Company reglslratlon number: N1020978 Londonderry Inner Clty Trust Company Ilmltod by guaranlge Flnanclal 8latement8 31 March 2024
Londonderry Inner Clty Trust Company Ilmited by guarantee Conlent8 Page Legal and adminislralive information Trustees, Report Independent auditor's report lo the members 7-10 Consolidated Statement of Financial Activities for the year ended 31 March 2024 11 Company Slalement of Financial Activities lor the year ended 31 March 2024 12 Consolidated Balance Sheet as al 31 March 2024 13-14 Consolidated Statement of Cash Flow 15 Notes to the Accounts 16-33
Londonderry Innor Clty Tru81 Company Ilmlted by guarantee Slatus The organisation is a charitable company limited by guaranlee, incorporated on 16 October 1987 and is recognised as a charity by HM Revenue & Customs. The governing documenl is the Articles of Associalion, updated and adopted on l Oth September 2015. Under those Articles. al each AGM one Ihlrd ot the Truslees must retir8 by rotation, beginning with those longest in off ice since their lasl appointment. Dlr8ctor8 . Mr William McBride Mr Patrick Walsh Mrs Ann Philomena Malaugh Mr John Meehan Mr Anthony Mclvor Rev Paul Farren Archdeacon Rob6rt Millar Mayor Lillian Seenoi-Barr (Appointed 3 Jun '241 Company Secrelary . Mr Damlan McAteer Accountanl8 & Accounlanla . Fergus McAteer & Co. Chartered Accounlanls Regislered Audilors 31133 Clar8ndon Street Derry BT48 7ER Maln Bankers . First Trusl Bank Meadowbank Strand Road Derry BT48 7TN Sollcllor• 8r8ndan Kearnoy & Co. Clarendon House Clarendon Street Derry, 8T48 7ES Reglslered Offlco 31.33 Shipquay Slreet Derry BT48 6DL Charlty Comml•8lon Reference No:NIC108433 Company Numb•r . N1020978 Page 1
Londonderry Inner Clty Trusl Tru8tee8' Annual Report for Ihe Year Ended 31 March 2024 The Directors are pleased lo pr8senl their annual report together with the financial statements ol the Charity for the year ending 31 March 2024 which are also prepared to meet the requirements lor a Direclors, report and accounts loi Companies Act purposes. The financial statements comply wlth the Charrties Act INI) 2008, Ihe Charities (Accounts and Reports) Regulations {NII 2015, Companies Act 2006, the Memorandum and Articles ot Association, and Accounting and Reporting by Charities.. Stalement ol Recommended Praclise applicable to charities preparing their accounts in accordance with Ihe Financial Fleporting Standard applicable in the UK and Republic ol Ireland IFRS1021 (effective 1 January 2019.1 Dlrectors and Iruslees The directors ol the charitable company (the chariiy) are the trustees for the purpose of charity law. The trustees during the year and al the 31 March 2024 We as follows.. Mr Wllliam McBride Mi Patrick Walsh Mrs Ann Philomena Melaugh Mr Anthony Mclvor Mr John Meehan Rev Paul Farren Archdeacon Robert Millar Mayor Sandra Duffy (Resigned 051061231 Mayor Sarah Patricia Logue (Appointed 07109123 & Resigned 03106124} Oblect8 and Actlvltlea The Charity's objects are specifically restricted lo the following., lo prevent or relieve Foverty for the public benelit lin the Inner City ol Londonderry in particular and elsewhere} through social enterprise addressing physical, social and economic challenges., lo advance education, in particular lor young people, by the provision of training facilities and 10 develop occupation and vocational skills and provide work experience opportunities., lo advance citizenship and community development for the public benefit by the promolion ol urban regeneration in the Inner City of Londonderry through the promotion of direct and indirect Investment underpinning economic activity within the city centre and the Waterslde areas, in particular, and to bring inlo use and/or restore property thal has fallen into disrepair to make it productive for Ihe benefit of the PLtblic', lo advance education by the provision of work experience and training opportunities to disadvantaged individuals including long term unemployed and economically inactive Ople. lo promote or undertake specific projects or provide direct services to provide employment lo advance the welfare of Ihose who by reason ol age, infirmity or disability, education, poverty or social and economic circumstances or other valid clause ar8 socially deprived or disadvantaged with a view to improving the conditions of life lor such persons., to provide training lacililies and support opportunities for Ihe unemployed in the Londonderry Inner City area., to promote urban regeneration by the acquisition and development of sites and buildings to provide economic and physical regeneration and ancillary facilities which promote the creation of employment opportunities leading to relief ol distress associated with unemployment; lo secure by such means as are available lor the public benelit the pr8servation, protection and improvement of buildings, parts ol buildings or structures ol particular beauty, or ol historic, environmental, architectural or constructional merit or interest In the inner-cily area of Derry City and lo stimulate and educate public inleresl ther8in-, io advance thg ocjucatton ancl vocaiional skills ot Ihe publlc in building preservation, restoration, refurt)ishmenl. traditional and general Construction and relaled areas ol work with the object of enhancing their employment prospects., to promote any other purpose which is exclusively charitab18 according to the law of Northern Ireland. Page 2
Londonderry Inner Clty Trust Trustees, Annual Report tor the Year Ended 31 March 2024 Achlevem6nts and pertormance To achieve ils objeclives Ihe Trusl Group pursues the following broad strategic aclivilies: Physical asset management of its existing portfolio; Acquisition and refurbishment ol other Inewl buildings, both general and heritage related,. Reinveslmenl of income directly into projects or by granlslcivic dividend to other charities in urban regeneration projects, skills and training activities and in the prevention and relief of poverty; Operation ol a robust system of corporate governance and internal control, fully compliant with all appropriate regulations. This report presents the Trusl Group's activities under Ihr8e broad strategic themes and shows how we have achieved our objectives ol Ihe relief of poverty. the advancement of skills, education and training, and urban regeneration. Aevlew ol actlvlll88 In the pa8t y•ar and plans lor th• fulure The Trust has continued to invest in the upgrading ol its property assets over the last year despite Ihe difficult conditions generated by the economic uncertainty. Th8 year ending saw the completion ol the systematic programm8 01 inv8slmenl started over three yeais ago. The Trust is content that ils programrn6 01 systemalic investment in sustaining and promoling urban regeneration helps ensure thal the asset base produces incoma for future re-inveslm6nl as well as securing a range of publSc benefits ranging from environmenlal lo social labric support. The advancemènt of skills, education and training objeclive is an important part of helping those who need skills and émployment lo secure them. We continue lo deliver this through direct action and indirectly through partners across a range ol employability programmes, thereby equipping the participants in these programmes with the