Charily number: NIC 107793 Hearth Historic Buildings Trust Members. Report and Financial Statements For the Year Ended 31 March 2024
Hearth Historic Buildings Trust Contents Page Reference and Admlnistrative Details of the Charity, its Members and Advisers Members. Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Flnancial Statements 10-19 The following pages do not form part of the statutory financial statements.. Charity Detailed Income and Expenditure Account and Summaries
Hearth Historlc Buildings Trust Reference and Administrative Details of the Charity, its Members and Advisers For the Year Ended 31 March 2024 Members Mr A Rankin MBE, Chair Ms R Harkin Mrs K Latimer OBE Dr M Patton OBE. Vice Chair Mr G Sloan Mr C Thirkettle (resigned 22 August 2023) Mr R Williamson Mr A Hennessey, Treasurer Mrs V Faith-Devine, Secrelary Mr A Webb Ms Errin McElhinney {appointed 22 August 2023) Company registered number NP000145 11451P Charity registered number NIC 107793 Registered office Old Museum Building 7 College Square North Belfast BT16AS Secretary Mrs V Faith-Devine Independent Examiner Sumer Accounlants Nl Ltd Glendinning House 6 Murray Street Belfast BT16DN Bankers Danske Bank 6 Donegall Square West Belfast BT16JS Sollcltors Johns Elliot 40 Linenhall Street Belfast BT2 8BA SUMER NORTHERN IRELAND Page 1
Hearth Historic Buildings Trust Members. Report For the Year Ended 31 March 2024 The Members present their annual report together with the financial statements for the 1 April 2023 to 31 March 2024. The Members confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's 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). Since the Charity qualifies as small under section 382 of the Companies Acl 2006. the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and actlvlties a. History 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 Ihe 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 regislered 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 Gharities expanded and changed bul they remained closely involved, with the housing association staff available to carry out work for the revolving fund on a fee-earning 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 thal have been retained and provide regular income. With the change in status and address Ihe 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 property 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 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 achieve objectives In setting objectives and planning for activities, the Members have given due consideration to general guidan published by the Charity Commission for Northern Ireland relating to public benefit and in particular to its supplementary public benefit guidance on buildings preservation. SUMER NORTHERN IRELAND Page 2
Hearth Hlsloric Buildings Trust Members. Report {continued) For the Year Ended 31 March 2024 Achievements and performance Review of actlvities Hearth continued to carry out its work wilh one paid member of staff. our Heritage Development Officer, Mari McKee, whose salary is largely funded by the Dormant Accounts Fund and who joined us in Sepiember 2022. We work closely with the Ulster Architectural Heritage Society in our mutual office at the Old Museum, and we also maintain 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 iwo holiday let properties in College Green and Curry's Cottage, Derrylin, County Fermanagh. Sion Mills Stables continues to be let to Sion Mills Building PreseNation Trust, and our commercial lease with Molly's Yard continues. As the long-term tenant of People's Park Gate Lodge left the property we undertook a major refurbishment there before it was successfully relet. Our activities are now focused on Riddel's Warehouse in Belfast, which we acquired with a loan from Ulster Garden Villages. We are grateful to National Lottery Heritage Fund which has given us development funding to enable us to appoint architects for the project and to appoint a Community Engagement Officer. Additional helpful grants for the project came from the Sylvia Waddilove Foundation and Ihe Architectural Heritage Fund which is providing loan assistance for the present phase of work. The building has been used for a number of different events throughout the year and we continue to seek funding for the next stage of the projeGI. 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'movement in funds was a loss of £10.707. 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 of the need to broaden the charitls ability to secure funding and will continue to work towards this goal in the next financial year. After making appropriate enquirie5. 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 Continue to adopt the going concern basis in preparing the financial statements. SUMER NORTHERN IRELAND Page 3
