Company reglstratlon nurn￿r: 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 pro￿rtY 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 eX￿ndIture
77,532
10,000
87,532
321.878
Tran81er bolween funds
Net mov•ment In funds
77,532
10,000
87,532
321,878
R￿Onc1119tl0n 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 a￿1vIlle$ 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 gr0￿h 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 Resour￿5 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