skills to help them secure pathways oul ol poverty. The advancement ol skills, education and training objectives is an important part ol helping those who need skills and employment to secure th8m. We continue to deliver this through dlrect action and indirectly through partners across a range ol employabiliiy programmes, thereby equipping the participants in these programmes with the skills to help them secure pathways oul ol poverty. Overall, the Trust continues with ils range of activities, both on Ils ovm account and in association with other slakeholclers, lo ensure that the maximum impact is achieved in pursuit of the charitable obieclives. Flnanclal Revlew The Inner City Trust Group continued in excellent financial health during the year to March 2024. The lotal income lor the yeaf across Ihe four constituent group companies was £1,214,98912023'. £1,155,765), the bulk ol which £1.099,18312023'. £1,115,8371 was generat8d by renled property. Renlal income is re-invested in the physical and social fabric of the Cily ol Derry and expenditure in the year ol £1 ,005,451 12023: £1,004,803), logether with an adjustment for property revaluation, brings the net income for tho year to £552,479 12023.. nol oxp?nditur¢ t29?,711}, Group funds stand at £20,555,067 {2023'. £20,002,594), Ihe bulk of which is repres8nt6d by our property portfolio which is valued al £17.701.989 12023 £16,717,734). The Group's free reserv88, readily accessible funds Ihal are not lied up in property, are £2,853,078 {2023: £3,284,860) Page 3
Londonderry Inner Clty Trust Trustees. Annual Report for the Year Ended 31 March 2(Y24 The Dlrectors have designated £1,895,000 (2023: £1,895,000) of these tree reserves lo meet the Group's ongoing capltal projects - major cyclical mainlenance and repair works lo our property portlolio and a working capital bufler, In accordance with our objectives, the Group made several direct donations to local charities during the year, arnounting lo £97,22012023.. £91,950). The Group also provid8d indirect support to other local charitable bodies in the form of discounled rent. The Truslees have quantified this indirect SUPF)ort as being £256,157 12023: £265,026) for th6 year, with the lotal Charitable donations (both direcl and indirect) amounting lo £353,37712023: £356,976). Forward Plannlng Tha Trust will continu8 10 implem8nt its strategic plan developed lor the cycle 2023 10 2025. The slraiegy enables the Trust lo continue lo achieve its core objectives and at the same lime allow it lo play a more significant and Catal1C role in regeneration. Our audited accounts show a solid base on which to build. But to clo that and to r8alise our investment plans, we continue lo ensure that our short-lerm cash flow is manag8d in a way that meets our ongoing commitments and that the surplus generated is conserved lo ensure sustainability and further investment across the spectrum ol charitable activities. We will continue our balanced approach, ensuring that every year we contribute positively lo each of our stated charitable objectives. Consequently, looking forward lo 2024 - 25 the Twsl Group will.. Continue to effectively and efficiently manage il assets thereby generating ihe resources lo enable the investment and re-investment needed in supwrt of our charitable olectives. These objectives are $8cured directly by th8 group and in partnership with olher front line charities In the lialds of r9generalion, poverty rgliel and skills education; Continue lo develop our training and educalion support and indeed inlensify Iheso activities within the heritage sector., Continue lo encourage the public and organisaiions iowards increaslng the beneficial publlc impact in the city in terms of place makirYJ and prosperity building; Continue to build the wider public understanding of the Importance ol the work ot the Trust group and ils model; Continue lo work with partners to develop herilage-related hospitality and tourism training support, and Develop up additional sources of capital funds tor investing in the city city lor widest public benefit. As we look to 2024125, the Trust will continue to secure the best use ol ils resources in pursuit of ils objectives and to systematically invest in our assel refurbishment progfarnme, Page 4
Londonderry Inner Clty Trust Tru8tee8' Annual Report lor the Year Ended 31 March 2024 Re88rve8 poIIcy The directars review the reserves of the Trusl on an annsjal basis. This reserves review is carried out annually by the directors prior lo the Trust's Annual General Meeting, which takes place in September each year. The review encompasses the nature ol the income and expenditure streams, the need lo malch variable incorne with fixed commitments and the balance and nature of the reserves themselves. As part ol Ihis review the dir8Ctors also analyse Ihe future mandalory capital commilm8nts plac8d on the Trust from the malnl8nance and upkeep of the properties and assets und&r ils stewardship, and have separately identified thos8 maierlal commitments withln the reserves held at th8 y8ar end, The Trust18 also commltt8d lo certain capital projects and the associated impact on th8 reserv8s of the Trust are incorporated into its annual reserves review. The directors have lorecasl the level of free reserves Ilhal is those lunds not tied up in fixed assets, and designated and reslricled lundsl that the charity will requir8 to sustain ils operaticns and meet ils financial obligations over luture periods. They are salisfi8d that the reserves held are more than adequate lor these purposes and will continue lo monitor and revi8W th8 funds held lo ensure that th8 8XlSting and future charitable aclivllies ol the organisalSon can b8 tunded from its r8sourc8s. As al 31 March 2024 the direclors have designated £1.895m ol the free reserves are required to meet ils ongolng capital projects, major cyclical maintenance and repair works lo the properly Portfolio and a working capital buller. Rlsk management The directors examlne the major Strategic, business and operational risks on an ongoing basis which the charity faces and confirm that systems have been established lo enable regular reports lo be produced so that tha necessary steps can be taken lo lessen these risks. The finance, audit and rlsk committee reviews the Risk Register each month wtlh the Senior Management Team. All IheBe risk area3 are then reported on al full board meetings and Qlscussed accordingly. Relaled Parl1•$ Londonderry Inner City Trust is the sole m8mb8r In Tamneymore Enterprisé Trust Limited la charitable organisalionl and in Inner City Buildings Preservation Trust ia regislergd charity with the Charity Commission ol Northern Irelandl. They are related parties by virtue ol the lacl that Londonderry Inner City Tru51 is the sole member in both organisalions and also that some ol their dlrectors are also direclors in Londonderry Inner City Trust. Page 5
