Company registration Dllmber: N1031327 CFmrAty registration nutnber.. 100818 Belfast Buildings Trust (A Company limited by guar8JJt¢e) Annual Report and Finauclai Statements for the Year End¢d 30 September 2024 Hopper & Co Chartered Accountants & R¢gist¢red Auditors 6 D(Fagh lioad Ballyclare BT39 9BG
Belfast Buildings Trust Contents RefeTence and Adminislrntive D¢tsils 2tolO Trustees, Report li Independent Examinerf5 R¢port 12to13 Statement of Financial Activities 14to 15 Balance Sheet 16to31 Notss to the Financi statennts
Belfast Buildings Trust Referenee and Administrative Details Truste4T Dame F Jay4)Boyle, Patron Mr P Millar, Director & TTh5t¢e Mrs J Corr Mr B ODonnell MES R Harkin Mrs K Collie Senior Management l Lkadership Mr S Quinn, Devlopnwit Dirwtor Team Cb&rity Registration Number 100818 Company RegystrotioD Number N1031327 Th¢ charity is inooTporatsd in Nortbern fr¢land. Th¢ Gate Lodge 51 IA Omeau Road Beifa5t Antrkm BT7 3GS Hopp6r & Co Chartered Accountants & Registered Auditors 6 D0aY Road B211yGlaTe Co Antrim BT39 9BG Cl¢aver, Fulton and Rankin 50 Bedford Street Belfast Regstered Office Independent Examiller Solititors: Pag¢ I
Belfast Buildings Trust Trusteesl Report Th¢ trustees, who are directors for the purposes of e4)mpaoy law. present the annual report tog¢th¢r with the financial statements of the Gl)aritable company for the year ended 30 September 2024. Objectives and aetivities Obje£ts and aims B¢lfast Buildings TTUSt delivers physical, social, and economic regeneration through the rnise of histori¢ and landmark buildings in Belfast. It works lo1 people tri develop sustsinabl¢ uses for buildillgs which are peT¢eived as having no viabl¢ economic use arAd to champion r¢Ian( authentic. and impa¢tfiJl regen¢rdtton. Obiedives, slrqlegiu and adiviiles The Trust support5 and advances the development of a confident and matur¢ CiVA¢ society in Northern Ireland through the delivery of ¢ngagement &ctiviti¢s relatll]g to heritage, r¢generaiion, urban deY¢lopmenL and civic society issu¢s. It hosts lectures. conducts rescaty provides ithnnatl0 and engages with the public on a range of issues relating to the development of Belfast and wid¢r r¢g¢Treration and heritage issues in Northern Ireland. Th¢ Tn]st also provides mentoring and advice to a r4nge of community organisaiions r¢Kating to heritage. regeneratio dgvelopmenL md rivic soGiW issues. This can include the eStablishellt of other rharitable organisations or advi¢e on handling a specifi¢ regeneration OT witsl works issue. Publlc benef Belfast Building5 TrSt meets the public benefft requirement by providing benefit to the geller public in Belfast and in Northern ireland as a whol¢. Through the nature of specific capital regeneration work, son benefits are focused on a particular geographic are4 but these aTe in such a way ag to m2ximise the broadest publ1¢ b¢nefit as possible. Some private benefit is generated through employing individual contTrGtors on specific capital i¥orks. but this private benefft is incid¢lltsl and is significantly outweighed by the work of the Tnt in achieving its purposes. Benefits arising from the Trusvs pwp)ses and activities inGlud¢ economic development the improvement of the physiral and built ¢nvironmenl increased con)munity cohesion, job Teaiion, an iwroved sens¢ of place. the protection of the character and fabric of plaS in Northern Ireland, protection of the built 6nvironmenL the delivery of sustainable and appropriat¢ development, a strengthened civiG society, a strengdlened voluntary and commtmity sectoT, and a more ¢ngaged publio. These benefits ar¢ demonstratsd tljrough fredba¢k from cornmunities in which the TnLSt h&$ worked, in feedback fro ststutory agencies relating to the work of the Trusl in surveys of people who use the Trnst's services or buildings. It can be fi1 ¢videnced through publi¢ 5UPPOrt for the Teuse of histori¢ buildings, through th¢ clear support for buildings to provide a regfflAerativ¢ purpose in areas of deprivatio &nd through inGrea8ed levels of public eng2gement iu issues relating to building a confident civic society in Northern Iland The tswt¢es confm that they have wmplied with the requirements of stion 4 of th¢ Chariti¢s A¢t 2008 to hav¢ due regard to th¢ public b¢Defit guidance published by The Charity Cornmissiort forNorthern Ireland. Page 2
Belfast Bulldings Trust Trustee5' Report Achievements and perfornwice Corporat¢= Strategy Development BBT completed its strategy refresh in November 2023. This new 3-year Strat¢ builds on th¢ Trust's track record and ethos. It centres around BBT ¢ontinuin& and expanding where possible. its four wre strands of work - ¢apitai reg¢Theration, publiG ¢ngagemenL poliGy and stakeholder delOpment, and meJAtoring. To help focus and guide its activity over this period, the Trust adopted four strategic themes which it believes are vital to d¢liv¢Ting heritage regeneration opportunities in Belfast- skills. housin& health & w¢llbeing, and culture. Work ined ongoing * year-enQ due for completion in November 2023. Income Generdtiojj The Trust g¢n¢rated a proportÉon of its aunual incorn¢ via Contin1ng hires of Carlisle Memorial, but a¢knowl¢dged a llre challenging period than 2022-23 (Trvhi¢h had a long-t¢mi conllnercial hire in situ). Trust¢¢s acktAowledge the continued fimd2ng support of the Department for Communtties (Dfc) and National Lottery Heritsge Fund (NLHF), particularly for the PTOj¢Ct & EngageMt Offic<r role, and the AxchiteGtLa1 Heritage Fund (AHF). Trustees also a¢knowledge the loDg-Standillg support of the Esm¢ Mitchell Tnjst at the end of a Mti-year grdnt. Further funding support was Seced for 5pecifi¢ proje¢ts from the PRS Foundatlon and the L¢ch¢ Tnt, whi¢h th¢ Trustees gratefiLIty acknowledg¢. Page 3
Belfast Buildings Trnst Trustees, Report uiidings: Carlisle Memorial Church Carlisle M¢morial Church wntinues to b¢ th¢ Trust's primary focus for development as a TegenerdtioD projert tt remains at the core of the TTht'S current activity. The Trnst's focus turned to incr¢ased community engagement opportunities after a year-long commercial hire of the build.ing ¢ompleted in S¢ptember 2022. In partiGular, the Proj¢ot & Engag¢m¢nt Officer, continued exploratrjry work OTh how to develop 5kills-focused activity in the building. This included specific pilot events and trtal paTinerships around the Creative Belfast work (outlined below), but some particular ljighlight S¢¢VentS in the building durillg the year r¢lated to this and brought a new audien¢¢ to th¢ building. Some key ¢ventsthires include: - Outburst Literary Events, Novemb¢r 2023 - Vauh Christma5 MarkeL Dec¢mb¢r 2023 - Yule comrrtunity evenL December 2023 3x Engag Art activities, in partnership with Vault Artist Studios, including the cThtion of a new