Company reglstratlon nurnr: N1020978 Londonderry Inner Clly Trust Company Ilmlted by guarantee Flnanclal slatamonts 31 March 2023
Londondorry Inner Clty Trust Company Ilmlted by guarantee Conlents Page Legal and administrative information Trustees, Report Independent audltor's report lo Ihe members 7.10 Consolidated Slalement ol Financial Activities for the year ended 31 March 2023 11 Company Statement ol Flnanclal AclSvltles for the year ended 31 March 2023 12 Consolidated Balance Sheet as al 31 March 2023 13.14 Consolidated Slalement ol Cash Flow 15 Notes to th8 Accounls 16-34
Londonderry Inner Clty Tru$1 Company Ilmlted by guarantee Statu8 . The organisation is a charitable company limited by guarantee, incorporated on 16 October 1987 and is recognised as a charily by HM Revenue & Customs. The governing document is the Articles of Associalion, updated and adopted on 1 Oth September 2015, Under those Articles, at each AGM one thlrd ol Ihe Trustees must reiire by rotalion, beginning with those longest in off ice since their last appoinlmenl. Dlreclor9 Mr William McBride Mr Patrick Walsh Mrs Ann Philomena Melaugh Mr John Meehan Mr Anlhony Mclvor Flev Paul Farren Archdeacon Robert Millar Company Secrntary . Mr Oamlan McAteer Accounlant8 & A¢¢ountant8 . Fergus McAteer & Co. ChaTlered Accountants Registered Auditors 31133 Clarendon Street Derry 8T48 7ER Maln Bankers . First Trust Bank Meadowbank Strand Road Derry BT48 7TN SolScltor8 Brendan Kearney & Co. ClaTendon House Clarendon Street Derry, BT48 7ES Reg18tered Offlce . 31-33 Shipquay Street Derry BT48 6DL Charlty Comm199lon Reference No:NICI 08433 Company Number . N1020978 Page 1
Londonderry Inner Clty Tru$1 Trustee3' Annual Report lor the Year Ended 31 March 2023 The Directors are pleased lo present their annual report together with the financial statements ol the Charity for the year endino 31 March 2023 which are also prepared to meet the requirements lor a Dlr8Ctors' report and accounts for Companies Act purwses. The linancial slalements comply with th8 Charities Acl INI) 2008, th8 Charities IAccounls and Reports) Regulations INI) 2015, Companies Act 2006, the Memorandum and Articles ol Ass¢xiation. and Accounting and Reporting by Charities: Stalemenl ol Recommended Practise applicable to charities preparing their accounls In accordance with the Financlal Reportlng Standard applicable in the UK and Republic of Ireland IFRSI 02} (eftectiV8 1 January 2019.1 Dlrector8 and Iru8tee8 The directors of the charitable company (the charltyl are the Iruslees lor the purpose ol charSty law. The truslees during the year and at the 31 March 2023 were as follows.. Mr WSlllarrt Mc8rlde Mr Patrick Walsh Mrs Ann Philomena Melaugh Mr Anthony Mclvor Mr John Meehan Rev Paul Farren Archdeacon Robert Mlllar Mayor Graham Warke Mayor Sandra Duffy (Reslgned 011091221 (Appolnted 17110122 & Reslgned 051061231 Obl•¢t8 and Actlvllle8 The Charity's objects are Specifically restricted lo the following.. lo prevent or relieve poverty lor the public benelil lin the Inner City of Londonderry In particular and 81sewherel Ihrough soclal enterprise addressing physical, social and economic chall8ng8S', lo advance educalion, in particular for young people, by the provision ol training facilities and to develop occupation and vocational skills and provide work experience opportunllies., lo advance cilizenship and community development for the public benelil by the promotion ol urban regeneration in the Inner City ol Londonderry through the promolion ol direct and indirect investment underpinning economic activity wilhin the city centr8 and the Waterside areas, in particular. and lo bring into use andlor restore property that has fallen into disrepa'r to make il productive lor the benefit ol th8 public., to advance educalion by the provision of work experience and training opportunllles lo disadvantaged individuals including long term unemployed and economically inactive people.. to promote or undertake specilic projects or provide direct services lo provid6 employment to advance the welfare ol those who by reason of age, inlirmily or disability, education, poverty or social and economic circumstances or other valid clause ar8 socially deprived or disadvantaged with a view lo improving the conditions of life lor such persons., to provide Iraining facilities and sljpport opportLJnities for the unemployed in the Londonderry Inner City area., lo promote urban regeneration by the acquisition and development of siles and buildings to provide economic and physical regeneration and ancillary facilities which promote the Cfeation ol employmenl opportunilies leading la r81ief of distress associated wilh unemployment., to secure by such means as are available lor the public benefit the preservation, protection and improvement of buildings, parts ol buildings or structures of particular beauty, or of historic, environmental, architeciural or conslruclional merit or interest in the inner-cily area ol Derry Cily and lo slimulale and educate publlc interest ihereln.. lo advance the education and vocational skllls ol the public In building Pfeservatlon, restoration, refurbishment, traditional and general Construction and related areas of work with the object ol enhancing Iheir employment prospects; lo promole any other purpose whlch is exclusively charilable accordlno to the law of Northern Ireland. Page 2
Londondarry Inner ciiy Tru81 Truslees, Annual Report lor tho Year Ended 31 Mar¢h 2023 Achlevement8 and pgrformance To achieve its objectives the Trust Group pursues the following broad slrateglc activllies: Physical assel management of ils existSng portfollo., Acquisition and refurbishmenl of oth&r Inewl buildings, both general arKI herilage related,. Reinvestment of income directly into projects or by granlslcivic dividend to other charilles in urban regeneration projects, skills and training activities and in the prevention and rellel ol pov8rty', Operation of a robust system of corporale oovernance and Internal control, fully compliant with all appropriate regulatlons. This report presents the Trust Group's activiti6$ under three broad strategic themes and shows how we have achieved OL*r objectives of the relief of poverty. the advancement of skills, education and training, and urban regeneration. Rovlew ol actlvltle8 In th• past year and plan8 for the tuturo Desplte the many and continuing adverse conditions prevalling in the economy during the year 202212023. the Group has continued lo signilicanlly and syslemalically invest In upgrading its properties. Indeed, the year 202212023 saw the second year ol a comprehensive three-year programme of investment, which in the Group's view is not only necessary to protect and conserve Ihe assets btjl lo also ensure that these propertles underpin future achlevement of its charllable objectives during the year. The Group Contlnued tS support, l)olh in-kind and In cash, tor a range ol exlernally based charities in the fields ol poverty relief, alcohol and drug abuse and prevenlion of suiclde. The total support In Ihe year to 31 sl March 2023 was £356,97612022'. £302,120). During the year ended 31 Maich 2023 the Group also rendered assislance to local community organisations, which hav8 not been monetarily quanlified in these tinancial stalemenls. The advancement ol skills, educalion and training objective is an important part ol helping those who need skills and employment to secure them. We continue to deliver this Ihrough direct action and indirectly through partners across a range of employabllity programmes. thereby equipping the participants in these programmes wlth the skills to help them Secure pathways out of poverty. The sysiematic investment that the Trust continues lo make. is 10 promote urban regeneration and also 10 ensure the asset base produces the income lor fulure reinvestment to achieve ils wider public benefits and charllable objectlves. As part of the approach ol the Trust and in pursull ol regen8ratlon and skills development, a number of advisory meetings have been held with a range ot stakeholders who share the Trust's ambilions lor the city. The advice and support of the Trust is an important element in helping many ol those organisalions as they develop thelr projects and acllvities. Overall, lh8 Trust continues with its range of activities, both on its own account and in association with other stakeholders, to ensure ihal Ihe maximum impact Is achleved In pursuit of the charllable objectives. Page 3
