COMPANY REGISTRATION NUMBER: N1611183
CHARITY REGISTRATION NUMBER: 101653
Cathedral Quarter Trust
Company Limited by Guarantee
Financial Statements
31 March 2023
Finegan Gibson Ltd
Chartered Accountants & Registered Auditors & statutory auditor
Causeway Tower
9 James Street South
Belfast
BT2 8DN

Cathedral Quarter Trust
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2023
Page
Trustees, annual report (incorporating the director's report)
Independent auditor's report to the members
11
Statement of financial activities (including income and
expenditure account)
16
Statement of financial position
17
Statement of cash flows
18
Notes to the financial statements
19

Cathedral Quarter Trust
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report)
Year ended 31 March 2023
The trustees, who are also the directors for the purposes of company law, present their report and the
financial statements of the charity for the year ended 31 March 2023.
Reference and administrative details
Registered charity name
Cathedral Quarter Trust
Charity registration number
101653
Company registration number N1611183
Principal office and registered Cathedral Quarter Managed Workspace
office
5th Floor
The Mac
10 Exchange Street West
Belfast
BT12NF
The trustees
K Collins
G Duggan
W Flinn
M Hackett
A McLean
A McReynolds
S Wolsey
P Richards
J Hall
S Forde
Appointed 5th April 2023
Company secretary
Susan Picken
Auditor
Finegan Gibson Ltd
Chartered Accountants & Registered Auditors & statutory auditor
Causeway Tower
9 James Street South
Belfast
BT2 8DN
Bankers
Unity Trust Bank
9 Brindley Place
Birmingham
B12HB

Cathedral Quarter Trust
Company Limited by Guarantee
Trustees, Annual Report {Incorporating the Director's Report) (continued)
Year ended 31 March 2023
Structure, governance and management
Cathedral Quarter Trust is a company limited by guarantee governed by its Memorandum and Articles
of Association dated 4th February 2012 and revised 14th October 2015. Cathedral Quarter Trust is a
registered charity with the Charity Commission for Northern Ireland. Cathedral Quarter Trust is a
membership organisation with currently 9 members (12 in 2021), each of whom agrees to contribute
£1 in the event of the charity winding up.
Appointment of Trustees/Recruitment of Trustees
New members are recruited at any time. The Board of Directors, who are the charity's Trustees.
approves all applications before prospective Trustees are put fomard for election. The Board of
Trustees ensures that the make-up of the Board sits within the criteria laid down in the Memorandum
and Articles of Association and the Membership By-Laws. They determine if the nominee has the skills
and ability to fulfil the role and that they fulfil the legal requirements to be a Charitable Trustee.
Applications from prospective Trustees are accepted and considered on an ongoing basis. The
organisation also actively recruits at least once a year to fill vacancies that open up due to the
standing down of existing Trustees.
Election of Trustees
The existing Board elect and re-elect all Trustees on an annual basis. New Trustees can be accepted
at any of the Trust meetings. but Terms of Office are formally agreed at each AGM to ensure that the
Board meets the requirements of the Membership By-Laws
Arrangements for setting pay and remuneration of key management personnel
The Board of Trustees comprise the key management personnel of the charity in charge of directing
and controlling, running and operating the charity on a day-to-day basis. All Trustees give of their time
freely and no Trustee received remuneration in the year.
Details of Trustees, expenses and related party transactions are disclosed in note 13 and note 23 to
the accounts.
Organisation structure and how charity makes decisions
The Board of Trustees, which can include up to 21 members, administers the Charity. The Board
normally meets bi-monthly. A Finance Committee {including membership, finance and audit) also
meets bi-monthly. From April 2023 onwards, the Trustees will manage the day-to-day operations of
the charity including finance, employment and direcl charitable activities.

