Company reglsiraiion number: N1020978 Londonderry Inner Clty Trust Company Ilmited by guaranlee Flnanclal st8temenlS 31 March 2025
Londonderry Inner City Trust Company Ilmtted by guarantee Contents Page Legal and adminislrative information Trusiees, Report Independent audftor's report to the members 8-11 Consolidaled Statemenl of Financial Activities for the year ended 31 March 2025 12 Company Stai8meni of Financial Activities for the year ended 31 March 2025 13 ConSolated Balance Sheet as al 31 March 2025 14-15 Consolidated Slalement of Cash Flow 16 Noles lo Ihe Accounts 17-35
Londonderry Inner Clty Trusi Company Ilmlled by guaraniee Slalu8 . The organisation is a charitable company limited by guarantee, incorporated on 16 October 1987 and is recognised as a charily by HM Revenue & Customs. The governing documenl is the Articles of Association, UFxlated and adopted on 1 Oth September 2015. Under those Articles, at each AGM one third of the Trustees musi retire by rotation, beginning with thos8 longest in off ice since their last appointment. Dlroclorn . Patrick Walsh Ann Philomena Melaugh John Meehan William Mclvor Rev Paul Farren Archdeacon Robert Millar Dr Elisabeth Bradley (Appoinled 1 Feb '251 Company Secrelary . Selina Horshi Accounlanl8 & Accountant8 . Fergus McAteer & Co. Chartered Accountants Registered Auditors 31133 Clarendon Slreel Derry 8T48 7ER Maln Bankers . First Trust Bank Meadowbank Strand Road Derry BT48 7TN Sollciiof8 Brendan Kearney & Co. Clarendon House Clarendon Street Derry, BT48 7ES Reg18tered Offlce . 31-33 Shipquay Street Derry BT48 6DL Charlty Commlsslon Reference No:NIC108433 Company Number . N1020978 Page 1
Londonderry Inner Clty Trust Trustees. Annual Report for the Year Ended 31 March 2025 The Directors are pleased lo present their annual report together with the financial slatements ol the Charity for the year ending 31 March 2025 which are also prepared to meet the requirements for a Direclors, report and accounts for Companies Aci purposes. The financial slatemenls comply wilh the Charities Act INI) 2008, the Charrties {Accounts and Reports) Regulations {NII 2015, Companies Act 2006, the Memorandum and Articles ot Association, and Accounting and Reporting by Charities.. Statement of Flecommended Practise applicable lo charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in Ihe UK and Republic of Ireland IFRS1021 leffeclivo 1 January 2019.1 Dlre¢tors and Iru8tee8 The directors of the charitable company (the charity) are Ihe truslees for Ihe purpose of charity law. The truslees during ihe year and ai the 31 Marctt 2025 were as follows.. William Mc8ride (Resigned 051091241 Rev Paul Farren Patrick Walsh Archdeacon Robert Millar Ann Philomena Melaugh Dr Elisabelh Bradley (Appointed 0110W25) William Mclvor Mayor Sarah Patricia Logu6 {Flesigned 03106124) John Meehan Mayor Lillian S8enoi-Barr (Appoinled 03106124 & Resigned 011061251 Obje5 and Acllvllle8 The Charity's obi8cls are specifically restricted to the following: to prevent or relieve poverty for the public benelil lin the Inner City ol Londonderry in particular and elsewherej through social enlerprise addressing physical, social and economic challenges., lo advance education, in particular for young people, by the provision of training facilities and to develop occupation and vocational skills and provide work experience opportunities; lo advance citizenship and community development for the public benefil by the promotion of urban regeneralion in Ihe Inner City ol Londonderry ihrough Ihe promotion ol direct and indirecl investment underpinning economic activity wrthin the city centre and the Waterside areas, in particular, and lo bring into use andlor restore property that has fallen into disrepair to make il pri)duclive for the benefit of the public; to advance education by the provision ol work experience and training opportunities to disadvantaged individuals including long term unemployed and economically inactive people., to promote or undertake specific projects or provide direct services to provide employment to advance the welfare of those who by reason of age, infirmity or disability, educalion, povety or social and economic circumstances or other valid clause are socially deprived or disadvantaged with a view lo improving the conditions of life for such persons; to provide Iraining facililies and support opportunilies for the unemployed in the Londonderry Inner City area; to promote urban regeneration by the acquisition and development ol sites and buildings to provide economic and physical regeneration and ancillary facilities which promote the creation of employment opportunities leading to relief of distress associated with unemploymenl., to secure by such means as are available for the public benelit the preservation, protection and improvement of buildings, parts of buildings or struclures of particular beauty, or of historic, environmental, architectural or con¥iructignal morit or interval in tho Innor-city area of Dorry City and to •timulatv r4nd vduGate publiG inlere81 Iherein., lo advance the educalion and vocational ski115 of the wblic in building preseNation, restoration, refurbishment, traditional and general construction and related areas of work wilh the object of enhancing iheir employment prospects,. lo promote any other purpose which is exclusively charitable according io the law of Northern Ireland. Page 2
Londonderry Inner Clty Trust Truslees. Annual Report for the Year Ended 31 March 2025 Achlevements and pertorniance To achieve its objectives Ihe Trust Group pursues the folloNMng broad strategic activities.. Physical assel management of its existing portfolio; Acquisition and refurbishment of other {newl buildings, both general and heritage relaled., einvestmenl of income directly into projects or by grantslcivic dividend to olher charities in urban regeneration projects, skills and training activities and in the prevention and relief of povety., Operation of a robust system of coqjorate governance and internal control, fully compliant with all appropriate regulalions. This report presents the Trust Group's activities under Ihree broad strategic themes and shows how we have achieved our objectives of the relief of poverty., the advancement of skills, education and training, and urban regeneralion. Revlew of a¢tlvltle8 In Ihe past year and plans for Ihe future The Trust has continued to invest in the upgrading of ils propety assets over the last year. ICT completed the Magazine Street Property repurposing and secured a tenant. and acquired Austins through the Departmenl for Communities (Dfc) support. 