Londonderry Inner Clty Trust Trustees, Annual Report tor Ihe Year Ended 31 March 2023 Flnanclal Rovlew The Inner City Trusl Group continued in excellent financial health during ihe year to March 2023. The total incorne for the year across the four consliluenl group companies was £1,155.76512022.' £1,176,356), the bulk ol which £1,115.83712022'.£1,094,2431 was generated by rented propety- Rental income is re-invested In the physical and social fabric of the City of Derry and expenditure in the yeaf 01 £1.004.803 12022: £964,447). logelher with an adjustment lor prortY revaluation, brings th8 net expendilLJre lor the year lo £293,711 {2022'. net income £460,472>. Group funds stand at £20.002.594 12022.. £20.296,3061, Ihe bulk ol which is represented by our property portfolio which is valued at £16,717,73412022.' £16,896,234). The Group's free resetves, readily accessible funds that are not lied up in property, are £3,284,860 (2022: £3,400,0721 The Directors have designated £1,895,000 12022: £2,251,000) of these free reserves lo meet the Group's ongoing capital projects - major cyclical maintenance and repair works to our property portfolio and a working capital buffer. In accordance with our objectives, Ihe Group made several direct donations to local charities during the year. amounting 10 £91,950 (2022: £84,776). The Group also provided Indirecl support to other local charilable bodies in the form of discounted rent. The Trustees have quanlilied Ihis indirect support as being £265,02612022: £217,344} lor the year. wilh the tolal charitable donations (both direct and indirectl amounling 10 £356.97612022.' £302,120}. Forward Plannlng The Trust developed and is implementing ils slralegic plan lor periods 2023 to 2025, This strategy enables the Trust lo continue to achieve ils Core obj8Ctives and at the same time allow it lo play a more significant and calalytic role in regeneralion. Our audited accounls show a solid base on which lo build. But to do that and lo realise our investment plans, we continue to ensure that our short-lerm cash flow is managed in a way that meets our ongoing cornmilments and that the surplus generated is conserved to ensure sustainability and further investmenl across the speclrum ol charitable aclivilies. We will continue our balanced approach, ensuring that every yèar we contribute positively to each ol our stated charitable objectives. Consequently. looking lorward lo 2023 - 24 Ihe Trust Group (by our own actions and in partnership with others) will-. Continue lo invest and reinvest in support of our charilable objectives, bolh directly by the Group and by supporting other front line charitie5 in addressing poverty, skills and education; Continue to develop our training and educalion support in herilage and the use of listed buildings as well as other areas ol skills; Continue to encourage the public and organisalions to visit our facilities and lo undersland whai th8 Trust Group does and why we do it, and Contlnue lo work wllh panner$ to ¢gvolop heriiage-related hospiialiiy and iourism training programmes. Develop up additional sources of capital funds for investing in the city As we look lo 2023124, the Trust will continuo to secure the besl use of its resources in pursuit ol its objectives and to systemalically invest in our asset returbishmeni programme. Pago 4
Londonderry Inner Clty Trust Trustees, Annual Report lor Ihe Year Ended 31 March 2023 Reservas pollcy The directors review Ihe reserves ol the Trust on an annual basis. This reserves review is Carried out annually by the directors prior lo the Trusl's Annual General Meeting. which takes place in September each year. The review 8ncompass8S the nalure of the income and expendilLJre streams, the need to match variable income with fixed commitmenls and the balance and nature of the reserves Ihemselves. As part of this review Ihe direclors also analyse the tulure mandatory capilal commStmgnts placed on the Trust frorn the maintenance and upkeep of the properties and assets under ils stewardship, and have separately idenlilied those malerial commitments within the reserves held al the year end. The Trust is also committed to certain capital projects and the associated impact on the reserves ol the Trust are incorporated into its annual reserves review. The directors have lorecasl Ihe level ol free reserves Ilhat is those funds not tied up in fixed assets, and designaled and restricted lundsl that the charity will require lo sustain its operations and meet its financial obligations over future periods. They are satisfied that the res8rv&s held are more than ad8quate for these purposes and will conllnue lo monitor and review the funds held lo ensure that the existing and future charitable activities ol the organisation can be funded from ils resources. As al 31 March 2023 the directors have designated £1.895m of the Iree reserves are required lo meet ils ongoing capital projects, major cyclical maintenance and repair works to th8 property portfolio and a working capital buff er. Rlsk management The directors examine the major strategic, business and op8rational risks on an ongoing basis which the charity lace8 and confirm that systems have been established lo enable regular reports to be produced so that th8 necessary steps can be taken to lessen these risks. The finance, audit and risk commlttee reviews the Risk Regisler each month with the Senior Management Team. All these risk areas are then reported on at lull board meetings and discussed accordingly. Relaled Partles Londonderry Inner Cily Trust is the sole member in Tamneymore Enterprise Trust Limiled {a charilable organisationl and in Inner City Buildings Preservation Trust la registered charily with the Charity Commission ol Northern Irelandl. They are related parties by virtue of the fact that Londonderry Inner City TrLfrsI is the sole member in both organisations and also that some of Iheir dir8clors are also directors in Londonderry Inner City Trust. Page S