Cathedral Quarter Trust
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Director's Report) {contlnued)
Year ended 31 March 2023
Structure, governance and management (Contlnued)
Role
Trustees are expected to establish a strategic vlslon, policies and strategic priorities for the
organisation. Trustees are expected to participate actively in the organisation's governance and have
ultimate responsibility for ensuring it is solvent, well run and is delivering the outcomes for which it has
been set up, and fulfilling its charitable purposes.
The Board of Trustees consists of no fewer than 5 and no more than 21 members and will meet at
least 4 times per year.
Trustees have responsibility for..
Setting the strategic vision of CQT and ensuring the vision, mission, value and activities remain
true to its objectives-
Ensuring compliance with the objects, purposes and values of the organisation, and with its
governing document.,
Setting or approving policies, plans and budgets to achieve those objectives, and monitoring
performance against them.,
Ensuring the solvency, financial strength and good performance of the organisation.
Ensuring the organisation complies with all relevant laws. regulations and requirements of its
regulators and funders.,
Dealing with the appointment (and if necessary the dismissal) of senior staff.,
Setting and maintaining a framework of delegation and internal control.,
Agreeing or ratifying all policies and decisions on matters which might create significant risk to the
organisation. financial or otherwise.
In addition
Trustees a￿ bound by an overriding duty individually and as a Board to act reasonably at all times
in the interests of the organization and of its present and future stakeholders.,
All Trustees are equally responsible in law for the Board's actions and decisions, and have equal
status as Trustees, indemnity insurance is provided;
Each Trustee acts personally and not as a representative of any group or organisation, regardless
of how the Trustee was nominated, elected or selected to become a Trustee.
Trustees must ensure that they remain independent and do not act on behalf of any external
organisation, group or individual;
Trustees will build productive relationships with people across and outside the Board, will source
and introduce useful Contacts to CQT thus enabling the organization to use its resourGes effectively,
and will seek out opportunities for collaborative working with other organisations-
Trustees will be expected to disclose any personal or business interests that may or may not be
perceived to influence their judgment in performing their functions or obligations.

Cathedral Quarter Trust
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2023
Structure, governance and management (continued)
Relationships with related parties
None of the Trustees receive remuneration or other benefit from their work with the charity-
Risk management
The Trustees have a risk management strategy which comprises..
An annual review of the principal risks and uncertainties that the charity faces.,
the establishment of policies, systems and procedures to mitigate those risks identified in the
annual review-.
the implementation of procedures designed to minimise or manage any potential impact on the
charity should those risks materialise, and;
Ongoing oversight of an organisational Risk Register, reviewed bi-monthly.

Cathedral Quarter Trust
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continuedj
Year ended 31 March 2023
Objectives and activities
The purposes of the charity are..
(1) The promotion of the arts, culture and heritage in Belfast's Cathedral Quarter {the "area of
benefit ), in particular by..
(a) promoting, organising and publicising cultural and arts activities, events, perfomiances,
initiatives and exhibitions, and encouraging complementarty and inclusivity in all offering,.
(b) encoura9ing interest in and raising awareness of cultural, arts and heritage matters and
issues;
{c) encouraging public participation in the arts and in decision-making relating to cultural and arts
activities.,
(2) The advancement of education of the public by raising awareness of the gecgraphy, social and
economic history and architecture of the Cathedral Quarter-
(3) The provision of facilities and amenyties for cultural and recreational activities within the Cathedral
Quarter with the object of improving the conditions of life of members of the public having need of
such facilities by reasons of their age, sex, youth, disabilities, poverty and social and economic
circumstances.,
(4) The advancement of communty development by:
(a) engaging with and assisting community and voluntary groups and organisations to organise
and participate in cultural and arts projects and initiatives.,
(b) providing facilities and space for creative and cultural activity.
(5) The promotion of the conservation, protection and improvement of the physical environment of the
Cathedral Quarter and high slandards of planning, architecture, economic, environmentsl and social
regeneration for the benefit of the public.
In shaping their objectives for the year and planning their activities, the Trustees have considered the
Charity Commission's guidance on public benefit.
The Vision and Mission of the charity are=
'Our vision for the Cathedral Quarter is as the beating heart of Belfast,. a welcoming, inclusive and
culturally-vibrant area, celebrating its distinctive heritage and animating its creative future.
With a Mission:
To champion the artistic, cultural and heritage-focused regeneration of a thriving Cathedral Quarter.
To realise the Vision and Mission, the charity's aims and objectives are to..
Celebrating the distinctive character of the Cathedral Quarter.,
Sustaining and developing arts and culture in the Cathedral Quarter.,
Taking the Cultural Pulse.. Sustaining Positive Relationships and Partnerships.,

