2024-12-31-accounts

Registered number: IP 374 Ulster Community Investment Trust Limited T/a Community Finance Ireland Annual report for the year ended 31 December 2024

Ulster Community Investment Trust Limited Annual report for the year ended 31 December 2024 Page(s) Trustees and advisei's TLilStees' report Independent auditors, repoit to tlie niembei's of Ulster Comniunity Investnient Ti'ust Limited 9 - 11 12 Consolidated statement of financial activities Consolidated balance sheet 13 Company balance sheet 14 Consolidatcd statement of cash flows 15 ConsolAdated statement of changes in equity 16 Company statement of clianges in equity 16 Notes to the financial statements 17-25

Ulster Community Investment Trust Limited Trustees and advisers Directoi's/Trustee5 C Blackbourne S O'Pi'ey A Bai'boiii. S Bunni J Evoy M Glinwood E Holines G Kelly S Lynch M Maher D McAieer) l McAvoy M McGarrigle U McGoey D Mclldoon K Mooney M Roux M Sti'oud P Vallely A Ward A Zahringer Solicitors Mccai'lan Turkington Breen 88 Victoria Sti'eet Chancei'y House Belfast BTI 3GN (Chaii'person) (Vice Chairpei'son) (appointed 20 June 2024) (i'esigi)ed 22 Januaiy 2024) (appointed 20 June 2024) (resigned 20 June 2024) (appoiiited 13 Noveiiibei. 2024) (resigiied 20 Jiine 2024) Creed Solicitors 255A Uppei. Newtownards Road Belfast BT4 3JF (i-esigned 20 June 2024) (resigned 20 May 2024) (resigiied 20 Jiine 2024) (appointed 15 Noveinber 2024} (appointed 12 Noveinber 2024) Banliers Allied Ii'ish Bank (Nl) Univei'sity Road BT7 IND (appoknted 15 Noveillber 2024) (resigned 22 August 2024) Indepeiident Auditors Grant ThoiTrton (Nl) LLP Cliarlei-ed Accountants and Statutoi'y Auditors 12-15 Donegal Squai'e West Belfast BTI 6JH Audit and Risk Coinmittee G lcelly A Bai'bour J Evoy l McAvoy M Stroud (Chaii'per50n) Key Management D Ti'aynor B Coniiolly P Sharvii) B Syilles (Group Chief Executive) (Group Cliief Financial Officei.) (Head of Coi)iinunity Fiiiaiice (Nl)) (Head of Coinimunity Finance (Rol)) Company Secretary Barry Coniiolly Registered Offiee and Principal Office 6, Flooi., Gleiigall Exchange 3 Glengall Street Belfast BT12 SAB Registei'ed Nuni ber IP 374 Charity Registration Number NIC 100325

Ulster Community Investment Trust Limited Trustees, report for the year ended 31 December 2024 Tlie trustees, who al-e also dii'ecloi's of tl)e Ulster Coimiiiunity Investineiil Ti'ust Liiniled ("the Trust") foi. tlie purposes of coiiipaiiy laiv, subinit tlieii. aiinual report aiid the alidited fii)aiicial stateiiients for the year ended 31 Deceinbei. 2024. Basis of preparation The financial stateinenls of Ulstei. Coininunity Investinent Trust Liinited liave been pi'epared in coinpliance witli Staleiiient of Recoiiiinended Pi'actice applicable to cliarities {SORP FRS 102) and Uiiited Kiiigdom Accounting Standards, includiiig Financial Repoi'ling Standai'd 102, 'The Financial Reporting Standai-d applicable in Ilie United Kingdoin and tlie Republic of Irelaiid, ("FRS 102") and the Co-opei'ative and Coininunity Benefit Societies Act (Northern Ireland) 1969. Principal activities and Business Review Tlie principal activity of tlie Ti'ust is to pi'ovide social finance to oi'ganisalions opei'ating in the tliird sector. Tlie dii'ectoi's consider tlie I'esults foi. the yeai. and the position of the Trust al the yeai'_end to be satisfacloiy. Objectives and activities Siiiiiiiiniji desci'iplion of r17e chai'iluble pziiposes The pi'incipal activities of the Ti'ust al'e to proinole the enhanceinent of einployinent pi'ospects, educalioi), skills and wellbeing of local people, through ci'oss coininunity projects and the esl8blishiT]ent of 8 coininunity based fiiiancial institution. The objectives of the Trust are tlie pi'OlT)Otion foi. the public beiiefil of urban and I'ural reoenei'atioii in areas of social aiid econoinic depi'ivation (and in particulai. in Nortliern Ireland and Ilie Republic