Londonderry Inner ciiy Trust Trustees, Annual Report for the Year Ended 31 March 2023 Stalomenl of Dlrectors Responglbllltles The charity Iruslees (who are also the directors ol the Londonderry Inner City Trust for the purposes ol company lawl are responsible lor preparing a trustees. annual report and financial slat8monts in accordance with applicable law and Uniled Kingdom Accounting Standards Iunitgd Kingdom Generally Accepted Accounting Practice}. Company law requires the directors to Pfepare financial slalemenls lor each financial year which giv8 a Irue and lair view of the state ol allairs of the charitable company and of the income and expendilure ol the company for that year. In preparing these ltte dlreclors are required10: Select suitable accounting policies and apply them conslstently., make judgements and estimates that are reasonable and prudent., observe the methods and principles in the Charities SORP., stale whether applicable UK accounting standards have been followed. subject lo any material departures dlsclosed and explained in the financial stalemenls; prepare the financial slalemenls on the golng concern basis unless il Is inappropriate to presume that the company will continue in business. The direclors are responsible for keepSng adequate accountSng records that are sullicient lo show and explain the company's transactions and disclose with reasonable accuracy al any time the linancial posilion ol the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible lor safeguarding the assets ol the company and hence lor lakino reasonable steps tor the prevention and detection ot Iraud and other irregularities, In so lar as the diractors are aware.. there is no relevant audit information {inlorrnation needed by Ihe company's audllors in connection with preparing their report) ol which the company's auditors are unaware, and the diieclors have taken all the steps that they ought lo have taken lo make themselves aware ot any rglevant audit information and lo establish that the company's auditors are aware ol that information. Accountan18 Fergus McAtaer & Co. are deemed to be reappoinled in accordance wilh Section 487121 ol the Companles Act 2006. By Order ol the Board John Meehan Trustee 22 June 2023 Page 6
Londonderry Inner Clty Tru81 Company Ilmlled by guarantee Independent audllor's report to Ihe memb8ra of Londonderry Inner Clty Trust (continued) Year ended 31 March 2023 Oplnlon We have audited the financial statements ol Londonderry Inner City Trust for the year ended 31 March 2023 which comprise Ihe Consolidated Slalement of Financial Aclivilies, Company Slatement of Financial Aclivilies. Consolldaled 8alance Sheet, Consolidated Statement of Cash Flows and notes to the flnanclal stalemenls, including a summary ol significant accounting policies. The financial reporting Iramework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Flnanclal Reporting Standard applScable in the UK and Republic ol Ireland Iunlled Kingdom Generally Acc8Pt8d Accounting Practlcel. In our opinion, the financlal slatemenls: give a true and tair view ol the slate of Ihe group's and the parent Company's aflaiis as at 31 March 2023 and ol the group loss lor the year then ended; have been properly prepared In accordance wlth United Kingdom Generally Accepted Accountlng Practice; and have been prepared In accordance with the requiremenls of the Companies Acl 2006. Ba818 for Oplnlon We conducted our audit in accordance wilh International Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit ol the financial slalemenls section of our report. We are independent ol the company in accordance with the ethical r8quiremenls that are rel8vant to our audit ol the financial slalements in the UK, including the FRC'S Ethical Standard. and we have lullilled our other ethical responsibilllies in accordance with thes8 requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basls for our Oplnlon. Concluslons relatlng to golng concern In auditing the financial statements. we have concluded that the directors use ol the going concern basis of accounting in the preparation ol the financial stalemenls Is appropriate. Based on the work w6 have perforrn6d, we have not Identified any material uncertainties relallng lo events or conditions that, individually or collectively, may cast signi,icant doubt on the company's abilily to continue as golng concern lor a period ot at least e1ve months Irom when the financlal statem8n18 are authorlsed lor issue. Our responsibllities and the r8sponsibilities of the direclors with respect lo going concern are described ln the relevant sections of this report. Other Informallon The olher information comprises the information Included in the annual report, other than the financial slalements and our auditor's report thereon. The directors are responsible for the other inlormalion. Our opinion on the financlal statements does not cover Ihe other Inlormalion and, exc8Pt to Ihe extent otherwlse explicitly staled in our report, we do not express any form ol assurance conclusion Ihereon. In connection with our audit of the financial stalemants, our responsibility is lo read the other information and, In dolng So. consider whether the other Inlorfflalion is materially inconsislgnt wlth the financial siatem81118 or our knowledge obtain9d in the audil or otherwise appears to be materially misslaled. 11 we identify such material inconsist8nci8s or appar8nl material misstatements, we are r8quired to deiermlne wh8lher there is a material misstatement in Ihe financial slaternenls or a material misstatement of the other inlormallon. If, based on the work w8 have performed, we conclude that there is a material misstalemenl of Ihls olhef information. we are required lo report Ihal lacl. We have nothing to report in this regard. Page 7
Londondorry Inner Clty Trust Company Ilmlted by guaranteo Independent audllor's report to the membèr3 of Londonderry Inner City Trust (continued) Year ended 31 March 2023 Malters on whlch wo are requlred to report by excoptlon We have nolhing io report in respect ol the lollowlng matters where the Companies Act 2006 requires us lo r8porl lo you if, in our opinion- ad8quat6 accounling records have not been kept. or returns adequate lor our audit have not baen received from branches not visited by us; or the flnancial statements are nol in agreement with the accountino records and the returns., or certain disclosures of direclors, remuneralion specified by law are nol made; or we have not received all the information and explanations we r8quire lor our audit: 01 the directors were not enlilled lo prepare the financial statements in accordance with the small Companies regirne and tak8 advantage of the small compani8s' 8xempiions in preparing th6 directors, report and from the requirement to prepare a strategic report. R•spon8lbllltlg9 of dlreclorn As explained more lully in the directors, responsibilities statement, the directors are responsible for the preparation ol the financial slalemenls and lor being satisfied that they give a true and fair view, and tor such internal control as the directors determine is necessary lo enable the preparation of tinancial statements that are free from material missiatemenl, whelher due lo fraud or error. In preparing the financial slalements, the directors are responsible for assessing the company's ability 10 conllnue a5 a going concern, dlscloslng, as applicable, matters r8lated to golng concern and using the golng concern basis of accounting unless the directors either inlend lo liquidate the company or to cease operations, or have no realistic aiiefnative bul lo do so. Audltor'3 re8pon81bllltles lor the audll ol Ihe Ilnanclal slalement8 Our objectives are to obtain r8asonable assurance about whether the financial statements as a whole are free from malerial misslatemenl, whether due to fraud or error. and to issue an auditor'8 Teport that includes our oplnlon, Reasonabl8 assurance is a high18vel ot assuranc6, but is not a guarantee Ihal an audlt conducted in accordanc8 with ISAS IUKI will always delect a malerial misslalement when il