Cathedral Quarter Trust
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2023
Building resilience and sustainability.
Until the end of March 2023, the main activities of the Cathedral Quarter Trust included..
Marketing and Communications wilhin Cathedral Quarter and promoting the area to the general
public, including the provision of infomiation through a website, social media and other channels,.
Convening Cathedral Quarter stakeholders to identify issues and find solutions through
committees of the Trust and public meetings-.
Regeneration initiatives aimed at increasing public and private sector support for cultural activity,
venues and events;
Development of a flagship city-based cultural event to replace Belfast Culture Night - prior to
2022, one of the city's most significant free cultural celebrations.,
Development and delivery of other tourism and cultural initiatives aimed al welcoming visitors and
raising awareness of the area's history and cultural activity.,
Liaison and strategic collaboration with the arts, cultural, business and voluntary sectors.,
including extensive outreach to local communities and promotion to the general public.,
Advocacy on behalf of Cathedral Quarter stakeholders and the area in general.,
Increasing public and private sector support for cultural venues and events-,
Input into management of Destination CQ BID, the Business Improvement District proposed by
CQT and approved by vote in April 2016. CQT is the first member of the BID Company,.
In February 2023 the Trust received notification that core funding from Department for Communities
would be withdrawn with effect from 1st April 2023 due to budgetary pressures. This resulted in both
members of CQT staff being placed on notice of redundancy. The CQT Executive Assistant left the
organisation on 31st March 2023 and the CQT Director left at the end of May 2023.
After consideration the CQT Board have decided to continue operation of the organisation, albeit at a
much-reduced level of activity and without staff resource, from April 2023 onwards.

Cathedral Quarter Trust
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continue
Year ended 31 March 2023
Achievements and performance
The twelve months up to March 2022 continued to be extremely challenging due to the continued
impact of COVID-19 and the associated uncertainty over restrictions and delivery of activity.
Achievements during the year included..
The twelve months up to March 2023 were primarily focussed on the future development of the
Cathedral Quarter and, in particular. the process of developing a new flagship event aimed at
replacing Culture Night Belfast.
Achievements during the year included:
Development of a new Strategic Development Plan for Cathedral Quarter Trust and a
corresponding set of aims and objectives feeding into a proposed activity plan.,
Ongoing planning and development around the new flagship event including development of a
fundraising strategy and recruitment of a Creative Director.
Delivery of the final stages of a lighting and street-art based improvement scheme installed in
Royal Avenue and the Cathedral Quarter be￿een January and June 2022.
Ongoing input into development and planning for Belfast Stories, a major Belfast Region City
Deal project scheduled lo open in the Cathedral Quarter in 2028.
Continued input into the Destination CQ BID Company..
Continued engagement with the arts, culture and heritage sector, government departments,
Belfast City Council, funders, developers and other local stakeholders

Cathedral Quarter Trust
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2023
Financial review
CQT received a total of £135,653 of public funding. Of this £57,000 was repaid to Belfast City Council
in April 2023 due to the inability of the Trust to fulfil the temis of its funded Agreement with Ihe Council
as a result of the loss of core funding from Department for Communities.
Investmentpowers and policy
The Trustees, having regard to the liquidity requirements of the charity, have kept available funds in
an interest-bearing deposit account and seek to achieve a rate on deposit which matches or exceeds
inflation measured by the retail prices index.
Reserves policy and going concern
Reserves are needed to bridge the timing gap between spending and receiving of income and to cover
unplanned temporary shortfalls in income should they arise. Holding adequate reseNes safeguards
the provision of services in the event of unexpected significant financial pressures. The Trustees
consider that the ideal level of reseNes would be between three to six-months expenditure which for
the year ended 31 March 2023 would be be￿een £30,000 and £60.000. Unrestricted reserves freely
available to spend, therefore excluding fixed assets, restricted reserves and designated reserves
amounted to £52,000.
Following the previously noted withdrawal of core funding from Department for Communities, the
Trustees have approved the use of unrestricted reseNes to pay for associated costs including a
statutory redundancy payment for the CQT Director and any payments to creditors.
The charity has historically had a strong reliance on funding from its main funders.- Belfast City
Council and the Department for Communities. Following notification from the Department for
Communities of the withdrawal of core funding the Trustees recognise that the current economic
situation is one of unprecedented challenge and have taken the necessary steps to continue the
operation and solvency of the charity, run on a voluntary basis, for the foreseeable future. The
financial statements have therefore been prepared on a going concern basis as Trustees have a
reasonable expectation that the charity will continue in operational existence for the foreseeable
future.

