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2025-03-31-accounts

Company Registration number: NI611183 Charity Registration number: 101653

Cathedral Quarter Trust

Company Limited by Guarantee

Unaudited Annual Report and Financial Statements

For the Year Ended 31 March 2025

Cathedral Quarter Trust Company Limited by Guarantee

INDEX TO THE ACCOUNTS

Page
Reference and administrative details 1
Report of the Trustees 2 – 8
Independent Examiners report 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the financial statements 12 – 18

Cathedral Quarter Trust Company Limited by Guarantee

Reference and Administrative details

Charity name Cathedral Quarter Trust Charity registration number 101653 Company registration number NI611183 Belfast Cathedral Office, Registered Office Donegall Street, Belfast BT1 2HB Board of Trustees G Duggan WD Flinn Rev S Forde M Hackett A McLean A McReynolds P Richards S Wolsey J Hall – resigned Oct ‘24

Accountant & Independent Examiner JAB Accountancy Ltd 103 Cregagh Road Belfast BT6 8PY PRINCIPAL BANKERS Unity Trust Bank 9 Brindley Place Birmingham B1 2HB

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Cathedral Quarter Trust

Company Limited by Guarantee

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2025

The trustees, who are also the directors for the purposes of the Companies Act 2006, present their annual report together with the financial statements of the Cathedral Quarter Trust for the Year Ended 31 March 2025.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Cathedral Quarter Trust is a company limited by guarantee and does not have share capital. It is governed by its Memorandum of Articles of Association dated 4[th] February 2012 and revised 14[th] October 2015. Cathedral Quarter Trust is a registered charity with the Charities Commission for Northern Ireland. The Trust is a membership organisation with currently 8 members at 31[st] March 2025, (9 in 2024) 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 perspective Trustees are put forward for election. The Board of Trustees ensures that the makeup 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 process. 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 22 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 bimonthly. A Finance Committee (including membership, finance and audit) also meets as required. From April 2023 onwards, the Trustees managed the day-to-day operations of the charity including finance, employment and direct charitable activities

Role

Trustees are expected to establish a strategic vision, 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 established, and fulfilling its charitable purposes.

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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:

In addition

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:

3

Objectives and activities

The purposes of the charity are:

(c) encouraging public participation in the arts and in decision-making relating to cultural and arts activities;

{a) engaging with and assisting community and voluntary groups and organisations to organise and participate in cultural and arts projects and initiatives;

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:

'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:

In February 2023, the Trust received notification that core funding from the Department for Communities would be withdrawn with effect from 1st April 2023 due to budgetary pressures. This resulted in both members of CQT staff

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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 decided to continue operation of the organisation, albeit at a much reduced level of activity and without staff resource.

Until the end of March 2025, the main activities of the Cathedral Quarter Trust included:

Strategic Direction

Culture Night

Advocacy & Collaboration

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This lower key advocacy role continued throughout the 24/25 year. The Trustees have met regularly to discuss various matters arising within the Cathedral Quarter and conveyed any concerns arising.

Achievements and performance

The twelve months up to March 2025 were primarily focussed on the future development of the Cathedral Quarter Trust and how the Board could ensure it remains active as the voice for stakeholders in the Cathedral Quarter.

Achievements during the year included:

The Urban Summer School brought architecture students and graduates together with the CQT board to develop a holistic vision for the area and this city. The Urban Summer School was led by board member and architect Mark Hackett with input from a diverse range of professionals and stakeholders, bringing expertise to the following subgroup themes.

The Urban Summer School enabled the CQT board to bring forward a workable vision for the area, a pragmatic urban strategy that respects Belfast’s history while planning for a liveable, sustainable future. It allows development and heritage to work together—not in conflict.

The Summer School was funded by the Trust with additional support from Destination CQ (BID) and Development Trusts NI (to investigate the opportunities for Asset Transfer in the area).

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Financial review

The Trustees have reduced all unnecessary outgoing to ensure the liquidity of the organisation.

The results for the year are set out in the income and expenditure account.

Investment powers 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 reserves safeguards the provision of services in the event of unexpected significant financial pressures. The Trustees consider that the ideal level of reserves would be between three to six-months expenditure which for the year ended 31 March 2025 would be between £2,000 and £4,000. Unrestricted reserves freely available to spend, therefore excluding fixed assets, restricted reserves and designated reserves amounted to £22,953.