exists. Misslalemenls can arise from fraud or error and are considered material il. individually or in the aggregate, they could reasonably be exp8Cted lo Influence Ihe economlc decisions ol users taken on the basls ol these flnancial statements. Irregularilles, Including fraud, are instances of non-compliance wllh laws and regulations. We design procedures in line with our responsibilities, outlined above, lo d81ecl material misslalements in respect ol irregularities, including fraud. The exlenl lo which our procedures are capable of detecting irregularilies, Including fraud is detailed below: Identllylng and a8ses8lng potentlal rlsks related to Irregul•rltles In idenlilying and assessing risks of malerial misslatemenl in respecl of irregLJlarities, including fraud and non-compliance with laws and regulations we considered the following- the nalure ol the industry and sector and control environm8nl th@ l&oal and roaul81ory tramework applicabl8" thè r@gulls ol our anquiri8A ol managem8nl and other kay persons al)oul their own identllicalion and assessment of the risks and irregularilios the Charity own policies and procedures on compllance with laws and regulations includlng any instances of non-compliance Page 8
Londonderry Inner Clly Trust Company Ilmlted by guarantee Independent audllor's report to the members of Londonderry Inner Cily Trusl (continued) Year ended 31 March 2023 Audll response to rlsk Identllled." As a result of performing the above we idenlilied and performed the following procedures enquiry of management, those charged with governance around actual and potential litigation and claims. enquiry ol entity staff in compliance functions lo identify any instances ol non-compliance with laws and regulations. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Performing analytical procedures lo identity any unusual or unexpected relationships that may indicate risks of material misslalemenl due lo Iraud. Auditing the risk of management override ol controls, including IhroLtrgh testing journal entries and other adjuslmenls for appropriateness, and evaluating the business rationale ot significant transactions outside the normal course ol business As part of an audrt in accordance with ISAS IUKI, we exercise professional judgment and maintain professional scepticism throughoul the audit. we also- Idenlily and assess the risks of material misstatement ol the financial statements, whether due to fraud Of error, design and perform audit procedLJres responsive to those risks, and obtain audit evidence that is sulficienl and appropriate lo provi¢Je a basis for our opinion. The risk ol nol detecling a malerial misslalement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override ol internal control. Obtain an understanding ol internal control relevant to Ihe audit in order to design audit procedures that are appropriate in the circumstances, but not lor the purpose ol expressing an opinion on the effectiveness ol the internal control. Evaluate the approprialeness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. Conclude on the appropriateness ol Ihe directors use of the going concern basis of accounting and, based on the audit evidence obtained, whelher a material uncertainty exists related to events or condilions Ihat may cast significant doubl on the company's ability lo continue as a going concern. If we conclude Ihat a malerial uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, il such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up lo the dale of our auditor's report. However. future events or conditions may cause the company to cease lo continue as a going concern. We communicate with Ihose charged wilh governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deliciencies in internal control that we idenlify during our audit. Page 9
Londonderry Inner Clly Trust Company Ilmlted by guarantee Independent audltor'j report lo the members of Londonderry Inner Clty Trusl (conlinued) Year ended 31 March 2023 Use ol our report This report is made solely to the companls members. as a body, in accordance with Chapter 3 of Part 16 01 the Our audit work has been undertaken so that we might slate lo the company's members those matters we are required to stale to Ihem In an auditors report and for no other purpose. To th9 fullest exteni permitted by law, we do not acc8Pt or assume responsibility to anyone other than the company and the company's members as a body. lor our audit work, for this report, or lor the opinions we have formed. Conor McAteer (Senior Statutory Auditor) For and on behalf of Fergus McAleer & Co., Slatulory Auditor Chartered Accountants and Registered Auditors 31133 Clarendon Street Derry BT48 7ER CHAR TERED 2 2 JUN 2023 Sr. DEB 22 June 2023 Page 10
Londonderry Inner Clty Trust Company Ilmlted by guarantee Congolldated Statement of Flnanclal Actlvllles {Includlng con3011dated Income and expendltura accoun1> tor Ihe Yoar Ended 31 March 2023 Unrestrlcted Reslrlcted Funds Funds Totals 2023 Totals 2022 Nota$ Incom• Donations & legacies 3,470 700 4,170 66,183 Olher trading activities 1,118,108 1,118,108 1,097,337 Investment income 33,487 33,487 12,836 Tolal 1,155.065 1,155,765 1,176,356 Expendllure Expenditure on charitable aclivities 10 578,586 700 579,286 564.026 Expenditure on raising lunds Costs of other trading activities 382,542 42,983 425,525 397,575 Other expendlture Tolal 171 961,121 17} 1,004,804 2.846 Gains and losses on revalualion ol properties 73,327 1518.000) 1444.673) 248,563 Net Income 267,271 (560,983} 1293,712) 460.472 Tran8for between lunds Net movement In fund8 267,271 1560,9831 1293,7121 460,472 Reconelllatlon of fundg Total funds brought forward at 1 April 2022 17,750.710 2,545,596 20,296.306 19,835,834 Total lunds carried forward at 31 March 2023 18,017,981 1,984,613 20,002,594 20,296,306 The statement of financial activities includes all gains and losses recognised in Ihe year. All inGome and expenditure derive Irom continuing activities Page11
Londonderry Inner Clty Tru81 Company Ilmlled by guarantee Charlty Statement of Flnanclal A¢iivllle• (Includlng Income and expendllurn account) lor the Year End•d 31 Mvjrch 2023 Unrestrlcled Restrlcted Funds Fund8 Tolals 2023 Total8 2022 Nolos Incom• Donations & legacies 700 700 32,624 Other trading activities 859,213 859,213 863,667 Investment income Total 33.390 892,603 33,390 893,303 12,835 909,126 700 Expendlture Expenditure on charitable aclivilles 10 508,607 700 509,307 489,707 Expenditure on raising funds Cosis of other trading activities 363,791 363,791 343,219 Other expenditure 2,885 835,811 872.398 700 873,098 Gains and losses on revaluatlon of properties 57,327 10,000 67,327 248,563 N•t eXndIture 77,532 10,000 87,532 321.878 Tran81er bolween funds Net mov•ment In funds 77,532 10,000 87,532 321,878 ROnc1119tl0n of fundg Total lunds brought forward al 1 April 2022 16,590,096 320.000 16,910,096 16,588,218 Total funds carried fotward at 31 March 2023 16.667,628 330,000 16,997,628 16,910,096 The stalement of financial activities includes all gains and losses recognised in the year. All income and expenditurè deriva from continuing aclivities Page 12