Londonderry Inner Clty Trusl Trustees, Annual Report for the Year Ended 31 March 2024 Statement of Dlrectors R•sponglbllltle8 The charity Iruslees (who are also the directors of the Londonderry Inner City Trusi for the purposes of company lawl ale resFonsible for preparing a trusl8es' annual r8POrt and financial statements in accordance wllh applicable law and United Kin9dom Accounting Slandards {Uniled Kingdom Generally Accepted Accounting Practice). Company law requires the directors to prepare financial stalernents lor each financial year which give a true and lair view of the slate of allairs ol the charitable company and ol the income and expendrture ol the company for thai year. In preparing Ihese the directors are required to.. select suitable accounting policies and apply them conslstently; make ludgemenls 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, sublect to any material departur98 disclosed and &XPlained In th8 flnancial statemants., prepare the financial slalemenls on the going concern basis unless it is inappropriate lo presume that Ihe company will continue in busing8S. The dlreclors are re8pon8lble lor keeping adequale accounllng records that are sulflclent to show and explaln Ihe company's Iransactions and disclose wilh reasonable accuracy at any lime the financial position ol the company and enable them lo ensure thal the financial stalements comply with Ihe Companies Act 2006. They are also responsible lor safeguarding the assets ot the company and hence lor taking reasonable steps for the prevention and detection ol fraud and other irregularities, In 30 far as the dlrectors are aware: there is no relevant audll inlormalion {inlomation needed by the company's audllors In connection wilh preparing Ihelr report) of which the company's auditors are unaware, and the dlreclors have taken all the steps that they ought to have taken to make themselves aware ol any relevant audlt inlormalion and lo establish Ihat the company's auditors are aware ot that inlormalion. Accountants Fergus McAleer & Co. are deemed lo be reappointed In accordance th Sectlon 48712) ol the Companies Act 2006. By Order ol Ihe Board n Robert Milbr Trustee 27 June 2024 Pago 6
Londonderry Inner Clty Trust Company Ilmlted by guarantee Independent audltor's report lo the members ol Londonderry Inner Clty Trust (contlnued) Year ended 31 March 2024 Oplnlon We have audited the financial statements of Londonderry Inner City Trust lor the year ended 31 March 2024 which comprise the Consolidated Slalemenl ol Financial Aclivit16s, Company Slalement of Financial Activities, Consolidated Balance Sheet, Consolidated Statement of Cash Flows and not8S to the linancial statements, including a summary of significant accounting policies. The linancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Slandard applicable in the UK and Republic ol Ireland (United Klngdom Generally Accepted Accounting Praclice). In our opinion, the financial statements.. give a true and lair view of the slate ol the group's and the parent company's altairs as at 31 March 2024 and ol Ihe group profit for the year then 8nded', have be8n properly prepared in accordance with United Kingdom Gen8rally Accepied Accounting Practice., and have been prepared in accordance with the requlremenls of the Companies Act 2006. Basls for Oplnlon We conducted oui audit in accordance with International Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those standards are further d8scribed in the auditor's responsibilities for the audit of the financial stalements section of our report. We are ind8pendent ol th8 company in accordance with the ethical requirements that are relevant to our audit of Ihe financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities In accordance with these requirements. We believe that the audit evidence we have obtained is sullicienl and appropriale lo provide a basis for our Opinion. Concluslons relatlng to golng Concern In auditing the financial slalemenls, we have concluded that the directors use of the going concern basis of aecounting in th8 preparation of Ihe financial staiemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to even15 or conditions that, individually or collectively, may cast significant doubl on the company's ability lo continue as a going concern for a period of at least twelve months Irom when the financial stalements are aulhorised lof issue. Our reswn8ibililies and the responsibilities ol the directors with respect lo going concern are described in the relevant sections ol this report, Other Intormatlon The other information comprises the inlormalion included in the annual report, olher than Ihe financial statements and our auditor's report thereon. The direclors are responsible for Ihe olher information. Our opinion on th8 financial statements does not cover the other information and, except lo the extent otherwise explicitly slated in our report, we do not expiess any form ol assurance conclusion Ihereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing So, Gon51der v¥hether the Qiher Inlormaiion is tnaierlally InGonsis18ni wilh Ihe flnancial statements or Ouf knowledge obtain&J in the audit or otheis8 appears lo be malerially misstated. It we identify such material inconsistencies or apparent material misstatements, we are required to delermine whether there is a material misstatement in the financial slalements or a material misslatgmgnt of the other information. 11, based on Ihe work we have performed. we conclude that there is a material misslalement ol this other information. we are required to report that fact. We have nothing to reFM)rt in this regard. Page 7
Londonderry Inner Clty Trust Company Ilmlled by guarantee Independenl auditor's report lo Ihe members ol Londonderry Inner Clty Trust {contlnued) Year ended 31 March 2024 Matters on whlch we are requlred lo report by exceptlon We have nothing to report in respect ol the following matters where the Companies Act 2006 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept, or returns adequate lor our audil have not been received from branches nol visited by us; or the tinancial statements are not in agreement with Ihe accounting records and the rgturns,. or certain disclosures ol directors, remuneration specified by law ara not made; or we have not received all the information and explanations we require for our audit., or the directors were not enlilled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies, ex8mplions in preparing the directors, r8POrt and from the requirement to prepare a strategic report. Responslbllltles ol dlroctors As explained more fully in the dlr8ctors' responsibilities statement, Ihe dir8¢tors are responsible for the preparation of the financial stalements and lor being satislied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable Ihe preparation of financial statements that are free from matarial misstalemenl, whether due to fraud or error. In preparino the financial statements, the directors aT8 responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic allernalive bul lo do so. Audltor's responslblllties tor the 8udlt ol Ihe flnanclal slatements Our objectives ar8 to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due to fraud or error, and to issue an auditor's report that includes our oplnion. Reasonable assurance is a high level of assurance, bul is nol a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise Irom fraud or error and are considered material if, individually or in the aggregale, they could reasonably be expected lo influence the economic decisions of users laken on the basis of these financial statements. Irregularities, including fraud, are instances of non-cornpliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstatements in respect ol irregularities, including fraud. The extent lo which our procedures are capable of detecling irregularities, including fraud is detailed below.. Identllylng and assosslng polentlal rlsks related to Irregularllles In identifying and assessing risks of material misslalemenl in respect of irregularities, Including fraud and non-compliance with laws and regulations we considered the following: the nature ol the industry and sector and control envlronment th8 legal 2nd rèaulaiory framework Applicable" the results ol our 8nquirios ol managemanl artrd othèr kay persons about their own identifi¢alSon and assessmenl ol Ihe risks and irregularities the Charity own policies and predureS on compliance with laws and regulallons including any Instances ol non-compliance Pag8 8