of li-eland) thi'ough the pi'ovision of financial aiid other assistance to oi'ganisations which al'e iiivolved in regenei'ation work including tliose which pei'forin all oi. aiiy of the following activities.. The relief of poverty. The I'elief of uneniployinent. The advanceinent of education, training or retraining particulai'ly ainong uneinployed people. and providing tlie uneinployed with work experience; The provision of financial assistance, technical assistance or bu5isiess advice or consultancy in order to pi'ovide trainiiig, einployinei)l and opportunities for self einployiT)ent for iineinployed people in cases of finaiicial or othei. charitable iieed througli help in setting up theii. own business or to existing busine55; The ci'eation of training and einployinent opportunities by the provision of workspace, buildings andloi. land for use on favoui'able lerins. The provision of housing foi. those who al'e in conditioiis of need and the iiiipi'oveinent of housing in the public 5e¢lor oi. in chai'itable ownei'ship pi'ovided that such power shall not extend to relieving any local authorities or othei. bodies of a statutory duty lo provide oi. iinprove housing. The Inaintenance, iinproveinenl oi. provisioi) of public ainenities. The provision oi. assistance in the pi'ovision of I'ecreational facilities for the public at lai'ge and/oi- those who by rea50n of their youth, age, iiifii'inity or disableinent, poveity or social cii'cuinslances have need of such facilitie5' Tlie protection of conservation of the envii'oniiient. The provision of public health facilities and childcare. The pi'oimotion of public safety and prevention of ci'iine. and Tlie support of any charities or chai'ilable purposes as the Ti'ustees iii their absolute disci-etion see fil. The Trust's strategy for achieving its objectives is to provide affoi'dable loans to oi'ganisations, such as coiniiiunity and volunta2y groups, local economic agencies, social entei'prises, and relevant charities who are involved in pi'ovidiiig sei'vices in line with its objectives.

Ulster Community Investment Trust Limited Trustees, report for the year ended 31 December 2024 (continued) Activities, achievements and performance Piiblic be17efil slalepiieF71 In setting the Ti'ust's objectives and planning our activities foi. the yeai., the Trustees have given cai'efiil consideration to the Chai'ity Coiiiinission foi. Northei'ii Ireland's guidance on piiblic benefit lo ensure that the activities have helped to acliieve the Cliai'ity's pui'poses and piovide a benefit lo the beneficiai'ies. The Trustees believe that the Ti'u5t satisfies both eleinei)ts of the public benefit requireineiit, that all tlie organisatioi)'s purpose5 Iiiiist fall uiider 01)e oi. Inoi'e of Ilie list of12 desci'iptions of chai'ilable pui'poses in the Cliai'ilies Act, and be for the public benefit. The fii'sl eleinent of the public benefit I'equireiiient is de5110nsli-ated by the Trust's pui-pose Coininunity Developineiit being con515tenl with the listed purpose of 'The advaiiceinent of cilizensliip or coinimunity developinent,. Evidence of the second eleinent of the public benefit requii'einent is evidenced by the direct piiblic benefits which flow froin this purpose including: Increased einployiiienl oppoi'tunities Ihi'ough the financing of education and tt'aining, ai)d woi'kspaces and buildings,. Better access to and quality of housing. IiT]pi'oved access to and quality of piiblic ainenities and recreational facilitie5' Bettei. protection and consei'valion of the environment; and Iinproved provisioii of public healtl) facilities and childcare. The ti'ustees do not judge tliei'e lo be a possibility of liarm fi-oin the chai'ity's activities. The Ti'ust's beneficiaries are the general public, paiticulai'ly those liviiig in areas of liigli deprivatioii and disadvantage. The only pi'ivate benefit flowing fi'oin