Charity number: NIC 107793
Hearth Historic Buildings Trust
Members. Report and Financial Statements
For the Year Ended 31 March 2023

Hearth Historic Buildings Trust
Contents
Page
Reference and Administratlve Details of the Charity, its Members and Advisers
Members. Report
Independent Examiner's Report
Statement of Financial Activities
Balance Sheet
Notes to the Flnan¢ial Statements
9-17

Hearth Historlc Bulldings Trusl
Refèrence and Administrative Details of the Charity, its Members and Advisors
For the Year Ended 31 March 2023
Members
Mr A Rankin MBE, Chair
Ms R Harkin
Mrs K Latimer OBE
Mr M Patton OBE. Vice Chair
Mr G Sloan
Mr C Thirkettle
Mr R Williamson
Mr A Hennessey, Treasurer
Mr C Hamill
Mrs V Faith-Devine, Secretsry
Mr A Webb
Company registered
number
IP 145
Charity registered
number
NIC 107793
Registered office
Old Museum Building
7 College Square North
Belfast
BT16AS
Secretary
Mrs V Faith-Devine
Accountants
ASM (B) Ltd
Chartered Accountants and Registered Auditors
4th Floor
Glendinning House
6 Murray Street
Belfast
BT16DN
Bankers
Danske Bank
6 Donegall Square West
Belfast
BT1 6JS
Solicitors
Johns Elliot
40 Linenhall Street
Belfast
BT2 8BA
Page 1

Hearth Hlstoric Bulldings Trust
Members. Report
For the Year Ended 31 March 2023
The Members present their annual report together with the financial statements for the 1 April 2022 to 31 March
2023. The Members confirm that the Annual Report and financial statements of the Charity comply with the
current statutory requirements, the requirements of the Charitys governing document and the provisions of the
Statement of Recommended Practice (SORP). applicable to charities preparing their accounts in accordance
wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Charity previously traded under the name Hearth Revolving Fund.
Objectives and activities
a. Hlstory and purposes
Hearth Historic Buildings Trust was initially formed in 1972 as a Charity that would borrow money to restore
buildings and repay the loans on selling the finished products. After a few years it became apparent that in the
political and economic climate of the time Hearth could operate more successfully as a housing association and
Hearth Housing Association was duly registered in 1978 as a sister organisation to take advantage of the newly
created funding for such bodies, with the same committee involved in both bodies.
Over the years both charities expanded and Changed but they remained closely involved, with the housing
association staff available to cary out work for the revolving fund on a fee-eaming basis and each body able to
tackle different schemes in different ways. Sadly. government policy sought to reduce the number and variety of
housing associations and after some years of negotiation Hearth Housing Association duly merged with Clanmil
Housing Association in December 2016.
With its housing association arm now gone, Hearth has reverted to its original form as a building preservation
trust. but now as the holder of a number of properties that have been retained and provide regular income.
With the change in status and address the committee decided to change its name from Hearth Revolving Fund
to Hearth Historic Buildings Trust. reflecting the fact that there is now only one Hearth Charity and that it also
manages propety as well as selling it.
b. Activities for achieving objectives
Hearth Historic Buildings Trust continues to restore historic buildings in Northern Ireland which are at risk of
dereliction or loss. The Charity generally restores historic buildings for re-sale. but also manages some
properties. and is not restricted to housing uses.
The charity concentrates on scheme5 which for one reason or another might be considered financially
unattractive by a private developer. It aims to restore buildings of importance which would otherwise be lost.
rather than to make profits from its operations.
c. Actlvities undertaken to achieve objectives
In setting objectives and planning for activities, the Members have given due consideration to general guidance
published by the Charity Commission for Northern Ireland relating to public ben8fit and in particular to its
supplementary public benefit guidance on buildings preservation.
Page 2

