ConN)any registration number: N1031327 Charity registrdtion number. 100818 Belfast Buildings Trust (A conwy limited by gwTa0t) Annual Repjrt and Financial Stst¢m¢Dts for the Yur Ended 30 September 2025 1111 *AF4LAK3U• 12(r26 CCVAPANIES HOiJSE 74 Hopper & Co Chaneied AccountaDts & Registered Audito 6 Doagh Road Ballycl8r¢ Co AntritD BT39 9BG
Belfast Bulldings Trnst C.ont¢Dts R¢fer¢nc¢ and Administrativ¢ Detsils Independ¢ttt Ex8mineVs Report 12 Star¢ment of F>nan¢ial A¢tivities 13to14 Balattce Sheet 15to16 Notes to the FinaDci31 Statellmts 17to33
Belfast Buildings Trust Rffer.¢nce.and Administrative D.etai15 Trustees Dame F Jay-OBoyle. Patron Mr P Millar. Director & Tn MYS icorr Mr B O'Donncll Mrs R Harkin Mr5 K Collie Mr M Boyc¢ Mts.E Callagkn Mr D Auld Senlor MnAgeJllettt I IAadership Mr S Quinn. Devlopmeni Director Team Cbrity Reg5stra¢Tr Number I818 Con4)aDy Reglstratlon Number N1031327 The ¢lwiry is IThpted in NoTth¢rn Ir¢land. The Gatr Lodge 51 IA Om)eau Road B¢lfast Register Office BT7 3GS lttdependettt Examiner H¢)pper & Co Clwtered Accountants & Re8i*red Auditors 6 Doagh Road Ballyclar¢ BT39 9BG Solicltors: Cleaver. Fulton and Rankin 50 Bedford Street Belfast Page I
Belfast Buildings TTh$t Trnstees, Report The Iw51ees. wtrlo ar¢ directors for tbe Purposes of company law. present the artnl report iogether with the finan¢ial ststellxnts of the Eharitable Eompan.y for_the year ended 30 s.eptetstF_2O?5. ObJectlve5 •Dd 4¢tiviti¢s Objects 4Nd4ims Beii&5t BuiidiDgs "Trust delivers piiysical. social. an(1 economtc regene10 tbrousb the reuse of iiistortc a1 lallthDark buildings iti Belfasi. It works with local people to develop SUStsll)able uses for buildiugs wbicb are perceived as baying no viable economic use and to champion relevanL authentic, and irnpactful regenerdtioll. Objeclive4 strategxa amd adiviti The Trust SUPP07ts and advances the development of a confident and rnatuwe civtc society in Nortbern Ireland through the delivery of engagement xtsvities relating to h¢ritsg< regeneratio urban development, and chvic so¢iety issu¢s. It hosts lecture5. conducts researc provides Informatio and engage5 with the public on a range of issue5 relating to the developllJeDt of BelfL%t and wider regenetation and heritage i&sues in Nortbern Ireland. The Trust also provides mentoring aEJd advice ¢0 a raoge of community orgamsations relaiitig to beritage. reg¢llerati urban developDW)i and ¢ivi¢ lery issues. This w in¢lud¢ the estsblisbJneN of otber charitable or8anisatioD5 or advice on handlhng a specific regenerdtion or capital wotks issuE. Pubtic bemejlt Belfast Buildings TTht meets the public benefit requiremetit by Providing benefit to the ¥¢n¢ral publi¢ in Belfasi aJJd in Northern Ireland as a whole. Through the nature of specific capital Tegeneration worL some .benefits are focused on a.parti¢ulaT.geowh3c are4 but.th¢s¢ aT¢ in such a.way as.to maximise .the broadest public benefit &5 POS5ible. Some private benefit is generdted throu8b employing individual contractors on specific capital work5, but th"5 private benefit is incidental and is 5igtllficantly outweighed by the work of the Trust in aclu"eving its purposes. Benefits arising from the Tntsrfs purposes aj activities include economic developmeDL the inwTovemeni of the physi1 and buili envirOnL increased community cobesion, job creation, an improved sense of place. the protection of the cbarncter and fabric of places in Nortbern Irel8nd, protection of the built environmcnl the delivery of sustahnable and appTopriate devcltspmenl a 5trength¢ned civic society. a strengthened voluntory and conwiunity Stttor, and a more ellgaged pubiic."Tbese'beDefits are demonstrated through feedbk from commuDiti¢s in which the Trust bas worked, in f¢¢dback from statutory agencies relating to the work of the Tn]s4 in 5urvey3 of people Twho use the TTusV5 5¢rvi¢¢s or buildings. It can be fvrther evidcnced.throu8h public sUPPOrt for thc reuse of historic buildings, through the clear support for buildings to provide a regenerative purp)se in areas of deprivatioo and through increased levels of public engagement in issues relating to building a confid¢M ¢ivi¢ %Kiety ID Northern Ireland The trusleès cOrLfir. that they.have cilTnplied with the r4uireTnents of sèttioll 4 of.the.Clwities Act 2008.to have due regard to the pubh'c benefit guidance publis1d by The Cknity Commission for Northern Ireland. Pag¢ 2
Belfast Buildings Trust Tru&t¢es' Rep.ort Achievements *ttd wformattce Corporate: Strategy Development BBT estsblished its Current strategy Èn November 2023. This 3-year strategy builds ott the Trust's ttack record and ethos. It centres arouDd BBT continuing, and expattdLD8 where possible. fow core strands of work - cai?itsl regleratiO, iiublic eEigagèménL l1¢Y •fjd stsk"èbolder developnnE aiid ii)enlorthg. To lièlp foèus and guide its activiry over thi.s period. the Tnjsi adopted ftiur straiegic themes wbich li beli¢ve5 are vital co deliv¢ring beritage regeneration opportUDilles in Btlf&st- skills housing. health & wellbcing, and culture. Intome GeDeratioD The Trust generated a proportion of its amiual income via continuing hires of Carlisle menrial. but acknowledged conitnuing challenges arOW stsblising and relaris1og thi& in light of the buildill8'S litDitatsons. Trustees acknowledge the contillued fimding 5UPPOrt of The National Lottery Her[ge Fund (Heritage Fund), particularly for the Project & Engagement .Offi¢er Tole throughout the finarKial year and notificatt'on of .a substantial Developtnent Ph&se grdnt for its work at Carlisle Memorial, received just before the end of the FY. TnESttts also wish to acknowledge theit gratstudc for wt 5UPPOrt from the Architectural Heritage Fund (AHF), Garfield Weston Foundatiotl Belfast City Council. the R2dcliffe Tnl and The HOL The Irish Society. all received during the financsal yw. Trustee Recruittnent T.he TEUSt recruited three new Tn¢t$ atsd Board E)ittctots duritig ststTh)yer 2025 in respott to a very successfijl open recruimient carnpaigD. Two of thes¢ n¢w TTUSW fornully joim¢d th¢ Board b¢fore the eod of the year, in S¢ptemb¢r 2025,. th¢ third formally joined in Novernber 2025. These new Tntee$ add sigDifi¢aDt
dditiODal professional experlence releyant to the Tnjst's fijtttre WOTL t)amely tn Audience and placethbased
experience developmen( in n)ajor capitsl projert d¢livery. aod additional prop¢ty legal expertise. Pag¢ 3
Belfast Buildings Trust Trus.te.es' Report Building5: C4rlisle mellrI Carlisle Memorial conttnues to be the Trust's prirnary focus for developmeni as a regeneration PTojecL It teTnains at the Core of the Tnt'S cumi activiry, both as a Capital redevelopment and as a platforni to d¢monstraie th¢ pla¢e-b&s¢d, distinctive. people and skills focused regeneration opportunity that the TnESt advocates for Belfast. A major.positive.development secured justbefore.the 2024125 year.end. with a successful.outcome.ott tbe Trust's Development Pbase grant applicarion io the Herithge Fund for Cariisle Memorial Pbase Two" this relates to a £2.90) prop)sed project that will, ultimately. fully restore the adjoining Link BuildÈn& deliver strategic inftastnkcttwe upgrades in the roain building, and enable delivery of Creativc Belfast as a tnulii-ye3r skills dev¢lopm¢nt PTograTrme that combines heritage reuse with creative public pro8rdTnuw. sIallt work was involved in tbe application during the first half of 2025. wFLich captttred the tK)sitive outcomes of our increased public engagement programn8 in recent years. delivered by the Projeu & Et]gagemeni Officer as pan of her