this purpose Iiiay be the benefit to ti-ustees fi'oin training in good govei'nance, finance etc. Thi-ough this ti-aining IrLlStees gain skills and experience which al'e ti'ansferrable to othei. settings. These benefits are incidental and necessary to ensure the benefit is provided to our beneficiaries. Ptiblic Be17efii Repoi'li17g The Trust continued lending and other core activities associated witli a coininunity based fiiiancial institution during the yeai.. In pui'suance of ils objectives, the Trust has developed the following Mission and Aiins:_ Mission Staleinent.. ' HAe Triiai71 lo ci-eale a HlOI'ld cltsss c01111111117ilj?f117apice sjisleipi 117at woi'ks tii'elessljj lo)fjyai'ds ensiip.i17gposilive social iiiipacl is fell, iiol di'eaiiil, o117011gsi ihose t17al 17eed il ipio.sl. Aiins.. To 8SSlSt in job creation and the growth of the social econoiT]y in Ireland. To contribute lo self-suslainability of third sectoi- organisations. To atti-act investinent to tlie sector. To work in partnersliip wilh others. and To I￿aIntaIn a mixed portfolio includiiig a focus on disadvantage and exclusion. In the year to 31 Deceiiiber 2024 the Trust (trading as Coininunity Finance Ireland) consides'ed and appi'oved 8 applications (2023.. 33) lotalling £545,000 (2023.. £6,536,000) in Northern Ireland- a furihei. 35 loans totalling £5,042,501 were appi'oved in the Ti'ust's subsidiaiy, UCIT SPV l Ltd, using funds boi'i'owed fi-oin the Depai'linent for Coininunities. 77 applications (2023.. 88) were approved in the Republic of Ii'eland, lolalling E6,894.000 (2023.. E9,466,000). During the yeai. £871,976 of new loans (2023.. £4,623,000) wei'e actually di'awn down fi'oin the Trust in Noi'thei'n Ireland, with £2,933,000 di'awn froi)i UCIT SPVI Ltd. A fuithei. e4,767,000 (2023.. E7,405,000} was di'awn down in the Republic of Ireland. In all cases, the figui'es iiicluded loans appi'oved in prior years. Finaiice has been pi'ovided foi. a wide vai'iety of pui'poses including capital biiilds aiid working capital. In turn this has enabled local coinniunities as well as coini)iunities of intei'est to access iinpi'oved facilities and opportunitie5.

Ulster Community Investment Trust Limited Trustees, report for the yeai. ended 31 December 2024 (continued) Activities, achievements and performance (continued) Piiblic Benefii Repoi'li17g (coi7t11711ed) During tlie yeai., the Trust siiccessfully teiidei'ed for the Noithern Ireland Sinall Busii)ess Loan Fund 111 ("NISBLF III") conti'act willi Invest Noi'thei'n li'eland ("Invest Nl"). This is the successor fund lo tlie Noi'ihei'n Ireland Sinall Business Loan Fund 11 {"NISBLF II") aiid will coiiiineiice opei'ation in May 2025, when tlie investineiit period foi. NISBLF 11 ends. The pui'pose of these funds is lo provide finance to sinall existing aiid start-up businesses who have expei'ienced difficulty accessing finance fi'oin the traditional pi'oviders. An investineiil of £9,164 continue5 to be lield by one of the Ti'ust's subsidiai'ies (UCI GP Liiniled) iii tlie original fund, Nl Sinall Biisines5 Loan Fund LP, while iiiveslinents of £27,585 and £114 al'e held by two of the Trust's othei. siibsidiai'ies (UCI GP 11 Liiniled ai)d UCI FP Liinited I'espectively) in NISBLF 11 LP. In total, 378 loans, a5110unting to £7,644,044 were ii)ade dui'ing NISBLF'S inveslinent period which ended duriiig 2018. In NISBLF 11, 43 loans (2023.. 53) ainounting to £1,559,693 (2023: £1,927,881) had been approved in the year to 31 Deceinber 2024. 44 loans (2023.. 51) wei-e di'awii in the year to 31 Deceinbei. 