Londonderry Inner Clty Trust Company Ilmlted by guarant06 Consolldated Balance Sheel as at 31 MarGh 2023 Group 2023 Group 2022 Charlty 2023 Charlty 2022 Notes Flxed Assets Tangible Assets Investments Total Ilxed assets 14 16,907,024 17,135,084 10,559,009 15 4,081,103 16,907,024 17.135,084 14,640,112 10,229,638 4,081,103 14,310,741 Current Assets Debtors Cash al bank and in hand Total current assets 16 97,210 3,560,388 3,657,598 113,386 3,696,163 3,809.549 1,084,062 2,395,930 3,479,992 1.091,587 2,709,355 3,800,942 Credllors: amounts lalllng due wllhln one year 17 1263,5691 1302,0371 1824,0171 (855,2971 N•1 current 858et8 3,394.029 3.507.512 2,655.975 2,945,645 Tolal assets le88 current Ilabllltles 20.301.053 20,642.596 17,296,087 17,256,386 Credllors: amounts lalllng due after one year 18 1298,4591 {346,290) 1298,459) 1346,290) Net assets 20,002.594 20,296,306 16,997,628 16,910,096 The lunds of th• charlly Restricted funds Unreslricled funds 21 1,984.613 2,545,596 330.000 21 18,017.981 17,750,710 16,667,628 320,000 16,590,096 Total Charliy Funds 20,002,594 20,296,306 16,997,628 16,910,096 These consolidat8d accounts are prepared in accordance with the section 398 01 th8 Companies Act 2006 and the Charities Act INI) 2008 and applicable regulalions. These financial statements have been prepared in accorclance wilh the provisions applicable lo companies subject to the small companies, regime and in accordance with FRS 102 'The Financial Fleporting Standard applicable in the UK and Republic ol Ireland,. Page 13
Londonderry Inner Clly Trusi Company Ilmlted by guaranlee These linancial 5talements were approved by the board ol directors and aulhorised lor issue on 22 June 2023 and are signed on behall of the board by.. Meehan Trustee The attached notes form part of these accounts. Page 14
Londonderry Inner Clly Tru81 Company Ilmlled by guarant•e Statement of cash flow3 (conllnued) Year ended 31 March 2023 Group Charlty 2023 2022 2023 2022 Cash flows from operatlng actlvltles {Loss}Iprofit tor the financial year {293,711) 460,472 87,532 321,878 Adjustmenls lor." Depreciation of tangible assets Fair value adjuslmenl of investment property Olher interest receivable and similar income Interesi payable and similar expenses Gainllloss) on disposal of tangible ass8ls Tax on losslprofil Aecrued expensesllincome) Rounding 53,732 444,673 133,487) 15,747 55,351 1248,5631 112,8361 11,548 2,885 1391 53,139 8.302 167,327) 133,389) 15,747 9,409 1248,5631 112.8351 11,528 2.885 17) {103,345) 1105,093} 48,527 Ch8nges in.. Trade and other debtors Trade and olher creditors 22,325 57,544 40,396 (46,1741 13,672 66,476 110.9601 135.5071 Cash generated Irom operations 163,472 316,179 114.079) 86,362 Interesi paid Inter8s1 received Tax paid 115,747) 33,487 (11,5481 12,836 12481 115,747) 33.390 111,5281 12,835 Nel cash from operating activilies 181,212 317,219 3.564 87.669 Cash IIow8 from Investlng a¢tlvltles Purchase of tangible assets Proceeds from sale ol langible assets Nel cash used in investing activities 1270.347) 1146.0581 103,681 1270,348) 1137.1671 103,681 {270,347) 142,3771 {270,348) 133.4861 Cash flows from fln8nclng acllvltles Proceeds from borrowings N8t cash used in financing activities 146,640) (49,5881 146,641 } (49.5871 146,640) {49,5881 146,641) {49,5871 Nel Increasel(decrease) In cash and cash equlvalenls1135,775} Cash and cash equlvalents at beglnnlng of year 3.696.163 225,254 3.470,909 313.425 2,709,355 4,596 2,704,759 Cash •Tbd ea8h •qulvalent* at ond ol ygar 3.560,388 3,698,163 2.395,930 2,709,355 Page 15
Londonderry Inner Clly Trust Company Ilmlted by guarantee Notes to the Ilnanclal statements Year ended 31 March 2023 General Inlomiatlon Th8 company is a public benelil entity and a private company limited by guarant88. regislered in Northern Ireland. The address ol the registered office is 31-33 Shipquay Street, Derry. BT48 6DL. Slatemont of compllanco The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitles preparing thelr accounts in accordance with Ihe Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 1021 lelfeclive 1 January 20191 (Charities SORP {FRS 10211, Ihe Financial Reporting Slandard applicablg in the UK and Republic of Ir81and IFRS 1021 and the Companies Act 2006. Aceounllng pollclos Bas18 of preparatlon The financial slatemants have been pr8pared on the historical cost basis, as modifi8d by the revaluation ol certain financial assets and liabilities and investment properlies measured al fair value through income or expendilure. The financial slalements are prepared in sterling, which is the functional currency ol the entity. Golng Concern There are no malerial uncertaint$ about the charity's abilily to continue las further delailed in note to the accounts). Group flnanclal stalements The financial statements consolKlale the results of the charity and its wholly owned subsKllaries on a line-by-line basis. The subsidiary companies are detailed below. Subsldlary Nam8 Company Number Charlty Reglslratlon Number NIC100106 XR21754 NIA Parent Company Control Inner City Buildings Prgservation Trust N1616033 Tamneymore Enlerprise Trust Ltd N1026790 Fashion & Textile Skills C.l.C. N1624758 Sole member Sole member 100°/. Shareholder Page 16
Londonderry Inner Clty Trust Company Ilmlted by guarantaa Notes lo the Ilnanclal Siatement3 (contlnued) Year ended 31 March 2023 Income All income is included In the slatemenl of linanclal aclivilies when entlllement has passed to the chaiily, il is probable that the economic benefits associated with the Iransaclion will flow lo the charity and the amount Can be reliably measured. The following specific polici8s are applied lo particular categories ol income: Income from gran18 is recognised when there is evidence ol entillemenl to the funds, any portormance condilians attached to Ihe granl have been met, receipi Is probable and its amounl can bo m8asured reliably. income from rental activity is recognised when there is evidence of entillemenl lo the funds, Intèrèst rocelvablo Interest on funds held on deposit is included when recelvable ancl the amount can be measurad reliably by Ihe charity,. this is normally upon nolilicalion ol Ihe interesl paid or payable by the Bank. R88ource3 expended Expenditure is recognised on an accruals basis as a liability is incurred. Some expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement ol linancial activities lo which it relates.. expenditure on raising funds includes the costs of all fundraislng activities, events and non-charitable trading aclivilles. expenditure on charilable activities includes all costs incurred by a charity in undertaking aciivilies that further ils charitable aims lor Ihe benefit ol its beneficiaries, including ihose support costs and costs relating to the governance ot the charity apportioned lo charitable activrties. other expendilure includes all expenditur8 that is nelther r81aled lo raising funds for the charity nor part ol ils expenditure on charitable activili8S. All costs are allocated to expenditure categories reflecling the use of the resource. Dlrecl costs allribulable to a single activity are allocated direclly lo that activity. Shared costs are apportioned between the a1vIlle$ they contribule to on a reasonable, iustiliable and consistent basis. T8xatlon During the current year Ihe groLSP lexcluding the Fashion & T8Xtile Skills C.l.C.I has only b88n involved in charitable activities in lurtheTance of ils charitable objects and is not liable to Income Tax or Corporation Tax, For the Fashion & Textile Skills C.l.C. the current lax is recognis8d on laxable protil lor the current and past periods. Current lax is measured al the amounts of lax expected lo pay or recover using the lax rates and laws Ihal have been enacted of substantively enacted al the reporting date. Page 17