doGum¢nW-film about the period when the building wa5 U5¢d as artist studios in the 1980$ and 90s, and 'This Do,, an ¢voGative art instsllatioo tbat wa5 repeat-staged by Belfast City Council after the Fy-end. - B¢lfast Photo Festival's flagship festival eve1 June 2024 The outdoor areas were again succe55fully replanted and nllled during spring and summer; Trust¢es thank Martiua Bell¢w for Iker efforts aDd are grateful that she remains conwiitted to the Tn,5 work at Carlisle Memori&i as 8 key-hokder and maintenance 5upporL Sch¢dul¢d nthintenanoe checks to the roof were Gompleted. TneeS thaok David Hamilton and his colleagues at Martin & Hamilton for their continued and T¢spoThsi efforts. Gate Lodge The Trust noted the continuing us¢ of the Good Shepherd Gat¢ IATrdge as th¢ Trusvs Headquarters. The Twst continues its successful parlnetship agreeDtrnt with th¢ Tunuround Proj¢¢L another social enterprise that supports people in the justice systen] in building relevant skills. to undertake regular maintemce of th¢ Gate Lodge grounds. the Trnst¢¢s th2)]k th¢ Twnaround team for their responsiveness and positive partneTshRP. Page 4
Belfast Buildings Trnst Trustees, Report Successful Belfast (Policy & Stakeholdtr Engage¢t). The Trnst has expanded its artive pK)granun¢ of strategic government relations and advocacy work, esp¢¢ially in relation to built herAtagA regeneration and pl8nDill& *8 well as individvai projects. Th¢ Development Director and a Trnste¢ both ¢ontinue as membets of th¢ Historic Enviromnent Stakeholder Group and are r¢spectively involved in this group's PlaGe5haping and Advocacy & Communications Working Groups. Regular and Tobust engagement with officials in Belfast City Council (BCC). DIE, and other relev&ttt bodies regaTding city regeneration and cultur¢ and herilage issues COJktinued, with partirular focus growing on the city's regeneration model and the oppottwiity for it b) better enconjpass h1tge and cultur¢. The Trnst's D¥v¢lopm¢nt Director undertook a series of briefings with ¢iected representatives and senior officials in Btlfast City Council on city reg¢neration issues, with a view to building on this ov¢r the ¢oming years. While the Tt was unsuccessful in its application to AHF for the HeTitsge Development Trust prOgrne, this broader policy engagement remains key to the Trttst's approach. Th¢ Trust contitN¢s to engag¢ with strategi¢ partTh¢rs, including the Strategic Investmeijt Boar on broad iegenention and investment matters, BBT plays an active rolr in the HeTRtsge Trnst Network (HTN); a trustr¢ and the D¢v¢lopment DAre¢tor sit on the FTfN Northern Ireland Conllnittee and played a ccntsl role in progratnming and coordinating the delivery of a Northern freland HTN event in DerryA)nd0nderry (comlnunity-led regcneration, May 2024). The Trn5t's Development Director continues to engage with national heritage and placemakillg stakeholders through his involvement with the Academy of urblsM (Aou) as a Board Director. Creative Belfast (Outreaeb Engagem¢nt): BBT &and6d it5 longstsnding TecoTd of commw]ity engagement work sn h¢ritsge and culture wftth the piloting of a new eugageinent frameworL 'Creative Belfast.. Thi5 is. in part, rl cor¢ support for the TNst's new strategic theme arollnd skills, with a conimitmeTht th)Ugh 'Creative Belf&8t' to ensure that each of the Trust's ¢ngagenwit activities ¢mbeds a skills development aspect. Building on the exploratory work undertaken by the Project & Engagement Officer during FY 2022-23, and dtscussions with s¢veral culturnl and skills parlner organisations. the new Creative Belfast framework uses six ore creative skills 18 the basis for engaging young people in paid RTht¢rnslJips. This work was piloted with several Creative Belfast parthers during FY 2023-24, including: - Oulburst Literary Ev¢nts. Nov¢mb¢r 2023 - Vault Christh)as MarkeL D¢cember 2023 - Yule Gommunity event, December 2023 - 3x Engaging Art a¢tivitieg, in parthership WKth Vault Artist Studios, specifically looking to engag¢ people with city regen¢ration t1Ollgh art instsllations in Carlisle Memorial. these include¢ &8 referenced above, the creation of a ngw dOcunnt&ry-fiIM about the period when the building was ed as 8rtist Studios in the 19803 and 90 and 'Tbis Do.. an art instsllalion about memory, and Iklivered in firtber paitrrship with Altheimer's Society - Belfast Photo Festival's flagship event, June 2024 - European Heritage Open Days During the year in question, 6 interns were engaged in 7 opportunities, aild over 1600 people attended the Engaging Art events one, with Sk8nifi¢ant positive feedback: "Great art in a heritage building - mor¢, more. nwe" "Op¢ns our eyes to view the city in an alternative way" "It is showing the possibilities there are for the city. It's important to create accessible art to the public" "Yes, it has made my perspecttve change as I'm seeing my city in a different way due to the use of ary, Page S
Belfast Buildings Trnst Trustees, Report Towards the end of the year, the Trust launohed an open-¢all foi sllbmissions to its 'Notss from Belfast, Project. While selection and commlssioning occurred after yearryend, the project received 56 submissions and has ¢omn)issioned six B¢lfast-liJ)ked musAcians to %vrite new music illfornd by working with six conununity groups in storytelling and listening woduhops. Mentorillg BBT spent considerabl¢ tin supporting other comxullnity and h¢ritsg¢ regeneration organisation5 at various stages of projert developmenL Some of those relationships during 2023-24 in¢luded Forward Souds An Droich¢ad, B¢lf&5t Civic TrusL and First ChurGh (Rosemary Street). School8 Deb*ting Competition The NI School$ Debating Competition Teturnd for the 2023-24 Acad¢miG Year, with B¢lfast lioyai Academy emern8 as winneTS at the Final in May 2024. Other Achi¢veJnents Partnership work during 2023-24 was developed with: - Vault Artist Studios - Northern ITeland Op¢ra - Northern Jxeland Science Festival - Outbwst Qu¢er Arts Festival - Beat C181 - Belf&st Photo Festival - ALzheimw's Society - Lin¢n Hall Library - Northern Ireland Environm¢nt Litik - Belfast City Council - Department for ComMue8 - A¢ademy of Urbanism - Strategic Investsnent Board . Thrive - National Museums Northem Ireland - Turnaround Project - EastSid¢ Partnersl)ip - Maritin)e Belfast Trust . Indian Comnuty Centre - Tr]I Screen - The Prin¢e's Tnt - Gr¢ater Slwknll Partnership - Royal Belf&st A¢ademAcal Institution - FoThYard South - First Church (Rosemary Street) - Destination CQ Fin2Deial review The main incoll)ing Tesources of the Ckwity remain tbe rental of various prnperti¢s, in¢ome from these sources totailed £23,210 (£I39,524 - 2023) and other grant fimding. The Charity is extremely grntefid to all its grant funders and sponsors, without whose support the Charlty would not be able to a numb¢r of its a¢tiviti¢s, Page 6