2023, ainounting to £1,634,693 (2023.. £1,853,102). The drawii figui'es included loans appi'oved in tlie prior yeai.. Tlie fuiids pi'ovided have enabled inany sinall ownei'_Inanaged businesses to develop aiid expand theii. business, thereby Inaintaining existing jobs, pi'oviding opportunities foi. furihei. einployment and genei'ally enhancing the local econoiny. During the year the Trust cominenced lending Ihroiigh a subsidiai'y, UCIT SPV l Ltd using funds pi'ovided by Ihe Departtnent foi. Coininunities by Ineaiis of repayable loan finance uiidei. Financial Ti'ansactions Capital. Tliis funding, ainountiiig to £13in ovei. three years, will enable the charity to further achieve it's aiin5 and objectives. As previously noted, dui'ing the year 35 loans totalling £5,042,501 were approved in UCIT SPV l Ltd, witli £2,933,000 di'awn during the pei'iod. Financial review During the year, the Group's total incoining I'esoiirces were £2,283,023 (2023.. £2,028,131). After net adininistrative expenditure of £1,609,768 (2023: £1.563,958) the net surplus ainounted to £673,255 (2023: £464,173). The ainount of £552,902 (2023.. £413,987) has been added to the Gi'oup's total funds giving a balance of £19,745,961 (2023.. £19,193,059) at the balance sheet date. Expeiiditlll'e in tlie yeai. has provided tlie Group with tlie resoui'ces necessary lo Inake loans into tliose sectors consisteiit with its aiiDs and to subsequently inonitoi. its portfolio. The total oi'oss ainouiit of the loan poi'ifolios ti'aiisferred in 2001 fi'oin the Departineiit of Social Developineiil and the DepartiT]enl of Agi'icultui'e and Rural Developineiit was £5,100,000 and £1,500,000 I'espectively. The poitfolios ivei'e I'ecorded li) tl)e Group's accounts at fair value, aftei. provisions Inade of £3,012,000. The Group is coini)iitted to recovering these loaiis, and recoveries of £7,200 have been inade in 2023 (2023: £7,200). The outstanding balance of this poi'ifolio at 31 Deceinber 2024 is £8,502 (2023-. £15,269). The Group's policy on reserves is to I'elain a level of uni'estri¢led I'eserves which Ineets the operating needs of the Gi'oup for at least six Inonths ai)d provides sufficient liquidity foi. the cui'rent and projected level of loans appi'oved and drawn down. Unrestricted resei'ves al'e those re5ei.ves which are available for general use. At the end of the yeai., the Group held £7,594,953 in cash reserves (2023.. £4,771,660). The maiii soiii'ces of funding for the Gi'oiip in the yeai. have been existing casl) I'esei'ves, tl)e repayinent of loans fro1￿ clients, and donations froin Ii-adiiig subsidiarie5. A5 Iloted, the Group holds investinents in the Northern Ireland Sinall Business Loan Fund LP and NISBLF 11 LP. Tlie objectives of these funds are coiisislent with the Trust's own objectives. The Trust continues lo hold IOOO/o of the capital of Ulster Cominiinity Inveslinenl Trust (li'eland), which also trades as Coininunity Finance Ireland. In 2016, to ensui'e Ilie subsidiaiy's siistainability, the Trust convei'ted the oulstandiiig ainount owed to it by the subsidiaiy to equity. This i'esulted in the Trust's investinent in the subsidiaiy's share capital increasing by £1.291,584 with the subsidiaiy's shal'e capital increasing by el,583,910. Foiii. ]nei￿berS left the Trust dui'ing tlie yeai. each held 250 shares and the Ti'ust repurchased these sl)ares at a cost of £1 per share. Tliis reduced tlie Triist's share capital to £26,500 (2023: £27,750).

Ulster Community Investment Trust Litnited Trustees, report for the year ended 31 December 2024 (continued) Funding The dii'ectoi's have a i-easonable expectation that the Trust has adeqiiate resources to conlii)ue in operational existence foi. tlie foi'eseeable futui'e. Accoi'diiigly, they continue lo adopt the going coiicei'n basis in pi'epai'ing the annual repoit and fiiiancial slaleinenls. Structure, Governance and Management Delails of ilie c17oi'ity's Rziles Tlie Trust IS 8 cliai'itable oi'ganisation establislied as a Registered Society (I'egislei'ed nuinber IP 374) on 2 Jiine 1999, linder the Co-operative and Coinimunity Benefit Societies Act (Nortliern Ii'eland) 1969 and 1976 and is governed by tlie Rules of the Trust. It was I'egistered with