The charity has historically had a strong reliance on funding from its two 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.

Plans for future periods

The lack of a funding continues to impact the Trust while the cost-of-living crisis, lack of regeneration combined with problems of anti-social behaviour and substance abuse in the area is having a negative effect on the Cathedral Quarter itself.

Over the coming year CQT will:

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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:

Going concern

After making the appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Audit Exemptions

For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

No members have required the company to obtain an audit of its accounts in the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The trustees' annual report was approved on 15 October 2025 and signed on behalf of the board of trustees by:

A McReynolds Trustee

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Cathedral Quarter Trust

Company Limited by Guarantee

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MARCH 2025

I report of the financial statements of the company for the year ended 31 March 2025 set out on pages 8-14

Respective responsibilities of trustees and examiners.

The trustees (who are also directors for the purposes of company law) are responsible for the preparation of the accounts in accordance with the Companies Act 2006. Having satisfied myself that the company is not subject to an audit under company law, and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner’s report

I have examined your company accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general directions given by the Charity Commission of Northern Ireland under section 65(9)(b) of the Charities Act.

My examination included a review of the accounting records kept by the company and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning such matters.

My role is to state whether any material matters have come to my attention giving me cause to believe:

Independent examiner’s statement

I have completed my examination and have no concerns in respect of the matters listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.

15-11-2025

_____ ________

Andrew Bassett ACMA

JAB Accountancy Ltd 103 Cregagh Road Belfast BT6 8PY

Date: 15 November 2025

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Cathedral Quarter Trust

Company Limited by Guarantee

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 MARCH 2025

Note
Income and endowments
Donations and legacies
5
Charitable activities
6
Other trading activities
7
Total Income
Expenditure
Expenditure on charitable
activities
8
Total expenditure
Net (expenditure)/income
and net movement in
funds
Reconciliation of funds
Total Funds brought forward
Total funds carried
forward		 Unrestricted
Funds
1,896
1,896
(1,896)
23,709
21,813		 2025
Restricted
Funds
3,800
3,800
3,800
3,800
-
-
-		 Total
Funds
3,800
3,800
5,696
5,696
(1,896)
23,709
21,813		 2024
Total
Funds
1,821
3,000
4,821
33,295
33,295
(28,474)
52,183
23,709

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities

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Cathedral Quarter Trust

Company Limited by Guarantee

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025

2025 2024
Note £ £
Fixed assets
Tangible fixed assets 14 - -
Current assets
Debtors 15 - -
Cash at bank and in hand 22,953 25,025
22,953 25,025
Creditors: amounts falling due within one year 16 (1,140) (1,316)
Net current assets 21,813 23,709
Total assets less current liabilities 21,813 23,709
Net assets 21,813 23,709
Funds of the charity
Restricted funds - -
Unrestricted funds 21,813 23,709
Total charity funds 18 21,813 23,709

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

For the Year ended 31/03/2025, the company is exempt from the requirements relating to preparing audited accounts in accordance with section 477 of the Companies Act 2006. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These financial· statements were approved by the board of trustees and authorised for issue on 13 October 2025, and are signed on behalf of the board by:

ANp> ~~~—~~ A McReynolds

Trustee

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Cathedral Quarter Trust

Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025

1. 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 Belfast Cathedral Office, Donegall Street, Belfast. BT1 2HB

2. 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.

3. 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.

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.

Cash Flow

The company has taken advantage of the exemption in Financial Reporting Standard No. 1 from the requirement to produce a cash flow statement on the grounds that it is a small charitable company.

Fund accounting

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 fall into one of two sub-classes: restricted income funds or endowment funds.

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Cathedral Quarter Trust

Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025

3. Accounting policies (continued)

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 benefits 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:

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:

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 between 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.

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Cathedral Quarter Trust

Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025

3. Accounting policies (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 result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement 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 - 40% straight line Fixtures and fittings - 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 impairment 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 which 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 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 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 arises.

4. 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 respect of the guarantee is limited to £1 per member of the charity.