Londonderry Innor ciiy Tru81 Company Ilmlt8d by guarantee Notes lo the Ilnanclal statements (conllnuad) Year ended 31 March 2023 Tanglble asset8 Tangible assets are initially recorded al Cost, and are subsequently staled al cost less any accumulated depreciatson and impairmenl losses. Any tangible assets carried at revalued amounts are r8corded al the lair value al the dale ol revalualion less any subsequent accumulated depreciaiion and subsequent accumulated impalrment losses. An increase In the carrylng amount ol an asset as a result of a revaluallon, Is recognlsed In other comprehensive income and accumulated in capital and reserves, except to the extent il reverses revalualion decrease of the same asset previously recognised in profil or loss, A decrease in the carrying amount of an asset as a result ol revaluation Is recognised In other comprehenslve Income to the exlenl of any previously recognised revaluation increase accumulated in capital and r85erv8s in respect of that asset. Wher8 a revaluation decrease exceeds the accumulated revaluation gains accumulaied In capital and reserves in respect ol Ihal assel, Ihe excess shall be reoognised in proflt or loss. D•pr•clatlon Depreciation is calculaled so as to write off the cost or valualion of an a8sel, less ils residual value, over the useful economic life ol that asset as follows.. Plant and machinery Fittlngs fixtures and equlpmont 20010 200/0 reducing balance reduclng balance If there is an indicatlon Ihal there has been a significant change in depreciation rate, uselul life or residual value ol tangible assets, the depreciation is revised prospectively lo reflect the new eslimales. Flxed asael Inve8tmenta Fixed asset investments are initlally recorded at cosl, and subsequently slated al cost less any accumulated irnpairmenl losses. Listed investments are measured at fair value with changes in fair value being recognised In protll or loss. Inve8tmeni8 In 438oclales Investments in associates accounted for in accordance with the cost model are recorded al cost less any accumulated impairment losses. Investments in associates accounted lor in accordance with the lair value model are initially recorded at the transaction price. Al each reporting date, the Snveslments are measured al fair value, with changes in fair value recognised in oth8r comprehensive incomelprolil or loss. Where il is impracticable to measure fair value reliably withoul undue cost or effort, the cost model will be adopted. Impalrm•nl A review lor indicators of impairment is carried out al each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the a5sel is impaired ac£ordingly. Prior Smpairmenls are also reviewed lor possible reversal at each reportlng dale. When il is not possible Io eslimale Ihe r8coverabl8 amount ol an individual asset, an estimate is mad8 ol the recoverable amount ol the cash-generaling unit to which Ihe asset belongs. The cash-generaling unil is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent ol the cash inflows from olher assels or groups of assets. Page 18
Londondofry Inner ciiy Trusl Company Ilmlled by guaranteo Notes to the flnanclal stalements (contlnuedl Year ended 31 March 2023 Governmenl granls Government grants are recognised at Ihe fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply wilh the conditions attaching to them and Iha grants will be received. Flnanclal Ingtrumentg A financial asset or a financial liability is recognised only when the company becomes a party to Ihe contractual provisions of lh8 instrument. Basic flnancial instruments are inilially recognlsed al the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value ol the future payments dlscounted al a market rale of inleresi lor a similar debt instrument. Debt instruments are subsequently measured at amortlsed oost. Employe8 Ben8llt8 When employees have rendered servlce to the company, short-lerm employee benefits to which the employees are entitled are recognised al the undiscounted amount expected lo be paid in exchange for that service. Dellned contrlbutlon plans Conlribulions to delin8d contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset lo the extent that the prepayment will lead lo a reduction in future payrnenls or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end ol the reporting dale in which the employees render the related service. Ihe liabilily is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profil or loss in the period in which it arSses. Llmlted by guarantee Londonderry Inner City Trust is a registered charily limited by ouaranlee without a share capital. Northern Ireland Charily Commission Reference Nufflber.. NIC108433 Page 19
Londonderry Innor Clty Tru81 Company Ilmiied by guarantee Notes lo Ihe flnanclal Siatemenls (contlnued) Year ended 31 March 2023 Funds Unrestricted Revenue Funds - comprise Ihose revenue funds whlch the management committee are free to use in accordance with the company objectives. Restricted Revenue Funds - comprise those revenue funds which have been given for particular purposes and projeds. Unrestricted Capital Funds - comprise Ihose net assets which the trust is able to apply freely in pursuit of ils own charitable objeclives and relaled purposes. Flestricled Capital Funds - comprise Ihose net assets which al the end of Ihe accounting period have specific grant and other conditions restricting either th8ir us8 or their disposability lor defined periods. Designated funds - comprise of unreslricled funds ol the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Nel losslproflt This is stated after chargingllcieditingl.. Group 2023 Group 2022 Charlty 2023 Charlty 2022 Depreciation of langible assets Loss on disposal of tangible assets Impairment of trade debtors Fees payable lor the audit of the financial slalem8nts 53,732 55.351 2,885 4,379 8,302 9,409 2,885 5,549 13,073 13,032 23,510 15,619 10.860 9,894 Page 20
Londonderry Inner Clty Trust Company Ilmlted by guarantee Noles lo the flnanclal statements (conllnued) Year ended 31 March 2023 Staff CO818 Th8 average number ol persons employod by tha company during the year, including the dlreclors, amounted lo.. 2023 2022 Managernenl and finance staff Administrative and maintenance staff The aggregate payroll costs incurred durlng the year were: 2023 2022 Wages and salarles Social security Costs Other penslon costs 308,441 22,492 19,147 264,987 15,527 14,765 350,080 295,279 No employees had employee benefits totalling between £60,000 and £69.99912022 - two employe81. One employee had employee benefits totalling between £70,000 and £79,99912022 - no employee). Page 21
Londonderry Inner Clty Trust Company Ilmlled by guarantee Notes lo the Ilnanclal statements (contlnued) Year ended 31 March 2023 None ol the trustees have been paid any remuneration or received any other payment from an employment with the charity or a related party. In the year trustees were reimbursed expenses tolalling £2,62812022 - £1,908) the expenses are split as follows,. 2023 Londonderry Inner Clty Tamneymore Innor Clty B u I I d I n g Enterpr188 Trusl Pregervatlon Trugl Ltd Trust Travel and accommodation Mobile phone 1,771 200 100 557 1,771 200 657 Number of Trustees 2022 Londonderry Inner city T•mn8ymore Inner Clty B u I I d I n g Enterprl•e Tru•t Pre8ervatlon Tru•t Itd Tru81 Travel and accommodation Stationary Mobi18 phone 1,187 200 100 421 1,187 200 521 Number of Trustee5 The key management personn81 tor the parent charity and th8 group are the Irusiees, the Company Secretary, the Chief Executive and the Finance Manager. The total employees benefits ol the key management personnel ol the trust were £192,62912022- £138.6621. Pag• 22