BelfASt Buildings Trust Trustees, Report Policy on ruerves The Tntstees has established a poliry whereby th¢ unTestii¢ted funds not con]mitted or inves*d in tangible fix¢d as5¢ts ('the free r¢serv¢s') held by the cbarity should be b¢tsv¢en 2 and 6 months of the resources expended, wljich equates to between £17,959 and £53,877 in gen¢ral funds. At this level, th¢ Trusw think the Charity would be able to continue the current activities of the Charity. In the event of a signifi¢ant drop in fjJndin& it would obviously be ne¢¢ssary to ¢onsider how the funding would be repled or a¢tivities changed. At present the free reserves amount to £170,035 and are above the Tru5t¢e's tsrget range. Th¢ Trustees will continue to MotOr free serVeS. Plans for ftllre periods From its beginning4 B¢lfast Buildings Trnst has focused its delivery and ambitions on using B¢lfast's heritage to deliver clear regenerntion ben¢fits for pwpl¢: i.¢., that the us¢ and t¢U5¢ of Belfast's authentic assets is at the for¢front of the city's reg¢n¢ration. me¢ting economic, sockal, and ¢onynunity n¢eds. This focus WAII continu¢ in 202dk25 and beyond, tlwths to the Trl'S values and the work undertaken to set out clear strategi¢ direction up to and beyond its 30th Anniversary in 2026. The will balance work acmss its four areas of activity, betw¢¢n capital re8eneration development d continued $pIng of relevant opportunities. its 'Creative Belfast, outreach woxK its 'Suessl Belfast, policy engagement, and it5 mentorillg work. The TnS prinThry focus for capital reg¢neIation delOpment in 202425 ¢ontinue to b¢ Carlisle Memorial, with active WOTk on a major ¢apitsl regenerntion opportunity to be explored involving th¢ adjoining 'LiDk Building,. The Trust wi]1 continue to exploT¢ and scope opportimiti¢s for other wital regeneration projects. D¢lRvering public engagement activity and dev¢loping relevant partnerships through which the Trust can ¢ffectively activate Carlisle Memorial's use in th¢ short term and explLYe opportunities for its long-tenn us¢ w511 bc important. Continued developme of the BBT-led programme of actlvity in Carlisle Memorial will cMpleMet exkern21 hir¢s and ellSu a strong commuDity illput to its use. Ethan¢ing 2nd expanditig the 'Creatrve Belfast, wygement work will guide the Tt'S delivery and other publlc-faciug activities. It is particularly excited to be building such positive relatiODships and partnerships with the Creative Belfast partn¢rs and will lookto expaud and develop this parmership work The Tnt wkll build on its strong and eff¢dive stak¢hold¢r relationships to develop its publi¢ profile through effeGtive social media and other commurications using its refoGused Communications approach. Uging its existing engagement on strategic and plac4-b&qed engagement policy. th¢ Trust will seek to deliver public-facing activity in patt]ership with others. It will continue to activety participate tll its wre p8rinership5 with the H¢ritsge Trust Netwod( and Academy of uaDISM and support the delivery of Northern Irelw activity for both. The Trust remains fully committed to the Northern Ireland Schools Debating competitio which will ¢ontinue in 2024-25. Finally, the Trnst will wyrtinue to work with partuer orgallisation5. both old and new, in its advice and rn¢ntoring role. It wy]I continue Ats strong government relations advocy work and the broad benefits of people and heritag¢-led reg6n¢ration. Page 7
Belfast Buildings Trust Trusteesl Report Strll¢tttrn goyernance and mgngement Nathre ofgoverning docuttw4t The Belfast Buildijigs Trust is a Company limited by gllara and as such the liability of each of the members is limitsd. UndeT Se¢tion 62 of th¢ Compani¢s Act 2006, tbe Soci¢ty is exempt from using the word Limit¢d. The Society's governing document is the Memorandum and Articles of Association. In the ¢vent of the company being wound up members are required to contribute £1.00 Recruitment and appointment oltruJtees New trustee$ are identified by the board from leading members of the rommunity who have the requisit¢ skills and pienCe for the position along with a deSiTe serve the ¢ommw)Aty Major risks andnMnageMRt of those risks Personnel th¢ risk of losing k¢y stsff or vohmt¢¢rs, with th¢ associated loss of expertise and experience Reputalion the iisk that the charity might be suffer reputational damage a5 the result of UDauth()ris¢d publi¢ statements Financiat the risk that clwity could njn iuto finan¢Aal difficulties. Fillancial instruellts Objectivés ¢mdpoliL7es The cl)arity's activities expose it to a number of financial risks including credit risk, c4sh flow risk and liquidity risk The use of financial d¢rivatives is gov¢rn¢d by tbe chIty'S policies appTovd by th¢ board of trustees, bich provide wrstten prin¢ipl¢s on the Etse of financial derivatives to llw]age these risks. The charity doe5 not use dgrivative fmancial instruments £or spe£ulative purposes. Ca9hfl(rn risk The ¢lwkity's activiti¢s expose it prinwily to the financial risks of changes in foreigry cuffency exGhang¢ rates and interest rates. The charity uses foreign exdwige fornvard ntraCtS and int¢rest rat¢ swap tracts to bedg¢ these exposures. Interest bearing assets and liabilities are held at fixed rats to ensure c¢rtaillty of cash flows. Credtt r&sk The charity's prirtcipal fiThwJcial assets aTe bank balances and Gash, trade and oth¢r receivables, and investments. Th¢ Chity'S ¢r¢dit risk is primwily *trAbutable to its trade receivabl¢s. The amounts presented in the balance sheet aTe net of allowances for doubtful receivables. An allowanrA for impaient is made where there is an identified loss event whicl bosed on previous experience, 15 evidejjce of a reduction in the recov¢rabiiity of th¢ cash flows. The credit risk on liquid filnds and derivative fjnancial instruments 15 limited because the countery)&Tlie5 are banks with bigh CTedit.ratillgs a¥sign by international ¢redit-rating agencies. The charity has no significant ¢oncgntration of credit ri5K with exwjsure spread over a large number of counterparties and stOMers. Py8