exploratory work on.how to develop skills-fo¢wd activity as pan of the building's fiLwre long-term us¢. The Development Ph grdnt is enabling capital de5i8D WO to be dcvelopEd to RIBA Stagc 3 and thr delivery of se.verai.Creative Belf&8t engagement activities in.Carlisle Menrial duritig sunw 2026. the latter of wbi¢ will involve six young people as paid intern5 working on eV¢n 8nd activities d¢liv¢red by sever81 of tbe Creative Belfast Delivery Parttlers. The work is building towards an intended Delivery Ph&5e 8ppli¢ation to the Heritage Fund in latr aututDn 2026. Central to Carlisle Memorial Phas¢ Two is the adaptiv¢ reuse of the Link Buildin& The T ae¢d t¢rn]s in principle with the Cent owTr¢r of the Link Building in January 2025. and entered inro legal negotiati005 to complete the acquisition &% soon as possible. A Delivery Phase appliation is contÈngent on this being complctcd. The le&dl pr¢S5 was ousoiThg at year end as a result of administrattve "hurdles wlu.ch the Trust needed to over¢om¢ to satisfy both Laod Regi5ty and H¢rilag¢ Fund r¢quirem¢nts. As.part.of .the.efforts to explotE the llK)del.of ttuse.foT.the Link Build the Trust COttuni&8ioned a P.rojeet Viability Report. with fjjnditig support from the ArcbitecbJrnl Heritsge Fund. Venturel was cotiunissioned to undertake this wor¥ which remained ongoing at year end. Public engagement activity continued &8 part of the Tnt'S C&t1ve Belfast initiative (outlined iti mote detail below). Sotne particular kn"gblight uses/eveuts in the building during the year ttlated to this and brought both new attd reti]rnI audiences to the buildm& Some key eventslhires illclvde: - Restagillg of 'Tlu's Do,, th¢ Enwdging Art ¢xhibition commissioned by th¢ TrLLSt earkner iry 2024. as p¥rt of Belfast City Council's '{[ Stories, festival to rnark the end of Belfast2024, November 2024 - Vault Artist Studios Chn"Stsuas Matkcl retumillg for tbe second year. December 2024 -"The Jtshn"Hewitt Society's 'bJok"North"Festival'. Febnthry 2025 - Belfast XR Festival's delivery of 'ln Ptwsuit of R¢petitive Beats.. an imrneThve XR ¢xperierK¢ about d81)ce music. with relevallt archive-based storyklling about the da¢ music scene in B¢lfa51 2025 ." Northern AttI¢S Dance.Company4 delivery.of 'Alic¢ By H¢art'. a.youth-l¢d Alm.sutDrn¢r h¢e and rfornwice, August 2025 - Culture Night activity. September 2025 - Exile's delivery of the first of a 5eEies of dance music events. September 2025 The (Trutdoor areas were aga successfully replanted and n)aintsined during spring and summer. Trnstees tbank Martina Bellew for her thrts and are grate] that she remains conllnirted tr) the Trust's work at Carlisle Memorial as a key-holder and m3inten8nce support. Scheduled nThintenance checks to the roof were completed. T[stee5 thank David HamiltOD and his colleagues at Martin & Hamilton for their continued and resp)nsive efforts. Page 4
Belfast Bulldlngs Trust Trn$ttts' Rep.ort GAt¢ Lodg¢ Th¢ T.ruste¢s noted the contilluing use of tbe Good S.bep_herd Gate_Lodg¢ the T.wst's_Head.quart¢rs. The Tnjst continues its sUC¢¢S5fv1 pther5hip aennt with the Turnaround ProjecL another social elltery>Tise that supports people in the justice systern in building relevant sla"Ils. to underfake regular maintenattce Of the Ga Lodge grounds" the T[tee5 thank the Turnaround tram for their continued responsiveness and positive patinership. SuceeMful Belfast (Pollcy & Stskebolder Enggement): The Trust'$ active progr8mme of Stra1¢ government Tel10n5 and advcw Work wntinu¢s a¢. eSp1811Y in relatsort to built hen"thge, regeneTatioll and planDin& as well as indiidual projects. The Dev¢lopm¢nr Dirxtor and a TnLStee both conttnue of the Historic EDvirDllTnent Stakcholder FoTUU4 Wltb the foT]ner being asked in Decem 2024 to Chair the Forum's Advocacy Group. Regular and Trbust £ngageDxnt .with.officia15 .in .Belfasi .City COU11 (BCQ. Departtnent .for.CottLrnUDities (DIE), Strat¢¢ Investment Board (SIB), al other relevaDt bodies regardll city regeneration alld culture at heritage i55ue5 continued. Thi5 Trncludd te-C5tablislllng positive engagement with the World Monumellts Fuod followin8 its inclusion of the Assembly li()n on the 2025 Wah LISL fifte¢D y¢aTS after Carlisle M¢Dwrial's inclusioll. Ahead of the Trust's uproming 30th Anniversary year. ill 2026, it has wrned particular focus to Belfast's current regenerntion model and the opporwity for it to'b¢tteT ¢nwDpass beritage and culture and focws the ¢ity's regeneration on aditres5ing id¢ntifi¢d neets. The TnLSt undertook a series of brictfftgs witb elected representatives and senior officials in Belf&st City Council and with the Belfast Ple Partnersknip regarding city regeneration i&sue5. with a.view to develop8 a specthc iniiiatiwe on this dwins 2026. Relating to the TTUSt'$ 5trdteBiC tIne of ho41n& ewgement was initiated with several housing bodies durin8 the y¢ar to explore ways that the Trust might be able to support adaprive reuse of existing buildings for housing. As a resulL very posithve discussions were begLm with Homewards and the Northern Ireland Fed¢ratiou of Housing Assoclatiotss. with additional engagem¢nt with the Nortbern Ireland Housing Executive. Across the year. the TnJst SUbli consuttstson respooses relating to tile Worthern 'lrelan(i fx¢cuttv¢'s Pr0MMe for Government. Belfast City COU11.$ Belfast StOTies projrt and th¢ 5$-d¢pO¢ntrj Shaping Sustsinable Places p)licy' it also led the Histwic Eovironrn¢nt Stakeholder Fonlln's response on the latter of .these. The Trust participated for the second year in Belfast City Council's work on a city-wtde Heritage AudiL but it notes no progress appeats to have iwi owie on ally outyuts from this work by the financial year end. The Tryst's Dev¢loptnent Director CODtinu&% to engage with national heritsge and pla¢enMk stskebolders through his involveDnt with tbe Academy of UTbanism (Aou) as a Board Director. Page 5
Belfast Bulldings Trust Trnstoes. Rep.ort Creadye Belfasl (Outreaeh E•g*gemen¢): BBT'S long-standing rKoTd of public aod comty ¢DgageitKnl work a)s5 heTitsg¢. culture. arld city regenerarion issues was ¢ontinu¢d in 2024-25. fvTther building on the succe55fv1 piloling of Creativ¢ Belfast during 2023.24 as a new framework for this wo. Creative Belfast is the Core stream for the Trusi's stralegic themes of skills and ¢ulttw¢. Central to the activity developed and delivered through Creative B¢lfasl is a wrnmitrnent that ¢ach of th¢ a¢livities ¢mbeils a skills developnwii asp¢¢t. To achieve thi4 all Cr¢ative Belf&%t activity during 2024-25 involved young people as paid int¢m5 .1.1 inttrns were involved in 9 opportunities. Each worked OD a t£cknical or production elernenÈ of delivering the particular activity or eveoL aligned with the Crearive Belfasi skills framework that tbe Tnjsi bas developed collaboratively with pamers. The pro8ra[tllDs relie5 on strong collaborntivc rc]atiothips witb thc Creative Belfast Delivery Parkners, each of wbich bas committed to the Skills franmwtk iti rentrn for delivttiti8 public activity that activates the Trust'$ publie engagemenr progranmw. SLgriLficant developmcnt discussions with Creative Belfast Partners fed itito the Carlisle MetntsTial Phase Two application to the Heritage Fund. Alnwsi all Parnts provided lettets of support for tbe applicatio[4 demonstrdiing the Stren of the parnersbip. The successfid 000)e of the Lkvelopment Phase application has se¢ur¢d Splfi.