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 Catal￿1C 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 othe￿is8 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 pr￿edureS 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 lO￿ard 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 resp￿1 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 record￿1 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