Belfast Buildings Trust Trllsteesl Report Llquidity T&sk In Order to maill liquithty to enswe that sufficient funds are availabl¢ for ongoing operations and firture developments, the charity uses a mixti3re of long-terni and short-terni dd)t fllWlCe. Further details regarding liquidkty risk call b¢ found in the Statement of accounting policies in tbe finanGial Statements. Creditor payment poli¢y The chasity supports prompt payment and targets payment for goods and seryices to be made within agreed payment tems or wilhin 10 days of receipt of iovoi¢e3 not in dispute. Going concern The truste¢s a&8ess whether the use of going concern is appropriate i.e. whether there are any material unc¢rtainties rclated to events or conditions that may cast siguificallt doubt on the ability of tbe charity to ontinue as a going concern. The IllteeS niake this assessn*nt An respect of a period of one year from the date of approval of the financial statements. Th¢ nature of fjjnding is suGh that TNstee5 caimot be certain that projethd future fimding will m&erialise. At tbe time of appmvAng the cOUnts. despitc fjnanokal chall¢ng¢s and following assessment the Trustees have a reOllable ¢xpe¢tstion that th¢ charity Iw adequate r¢souwes to coxrtinue kn operational existence br the foreseeable firtlwe. Thus the Tntee5 continue to adopt the going basis of acwunting in preparing thes6 finan¢ial st2tem¢nts. Page 9
Belfast Buildings Trust Trllstees, Report Statement of trustees, responsibilities The trust¢es (who are also the directorn of Bcifast Buildings Trust for the pun)oses of company law) are responsliJl¢ ft)T preparillg the trustees, r¢port and th¢ financial statements in a¢¢ordanc¢ with applicable law and United Kingdom Accounting Standards (United Kingdom Genera]ly A¢¢epted A¢counting Practice), in¢luding FRS 102 'Th¢ Financial Reportillg stand applicable in the UK and Republic of Ir¢land The report and acCOts have been prepared in accordauce with the provisions in the Compani¢s Act 2006 rel]ng to snthll companies. Company law requires the tSte¢S to prepare fiuan¢ial statements for ¢ach fancial year. Under ¢ompally law th¢ trustees must not approve the fJnaDcial 51atements unless they are saiisfied that they give a true and faRr view of the stats of affaÈrs of th¢ charitable company and of th¢ incoming resources and application of resouTces, including its income and expenditure, of the charitabl¢ company for that period. In preparing thes¢ fanCIal statthJent& the trE¢t$ are required to: seleLt witsble acwunting policies and apply th¢m ¢onsist¢J)tly' obs¢rve the m¢thods and PTin¢iples in the Charities SORP. make judgem¢nts and estimates thai are reasonable and PTudent' 5tste %thethcr applicable accounting standards, (x)mprising FRS 102 hav¢ been followed, subject to any nmterial departures disGlos¢d and explained in the fllwncial statements. and Prepare the fiuan¢ial ststements on the going concern b&8is unless it is inappropriate to presume that the Chitabl¢ company will continue in business. The truste¢s are responsiljle for keeping proper accounting records that ¢an disclose with r¢8sDnable auracY at any time the finaucial position of the clwitabl¢ ¢ompany and ¢nabl¢ them to ensur¢ that the fman¢ial statements ompty with the CompaDies Act 2006. They aTe also responsible for safeguardittg the asscts of the charitable company and hence for tsking reasonable steps for the Prevention and detection of fraud and other irregularities. The ttustees are responsibl¢ for the maint¢nance and integrity of the corporate and financial infornjation included on the charitabl¢ comp&nVs website. L¢gislation gov¢rning the Preparation and diss¢miTration of fanCIal statements nHy diff¢r froui legislation in oth¢r jurisdictions. Snll ¢ompallieg provision statement This report h&$ been prepared in accordanGe wxth the small ¢ompatiies regime under the Companies Act 2006. Th¢ annual report was approved by th¢ trustees of the chaTAty on 29 May 2025 and sIgd on its b¢half by: OThnnell Director aud Trustee Page 10
Belfast Buildings Trust Indepelldellt Examinerls Report to the trnstees of Belfast Buildings Trust Cthe Company,) I report to the chaTity trustees on my exati)inatAon of th¢ accowÉs of the Company for the y¢ar ended 30 Sept¢mb¢r 2024. Responsibilities and basls of report As ihe charity's trustees of Belfast BuildiLW Tst (and also its directors for the purposes of company law) you are r¢sponsible for the prepatiOn of the a¢wunts in accordance with the requirements of the Cornpanies Act 2006 ('Ihe 2006 Ad,). Having satisfied myself tlMt the acGotmts of Belfast Buildings Trust are not requir¢d to be audited under Part 16 of th¢ 2006 Act and are eligible for indepelld¢nt examillatioD, I report in respect of my exatnination of your ¢haTRty's a¢Trts as rrIed out under section 65(3) of the Charitkes Act (Northern Ireland) 2008 ('the 201)8 Act,). In caTrying out my &xamination I have follow¢d the Directions given by the awity Commission under sertion 65(9Mb) of tbe 2008 A¢L Ind¢pend¢nt exaD)iner's ststement l. accountillg records wer¢ not kept iu respect of BFlfast Buildings Trnst &$ required by section 282 of the 2014 AGt" or 2. the accounts do not accord with those records. or 3. the ac¢ounts do not Comply with the accounting requirements of sectton 396 of the 2006 Act othei than y requiremert that the acwunts give a'true and fair view, which is uot a matter considered as part of an independent examinatio or 4. the accounts have not been prepared in accordanGe with the rncthods and principl¢$ of the Stat¢ment of Reconmi¢Dded Practi¢e for accountxng and r¢porting by chariti¢s [applicable to clwitie5 preparing their a¢counts in a¢wrdance with the Financxal R¢porting Standard appliGabl¢ in the UK and liepubli¢ of Ireland (FRS 102)]. I have no Lx)ncerns and have come across no other matteTs in counectioll with the examinthon to which att¢ntion should b¢ dra in this report in order to enable a proper understanding of the acwunts to be rhed. Simon opp¢r FCA Hopper & Co Chartered Accountants & Registered Auditors IE Body :Chartered Accountants Ireland 6 Doagh Road Ballycla Co Antrim BT39 9BG 29 May 2025 Pag¢ll
Belfast Buildings Trust Statement of Financial Activities for the Year Ended 30 September 2024 (Including Illcome and Expenditsre A¢count and Statement of Total Recognlsed Gaills and Losses) Unrtstriet¢d fun(ts Restricted funds Total 2024 Note Income and Endowments from: Donations and legacies chItable activitie5 InVest¢llt incoll 1,285 23210 8,410 39,254 40,539 27,210 8.410 43,254 76,159 Totsl Income 32,905 Espellditure on: Charitable aGtivities Oth¢T ¢xpenditure Totsl expenditur¢ Net expenditure Tr8Jtsf¢rs between funds Net movement in fim(ts Reeonciiiation of fuods Total fid$ brought foJvard Total funds c&rried forward (107.75 (56,042) 34.319) (163,799) 34,319) 198,118) (107,757) 90,361) (47,107) 500 (74.852) (500 (121,959) (75,352) (46.607) (121,959) 245,387 1863,827 2,817220 Restricted llds 3,109,214 2.987.255 Total 2023 170,035 Unrestricted funds 18 Note Income and EndowmeDts from: Donations and l¢ga¢ies Chatitabke a¢tiviti¢s Invesim¢nt incotme 1,500 139,524 7,056 2,500 20,000 4,000 159.524 7,056 Total inGom¢ 148,080 22.500 170,580 Expenditwe on: Clwitable artivities Other expenditure Totsl expenditure Net inc0mel(axp¢nditic) Net movement in f4mds Re¢onclliation of funds Totsl fimds brought forward Total fimds ¢anid forward {112,153} (41.754) (34319 (76,073) 53.573) (153,907) (34.319 112,153 (188,226) (17,646 (17,646) 35,927 35,927 (53,573) 209,460 1917,41KI 2,863 827 3,126,860 3,109214 18 245.387 The notes on pages 16 to 31 fomi all illtegrnl part of these finall statsments. Page 12