Hearth Hlstoric Buildings Trust Members. Report (continued) For the Year Ended 31 March 2024 Structure, governance and management a. Constitutlon The charity is a registered Industrial and Provident Society. The principal object of the Charity is to restore historic buildings in Northem Ireland which are al risk of dereliction or loss. 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 Looking forward we plan to appoint a Marketing and Communications Officer on a one year fixed-term contract with the hope that we will be able to extend the contract to three years provided our stage 2 lottery funding application is successful. We are looking for a new Honorary Treasurer as Tony Hennessey has indicated he will retire at the forthcoming AGM. We hope to agree with our architects the plans for an application for planning permission. 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 expendilure, for that period. In preparing these financial statements. the Members are required to.. select suilable accounting policies and Ihen apply them consistently., observe the methods and principles of the Charities SORP {FRS 102)., make judgements and accounting estimates that are reasonable and prudent. stste 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 transadions 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. SUMER NORTHERN IRELAND Page 4
Hearth Hlstoric Buildings Trust Members. Report (continued) For the Year Ended 31 March 2024 Approved by order of the members of the board of Members on 20 September 2024 and signed on their behalf by.. Mr A Rankin MBE SUMER NORTHERN IRELAND Page 5
Hearth Historic Buildings Trust Independent Examiner's Report For the Year Ended 31 March 2024 Independent Examlner's Report to the Members of Hearth Historic Buildlngs Trust I report on the financial statements of the charity for the year ended 31 March 2024 which are set out on pages 8 to 19. Respective Responsibilities of charity Members and Examiner As the charity's members (and also the directors of the company for the purpose of company law) 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(9)(bl of the Charrties Act: and state whether particular matters have come to my attention. Basis of Independent Examiner's 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)Ib) 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 Ihose 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 accounls do not accord with 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 further information needed for a proper understanding of the accounts to be reached. SUMER NORTHERN IRELAND Page 6
Hearth Historic Buildings Trust Independent Examiner's Report (continued) For the Year Ended 31 March 2024 Independent Examiner'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 lo the charitvs Members, as a body, in accordance with section 65(3)(a) of the Charities Act (Northern Ireland) 2008 and regulations made under section 66 of that Act. My work has been undertaken so that I might state to the charity's Members those matters l am reqLrired to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibility to anyone other than the charity and the ¢hariWs Members as a body. for my work or for this report. Dated: 20 September 2024 Brian Clerkin, FCA Sumer Accountants Nl Ltd Glendinning House 6 Murray Street Belfast BT16DN SUMER NORTHERN IRELAND Page 7
Hearth Hlstoric Buildings Trust Statement of financial activlties (incorporating income and expenditure account} For the Year Ended 31 March 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Investments 64,368 89.259 260 64,368 89,259 260 85,300 99,491 16 Total income 153,887 153,887 184,807 Expenditure on: Charitable activities 164,594 164,594 125.267 Total expenditure 164.594 164,594 125,267 Net movemènt In funds {10,707) (10,707) 59.540 Reconciliation of funds". Total funds brought forward Net movement in funds 1,821,933 {10,707) 1,821.933 (10,707) 1,762,393 59,540 Total funds carried fonvard 1,811,226 1,811,226 1,821.933 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 10 to 19 form part of these financial statements. SUMER NORTHERN IRELAND Page 8
Hearth Historic Buildings Trust Registered number: NP00014511451P Balance Sheet As at 31 March 2024 2024 2023 Note Fixed assets Tangible assets 10 2,501,635 2,475.326 2,501,635 2,475,326 Current assets Debtors 36,938 14,011 261,808 6,156 Cash at bank and in hand 50.949 267.964 Creditors.. amounts falling due within one year 12 {561,03S) {696,920) Net current liabilities (510,086) (428,956) Total assets less current liabilities 1,991,549 2,046,370 Creditors.. amounts falling due after more than one year 13 (180.323) {224.437) Net assets excluding pension asset 1,811.226 1,821,933 Total net assets 1,811,226 1.821,933 Charity funds Unrestricted funds 14 1.811,226 1,821,933 Total funds 1,811,226 1,821,933 The financial statements were approved and authorised for issue by the Members on 20 September 2024 and signed on thei ehall by.. Mr A Rankin MBE Chair Mr A Hennessey Treasurer ith- Secretary evine The notes on pages 10 to 19 form part of these financial statements. SUMER NORTHCRN IRELAND Page 9
Hearth Historic Bulldings Trust Notes to the Flnanclal Statements For the Year Ended 31 March 2024 Accounting policies 1.1 Basis of preparation of flnancial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practi 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 Historic 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 othetwise stated in the relevant accounting policy. 1.2 Income Al 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 the Statement of Financial Activities on a re1vable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlemenl of receipt, its recognition is deferred and included in creditors as deferred income. Where entillement 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 seNices and facilities are recognised on the basis of the value of the gift to Ihe 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 lo 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 conslructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefils 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 between 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 Charity's objectives, as well as any associated support costs. SUMER NORTHERN IRELAND Page 10