Londonderry Inner Clty Trust Company Ilmlted by guarantee Independent audltor's report to the members of Londonderry Inner Clty Trust (contlnued) Year ended 31 March 2024 Audlt response to rlsk Identllled.. As a result of perlorming the above we identified and performed the following procedures enquiry of management, those charged with governance around actual and potential litigation and claims. enquiry of entity staff in compliance functions to identify any instances ol non-compliance with laws and regulations. Reviewing financial stalemenl disclosures and testing to supporting documentation to assess complianc8 with applicable laws and regulations. Performing analytical procedures to identily any unusual or unexpected relationships that may indicate risks of material misstatement due to traud. Auditing the risk ol management override of controls, including through tesling journal entries and olher adjustments for appropriateness, and evaluating the business rationale ol significani Iransaclions outsid8 the norrnal course ol busines5 As part ol an audil In accordance with ISAS (UK), we exerclse professional judgmenl and maintain professional scepticism throughout the audit. we also.. Identify and assess the risks of material misstalem8nl of the financial slalemenls, whelher due to fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sulficienl and appropriate lo provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, oi the override of internal control. Obtain an understanding of internal control relevant lo the audit in order lo design audit procedures that are appropriate in the circumstances, bul not lor the purpose of expressing an opinion on the effectiveness ol the internal control. Evaluate the appropriateness ol accounting policies used and the reasonableness of accounting eslimales and related disclosures made by the directors, Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidenc8 obtained, whether a malerial uncertainly exists related to events or conditions that may cast significant doubl on the company's ability lo continue as a going concern. 11 we conclude that a material uncertainly 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, tulure events or conditions may cause Ihe company to cease lo continue as a going concern. We communicate with those charged wilh governance regarding, among other matters, Ihe planned scopg and timing ol the audit and signilicanl audit lindings. including any significanl deliciencies in internal control that we identify during our audit. Page 9
Londonderry Inner Clty Trust Company Ilmlted by guarantee Independent audStor's report to the members ol Londonderry Inner Clty Trust (Contlnued) Year ended 31 March 2024 Use of our report This report is made solely lo Ihe companls members, as a body, in accordance with Chapter 3 01 Part 16 of the Our audit work has been undertaken so that we might slate lo the company's members those matters we are required to slate lo them in an auditors report and for no other purpose. To the fullest exteni permitted by law, we do not accept or assume responsibility to anyone other than the company and the companls members as a body, lor our audit work, for this report, or for the opinions we have lormed. Conor McAleer (Senior Statutory Auditor) For and on behall ol Fergus McAleer & Co. Slatulory Auditor Chartered Accountants and Registered Auditors 31133 Clarendon Street Derry BT48 7ER CHAR TERED 2 7 JUN ZO24 27 June 2024 Page 10
Londonderry Inner Clty Trust Company Ilmlted by guaranlee Consolldated Stalemenl ol Flnanclal Actlvltles {Includlng consolldated Incomo and expendlture accounl) for the Year Ended 31 March 2024 Unrestrict8d Restricted Funds Funds Tolal8 2024 Totals 2023 Nole3 Incomo Donalions & legacies 28,000 28,000 4,170 Other trading activities 1,100,929 1,100,929 1,118,108 Inveslmenl income 86,060 86,060 33,487 Total 1,186,989 1,214,989 1,155,765 Expendlture Expendrture on charitable activities 10 530,377 2,453 532,830 579,286 Expenditure on raising funds Cosls ot other trading activities 409,568 43.819 453,387 425,525 Olher expenditure Tolal 19,234 959,179 19,234 1,005,451 {71 1,004,804 Gains and losses on revaluation of propertl8S 413,800 170,8651 342,935 1444,6731 Net Income 641,610 189,1371 552,473 1293,7121 Transler between lunds 992,644 {992,644) Net movemenl In lund3 1 ,634,254 11,081,781) 552,473 1293.712) Reconclllallon of funds Total funds brought forward at 1 April 2023 18,017,981 1.984,613 20,002,594 20,296,306 Tolal funds carried forward at 31 March 2024 19,652,235 902,832 20,555,067 20,002,594 The statement of financial activilies includes all gains and losses recognised in the year. All Income and expendlture derlve from coniinulng aGilvltles Page 11
Londonderry Inner Clty Trusl Company Ilmlted by guarantee Charlty Statement of Flnanclal Actlvltles (Includlng Income and expendllure account) lor the Year Ended 31 March 2024 Unreslrlcled Restricted Fund$ Funds Total8 2024 Tolals 2023 Notes Income Donations & legacies 28,000 28,000 700 Other trading activities 833,482 833,482 859,213 Inveslmenl income Total 68,375 901.857 68,375 929,857 33,390 893,303 28,000 Expendlturn Expenditure on charitable activities 10 464,130 2,453 466,583 509,307 Expenditure on raising funds Costs ol other trading activities 358,729 836 359,565 363,791 Other expenditure 19,110 841,969 19,110 845,258 3,289 873,098 Gains and losses on revaluation of properties 364,800 15,000 379,800 67,327 Net expendlture 424,688 39,711 464,399 87,532 Transfer between funds Net movement In funds 424.688 39,711 464,399 87,532 Reconclllatlon of funds Total funds brought lOard at 1 April 2023 16,667,628 330,000 16,997,628 16,910,096 Total funds carried forward at 31 March 2024 17,092,318 369,711 17,462,027 16,997,628 The stalernent of financial activities includes all gains and losses recognised in the year. All income and gxpendilure derive from continuing activilies Page 12