18-20 Magazine Street 18-20 Lower Magazine Street was buill in Ihe 1840s and included two Victorian townhouses and a former cork factory. All three buildings were herilage lisled and localed just within the historic city walls and in receni years had become under-used and vacanl. Working in partnership with Ulster University, the project delivered foty beds for medical students over three floors, through a mix of one, four, live and six bed apartments. The cost ol the projecl was £3m and was completely funded by the Trusl from its own resources. A 10-year commercial lease has been signed with Ulsler University and the first students moved into the accommi)dation in August 2024. In addition to providing a new facility for forty medical sludents lo support the University Growth Plan, this Pfojecl has significantly enhanced Ihe city centre streetscape, adding to the diversrfication o* footfall in the city and re-imaging ihe use of listed buildings. Austins In March 2025, grant funding from the Departmenl for Communities IDfCI enabled the Inner City Trust (the Trusll to acquire Austins as the first slep in rescuing this iconic 'GraOe A, heritage building. The Trust's vision for Austins is to.. Rescue this iconic and signilicant heritage building from temiinal decay and decline and to preserve it for the fulure. Restore Austins to its former civic prominence and revive its catalytic importance in the rebirth ol the city centre. Reimagine its fulure as a vibrant, sustainable and accessible new use for wide public benefit. The Trust is conlent that its programme of systematic investment in sustaining and promoling urban regeneration helps ensure thal Ihe assel base produces income for future re-investment as well as securing a range of public benefits ranging from environmental lo social fabric support. The advancemgnt ot skills, ¢ducation ana training obieciives Is an Important part ot helping those who noed skills and employment lo secure them. We continue lo deliver this Ihrough direct action and indirectly through partners across a range of employability programmes, thereby equipping the participants in these programmes with Ihe skills to help them secure pathways out of povety. Page 3
Londonderry Inner Clty Trust Trustees. Annual Report for the Year Ended 31 March 2025 Complementary to its direct and indirect activities the Trust works in a series of advisory meetings with a range of stakeholders who share ils ambitions for the city. In these meetings Ihe Trusts SUPPOrt and advice is an important element in helping other organisations develop their activities. Overall, Ihe Trusl continues with its range of activilies, bolh on its own account and in associalion with other stakeholders, to ensure that the maximum impact is achieved in pursuit of the charitable objectives. Flnan¢lal Revlew The Inner City Trust Group continued in excellent financial heallh during the year lo March 2025. The total income for the year across the five constilueni group companies was £2,607,00612024'. £1,214,989), Ihe bulk of which £1,192,217 {2024.' £1 ,099,1831 was generaled by rented propety. Rental income is re-invesled in the physical and social fabric of the City of Derry and expenditure in the year of £1,127,74612024: £1,005,451), together with an adjustmenl for property revalualion, brings the net income for the year to £1,605,068 (2024: net expenditure £552,473). Group lunds stand at £22,160,134 (2024.. £20,555,067), the bulk of which is represented by our property portfolio which is valued at £20,908,08612024.' £17,701 ,9891. The Group's free reserves, readily accessible funds that are not tied up in propety, are £1 ,252,048 (2024.. £2,853,078) The Directors have designaled £1,895,000 {2024: £1.895,0001 of these free reserves to meet the Group's ongoing capital projects - major cyclical maintenance and repair works to our property portfolio and a working capital buffer. In accordance wilh our objeclives, the Group made severa5 direct donations lo local charities during the year, amounting 10 £77,80412024: £97,220). The Group also provided indirect support to olher local charitable bodies in the fom of discounted rent. The Trustees have quantified this indirect support as being £249,98012024.' £256,157) lor the year, with the total charrtable donations (both direct and indirectl amounting to £327,78412024.' £353,377}. Foard Plannlng The Trust will revisit their strategy in 2025 - ensuring if continues to enable the Trusl to continue lo achieve its core objeclives and al the same time allow it to play a more significanl and catalytic role in regeneration. Our audited accounts show a solid base on which to build. But to do Ihal and to realise our investment plans, we continue lo ensure that our short-term cash flow is managed in a way Ihal rneels our ongoing commitments and thal the surplus generated is conserved to ensure sustainabilty and further inveslment across the spedrum of charitable aclivilies. We wll continue our balanced approach, ensuring that every year we contribute posrtively lo each of our stated charitable objectives. Consequently, looking forward lo 2024 . 25 the Trust Group will- Page 4
Londonderry Inner Clty Tru81 Trustees, Annual Report for Ihe Year Ended 31 March 2025 Continue lo effeclively and efficiently manage it assets thereby generaling the resources to enable Ihe investment and re-investmenl needed in support of our charitable objectives. These objectives are secured directly by the group and in partnership with other front line charities in the fields ol regeneration, povety relief and skills education., Conlinue lo develop our training and education support and indeed inlensify these activities within the heritage sector., Continue to encourage the public and organisalions towards increasing ihe beneficial public irnpacl in the city in terms of place making and prosperity building. Continue lo build the wider public underslanding ol the importance of the work of the Trust group and its model; Continue lo work with partners to develop heritage-relaled hospilality and lourism training support, and Develop up additional sources of capital funds for investing in the city city for widesi public benefit. As we look lo 2025126, the Trust will conlinue to secure the best use of ils resources in pursuit of its objectives and to systematically invest in our asset refurbishment programme whilst seeking opportunities to rescue, restore and reimagine more of the Walled City. Our financial health will allow us to conlinue our civic divKJend lo support frontline charities and provide a strong base to help us further develop our urban and heritage regeneration work. Ruorvos poIIcy The diredors review the resarves ol Ihe Trust on an annual basis. This reseNes review is carried out annually by the directors prior lo the Trust's Annual General Meeting, which lakes place in Sepiember each year. The review encompasses the nature ol the income and expenditure streams, the need lo match variable income with fixed commitments and the balance and nature of the reserves themselves. As part of this review the direclors also analyse the future mandatory capital commitments placed on the Trust from the maintenance and upkeep ot the properties and assets under its stewardship, and have separately identified those material commilmenls within the reserves held at the year end. The Trust is also committed to certain capital projects and the associated impact on the reseryes of the Trust are incorporated inlo its annual reseryes review. The directors have forecast the level ol Iree reserves (that is those lunds not lied up in fixed assets, and designated and restricted funds) that the charity will require to sustain it5 operations and meet ils financial obligations over future periods. They are Satisfied that the reserves held are more than adequate for Ihese purposes and 11 conlinue to monitor and review the funds held lo ensure that the existing and fulure charitable activities of the organisation can be funded Irom its resources. As at 31 March 2025 the directors have designated £1.895m of the free reserves are required to meet its ongoing capital proiects, major cyclical maintenance and repair works lo the property portfolio and a working capital buffer. Risk managomoni The direclors examine 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 Ihal Ihe necessary steps can be taken lo lessen these risks. The linance, audit an(J risk committee reviews the Risk Register each month with Ihe Senior Management Team. All Ihese risk areas are then reported on at full board meetings and discussed accordingly. Page 5