the Charity Coininission foi. Northei-n Ii'eland on 27 Noveinber 2014 (Charity I'egistratioii niimber NIC 100325), liaving pi'eviously registei'ed as a chai'ity on 5 June 2000 with the Inland Revenue and having renewed Iliis I'egisti'ation with HMRC on 25 Noveinbei'2013 (HMRC Charity RefNo. NIOOI 81). Howevei-, due to the Couit of Appeal judgeineiit iii the case of McKee & Others v Chai'ity Coininission for Nortlierii Ireland, all chai'ity i'egisti'alions Inade prior to May 2019 are ciirrently void. The Trust reinaiiis a chai'ity in law. On 6 April 2018, operational i'espoiisibility for tlie I'egistration of Noi'ihei'n Ii'elaiid ci'edit unions and Industrial and Provident Societies Inoved to the Financial Conduct Authoi'ity {FCA) froin the Depaitinent for the Econoiny. On tlie saine date tl)e I'eimaining pi'ovisions of the Ci'edit Unions and Co-operative and Coininiinity Benefit Societies Act (Nortl)ern Ireland) 2016 caiiie into force. Under the rille5 of the Trust the Ineinbers of tlie Ti'u5t shall be the persons holding the Ininiinuin nuinber of shal'es in the Ti'u5t and wliose naines are enlei'ed in tlie register of ineiiibers. The t]'U5tees imay in theii. discretion adinit to inembership any individual persons over the age of16 years (including tlie noininees of bodies iinincorpoi'ated), 50cie¢ies and coinpanies who shall have coinpleted the reqiiired application forin and paid at least the Iminiinuin shareholding of £250. The Directors of the Trust are also charity trustees for the purpose of charity law. The Board of Directors ¢oinpi'i5es not less than six pei'sons nor Inoi'e than twenty persons elected by the membei's at the Annual Genei'al Meeting of the Trust, and the Chief Executive of the Trust fi'oin lime to tiiiie by virtue of his office. The trustee5 inay, froin tilT]e lo tiine, co-opt to fill any vacaiicies in the positions of ti'ustees, for any pei'iod, any suitable pei'sons {whetl)ei' Ineinbei's of the Trust oi. not) to sei've as ti'ustees. The ti'ustees imay also reinove siich persons. Such persons i))ay take pait in the deliberations of the trustees and vote at any illeetings thei'eof. Not Inoi'e than foul. such persons, whose period of office shall last to the annual genei'al Ineeting following theii. appointinent wheii they Inay staiid foi. i'e-election, Inay serve as trustees at any one tiine. At the conclusion of evel'y Annual General Meeting oiie-third or the nearest nuinbei. thei'elo of ti'ustees retire fi'oin office. The trustees lo I'etire are those who have been longest iii office since tliey last becaine trustees, but as betweeii tliose who becaine trustees on the saine day shall be selected by lot unless othei'wise agi'eed ainongsl thein5elves. A retii'ing Iruslee is eligible for re-election without noinination. Govei'17ai?ce aiid i)icii7ageiiie171 The induclioii process for all newly appointed trustees coinpi'ises an initial sneeling with the Chaii-, followed by a Ineeting with the Coinpai)y Secretary, where they al'e pi'ovided with ali ii)duction pack. This contains a bi'ief history of Ilie Trust, a copy of board and siib-coilliiiittee Ininiiles, a copy of the latest anniial i'eport and financial stateiiients and a copy of the rules of the Trust. The business of the Trust is conducted by the Board. Tlie Board exercises all sucli powei's as IT]ay be exercised by the Ti'ust and are not by the I'ules or by statute I'equired to be exei'¢ised by the Ti'usl in a Geiieral Meeting, subject nevertlieless lo the PI'OVlsions of the rules and any I'egulations not inconsistent with the I'ules ii)ade froiT] tii)ie lo tiine by the Ti'ust iii a Genei'al Meeting. Any pei'son acting in good faitli and without prior notice shall not be concei'ned lo see or inquire whether tl)e powers of the Board have beeii I'esti'icled by any I'egulations so IT]ade. The Board, in all things, acts for and in the naime of tlie Trust.