¢ thding toward$ Cr¢4tive Belfast pro8rdrrllg durtng 2026. In additioN the six 'Notes from Belfast. music coti]missions were successfvlly completed during tbe year. The .proj¢ct involves .six Belfast-linked awsi¢ian5 .writing new orThd by WOTking .with six community groups in storytelling and listening workshops; of the community pathr4 two were existing and four were ttew. rtieanitig the Trust's work expanded to new groups a¢tOSS tbe city. The Trust continued efforts during the year to secure additional fiding order to proceed with its 'Tbreading Voices. fi]m cortimissioll projecL a Belfast City Couticii Arts & Heritage Stnall Grant was secured in April 2025 for approxin]aiely 45°h of the project COSL After the year•end. a Dfc Historic Envirot)ment graTJt was se¢wed"in O¢tober 2025. ¢overing the YematDts of tht project cosl eDabltThg Comtlning ty tske place ill autumn 2025. Metytorlng BBT sp¢nt Wnsiderable tirne 5upportin8 other cotDmunity and heritsge regeneTrtiori organi5ations at various stage5 Qf project development or other areas of capacity building. Some of those relatioL4hip5 during 2024-25 included Ullion Theological Collew D&St110n CQ. Forward s[ aDJ Towson University and the 174 TrusL S¢hofjis"D¢bxtthg Coffjpetitiou The Nt Schools Debating Competition coniinued across the 202¥25 Academic YeaT, with Campbell College .emer8in8 as.winnets at the Fitial in May 2025. Other A¢blellnts Partnerskn"p work 202425 developed with.. Creattve Belfast Delivery Partnexs". - Beat Carnival -"BelfwiPholo Festival - Northern Ireland OpeTa' - Northern Ireland kience Festival Ouiburst.Queer Arts F.estival Page 6
Belfast Buildings Trust Trustees. Rep.ort - Th¢ MAC Belf¥ . Triye - Vaiilt Artisi Studios Notes from Belfast Conununity Pthers: . An I>roichead - Bail)Thfeigh CotDtllUDity Development AssOci10n - Belfast Hills Partnership Build ShtiDkill - Engage with Age John Street residents - AcAdeJny of Urbartism. - Belfast City Council - Depaitment for Cotmnunities Hearth 'stOriC Buildings Linen Hall Library - Indian Conununiry Centre - Maritime B¢lfast Tn]si - National Museums Northern Ireland - StrateC Investtncnt Board - Turnaround Project * The Trust's Developnnt Directw served duritig the pencd as a Trustee or Boatd Dittcior of the Academy of Urbanism (frotn July 2022). N10ftaI MuseunLS NI (from July 2024). aDd The MAC Belfast (from March 2025). BBT Trustee served durhng the period as a TTUSttt of Northern Ireland Opera {from April 2011). allother BBT T$1¢¢ s¢rved during the period &5 a TThtee of Hearth Historic BUt[dig5 TrtLSt (from 2013) FiTr4n¢ial review The tnain incoming resources of th¢ Cbarity r¢nuin the r¢ntai of vario5 pmperti¢S. in¢ODW from thes¢ sources totalled £26,589 (£23,210- 2024) and other grant fund The C-harity is extremely 8fdteiui to ail its grdllt fijlld.ers and sponsors. w1t1u¢ whose support the tlwi""ty would not be able to a number of its activiti¢s. Ptsliey Mserves The Trustees has ¢st2blished a policy whereby th¢ uvsestricted fiwds not comrnitted or invested in tangible red assets Cth¢ fr¢e r¢S¢TV¢S? h¢ld by the charity should be bctween 2 and 6 0ntbS of the resource5 expended. whicb equates to between £20,836 and £62.510 iti gerternl fjjnds. At this level, the Tnjstees think the Cbarity would be able 10 Cotttinue the currettt activitses of the ¢han"ty. In the event of a significatst drop in funding, it would obviously be necessary consider how the fimding would be replaced or activities changed. At present the fre¢ reserves 8D]OWlt to £9l.692 aDd ar¢ above th¢ TTU5teés taT8et Te. Th¢ TnW¢e5 will wntiou¢ to monitor fr¢e re5erve5. Pa8e 7
Belfast Buildings Trust Tru$tees' Report Pl#lls for fthTe periods The.comiDg fmaucial year includes two signthcant momeDts: the Trust's.owTr 30th Anniversary. and ibe l5.oth Anniversary of the firsi opening of Carlisle MemoriaL in May 1876. From its beginnings, Belf Building5 Trust h&5 fLKU5cd its delivery and ambitions on using Belfast's heritsg¢ to deliveT clear re8eneration benefits for people: i.e., that the use and reuse of Belfast's authentic assets is at the forefront of the city's Trgelleratioo meeting economic. social. and communiry needs. This focus will coutinue and be dcepened in this anniversary year and beyond thanks to the Tn.$ values attd the work ertakell around its clear stratr¢ themes. The Trus¢ will continue to bajancc WOTk tcro&% its four are4s of activity. between capital regenerdtion developrnent and eontinued scopitjg of relevattt opportti8. its Cteative BelfLsi outreach wort its Success] Belfast policy ellga8emenL and its nieniorin8 work. The Trusys primary for ¢apiial regeneration development in 2025-26 will b¢ the d¢v¢lopmeni work required to progress Carlisle Memorial Pljase Two and COT4)leiing the acquisitiofl of the Lwk BuildiDg. This work in itself involves an ambitious and denwjding iinxtabk. bui the Trust will contioue to explore and scope opp¢)rtunities for oth¢T capitsl Tegenewion projects. Delivering public engagement activity and deVelOpll relevani partretskn.ps through which the Trust can effectively activate Carlisle Melln&1'S use iti the sknrt rerm and explore oppomllhities for its long.temi use will b¢ itt]portant. Continued dev¢lopment of the BBT-led prowjme of aetivity in Carlisle Merllorial will continue Enhallcing and expanding the Creative Bel( engagement will guide the Trnst's delivery and other public. facing tivitieS. It is panicularly ¢iled to Ix building such positive relationships and partnetships.with the Creative Belf&%t pariDers aT will look to fornlllise and efted th"s parther5b]p work as it woiks towards a multi.year PrOe initiative. The Trst will build on its strong and eff¢rtiv¢ stsk¢hold¢r relati¢)nships to develop its public profile tbrough effective social media and other comtrwrricatioJLS using its refocused comtnun1cati0 approach. sing its existing engagetn¢nt on strat¢gi¢ and pla¢¢-bas¢d ¢ng8g¢nxttt policy. th¢ Trust will s¢¢k to d¢iiver public-facing activity in partnership with others. Among this work is the scoping of 'Belfast.. Mad¢ to Last, as a ollabordtiv¢ policy-focused initiative. It will continue to aclively. participate in its core parlnersbip5 acros5 the Historic Environ[rK Stakeholder Forum and .other relevant bodies and network%. including the Herits8e Network and Acadellry of Uthanistll. The Ttust conw)itt¢d to th¢ Northern Ireland SChty) D¢b¥tRttg C0nwetitio wbi¢h will ¢ontiDue in 2025-26. The Tftl will cotttinue tt) work with parther organtsatiolls. both old and new. in its advice and mentoring role. It wtll Continue its strong government relatioLs and advocacy work and the broad benefits of people 8lld heritsge-led Tegeneration. Firlly, .th¢ Tne¢S particularly not¢ th¢ positiv¢ of two applications.to support this fvture work and TeiDforcin8 the ttiVe prospects for tbe OrgasatiOn as a goitig concery noted below. One of thele, significant Developlljeni Phase lt of £223, from The National IA)ttery Heritage Fund towards CaTlisle Memorial Phase Two, Nv&s notified to the Tr81 at the end of September 2025. just a few days before the fiuallcial year end. The other. a £IO.000 grant from the tkpartsJent for Conmnurrities Historic EnviroDmellt Fund. was notified in mid-october 2025. towards specific c[l¥c Belf05t activity. Page 8