Belfast Buildings Trust Statement of Financial Activities for the Year Ended 30 September 2024 (Including Illcome and Expenditure Account alld Statement of Total Recognised Gains alld Losses) All of the ehaTity'S a¢tAlryties derAVC frm continuillg operthions during the above two periods. The funds bTe4kdown for 2023 is shown in nots 18. Th¢ noles on pages 16 to 31 fi)rni au integral part of these financial stat¢inents. P#ge 13
Belfast Buildingy Trust (Registration number: N1031327) Balallce Sheet as at 30 September 2024 2024 2023 Note Fixed assets Tangible assets Current assets Debtors Cash at baDk and in hand 2,813,040 12 2,778,424 13 14 5,032 229,408 234,440 9,359) 2,900 309,591 312,491 933 Creditors: Amounts falling du¢ within oue year 15 225.081 313,424 et current ass¢ts Totsl ets less cllrrent ]iabTlities Credithrs: Amounts falling thie after ymore than one year 3,003,505 (16,250 1987,255 3.126,464 17.250) 16 3,109,214 et ass¢ts Funds of the charity: RtriCt income fuods Reytricted fi)nds 18 2.817220 2,863,827 Unrestricted income fuuds Unr¢stri¢ted fijnds 170,035 245,387 3,109214 Total fwids For the financial year endins 30 September 2024 th¢ charity was enlitled to exwllption fron] audAt under sgrtion 477 of the Conipanies Act 2006 telating to small companies. 18 2,987,255 DiTectors' responsibilitl¢5: The rnembe bav¢ not required the ¢haTity to obtsin an audit of its accounts for the year in question in ac¢ordance with section 476" and Th¢ directors acknowledge their responslbilities for complying with the TequiTement5 of the Act with respe¢t to aGGounting records and the Preparation of accoutlts. Th¢se financial statenwnts have been prepared in accordance with the spe¢ial provisions relating to companies subject to the snll compatiies regime Mitbio Part 15 o£the Companies A¢t 2006. The notes on pages 16 to 31 forni an ADtegr&l part of these frwjcial ststements. Page 14
Belfast Buildings Trust (Registration number: M031327) Balance Sheet as at 30 September 2024 Th¢ fllianctal stst¢ments on pJg¢s 12 to 31 were approved by the 7CeS, and authorised for issue on 29 May 2025 and signed on tb¢ir behalf by: Director and Tne¢ Th¢ notes on pages 16 to 31 foJm an inte( part of those finaDGial statements. Page 15
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2024 I Cbarity st*tus Th¢ charity is limited by guaTantse, incoolornted in Northern Ireland, and consequently does not have shar¢ apital. Each o£the trustees 15 Ixable to contribut¢ an amount not ex]Ing £1 towards the assets of the charity in the event of liquidation. The address of Ats registered office is: The Gate dge 51 IA Onneau Road Belfast Bf7 3GS These fu]c1a1 statements were authotised for issue by tb¢ tLitss on 29 May 2025. 2 ActDIlDtiog policies Swnmary of si1r1tt a¢¢ountADg polici¢s and key accounting estimates The priucipal coUntIng 11¢1¢$ applied in the preparation of these financial statcmLts are s¢t out below. These polA¢i¢s hav¢ been conststsntty appli¢d to all the years pres¢nted, unless otherwise stated. ststenient of eomplian¢e The financial statements have been Prepared in accordan¢e with AGGountiJkg and Reporting by ChaTities: Statement of Reoomrnended Practice (applicable to cbarities preparing their accounts in accordance with tbe Financial Reporting Standard applicable in the UK and Rcpublic of Ireland (FRS 102)) (issued in O¢tober 2019) - (Charities SORP (FRS 102)). the Financial Reporting Standard applicable in the UK and Republic of Treland (FRS 102) and the Companies Act 2006. Basis of pr¢paTation B¢lfast Buildings TTht Lneets the definition of a public benefit entity under FRS 102. Assets and liabiliti¢s ar¢ initialty recognised at histoTA¢al cost or tranwtion value unles5 otherwise stated kn the rel¢vant accounting poliry notss. Goin£ concern The trustees consider that there ore no material un¢ertaiJJties about the charity's ability to continue as a goiDg concern nor any silficant areas of uncertainty that affect the carrying value of a85gts held by the chaTity. Exemption from PTeparing a cash flow ststsn)ent The ¢harity Opted to early adopt Bulletin I published on 2 February 2016 and have tb¢refore not in¢luded a cash flow ststement in these finan¢ial statenients. IocoJJ)e and endowments All incomc is recognised once the charAty has entitl¢ment to the income, it is probable tbat the income will b¢ r¢¢eiv¢d and th¢ amount of the ill¢ome reIvable can b¢ mcasured reliably. Pag¢ 16
Belfast Buildings Trust Notss to the Financial Statements for the Year Ended 30 September 2024 Donations ondlegacies Donations are rerogthised the ChAty has been notified in wrAting of both the amount and settlement date. In the event that a dotialion is subject to Gonditions that require a level of perfonDance by the ¢haTity before the charity is entitled to the fund& tbe in¢ome is deferred and not recognA5¢d until eitb¢r those conditions ar¢ llY me¢ or the fuifilment of those conditions is wholly within th¢ control of the chlty and it is probable that these onditions will be fidfilled in the reFK)rting p¢riod. Grap reeehble Grants aT¢ recognised when the charity Iw an entAtlem¢nt to the fulld8 and any condition5 linked to the grants have been met. Wh¢re perforn]re Gonditions are attached to the artt and are yet to be lll the income 15 reGogrnis¢d as a liability and inrlud¢d on the balance sh¢tt as defeTTrd kticome to be released. Investment Ineome DAvid¢nds are r¢cognis¢d once the dividend has been declared and notification has been reIved of the dividend Expenditure All exp¢Thditure is recognised once the is a legal or con$tCtIve obligation to that eendIllE, it is probable settl¢meTht is required and the amount Can be measured reliabty. All costs are allocated to th¢ applicable expendith heading that aggr¢gat¢ similar wsts to that category. Where wsts caDnot be diT¢Qtty attiibuted to particular headings they have been &llocated on a basis consistent with the use of Fesources. with central staff costs allocated on tbe basis of time spent, and depT¢¢iatxon charg¢s allocated on the portion of th¢ asset's use. Oth¢r support costs are alloca*d based on the spread of staff costs. Charltoble adivhies C]Jaritable expenditure compTiSes those Gosts incuned by the tharity in the d¢]ivery of its activities and servi¢es for its b¢nefi¢iaries. It includes both wsts that can b¢ &llo¢ated direcdy to such activities and those cost5 of an indirect natste ne¢ess&ry to support th¢m. Sllpport costs Support costs mclude ¢entrdi fimctions and have been allocated to activity cost categories on a basis consistent