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 re￿1vable 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 be￿een 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 prO￿ed$ 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 MOll￿S 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