Belfast Buildings Trust Trustees, Report Structurfy g4)vernttee4ttd matta8eDLt Nature ofgoverning doc•menl The Bclf&st Buildings Trust is a cowy limited by guaT8niee and as such the liability of eieh of the rnembeTS is limited. Utlder Section 62 of the Con]panies Aci 2006. the Sociery is exen¥i from usin8 the word Limited. The Society's governillg document is the MenKJrandum and Articles of AsslatiOn. In the eveni of the company being WOW up nxmbers are required to c00ribu £l.(Kb New ttiJsie¢s are identified by the tM)ard froDI leading m¢mbers of th¢ ¢ODunurrity bave tbe Tequisite skTIIs and ¢xperi¢n¢e for the position along with a desire to seTV¢ the c¢)nwnunity Mujor risks andfftan4g¢m¢MI oftknse risks Personnel the risk of losing key staff or voluntrer4 with the &%ociatrd lo&$ of expe and experience Rq>utatiOrt the risk that the charity tnight be sufftr reputstionai damage as the result of wUthorI5¢d public ststements Financial the risk that clwiry could Tun into financial diffi¢ulti¢s. FiDan¢ial iDStruDXllts Objecrfv¢s 4ndpoU¢les The clwitys actsviti&s expose it to a twmber of fittan¢ia] iisks includ¥ credit c&sh flow risk and liquidity risk The use of finamcia] deri1Ves is governed by the ¢Trlty.$ policies approved by the board of ttustees. IwiLich p"rovide.WTitteD princip.les OD the use of financial derivatives to" i)w8e these risks. The cbarity does Doi. use derivative financial instruments foT SFculative purposes. Cashflow risk Th¢ charity's a¢tivities exFK)se it primarily tv tbe risks of chan8es in foreign wrrewy exchaage tat¢s and interest rdtes. The charity w fo1 exehwe forward conttacts inteTrst rate swxp CQDtracts to bedg¢ these exposures. lttt¢r¢$t bearing ass¢ts aud liabijines ar¢ hdd at fix¢d rat¢ to ¢Thsur¢ c¢n8inty of ¢asb flows. Credit riyk The chan"ty's principal financial assets ate bank balances and cash. trade aDd other teceivables. aThd investtDents. Th¢ charity's ¢T¢dit risk is primarily atiTibutabl¢ to its trdd¢ r¢c¢iv8bles. Th¢ omowjts presented ID the balance sh¢¢t are n¢1 of allowances for doubtful r¢G¢tvabl¢s. AD allowCe for ityirm¢nt is made where there is a identified loss event wbicb, b&sed on previo experienc4 is ev4deDce of a mluction in the recovuability of the cash tlows. The tredit risk on liquid futds otsd derivative fiDancial iDStruwts is lityited because the fOUDrp¥rtie8 ar¢ banks with high credit-ratiDg5 asSid by international credit-rating a8etLcies. The charity has no si]ficant concentraiion of credit risk with exposure spread over a large number of courtterparties and customers. Page 9
Belfast Buildings Trust TThstees' Rep.ort Liquidity rlsk tn order to nminttin liquidity to ensure that sufficient fillth are available for ongoing operations atrj future developmetsts. the charity use5 a mixne of long-ierm and sbon-tern) debi finance. Furrher details re8arthng liquidity Tisk Can be found in the Ststen)eni of x¢owlg policies ID the finattcial ststem¢nts. Creditor payrnellt poll The charity supports prompt paYrne and targets payrne for gocrfjs and services to be made witbin ad payment terms or within 10 days of receÉpt of invoices Dot in dispute. Going t•nctrn The tNst¢e5 assess whether th¢ us¢ of going is appropriat¢ i.e. whetber there are any Thterial uncertainties related to events or conditio thai C8SI 5hguificaut doubt on the ability of th¢ ch8rity to coniinue as a going concen). The trustees make asses8t in respeci of a period of one year from the date of approval of the fina2/1 stst¢m¢nts. The fundiD8 is such Tn]5tees (ll0t be" certain thatprojectC41 futse fvndin8.will rnateriali5¢. At the time of approving the accounts. despite flnancial challeng&4 and following wtssment the Trustees bave a reasonable expectation that the cban.ty adequate rUrCeS to cotrtinue in operational existe foT Tb¢ foreseeable jtE. Th8 the Tnjsiees coniillue adopt the going concern basts of accouutitlg in preparing tbese financial ststemenrs. Page 10
Belfast Buildings Trust Trnstees, Report ststetDent of trustee5' rewnsibilities The ttustees (who are a150 the dirertOTS of Belf&st Building5 Tn for th¢ pwposes of Mpally law) fire r¢sponsibl¢ for preparing the twstees, rtport and the fllmnciai statements in accordance with appli¢able law and United Kingdom Accounting Standards Iunited kn"n8dom Generally Accepted Awjunting PTa¢ti¢¢), iD¢ludiDg. FRS 102 "The Finaticial Rew>rting Stsniiard appiicable in the UK and Republic of Irela1.. The report and accounts have been prepared in accordance with the provisions in the Compames Aci 2)6 relatitig to small companies. Company law rcquires thc trusttts to prepare financial sratellts ftir each financial year. Under cotDpany law the tsustees must not approve the fioanctal statrmeots the$S they are sarisfied they give a tsue and fair view of the state of affairs of the charirable cojnpany and of the incoming resources and applicatiou of resources, includ.ing its income and expendituré of the charitsble company for that period.. In preparing these Knan¢ial" statements. the trustees are required to: s¢l¢¢t suitsble aruntIng polici¢s and apply them coosist¢ndy. observe the methods and principles in tbe Charities SORP. make judgetnents and ¢stitDatts that are reasonablt and pdell slate whether applicable accounting standard4 conwtisfftng FRS 103 hav¢ b¢¢n follow¢d. subject lo aay nlltrrial departures disclosed and explaitied in tbe financial statements. aDd prepare th¢ fina18[ stat¢tn¢nts on th¢ goiDg Concern basis unless it is inappTOPTiate to presume that tbe tharitsble Company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonabl¢ accuracy ai any time the financ1 position of the chan"table company and enable them to ensure that the fina101 statements COtY with thc Cowcs Aci 2006. They are also wThsible for safcguardiu8 the assets of the cbaritabl¢ company ond hence for taking reasonabl¢ Steps for th¢ prevention and d¢t¢¢tion of fraud and other irregularities. The trustres are responsible for the maintenance atsl integnty of the eOryK)fdte aDd financial infonnatlOD included on the charitable coowanys website. izgislaiion governing the prep8xation and dissemitiation of FanCIaL statements nY differ froro legislation in othtt jurisdictions. Smll tompanies prnvision staltmtnt This r¢poTt has b¢¢n prepared in with th¢ small T¢gbm¢ und¢r the Companies Aci 2006. Tbe annual report was approved by the trustees of the charity on 16 June 2026 4Dd $igDed on its b¢half by: T B O'Donnell Dizector and TnL5tee Pagell
Belfast Buildings Trn5t Jndep.eDdeDt Examlner's Report to the trustees fjf Belfvdst Buildings Trust ('Abe Company,) report to the ¢haTity.ttUSt¢¢S 00 my .¢xaminOll .of the ¥eouots of the .Compgny for th¢ .year .end¢d 30 S¢pt¢mb¢r 2025. RespoDslbllities alld basis of report As the ¢I]ty's tsustees of Belfast Buildings Tn (and also its directors for the puTroses of company law) you are responsible for the preparation of the accounts ID accordance with th¢ requiTemenrs of the Companies Act 2006 ('the 2006 Aci.). Having satisfi¢d myself that the accounts of BelfLst Buildings Trust are not ll1red to be audited under Part 16 of the 2006 A¢t and are elw'ble ftsT indede examinatio I report iti respect of my exatuiDation of your charity's accounts &$ carried out under section 65(3) of the Charities Act (Northern Irelaftd) 2LN)8 ('the 2008 A¢t'). "tn canying out my exaDJillarion l.have followed th¢"t)irectsons giveD"by th¢ Chartty ConlllliSSiOtJ uoder section 65(9)(b) of th¢ 2008 Act. lttdependenl.exaner.8 st•teme•t accountiag records weTe no¢ k¢pt in ttspxt of Belfast Buildings Tn& as Tequired by sectiOD 282 of the 2014 Act. or 2. the accounts do noi accord with thos¢ records" or 3. the accounts do Dot comply with the accountsng requirerttnts of section 396 of the 2¢M)6 Aet otheT than any requirement thai the accounts Ve a'true attd fair view wlll.ch is not a Mat coL%idered as part tsf ati ind¢pend¢nt examinatio or 4. the accounts have rtot bttn prepamj in 4ccordance with the methods attd pnnciples of the Statement of Recommertded Prnctice ftir xcouniin8 and reportuw by charities lapplicable io cbarities pre]>anng their ac¢ounts in aw)rdan¢e with ttLe FiDaDcial RyrtinB Standard appbcable ID the UK R¢publi¢ of Ireland (FRS 102)J. I have no concerns and have cotlle across no other tDatta5 in connection with the examination to which att¢ntioD should be drawn in this report in order to enable a propcr understanding of the accounts to be reac]Led. opper FCA Hopper & Co Chartered Accountants & Registered Auditors IE BodY:charted Ac£i)untants Ireland 6 Doagh Road allyclare Co Antrim BT39 9BG 16 June 2026 Page 12