Londonderry Inner Clty Tru81 Trust8es' Annual Report for the Year Ended 31 March 2025 Related Partles Londonderry Inner City Twst is the sole member in Tamneyrnore Enterprisa Trust Limited la chafilable organisationl and in Inner City Buildings Preservation Trust la registered charity with the Charity Commission of Northern Irelandl. They are relaled parties by virtue of the lacl that Londonderry Inner City Trust is the sole member in both organisations and also that some of Iheir directors are also directors in Londonderry Inner City Trust. Londonderry Inner City Trust is 100•/o shareholder in Fashion & Textile Skills C.l.C. and Inner City Capital Projects Ltd. They are related parties by virtue of the lact thal Londonderry Inner City Trusl is the sole shareholder in both organisations. Page 6
Londonderry Inner Clty Tru81 Tru8tee3' Annual Report for the Year Ended 31 March 2025 Statement of DlrectOTg Re8ponslbllltles The charity Irusiees (who are also the direclors of the Londonderry Inner Cily Trust for the purposes ol company lawl are responsible lor preparing a Iruslees, annual report and financial statements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Pfactice). Company law requires the directors to prepare financial statements for 8ach financial year whlch give a true and fair vi8w of the stale ol affairs of the charitable company and of the income and expenditure of Ihe company for that year. In preparing these the directors are required to.. select suitable accounting policies and apply them consislently., make judgements and estimates that are reasonable and prudent; observe the methods and principles in the Charities SORP; slate whether applicable UK accounting standarcls have been followed, subject to any material departures disclosed and explained in the financial statements, prepare tha financial siai8menls on th8 going concern basis unless it is inappropriat8 to presume thai the company will continLie In business. The directors ar8 responsible for keeping adequate accounting records that ar8 sufficient to show and explain the company's transactions and disclose with reasonable accuracy al any lime the financial position ol the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence lor taking reasonable steps for th8 prevanlion and deteclion of fraud and other irregularities. In so lar as the directors are aware.. there is no relevant audit information linlormalion needed by the company's auditors In connecllon with preparing their report) of which the company's auditors are unaware, and the directors have taken all the steps that they ought to have taken lo make themselves aware of any relevant audit inlormation and to establish that the company's auditors are aware of that information. Accountants FeTgus McAteer & Co, are deemed lo be reappoinled in accordance with Section 487121 of the Companies Act 2006. By Order ol the Board Ar¢hd8a Trustee 26 June 2025 on Robert Milr Page 7
Londonderry Inner Clty Trust Company Ilmlted by guarantee Independent audftor's report to Ihe members of Londonderry Inner Clty Trust (contlnued) Year ended 31 March 2025 Oplnlon We have audiled the linancial staiements ol Londonderry Inner City Trusi for the year ended 31 Mafch 2025 which comprise the Consolidated Statement of Financial Aclivilies, Company Statement of Financial Aclivilies, Consolidaled Balance Sheet, Consolidated Statement of Cash Flows and notes to Ihe financial slatements, including a summary ot significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the group's and the pareni companys aflairs as at 31 March 2025 and of the group protrt for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance wilh the requirements ol Ihe Companies Act 2006. B0818 lor Oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statemenls section ol our report. We are independent of the company in accordance th the ethical requirem8nls that are relevanl 10 our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordanc8 Wlth Ihese requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our Opinion. Conclu81on8 relatlng to golng concern In auditing ihe financial statements, we have concluded that the directors use ol the going concern basis of accounting in the preparation ol the financial statemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condilions Ihal, individually or collectively, may casi significant doubl on the companvs abilily lo continue as a going concern for a period ol al least twelve monlhs trom when the financial statements are aulhorised for issue. Our responsibililies and Ihe responsibilities ol the directors with respect lo going concern are described in the relevant sections ol this report. Other Inforniatlon The other informalion comprises the information included in the annual report, other Ihan Ihe financial statements and our auditor's report thereon. The directors are responsible lor the olher information. Our opinion on the linancial slalements does not cover the other information and, excepi to Ihe extenl olherwise explicitly stated in our report, bve do nol express any form of assurance conclusion thereon. In connaction with oiir aiidit ol thè financial statomonts. our rosFx>nÈibility F¢ to road th& othor inlormsttion and, In dolng so, consiaor wnotlior tno otlior intormation is maierially Inconsistent wth Ihe tinancial siatements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such materiai inconsistencies or apparent material misstatements, we are required to determine whether there is a malerial misstalemenl in Ihe financial statements or a material misstatement ol the other information. If, based on the work we have performed. we conclude Ihat there is a material misstatement of this other inlormation, we are required to report that fact. We have nothing to report in this regard. Page B
Londonderry Inner Clty Trusl Company Ilmlled by guarantee Independenl audltor's report lo the membèrs ol Londonderry Inner Clty Trusl {contlnued) Yoar ended 31 March 2025 Matter8 on whlch we are requlred to report by excepiion We have nolhing to report in respecl of the following mallers where the Companies Acl 2006 requires us to report to you if. in our opinion- adequate accounting records have not been kept, or returns adequate for our audit have nol been received from branches not visited by us., or the financial statements are not in agreernenl with the accounting records and the relurns., or certain disclosures of direclors, remuneration specified by law are not made,. or we have not received all Ihe informalion and explanations we require for our audit., or the direclors were not entitled to prepare the financial statements in accordance wilh the small companies r8gime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a slrategic report. R•8ponglbllllle8 of dlreclor8 As explained more lully in Ihe directors, responsibilities statement, the direclors are responsible for the preparation of Ihe financial statements and for being satisfied that Ihey give a true and fair view, and for such iniernal control as the directors delermine is necessary to enable the preparation of tinancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial stalemenls, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the directors eithef intend to liquidate the company or to cease operations, or have no realistic allernalive bul lo do so. Audltorfs re8ponslbllllle8 for Ihe audlt of the flnanclal statement8 Our objectives are lo obtain reasonable assurance about whether Ihe financial statements as a whole are free from material misstatemenl, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Fleasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wilh ISAS IUKI will always detect a material misstatement when it exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions ol users taken on the basis of these financial slatemenls. Irregularities, including fraud, are instances ol non-compliance with laws and regLJlations. We design procedures in line with our responsibilities, outlined above, to delecl material misstalemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below: Identlfylng and assesslng potentlal rlsks related to Irregularllles In idenlilying and assessing risks of material misstatemenl in respect of irregularities, including fraud and non-compliance with laws and regulations we considered the following.. the nature of the industry and sector and control environmenl the legal ancl rogulatory framowork applicaL)le" tho results of our onquiries of management and other key persons about their own identification and assessment of the risks and irregularities Ihe Charity own policies and procedures on compliance with laws and regulations including any instances ol non-compliance Page 9
Londonderry Inner Clty Trust Company Ilmlled by guarantee Independent audltor's report to Ihe members of Londonderry Inner Clty Trust (contlnued) Year ended 31 March 2025 Audlt response to rlsk Idenllfled.. As a result ol pertorming the above we idenlified and pertomied the following procedures enquiry of management, Ihose charged wlh governance around actual and potenlial litigation and claims. enquiry of enliiy slaff in compliance functions to identify any instances ol non-compliance with laws and regulations. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance wth applicable laws and regulations. Performing analytical procedures lo identify any unusual or unexpecled relationships Ihal may indicate risks of material misslaternent due to fraud. Auditing ihe risk of management override of controls, including ihrough testing journal entries and other acljustmenls for appropriateness, and evaluating the business rationale of significanl transactions oulside the normal course of business As part of an audit in accordance wtth ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: Idenlify and assess Ihe risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive lo those risks, and oblain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatemenl resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of inlernal control relevant to the audit in order to design audii procedures that are appropriale in Ihe circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal Control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounts'ng 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 evidence obtained, whether a material uncertainty exists related lo events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are require(I to draw attention in our auditor's rewrt lo the related disclosures in Ihe financial statemenls or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our auditor's report. However, tuture events or conditions may cause the company to cease lo continue as a going concern. We communicate with Ihose charged with governance regarding, among other matters, Ihe planned scope and liming of the audit and significant audit findings. including any signrficant deficiencies in internal control thal we idenlity during our audil. Page 10
Londonderry Inner Clty Tru81 Company Ilmlted by guaranlee Indepondent audltor's report lo lh• member8 of Londonderry Inner Clty Trust {conllnued) Year ended 31 March 202S Use of our report This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Our audit work has been undertaken so Ihat we might stale to the company's members those matters we are required lo state lo them in an auditors report and for no other purpose. To the lullest extent permitted by law, we do not accept or assume responsibilily to anyone other Ihan the company and the companls members as a body, lor our audit work, for this report, or for the opinions we have formed. Conor McAteer (Senior Statutory Audilorl For and on behalf of Fergus McAteer & Co., Slalulory Auditor Chartered Accounlants and Registered Auditors 31133 Clarendon Street Derry BT48 7ER 2 6 JUN 2025 26 June 2025 Page 11
Londonderry Inner Clty Trust Company Ilmlted by guarantee Congolldated Statement of Flnanclal AKtlvltie8 (Includlng consolldaled Income and expendlture accounl) for Ihe Year Ended 31 March 2025 Unrestrlcted Restrlcted Funds Funds Totals 2025 Tolalg 2024 Nots8 Income Donaiions & legacies 331 1,227,801 1,228,132 28,000 Other Irading activilies 1.331,870 1,331,870 1.100,929 Investment income 47,004 47,004 86,060 Total 1,379.205 1,227,801 2,607,006 1,214,989 Expendllure Expenditure on charitable activities 10 488,391 5,596 493,987 532,830 Expenditure on raising fund5 Costs of other trading activities 548,924 84,693 633,617 453,387 Other expenditure Total 143 1,037,458 143 1,127,747 19,234 1,005,451 Gains and losses on revaluation of properties 132,808 17,0001 125,808 342,935 Nei In¢omo 474,555 1.130,512 1,605,067 552,473 Transfer tWeen fund8 (355,176) 355,176 Net mov•ment In lund8 119,379 1,485,688 1,605,067 552,473 Reconclllatlon ol lund8 Total funds brought forward at 1 April 2024 19,652,235 902,832 20,555,067 20,002,594 Total funds carried forward at 31 March 2025 19,771,614 2,388,520 22,160,134 20,555,067 Th(4 8tatomont of financial aetivities includk$ 211 oains and Ioggos rocooni&•d in th8 yoar. All Income and expendlture derlvg from coniinulng acliv1119S Page 12
Londonderry Inner Clty Trust Company Ilmiied by guarantee Charlty Statement ol Flnanclal Actlvllles (Includlng Income and expendlture a¢counl) lor Ihe Year Ended 31 March 2025 Unreslrlcled Restrlcled Fund8 Funds Toials 2025 Toials 2024 Notes Income Oonaiions & legacies 1,227,801 1,227,801 28,000 Other trading activities 1,082,455 1,082,455 833,482 Investment income Total 33,957 1,116,412 33,957 2,344,213 68,375 929,857 1,227,801 Expendlture Expenditure on charitable activities 10 421,719 5,897 427,616 466,583 Expenditure on raising funds Costs ot other trading activities 508,980 41,409 550,389 359,565 Other expendilure 19,110 845,258 930,699 47,306 978,005 Gains and losses on revaluation of properties 2,808 72,000 74,808 379,800 Net expendlture 188,521 1,252,495 1,441,016 464,399 Transfer between lunds 1141,0721 141,072 Nel movemenl In fundg 47,449 1,393,567 1,441,016 464,399 Reconclllatlon of funds Total funds broughl forward at 1 April 2024 17,092,316 369,711 17,462,027 16,997,628 Total funds carried foThYard at 31 March 2025 17,139,765 1,763,278 18,903,043 17,462,027 The statemenl of financial activities includes all gains and losses recognis8d in Ihe year. All income and expenditure derive from continuina activities Page 13