Hearth Historic Buildlngs Trust Notes to the Flnanclal Statements For the Year Ended 31 March 2024 Accounting policies (continued} 1.4 Interest receivable Interest on funds held on deposit is included 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 depreciation A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls beeen the carrying value of fixed assets and their recoverable amounts are recognised as impaiments. Impairment losses are recognised in the Statement 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 tsngible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis- Freehold property No depreciation is charged Gains and losses on disposals are determined by comparing the prOed$ with the carrying amount and are recognised 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 deposil or similar account. 1.8 Liabilities and provisions Liabilities are remgnised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a Iransfer of economic benefit will be required in settlement, and the amount of Ihe settlement Gan be estimated reliably. Liabilities are recognised at the amount that the Charity anticipate5 It will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. SUMER NORTHERN IRELAND Page11
Hearth Historic Buildings Trust Notes to the Financial Statements For the Year Ended 31 March 2024 Accountlng policies (continued) 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 transaclion 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. 1.10 Fund accounting General funds are unrestricted funds which are available for use at the discretion of Ihe 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 resources available and believe that the charity has adequate resources to continue in operational existence for the forseeablè future. Accordingly. Hearth Historic Buildings Trust continue to adopt the going concern basis in preparing the financial statements. The Members have considered the likely continLred impact of the current economic conditions on the charity, and, while they expect that this will continue to have an adverse effect, Ihey believe Ihal the charity will be able to manage the impact through prudent management of ils 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 party 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 donatlons and legacies Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations Grants receivable 2,009 62.359 2,009 62,359 1.100 84,200 Total 2024 64,368 64,368 85,300 Total 2023 85.300 85.300 Grants receivable includes £10,000 from the Architectural Heritage Fund, £28,000 from Dormant Accounts Fund Nl and £12,000 from the Sylvia Waddilove Foundation. SUMER NORTHERN IRELAND Page 12
Hearth Historic Buildings Trust Notes to the Financial Statements For the Year Ended 31 March 2024 Income from charitable actlvities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Rent and rates receivable Ground rents and seNice charges receivable Holiday lets Rental for use of warehouse 66,449 2,039 18,629 2,142 66,449 2,039 18,629 2,142 76.462 3.430 17,944 1,655 Total 2024 89,259 89,259 99,491 Total 2023 99,491 99,491 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Interest receivable 260 260 16 Total 2023 16 16 SUMER NORTHERN IRELAND Page 13
Hearth Historic Buildings Trust Notes to the Financial Statements For the Year Ended 31 March 2024 Analysls of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Total 2023 Property repairs and maintenance Holiday lets expenses Management charges Rent and rates Insurance Professional fees Heat and light Independent examination fee General office expenses Wages and salaries Bank interest Profiuloss on disposal of fixed assets 49,813 159 49,813 159 5,586 8,437 24,991 1,445 5,052 2.500 6,629 40,503 19,479 14,024 159 5,521 8,879 23,358 12.372 4.377 2,500 1,801 19.800 12,470 20.006 5,586 8,437 24,991 1.445 5,052 2,500 6,629 40,503 19,479 Total 2024 164,594 164,594 125.267 Total 2023 125.267 125,267 Independent examiner's remuneration The independent examinerfs remuneration amounts to an independent examiner fee of £2,500 (2023 £2,500). Staff costs 2024 2023 Gross cost 40,503 19,800 The average number of persons employed by the Charity during the year was as follows.. 2024 2023 Administration No employee received remuneration amounting to more than £60.000 in either year. SUMER NORTHERN IRELAND Page 14