with th¢ use of resources, for example, l0¢tIng property Costs by floor areas, or per ¢apita, staff costs by the time spent and other costs by their usage. Governance Costs These Anclude the Gosts attributabl¢ to the ChIty'S compliati¢e with constitstionaj and ststutory Tequirements, includxrtg audit, strategic maTrag¢nwit ond trustees meetii)gs and r¢imbutsed exp¢ns¢s. T8Xgtlon Th¢ ¢harity is Considered to pass th¢ tests set out in Paragraph I Schedule 6 of th¢ Financ¢ Act 2010 and thefOre it meets the definition of a charitable company frir UK CoOr&i0n tsx piirposes. Accordingly, the charity is potentially ¢x¢mpt from taxation in respect of income or capital gains received witbin categories ov¢red by Chapter 3 Pyrt I l of th¢ CoOration Tax Act 2010 or Section 256 of the Taxation of ChaTg¢abl¢ Gains Act 1992, to the extent that su¢h income or gains are appli¢d exclusively to chtable purposes. Tangible red assets Individual fixed assets costing £0.00 or MO are initially r¢coTded at cosL less any subs¢quent accumulated deweciation aud 3ubs¢qu¢nt accumulat¢d ifftpairnjent I0$s. Page 17
Belfast Buildxngs Trnst Notes to the Financial St2tements for the Year Ended 30 September 2024 Depreciation and amortisation Depreciation is provided on tangible fjxed assets so a8 to write off the cost or Valuatio less any estim sidual value, ov¢r theÈr ¢xp¢&ed useful ¢conomA¢ life as follows: Trade debtors Trade dd)tors are amowits due from cugtomers for merchandise sold or seTYices p¢rforn¢d in the ordinary course of business. Trade debtors recognised InstilY at the transaction pri¢¢, They are subs¢quently measured at amortised cost using tbe effectrve interest method, less provision for irJJpairn]ent. A provision for the impairment of trade debtors is estsblished when the is obj¢ctive evid¢nG¢ that the chwity will not be abl¢ to ¢oiiect all amounts du¢ according to th¢ original ternis of the receivables. Cash alld e#sh equivalents Cash and cash ¢quivalents comprise cash on hand call deposits, and other short-tenn bighly liquid 1Thvestnnts that are rgadity Convertible to a kll0 ymount of cash aud are Sllbject to an insignificant risk of cl]ang¢ in value. Trade creditors Trade credFtors are obligations to pay foT goods or SeI¢¢S that have been aquired in the Ordinary Course of bugines3 from suppli¢r5. A¢Thts payabl¢ are classified as current Ilabilities if the chaTity does not hav¢ ao IinGonditional rit, at the end 0£ the reporting perio¢ to defrr settlement of the creditor for at l¢ast twelv¢ months after the reporting date. If there is an uTh¢onditional right ID defrr scttlemeDt for at least twelve months after the reporting date, they are present¢d as non4urr¢nt liabilities. Tr8de ¢reditQES are recognisgd initially at the traosaction price aod subsequently rne&suTed at amortised cost using the ¢ffertive interest m¢thod. Borrowillgs Jntere5t-bearing borrowings are initialty recorded at fair vajue. net of transaction costs. Lnterest-b¢aring bornomryngs are subs¢quently carried * amortisa cost with the difference between the proc¢¢ds, net of transa¢tion costs, and the aOUnt due on red¢mption being recognised as a charge to the Statem¢xrt of Financial Activiti¢$ over the period of the relevant borrowing. Interest eJws¢ is recognxs¢d on the basis of the effective ixxter¢st ntrthod and is included in inter¢st payable and similar charges. Bom)wings are c1&8sifi¢d &8 current liabilities unless the charity has an unconditional right to defrr settlement of the liability for at least twelve tnonths after the reporting date. Page 18
Belfast Buildings Trust Notes to the Fin1claI Statements for the Year Ended 30 September 2024 Foreign ¢xch2nge Transactions in foreig cuffencies aT¢ recorded at th6 rate of ex¢lwige at the date of trdnsaction. Monetory &8s¢ts and liabilities denominated in foreign Guffencies at the balance sheet dats are reported at the rates of exchange pvalling at that date. The r¢suhs of ov¢r5¢as operations are translatrd at th¢ average rat¢s of ¢xchang¢ during the period a1 thcir bal8n¢e sheets at the rates nlliug at the balan¢e sheet dats. Exchange differences arising on translatkon 0£ the opening n¢t assets and resLths of overseas operations are reported in other comprehensive income and accumthated in equity (attrtbuted to non-controlling int¢rests as appropTiate). Other exchang¢ diffeTen¢¢3 are recognis¢d in the Sta*ment of Finan¢iaJ Activities in the period in which they arise except for: l) exchange difftr¢nces on transactions entered into to hedge certain forei currenGy risk5 (see above). 2) exGhonge diff¢ren¢es arising on gaiDS or losses on non-monetary items which are recognised in other comprehensiv¢ income. and 3) in the case of th¢ coLw)lidated fjnaThcial statements, exchang¢ differences on monetary items re¢eivabl¢ from or payable to a foreign operation for whioh settlement Is neither plann¢d nor likely to occur (therefor¢ fomiing part of the net investxnent in the foreign operation}, whi¢h are rerognised in Oth comprehensive income and reported tmder equity. Fund structure UnTestricted income fiu)ds general fund5 that are available for use at the trustees discretion in firtbern]ce of the obje¢tiv¢s of the charity. Restricted income fillS are those donat¢d for use in a particular area or for specific purpose% the us¢ of wljich is $trICted to that area or purpose. FiDancial itistrnments FinancAal assets and fula1 liabilities are retognised when the charity becomes a paty to the contractual provisions of the Instruelll FiJMi¢ial liabilities and equity instruments aT¢ classified aGGording to the substance of the wJJtractual arrangem¢nts entered into. An equity instrument is any conlrnct that evidences a reskdual intcr¢st in the assets of the Charity aft¢r dedurting all of its liabilities. Page 19
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2024 Ècognition andmeaSMrett* All finan¢ial a8sets and liabilities are initially me&8ured at transa¢tion price (including transaction costs), ex¢ept for tbose fAnan¢ial assets classified as at fair value through profft or 1054 which are IllitilY measured at fair value (whi¢h is normally the transartion price eXChIng tt7nsactlOU C05ts), lesS the aTTaogement constithtes a fu1C]ng transaction. If an arrangement constitutes a financing transaction, the fmancial asset or financial liability is mthqured at the present valu¢ of the futtw¢ payments dis¢owited at a nwket rate of int¢r¢st for & sijnilar debt itistrumenL Financial asset5 and liabiliti¢s are only offs¢t in the statement of fjnancial position when, orAy when there exists a legally enforoeable right to set off the recognis¢d amounts and the cknity intends either to 5¢tt1e on a net basis, orto realÉse th¢ asset and settle the liabilty sinwltan¢ously. Financial assets are detEcogoised when and 0Y when a) the contractual rights to th¢ cash flow3 from the fllwncial asset &WAre OT are settled, b) Lbe charity transfers to another party Substantially all of the risks and r¢wards of own¢rship of the fittan¢ial asset, or c) tbe ¢harity. despit¢ having retained some, but llot all, significaut risks and rewards of omnership, has transf¢ed Gontrol of the asset to another party. Fknancial liabilities 8r¢ deTecogDised only when the obligation specified in ihe contract is dis¢lwge(L cancelled Page 20