Londonderry Inner Clty Trust Company Ilmlted by guarantee Consolldated Balance Sheet as at 31 March 2024 Group 2024 Group 2023 Charlly 2024 Charlty 2023 Notes Flxed Assets Tangible Assels Investments Tolal flxed a38918 14 17,852,530 16,907,024 11,581,565 15 4,081,103 17,852,530 16,907,024 15,662,668 10,559,009 4,081,103 14,640,112 Curranl A99elS Debtors Cash at bank and in hand Total currenl assets 16 61,777 3,136,076 3,197,853 97,210 3,560,388 3,657,598 1,044,946 1,809,234 2,854,180 1,084.062 2,395,930 3,479,992 Credltors: amounts talllng duo wlthln one year 17 1248,544) {263,5691 (808,0491 1824,0171 Nel currenl asgets 2,949,309 3,394,029 2,046,131 2,655,975 Total 988el8 less currnnt Ilablllllas 20.801,839 20,301,053 17,708,799 17,296,087 Credltors: amounts lalllng du• after one year 18 1248,772) {298.4591 1246,7721 1298,4591 Nel a88ets 2Q,555,067 20,002,594 17,462.027 16,997,628 The funds of the charlty Restricted funds Unrestricted funds 20 902,832 1,984,613 20 19,652,235 18,017,981 369,711 17,092,316 330,000 16,667,628 Total Charlty Funds 20,555,067 20,002,594 17,462,027 16,997,628 These consolidated accounts ar8 prepared in accordance with th8 seclion 398 of the Companies Act 2006 and the Charities Act INI) 2008 and applicable regulalions. These financial statements have been prepared in accordance with the provisions applicable lo companies subje¢l lo the small companies, regime and in accordance wilh FRS 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland,. Page 13
Londonderry Innor Clty Trust Company Ilmlted by guarantet These financial statements wer8 approved by the board ot directors and authorised lor Issue on 27 June 2024 and are signed on behalf ol the board by.. Archdeacon Trus160 ert Mlller The attached not08 lorm part ol the8e accounts. Page 14
Londonderry Inner Clty Trusl Company Ilmlted by guaranlee Stalement ol cash flows (contlnued) Year ended 31 March 2024 Group Charlty 2024 2023 2024 2023 Cash tlows Irom operatlng acllvltles Proliulloss) for the financial year 552,473 (293,711) 464,399 87,532 Adjustments for.. Depr&cialion of tangible assets Fair value adjustment ol investment property Other interest receivable and similar income Interest payable and similar expenses Gainl{lossl on disposal of tangible assets Tax on incomellexpen(tilure} Accrued expensesllincomel Roundlng 50,965 1342,935) 186,060) 8,962 19,110 124 51,355 12} 53,732 444,673 133.4871 15,747 7,248 1379,8001 (68,3751 8,962 19,110 8,302 167,327} (33,3891 15,747 {71 (103,3451 66,135 {105,0931 Changes in.. Trade and other deblofs Trade and other creditors 44,746 {76,072} 22,325 57,544 31,778 175,0191 13,672 66,476 Cash generated from operations 222,666 163,472 74.437 114,0791 Interest paid Interest received 18,962} 86,060 115,7471 33,487 18,9621 68.375 115.747} 33,390 Nel cash from operating aclivilles 299,764 181,212 133,850 3,564 Cash IIow8 from Invastlng actlvltles Purchase of tangible assels Proceeds Irom sale ol tangible assets Net cash used in investing activities 1774,8691 1270,3471 102,225 1768,0041 98,890 1270,3481 {672,644} 1270,3471 1669,1141 1270,3481 Cash flows from fln8nclng actlvllles Proceeds trom borrowings Nel cash used in financing activilies 151 ,432) 146,6401 151 ,4321 146,6411 151 ,4321 146,6401 151 ,4321 146,6411 Nel Increasel(decrease) In cash and cash equlvalents{424,3121 1135,7751 Cash and cash equlvalents at beglnnlng ol year 3,560,388 3,696,163 Cash and cash equlvalent8 at end ol year 586.696 2,395,930 313.425 2,709.355 3.136,076 3,560,388 1,809.234 2,395,930 Page 15
Londonderry Inner Clty Trust Company limlted by guaranlee Notes lo the financlal statements Year ended 31 March 2024 General Inlormatlon The company is a public benefit entity and a privale company limited by guarantee. registered in Northern Ireland. The address of the registered office is 31-33 Shipquay Slreet, Derry, BT48 6DL. Statèment ol compllance The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in Ihe UK and Aepublic of Ireland IFRS 1021 leffective 1 January 20191 Icharities SORP IFRS 102)), the Flnancial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Compani8s Act 2006. Accountlng pollclo8 Basls ol preparnllon The financial slalements have been prepared on the historical cosl basis, as modified by the revaluation ol certain financial assets and liabilities and inveslmeni properties measured at fair value through income or expenditure. The flnancial slalements are prepared in sterling, which is the functional currency of the entity. Going Concern There are no malerial Ljncertainties about the charity's ability to conlinue (as lurther detailed in note lo the accounts). Group Ilnanclal stalemenl8 The linancial statements consolidate the r8SUtts of the charity and ils wholly owned subsidiaries on a line.by-line basis. The subsidiary cofnpanies are detailed below. Subsldlary Name Company Number Charity Reglstratlon Number NIC100106 XR21754 NIA Parent Company Control Inner City Buildings Preservation Trust N1616033 Tamn8ymore Enterprise Trust Ltd N1026790 Fashion & Texti18 Skills C.l.C. N1624758 Sole member Sol8 member 1000A Shareholder Page 16
Londonderry Inner ciiy Trust Company Ilmlted by guarantee Notes to the Ilnancial slatements (contlnued) Year ended 31 March 2024 Income All income is included in the statement ol linancial activitie5 when enlillement has passed lo the charity, il is piobable that the economic benefits associated with Ihe transaction will flow lo the charity and the amount can be reliably measured. The following specific policies are applied to particular categories ol income: Income from grants is recognisad wh8n there is evid8nc8 of 8nlit18menl to the lunds, any performanco conditions attached to the grant have been met, receipt is probable and its amount can be measured reliably. income from rental aclivily is recognised when there is evidence ol entitlement to the lunds. Intere$1 recelvablo Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon nolilicalion of the interest paid or payable by the Bank. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Some expenditure includes any VAT which cannot be lully recov8r8d, and is classified under headings of th8 Statement of financial activi1188 to which il r81ales'. expenditure on raising lunds includes ihe costs of all fundraisino activities, events and non-¢hariiable trading activities. expendilure on charitable activities includes all cosls incurred by a charity in undertakSng acliviti&s Ihal further ils charitable aims lor the benefit ol its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable aclivilies. olh8r expenditure includes all expenditure that is n81ther related to raislng funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs are apportioned between the activities ihey contribute lo on a reasonable, justifiable and consisteni basis. Taxatlon During the current year the group (excluding ihe Fashion & Textile Skills C.l.C.I has only been involved in charitable activities in furtherance ol its charitable objects and is not liable lo Income Tax or Corporation Tax. For the Fashion & Textile Skills C.I,C. the current lax Is recognised on taxable prolit for th8 current and past periods. Current lax is measured al the amounts of tax expected to pay or recover using the lax rates and laws that have been enacted or substantively enacted at the reporting date. Pago 17