Belfast Buildings Trust Statement of Flnanclal Aetlvltfies for the Year Ended 30 September 2.025 (tncluding Income and Expenditure A¢¢ount and Statement of Total Recognised Gafins and Losses) Tot•J 2025 funds ttds Note Incorne aDd EndoTvUts from: Donations and legacies Charitsble activities InvestEnent incotne 15,468 26.589 8.760 24,228 26.589 5,339 Totsl irKotn¢ 47.396 8.760 56,156 Expenditsre om: Charitable aCtitieS Other expenditure (125,021) (42.273) 34.319 (167,294) 34,319 To1 expenditure Net expenditure Trallsfers between fim¢i8 (125.021) {76.592 201.613 (77,625) 2.320) (67.832) 2,320 (145,457) Net movemeM iti funds (79.945) (65.512) {145,457) RtcoDcilitio"ii of fuiids Total fund5 brought forward Total funds carried forward 170.034 2.817.220 2.987,254 19 90,089 Ufjres¢rirt¢d funds 2,751.708 Restrirted fuDd5 2,841.797 Total 2024 Nots Income Dd Endowments from: Donations and legacies Charitable activities Investment income 1.285 23.210 8.410 39.254 40.539 27,210 8,410 Total I0[ne 32.905 43.254 76,159 Expendithre on: Charitsble activities Other expenditwe Totsl expenditure Net expellditure Transfe[s"bewe¢rt fjmds (107.757) (56,042) 34,319 1163,799) 34,319 (107,75D (90.361 198,118 (74.852) (Sly)) (47.107) soo (121.959) Nei movement in fijnds (75.352) (46.607) (121,959) ReconcRliation off fld$ Totsl fiu)ds bTought fotwaxd 245 387 2,863.827 3.109,214 Totsl.funds ¢8rri¢d.fo"AW8rd t9 170.IJ35 2,817,220 2.987.255 Th¢ not¢s on p#ge$ 17 to 33 forni int¢ partof th¢5¢ financial s¢at¢ments. Page 13
Belfast BuildiDgs Trnst Statement of Flnaneial Activities for the Year Ended 3.0 s.eptember 2025 ncluding Income and Expenditure Account and Statement of Total Recognised CaiDS and Losses) Ail of the ¢lwity's acliviti¢s d¢rive from continuing oper*ions during the above two periods. Th¢ funds bre4kdowA for 2024 is shown iti note 19. The no on pa8e$ 17 to 33 forni an Integr part of these financial $tatements. Page 14
Belfst Buildings Trust (Registration number: NJ031327) Balance Sheet as at 30 September 2025 2025 2024 Note Fixed assets Taiig"ibl¢ assets 13 2.743.566 2,778.424 CurreD¢ assets Debtors Cath at bank and in band 14 15 120.104 229.408 121.744 234.440 Creditorj: ATh)unts falliTrg due within one y¢ar 16 .513 9,359 Net eurrettt ssets 118.231 225,081 Totwl $5¢ts Itss curreut li•biliti¢s 2.861,797 3,003,505 Credltsri: AMottts fllltsg dthe fter Dwtrre thtt yr 17 20,000 16250 Net assets 2.841,797 2,987,255 Funds of the ¢barity: Restrleted iticome funds Restricted fijnds 19 2,751.708 2,817,220 Urir¢strKt¢d.iii£oiu¢ fiipds Unrestricted fund5 90.089 170,035 Tot*1 fllDds 19 2.841.797 2,987.255 For th¢ fjnancial year ¢nding 30 Sept¢mb¢r 2025 the ¢haTity was ¢ntitJed to ex¢ryJtion from audit under section 477 of the Companies Act 2006 rel]ng to small cotDPaDies. Director5, reSpOlbIlItieS. The membets have not required the chlty to obtsin an audi¢ of its accounts for the ye•r iti question iti accordance with section 476. and Thc directots acknowledge their responsibilities for complying with the requiTemtsts of the Act with respect to accountin8 records aJ]d the preparatiOD of accounts. These fllL8ncial ststements have been prepared in accordance with the special prnvisiotts relatiti8 to companies subject to the soTrll Cotnpanies regime within Part 15 of the Cotnpanies Act 2006. Th¢ notes on pages 17 to 33 fonn an inte1 part of th¢5e fiDancial statetn¢nts. Page 15
Belfast Buildings Trust (Registration number:. N103J327) Balance Sheet Is at 30 September 2025 The fincial statements on pag¢5 13 to 33 were appry>ved by th¢ tn¢¢5. and autboris¢d for issue on 16 June 2026 and SIed on their behalf by: Mr B O'Donn¢ll Director and Tn¥te¢ The note5 on pages 17 to 33 form an inte31 part of th¢5e financial stat¢nKn Page 16
Belfast Buildings Trust o.tes to.the Financial StateJDents for the y.ear Ended 30 September 2025 I Ch8rlty stltss The ch8rity 15 limited by guardntee. incorporated in Northern Ireland, and consequently does not have share capital. Fxh of the trustees 15 liable to contribute arnunt not exceedithg £1 toward5 the a55ets of the ¢han'ty in the event of liquidation. The addres5 of its regisiered office is: The Gate Lodg¢ 51 IA Ormeau Road Belfast Antrim BT-7 3OS These financial ststements were authotised for issue by the mjstees on 16 June 2026. 2 Aeeountine polities of$agDifvnt xccou•ting polioes and key ccouDtiD8 e511m•tss The principal accountitig poli¢Res applied in the preparation of these financial statements are set out below. These policies bave been consisntly applied to all the years presend. unless otbeNise ststed. StstemeDt of compliAD¢e The financial statements have been prepared in accordance witb Accountiug and Re)rtIng by Charities: Stsiemeni of Re¢oJnmended Praciice (applicable to cljarities preparing theit accounts in accordance witb the Financial"Reporttng Standard. applicable in the"UK atKI"Rcpublic oflreland (FRS 1021) (issued. in O¢tob¢r 20191 - (chltieS SORP (FRS 102}I, the Financ1 Reporting Standard appbcable in the UK and Republic of Ir¢land (FRS 102) and the Companies Aci 2(X)6. B•5is of prep4ratioD Bel(a5t Buildings Trust JDccts the dcfillition of a public benefit cnts.ty under FRS 102. Assets liabilities ar¢ initially recognised at hisiorical cost or traLsaction va]ue utt18 otherwise stated in the relevant accoullting policy not¢s. Going eon£erD The rrusiees consider that there ate no mariai uncertainties aboui the charitys ability to contitiue as a goin8 concern norany 5i8nificant areas of uncertainty that afft the canyiog value of assets held by the charity. Exemp¢ioD from prep•ring * ¢h fiov statemtllt The charity oPd io early adopt Bulletin I pUbled on 2 Febrnary 2016 and h#v¢ tlw¢for¢ not Included a c8sh flow staiemeni in tl)ese fin18) statements. IDcoDae *nd ettdoivments All incoDK is recols¢d once the ¢lt8rity has entitlement to th¢ incom¢. it is probable thar the illcome will be received and th¢ amount of the in¢onY receivable w be tneasured reliably. Page 17