Ulster Community Investment Trust Limited Trustees, report for the year ended 31 December 2024 (continued) Structure, Governance and Management (continiied) Goiiei'i7a17ce a17d iiiap?ageiiienl (coiiliiizied) Individual loa115 to the valiie of £250,000 oi. eJOO,000 can be jointly aiitliorised by a Cliei)t Relationsl)ip Executive aiid the Head of Coininunity Finaiice foi. the I'elevant l'egion. Individual loans betweei) £250,000 and £1,250,000 oi. e300,000 and 1,500,000 Inust be appi'oved by the Credit Coiniiiittee, while any iiidividual loaiis above £1,250,000 oi. El,500,000 Inusl get tlie approval of the full boai-d. The Trust has a sllbsidiaiy based in the Repiiblic of Ireland, Ulslei. Coi)iiiiiinity Iiivestinent Ti'ust (li'eland}, a Designated Activity Coinpany with 1,583,912 sliai'es, all of which are owned outright by tlie Trust. The Ti'ust also has another liiiiiled coinpany 5ubsidiaiy, U15tei' Coininuiiity Finai)ce LiiMited This is a trading subsidiary pei'foi'ining fund Inanageinent which donates all profits to tlie Ti'iist. Ulster Coininunity Finance Liinited has thi'ee furlliei. subsidiaries, UCI GP Liinited, UCI GP11 Liinited, ai)d UCI FP Liiiiiled. UCI GP Liinited, together with Invest Nl, fornis the Northei'ii Ireland Sinall Business Loan Fund Liinited Pai'tnei'ship, while UCI GP Il Liinited and UCI FP Liimited (a doi'iiiant coinpany) foi'in NISBLF11 Liinited Partnership, also with Invest Nl. A sinall nuinber of trustees al'e involved in organi5ations which have applied foi. or hold loan5 Wlth the Trust. All ti'ustees are asked about potential conflicts of intei'est at the stait of each board oi. sub-coininittee Ineeting and whei'e a relevaiit application oi. loan is to be discussed, a trustee with conflicts Inust reinove theinselves froin that pail of the Ineeting. Where loans have been inade to parties that trustees al'e involved with, disclosure is Inade in the Aniiual Report. Manageinent pay is decided upon by the Board of the Trust, following recoininendalion froiii the HR & Govei'nance 5ubcoininittee. Risk ipiai?ageipiei?I The tt'ustees have considei'ed all the Inajoi. risks to which the Trusl is exposed and have reviewed those risks and established systeims and procedures to Inanage Ihein. The Ti'ustees deein the Inain risk to be within the lending portfolio but an appropriate gi'adiiig syslein has been established which ensures a constant monitoring of the lendiiigs to Inodei'ate any potential bad debt. Ci'edil i'isk The Trust has iinpleinented policies that require appi'opriate diie diligence on potential boi'rowei's before loans al'e advanced. The ainount of exposure to individual borrowers is subject to limits, which are reassessed regularly by the board. Fii?ap?ciul i'isk iiia17agepiie171 As the Ti'ust has only lii)iiled boi'rowings it has no 5ionificant liquidity issues bul as its Inain 50ul.ce of incoine is derived froin lending, provided on a tluctuating basis, it is subject to intei'est l'ate risk. Tlie Ti'ustees have, however, pul in place Ineasui'es to Initigate this risk into the future. Work on the recovery of bad debt, which was taken over al the tiiT]e of establishinent of the Ti'ust, has been ongoing in tlie yeai.. Most of the reiT]aiiiiiig clients are woi'king closely with us to resolve Iheii. pi'obleins aiid we are confident that we will be able to Inake ai'i'angeinenls with thein to deal with their debis withii) a I'easonable tiine scale. Reference and administrative information Details of tlie chai'ity, ti-ustees, coinpany seci'etaiy and otlier advisers are listed on page l. Exemptions from disclosure As the ultiinate pai'enl coinpaiiy tlie Trust has not taken exeinptions froin di5closiires available undei. FRS 102. Funds held as custodian tR'UStees on behalf of others The Ti'ust holds no funds as custodiaii trustees on behalf of other5.