Cathedral Quarter Trust
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continuedj
Year ended 31 March 2023
Plans for future periods
While the COVID-19 pandemic no longer poses a significant threat to sustainability, this has been
replaced by a different, but equally challenging, set of circumstances. The lack of a functioning
executive continues to impact on long-term funding for the Trust while the cost-of-living crisis
combined with problems of anti-social behavior and substance abuse in the area is having a negative
effect on the Cathedral Quarter itself.
Overthe Coming year COT will..
Develop and implement a new 3-year Strategic Plan for the Trust for 2022-2025;
Work to ensure ongoing organisational and financial stability within the context of reduced
funding and wider economic pressures.,
Lobby and advocate for the Arts and culture sector including encouraging and supporting the
development of new arts and cultural activities and entities in Ihe area-
Lobby and advocate for the cultural heritage of the area ,encouraging sensitive development in
and around the area, including supporting preservation and reuse of heritage buildings and assets;
Prepare and submit funding proposals and applications where possible ,required for
organisational stability and development and for the delivery of the CQT Strategic Plan.
Explore and develop additional cultural participation and engagement opportunities to be
delivered by the CQ area, including sectorial development initiatives. project applications and
partnerships. Work closely with Destination CQ BID and other partners to deliver shared aims to make
the Cathedral Quarter a better place to live, work and visit.
Trustees. responsibilities statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing
the trustees, report and the financial statements in accordance with applicable law and United
Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a
true and fair view of the state of affairs of the charitable company and the incoming resources and
application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to=
select suitable accounting policies and then apply them consistently-
observe the methods and principles in the applicable Charities SORP.,
make judgments and accounting estimates that are reasonable and prudent-,
prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the charity will continue in business.

Cathedral Quarter Trust
Company Limitsd by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2023
Auditor
Each of the persons who is a trustee at the date of approval of this report confirms that=
so far as they are aware, there is no relevant audit information of which the charity's auditor is
unaware., and
they have taken all steps that they ought to have taken as'a trustee to make themselves aware of
any relevant audit information and to establish that the charity's auditor is aware of that
information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to
the small companies exemption.
The trustees, annual report was approved on 6th December 2023 and signed on behalf of the board of
trustees by-
A McReynolds
Trustee
10

Cathedral Quarter Trust
Company Limited by Guarantee
Independent Auditor's Report to the Members of Cathedral Quarter Trust
Year ended 31 March 2023
Opinion
We have audited the financial statements of Cathedral Quarter Trust (the 'charity') for the year ended
31 March 2023 which comprise the statement of financial activities (including income and expenditure
account), statement of financial position, statement of cash flows and the related notes, including a
summary of significant accounting policies. The financial reporting framework that has been applied in
their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 The
Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally
Accepted Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its
incoming resources and application of resources, including its income and expenditure, for the
year then ended..
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice.,
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and
applicable law. Our responsibilities under those standards are further described in the auditor's
responsibilities for the audit of the financial statements section of our report. We are independent of
the charity in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, including the FRC'S Ethical Slandard, and the provisions available for small
entities, in the circumstances set out below. and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient
and appropriate to provide a basis for our opinion.
APB Ethical Standard - Provisions available for small entities
In common with many other businesses of our size and nature we use our auditors to assist with the
preparation of the financial statements.
Conclusions relating to going concern
In auditing the financial statements. we have concluded that the trustees. use of the going concern
basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identrfied any material uncertainties relating to
events or conditions that. individually or collectively, may cast significant doubt on the charity's ability
to continue as a going concern for a period of at least twelve months from when the financial
statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concem are described
in the relevant sections of this report.
11