Belfast Buildings Trust Notes to the Flnandal Statements for the y.ear Ended 3.0 September 2.025 Donotions Iv11¢ DoiYdtiOnS are recolsed wlkn the Chty Ilas beal notified iti writin8 of both the atnount and 5¢tt1ement date. Irt the evellt that a donation is subject to conditiODS that require a level of performance by the charity before the charity is entitled to the fijnds. the incolne is deferred alld not recogtiised until eitber th05¢ conditioD5 are fvlly e4 or the fvlfilm¢nt of thos¢ ¢ondttions is wholly witbin the control of the ¢harity and it is probable that these ¢¢)nditi¢)ns will be fulfjllwj in the r¢Fwting p¢riod. .Gr4nts pee¢lble Grants aTe T¢¢ognised when the charity has an ¢ntidetDT to the fm)ds and any conditiOLS lujkcd to the grdnts have been met. Wht performance conditigns are attached to th¢ and aT¢ y¢t to be JDe( the illcome is recognised &8 a liability and included on the balance sheet &s deferred incotne to b¢ released. Dividends are recognised once the dividend beeo declared and notification has been r¢¢¢ived of the divideDd Expenditsr¢ AJI expendibjre is reco8nised once there is a legal or consCtiVe obligatton to that expenditur¢. it 15 probable settlement is required and tbe amount cam be measured reliably. All costs are allocated to the applicable expenditure beading that aggre8ate similar costs to that category. Where costs caonot be directly attributcd to particular headings they have been allo¢atcd on a basi5 consistent with the use of resources, with ¢¢ntral stsff costs allocated OD the basis of time spenL and depreciation charges all(ated on the portion of tb¢ ass¢t's use. .Other support ¢osts.are allo¢ared b&sed oothe spread of.suff costs. Ch4plMble ortlw Charitable exp"enditiire ¢ompri5es thos¢ sts in¢utr¢d b.y th¢" ¢harity ID the" delivery ofits actsvities and servi¢é$ for its beneficiaries. It includes both costs that can be allocated directly to such adiviti¢s and those costs of an inthrect natvte necessary SUPPOrt thenj. Support costs Support cost5 include ccntrdl functions and have been allocated to activity cost caiegories on a basis cousistellt wRth the use of resources. for example. allocating propezty costs by floor or per staff Costs by the tim¢ sp¢nt al oth¢r costs by tbeir usage. Governnce rosts These include the costs attributabk to thc dwi"ty'5 compliance with cowtitutional and slatutory tequireinent includit)g audit. strategic management and trvstr&8 meetiD8S attd reimbutsed expens. Taxation Th¢ charity is considered to pw the tests sel out in Paragrapb I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitsble company for UK [poratiOn tsx purposes. Accordingly, the clwity i5 Potentially exempt frotn taxation ID re5PKt of irKom¢ or ¢apitsl gains Tec¢ived witbits categories covered by Chapter 3 Part I l of the COTratiOn Tax Act 2010 or Section 256 of th¢ Taxatiou of Cbargeable Ga2ns Act 1992, to the extent that such inci)me or lD$ gre applied eX¢IlY¢1Y ty thri¢abl¢ purpKJses. Tangible r]xed #ssets Individual fixed costing £0.00 or more are initially recorded at cosl less any sub5¢qu¢nt ac¢umulai¢d depreciation and subsequent accumulated iDwairment lo. Page 18
Belfast Buildings Trnst N.ot¢5 to the Financfial Stst¢ments for the Year Ended 3.0 septemb.er 2025 DeprecratiDn andarnortisatiott Depreciation is provided on tangible fixed a55ets 50 as to wri¢¢ off the ¢05t or Valuatio less aDy ¢Stirnat¢d residual value, over their expected u5¢fui ¢wnomi¢ life as follow5: Trade debtors Trade debtots are amounts due ftom customers for nK[chIse sold or services perfonned in the ordiDary course of business. Trade debtot5 are ttco8nised iniiially at the tTrThsactioD price. They are 5ubsequcntly mwured at amorkns¢d cost using the effective interest rnetho4 less provision for impairmeDL A provision for the irnpaitment of trade debtors is estsblished when there is objective evidence that the ¢lwity will not be able to collect amounts due a¢cording to the original terms of the receivables. Cash and <a$b e9uivxkDts Cash and cash equivalellts comprtse cash on hand and call deposits. alld othet short-terni kn.ghly liquid inv¢stnMJts that ar¢ readily ¢onvertibl¢ to a known amotmt of $kn and ar¢ subject an insignificaot risk of change in value. Trade creditor5 Trade CTeditors are obligations to pay for good5 or s¢Tri¢¢s tbat have been acquired in the ordinary course of business frotn suppliers. Accounts payable are classified cyrrent liabilities if the ¢harity does not have all uncoTLditional tight, at tht end of thc rcportin8 prrio4 to defer 5Cttlcmrnt of the CTeditor for at least h¥elv¢ months after the reponing date. If th¢r¢ is an un¢onditional right to defer settlemeni for a¢ least Nelve motttlL8 aft¢r ¢he r¢porEing dat¢. they ar¢ PTfS¢DwI as non-Qu¢nl liabilille& Trade creditors are recolsed initially the tiartsaction Price and subsequently m¢U[ed at amortised tost using the effective iTJterest methcxl. Borrowiugs Interest.bearing borrowings are initially recorded at fair value. oet of transactiort costs. Interest-bearin8 borrowings are subsequently CWTied ai aD]Ortis¢d cosL with the difference between the proceeds, llet of transa¢tion Costs, and the amount du¢ 00 r¢dempuon b¢ing re¢ogws¢d as a cbarge to the StstenKni of"Financial Activiti¢s over th¢ peri(Kl of th¢ relevaDt bornjwin Interest.expeL%e is rt¢01std.Ott the.b&%is of the effective ititeresE.rtth and is Inched .in inteTe51.paydble and similar charges. Borrowings are classified as current liabilities unless th¢ charity ha5 8n unconditional rigbt defer settlement of th¢ liability for at least twelv¢ Itnt5 aller th¢ retwtiiig date. Page 19
Belfast Buildings Trust Note$ fto the Flnanclal Statements for the Year Ended 3.0 September 2.025 Ffjr¢ign.eJchgnge Transactions iti foreign currencies are recoTded * the rat¢ of ex¢bang¢ at tbe date of the transactkon. Monetary asseis and liabilities deuominated in foreign 0reI¢5 at the balan¢¢ sheet dat¢ are reponed ai tbe tares of ¢x¢hange prevailing. at that ¢Jate. The results of overse&s operdtion5 arc translated at the averdge rdtes of rxcbange during the period and their balance Sheets at the te5 ruling at the balance sheet date. Exchange differen arising on traDslation of the opening ner assets and results of overseas operations are rep)rted in otber comprehensive income and accumulated in equity (allTibuted to )]OD-¢oDtrolling intrresrs as appropriate). Other exchan8e differences are rec08Dd in the Statement ofFinancial Activities in the period in which they aIi5e except for: l) exchange differences On traasacrions entrred iDto to hedge certain foreign currency risks (see above). 2) exchange differencts arising OD gains or I(1& OD nOI1)ntry itetELS which are recogDiSed ID other comprehcusivc iticorne" and "3) En the case of.the coas01idated" fina181 statellKnty exchange differ¢nvs oo monetsry it¢nJs receivable from or payable to a foreign operdtioll for wbicb settlemeDt is neither plaDned nor likely to occur {therefoTe forniing part of the net investrwit iti the foreign operation). wm.ch aTe recognised in other c<)mprehensive income and rerted uamler equity. Fund strn£re Unrestricted income funsts are gerternl funds are available for use at the truses discretion iti further•nc¢ of the objectives of th¢ charity. Restricted income fun(L% are those doD#ted for particular area or foT specific PUfFX)s&%. the use of which is restricted to that area or purpose. Penslons aDd other post retiremeDt oblig•tioDS The charity operatrs a defitted contribution pension scheme which is a peL8ion plan under wbicb fixed Colltributiotts are paid into a pension fund and the ctrthrity has no legal or CoStruCtive obligatson lo pay further contributions even if the does not hold sufficient assers to pay all employees the bEnefits relating to employee %rvi¢¢ in the curreni and prior P¢Tiod& Contributions to defined contribution plans are reCOlSed in the Ststement of Financial Activitie5 when tbey ar¢ due. If contributioll payrnents cxcced the contribution due for 5crvicc. the cxccs5 is recogtused as a Prepa)nIt. Finncil iti5trumettts Classific10 Financial &ssets and fiDaDcial liabilitie5 aTe reWgnls when the cbarity bewmes a paty to tbe Contrac¥1 provisions of th¢ iL5trum¢nL Financial liabilitie5 and ¢quity iTh5trLhments ar¢ ¢ls5ifi¢d ordIng to th¢ sub5t4n¢e of the ¢ontr8Ctual aTtangements entered into. An equity i]]Strumeni is any contract that evIdeeS a Tesidual interest in tbe assets of the chaTity after deductitig all of its I11]ti%. Pag¢ 20
