Cathedral Quarter Trust Company Limited by Guarantee STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOIIIE AND EXPENDITURE FOR THE YEAR ENDED 31 MARCH 2024 2024 Restricted Funds 2023 Total Funds Unrestricted Funds Note Total Funds Income and endowments Donations and legacies Ch8ritable activities Olh8r trading activltles Total Income 1,821 1,821 3,000 4,821 158,502 3,000 3.000 1.821 158 502 Expendlture Expenditure on charitable activities Total expenditure 30,295 30,295 3,000 33.295 33,295 174,440 174,440 Net (expendlture)lin¢ome and net movement In funds 28,474 28.474 15,938 Reconcillatlon of funds Total Funds brought forward Total funds Carried fO￿ard 52,183 52,183 23,709 52,183 The ststement of financial activitles includes all gains and losses recognised in the year. All income and expenditure derive from continuing activilies Cathedral Quarter Trust Company Limited by Guarantee STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible fixed assets 14 183 Current assets Debtors 15 3,504 110,653 114,157 Cash at bank and in hand 25,025 25.025 Credltors: amounts falllng due wlthln one year Net current assets Total assets less current liabilities 16 62,157 52,000 25.025 25,025 52,183 Net assets 25.025 52,183 Funds of the charity Reslricted funds Unrestricted funds 25,025 52.183 Total charity funds 18 25,025 52,183 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companie5, regirne. These financial. statements were approved by the board of trustees and authorised for issue on 31 December 2024. and are signed on behalf of Ihe board by: A McReynolds Trustee io Cathedral Quarter Trust Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 General Infomiatlon The charfty is a public benefit entity and a private company limited by guaranlee, registered in Northern Ireland and a regislered charity in Northern Ireland. The address of Ihe registered officè is Belfast Cathedral Office, Donegall Street, Belfast. BT12HB statement of compllance 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 Stalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finar.cial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charitles SORP (FRS 102)) and the Companies Act 2006. Accountiny policles Basis of preparation The flnanclal statements have been prepared on the historical cost basis, a6 modified by the r8valuation of certain financial assets and liabilities and investmenl properties measured at fair value through iiicome or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's abifily to continue. Judgements and key sources of estlmation uneertainty The preparation of the financial stalements requires management to make judgements, estimates and assumptions that affect the amounts reported. These eslimates 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. Cash Flow The company has taken advantage of the exemption in Financial Reporting Standard No. 1 from the requirement lo produce a Gash flow statement on the grounds that it is a small charilable company. Fund accountlng Unrestricted funds are available for 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 f811 into one of two sub-classes: restricted income funds or endowment funds. Cathedral Quarter Trust Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of finanGial activities when èntitlernent has passed to the charity. It is probable that the economic benefils associated with the transaciion will flow to the charity and the amount can be reliably measured. The fo15owing specific policles are 8pplied 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 entidement is established. income from donated goods is measured at the fair value of the goods un18SS this is impractical to measure reliably, in which case the value is derived from the cost to the clonor or the estimated resale value. Donated facilities and ser41ces are recognised in the accounts when received If the value can bè reliably measL5red. No amounts are included for the contribution of general volunteers. incorne from Gontracts for the supply of services is recognised with the delivery of Ihe contracted Service. This is Glasslfied as unrestrlcled funds unless Ihere Is a Gontraclual requlrement for it to be spenl on a partiGular purpose and retumed if unspent, in which Gas8 It may be regarded as restricted. ResourGes expended Expenditure is recognised on an accnjals 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 relales: expenditure on raising funds includes the costs of all fundraising aclivities, events, non-charitable trading adivities. and the sale of donated goods. expendilure 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 cosis and costs relating to the governance of Ihe charity apportioned to charitable activitles. other expendlture includes all expenditure that Is neither related to ralslng funds for the Gharlty nor part of its expenditure on chariiable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct Gosts 8ttributable to a single activity are allocated dlrectly to that aclivty. Shared costs are apportioned be￿een the activitles they contribute to on a reasonable, justifiable and consistent bas1S. Tangible assets Tangible assets are initially recorded at cost. and subsequently stated at cost less any acGumuEated depreciation and impaimient losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequenl accumulated depreciation and subsequent acGumulaled impairment losses. 