Cathedral Quarter Trust
Company Limited by Guarantee
Independent Auditor's Report to the Members of Cathedral Quarter Trust
fcontinuedj
Year ended 31 March 2023
Other information
The other information comprises the information included in the annual report, other than the financial
statements and our auditor's report thereon. The trustees are responsible for the other information.
Our opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is lo read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated. If we identfy such material inconsistencies or apparent material misstatements, we are
required to determine whether there is a material misstatement in the financial statements or a
material misstatement of the other information. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the trustees, report for the financial year for which the financial
statements are prepared is consistent with the financial statements- and
the trustees, report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the
course of the audit, we have not identified material misstatements in the trustees, report.
We have nothing to report in respect of the following matters in relation to which the Companies Act
2006 requires us to report to you if. in our opinion-.
adequate accounting records have not been kept, or returns adequate for our audit have not
been received from branches not visited by us-, or
the financial statements are not in agreement with the accounting records and returns., or
certain disclosures of truslees, remuneralion specified by law are not made., or
we have not received all the information and explanations we require for our audit., or
the trustees were not entitled to prepare the financial statements in accordance with the small
companies regime and take advantage of the small companies. exemptions in preparing the
directors, report and from the requirement to prepare a strategic report.
12

Cathedral Quarter Trust
Company Limited by Guarantee
Independent Auditorfs Report to the Members of Cathedral Quarter Trust
(contlnued)
Year ended 31 March 2023
Responsibilities of trustees
As explained more fully in the trustees, responsibilities statement, the trustees (who are also the
directors for the purposes of company law) are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and for such internal control as
the trustees determine is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to
continue as a going concern, disclosing. as applicable, matters related to going concern and using the
going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease
operations, or have no realistic alternative but to do so.
13

Cathedral Quarter Trust
Company Limited by Guarantee
Independent Auditor's Report to the Members of Cathedral Quarter Trust
fcontlnued)
Year ended 31 March 2023
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from malerial misstatement, whether due to fraud or error, and to issue an auditor's report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance wtth ISAS (UK) will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.
Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities. outlined above, to detect material misstatements in respect
of irregularities, including fraud. The extent to which our procedures are capable of detecting
irregularities. including fraud is detailed below..
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud
and non-compliance with laws and regulations, we considered the following..
the nature of the industry and sector, control environment and business performance including
the design of the remuneration policies, key drivers for directors, remuneration, bonus levels
and performance targets.,
results of our enquiries of management about their own identification and assessment of the
risks of irregularities.,
any matters we identified having obtained and reviewed documentation of their policies and
procedures relating to-
identifying. evaluating and complying with laws and regulations and whether
management were aware of any instances of non-compliance",
detecting and responding to the risks of fraud and whether management have
knowledge of any actual, suspected or alleged fraud.,
the internal controls established to mitigate risks of fraud or non-compliance with laws
and regulations.
the matters discussed among the audit engagement team including significant component
audit teams and relevant internal specialists, including tax and valuations specialists regarding
how and where fraud might occur in the financial statements and any potential indicators of
fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within
the organisation for fraud and identified the greatest potential for fraud. In common with all audits
under ISAS (UK), we are also required to perform specific procedures to respond to the risk of
management override.
We also obtained an understanding of the legal and regulatory frameworks in operation, focusing on
provisions of those laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial statements. The key laws and regulations we considered in
this conlext included ongoing compliance with the UK Companies Act and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on
the financial statements but compliance with which may be fundamental for their ability to operate or to
avoid a material penalty.
As part of an audit in accordance with ISAS (UK). we exercise professional judgment and maintain
professional scepticism throughout the audit. We also..
14

Cathedral Quarter Trust
Company Limited by Guarantee
Independent Auditor's Report to the Members of Cathedral Quarter Trust
{¢ontinued)
Year ended 31 March 2023
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misslatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the trustees.
Conclude on the appropriateness of the trustees, use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the charity's ability to continue as a going
concern. If we Conclude that a material uncertainty exists, we are required to draw attention in
our auditor's report to the related disclosures in the financial statements or. if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
up to the date of our auditor's report. However, future events or conditions may cause the charity
to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentstion.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the
Charity's members those matters we are required to state to them in an auditorfs report and for no
other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the charty and the charity's members as a body, for our audit work. for this report,
or for the opinions we
ve fomed.
Paul Dolan FCA (Senior Statutory Auditor)
For and on behalf of
Finegan Gibson Ltd
Chartered Accountants & Registered Auditors & statutory auditor
Causeway Tower
9 James Street South
Belfast
BT2 8DN
06 December 2023
15