Hearth Historlc Bulldlngs Trust
Members, Report (continued)
For the Year Ended 31 March 2023
Achievements and performance
Review of activities
Hearth continued to carry out its work without paid staff, keepings its overheads light and gradually reducing
debts. It works closely with the Ulster Architectural Heritage Society in their mutual office at the Old Museum.
and also maintains good relations with the Historic Environment Division of the Department for Communities.
We continue to manage and let out houses at Alexandra Park Gate Lodge and College Green House. both in
Belfast and People's Park Gate Lodge in Ballymena, as well as two holiday let properties in College Green and
Curry's Cottage, Derrylin. Sion Mills Stables continues to be let to Sion Mills Building PreseNation Trust, and our
commercial lease wilh Molly's Yard continues. During the financial year, 47 Queen's Parade, Bangor was sold.
Our activities are now focused on Riddel's Warehouse in Belfast, which we acquired with a loan from Ulster
Garden Villages. A Resilient Heritage grant from the Heritage Lottery Fund enabled us to commission a number
of consultancy reports on the project as well as relaunching our website and corporate identity. We are grateful
to the Architectural Heritage Fund for additional grant and loan finance that is enabling further repairs to the
building, and we continue to be in regular discussions with the National Lottery Heritage Fund in respect of
continued funding.
b. Reserves policy
The Members have set a strategic financial policy to maintain a level of reserves sufficient to fund working
capital, unexpected expenditure and shortfalls in income. The Members review the liquidity position of the
Charity on a regular basis and will seek to sell owned properties to release cash to the Charity.
Financial review
a. Results
Net incoming resources were £59.540. There was fair value adjustments on land and buildings totalling £NIL
(2022: £58,000). Net movement in, funds was therefore £59,540.
b. Going Concern
The Trustees have considered projected costs and income for the forthcoming year against a background of
continuing difficult economic times. They are cognisant ofthe need to broaden the charit￿$ abilityto secure
funding and will continue to work towards this goal in the next financial year.
After making appropriate enquiries, the Members have a reasonable expectation that the charity has adequate
resources to continue in operational existence for the foreseeable future. For this reason they conlinue to adopt
the going concern basis in preparing the financial statements.
structurep governance and management
a. Constitution
The charity is a registered Industrial and Provident Society.
The principal object of the Charity is to restore historic buildings in Northern Ireland which are at risk of
dereliction or loss.
Page 3

Hearth Historic Buildlngs Trust
Members. Report {¢ontinued)
For the Year Ended 31 March 2023
Structure, governance and management (continued)
b. Methods of appointment or election of Members
The management of the Charity is the responsibility of the Members who are elected and co-opted under the
terms of the Trust deed.
Plans for future periods
Our main focus for the future is still on Riddel's Warehouse in Belfast. The Covid epidemic had delayed further
funding applications that had been planned. but the building continues to be used for a variety of"meanwhile'
uses, including filming, theatre and music events and it is kept in repair pending its full restoration.
During the year we received funding from the Dormant Accounts Fund to enable us to employ a Project
Development Officer. After advertising the position and carrytng out interviews the successful candidate will start
work in September 2022.
DurÉng the year we sold the propety at 47 Queen's Parade. Bangor.
After the year end we received notification that we had been successful in our Stage 1 application to the National
Lottery Heritage Fund.
Statement of Members. responsibilities
The Members (who are also the directors of the Charity for the purposes of company law) are responsible for
preparing the Members, 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 Members to prepare financial statements for each financial year. Under company law.
the Members must not approve the financial statements unless they are satisfied that they give a true and fair
view of the state of affairs of the Charity and of its incoming resources and application of resources, including its
income and expenditure. for that period. In preparing these financial statements, the Members are required to-
select suitable accounting policies and then apply them consistently:
observe the methods and principles of Ihe Charities SORP (FRS 102):
make judgments and accounting estimates that are reasonable and prudent:
state whether applicable UK Accounting Standards {FRS 102) have been followed, subject to any material
departures disclosed and explained in the financial statements..
prepare the financial statements on the going concem basis unless it is inappropriate to presume that the
Charity will continue in business.
The Members are responsible for keeping adequate accounting records that are sufficient to show and explain
the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity
and enable them to ensure that the financial statements Comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
Approved by order of the members of the board of Members on 3 October 2023 and signed on their behalf by:
Mr A Rankin MBE
Chair
Page 4