12 Cathedral Quarter Trust Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 Accounting policie8 Icontlnued) An increase in the carrying amount of an asset as a resLJIt 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 wtthin the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation. is recognised in other recognised gains and losses, except to which it offsels any previous revaluation gain, in which case the k)ss is shown within other recognised gains and losses on the statement of financial activities. Depreclatlon Depreciation is calculated so as to write off the cosl or valuation of an asset, less its residual value, over the useful economiG life of Ihat assel as follows: Freehold propety Fixtures and fittings Impalmient of flxed assets 40Vo straight line 400/0 slraighl line A review for indicators of Impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where Ihe carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible revers81 at each reporting dale, For the purpos8s of impairment testlng, when It Is not possible to estimate the recoverable amount of an indlvidual asset, an estimate is made of the reGoverable amount of the cash-generating unil lo which the asset belongs. The cash-generating unit is the smallest identifiable group of assets thal includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets, For Impaimienl testing of goodwill, the goodwill acquired in a business combinalion 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 whelher other assets or labilities of the charity are assigned lo those units. Defined contributlon plans Contributions to deflned contribution plans are recognlsed as an expense in the perfod in whlch the related service is provided. Prepaid contributions are recogni5ed as an a5sel lo Ihe exlent that the prepayment will lead to a reduction in future 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 employee5 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 arises. Limited 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 r8speGt of the guaranlee is limited to £1 per member of the charity. 13 Cathedral Quarter Trust Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 Donations and legacies Charitable activities Unrestricted Funds Restrleted Funds Total Funds 2Q24 Department for Communities 1,821 1,821 1,821 1,821 Total Funds 2023 Uniestricted Funds Restricted Funds Department for Communities Belfast City Council - Core Funding Belfast City Centre - ProjeGI Funding Belfast Clty Councll~ 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 7. Other trading activities Total Funds 2024 Total Funds 2023 RestTlCted Restrlcted Northern Ireland Screen 3,000 3.000 14 Cathedral Quarter Trust Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 Expenditure on charllable actlvltles by fund type Unrestricted Funds Restricted Fuiids Total Funds 2024 Culture, Creativity & Leaming Support costs 33,295 33,295 33,295 33,295 Unrestricted Funds Restricled Funds Total Funds 2023 Cvllure, Creativity & Learning Support Gosts 19,583 119,082 35,775 154,857 138,665 35,775 174,400 19.583 9, Analy81s of support costs Analysls ot support costs Total 2024 Total 2023 Staff co818 Premises 3.017 5,314 5,372 1,865 3,017 5,314 5.372 1.865 6,073 15,052 6,119 8,531 General offlce Govemance costs 10. Net {expenditure}fincome Net (expendilure)lincome is stated after chargingl{crediting): 2024 2023 Depreciation of tangible fixed assets 183 368 15 Cathedral Quarter Trust Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 11. Auditors remuneration 2024 2023 Fees payable for the audlt of the financial statements 1.080 3,000 12. staff cost8 The total staff costs and employee benefits for the reporting period are analysed as follows: 2024 2023 Wages and sa18ries Social security costs Employer contribution5 to penslon plans 13,613 728 385 55,208 288 1.437 The average head count of employees during the year was O (2023: 2). The average number of full-time equivalent employees during the year is analysed as follows: 2024 2023 Number of staff No employee received employee benefits of more than £60.000 during the year (2023.. Nil). Key Managc4ment Personnel Key management personnel include all persons Ihat have authority and responsibility for planning, directing and controlling the activities of the charity. The lotal compensation paid to key management personnel for seNices provided to the charity was £14.341 (2023: £46,162). 13. Trustee remuneration and expense5 The charity trustees were not paid or received any other benefits from employment with the Charity in the year12024'. £Nil). No charity trustee received reimbursement for travèl expenses or payment for professional or other services supplied to the charity (2024: £Nil). 16 Cathedral Quarter Trust Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 14. Tangible fixed assets Freehold property Fixtures and fittings Total Cost At 1 April 2023 and 31 March 2024 Depreclatlon At 1 April 2023 Charge for Ihe year At 31 March 2024 408 4,397 4,805 408 4,214 183 4,397 4.622 183 4,805 408 Carrying amount At 31 March 2024 At 31 March 2023 183 183 15. Debtors 2024 2023 Trade debtors Prepayments and accrued income 2,021 1,483 3,504 16. Creditors." amounts falling due withln one year 2024 2023 Trade creditors Accruals and deferred income Social security and other taxes Other Creditors 12 3.234 1,911 57,000 62,157 17. Penslons and other post retlrement beneffls Defined contributlon plans The amount recognised in income or expenditure as an expense in relation to defined conlribution plans was £680 (2023: £1.437). 17 Cathedral Quarter Trust Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 18. Analysis of charitable funds Unrestricted funds At l Aprll 2023 At 31 March 2024 Income Expendlture General funds 52,183 2,732 (29.890) 25,025 At 1 Aprll 2022 Expendlture Al 31 March 2023 Income General funds 48,917 22,849 19,583) 52,183 Restricted funds At1 April 2023 At 31 MarGh 2024 Income Expenditure Culture Night Belfast 3.000 3,000 At 1 April 2022 Expendlture At 31 March 2023 Incom• Culture Night Belfast 19,204 135,653 (154,857) 19. Analysis of net assets between funds Unre5trlcted Funds Restrlcted Funds Total Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 25,025 25,025 25,025 25,025 Unreslricted Funds Restricted Funds Total Funds 2023 Tangible fixed assets Current assets Creditors less Ihan 1 year Net assets 183 114.157 (62,157) 183 114,157 (62,157) 52,183 52,183 18 Cathedral Quarter Trust Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 20. Analysis of changes in net debt At 1 April 2023 At31 March 2024 Cash flows Cash at bank and in hand 110,653 85.628 25,025 21. Contlngencles 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 the.*e contingeiicies it is nol possible lo quantrfy the polentlal financial effect or give an indicalion of tlming as to when the liabllities may arlse. 22. Related partles A number of Trustees have directorships with other organisations who fund or provide seNice lo Cathedral Quarter Trust. Related Trustees are m8de aw2re of their responsibilities to identify, declare 8nd manag8 any potential conflicts of interest. Cathedral Quarter Trust maintain a detailed register of interests for all Trustees. Declaration of interests are an agenda item at each Trust meeting. 19