Londondorry Inner Clty Tru81 Company Ilmlled by guarantee Notes to Ihe flnanclal statements (conllnued) Year ended 31 March 2023 8. Income Group Reslrlcted Restrlcted Funds Fund$ 2023 2022 Charlty Restrlcted Re8trlcled Funds Funds 2023 2022 Donatlon8 & legacle$ Grants HMRC JRS Grant 13,987 13,987 Donations Tolal 700 700 800 14.787 700 700 800 Group Charlty Unrestrlcled Unrestrlcted Unrestrlcted Unrestrlcted Funds Funds Funds Funds 2023 2022 2023 2022 Donatlons & legacle8 Grants DCSDC Communtly Foundation Northern Ireland DCSDC Covid Grant 3,470 19,679 13.880 17,837 17,837 Tolal 51,396 17,837 Group Charlty Unrestrlcled Unrestrlcted Unrestrlclod Unrestrlcted Funds Funds Funds Funds 2023 2022 2023 2022 Income Irom olher tradlng activitles Rental Income & service charges Other income Tolal 1.115.837 2,271 1,118,108 1.094,243 3,094 1.097,337 856,942 2,271 859,213 861,828 1,839 863,667 Investment Income Bank inleresl received 33,487 33,487 12,836 12,836 33.390 33,390 12,835 12,835 Page 23
Londonderry Inner ciiy TTU3t Company Ilmlted by guaranlee Noles to the fln8nclal staiernents (conllnued) Year ended 31 March 2023 Expendlture on Other Tradlng Actlvltles Group 2023 Group 2022 Charlly 2023 Charlly 2022 Wages and salaries Employer's Social security conlnbutions Staff pension costs Recruilmenl costs Light, heal and power Management fee Rates Repairs & maintenance Legal tees Bad debt movemenls Deprecialion Total 89,630 8,236 6,163 1 .380 13,072 10,278 21.609 219,101 85.564 7,613 4,182 5.520 9,564 10.656 16,599 213,115 12,6001 4,379 42,983 397,575 89,630 8,236 6,163 1,380 5,826 12.778 21,168 205,578 85.564 7,613 4,182 5,520 4,924 13,156 16,186 200,525 13.073 42,983 425,525 13.032 5,549 363,791 343,219 Expenditure on raising funds was £425,525 12022 - £397,576) of which £382,542 was unrestricted 12022 - £354,593) and £42.983 reslricted12022 - £42,983). Other Expgndlture Group 2023 Group 2022 Charlty 2023 Charlly 2022 Gainlloss on disposal ol tangible assels Corporation lax adjust re previous year 2,885 1391 2.846 2,885 {7) Other expenditure was £712022 - £2,846) all ol which was unrestricted. Page 24
Londonderry Inner Clty Tru81 Company Ilmlled by guarantee Notes io Ihe flnanclal Statemenls (contlnued) Year ended 31 March 2023 10. Expendlture on Charltable Aellvltlog Group 2023 Group 2022 Charlly 2023 Charlty 2022 Dlrect charltable actlvltles Wages and salaries Advertising Inleresl on bank loan Donations Purchases External charitable events Fashion Hub programme costs Relail oullet costs 33,820 11,264 15,747 91,950 334 11,000 24,534 8,218 11,528 84,776 1,438 10,000 1,642 15,900 158,036 9,591 8.218 11.528 98,776 8,264 15,747 123,450 10,000 10,000 164,115 157,461 138,113 Governance Cosls Wages and salaries Employer's social security contnbutions Staff pension costs Other employee benelits Slatf training Rent payable Insurance Light and heat Cleaning Priniing, FM)Stage and slationery Telephone Travelling and enlertainmenl Legal and professional Accountancy lees Auditors remuneration Bank charges Gen&ral expenses Subscriptions Depreciation of langible assets Inlerest on overdue taxalion Total 183,522 14,256 12,984 1.469 3.147 74 54,184 37,404 2,098 19,194 11.482 10,562 21,346 1.056 23,510 1,712 3,306 3,116 10,749 154,889 7,914 10,583 183,522 14,256 12,984 1,469 3,147 154,889 7.914 10,583 1,745 74 45,879 31,810 4,079 19,611 10,672 4,829 77,213 798 15,619 1.340 4,392 2,155 12,368 20 405,990 1,745 40,124 19,609 2,098 19,194 8,073 9,035 7.168 5,100 10,860 876 2,913 3,116 8.302 32,276 20,459 4,079 19,171 7.750 3,536 63,523 9,894 868 3,893 1,605 9,409 415,171 351,846 351.594 Total èxp8ndlturo on eharltablé •¢tlvltlè$ 579.286 564.026 509.307 489.707 Page 25
Londonderry Inner Clty Trusi Company Ilmlted by guarantee Notes lo the flnanclal slatemenls (eontlnued) Year ended 31 March 2023 Expenditure on charitable activities was £579,28612022 - £584,026) which is split as follows: £164,115 are direct charitabl8 expen(Slture12022 - £158,036) of whlch £164.115 was unresliicted12022 £153,146> and £Nil restricted (2022 - £4,890). £415,171 are governance cosls 12022 - £405,990) of which £414,471 was unrestricled 12022 £396,093) and £700 reslricled (2022 - £9.897). Inner ciiy Bulldlng Pre8ervatlon Trust The wholly owned subsidiary Inner City Building Pfeservation Trusl is incorporated in Northern Ireland (company number N16160331 and is a regisl8red charity Icharily numbor NIC1001061. Inner City Building Preservation Trust is involved in Ihe preservation, protection. restoration and improvement of buildings in the Inner City area of Derry City. The parant charity and group administrative office operates from a building ownwj by Inner City Building Preservation Trust. A summary of the financial results is shown below. The summary financial performance ol Ihe subsidlary alone is.. 2023 2022 Income Expendilure Net Incomlng resour¢e$ lor the year Gainlllossl on revaluation ol properties Net movement for the year 142,500 {62,151) 138,800 162,0961 1553,000} 1472,651) The assets and liabilities of the subsidiary were.. Fixed assets Current Assets Current liabilities Long ierm liabilities Nel asset8 4,971,676 589,620 14,108,967) 5,567,659 481,052 {4,123,7301 1,452,329 1,924,981 Total Charlty Funds 1 ,452,329 1,924,981 Pagg 26
Londonderry Inner Clly Tru81 Company Ilmlted by guaranlee Notes to the flnanclal statements {¢onllnued) Year ended 31 March 2023 12 Tamneymore Ent6rprl$e Trust Lld The wholly owned subsidiary Tamneymore Enterprise Trust Ltd Is incorporated in Northern Ireland (company number N10267901 and is a registered charity wilh HMRC (charity number XR217541. Tamneymore Enterprise Trust Ltd Is involved in projects or services lo provide employment lo advance welfafe, tralnlng and urban regeneralion in the Waterslde aiea of Londonderry. A summary of the financial resulls Is shown below. The summary flnancial perforrnance of the subsldlary alone Is: 2023 2022 Income Expendllure 91,881 141,7311 50.150 41,000 91.150 90,423 {28,9751 61,448 Gainllloss} on revaluation of properties Net Incomlng resources lor the year 81,448 The assets and liabilities of the subsidiary were: Fixed assets Current Assets Current liabilllles Long term liabilities Net a88et8 1,371,896 1,157,429 1980,9821 1,331,120 1,096,050 (969,9771 1,548,343 1,457,193 Total Charlty Funds 1,548,343 1,457,193 Page 27
Londondorry Inner ciiy Trusl Company Ilmlted by guarantee Notes lo the flnanclal staternenls (contlnued) Year ended 31 March 2023 13 Fashlon & Textlle Skllls C.l.C The wholly owned subsidiary Fashlon & Textile Skills C.l.C. Is incorporated in Northern Ireland (company number N16247581. Fashion & Textile Skills C.l.C. assists the gr0h of the fashion and lexlile sector in the North Wesl Region ol the island ol Ireland through providing work space, business Iraining and mentoring and access to specialised technology and equipment. The Fashion & Textile Skills C.l.C. operates from one of the buildings owned by group company Inner City Building PreseNation TTusl. A summary of the financial results is shown below, Th8 summary financial performance ol the subsidiary alone is: 2023 2022 Turnover Expenditure (L088)Iproflt for the year 62.081 {61,822} 259 54,508 154,065) The assets and liabililies ol the subsidiary were.. Fixed Assets Current Assets Current liabilities Nel asset3 4.446 34,367 {34,508) 6,669 35,893 138,515) 4,047 Aggregate share capllal and reserves 4,305 4.047 Page 28