Hearth Historic Buildlngs Trust
Independent Examlner's Report
For the Year Ended 31 March 2023
Independent Examiner's Report to the Members of Hearth Hlstoric Buildings Trust
I report on the financial statements of the charity for the year ended 31 March 2023 which are set out on
pages 7 to 17.
Respective Responsibilities of charity Members and Examiner
As the charitys members {and also the directors of the company for the purpose of company lawl you are
responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent
examination, it is my responsibility to:
examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008;
follow the procedures laid down in the general Directions given by the Commission under section 65(91(b)
of the Charities Act: and
state whether particular matters have come to my attention.
Basis of Independent Examinerfs Statement
I have examined your charity 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 for Northern Ireland
under section 65{9)(b) of the Charities Act.
My examination included a review of the accounting records kept by the charity and a comparison of the
accounts presented with those records. It also includes consideration of any unusual items or disclosures in the
accounts. and seeking explanations from you as charity members concerning any such matters.
My role is to state whether any material matters have come to my attention giving me cause to believe:
that accounting records were not kept in accordance with section 386 of the Companies Act 2006;
that the accounts do not accord wilh those accounting records-
that the accounts do not comply with the accounting requirements of section 396 of the Companies Act
2006 and with the methods and principles of the Charities 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)-
that there is furlher information needed for a proper understanding of the accounts to be reached.
Page 5

Hearth Historic Buildings Trust
Independent Examiner's Report (continued)
For the Year Ended 31 March 2023
Independent Examlner's Statement
I have completed my examination and have no concerns in respect of the matters (1) to (4) 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.
This report is made solely to the charitls Members, as a body, in accordan￿ with section 65(3){a) of the
Charities Act (Northern Ireland) 2008 and regulations made under section 66 of that Act. Mywork has been
undertaken so that I might state to the charity's Members those matters l am required to stste to them in an
Independent Examinerfs Report and for no other purpose. To the fijllest extent permitted by law. I do not accept
or assume responsibility to anyone other than the charity and the Charivs Members as a body, for mywork or for
this report.
Signed:
Dated: 3 October 2023
Brian Clerkin. FCA
Independent Examiner
ASM (B) Ltd
Chartered Accountants and Registered Auditors
4th Floor
Glendinning House
6 Murray Street
Belfast
BT16DN
Page 6

Hearth Hlstoric Buildings Trust
Statement of financial activltles (Incorporating income and expenditure account)
For the Year Ended 31 March 2023
Unrestricted
funds
2023
Total
funds
2023
Total
funds
2022
Note
Income from:
Donations and legacies
Charitable activities
Investments
85,300
99,491
16
85,300
99,491
16
10,348
132,419
Total income
184,807
184.807
142.776
Expenditure on:
Charitable activities
125,267
125,267
88,015
Total expenditure
125,267
125.267
88,015
Net movement in funds before other recognlsed
gains
59,540
59,540
54.761
Other recognised gains:
Gains on revaluation of fixed assets
58,000
Net movement in funds
59,540
59.540
112,761
Reconciliation of funds:
Total funds brought forward
Net movement in funds
1,762.393
59,540
1.762.393
59,540
1,649.632
112,761
Total funds carried forward
1,821,933
1,821.933
1,762,393
The Ststement of Financial Activities includes all gains and losses re¢ognised in the year.
The notes on pages 9 to 17 form parl of these financial statements.
Page 7

Hearth Hlstoric Buildings Trust
Registered number." IP 145
Balance Sheet
As at 31 March 2023
2023
2022
Note
Flxed assets
Tangible assets
10
2,475,326
2,487,161
2,475,326
2.487,161
Current assets
Debtors
Cash at bank and in hand
261,808
6,156
61.012
6.172
267,964
67,184
Creditors.. amounts falling due within one
year
12
(696,920)
(582,591)
Net current liabilities
(428,956)
(515,407)
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
2.046,370
1,971,754
13
(224.437)
(209.361)
Total net assets
1,821,933
1,762,393
Charity funds
Restricted funds
Unrestrlcted funds
14
14
1,821,933
1,762.393
Total funds
1,821,933
1,762,393
The financial statements were approved and authorised for issue by the Members on 03 October 2023 and
signed on their behalf by.
MrARan
Chair
in MBE
Mr A Hennessey
Treasurer
Mrs V Faith-Devlne
Secretary
The notes on pages 9 to 17 form part of these financial slatements.
Page 8

