 the r¢5uIt of unauthorised public statements Financial the risk that charity could njn illto fanciaL difficulties. Referebce and Admlnlstrative Detalls Charity Registration Number: 100818 Company Registrdtion Number: N1031327 The cl]arAty is incorpordted in Northern treland. The Gate Lodge 511A Ornieau Road Belfast Antrim BT7 3GS Registered oifice: Independent Examiner.. Hopper & Co Chartered Accountants & Registered Auditors 6 Doagb Road BallyLlare Co Antrim BT39 9BG Solicitors: Cleaver, Fulton and Rankin 50 Bedford Street Belfast Financial finstruments Objectnw andpollcles The Charity's activities expose it to a numbet of financial risks incEuding credit risk, cash flow risk and liquidity risk. The use of fanCIal derivatives AS governed by the charity's policies approved by the board of ttustees, which provide written prinripl¢s on the use of fmancial derivatives to manage thesc risks. Th¢ charity does not Use derivative financial instnmients for spe¢ulatAve pwposes, Cashflow rlsk The charity'8 activities expose it lmarIlY to the financial risks of chang¢s in foreign currency exchange rates and inter¢st rntes. The charity uses foreign exchange fornrard contracts and interest rate Swap contracts to hedge these exposures, Interest bearing &ssets and liabilities are h¢ld at fued rats to ensure certainty of cash flows. Page 8
Belfast Buildings Trust Trustees, Report Credlt rLfk The charity's principal fJnan¢ial ass¢ts are b)k balances and casl4 trade and other receivables, and investhients. The charity's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairni¢nt is made where there is an identified loss event whic14 based on previous experience, i8 evidence of a reduction in the recoverability of the Cash flows. The credÉt risk on liquid fldS and derivative fll]ancial inshimients is limited because the coullt¢rparties are baDks with high cr¢dit-ratings asskgned by international credit-rating agencies. The charity has no significant conrentration of credit risk, with exposure spread over a large number of count¢rparti¢s and custom¢rs. Llqulduy risk In order to maintaill liquidity to ensure that gufficient fimds are available for ongoing operations and future developments, the charity uses a mixttwe of long-terni and short-tern) debt fmance. Further details regardsng liquidity risk can be found in the Statem¢nt of accounting policies in the flllancial statements. Credltor payment policy The charAty SUPPOrts prompt paiment and targets payment for goods and services to be made within aeed payment ternis or within 10 days of receipt of invoices not ijk dispute. Goiug concern The trustees assess whether th¢ use of going ¢oncern 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 ttwtee$ make this assessment in respect of a period of one year from the dats of 4)proval of tbe fman¢iaK ststements. The nature of fimding is such that Trustees cannot be certain that projected future fiLndiog will materialise. At the time of approving the accounts, dtsspite fmancial challenges and following assessment the Thistees have reasonable expectation that the charity has adequate resources to ¢ontinue in Operation existence for the foreseeable future. Thus the Trustees continue to adopt the golng concern basis of ac¢ourAtiJ]g in preparing these fmancial statement$. Page 9
Belfast BDildings Trust Trustees, Report. Statement of trnstees. ttsponsibilitie$ The trust¢¢s (who are also the dir¢¢iors of Belfast Buildings for the purposes of company law) are responsible for pr¢parintr ¥h¢ trustees, r¢port an(5 th¢ financial statements tn aecordanc¢ with applsrable law and UnAted Kingdom Accounting Standards {Vnitcd Kingéofft Generally Accepted Accounting Practice). including FRS 102 'The FlliaBcial Reporting Slandard applicablc in the UK and Rcpublic of Ireland" The report and accounts have been prepared in accordance with the prowisions Rn the Companies Act 2006 relating to small comparnes. Company law requires the ttustees io pT¢pare financial #at¢rtnts for Vdch financial year. Under Company law the tnstees not approve the finaneial stsments unless thcy are satisfied th they 47ji'e a true and fa. ir vie¥ of the state of affairs ot the clwitable company and of the incomtllg resources and application of resources. AlUdIng its in¢ome and expendituiw of thc charilable company foT that period In preparing these fjnancial sktementy the trLLgfres are required to: select surtabl¢ accounting polieies and apply them Lonsisttntty. observe the thodS and principles in Ihe Clwities SORP. make judgemenis and esiimates thai are reasonable and prudent. state whether applicable accounting standards, comprising FRS 102 have b¢cn followrd, subject to any materiat departures disclosed and explained in the financial statements. and prepare the fjnancial 5tsternents on the going Concern b&sis unEess it is inappropriak to presume that the charktablc company will ntinUe in business. The trustees are responsible for k¢¢pirig proper a¢countiTI8 records that can dis¢lose reasonable accuracy ai any time thc -anCIal position of the charitable compan! and enable tbcm to ern8ur¢ th the financial sthtements comply the Com. panies Act 2006. They are also rosponsible for 8afeguarding the assets of th¢ charitsble company and herjce for t8king reasonable steps for the prevention and deteiOn of fraud and oth¢F irregularities. The trustees are reFponsibl¢ for the main.Teng.nce and igri.ty of th¢ WPOTat¢ and finqncjal informatipn {luded on th¢ charitable ¢ompanv's website. Lt8i51ation govemins the pTepaTatioD and dissemination of fitWla1 thtements may diffcr from legislation in other jurisdictions. Small eompAnles provt$lon ststemtnt This repori lias been i?Ped in accordance thiith the snMI.l eompanies rebTme under the Coillpatjies Act 2006. The annual report was approved by tl]e I[te of the charity on 13 June 2024 and slgrrd on its behalf by.. Mr B O'Donnell Director and Ttee Paue 10