Ulster Community Investment Trust Limited Trustees, report for the year ended 31 December 2024 (continued) Plans for future periods Iii pui'siiance of its Inission tlie Ti'ust and ils subsidiai'ies will coiitiiiue lo provide Col￿petItiVe, flexible and lailoi'ed lendii)g, investinent and business support to the third sectoi. thi-oiighout li'eland. The Ti'ust will continiie to develop strategic alliances and woi'k with othei. organisatioiis within tlie social econoiny foi. the ovei'all benefit of tlie tliii'd sector. Signposting along with training and Ineiitoriiig will continue to play a big pait in skilling and building tlie capacity of tlie sectoi. and ivith its knowledge aiid finaii¢ial expertise Ilie Trust will conliiiiie to iinpai't tlial inforination to its clients. The Ti'ust expects to Inake a siinilai. level of loaiis in 2024 as it did iii 2023. Statement of trustees, responsibilities Tlie ti'iistees, who al'e also dii'evtoi's of Ulstei. Coininuiiity Investinent Trust Liiiiiled for the purposes of coinpaiiy law, are I'esponsible for pi'epai'ing tlie Ti'ustees, Repoi't and tl)e fiiiancial stateinents li) accoi'dance witli applicable law and i'egiilations. Coinpany law requii'es the dii-ectoi's ¢0 prepai'e financial stateinenls for each financial yeai.. Undei. tliat law the dii'ectors have prepai'ed the gi'oup financial stateinents in accordance with Uiiited Kiiigdoin Genei'ally Accepted Accounting Practice (United Kingdoin Accouiiting Standai'ds, coinprising FRS 102 "The Financial Repoiting Standard applicable in the UK and Republic of Ireland" and applicable law) and have been pi'epared in accordance with the Coinpaiiies Act 2014, Chai'ities Act (Noithern li'eland) 2008 and regulations 8, 14, and 15 of The Charities (Accounts and Reports) Regulations (Northern Ii'eland) 2015. Under coinpany law the dii'ectoi's Inust not appi'ove the gi-oup finaiicial stateinents unless they al'e satisfied that they give a Ii'ue and fail. view of the stale of affairs of tl)e groiip and of the pi'ofit or loss of the gi'oup for that period. In pi'epai'ing the financial slateinents, the directors are i'equired to.. select suitable accounting policies and then apply thei)I consistently. obsei've the inethods aiid principles in the Cliarities SORP,. IT]ake judgeinents and accouiiting estiinates that al'e reasonable and prudent. state wheihei. applicable Uiiited Kingdoin Accouiiting Standai'ds, including FRS 102 have been followed, subject lo any Inaterial depaitures disclosed and explained in the financial stateinents; and prepai'e the finaiicial staleinenls on the going concern basis unle55 It is inappropriate to pi'esuine that the charitable coinpany will contiiiue in business. The Iriistees are I'esponsible for keeping adequate accoiinting I'ecords that are sufficient to show and explain the chai'ity aiid the group's transactioiis and disclose witli I'easoiiable accui'acy at aiiy tiime the financial position of the cliai'ity and enable thein to eiisure tl)at the financial stateinents coinply with the Co-operative and Coininunity Benefit Societies Act (Noitliern Ii'eland) 1969. They al'e also responsible for 5afetsuarding the assets of the charity and the group and hence foi. taking I'easonable steps for the pi'evenlion and detection of fi'aud and otliei. irregulai'ilies. The Trustees al'e I'esponsible for the Inaintenance and integi'ity of the coinpany's web51te. Legislation in tlie United Kingdoin governing the prepai'ation and disseinination of financial stateinents Inay diffei. froin legislation in other jui'isdictions. In so far as each of the trustees in office at the date of approval of these finai)cial stateinents is aware.. there is no I'elevant audit infoi-lnation of wliich the charity's auditors are unaware; aiid the Trustees have taken all steps that they ought lo have taken as ti'ustees in ol'der to IT]ake theinselves aware of aiiy relevant audit inforiT)ation and to establish that the cliarity's audiloi's are aware of that inforination. Small companies, exemption Tliis I'eporl has been pi-epai'ed in accordance with the special pi'ovisions relating to sinall coinpanies within Parl 15 of the Coinpanies Act 2006. Independent auditors The auditors, Grant Thornlon (Nl) LLP, have indicated their wil lingiiess to continue iii office, and a re501ution concerning theii. reappointineiit will be proposed at tlie Annual Genei'al Meeting. By ol-der of the Boai'd C Blackbourne Chaii'person Date: 19 Julie 2025