Londonderry Inner Clty Trust Company Ilmlled by guarantee Consolldated Balance Sheet as al 31 March 2025 Group 2025 Group 2024 Charlly 2025 Charlty 2024 Notes Flxed Assets Tangible Assets Investments Total flxed assets 11 21,016,544 17,852,530 14,738,262 12 3,807,650 21,016.544 17,852,530 18,545,912 11,581,565 4,081,103 15,662,668 Currenl Assets Debtors Cash at bank and in hand Total currenl assets 13 382,015 1,443,552 1,825,567 61,777 3,136,076 3,197,853 891,790 1,016,352 1,908,142 1,044,946 1,809,234 2,854,180 Credltors: amounts falllng due wlthln one year 14 1544,1031 {248,544} 11,413,137} 1808,0491 Nei current assets 1,281,464 2,949,309 495,005 2,046,131 Total assets less current Ilabllltl•s 22,298,008 20.801,839 19,040.917 17,708,799 Creditors: amounts falllng due after one year 15 1137,8741 {246,772) {137,874) 1246,7721 Net assets 22,160,134 20,555,067 18,903,043 17,462,027 The funds of the charfly Restricled funds Unrestricted funds 17 2,388,520 902,832 1,763,278 17 19,771,614 19,652,235 17,139,765 369,711 17,092,316 Total Charlty Funds 22,160,134 20,555,067 18,903,043 17.462,027 These consolidated accounts are prepared in accordance with the section 398 of the Companies Act 2006 and the Charities Act INI) 2008 and applicable regulations. These financial statements have been prepared in accordance wrth the provisions applicable to companies subject to the small companies. regime and in accordance wilh FFIS 102 'The Financial Reporting Slandard applicable in the UK and Republic of Ireland,. Page 14
Londonderry Inner Clty Trust Company Ilmlted by guarantee These financial statements wer8 approved by the board of directors and aulhorised lor issue on 26 June 2025 and are signed on behalf of the board by.. Archdeaeo Trustee obart Mlller The attached notes lorm part of these account8. Page 15
Londonderry Inner Clty Trusl Company Ilmlted by guaranlee Slalemenl ol cash flows (conllnued) Year ended 31 March 2025 Group Charlty 2025 2024 2025 2024 Cash flows from operatlng actlvltles Profil for the financial year 1,605,068 552,473 1,441,016 464,399 Adjustments for.. Depreciation of langible assels Fair value adjustment of investment propety Other interest receivable and similar income Interesi payable and similar expenses Gainl{lossl on disposal of tangible assets Tax on income Accrued expensesllincomel Rounding 53,243 50,965 {125,808) 1342,9351 (47,004) 186,060} 17,612 8,962 19,110 124 51,355 121 9,561 {74,8081 (33,957) 17,610 7,248 {379,800) (68,375) 8,962 19,110 143 273,370 268,810 66,135 Changes in.. Trade and olher deblors Trade and other creditors 1331,6611 34,282 44,746 176,0721 152,285 37,834 31,778 (75,0191 Cash generaled from operalions 1,479,245 222,666 1,818,352 74,437 Interest paid Interest received Tax paid {17,6121 47,004 11281 18,9621 86,060 117,6101 33,957 (8.9621 68,375 Net cash from operating activities 1,508,509 299,764 1,834,699 133,850 Cash flows from Investing actlvltles Purchase of tangible assets Proceeds Irom sale of langible assels Movement in inlercompany investments {3,091,4501 1774.8691 13,091,450) 102,225 1768,0041 98,890 273,452 Nel cash used in investing aclivilies {3,091,4501 {672,644) {2,817,9981 (669,1141 Cash flows from flnanclng actlvllles Proceeds from borrowings Proceeds from loans from group undertakings (109,5831 151,4321 1109,583) 300,000 {51,4321 Net cash used in financing activities {109,583) (51,4321 190,417 151 ,4321 Net Iner•a8ol<deerease) In ea8h & cagh egulval•nl• 11,692,524) Cash and cash equlvalenls at beglnnlng of year 1424,3121 3,560,388 {792,8821 1,809,234 1586,696) 2,395,930 3,136,076 Cash and cash equlvalents at end ol year 1,443,552 3,136,076 1,016,352 1,809,234 Pag• 16
Londonderry Inner Clty Trust Company Ilmlled by guaraniee Noies io the Ilnanclal slatements Year ended 31 March 2025 General Informatlon The company is a public benefrt enlity and a private company limited by guarantee, registered in Northern Ireland. The address of the registered office is 31-33 Shipquay Street, Dery, BT48 6DL. Slatemenl of compllance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Praclic8 applicable lo charities preparing their accounts in accordance with the Financial ReF)Orting Slandard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019) (Charities SOFIP (FRS 10211, the Financial Fleporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Acl 2006. Accounllng pollcles Basls of preparatlon The financial slatemenls have been prepared on the historical cosl basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of Ihe entity. Golng Concern There are no material uncertainlies about the charitys ability to continue las further detailed in note lo the accounts). Group Ilnanclal slalements The financial statements consolidate the results of the charity and its wholly owned subsidiaries on a line-by-line basis. The subsidiary companies are detailed below. Sub81dlary Name Company Number Charlly Registrat5on Number NIC100106 XR21754 NIA NIA Parent Company Control Inner City Buildings Preservation Trust N1616033 Tamneymore Enterprise Trust Ltd N1026790 Fashion & Textile Skills C.l.C. N1624758 Inner City Capital Projects Ltd N1715806 Sole member Sole member 1000/. Shareholder 10(P/. Sharehokler Page 17
Londonderry Inner Clty Trusi Company Ilmltfjd by guarantee Note$ to Ihe flnanclal stalement8 (contlnued) Year ended 31 March 2025 Income All income is included in the statement ot financial activities when enlitlemenl has passed to the charity, Il is probable thal the economic benefits associated with the transaction will flow to th8 charity and the amounl can be reliably measured. The following specific policies are applied to particular categories of income.. income from grants is recrynised when there is evidence of entitlement to Ihe funds, any perlormance conditions attached to the grant have been met, receipt is probable and its amount can be measured reliably. income from rental adivity is recognised when there is evidence of entitlemenl to the funds. Iniere8t recelvable Interest on funds held on deposit is included when receivable and the amounl can be measured reliably by the charity. this is normally upon notification of the interesi paid or payable by ihe Bank. Resources expended Expenditure is reeognised on an accruals basis as a liability is incurred. Some expendilure includes any VAT which cannot be fully recovered, and is classified under headings ol the statement of financlal activities lo which it relates.. expenditure on raising funds includes ihe costs of all fundraising activities, events and non-charitable trading activities. expendtlure on charilable activities includes all costs incurred by a charity in undertaking activities that further rts charrtable aims for Ihe benefit of ils beneficiaries, including those support cosls and costs relating to Ihe governance of the charity apportioned lo charitable activities, other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable aclivitieg. All costs are allocated to expenditure categories rellecting the use of the resource. Direct costs attributable lo a single activity are allocated directly lo that aciivty. Shared costs are apportioned between the activities Ihey contribute to on a reasonable, justifiable and consistent basis. Taxatlon During the current year the group (excluding the Fashion & Textilg Skills C.l.C. and Inner City Capilal Proiecls Lldl has only been involved in charitable aclivilios in furtherance of its charitable objects and is not liable lo Income Tax or Corporation Tax. For the Fashion & Textile Skills C.l.C. and Inner City Capital Projects the current tax is recognised on laxable profit for the current and past periods. Current tax is measured al the amounts of tax expected lo pay or recover using the lax rates and laws that have been enacted or substantively enacted at the reponing (Jat8. Page 18