Belfast BuiRd&ngs Trnst Notes to the Financial Statements for the Year Ended 30 September 2024 Debtinstrumehts Debt instruments which meet the following conditions are subs¢quentky measured at amortxsed cost using the effective interest method: (a) The colltractt reium to the holder is (i) a ftxed allAOUttt' (ll) a positÉv¢ fixed rnts or a positive variable Tat¢. or (iii) a combination of a positive or a negative fixed rak alld a positive variable rate. (b) The cojjtract may provRd¢ for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of genernl pri¢e infiation of the CUTrency in which the d¢bt instrulnent is denominated. provided such links are not leveraged. (c) Th¢ contract may provide for a det¢rn)iJJable vaTiation of the return to the holder during the life of the instrunienL Provid that (i) th¢ n¢w rate satisfjes wndition (a) and the v2tiatiOll 15 not ¢ontingent on tllre events other than (l) a cbang¢ of a contractual varkable rat¢" (2) to protect th¢ holder against rdit deterioratiou of the tssuer. (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law. or (li) the new rdte is a marf(et Tat¢ of interest and satisfies condition (a). (d) There is no contracthal provision that could, by its ternis. r¢sult in the holder losing the princip21 amount or aoy interest attTAbutsbl¢ to the Gurr¢nt p10d or priorperiods. (e) Contractual provisions that pennit th¢ issuer to pr¢pay a debt instnunent or permit the holder to put it back to th¢ issuer before matijrity are not e4)ntingent on future events, other than to protrGt the holder against th¢ credit deterioration of the issuer or a change in control of the issu¢r, or to protect th¢ }Ider or issuer against thanges in l¢vies applied by a central bank OF arising from changes in relevant taxation or law. (fj Contractual provisions may pennit the cxtension of the t¢rni of the debt instrumenL provided that th¢ return to th¢ holder and any other ¢ontractual pmvisions 2ppliGable during the ext¢nd¢d temi satisfy the nditionS of para8Taphs (a) to (c). Debt iD3truxneots that are classified a8 payable or r1Vable within one yeat QD initial recognition and which meet Ihe above conditions are measured at the widiscounted anx)unt of tlke cash or other Consideration expected to be p2id or [e1ve4 net of illwairnwrt. With the exception of some hedging instruments, other debt instnlments not meetllW these wnditions measured at fair value thmugh profit or loss. Con)mitments to mak¢ and receive loans which meet th¢ conditions mentioned above arc measur¢d at cost (which may be nil) less inwairment. Invtellts Jnvestments in non-conv¢rtibR¢ preference slwes and Don-puttable ordinary or preference shares (where shares are publicly traded or th¢ir fair valu¢ is r¢liably measurable) are measwed at fair value tbrough profit or loss. Where fair value carnot be m¢asured reliably, inVtMents are measured at cost less impainllt. Investtnents in Subsidiaries and associates are measured at oost less impairnient. For investhients in substdiaries acquired for ¢onsideration including the issue of sbares qualifying for nrgeT relie£ cost is measured by refer¢nce to the nominal valu¢ of the shares issued plus fair value of other eonsideratioL Any premium 53 ignored. Page 21
Belfast Buildings Trust Notes to the Financial Ststements for the Year Ended 30 Septsmber 2024 Deriva¢ivefMandal instruments The ¢harAty uses derivative financial instnments to reduce exposwe to for¢isn exchang¢ risk and inter¢st rate movements. The ¢harity does not hold or issue derivatlve financial iJtstruiDents foT spUlatIve pun)05¢S. Derivativ¢s are initially recotiSed at fair value at th¢ date a derivative contract is ent¢red into and are subsequ¢ntty reme85ured to their fair value at each rwrting d*. The resulting gain or loss is recogThised in statement of financial activities AMnlatelY unI¢ss the derivati is designated and effective a8 a hedging instrument, in which event the timing of the r¢wgnition in statement of financial activitie5 d¢pends on the nature of the hedge relationship. Fair vulue measuremeAI The best evid¢nce 0£ fair value is a quoted pri¢e for an idfflrtical asset ill an active markeL Iwhen quoted prices are unawlable, the price of a rec¢rtt transaction for an identical asset provides evidence of fair value as long as there has not been a significant ¢hange in cconomic Circuuan¢eS or a signifi¢aDt lapse of time since th transartion took place. If the nwket is not active and recent transactiolls of an identical asset on their own are not a good estimat¢ of fair value, the fair vallle is estimated by using a valu&tAon tecbnique. 3 Xncome from donations and leg¥eie$ Unrèstricted funds General Restricted funds Totsl funds Donations and lega¢ies" Donations from Community gTOUPS Grants, inoluding capital grants. GTant8 from other charitics 1.285 1,285 39,254 39,254 40,539 Totsl for 2024 1285 39,254 4,000 Totsl for 2023 1,500 2,500 4 1n¢ome fro]n charitable aclivlties Unrt8trietsd funds General Restricted funds Total hmd Letting of Property frir charitable purposes Total for 2024 23,210 23.210 4,000 4,000 27,210 27,210 Total for 2023 139,524 20,000 159.524 Page 22
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2024 5 Investment illconie Unrestri¢ted funds Gener21 Total funds Interest receivable and similar income. Interest receivable on baDk deposits Total for 2024 8,410 8.410 8.410 8,410 7.056 7,056 Totsl for 2023 6 ExIdItUre on tharitable activities Unrestricted funds Gener)I Restriet¢d fnnds Total Itttitig of Property for charitable purpose5 Total for 2023 107,757 56,042 163,799 112,153 41,754 153,907 Total expenditure In addition to the ¢xpenditure analysed above, there are also governanc¢ costs of £1,500 (2023 - £1,823) vthich relate dI[y to ¢haritable adivities. See not¢ 8 for fiuther details. 7 Other penditUre Total fixnds Nots Depreciation, anM)rtisatAon #nd other similar Costs Totsl for 2024 34.319 34,319 34.319 34.319 Total for 2023 34,319 34,319 Page 23
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2024 8 Analysls of governance and support costs Covernance costs Unrestrkcted funds General Total 2024 Indep¢ndent ex2min¢T fres ExamiJAation of the financi statements 1.500 1,500 1,51)0 I,soo Unrestrided funds General Total 2023 Independatt examiner f¢¢s Bxausination of th¢ fmaDc£al staternents Other governance sts 1,450 373 1,450 373 1,823 1,823 Page 24