Belfast Buildings Trust ote$ to the Ffinandal Statements for the Year Ended 3.0 September 2025 Recogniliom und mew¥r¢meHe All finaDcial &8sets and liabilities are inilially measura at tratisaction price (iti¢hltig trattsaction ctssts). except for those fitwirial a&sets Classificd as fair value through profit or loss, wlll.ch are initially measured at fair value (wkn"ch is nornmily the tsansaction price excluding transaction costs). unless the arrnwent constitutes a fi"nan¢ing ttansaction. I"f an arrangeomtt constitutes a financing traDsaCtlo the fiDan¢ial ass¢t or finan¢ial liability is me&sur¢d at th¢ preSt value of the filture payments discounted It ¥ m¥rk¢t rn* of interest for similar debt instrument. Filn¢1a1 assets and liabiliues are only offtei in the Stement of financial position at)d onty ell there exists a legally enforceable right to ser off the recognised amounts and the charity iDtends either settle OD net basis. or lo r¢alis¢ th¢ a5sel and 5¢tt1¢ th¢ liability simultan¢owly. Finanrial asstts are der¢cotsed when aDd only when a) the CODtrXtual rights to the cash flows from the financial asset expire or settled b) the charity traDsfeTS io amother party subsrantially all of the risks attd rewards of owi)erstrLiP of the firclaI as5¢1 or c) the Charity. despite having Tetained some. but not all, s)lficant Tisks and rewards of owneT5bip,"h&s trawferred control of the &s5¢t to anot1 paTty. Fitw)cial liabilities are derewNsed ollly when the obligation specified iti the contract is dischatged. callcellcd Dr expires. Page21
Belfast Buildings Trust Notes to the Financial Statements for the Year Ended 30 September 2025 l)ebt Instrnm¢Mts Debi instruDients whith tn¢¢t th¢ followiti8 eonditiOtt% are subsequendy ll$[ed at aTntirtised ¢ost usiDg th¢ effectiv¢ interest tDethod: (a) The contrttl Ktum to the holder is (x) a fixed (u) a p)sitive fiK¢d rate or a positive variabl¢ raie. or (iii) a ¢ombiDation of a positive or a D¢gativ¢ fix¢d rate and a p()sitive variabl¢ rat¢. .(b) The.contract may provide for repayiIients.of the principal or the ttDmi.to.the holdeT (but t1 both) to be linked to a single relevant observable index of general price iDllation of the cwretscy in wbicts the debt instt)Jment is denomined. provided such Its5 are oot l¢veTaged. {e) The contract may provide for a deterniithle vatiation of the TeDmi the holder during the life of the instrument, PTovided that (i) the new ratr satisfies cottdition (a) and the variation is not contingent ott future events other than (l) a challge of a contracttthl Y18b}e rale. (2) to proiect the bolder againsi credit deteriotation of the issueT; (3) chaD8es in levies applied.by a central bank OT aTising frorn cbartges in Televant taxatioD or law. or (li) the new rdte is a market rnte of TrDtrr&%t and satisfies conditioll (a). (d) Thete is no contracDJal proision that by its tern. r¢suEt in th¢ holder losing the principal amoullt or y int¢r¢st attrilyjtable w the Current peri()d or prior period> (e) Contractrjal provisions that pernmt the issuer w Prepay a debt insttimnent or pern[ the bolder ro pui it back to the issuer before maturity are not contingent on future cveDt4 othcr than to protect the bolder alDSt the credit deterioration of the issuer or a chaD8e in control of the i55ucr. or to protrct the holder or issuer against ¢Inge5 in levies applied by a central bank or arfftsing from changes in relevant t&x&tion or law. (fj Contrdctswi provisions may permit the extension of the terrn of the debt i[LstrU( pwvided that the rettwll to the holdu and any other contsactual provi5i0Trs applirable during thE extended terni satisfy the condition5 of paraBrnphs (a) to (c). Debt instrutijenis that are classified &$ payable or receivable 7th1n one year on inttial recognition aDd which mert the above conditions are measured at the utsth"scounted amouni of the cash or other considerdtioll expected to be paid or received. net of impairnienL With the exception of some hedging itstrurn other debt not nketmg these eottditions are tsasured at fair Ydlue through profit or los Co))unitnxnts to Dke and Tec¢iv¢'l0w nx¢t th¢ diOn3 n)¢ntioned abov¢ 3T¢ musured at cost (which Jjuy b¢ Dil) less itDpaiFrn¢Dt. Jnvestments Investments in non-convertible preference shar&% and noTrputtable ordinary or preference shares (where share5 are publicly traded or their fa]r value 1$ relthly mwurdble) are llasuted at value throu8b Profit or 105$. Where fair value canTK)t be reliably. investments measured at cost le&$ inwalrntiL Investments in subsidiaTi¢S and sOcIat¢S are me•sur¢d at cost less impairtn¢nL For investtll¢nts in subsidiari¢s acquired for ¢onsid¢rJtion ]ldID8 the issu¢ of shar¢5 qualifying for mer8¢T r¢lief, wsi 15 Dwa5ured by reference to th¢ nominal value of th¢ shar¢s issued plus fair value of other con5iderdtion. AJJY preryjium is ignored. Page 22
Belfst Buildings Trust -NoteS to the Financial StateDients for the Year Ended 30 s.eptember 2025 Deriv1veflTr4xekn1 The charity uses derivative financial instrutneDts to reduce exposwe ¢0 foreign exclw)Ee risk and ititerest rate mov.ements. The charity does not hold or issue derivative fiDla1 inStruts for speculative purposes. riertvalives are initially recogntxd at fair yU¢ at thc datr a derivative contrxt is entered into and are subsequentiy rtMekned to their faiT value at each Teporting date. The Tesulting gairt or los% is recogDised in statetneTLt of financial activities itillllediaiely unless the derivative is designated and effective a5 a bedging .insInJ¢lll iti .whieh .event the tsmittg of the recognition in of financial adivities depends.on tb¢ nature of the hedg¢ relationship. Falp valu¢ me4sMreme Th¢ best evidence of fair va]ue is a quoted price for an idenocal gsset in an active markel When quoted prices are unavailable, the price of a recent transaction for an identical asset pmyides evidence of fair value as long as there h&s not bEen a 5igmficant change in economic circutDstaDce5 or a signlficant laps¢ of time sillce the tranwtion took pla¢e. If the mOTket is not auive and re¢ent tranS#10S of an identical asset on their own are not a go(Ml e5titnate of fair valu¢. the fair value is ¢stimated by using a valuation technique. 3 IDtome frnm donatio and lega¢ie5 ftsnd5 Gelleral Rt5tTi£ttd fudS Tfjt funds Donations and legacie Donations from commurrity groups Grants, including capital Wdnts. GTants from otiier chariiics 468 468 1S.0(Y) 8,760 23,760 Total for 2025 15.468 8,760 24.228 Tot41 for 20Z4 4 from ¢barit4bJe activiti¢5 funds General R¢stri¢t¢d funds Tot41 fuDds Lttitig of Property for cban"table purposcs 26,589 26.589 Total lor 2025 26.589 26,589 Total for 2024 23.210 4,000 27,210 Page 23
Belfast Buildings Trnst lotes to th¢ FinaDelal.StstemeDts lor.the Year Ended 30 September 2.025 S Jnvestmettt Income UDratrict¢d ds General Total futtd$ InteFest receivable and similar income. Lllterest receivable on bank deposits 5.339 5,339 Tot for 2025 5,339 5,339 Total for 2f124 8,410 8.410 6. .Eipettdlture ott ehrltable.etlvlt fuDd$ Gener•1 Totsl fuDds fuods L¢tting of Prop¢ty for charitabl¢ PWEK)S¢5 125,021 42273 167.294 Tot*1 f•r 2024 107,757 56,042 163,799 Total expeDdlture In addition to the ex'tre analysed alM)ve. there are also gov¢rnaDtt Costs of £l.550 (2024. £1.500) wbich rclate directly to clwitable activities. Sec note 8 for furtber detsiis. 7 Other expenditsre Restricted funds Total fuDds N• Depreciatio alrtISatiOn and other similar costs 34,319 34,319 Total C•r 21J25 34J19 34.319 Total lor 2024 34,319 34,319 Page 24