Hearth Historic Buildings Trust Notes to the Financial Ststements For the Year Ended 31 March 2024 Members. remuneration and expenses During the year. no Members received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Member expenses have been incurred (2023- £NIL). 10. Tangible fixed assets Freehold property Cost or valuation At 1 April 2023 Additions 2,475,326 26,309 At 31 March 2024 2,501,635 Net book value At 31 March 2024 2,501,635 At 31 March 2023 2,475,326 The additions in the year of £26,309 relate to the Riddels Warehouse. The members have reviewed the remaining valuations as at 31 March 2024 and believe that the valuations are still appropriate. The carrying value of the propety schemes are as follows: Alexandra Park £125,000. People's Park £110,000, Curry's Cottage £70,000, College Green House (including MOllS Yard) £785,000, Irish Street, Downpatrrck £25,000, Sion Mills £500.000 and Riddels £886,635. 11. Debtors 2024 2023 Due within one year Trade debtors other debtors 13,905 3,934 19,099 13,416 243.691 4,701 Prepayments and accrued income 36,938 261,808 SUMER NORTHERN IRELAND Page 15
Hearth Historic Buildlngs Trust Notes to the Financlal Statements For the Year Ended 31 March 2024 12. Credltors: amounts falllng due within one year 2024 2023 Bank overdrafts Bank loans Trade creditors Other creditors Accruals and deferred income 55.086 535,182 6,172 1,100 99,380 546,562 6,172 550 7,751 561.035 696,920 Bank loans and overdrafts include loans and mortgages of £500,000 in SPect of The Ulster Garden Villages. These loans are interesl free and the third paty has not indicated any requirement for the Charity to repay these loans until such limes that the purpose of the loan has been realised. It also includes £24,000 due within one year in relation to the loan from the Architectural Heritage Fund and £22,562 due in less than one year in relalion to the Danske Bank loan. 13. Creditors: amounts falling due after more than one year 2024 2023 Bank loans Olher loans 154,323 26,000 187,723 36,714 180,323 224.437 Included within the above are amounts falling due as follows.. 2024 2023 Between one and two years Bank loans Other loans 54,225 26,000 22.562 36,714 Between two and five years Bank loans 100,097 165,161 Bank loans comprises a Danske Bank loan. Interest on the Danske Bank loans are at variable rates and are secured by mortgages on the r81ated property at College Green. Belfast. Danske Bank loans totalled £176,886 at the year end. Other loans comprises the balance greater than one year in relation to the loan from the Architectural Heritage Fund. The total balance of that loan at the year end was £50,000. SUMER I ORTHERN IRELAND Page 16
Hearth Historlc Bulldings Trust Notes to the Financial Statements For the Year Ended 31 March 2024 14. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure Unrestricted funds General Funds- all funds Conservation Area Revolving Fund Surplus Account Capital Fund Conservation Area Revolving Fund Share Capital 708,046 153,887 (164,594) 697.339 123,066 715,811 275,000 10 123,066 715,811 275,OQO 10 1,821.933 153,887 (164,594) 1,811,226 Statement of funds - prior year Balance at 31 March 2023 Balance at 1 April 2022 Income Expenditure Unrestricted funds General Funds- all funds Conservation Area Revolving Fund Surplus Account Capitsl 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 SUMER NORTHERN IRELAND Page 17
Hearth Historic Buildings Trust Notes to the Financial Statements For the Year Ended 31 March 2024 15. Summary of funds Summary of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure General funds 1,821,933 153,887 (164,594) 1.811,226 Summary of funds - prior year Balance at 31 March Income Expenditure 2023 Balance at 1 April 2022 General funds 1,762,393 184,807 (125,267) 1.821,933 16. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 2,501.635 2,501,635 50,949 50,949 (561,0351 (561,035} {180,323) (180,323) Total 1,811.226 1,811,226 SUMER NORTHERN IRELAND Page 18
Hearth Historic Buildings Trust Notes to the Financial Statements For the Year Ended 31 March 2024 16. Analysls of net assets between funds (continued) Analysis of net assets between funds - prior period 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 17. Related party transactions The Hearth Historic Buildings Trust has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Hearth Historic Buildings Trust at 31 March 2024. SUMER IORTHERN IRELAND Page 19
Hearth Historic Buildings Trust Income and expenditure account For the Year Ended 31 March 2024 2024 2024 2023 2023 Income Grants receivable Rent and rates receivable Ground rents and service charges receivable Holiday lets Investment Income Donations Miscellaneous Use of Riddels Warehouse 62,359 66,449 2,039 18,629 260 84,200 76.462 3,430 17,944 16 1,100 826 829 2.009 2,142 153,887 184,807 Gains on investments Gross income in the reporting period 153,887 184,807 Less: Dlrecl Costs Property repairs maintenance Holiday let expenses Property management charges and fees Rent and rates payable Insurance Heat and light Telephone Subscriptions 49.813 159 5,586 8.437 24,991 5,052 315 105 14,023 159 5,521 8.879 23,360 4,377 145 94,458 56.464 Support Costs Independent examination General office expenses Professional fees Bank interest, charges and loan interest Loss on sale of fixed assets Salaries and wages 2.500 6,209 1,445 19,479 2.500 1.656 12,371 12,470 20.006 19.800 40,503 70,136 68.803 Total expenditure 164,594 125,267 Net (expenditure}lincome for the reportlng period (10,707) 59,540 {Deficit)ISurplus for the reporting period (10,707) 59,540 Page 20
Hearth Historic Buildings Trust Income and expenditure account (continued) For the Year Ended 31 March 2024 The notes on pages 10 to 19 form part of these financial statements. Page 21