Londonderry Inner Clty Trust Company Ilmlted by guarantee Notes lo the flnancial statements {conllnued) Year ended 31 March 2024 Tanglble assets Tangible assets are initially recorded at Cost, and are subsequently staled al cost less any accumulated depreciation and impainnent losses. Any tangible assets carried at revalued amounts are recorded al Ihe fair value al the date of revaluation less any subsequent accumulated depreciation and subsequent accumulaled Impairment losses, An increase in the carrying amount of an asset as a result ot a revaluation, is recognls6d in other comprehensive income and accumulated in capital and reserves, except to the extent il reverses a revaluation decrease ol the same asset previously recognised in protit or loss. A decrease in the carrying amount ol an asset as a result ol revaluation is recognised in other comprehensive income lo the extenl ol any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulaled revalualion gains accumulated in capital and reserves in resp1 ol that assel. Ihe excess shall be recognised in profil or loss. Depreclatlon Depreciation is calculated so as to write off Ihe cost or valuation of an asset. less ils residual value, over the useful economic life ol that asset as follows.. Plant and machinery Fittings fixtures and equipmenl 200/. 20°/. reducing balance reducing balance 11 ther8 is an indication that there has been a significant change in depreciation rate, useful life or residual value ol tangible assets. the depreciation is revised prospectively lo rellect the new estimates. Flxed asset Investments Fixed asset investrnenls ar8 initially record1 at cost, and subsequently staled at cosl less any accumulated impairment losses. Listed investments are measured at lair value with changes in fair value being recoonised in prolit or loss. Investmenls In a880clate8 Investments in associates accounted tor in accordance with the cost mod81 are recorded at cost less any accumulated impairment losses. Investments in associates accounted lor In accordance with the fair value model are initially r8corded al the transaciion price. At each reporting date. the investments are measured ai lair value, with changes in fair value recognised in other comprehensive incomelprofit or loss. Wh&re il is impracticablé lo measure fair value reliably without undue cost or effort, the cost model will be adopted. Impalrmenl A review lor indicators of impairment is carried out al each reporting dale, with the fecoverable arnount being estimated where such indicators exisl. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed lor possible reversal al each reportlng dale. When it is not possible lo estimate the recoverable amount of an individual asset, an estimate is made ol the recoverable amount ol the cash-generaling unit lo which Ihe asset belongs. The cash-geneiating unil is Ihe smallest identifiable group of assets that includes the asset and generatgs cash inflows that are largely independent ol the cash inllows from other assets or groups ol assets. Pag• 18
Londonderry Inner Clty Trust Company Ilmlt•d by guaranlee Notes lo the Ilnanclal Stalements {contlnued) Year ènded 31 March 2024 Flnanclal Instrumen1$ A financial asset or a financial liability is recognised only when the company becomes a party lo the contractual provk8ions ot the instrument. Basic financial instruments are initially recognised al the transaciion price, unless the arrangement constilules a financlng Iransactlon, where 11 Is recognised at the present value ol the future payments discounted at a market rale ol interest for a similar debt instrument. Debl inslruments are subsequently measured at amortised cost. Employee Beneflls When employees have rendered service lo the company, short-term employee benefits lo which the employees are entllled ar8 recognised al the undiscounted amount expected to b8 pald in exchange lor that servlce. Dellned contrll)ullon plans Contributions lo defined conlribution plans are rgcognised as an expense in Ihe period in which the relaled servlce is provided. Prepaid contiibullons are recognised as an asset to the extent thai the prepayment will lead lo a reduction in future payments or a cash refund. When contributions are not expected lo be s8tt18d wholly within 12 monlhs ol th8 end of Ihe reporling dale in which the employees render the related service, the liability Is measured on a dlscounled present value basls. The unwinding ol the discount Is recognised in linance cos18 In profit or1058 in the Period in which il arises. LIMIt by guarantee Londonderry Inner Clly Trust is a registered charity Ilmiled by guarantee wilhoul a share capital. Northern Ireland Charity Commission Reference Number.. NIC108433 Pag• 19
Londonderry Inner Clty Trusl Company Ilmlted by guarantee Notes to the financial statements Icontlnued) Year ended 31 March 2024 Fund$ Unrestricted Revenue Funds - comprise those revenue lund5 which the management committee are free to use in accordance with the company objectives. Flestricled Revenue Funds - comprise those revenue funds which have been given Iof particular purposes and projects. Unrestricted Capital Funds - comprise those n8t assets which the Irusl is able to apply freely in pursuil of its own charitable objeclives and related purposes. Restricted Capital Funds comprise those net assels which at the end of the accounting period have specific grant and other condilions restricling eilher their use or their disposabiliiy for defined periods. Designated funds - comprise of unrestricted funds of the charity which the Iruslees have decided al their discretion to sel aside to us8 for a speclfic purpose. Nei Incomel(expendllure) Thls Is slated after chargingllcreditingl., Group 2024 Group 2023 Charity 2024 Charlty 2023 Depreciation ol tangible assets Loss on disposal ol tangible assets Impairment of trade debtors Fees payabl8 lor the audit ot the flnancial statements 50,965 19,110 20,699 53,732 7,248 19,110 11,188 8,302 13,073 13,032 18,660 23,510 11,880 10,860 Pago 20
Londonderry Inner Clty Tru3t Company Ilmlted by guarantee Notes to Ihe financial slatements (¢ontSnued) Year ended 31 March 2024 Stalf costs The average number ol persons employed by the company •Juring the year, including the directors, amounted lo: 2024 2023 Managemenl and finance stalf Administrative and maintenance staff The aggregale payroll costs incurred during the year were.. 2024 2023 Wages and salaries Social security Costs Other pension costs 275,446 15,833 15,780 308.441 22,492 19,147 307,059 350,080 No amployees had employee benelils tolalling belween £60,000 and £69,99912023 - No employee}. No employee had employee benefits tolalling belween £70.000 and £79,99912023 . one employe81. Pagè 21
Londondorry Inner Clly Trust Company Ilmlted by guarantee Nole3 lo Ihe Ilnanclal slatements {conllnued) Year ended 31 March 2024 None of the trustees have been paid any remuneration or received any other paymenl from an employment with the charity or a related party. In the year trustees were reimbursed expenses tolalling £1,987 (2023 - £2,628) the expenses are split as follows.. 2024 Londonderry Inner ciiy Tamneymore Inner Clly B u I I d I n g Enlerprlge Trust Pre8e¢vatlon Trust Ltd Trust Travel and accommodation Mobile phone 1,058 200 100 629 1,058 200 729 Number ol Truste88 2023 Londond•rry Inner ciiy Tamneymore Inner Clty B u I I d I n g Enterprlse Tru•1 Pre8eNatlon Trusl Itd Trust Travel and accommodation Stationary Mobile phone 1,771 200 100 557 1,771 200 657 Number ol Trust888 The key manaoement personnel for the parent charity and the group are the Iruslees. the Company Secretary, the former Chief Execullve and the Finance Manager. The lolal employees benefits of the key management personnel ol the trust were £149,92412023 - £192,629). Page 22