Londonderry Inner Clty Trust Company Ilmlted by guarantee Notes to Ihe flnanclal statements {conllnued) Year ended 31 March 2025 Tanglble asse18 Tangible assets are initially recorded at cost, and are subsequently stated at cosl less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounls are recorded at the fair value al the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an assei as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves. except lo the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an assel as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revalualion increase accumulated in capital and reserves in respect of Ihal assel. Where a revalualion decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss. Depreclatlon Depreciation is calculaled so as to write off the cost or valualion of an asset, less ils residual value, over the useful economic life of that asset as follows.. Plant and machinery Fittings fixtures and equipment 20°/. 200 reducing balance reducing balance 11 there is an indication that there has been a significant change in depreciation rale, useful lrfe or residual value of tangible assels, the depreciation is revised prospectively to reflect the new estimates. Flxed assel Investrnents Fixed asset investments are initially recorcle(l al cost, and subsequently slated at cost less any accumulated impairment losses. Listed investments are measured al fair value with changes in fair value being recognised in profil or loss. Inveslments In a88oclates Investments in associales accounted for in accordance with the cost model are recorded at cost less any accumulated impaimienl losses. Investments in associates accounted for in accordance with Ihe fair value model are initially recorded al the transaction price. At each reporting dale, the investments are measured at fair value, with changes in fair value recognised in other comprehensive incomelprofit or loss. Where il is impracticable lo measure fair value reliably wtthoul undue cost or effort, the cost model will be adopied. Impalrment A review for indicators ol impairmenl is carried out al each reporting date, with the recoverable amount being estimaled where such indicalors exist. Where the carrying value exceeds the recoverable amount. the asset is impaired accordinoly. Prior impairments arè also reviewed for possible rèversal at each reporting Oate. When it is not possible lo estimale the recoverable amount of an individual asset, an eslimate is made of the recoverable amounl of the cash-generating unit to which the asset belongs. The cash-generating unil is the smallest idenliliable group of assels Ihal includes the assel and generates cash inflows that are largely independent of the cash inflows from other assels or groups of assets. Page 19
Londonderry Inner Clty Trust Company Ilmlted by guarantee Notes to Ihe flnanclal slalements {conllnued) Year ended 31 March 2025 Flnanclal Instruments A financial assel or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised al the transaction price, unless the arrangement conslilutes a financing iransaction, where it is recognised at the presenl value of the future payments discounted at a market rale of interest for a similar debt instrument. Debt inslrumenls are subsequenlly measured at amortised cost. Employee Beneflts When employees have rendered service to the company. short-term employee benefits to which the employees are entilled are recognised at the undiscounted amount expected to be paid in exchange for Ihat service. Deflned contrlbutlon plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid conlributions are recognised as an assel to the exlent that Ihe prepayment will lead lo a reduction in future payments or a cash refund. When contributs'ons are not expected to be settled wholly within 12 monlhs of Ihe end of the reporting dale in which the employees render ttte related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance cosls in profil or loss in the period in which it arises. Llmited by guarantee Londonderry Inner Cty Trust is a regislered charity limited by guaranlee withoul a share capttal. Northern Ireland Charity Commission Relerence Number: NIC108433 Page 20
Londonderry Inner Clty Trust Company Ilmiied by guaraniee Notes to the flnanclal 8tslements (contlnued) Year ended 31 March 2025 Fund8 Unrestricted Revenue Funds - comprise those revenue funds which the managemenl committee are free to use in accordance wrth Ihe company objectives. Restricted Revenue Funds - comprise those revenue funds which have been given for particular purposes and projects. Unreslricled Capital Funds - comprise those net assels which the Irljst is able lo apply freely in pursuit of its own charitable obiectives and related purposes. Restricted Capital Funds - comprise those nel assets which at Ihe end of the accounting period have specific granl and other conditions restricting either their use or their disposability for defined periods. Designated funds - comprise of unreslricted funds of the charity which the trustees have decided at their discretion to sel asbde to use for a specific purpose. Net Income This is stated after chargingl{crediting)'. Group 2025 Group 2024 Charlty 2025 Charlty 2024 Deprecialion of tangible assets Loss on disposal of tangible assets Impairment of trade debtors Fees payable for the audit of the financial statements 53,243 50,965 19,110 20,699 9.561 7,248 19,110 11,188 2.840 9,746 18,285 18,660 12,480 11,880 Page 21
Londonderry Inner Clty Trusi Company Ilmiied by guarantee Nolas lo the flnanclal statements (contlnued) Year ended 31 Mar¢h 2025 Slaff costs The average number of persons employed by ihe company during the year, including the directors, amounled to: 2025 2024 Management and finance staff Adminislrative and maintenance staff The aggregate payroll costs incurred during the year were.. 2025 2024 Wages and salaries Social security costs Other pension costs 282,677 22,920 29,136 275,446 15,833 15,780 334,733 307,059 None of the trustees have been paid any remuneralion or received any other payment from an employment with the charity or a related party. In the year trustees were reimbursed expenses totalling £1,79112024 - £1,987) the expenses are split as followts.. 2025 Londonderry Inner Clty Tamneymore Inner Clty B u I I d I n g Enterprlse Trust Pre8ervatlon Trusl Ltd Trust Travel and accommodation Mobile phone 1,210 200 100 281 1,210 200 381 Number of Trustees 2024 Londonderry Inner Clty Tamneymore Inner City B u i I d I n g Enterprise Trusi PreseNatlon Trust Itd Trust Travel and accommodation Mobile phone 1.058 200 loo 629 1,058 200 729 Number of Twstees Page 22
Londonderry Inner Clty Trusl Company Ilmlled by guaraniee Noies io the flnanclal statements (contlnuod) Year ended 31 March 2025 The key management personnel for the parent charity and the group are the trustees, the General Manager, and the Finance Manager. The total employees benefits of the key management personnel of the trust were £121,15912024 - £149,924). 8. Income Group Restrlcted Restrlcled Funds Funds 2025 2024 Charlty Restrlcted Reslrlcted Funds Funds 2025 2024 Donatlons & lega¢les Grants Department for Communities Architectural Heritage Fund 1,200,000 27,500 1,200,000 27,500 27.500 27,500 Donations Total 301 1,227,801 500 28,000 301 1,227,801 500 Group Charlly Unreslrlcted Unrestrlcled Unreslrlcted Unresirfcted Funds Funds Funds Funds 2025 2024 2025 2024 Donallons &16gacle8 Gr8nts NIRN Total 331 331 Group Charlly Unreslrfcled Unreslrlcled Unreslrlcted Unrestrfcted Funds Funds Funds Funds 2025 2024 2025 2024 In¢ome from olher Iradlng actlvltl•s 14ental Income & service charges (Xher income Total 1,192,217 139,653 1,331,870 1,099,183 1,746 1,100,929 878,802 203,653 1,082,455 831.736 1,746 833,482 Inve8lm8nt Income Bank intorest rocgive 47,OQ4 47,004 86,060 86,060 33,957 33,957 68,375 Page 23