Cathedral Quarter Trust
Company Limited by Guarantee
ststement of Financial Activities
(including income and expenditure account)
Year ended 31 March 2023
2023
Restricted
funds Totsl funds Total funds
2022
Unrestricted
funds
Note
Income and endowments
Donations and legacies
Charitable activities
Other trading activities
Total income
8,000
169,081
15,000
22,849
135,653
158,502
22,849
135,653
158,502
192,081
Expenditure
Expenditure on charitable activities
Total expenditure
19,583
19,583
154,857
174,440
187,708
154,857
174,440
187,708
Net (expenditure)lincome and net
movement in funds
3,266
(19,204)
(15,938)
4.373
Reconciliation of funds
Total funds brought fO￿ard
Total funds Carried forward
48,917
19,204
68,121
63,748
52,183
52,183
68,121
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The notes on pages 19 to 27 forni part of these flnanclal statsments.
16

Cathedral Quarter Trust
Company Limited by Guarantee
Statement of Financial Position
31 March 2023
2023
2022
Note
Fixed assets
Tangible fixed assets
14
183
551
Current assets
Debtors
Cash at bank and in hand
15
3,504
110,653
6,792
69,277
76,069.
114,157
Creditors: amounts falling due within one year
Net current assets
16
62,157
8,499
52,000
52,183
52,183
67,570
68,121
Total assets less current liabilities
Net assets
68,121
Funds of the charity
Restricted funds
Unrestricted funds
19,204
48,917
52,183
52,183
Total charity funds
18
68,121
These financial statements have been prepared in accordance with the provisions applicable to
companies subject to the small companies, regime.
These financial. statements were approved by the board of trustees and authorised for issue on 6th
December 2023. and are signed on behalf of the board by..
A McReynolds
Trustee
The notes on pages 19 to 27 form part of these financial stateménts.
17

Cathedral Quarter Trust
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 March 2023
2023
2022
Cash flows from operating activities
Net (expenditurellincome
{15,938)
4,373
Adjustments for."
Depreciation of tangible fixed assets
Interest payable and similar charges
Accrued expenses
368
320
91
579
278
263
Changes in..
Trade and other debtors
Trade and other creditors
3,288
53,567
1,392
(3,949)
2,936
Cash generated from operations
41,696
Interest paid
Net cash from operating activities
(320}
41,376
(278)
2,658
Cash flows from investing activities
Purchase of tangible assets
Net cash used in investing activities
(9191
(919)
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
41,378
69,277
1,739
67,538
110,653
69.277
The notes on pages 19 to 27 form part of these financial ststements.
18

Cathedral Quarter Trust
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2023
General information
The charity is a public benefit entity and a private Company limited by guarantee, registered in
Northern Ireland and a registered charity in Northern Ireland. The address of the registered office
is Cathedral Quarter Managed Workspace, 109-113 Royal Avenue, Belfast, BT12FF.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, The Financial
Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Charities
SORP {FRS 102)) and the Companies Act 2006.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the
revaluation of certain financial assets and liabilities and investment properties measured at fair
value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements.
estimates and assumptions that affect the amounts reported. These estimates and judgements
are continually reviewed and are based on experience and other factors, including expectations
of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available ft)r use at the discretion of the trustees to further any of the
charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or
commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or
through the terms of an appeal, and fall into one of two sub-cSasses.' restricted income funds or
endowment funds.
19

Cathedral Quarter Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2023
Accounting policies {¢ontlnued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has
passed to the charity- it is probable that the economic benefrts associated with the transaction
will flow to the charity and the amount can be reliably measured. The following specific policies
are applied to particular categories of income..
income from donations or grants is recognised when there is evidence of entitlement to the
gift, receipt is probable and its amount can be measured reliably.
legacy income is recognised when receipt is probable and entitlement is established.
income from donated goods is measured at the fair value of the goods unless this is
impractical to measure reliably, in which case the value is derived from the cost to the donor
or the estimated resale value. Donated facilities and services are recognised in the
accounts when received if the value can be reliably measured. No amounts are included for
the contribution of general volunteers.
income from contracts for the supply of services is recognised with the delivery of the
contracted service. This is classified as unrestricted funds unless there is a contractual
requirement for it to be spent on a particular purpose and returned if unspent, in which case
it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any
VAT which cannot be fully recovered, and is classified under headings of the statement of
financial activities to which it relates..
expenditure on raising funds includes the costs of all fundraising activities, events,
non-charitable trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking
activities that further its charitable aims for the benefit of its beneficiaries, including those
support costs and costs relating to the govemance of the charity apportioned to charitable
activities.
other expenditure includes all expenditure that is neither related to raising funds for the
charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs
attributable to a single activity are allocated directly to that activity- Shared costs are apportioned
be￿een the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any
accumulated depreciation and impairment losses. Any tangible assets carried at revalued
amounts are recorded at the fair value at the date of revaluation less any subsequent
accumulated depreciation and subsequent accumulated impairment losses.
20