Hearth Historic Buildings Trust
Notes to the Financial Statements
For the Year Ended 31 March 2023
Accounting policies
1.1 Basis of preparation of flnan¢lal statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102)
Accounting and Reporting by Charities.. 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) (effective 1 January 2019). the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102).
Hearth Histori¢ Buildings Trust meets the definition of a public benefit entity under FRS 102. Assets
and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in
the relevant accounting policy.
1.2 Income
All Income is recognised once the Charity has entitlement to the income, it is probable that the
income will be received and the amount of income receivable can be measured reliably.
Grants are included in Ihe Statement of Financial Activities on a receivable basis. The balance of
income received for specifiG purposes but not expended during the period is shown in the relevant
funds on the Balance Sheet. Where income is received in advance of entitlement of receipt. its
recognition is deferred and included in creditors as deferred income. Where entitlement occurs
before income is received. the income is accrued.
Donated services or facilities are recognised when the charity has control over the item. any
conditions associated with the donated item have been met, the receipt of economic benefit from the
use of the charity of the item is probable and that economic benefit can be measured reliably.
On receipt. donated professional services and facilities are recognised on the basis of the value of
the gift to the Charity which is the amount it would have been willing to pay to obtain services or
facilities of equivalent economic benefit on the open market,. a corresponding amount is then
recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is
recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment
income is receivable.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third party. it is probable that a transfer of economic benefits will be required in settlement and
the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs
of each activity are made up of the total of direct costs and shared costs, including support costs
involved in undertaking each activity- Direct costs attributable to a single activity are allocated directly
to that activity. Shared costs which contribute to more than one activity and support costs which are
not attributable to a single activity are apportioned be￿een those activities on a basis consistent with
the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation
Charges allocated on the portion of the asset's use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the
Charivs objectives. as well as any associated support costs.
Page 9

Hearth Hlstoric Buildings Trust
Notes to the Financial Statements
For the Year Ended 31 March 2023
Accounting pollcles (continued)
1.4 Interest receivable
Interest on funds held on deposit is induded when receivable and the amount can be measured
reliably by the Charity,. this is normally upon notification of the interest paid or payable by the
institution with whom the funds are deposited.
1.5 Tangible fixed assets and depreclatlon
A review for impairment of a fixed asset is carrled out if events or changes in circumstances indicate
that the carrying value of any fixed asset may not be recoverable. Shortfalls be￿een the carrying
value of fixed assets and their recoverable amounts are recognised as impairments. Impairment
losses are recognised in the Ststement of Financial Activities incorporating Income and Expenditure
Account.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible
fixed assets are measured at cost less accumulated depreciation and any accumulated impairment
losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be
included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less thelr residual value
over their estimated useful lives on the following bases.
Freehold propety
No depreciation is charged
Gains and losses on disposals are determined by comparing the proceeds with the carrwng amount
and are re¢ognised in the Statement of Financial Activities.
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
1.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity
of three months or less from the date of acquisition or opening of the deposit or similar arxount.
1.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past
event, it is probable that a transfer of economic benefit will be required in settlement. and the amount
of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to setue the debt or the
amount it has received as advanced payments for the goods or services it must provide.
1.9 Financial Instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured at their settlement value with the exception of bank loans which are subsequently
measured at amortised cost using the effective interest method.
Page 10