Londonderry Inner Clty Trust Company Ilmlled by guarante6 Nole8 10 the flnan¢lal Statements (¢ontlnuod) Year ended 31 March 2025 Expendfture on Other Tradlng Actlvltle8 Group 2025 Group 2024 Charlty 2025 Charlty 2024 Wages and salari8S Employer's Social security contributions Staff pension costs Flecruitment costs Light, heat and power Advertising Management lee Rates Repairs & mainienance Professional fees Legal fees 8ad debt movements Depreciation Total 167,435 16,411 18,942 22 22,817 129,414 10,749 11,581 4,298 12,176 471 11,075 23,491 177,327 7,765 1,358 20,699 42,983 453,387 167,435 16,411 18,942 22 15,070 129,414 10,749 11,581 4,298 4,303 471 13,575 22,991 141,872 7,765 1,358 11,188 11,546 22,749 322,058 14,046 20,455 282,448 5,814 2,840 42,983 633,617 5,814 9,746 550,389 359,565 Expendilure on raising funds was £633.617 {2024 - £453,388) of which £548,924 was unrestricted 12024 - £409,569) and £84,693 restricled12024 - £43,819). Other Expendlture Group 2025 Group 2024 Charlly 2025 Charlty 2024 Gainlloss on disposal of tangible assels Corporalion tax charge Corporalion tax adjusl re previous year 19,110 124 19,110 139 143 19,234 Other expenditure was £14312024 . £19,234) all of which was unresiricted. Page 24
Londonderry Inner Clty Trusl Company Ilmiled by guaranlee Notss to the flnancial statements (cont5nued) Year ended 31 March 2025 10. Expendlluro on Charttable Acllvllles Group 2025 Group 2024 Charlty 2025 Charlty 2024 Dlrect charllable actlvl Wages arbd salaries Advertising Interest on bank loan Donations Purchases Exlernal charitable events 9.263 9,794 8.962 97,220 35 16,913 142,187 8.580 17,610 77,804 358 8,931 113,283 8,580 17,610 83,210 8,794 8,962 111,885 8,931 118,331 16,913 144,554 Governance Costs Wages and salaries Employer's social security conlributions Staff pension costs Other employee benefits Staff training Rent payable Insurance Light and heal Cleaning Printing, postage and slationery Advertising Telephone Travelling and entertainment Legal and professional Consultancy lees Accountancy fees Auditors remuneration Bank charges General expenses Subscriptions Depreciation of tangible assets Interest on overdue taxation Fines & penalities Tolal 102,997 6,509 10,194 12,245 2,172 74 59,196 25,558 22,282 21,413 127,465 5,084 4,199 9,304 1,451 74 49,909 26,442 3,165 15,356 1,100 8,290 11,898 3,446 86,293 900 18,660 1,820 5,590 2,215 7,982 102.997 6,509 10,194 12,245 2,172 127,465 5,084 4,199 9,304 1 ,451 41,955 17,689 22,282 20,117 34,837 18,227 3,165 15,354 1,100 5,595 9,810 391 58,153 7,875 13,965 6,179 13.665 53,806 2,520 18.285 1,904 6,752 2,683 10,260 20,628 12,480 1,300 6,667 2,633 9,561 11,880 1,035 5,516 2,215 7,248 12 390,643 309,285 322,029 Total •xpondlture on charftable acllvllle8 493,987 427,616 466,583 Page 25
Londonderry Inner Clty Trust Company Ilmlted by guarantee Note8 to Ihe flnanclal statements (conllnued) Year ended 31 March 2025 Expenditure on charitable activities was £493,98712024 - £532,830) wthich is split as follows.. £113,283 are direct charitable expendilure {2024 - £142,187) of which £113,170 was unrestricted12024 £142,187) and £113 restricted (2024 - £Nil). £380,704 are governance cosls {2024 - £360.6431 of which £375,221 was unrestricted 12024 £388,190) and £5,483 restricted {2024 - £2,453). 11. Tanglble assets- Group Freehold property Plant and Fixtures, machinery tittings and equipment Total Cost or valuatlon At 1 April 2024 Additions Revaluation 17,708,800 3,080.289 125,808 47,832 914,874 18,671,506 11,161 3,091,450 125,808 At 31 March 2025 20,914,897 47,832 926,035 21 ,888,764 Depreclallon At 1 April 2024 Charge for the year 6,811 46,387 289 765,779 52,954 818,977 53,243 At 31 March 2025 6,811 46,676 818,733 872,220 Carrylng amount At 31 March 2025 20,908,086 1,156 107,302 21,016,544 Al 31 March 2024 17,701,989 1,445 149,095 17,852,529 Page 26
Londonderry Inner Clty Trust Company Ilmlted by guarantee Not88 to Ihe flnanclal statements {conllnued) Year ended 31 March 2025 11 (4). Tanglble assets - Charlty Freehold property Plant and Fixtures. machinery fittings and equipment Total CO or valuallon At 1 April 2024 Addilions Revalualion 11,539,755 3,080,289 74,808 47,832 398,707 11,986,294 11.161 3,091,450 74,808 At 31 March 2025 14,694,852 47,832 409,868 15,152,552 Depreclallon At 1 April 2024 Charge for Ihe year 46,387 289 358,342 9,272 404,729 9,561 At 31 March 2025 46,676 367.614 414,290 Carrylng amount At 31 March 2025 14,694,852 1,156 42,254 14,738,262 At 31 March 2024 11,539,755 1,445 40,365 11,581,565 12. The charity is the sole member of the wholly owned charitable subsidiary companies Inner City Building Preservation Trust and Tamneymore Enterprise Trust Ltd. The charity holds 10 shares 01 £1 each in the wholly owned subsidiary Fashion & Textile Skills C.l.C. and 100 shares of £1 each in the wholly owned subsidiary Inner City Capital Projects Ltd. These are the only shares allotted, called up and fully paid. All subsidiary companies are incorporated in Northern Ireland. The financial results lor these companies are summarised in notes 2110 24. 13. Debtor8 Group 2025 Charlly 2025 2024 2024 Trade debtors Prepayments and accrued income Other debtors 22,398 73,945 285,672 14,787 46,990 17,576 3,729 64,781 27,364 809,433 1,013,853 382,015 61,777 891,790 1,044,946 Page 27
Londonderry Inner Clty Trust Company Ilmlted by guarantee Nots8 to the flnanclal 8talement8 (contlnued) Year ended 31 March 2025 14. Credltors: amoun18 lalllng due wllhln one year Group 2025 Charlty 2025 2024 2024 Bank loans and overdrafts Trade creditors Accruals and deferred income Corwration lax Social security and other taxes Other creditors 64,667 99,148 364,838 139 15,311 65,352 49,803 102,891 124 30,374 64,667 97,198 349,410 65,352 48.431 81,471 8,517 21,450 893,345 593,345 544,103 248,544 1,413.137 808,049 15. Crediiors: amoun18 falllng du• after more than one year Group 2025 Charlty 2025 2024 2024 Bank loans and overdrafts 137,874 246,772 137,874 246,772 A charge is held over the parent charity deposits dale 23103118 in the sum of £800,000. 16. Employee beneflt8 D•llned conlrlbutlon plans The amount recognised in profil or loss in relation lo defined contribulion plans was £29,13612024.' £15,780). Other employee beneflt8 The amount recognised in profil or loss in relation to other employee benefits was £12,245 {2024: £9,304). Pago 28