Cathedral Quarter Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2023
Accounting policies (continugd)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other
recognised gains and losses, unless it reverses a charge for impairment that has previously been
recognised as expenditure within the statement of financial activities. A decrease in the carrying
amount of an asset as a resull of revaluation, is recognised in other recognised gains and losses,
except to which il offsets any previous revaluation gain, in which case the loss is shown within
other recognised gains and losses on the statemenl of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual
value, over the useful economic life of that asset as follows..
Freehold property
Fixtures and fittings
40 % straight line
40 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable
amount being estimated where such indicators exist. Where the carrying value exceeds the
recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for
possible reversal at each reporting date.
For the purposes of impaimient testing, when it is not possible to estimate the recoverable
amount of an individual asset, an estimate is made of the recoverable amount of the
cash-generating unit to whiGh the asset belongs. The cash-generating unit is the smallest
identifiable group of assets that includes the asset and generates cash inflows that largely
independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the
acquisition date, allocated to each of the cash-generating units that are expected to benefit from
the synergies of the combination, irrespective of whether other assets or liabilities of the charity
are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which
the related service is provided. Prepaid contributions are recognised as an asset to the extent
that the prepayment will lead to a reduction in bjture payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the
reporting date in which the employees render the related service, the liability is measured on a
discounted present value basis. The unwinding of the discount is recognised as an expense in
the period in which it arise5.
21

Cathedral Quarter Trust
Company Limited by Guarantee
Notes to the Financial Ststements (continued)
Year ended 31 March 2023
Limtted by guarantee
Cathedral Quarter Trust is a company limited by guarantee and has no share capital. In the event
of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member
of the charity.
Donations and legacies
Restricted Total Funds
Funds
2023
Restricted Total Funds
Funds
2022
Sponsorship
Belfast Harbour
Translink
5,000
3,000
5,000
3.000
8,000
8,000
Charitable activities
Unrestricted
Funds
Restricted Total Funds
Funds
2023
Department for Communities
Belfast City Council - Core Funding
Belfast City Centre - Project Funding
Belfast City Council - Capital Grant
Arts Council Northern Ireland
Tourism Northern Ireland
Earned Income
Other Grant Income
55.367
60.000
9,586
55.367
60.000
9.586
10,000
10,000
22,849
22,849
700
700
22,849
135.653
158.502
Unrestricted
Funds
Restricted Totsl Funds
Funds
2022
Department for Communities
Belfast City Council - Core Funding
Belfast City Centre - Project Funding
Belfast City Council Capital Grant
Arts Council Northern Ireland
Tourism Northern Ireland
Earned Income
Other Grant Income
55,367
60,000
6,000
19,960
10,000
12,000
55.367
60,000
6,000
19,960
10,000
12,000
5,754
5,754
5,754
163.327
169,081
22

Cathedral Quarter Trust
Company Limited by Guarantee
Notes to the Financial Statements fcontinued)
Year ended 31 March 2023
Other trading activities
Restricted Totsl Funds
Funds
2023
Restricted Total Funds
Funds
2022
Northern Ireland Screen
15,000
15,000
Expenditure on charitable activities by fund type
Unrestricted
Funds
Restricted Total Funds
Funds
2023
Culture, Creativity & Learning
Support costs
19,583
119.082
35,775
138.665
35,775
19,583
154.857
174.440
Unrestricted
Funds
Restricted Total Funds
Funds
2022
Culture. Creativity & Leaming
Support costs
151,353
35,776
151,353
36,355
579
579
187,129
187,708
Analysis of support costs
Analysis of
support costs
activty 1 Total 2023 Total 2022
Staff costs
Premises
General office
Govemance costs
6,073
15,082
6,219
8,583
6.073
15,082
6,219
8,583
4,895
10,830
6,917
13,713
35,957
35,957
36,355
10. Net (expenditurevincome
Net (expenditure)lincome is stated after chargingl{¢rediting):
2023
2022
Depreciation of tangible f￿ed assets
368
579
23