Londonderry Inner Clty Trusl Company Ilmlled by guarantee Notes lo Ihe flnan¢lal 8latèm6nls (contlnued) Year ended 31 March 2023 14. Tanglblo assets- Group Freehold property Plant and Fixtures, machinery fittings and equipmgnt Total Cost or valuatlon Al 1 April 2022 Additions Revaluation 16,903.045 266,173 1444.6731 47,832 901,821 17.852,698 4,174 270,347 1444,6731 At 31 March 2023 16,724,545 47,832 905,995 17.678.372 Depreclatlon At 1 April 2022 Charge lor the year 6,811 45.574 452 665,230 53,281 717,615 53,733 At 31 March 2023 6,811 46,026 718,511 771,348 Carrylng amount At 31 March 2023 16,717,734 1,806 187,484 16.907,024 At 31 March 2022 16,896,234 2,258 236,591 17,135,083 14 {a). Tanglble assets . Charlty Freehold property Plant and Fixtures. machinery fittings and equipment Total Cost or valuatlon At 1 April 2022 Additions Revalualion 10,192,000 266,173 67,327 47,832 378,984 10,618,816 4,174 270,347 67,327 Al 31 March 2023 10,525,500 47,832 383,158 10,956,490 Dopreclallon At 1 April 2022 Charge lor th8 year Al 31 March 2023 45,574 452 343,604 7,851 389,178 8,303 46,026 351.455 397,481 Carrylng amount At 31 March 2023 10,525,500 1,806 31,703 10,559,009 At 31 March 2022 10,192.000 2.258 35,380 10,229.638 Page 29
Londonderry Inner Clly Trust Company Ilmlted by guarantee Notes to the flnanclal slatemenls (contlnued) Ygar ended 31 March 2023 15. The charity is the sole member ol the wholly owned charitable subsidiary companies Inner City Building Preservation Trust and Tamneymore Enlerprise Trust Ltd. The charity holds 10 shares 01 £1 each in the wholly owned subsidiary Fashion & Texiile Skllls C.l.C. These are the only shares allotted, called up and fully paid. All subsidiary companies are incorporated in Northern Ireland. The financial results for these companies are summarised in notes 11 to 13. 16. Debtor8 Group 2023 Charlty 2023 2022 2022 Trade debtors Prepaymenls and accrued income Other debtors 19,680 68,374 9,156 25,567 1436) 15,216 58,764 64,877 55,254 29,055 1,019,621 1,021.117 97,210 113,386 1.084,062 1.091,587 17. Credltors: amounls lalllng due wllhln one year Group 2023 Charlty 2023 2022 2022 Bank loans and overdrafts Trade creditors Accruals and deferred Income Corporation lax Social security and other taxes Other creditors 65.097 128,439 42,223 63.906 39,712 139,419 65,097 124,522 22.676 63.906 29,112 121,619 27,625 185 51,047 18,377 41,740 7,946 593,345 598,920 263,569 302,037 824,017 855,297 18. Credltor8: amounls lalllng due after more Ihan one year Group 2023 Charlly 2023 2022 2022 Bank loans and overdrafts 298,459 346,290 298,459 346,290 A charge is held over the parent charity deposits date 23103118 in the sum 01 £800,000. Page 30
Londonderry Inner Clly Trust Company Ilmlted by guarantee Notes to the flnanclal statements (¢ontlnued) Year ended 31 March 2023 19. Employee b8nellls Detlned contrlbutlon plans The amounl recognised in profil or loss in relation lo detin8d contribullon plans was £19,147 12022.. £14,765). Other employee b8neflt$ The amount recognised in profit or loss in relatlon to other employee benelits was £1,46912022'. £Nil). Government granls During the prlor year, the company received support froTn the government in connection wilh Ihe response to the Covid-I g pandemic. The support received was the HMRC Coronavirus Job retention scheme. The company has recognised governmant grant Income of £13.987 and th8 corresponding salary expenses in the period was £13,987. No support was rec8iv8d in the year end8d 31 March 2023. There are no unfullilled conditions or contingencies attached lo the grants. Page 31
Londonderry Inner Clty Trust Company Ilmlted by guaranlee Notes to the flnanclal statements (contlnued) Yeaf ended 31 March 2023 21. Analys18 ol charltable lund8 Anoly$l8 ol movements In group unrestrlcted tund8 Balanc• at Incomlng R•8ourc08 G•ln• on TranAf•r Funds at 1 Aprll 2022 Re8ource• Exp•nded Aevaluallon Between 31 March Fund• 2023 General Fund Undlstrlbutable Fund Designated Fund 13,388,396 1,155,065 1961,1211 2,111,314 2,251,000 73,327 356,000 14,011,667 2,111,314 (356,0001 1,895,000 17,750,710 1,155,065 1961,1211 73,327 18,017,981 Analy818 of movemen18 In chgrliy unregtrlcled tund8 88lance at Incomlng Re8our¢e8 Galns on Tron81er Funds al 1 Aprll 2022 Fl•8ourGe$ Expended Revaluatlon Between 31 March Funds 2023 General Fund Undislrlbulable Fund Designated Fund 12.587,782 2,111,314 1,891,000 892,603 {872.3981 57,327 451,000 13,116,314 2.111,314 1451,0001 1,440,000 16,590,096 892,603 {872,3981 57,327 16,667.628 General Funds Funds which th8 trust is able lo apply freely In pursull of its own charitable objectives and related purpos8S. Funds which the trust have set aside lor major repairs and cyclical maintenance, six months working capital, a capital programme budget lor the coming year and funds for future developments in line with Iheir charitable objectives. These funds are the revaluation reserve carried forward which are nol available for distribution by the charity Designated Funds Undislributable Funds Page 32
Londonderry Inner Clly Trusl Company Ilmlted by guaranlea Noles to the flnanclal slatements (contlnued) Year ended 31 March 2023 Analy818 ol movements In group restrlclod tund8 Balance at Incomlng Resources Galna on Transler Funds al 1 Aprll 2022 Resources Expended Revaluallon Belween 31 March Funds 2023 Property Fund 2,545.596 700 143,6831 (518,000) 1.984,613 2,545,596 700 143,6831 (518,000) 1,984,613 Analysls of movaments In charlty re3trlcled fundg Balance 8t Incomlng Resources Galns on Transfer Funds al 1 Aprll 2022 Resour5 Expended Revaluallon Betwegn 31 March Funds 2023 Property Fund 320,000 700 17001 10,000 330,000 320,000 700 17001 10.000 330,000 Property Fund To support community development, social enterprise, education and employment and urban regeneration and prornote and protect buildings wilhin lh6 Inner City area of Derry City. Analy818 of group nel agsets between lunds Genoral Deslgnaied Restrlcted Fund Fund Fund Total 14,922,411 1,984,613 16,907,024 1,665,388 3,560,388 97,210 97,210 (562,0281 (562,0281 Fixed Assels Cash at bank and in hand Other current assets Current and lon9 term liabilities 1,895,000 Tolal 16,122,981 1,895,000 1,984,613 20,002,594 Page 33
Londonderry Inner Clty Tru8t Company Ilmlted by guarantee Notes to thè Ilnanclal slatemènl$ (contlnued) Year ended 31 March 2023 Analys18 ol changes In nel debt Group chenges In cash and cash equlvalentg At l April Cash flows Al 31 March 2022 2023 Cash and cash equivalents 3,696,163 {135.7751 3,560.388 Charity changes In cash and cash equlvalenls At 1 April Cash flovts Al 31 March 2022 2023 Cash and cash equivalent$ 2,709,355 {313,425} 2.395,930 Conllngenl agsetg and Ilabllllles During the year ended 31st March 2008 Londonderry Inn8r Ciiy Trust {'the trusl'l disposed ol rental premis8s in Derry {to 'The Nerve Cenlre'l as detailed in the notes ol the financial stalernents lor the year ended 31st March 2008. The sale agreement for the disposal ol thig building contained contingency clause, whereby Lonoonderry Inner Cily Trust slands lo benefit lo an amount of £400,000 (indexed lor property inflation) from the possible future linancial transactions ol this building. However, as these events are outside the control of 'The Trust,, the timing and linal amount of this benefit cannot be aceuralely quantified. 24. Related party trangactlons During the year the company entered into the following Iransactlons with related parties: Transaction value 2023 Balance owed by/{owed tol 2023 2022 2022 Wholly owned subsidiaries {575) 33,528 4,498,224 4,498,800 Page 34