Hearth Historic Buildlngs Trust
Notes to the Financlal Statements
For the Year Ended 31 March 2023
Accountlng policies (contlnued)
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Members in
furtherance of the general objectives of the Charity and which have not been designated for other
purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Going concern
The Members of the Charity have reviewed the reSoUr￿S available and believe that the charity has
adequate resources to continue in operational existence for the forseeable future. Accordingly, Hearth
Historic Buildings Trust continue to adopt the going concern basis in preparing the financial statements.
The Members have considered the likely continued impact of the current economic conditions on the
charity, and, while they expect that this will continue to have an adverse effect, they believe that the charity
will be able to manage the impact through prudent management of its cash resources.
In respect of creditors, the Charity owes £500,000 in respect of loans to another third party Charity. These
loans are interest free and the third paty has not indicated any requirement from the Charity to repay
these loans until such times that the purpose of the loan has been realised.
Income from donations and legacies
Unrestricted
funds
2023
Totsl
funds
2023
Total
funds
2022
Donations
Grants receivable
1,100
84.200
1,100
84,200
348
10,000
Total 2023
85.300
85,300
10.348
Grants receivable includes £30,000 from AHF, £25.000 from Whitemountain and £28.000 from Dormant
Accounts Fund Nl. A donation of £1,000 was also received in the year ended 31 March 2023 from Noel
Killen.
Page11

Hearth Hlstoric Buildings Trust
Notes to the Financial Statements
For the Year Ended 31 March 2023
Income from charitable actlvltles
Unrestricted
funds
2023
Total
funds
2023
Total
funds
2022
Rent and rates receivable
Ground rents and service charges receivable
Holiday lets
Rental for use of warehouse
76.462
3,430
17,944
1,655
76,462
3,430
17,944
1.655
83,077
2,613
14,729
32.000
99,491
99,491
132,419
Investment Income
Unrestricted
funds
2023
Total
funds
2023
Total
funds
2022
Interest receivable
16
16
Page 12

Hearth Historlc Bulldings Trust
Notes to the Financial Statements
For the Year Ended 31 March 2023
Analysis of expendlture on charitable activities
Summary by fund type
Unreslricted
funds
2023
Total
2023
Total
2022
Property repairs maintenance
Holiday lets expenses
Management charges
Rent and rates
Insurance
Professional fees
Heat and light
Independent examination fee
Sundries
Salaries and wages
Bank interest
(Profit)Iloss on disposal of fixed assets
14,024
159
5.521
8,879
23,358
12,372
4,377
2,500
1,801
19,800
12,470
20.006
14,024
159
5,521
8,879
23,358
12,372
4.377
2.500
1,801
19,800
12,470
20,006
31,425
3,580
6,275
8.860
12,926
10,291
1,081
2.500
530
10.547
Total 2023
125,267
125,267
88,015
Independent examiner's remuneration
The independent examinevs remuneration amounts to an independent examiner fee of £2,500 {2022-
£2.500).
Staff costs
2023
2022
Gross cost
19,800
19.800
The average number of persons employed by the Charity during the year was as follows..
2023
2022
No.
Administration
No employee received remuneration amounting to more than £60.000 in either year.
Page 13

Hearth Hlstoric Buildings Trust
Notes to the Financial Statements
For the Year Ended 31 March 2023
Members, remuneration and expenses
During the year. no Members received any remuneration or other benefits (2022.. £NIL).
During the year ended 31 March 2023. no Member expenses have been incurred (2022: £NIL).
10. Tangible fixed assets
Freehold
property
Cost or valuallon
At 1 April 2022
Additions
Disposals
2,487,161
243,165
{255,000>
At 31 March 2023
2.475.326
Net book value
At 31 March 2023
2,475.326
At 31 March 2022
2,487,161
During the financial year, the property at Queen's Parade. Bangor, was sold for £234.994. This resulted in
a disposal at cost of £255.000 and a loss on disposal of£20,006.
The additions in year primariliy relate to Riddel's Warehouse.
The members have reviewed the remaining valuations as al 31 March 2023 and believe that the
valuations are still appropriate.
The carrying value of the property schemes are as follows: Alexandra Park £125,000, People's Park
£110,000, Currls Cottage £70,000. College Green House (including Mollvs Yard) £785,000. Irish Street.
Downpatrick £25.000, Sion Mills £500,000 and Riddels £860.326.
11.
Debtors
2023
2022
Due wlthln one year
Trade debtors
Other debtors
Prepayments and accrued income
13,416
243,691
4,701
5.673
47,339
8,000
261,808
61.012
Page 14