Cathedral Quarter Trust
Company Limited by Guarantee
Notes to the Financial Statements (eontinuedj
Year ended 31 March 2023
11. Auditors remuneration
2023
2022
Fees payable for the audit of the financial statements
3,000
2,915
12. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows..
2023
2022
Wages and salaries
Social security costs
Employer contributions to pension plans
55,208
288
1,437
56,933
44,059
357
1,225
45,641
The average head count of employees during the year was 2 (2022.. 1). The average number of
full-time equivalent employees during the year is analysed as follows..
2023
2022
Number of staff
No employee received employee benefits of more than £60,000 during the year {2022= Nill.
Key Management Personnel
Key management personnel include all persons that have authority and responsibility for
planning, directing and controlling the activities of the charity. The total compensation paid to key
management personnel for services provided to the charity was £46,162 (2022'.£45.940).
13. Trustee remuneration and expenses
The charity trustees were not paid or received any other benefits from employment with the
Charity in the year (2022.. £Nill. No charity trustee received reimbursement for travel expenses
during the year (2022= £Nil). No charity trustee received payment for professional or other
services supplies to the charity (2022.. £Nil).
24

Cathedral Quarter Trust
Company Limited by Guarantee
Notes to the Financial Statements {¢ofttlnued)
Year ended 31 March 2023
14. Tangible fixed assets
Freehold Fixtures and
property
fittings
Totsl
Cost
At 1 April 2022 and 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
408
4,397
4,805
408
3,846
368
4,254
368
408
4,214
4,622
Carrying amount
At 31 March 2023
183
183
At 31 March 2022
551
551
15. Debtors
2023
2022
Trade debtors
Prepayments and accrued income
2,021
1,483
3,883
2,909
3,504
6.792
16. Creditors: amounts falling due within one year
2023
2022
Trade creditors
Accruals and deferred income
Social security and other taxes
Other creditors
12
3,234
1,911
57,000
3.900
3.143
1,456
62,157
8,499
17. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined
contribution plans was £1,437 (2022.. £1,225).
25

Cathedral Quarter Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2023
18. Analysis of charitable funds
Unrestricted funds
At
31 March 202
At
1 April 2022
Income Expenditure
General funds
48,917
22,849
{19,583)
52,183
At
31 March 202
At
1 April 2021
Income Expenditure
General funds
43.742
5,754
{579)
48,917
Restricted funds
At
31 March 202
At
1 April 2022
Income Expenditure
Culture Night Belfast
19,204
135.653
(154,857)
At
31 March 202
At
1 April 2021
Income Expenditure
Culture Night Belfast
20.006
186,327
(187,129)
19,204
19. Analysis of net assets between funds
Unrestricted
Funds
Restricted Total Funds
Funds
2023
Tangible fixed assets
Current assets
Credilors less than 1 year
Net assets
183
114,157
{62,157)
52,183
183
114,157
(62,157)
52,183
Unrestricted
Funds
Restricted Total Funds
Funds
2022
Tangible fixed assets
Current assets
Creditors less than 1 year
Net assets
551
48,366
551
76,069
(8,499)
68,121
27,703
(8,499)
19,204
48,917
26

Cathedral Quarter Trust
Company Limited by Guarantee
Notes to the Financial Statements (continugdj
Year ended 31 March 2023
20. Analysis of changes in net debt
At
At 1 Apr 2022 Cash flows 31 Mar 2023
Cash at bank and in hand
69,277
41,376
110,653
21. Contingencies
Certain grants received and receivable May become repayable to funders if the charity is no
longer able to meet the conditions under which they were awarded. Due to the nature of these
contingencies it is not possible to quantify the potential financial effect or give an indication of
timing as to when the liabilities may arise.
22. Related parties
A number of Trustees have directorships with other organisations who fund or provide service to
Cathedral Quarter Trust. Related Trustees are made aware of their responsibilities to identify,
declare and manage any potential conflicts of interesl. Cathedral Quarter Trust maintain a
detailed register of interests for all Trustees. Declaration of interests are an agenda item at each
Trust meeting.
27