Londonderry Inner Clty Trusl Company Ilmlted by guarantee Notes io the flnan¢lal stsiements (contlnued) Year ended 31 March 2025 17. Analysls of charfiable funds Analysls ol movemenls In group unrestrlcted funds Balance at Incomlng Resources Galn8 on Transfer Funds al 1 Aprll 2024 ResourGes Expended Revaluallon Belween 31 March Funds 2025 General Fund Undistributable Fund Designated Fund 15,699,421 1,379,205 11,037,458) 2,057,814 1,895,000 132,808 1355,176115,818,800 2,057,814 1,895,000 19,652.235 1,379.205 (1.037,458) 132,808 1355,176119,771,614 Analysls ol movemenls In charlly unrestrlcted funds Balance at Incoming Resources Galns on Transfer Funds at 1 Aprll 2024 Resources Expended Revaluation Betweèn 31 March Funds 2025 General Fund Undistributable Fund Designated Fund 13,594,502 1,116,412 2,057,814 1,440,000 {930,699) 2,808 {141,072) 13,641,951 2,057,814 1,440,000 17.092.316 1,116,412 1930,6991 2,808 1141,072117,139,765 General Funds Funds which the Irusl is able to apply freely in pursuit of its own charitable objectives and related purposes. Funds which the trusl have set aside for major repairs and cyclical maintenance, six months yrkIng capital, a capital programme budget for the coming year and funds for fulure developments in line wilh their charitable objectives. These funds are the revaluation reserve carried forward which are not available for distribution by the charty Designated Funds Undislributable Funds Pag• 29
Londonderry Inner Clty Trust Company Ilmlted by guarantee Nots8 io the flnanclal 8tslements (contlnued) Year ended 31 March 2025 Analy818 ol movomenis In group r•8irfcted lundg Balanc• al Incomlng Resources Galn8 on Transfer Fund8 at 1 Aprll 2024 Re3ource8 Expended Aevaluallon Between 31 March Fund8 2025 Propety Fund 902,832 1,227,801 190,2891 (7,OOOJ 355,176 2,388,520 902,832 1,227,801 (90,2891 (7,0001 355,176 2,388,520 Analy818 of movements In charfty re81rlcied fund8 Balance at Incomlng Resour$ Galn8 on Transler Fund8 at 1 Aprll 2024 Resources Expended Revaluatlon Betwe•n 31 March Fund8 2025 Propety Fund 369,711 1.227,801 {47,3061 72,000 141,072 1,763,278 369,711 1,227,801 147,3061 72,000 141,072 1,763,278 Propety Fund To support community development, social enterprise, educalion and employment and urban regeneration and promote and protecl buildings within the Inner City area ol Derry City. Analysls of group net assets belweon fund8 Unre81rlcted Reslrleiod Fund Fund Total 18,631,164 2,385,380 21,016,544 1,440,412 3,140 1,443,552 382,015 382,015 (681,977) {681,977) Fixed Assets Cash at bank and in hand Other current assets Currenl and long term liabilities Toial 19,771,614 2,388,520 22,160,134 Page 30
Londonderry Inner Clty Trust Company Ilmlted by guarantee Notes to the flnanclal gtatement8 {conllnued) Year ended 31 March 2025 18. Analy818 of changes In net debl Group chang08 In cash and ¢a8h equlvalent8 At 1 April Cash flows At 31 March 2024 2025 Cash and cash equivalents 3,136,076 11,692,524) 1,443,552 Charlty change8 In Cash and $h oqulvalent8 At 1 April Cash flows At 31 March 2024 2025 Cash and cash equivalents 1,809,234 1792,8821 1,016,352 19. Contlngent a88et8 and Ilab1111108 During the year ended 31 st March 2008 Londonderry Inner City Trust {'the Irust'l disposed ol rental premises in Derry Ilo 'The Nerve Centre'l as detailed in the notes of the financial statements for the year ended 31st March 2008. The sale agreement for the disposal of this building contained a conlingency clause, whereby Londonderry Inner City Trusl stands to benelit to an amount of £400,000 (indexed for property inflalionl from the possible future financial transactions of this building. However, as these events are outside the control of 'The Trust,, the timing and final amount of this benefil cannot be accurately quantrfied. Related party tran$a¢tlons During the year the company entered into the following transactions wilh related parties.. Transaction value 2025 Balance owed by/lowed lo) 2025 2024 2024 Wholly owned subsidiaries 11,063,544) 3,387 3,438,067 4,501,611 Page 31
Londonderry Inner Clty Tru81 Company Ilmlled by guaraniee Noies io the flnancial Stsiements (contlnued) Yoar ènded 31 March 2025 21. Inner Clty Bulldlng Pregervatlon Trust The wholly owned subsidiary Inner City Building Preservation Trust is incorporated in Northern Ireland (company number N1616033) and is a registered charity {charity number NIC1001061. Inner City Building Preservation Trust is involved in the preservation, proteclion, restoration and improvement of buildings in the Inner City area of Derry City. The parenl charity and group administrative office operates from a buitding owned by Inner City Building Preservation Trust. A summary of the financial results is shown below. The summary financial performance of Ihe subsidiary alone is: 2025 2024 Income Expenditure Nel Incomlng resource8 lor Ihe year Gainl(lossl on revaluation of properties Net movement for Ihe year 152,851 162,7601 90,091 179,0001 11,091 166,253 181 ,8051 185,8651 11,4171 The assets and liabilities of the subsidiary were: Fixed assets Current Assets Current liabilities Nei assets 4.727,709 4,849,693 262,109 717,118 13,527,815) 14,115,898) 1.462,003 1,450,913 Total Charlty Funds 1,462,003 1,450,913 Page 32
Londonderry Inner Clty Trusi Company Ilmlled by guaranlee Notes to Ihe flnanclal 8tslement8 (contlnued) Year ended 31 March 2025 Tamneymore Enterprlse Trust Ltd The wholly owned subsidiary Tamneymore Enterprise Trusl Lld is incorporated in Northern Ireland (company number N10267901 and is a registered charity with HMRC (charity number XR21754). Tamneymore Enlerprise Trust Ltd is involved in projecls or services to provide employment to advance welfare, training and urban regeneration in the Waterside area of Londonderry. A summary of the financial resuks is shown below. The summary financial performance of the subsidiary alone is.. 2025 2024 Income Expenditure 88,357 {59,340) 94,388 {53,8511 Gainlllossl on revaluation of properties Nel Incomlng resources for the year 130,000 159,017 49,000 89,537 Th9 assels and liabililies of the SUbslary were: Fixed assets Current Assels Current liabilities Net assets 1,550,574 704,277 1457,954) 1,796,897 1,420,717 1,205,306 1988,143) 1,637,880 Tolal Charlty Fund8 1,796,897 1,637,880 Page 33
Londonderry Inner City Trust Company Ilmlted by guarantee Notes to the flnanclal statements (conllnued) Year ended 31 March 2025 23 Fashlon & Texllle Skllls C.l.C The wholly owned subsidiary Fashion & Textile Skills C.l.C. is incorporated in Northern Ireland (company number N1624758). Fashion & Textile Skills C.l.C. assists the growth of the fashion and lextile sector in the North West Region ol the island ol Ireland through providing work space, business training and mentoring and access lo specialised technology and equipment. The Fashion & Textile Skills C.l.C. operates from one of the buildings owned by group company Inner City Building Preservation Trust. A summary of the financial results is shown below. The summary financial pertormance of the subsidiary alone is.. 2025 2024 Turnover Expenditure Profltl(loss) lor Ihe year 34.926 {34,891 } 44,990 (45,0361 The assets and liabilities of Ihe subsidiary were: Fixed Assets Current Assels Current liabilities Net assets 556 28,449 (24,747} 8,796 (4,504) Aggregate share capltal and reserve8 4,292 4,258 Page 34
Londonderry Inner Clty Trust Company Ilmlted by guarantee Nole8 to the flnanclal stalement8 (contlnued) Year ended 31 March 2025 24 Inner Clty Capllal Prolects Lld The wholly owned subsidiary Inner City Capital Projects Ltd is incorporated in Northern Ireland Icompany number N17158061. Inner City Caprtal Projects Ltd assisls in the urt)an regenaration and development ol srtes and buildings. A summary of the linancial results is shown below, The summary financial performance of the subsidiary alone is.. 2025 2024 Turnover Expenditure {L088)Iprollt for the year 59,359 (65,4501 16,0911 The assels and liabililies of Ihe subsidiary were: Current Assets Current liabililies Nel a88el3 359,349 (65,4401 293,909 Aggregate share capllal and re88rvo8 293,909 Page 35