Londonderry Innar Clly Tru8t Company Ilmlt•d by guarantee Noles to the Ilnanclal slatements (conllnued) Year ended 31 March 2024 8. Incom• Group Reslrlcted Restrlcted Fund$ Funds 2024 2023 Charlly Restrlcted Restrlcted Funds Funds 2024 2023 Donatlons & legacle8 Grants Architectural Heritage Fund 27,500 27,500 Donations Total 500 28,000 700 700 500 28,000 700 Qroup Charlty Unrestrlcted Unreslrlcled Unre8trlcted Unrestrlcled Fundg Fund8 Funds Funds 2024 2023 2024 2023 Donallon8 & legacle8 Grants DCSDC 3,470 Total 3,470 Group Charlty Unre8trlcled Unr•8lrlct•d Unro8lrlclod Unre8lrlct•d Funds Funds Funds Fund8 2024 2023 2024 2023 Income from other tradlng acllvltleg Rental Income & service charges Olher income Total 1,099,183 1,746 1,100,929 1,115,837 2,271 1,118,108 831,736 1,746 833,482 856,942 2,271 859,213 Investment Income Bank interest received 86.060 86,060 33,487 68,375 33,390 Pago 23
Londonderry Inner Clty Trust Company Ilmlted by guarantee Notes lo Ihe Ilnanclal statements {conllnued) Year 6nded 31 March 2024 Expendlture on Other Tradlng Actlvltles Group 2024 Group 2023 Charlty 2024 Charlty 2023 Wages and salafies Employer's Social security contributions Staff pension costs Recruitment costs Light, heat and pow8r Advertising Management fee Rates Repairs & maint8nanc8 Professional fees Legal lees Bad debl movements Depreciation Tolal 129,414 10,749 11,581 4,298 12,178 471 11,075 23,491 177,328 7,765 1,358 20,699 42,983 453,388 89,630 8,236 6,163 1,380 13,072 129,414 10,749 11,581 4,298 4,303 471 13,575 22,991 141,872 7,765 1,358 11,188 89,630 8.236 6,163 1,380 5,826 10,278 21,609 219,100 72.778 21,168 205,578 13,073 42,983 425,524 13,032 359,565 363,791 Expenditure on raising funds was £453,388 12023 - £425.525) of which £409,569 was unrestricted 12023 - £382,542) and £43,819 reslricted12023- £42,983). Other Expendllure Group 2024 Group 2023 Charlly 2024 Charlly 2023 Gainlloss on disposal ol tangible assets Corporation lax charge Corporation tax adjust re previous year 19,110 124 19.110 (71 (71 19.234 19,110 Other expendituie was £19,234 {2023 - £71 all of which was unrestflcted. Page 24
Londonderry Inner Clty Trugt Company Ilmlted by guaranlee Notes lo the flnanclal statements (contlnued) Year ended 31 March 2024 10. Expenditure on Charllable Actlvltles Group 2024 Group 2023 Charlty 2024 Charlty 2023 harllable actlvl Wages and salaries Advertising Interest on bank loan Donations Purchases Exlernal charitabl8 èv8nts 9,263 9,794 8,962 97.220 35 16,913 142,187 33,820 11,264 15,747 91.950 334 11,000 164.115 6.794 8,962 111,885 8,264 15,747 123,450 16,913 144,554 10,000 157,461 Governance Co Wages and salaries Employer's social security contributions Staff penslon costs Olher employ68 ben6lils Staff training Rent payable Insurance Light and heal Cleaning Printing, postage and stationery Advertising Telephone Travelling and entertainment Legal and professional Consultancy lees Accountancy fees Auditors remuneration Bank charges General expenses Subscriptions Depreciation of tangible assels Total 127,485 5,084 4,199 9,304 1,451 74 49,909 26.442 3,165 15,358 1,100 8,290 11,898 3,446 86,293 900 18,660 1,820 5,590 2.215 7,982 390,643 183,522 14,256 12,984 1,469 3,147 74 54.184 37,404 2,098 19,194 127,465 5,084 4,199 9,304 1,451 183,522 14,256 12,984 1,469 3,147 34,837 18,227 3,165 15,354 1,100 5,595 9,810 391 58,153 40,124 19,609 2,098 19,194 11,482 10,562 8,073 9,035 21,346 1,056 23,510 1.712 3,306 3,116 10,749 415,171 7,168 5,100 10,860 876 2,913 3.116 8,302 351,846 11,880 1,035 5.516 2,215 7,248 322,029 Total expendlture on ¢harllable Ocilvltles 532.830 579,286 466,583 509,307 Page 25
Londonderry Inner Clty Trust Company Ilmlted by guarantee Notes to the Ilnanctal statements (continued) Yoar endod 31 March 2024 Expenditure on charitable activities was £532,83012023 - £579,286) which is split as follows,. £142,187 are direcl charitable expenditure (2023 - £164.1151 of which £142,187 was unreslricted12023 £164,115) and £Nil restricted12023 - £NiS1. £360,643 are governance costs 12023 - £415,171) of which £388,190 was unrestrlcted <2023 £414,471) and £2,453 restricted12023 - £700). 11. Inner Ctty 8ulldlng Pr?rval10n Trugl The wholly owned subsidiary Inn8r Ciiy Building Preservation Trust is incorporated in Northern Ireland Icompany numb8r N16160331 and is a registered charity (chaiily number NIC1001061. Inner City Building PreseNation Trust is involved in the preservation, protection, resloration and improvement of buildings in Ihe Inner City area of Derry City. The parent charity and group administrative office operates from a building owned by Inner City Building Preservation Trust. A summary of the linancial results is shown below, The summary financial performance of the subsidiary alone is.. 2024 2023 Income Expenditure Net Incomlng resources lor the year Gainllloss) on revaluation of properties Nel movem6nl lor the yeaf 149,600 181,8051 67,795 185,8651 (18,070) 142,500 162,1511 1553,0001 1472,6511 The assets and kabililies ol the subsidiary were.. Fixed assols Current Assets Current liabilities Long term liabilities Nel as8el8 4,849,693 717,118 14,115,898) 4,971,676 589,620 14.108,967) 1,450.913 1,452,329 Total Charlty Funds 1,450,913 1.452,329 Pago 26
Londonderry Innor Clty Tru8t Company Ilmlted by guarantee Notes to the Ilnanclal slatements (contlnued) Year ended 31 March 2024 12 Tamneymore Enterprlse Trust Ltd The wholly owned subsidiary Tamneymor8 Enterprise Trust Lld is incorporat8d in Northern Irgland (company number N10267901 and is a registered charity with HMRC (charity number XR217541. Tamneymore Enterprise Trusl Ltd is involved in projects or services to provide employment to advance welfare, Iraining and urban regeneration in the Waterside area ol Londonderry. A summary of the financial results is shown below. The summary financial performance of the subsidiary alone is.. 2024 2023 Income Expenditure 94,388 153,8511 40,537 49,000 89,537 91,881 (41,7311 50,150 41,000 91,150 Gainl{loss} on revaluation of properties Net incomlng resourceg lor the year The assets and liabilltlas ol the subsidiary were.. Fixed assets Current Assets Current liabilitie5 Long term liabilities Net assets 1,420,717 1.205,306 1988,143) 1,371,896 1,157,429 1980.9821 1,637,880 1,548,343 Total Charlty Funds 1,637,880 1,548,343 Page 27
Londonderry Inner Clty Trust Company Ilmlted by guarantee Notes lo the flnanclal statements (contlnued) Year ended 31 March 2024 13 Fashion & Textile Skllls C.l.C The wholly owned subsidiary Fashion & Textile Skills C.l.C. is incorporated in Northern Ireland (company numter N16247581. Fashion & Textile Skills C.l.C. assists the growth of the fashion and lexlile seclor in the North West Region ol the island ol Ireland Ihrough providing work space, business training and mentoring and access to specialised technology and equiprnent. The Fashion & Texlile Skills C.l.C. operates from one of the buildings owned by group company Inner City Building Preservation Trust. A summary ol Ihe financial results Is showm below. The summary financial performance ol Ihe subsidiary alone is: 2024 2023 Turnover Expenditure {Loss>lprofit for the year 44,990 145,036) 146) 62,081 {61.8221 259 The assets and liabilities ol the subsldiary were., Fixed Assets Current Assets Current liabili1188 Net assets 556 28,449 124,7471 4,446 34,367 (34,508) 4.305 Aggregate ghare capllal and reserves 4,305 Page 28