Belfast Buildings Trnst Iyotes to the Flnaneial Statements for the y.ear Ended 3.0 September 2025 8 ADglysis of governnce and support eosts Governaknee cbits UDrestrie¢ed runds G¢n¢rAi Total 2025 Independent ¢xao]iner fees ExaD]inthoD of the fillancial stst¢m¢nts 1,550 1.550 ,550 1,550 UDrestrid¢d funds Gener Total 21124 EXaMiOn of the fiDancial statements 1,500 1,500 1,500 1,500 9 Trusttts remuD¢rtio• x•d expenstj No trustees have Teceived any T¢?mbursed ¢xp¢tL5es from th¢ cbarity during the ye4r. Ilj Stsff ¢osts The aggreBate payToII costs were as follow5: 2025 2024 St*ff costs duriDg the year were: Wages and salaries P¢nsion ¢05ts Oth¢r staff ¢05ts 26.435 985 150 24,949 936 190 27,570 26,075 The monthly average number of p¢tson5 (including senioT manageJDent I leadetship teain) ernpk)yed by tb¢ charity dUTg the year expressed &s full time equivalents was as follows.. 202S 2024 No Employees 1 {2024- 1) of the above employee5 P3rticit in th¢ D¢fin¢d Contribution P¢nsion S¢hem¢$. Contributions to the employee pension 5thtn¢5 for th¢ year totall¢d £985 (2024- £935). Page 25
Belfg$t Buildings Trnsl Notes to the Financial Statements for the Year Ended 30 September 2025 11 IndependtDt ez4th¢r's remmnerntityn 2025 2024 EXaMiOn of the financial statements Page 26
Belfast Buildings Trust otes to the Financial StatemeDts for the Ytar Ended 30 September 2025 12 Taxatlo• The charity is a registered charity and 15 therefore ¢x¢mpt from taxatim 13 Tanglbie ed assets Furniture Ipment buildings Total Cost At l O¢tob¢r 2024 3.400.532 25.258 3.425.790 At 30 September 2025 3,400,532 25,258 3,425,790 Depreclth)D At l October 2024 Charge for th¢ ye 622,896 34.3 19 24,470 539 647,366 34.858 At 30 Seprember 2025 Net book v•lue 657.215 25.009 682,224 At 30 SeptettttKr 2025 2.743.317 249 2.743.566 At 30 SeptrJlr 2024 2.777.636 788 2.778.424 14 Debtors 2025 2024 Trade debtors Prepaym¢nLs Other d¢bto 1,386 253 4,850 182 1,640 5.032 15 Cash eask equivleots 2025 21124 C&sh at bank 120,104 229.408 l6".Credi¢oTs:4mouDts falli du¢ wltbltt one year Pag¢ 27
Belfast Buildings Trust Notes to the FiJaDcial Statements foT the Year Ended 30 September 2025 2025 2024 Trade creditors Other laxation atMI social sxurity VAT grant repayabl¢ Oth¢r creditors A¢¢nlS 1.789 1.043 6.798 868 851 2.193 1,166 1,500 3,513 9.359 17 Creditor5: amtsunts fauing dut fter otte yer 2025 2024 Bank luaDs 20,(N 16.250 Loan borrowings have iticreased due to a corre10n of prior year error& This relates to a misallocatioD betsvcen loan interest and ¢apitsl loall r¢paymeats. 202S 18 PensioD and otber xbemes Defined contrib0 pensiots selhemt The charity operates a defined contriburion pension scheme. The pension cosi clwge for the year Tepresents contiibutions payable by the ¢haTity to th¢ 5ch¢nx and aUted to £985 (2024- £936). 19 Fuiids Bance #t I October 21124 30 S"eptember 2025 io¢•mtog Resourtes resources expeoded Tr*Dsfers Unrestrk¢ed fuDdJ GenÉrol Ujirestricted Fill5 170.034 47.396 {125.021) Page 28
Belfast Buildings Trn$t otes to the Finan¢ial Statements for the Year Ended 30 September 2025 BalaDee t 30 September 2025 Bloce It I O¢tobeT 2024 r¢50urrys ¢ended Trnsfers Restrl¢ted Buildings Fw Schoo15 Debating Competition SuCcessfi Belfast Covid Recovery Emplowt & Skills Initiative Leche TrU- Live at Carlisle Creative Belfast 2,777,635 (34,617) 2.743,018 1.105 (2,792) (430) 287 430 36.480 (29.790) 6,690 2,lJ)O 8,963 1.603 Ti>t*l restrlcted 2.817220 8.760 (76.592) 2.320 2,751,708 Total fundi 2.987.254 201,613 2.841,797 Page 29
Belfast Buildings Trnst Notes to the Financial Statements for the Year Ended 30 September 2025 Bla•¢e It 30 September 2024 Balante t I October 2023 expeDded TrDsfers Unrestrfrted funds GeneMI Utyrestricted FUd5 245.381 (107.756) 170.035 R¢5tricted Building5 Fund Esme Mitchell Developxnent Fund Schoo]s Debating Competition The streets where they lived project Herithge Recovery Fund Covid Recovery Employment & Skills Initiativ¢ PRS Furld Leche T[t- Live at Carlisle 2.81 1.954 (34.319) 2.777.635 18.329 (20.529) 5,852 (4.747) 1,105 36 159 (36) {159) 24.797 2.500 39.254 (27.571) (3.OiKI) 36,480 5(Kl 2.000 Totl regtrided fvnds 2,863,827 90.361 500 2,817,220 Total f¥Dds 3.109,214 76.158 198,11 2,987.255 Page 30
Belfast Buildings Trust Notes to the Financial Statements for the Yur Ended 30 September 2025 The Specific purtM>ses for which the funds are io be applied are as ftsllows: Buildsn8s Fund. Belfast Buildings Tst IBBD d¢liv¢rs phy5iol. l*L and economic regeneration through the reus¢ of Belfast's landnwk buildings. It works with local people io secure sustsinable fvtures ftir buildtngs thai are meaningful to them.. the TnL5t's Irita8¢-I¢d regeneration focus means that its focus is on people, with the city's build5 serving as the vehicle for Civic regeneration. The buildings secure by the IT¢ ar¢ restricted for thi5 PUfPOS¢. Esme Mitchel Development Fvnd An initial 3 y¢ar project started tn the of 2018. wlxich was extended by an additional 2 Ye iti 2020, to progre55 the proposed" scheme at CaFli51c M"emoTial Church attd the ¢teatioD of the Nortb Belfast Heritage Cluster The funding is to part.fmance the Developmcnt MaDager's lime and to provide some part-time adEnmistrdtion suppory further enablin8 the Developm•)i Manager io focus on project delivery The Covid Recovery Economic Ski115 Initiative (CRESD CRESI was ethblished by the DeP1t for Communiiies in 2022 and adMitered by the Natiooal Lottery Herirage Fund. It is a one-off fvnding pn)gratt]me to support orwisati05 in the beritsge sector, and the sector more widely. w attract and retain people with skn.us necessary for 5ectoVs future sustaiDabiiity. The funding secured by the Trust is used directly to fij1 the Proiert & Engagement Officerfs role and relevant asslated training for 3-years. 20 A Thalysi5 of Det assets bttweell fwDth ilnrestiicted fun4Js Genernl Totsl at 30 S¢ptewb¢r 2025 R¢stride4 funds Tnble 6xed awts Curr¢nt ?S5ets Curr¢nt liabiliti¢5 Creditors 0r l year 250 114,955 (3,513) (20.000) 2,743,316 6,789 2.743.566 121.744 {3.513) (20,000} Totsl llet assets 91.692 2.750 105 2 841,797 Page31
Belfast Buildings Trust Not¢$ to the Flnanelal Statements for the Year Ended 30 September 2025 Total fund5 at 30 September 21124 d$ Getheril Re5tr1ctr Tangibl¢ fixed &s5cts Current assets Current liabilitics Cr¢ditots ov¢r l y¢ar 789 194.455 (9,811) (16.250) 2,777.635 40.437 2.778,424 234.892 (9.811) (16250 Totsl net a&8ets 169,183 2,818,072 2,987,255 Page 32
Belfast Buildings Trust Iyotes to the Finaneial Ststements for the Year Ended 30 September 2025 21 Related pllrty transetlons During the year the charity uwle the following related paty tratisactions: Jay A350ciates (Jay Associates is deeo]ed to be a r¢]ated party due to it &%sociation witb FioTthula Jay4)Boyle & trustee of the Belfast Buildings T$1.) During the year the charity paid Jay AS1#to4 £25.81M) iti nmtugement fees.. At the balance sbeei da the aEnount due tolfrom Jay knociatrs was £Nil (2024- £Nil). Cleaver FultOD Ra•kiD (Cleaver Fulton Rankin is decmcd to be a lated party to it essociatiott with Kath Collie a trustee of the Belfast Buildings Trust.) During the year the clwity paid Cleaver FultOD Rankin £0 in professional f¢es.. At the balanee sheet date the amount due tolfrom Cleaver Fulton R4nkin wa5 £Nil {2024- £Nil). Sb*tse Quin (Shane Quinn is deemed to be a related paty due as he is company secretsry of the Belfast Buildings Trust.) During the y¢ar the charity pth S QUIDD £34,( in management ftts.. At the balance sheet date the amoun¢ due t&from Shane Quitm was £Nil (2024- £Nil). The tyustees bav¢ r¢vi¢w¢d the above aTf3ngements and are cottte ttctssary inthal govenmnce and control procedur&% rxisi th ensure value for nJ)ney is achieved by the tTU5L Pag¢ 33