Charity number: NIC 107793 Hearth Historic Buildings Trust Members. Report and Financial Staternents For the Year Ended 31 March 2023
Hearth Historic Buildings Trust Contents Page Reference and Adminlstrative Details of the Charity. its Members and Advlsers Members. Report Independent Examlner's Report statement of Financial ktivities Balance Sheet Notes to the Financial Statements 9-17
Hearth Hlstorlc Bulldings Trust Reference 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. Secretary Mr A Webb Company registered number IP 145 Charity registered number NIC 107793 Reglstered 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 BT16JS 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 with 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 actlvltles a. History and purposes Hearth Historic Buildings Trust was inttially formed in 1972 as a Charity that would boOW 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 lime Hearth could operate more successfully as a housing association and Hearth Housing Association was duly registered in 1978 as a sister organisation to tske advantage of the newly created funding for such bodies, Trmth 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 carry out work for the revolving fijnd on a fee-eaming basis and each body able to tackle different schemes in different ways. Sadly, govemmenl 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 de¢ided to change its name from Hearth Revolving Fund to Hearth Historic Buildings Trust. reflecting the fact that the is now only one Hearth Charity and that it also manages property as well as selling it. b. ktivities for achieving objectives Hearth Historic Buildings Trust continues to restore historic buildings in Northem 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 schemes 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. Activities undertaken to achleve objectives In setting objectives and planning for activities. the Members have given due consideration to general guidance published by the Charity Commission for Northem Ireland relating to public benefrt and in particular to its supplementary public benefit guidance on buildings preservation. Page 2
Hearth Historlc Bulldings Trust Members. Report (continued) For the Year Ended 31 March 2023 Achievements and perfomiance a. Review of actlvltles 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 Offi 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 Aexandra Park Gate Lodge and College Green House, both in Belfast and People's Park Gate Lodge in Ballymena, as 1[ as two holiday let properties in College Green and cUrS Cottage. Derrylin. Sion Mills Stables Gontinues to be let to Sion Mills Building Preservation Trust, and our commercial lease with Mollls Yard conlinues. 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 graleful to the Archttectural Heritsge Fund for additional grant and loan finance that is enabling further repairs to the building. and we continue to be in regular discussions viith 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 fvnd 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. Flnanclal review a. Results Net incoming resources were £59.540. There was fair value adjustrnents on land and buildings totalling £NIL (2022: £58.000). Net movement in, funds was therefore £59.540. b. Going concern The Trustees have ¢on5idered projected costs and income for the forthcoming year against a background of continuing difficult economic times. They a cognisant of the need to broaden the charitys ability to 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 Gharity 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. Structurei governance and management a. Constitution The charity is a registered Induslrial and Provident Society. The principal object of the Charity is to restore historic buildings in Northem Ireland which are at risk of dereliction or loss. Page 3
Hearth Historic Bulldlngs Trust Members. Report (continued) For the Year Ended 31 March 2023 Structurei govemance and management (continued) b. Methods of appolntment 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 ntInueS to be used for a variety of'meanwhile" uses. induding filming. theatre and music events and it is kept in repair pending its full restoration. During the year we received funding from the Domant Accounts Fund to enable us to employ a Project Development Officer. After advertising the position and carytng out interviews the suesSfUl candidate will start work in September 2022. During the year we sold the propety at 47 Queen's Parade, Bangor. After the year end we received notification that we had been sucsSful in our Stage 1 application to the National Lottery Heritsge Fund. Statement of Members. responslbilities 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 melhods and principles of the 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 concern basis unless it is inappropriate to presume that the Charity will continue in business. The Member5 are responsible for keeping adequate accounting records that are sufficient to show and explain the charits 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 wth 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 member5 of the board of Members on 3 October 2023 and signed on their behalf by.. MrA Rankin MBE Chair Page 4