Londonderry Inner Clty Tru81 Company Ilmlted by guarantee Notes to the flnanclal statements Icontlnued) Year ended 31 March 2024 14. Tanglble assel3- Group Freehold property Plant and Fixtures, machinery flttings and equipment Total C08t or valuatlon At l April 2023 Additions Disposals Revaluation 16,724,545 759,320 {118,000} 342.935 47,832 905,996 17,678,373 15,549 774,869 16.6701 1124,6701 342,935 Al 31 March 2024 17,708,800 47,832 914,875 18,671,507 D•pr•clatlon Al 1 April 2023 Charge lor the year Disposals 6,811 46,026 361 718,510 50,604 (3,3351 771,347 50,965 {3,3351 At 31 March 2024 6,811 46,387 765,779 818,977 Carrylng amounl At 31 March 2024 17,701,989 1,445 149,096 17,852,530 Al 31 March 20Z3 16,717,734 1,806 187,486 16,907,026 14 (a). Tonglble a8set$- Charlty Freehold Plant and Fixture8. propety machinery fittings and equipment Total Cost or valuotlon At 1 April 2023 Additions Disposals Revaluation 10,525.500 752,455 {118,0001 379,800 47.832 383,158 10,956,490 15,549 768,004 1118,0001 379,800 Al 31 March 2024 11,539,755 47,832 398,707 11,986,294 Depreclatlon Al 1 April 2023 Charge lor the year Al 31 March 2024 46,026 361 351,455 6.887 397,481 7,248 46,387 358,342 404,729 Carrylng amount Al 31 March 2024 11,539,755 1,445 40,365 11.581,565 At 31 March 20ZJ 10.525,500 1,806 31,703 10,559,009 Page 29
Londondarry Innér Clty Trust Company Ilmlted by guarantee Noies to the flnanclol statements (contlnued) Year ended 31 March 2024 15. The charity is the sole member ol the wholly owned charitable subsidiary companies Inner City Building Preservation Trust and Tamneymore Enterprise Trust Ltd, The charity holds 10 shares ol £1 each in the wholly owned subsidiary Fashion & Texti18 Skills C.l.C. These ar@ the only shares allotted. called up and lully paid. All subsidiary compani8$ are incorporated in Northern Ireland. Th8 financial results for these companies are summarised in notes 11 to 13. 16. Debtors Group 2024 Charlty 2024 2023 2023 Trade d8btors Prepaymenls and accrued income Other debtors 14,787 46,990 19.680 3,729 (436} 68,374 27,364 64,877 9,156 1,013,853 1,019,621 61,777 97,210 1,044,946 1,084,062 17. Credltora: amounts lalllng due wlthln one year Group 2024 Charlty 2024 2023 2023 Bank loans and overdrafts Trade creditors Accruals and delerred income Corporation lax Social security and other taxes Other creditors 65,352 49,803 102,891 124 30,374 65.097 128,439 42,223 65,352 46,431 81,471 85,097 124,522 22,676 27,625 21,450 185 593,345 18,377 593,345 248,544 263.569 808,049 824,017 18. Crèdltor8: amount8 lalllng due after more than one year Group 2024 Charlly 2024 2023 2023 Bank loans and overdrafts 246,772 298,459 246,772 298,459 A charge is held over the parenl charity deposits date 23103118 the sum of £800,000. Pago 30
Londonderry Inner Clty Trusl Company Ilmlted by guaranlee Notes to the flnanclal statements lcontlnued) Y•ar •nd8d 31 March 2024 19. Employee beneflts Deflned contrlbutlon plan8 The amount recognised in prolil or loss in relation to defined contribution plans was £15,78012023.' £19.1471. Other employee benellls The amount recognised in profil or loss in relation to other employee benefits was £9,30412023', £1,469), 20. Analy818 ol eharltabl• lund• Analy818 ol movem8n18 In group unro8lrlcted lund• Balance at Incomlng R•8our¢•• Galn8 on Tr•n8f•r Fund8 •1 1 Aprll 2023 Re•ourc•8 Expended R•valuatlon Belwo•n 31 March Fund$ 2024 General Fund Undistribulabl8 Fund Designated Fu 14.011 ,667 1 ,186,989 1959,1801 2,111.314 1.895,000 413,800 1,046,144 15,699,420 {53,5001 2,057,814 1,895,000 18,017,981 1,186,989 1959,180} 413,800 992,644 19,652,234 Analy818 of movement8 In charlty unrestrlcted fund8 Balance al Incomlng Re80urce8 Galns on Transfer Funds al 1 Aprll 2023 Re30urce8 Expended Revaluotlon 88tween 31 March Fund¥ 2024 General Fund Undislribulable Fund Designated FurKJ 13,116,314 2,111,314 1,440,000 902,357 1842,4691 364,800 53,500 13,594,502 153,5001 2,057,814 1,440,000 16,667,628 902,357 {842,469) 364,800 17,092,316 General Funds Funds which Ihe trusl is abl6 lo apply freely In pursuil of its own charilable objectives and related purposes. Funds which the trust have sel aside for maior repairs and cyclical maintenance, six monlhs working capital, a capital programme budg8t for the comlng year and funds lor ILJlure dev8lopm8nls in line with their charitabl8 obioctives. These lurKJs are the revaluation reserve carried torward which are not available for distribution by the charity Designated Funds Undistributab18 Funds Pag• 31
Londonderry Inner ciiy Trust Company Ilmlted by guarantee Notes lo the Ilnanclal statements (conllnued) Yoar ended 31 March 2024 Analysls ol movements In group restrlcted lunds Balance al Incomlng Resources Galn8 on Transfer Funds at 1 Aprll 2023 Resources Expended Revaluatlon Belween 31 March Fundj 2024 Property Fund 1,984,613 28,000 146,272) 170,8651 1992,6441 902,832 170,8651 1992,6441 902,832 1,984,613 28,000 146,272) Analysls ot movemen18 In charlty re8trlcled fund8 Balanc• at Incomlng Re•ource8 Galn8 on Transfer Fund8 at 1 Aprll 2023 Resource• Exp6nded Aevaluatlon Between 31 March Funds 2024 Propety Fund 330,000 28,000 (3,289) 15,000 369,711 330,000 28,000 13,2891 15,000 369,711 Property Fund To support communiiy development, social enterprise, 8ducalion and employment and urban regeneration and promote and protect buildings wilhin the Innef City area of Derry City. Analys18 ot group net a88018 belween lund8 General D•8lonaied Restrlctgd Fund Fund Fund Toial 16,974,409 878,121 17,852,530 1,241,078 24,711 3,136,076 61,777 61.777 1495,3161 1495,3161 Fixed Assels Cash al bank and in hand Other current assets Current and long term Ilabilities 1,895,000 Total 17,781,946 1,895,000 902,832 20,555,067 Page 32
Londondarry Inner Clty Trust Company Ilmllod by guarantee Notea to the flnanclal $tat8menls (contlnuod) Year ended 31 March 2024 21. Analysls of changes In n•1 debt Group chang88 In cash and cash equlvalents Al 1 Aprll Cash flows Al 31 March 2023 2024 Cash and cash equivalents 3,560,388 {424,3121 3,136,076 Charlly ¢hange8 In cash and cash equlvalent• At 1 Aprll Cash flows Al 31 March 2023 2024 Cash and cash equivalents 2,395,930 1586.6961 1.809,234 22. Contlngent a88•1• and Ilabllltlos During the year ended 31 $1 March 2008 Londonderry Inner City Trugl I'lhe trust,) disposed of rantal premises in Derry Ilo 'The Nerve Centre'l as delalled in the notes ol the financial stalemanls for the year ended 31st March 2008. The sale agreement lor the disposal of this building conlained a contlngency clause, whereby Londonderry Inner City Trust stands to benefit to an amounl 01 £400,000 lindexed lor property inflalionl from the possible future Ilnancial transactions ol this building. However. as these events are outside the control ol 'The Trust., the timing and final amount ol Ihis benefit cannot be accurately quantified, 23. Related party lrnn8acllong Durlng the year the company entered into the lollowlng Iran8actions with related partles., Transaction value 2024 Balance owed byllowed lol 2024 2023 2023 Wholly owned subsldlarles 3,387 15751 4,501,611 4,498,224 Page 33