Hearth Historic Buildlngs Trust
Notes to the Financlal Statements
For the Year Ended 31 March 2023
12.
Credltors". Amounts falling due within one year
2023
2022
Loans and overdrafts
Armagh Sinking Fund
Other creditors
Accruals and deferred income
590,268
6.172
1,100
99,380
563,521
6,172
1.350
11,548
696.920
582,591
Bank loans and overdrafts include loans and mortgages of£500,000 in respect of The Ulster Garden
Villages. These loans are interest free and the third party has not indicated any requirement for the
Charity to repay these loans until such times that the purpose of the loan has been realised.
13.
Credltors: Amounts falling due after more than one year
2023
2022
Bank loans
Other loans
187,723
36,714
209.361
224,437
209,361
Included within the above are amounts falling due as follows:
2023
2022
Between one and two years
Bank loans
Other loans
22.562
36,715
24,768
Between two and five years
Bank loans
165,161
184.593
Interest on the Danske Bank loans are at variable rates and are secured by mortgages on the related
property at College Green, Belfast. Dan5ke Bank loans totalled £209.620 at the year end.
Page 15

Hearth Hlstoric Buildings Trust
Notes to the Financial Statements
For the Year Ended 31 March 2023
14. Statement of funds
Statement of funds - current year
Balance at
1 April
2022
Balance at
31 March
2023
Income Expenditure
Unrestricted funds
General Funds - all funds
ConseNation Area Revolving Fund Surplus
Account
Capital Fund
Conservation Area Revolving Fund
Share Capital
648,506
184,807
(125,267)
708,046
123,066
715,811
275,000
10
123,066
715,811
275,000
10
1.762,393
184,807
(125,267)
1,821,933
Statement of funds - prior year
Balance at
1 April
2021
Balance at
31 March
2022
Gainsl
(Losses)
Income Expenditure
Unrestricted funds
General Funds- all funds
Conservation Area Revolving
Fund Surplus Account
Capital Fund
Conservation Area Revolving
Fund
Share Capital
535,745
142.776
(88,015)
58.000
648,506
123.066
715,811
123,066
715,811
275,000
10
275.000
10
1.649,632
142,776
{88,015)
58,000
1.762,393
Page 16

Hearth Historic Buildlngs Trust
Notes to the Financlal Statements
For the Year Ended 31 March 2023
15. Analysis of net assets between funds
Analysis of net assets between funds - currènt year
Unrestricted
funds
2023
Total
funds
2023
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
2,475,326
2,475,326
267,964
267.964
(696,920) (696,920)
(224.437) {224,437)
Total
1.821,933
1.821.933
Analysis of net assets between funds - prior year
Unrestricted
funds
2022
Total
funds
2022
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
2,487,161
2.487.161
67,184
67,184
(582,591) (582,591)
(209.361) (209,361)
Total
1.762,393
1.762.393
16.
Related party transactions
None of the trustees have been paid any remuneration or received any other benefits from any
involvement with the charity. There has been no other related party transactions during the year.
Page 17

Hearth Historlc Bulldings Trust
Income and expenditure account
For the Year Ended 31 March 2023
2023
2023
2022
2022
Income
Grants receivable
Rent and rates receivable
Ground rents and service charges receivable
Holiday lets
Investment Income
Donations
Rental from use of warehouse
Miscellaneous
84,200
76,282
3,430
17,944
16
2,172
10,000
83.077
2,613
14,729
348
32,000
763
Gross income in the reporting period
184,807
142,776
Less:
Direct Costs
Property repairs maintenance
Holiday let expenses
Property management charges and fees
Rent and rates payable
Insurance
Heat and light
Telephone
14,023
159
5,521
8,879
23,360
4.377
145
31.425
3.580
6.275
8,860
12,926
1.081
56,464
64.147
Support costs
Independent examinationlaudit fees
Sundries
Professional fees
2.500
1,656
12,371
12,470
20.006
19,800
2,500
530
10.291
10.547
Bank interest. charges and loan interest
Loss on sale of fixed assets
Salarie5 and wages
68,803
23,868
Totsl expenditure
125,267
88,015
Net income for the reporting period
59,540
54,761
Surplus for the reporting period
59,540
54.761
The notes on pages 9 to 17 form part of these financial statements.