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
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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 bo￿OW 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.
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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
cUr￿S 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 su￿esSfUl 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 suc￿sSful 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 charit￿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 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
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