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. Cathedral Quarter Trust

Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025

5. Donations and legacies

6. Charitable activities

Unrestricted
Funds
£
Destination CQ BID – Summer School
-
Developments Trusts NI
-
7.Other trading activities
Restricted
Total
Funds
2025
£
£
Northern Ireland Screen
-
-
8. Expenditure on charitable activities by fund type
Unrestricted
Funds
Restricted
Funds
£
£
Event/Support costs
1,896
3,800
9.Analysis of support costs
Analysis of
support
costs
Total 2025
£
£
Staff costs
-
-
Premises
-
-
General office
612
612
Event Costs
4,004
4,004
Governance costs
-
-
4,616
4,616		 Unrestricted
Funds
£
Destination CQ BID – Summer School
-
Developments Trusts NI
-
7.Other trading activities
Restricted
Total
Funds
2025
£
£
Northern Ireland Screen
-
-
8. Expenditure on charitable activities by fund type
Unrestricted
Funds
Restricted
Funds
£
£
Event/Support costs
1,896
3,800
9.Analysis of support costs
Analysis of
support
costs
Total 2025
£
£
Staff costs
-
-
Premises
-
-
General office
612
612
Event Costs
4,004
4,004
Governance costs
-
-
4,616
4,616		 Restricted
Funds
Total
Funds
2025
£
£
1,300
1,300
2,500
2,500
3,800
3,800
Restricted
Total
Funds
2024
£
£
3,000
3,000
Total
Funds 2025
£
5,696
Total 2024
£
3,017
5,314
5,372
-
1,865
15,568
4,616

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Cathedral Quarter Trust

Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025

10. Net (expenditure)/income

Net (expenditure)/income is stated after
charging/(crediting):
Depreciation of tangible fixed assets
11. Auditors remuneration
Fees payable for the audit of the financial statements		 2025
£
-
2025
£
1,140		 2024
£
183
2024
£
1,080

12. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

Wages and salaries
Social security costs
Employer contributions to pension plans		 2025
£
-
-
-
-		 2024
£
13,613
728
385
14,726

The average head count of employees during the year was 0 (2023: 2). The average number of full-time equivalent employees during the year is analysed as follows:

2025 2024
Number of staff 0 0

No employee received employee benefits of more than £60,000 during the year (2024: Nil).

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 £0 (2024: £14,341).

13. Trustee remuneration and expenses

The charity trustees were not paid or received any other benefits from employment with the Charity in the year (2024: £Nil). No charity trustee received reimbursement for travel expenses or payment for professional or other services supplied to the charity (2024: £Nil).

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Cathedral Quarter Trust

Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025

14. Tangible fixed assets

14. Tangible fixed assets
Cost
At 1 April 2024 and 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024
15. Debtors
Trade debtors
Prepayments and accrued income		 Freehold
property
£
408		 Fixtures
and fittings
£
4,397
4,397
-
4,397
-
-
2025
£
-
-
-		 Total
£
4,805
408
-		 4,397
-		 4,805
-
408 4,397 4,805
- - -
- - -
2025
£
-
-
-		 2024
£
-
-
-

16. Creditors: amounts falling due within one year

16. Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income
Social security and other taxes
Other creditors		 2025
£
-
1,140
-
-
1,140		 2024
£
-
1,316
-
-
1,316

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 £0 (2024: £680).

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Cathedral Quarter Trust

Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025

18. Analysis of charitable funds

Unrestricted funds
General funds
Restricted funds
Culture Night Belfast		 At 1 April
2024
£
23,709
At 1 April
2024
£
-		 Income
£
3,800
Income
£		 Expenditure
£
(5,696)
Expenditure
£		 At 31 March
2025
£
21,813
At 31 March
2025
£
-

19. Analysis of net assets between funds

Unrestricted
Funds 2025
£
Tangible fixed assets
-
Current assets
22,953
Creditors less than 1 year
(1,140)
Net assets
21,813
20. Analysis of changes in net debt
At 1 April
2024
£
Cash at bank and in hand
23,709		 Restricted
Funds 2025
£
-
-
-
-
Cash flows
£
(1,896)		 Total
Funds 2024
£
-
25,025
(1,316)
23,709
At 31
March 2025
£
21,813

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 interest. Cathedral Quarter Trust maintain a detailed register of interests for all Trustees. Declaration of interests are an agenda item at each Trust meeting.

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