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 ConSol￿ated 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 Obje￿5 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}. Fo￿ard 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 Mil￿r 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