Belfast Buxldings Trnst Notes to the Financial Statements for the Year Ended 30 September 2024 9 Trvstees remuneration and expenses No trustees have received any rcimbutsed e4)enses from the charity during the year. 10 Independent examiner's remnner#tion 2024 2023 Exomimation of the financlai statements I,soo 1,450 11 Taxation The charity is a r¢gistsred oharity and is therefore ¢xempt from taxation. 12 Tangible rued #ssets Lalld and buildings F(trniture and equipment TotAI Cost At l O¢tobet 2023 Additions 3,400.532 24.555 383 3,425,087 383 At 30 Septsmb¢r 2024 Depreciation At i October 2023 CIAarg¢ for the year At 30 S¢ptember 2024 Net book value 3,400,532 24,938 3,425.470 588,578 34,318 23,469 681 612,047 34,999 622,896 24,150 647,046 At 30 September 2024 At 30 Sept¢mber 2023 2,777.636 788 2,778,424 2,811,954 1,086 2.813,040 13 Debtors 2024 2023 Trnde debtors Prepayn1ts 4,850 182 2,900 5.032 2,900 Page 25
Belfast Bui]diDgs Trnst Notes to the Financial StatemeDts for the Y¢ar Ended 30 September 2024 14 Cash and ewh equivalents 2024 2023 309,591 Cash at b 229,408 15 Creditors: amounts fAlling due wAthin one year 2024 2023 Trade creditors Other laxation and social security VAT gTaDA repayable Other creditors Aa¢ruals 6,798 868 (973) 1.166 1,500 1,200 635 (1,424) (2,794) 1,450 933 16 Credxtors: aujounts falling due after one year 2024 2023 16,250 17,250 BaDk loans 17 re10 2nd other schemes Defined contribution pejjsion 8cheRu¢ The charity operates a defined contribution pension scheme. The pension ¢ost charge for Ihe year Tepresents contributions payable by the charlty to the sche¢ and amounted to £Nil (2023 - £Nil). 18 Fwids Balance at 30 September 2024 B4l*nct at I October 2023 llleoming Resources ro8our¢es expended Trxnsfers Unrestrleted funds Genernl Unr¢strithJ Funds 245,387 32,904 (107,756) (500) 170,035 Restricted Buildings Fujjd Esme Mitchell Development Fund Schools Debating Competition 2,811,954 (34,319) 2,777,635 18,529 2,000 (20,529) 5,852 (4,747) 1,105 Page 26
Belfast Buildings Trnst Notes to the Financial Statements for the Year Ended 30 September 2024 Bglante at 30 September 2024 B4l%nc¢ at I October 2023 In¢omitig resources Resourc¢s expende41 Transfers The streets Whe they lived project Heritsge Re¢ov¢ry Fund Covid Recovery Employment & Skills Initiative PRS Fund Lech¢ Tntst- Live at Carlisle 36 159 (36) (159) 24,797 2,500 39,254 (27,571) (3,000) 36,480 500 2,000 2.000 Tot restricted funds 2,863.827 43.254 90,361) 500 2,817,220 Totsl fwids 3 109.214 (198 11 2,987.255 Page 27
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2024 B#lanee at 30 Septejnber 2023 Balance at I O¢tober 2022 Incoming resources Resources eipended Unrestricted fuDds General UThrestriGted Funds 209.460 148,080 (112.153) 245.387 Restricted Buildings Fund Esme Mitchell Dev¢lopment Fund S¢hools Debating Competition The sttEets where they lived project Successful Belfast Her&te Recovery Fund Covid Recovery Employment & Skills tnitiativ¢ 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 2,500 Tot81 restricted funds 2.917,400 22,500 (76.073) 2,863,827 Totsl fuDds 3,126,860 170,580 188,226) 3,109214 Page 28
Belfast Buildings Trust Notes to the Fillancial Statejnents for the Year Ended 30 September 2024 The spwifiG purposes for W¢ the fimds are to be appli¢d are as follows: Buildings Fund. Belfast Buildings Trust (BBT) delÉv¢rs physi¢aL sociaL and ¢conomi¢ regeneratkon through the reus¢ of Belf&qt's landmark buimings. It works with lo¢al people to secure sustainabl¢ futures for buildings dtht are meani11 to the the Trust's heritage-led regeneration focus means that its focus is on peopl@ Tryith the city's buildings serning as th¢ vehicle for civic reg¢neratAO Th¢ buildings secure by the trust are restri¢ted for this pury)ose. Esme Mitrhel D¢v¢lopment Fund An initial 3 year PTOj¢¢t started in the Sun)meT of 2018, which was extended by an addilional 2 years in 2020, to progress the proposed scheme at Carlisle Menwrial Church and the ct¢ation of the North Belfast Heritage Clust The funding is used to part-finance the Development Manager's time and to pN)vid¢ some part-time athninistration support, fjjrtber enabling th¢ Developm¢nt Manager to focus on project d¢liv¢ry The Covid R0Very EconoffjA¢ Skills Initiattve (CRESI) CIiESI was establish¢d by th¢ Departsnent for ConynunAties in 2022 and thinister¢d by the National Lottery Heritage Fund. It is a oneHoff funding pro¢ to support organisations in th¢ heritage sector, and the s tnore widely, to attract and retain peopl¢ witb skills neG¢$sary for sector's ture sustainability. The fimding secured by the Tnt is used directly to fimd the Projert & Engagll¢llt Officevs role and r¢levant associated training for 3-ye&TS. 19 Aualysis of net assets betwttn fvllds Unrestricted fwids General Total funds at 30 September 2024 Restrxeted fllnds Tangibl¢ fixed assets Current a$8ets Cwrcnt liabilities Cr¢ditors over l year 789 194,455 (9,811) {16,250) 169.183 2,777,635 40,437 2,778,424 234.892 (9,811) (16,250 2.987,255 Totsl net assets 2.818,072 Page 29
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2024 Total fuDds at 30 September 2023 UDrestricted funds General Restricted nds Tangible fixed assets Current assets CuTh¢nt liabilities Creditor5 over l year 2.813,040 50,787 2,813,040 315,285 (1,861) (17,250) 3,109,214 264,498 (1.861) 17,250 245,387 Total net assets 2,863,827 Page 30
Belfast Buildings Trust Not to the Financial Statenients for the Year Ended 30 September 2024 20 Related party transadion$ During th¢ y¢ar the ¢harity mad¢ the following related paty transactions: Jay Associate (Jay Asso¢iat¢s is deemed to be a relatrd party to At &Ss0¢iatAon with Fionnula Jay-OBoyle a trustee of the B¢l£ast Buildin£s Tst.) During the year th¢ charity paid Jay Associat¢5 £25,800 in maDag¢menÈ fees.. At the balance sheet date the amount tolfrom Jay Associates was £Nil (2023 - £Nil}. Shane Quinn (Shane Quinn is deemed to be a related party due as he is company Setary of the Belfast Buildings TrusL) During the year the charity paid S Quimi £34,250 in management f¢e8.. At the balall¢e sheet date the amount due tolfrom Shane Quitm was £NJl (2023 . £NAI). Cleaver Fultoll Rankin (Cleaver Fulton Rankin is d¢em¢d to be a related party due to it assocxation with Kathryn Collle a trustse of the Belfast Buildings Trust.) During the year th¢ Charity paid Cleaver Fulton IimDkin £575 in professional fees.. At th¢ balance sh¢et date the amount due tolfrom CleaveT Fuhon Rankin was £KIl (2023- £Nil). The trustees have revA¢wed th¢ above a]Tangem¢nts and content the neressary internal gov¢rnance and control pro¢¢dures exist to ensure value for money is achieved by the trust. Page 31