Ulster Community Investment Trust Limited Independent aiiditors, report to the members of Ulster Community Investment Trust Limited Opiiiioii We have audited tlie financial stateineiits of Ulstei. CoiDniunity Investiiiei)t Ti'ust Liinited ("the trust"), wliicl) coiiipi'ise tlie Coiisolidated stateinenl of flnaiicial activities, the Consolidated aiid the Coinpaiiy balaiice sheet, the Coiisolidated Stateiiiei)t ol cash flows, the Consolidated and Coinpany stateinent of chaiiges in eqiiity foi. the yeai. ended 31 Deceinbei. 2023, and Ilie I'elated notes to ¢l)e fiiiancial stateinents, including a 5uI)iinary of sigiiificant accounting policies. The financial I'eportiiig fi'ainework that l)as been applied in the prepai'ation of the financial stalenienls is applicable law aiid accouiiling standai'ds issued by the Fiiiancial Repoi'ting Council incliiding FRS 102 'The Fiiiancial Repoiting Siaiidard applicable in the UK and Republic of Ii'eland" (United Kingdoin Genei'ally Accepted Accountiiig Pi'aclice). Iii oui. opinion, Ulstei. Coininunity Iiivestinenl Trust Liin ited financial stateinents.. give a true and fail. view in accordaiice with United Icingdoiii Genei'ally Accepted Accountiiig Pi'actice of the slate of the group's and the ts'ust's affaii's as at 31 Deceiiiber 2024 and of tlie gi'oup's iiicoining resoui'ces and application of i-esoui'ces and cash flows for the year theii ended. and have been pi'operly pi-epai'ed iii accordance witli the I'eqllii'eineiits of the Conip8nies Act 2006. B1< sis foi- 01)iiiioi) We conducted our audit in accoi'dance with International Siandai'd5 on Auditints (UK) (' ISAS (UK),) and applicable law. Oiir I'esponsibilitie5 uiider those standards are fuither described in the ' Responsibilities of tl)e auditor for the audit of the financial stateinents, sectioii of our I'eporl. We al'e independent of the n-ust in accoi'dance witl) the ethical requireinents tliat al'e i-elevai)t to our audit of the financial slateinents in the Ui)ited Kingdoin, including the FRC'S Ethical Standard and the etliical pi'onounceinents established by Cliai'lered Accouiitants Ireland, applied as detei'inined to be appi'opriate in the circuinstances foi. the entity. We liave fulfilled our other ethical I'esponsibililies in accoi'dance with these I'equii'einents. We believe that tlie audit evidence we have obtained 15 sufficient and appi'opriate lo provide a basis for our opinion. Conclusions I'elating to going concern In aiiditing tlie financial statements, we have concluded that the trustees, use of going coiicei'n basis of accounting in the preparation of tlie financial stateinents is appi'opi'iate. Based on the work we have perforiT)ed, we have not ideiitified any Inaterial unceitaii)ties relating to events or conditions that, individually oi. collectively, Inay cast sitsnificant doubt 011 the trust's ability to continue as a going concei'n foi. a pei'iod of at least twelve Inoiiths fi'om the date wheii the financial Statel￿entS are autl)orised foi. issue. Oui. I'esponsibilities and the responsibilities of the trustees with i'espect to going concern are described in the I'elevant sections of this report Oil)ei' iiifoi-IniL Iioii Other infoi'ination coinprise5 inforination included in the annual repoi'l, other than the finaiicial slaleinents and our auditor's report thei'eon, iiicluding the Trustees, Report. Tlie trustees are I'esponsible for the other iiifoi'niation. Oui. opinion on tlie financial slatei))ents does not covei. the othei. inf011natioi) and, except lo the extent othei'wise ¢xplicitly stated in oui. report, we do not expi'ess any foi'in of assui'ance conclusion Ihereon. In connection with our audit of the financial stateinents, our responsibility is lo l'ead the oiliei. infoi'inalion and, in doing so, considei. whether the otlier infoi'ination is iiialei'ially incoiisistenl with the financial stateii)ents or our knowledge obtained in the audit, or otherwise appears to be Inaterially Inisstated. If we identify such Inatei'ial inconsistencies in the financial statei)ients, we are required to deteri)iine whether there is a Inalei'ial Inisstaleinent in the financial slateinents or a Inalei-ial Inisstaleinent of the other inforination. If, based on the woi'k we have perfoi'ined, we conclude that there is a Inaterial ITii5Stateinent of this otl)er infoi'ination, we ore requii'ed to repoi'l that fact. We have nothing to report in tliis I'egard. Opiiiions oli oiliei. In1( Ilei's i)I'esLI'ibed by Ilie Coi)11)aiiies Act ?006 In oui- opinion, based on the work iindei'laken in the coui'se of the audit: the inforination given in the Trustees, Repoit, which includes the Dii'ectoi's, Repoi't and the Strategic Repoi't prepared foi. the purposes of coinpany law, for the financial year for which the finaiicial slateinenls are prepai'ed is consistent with tlie financial stateinents; and the Sti'ategic Report and Directors, Report, included within the Trustees, Report, has been prepared in accordance with applicable legal requii'einents.

Ulster Community Investment Trust Limited Independent auditors, report to the members of Ulster Community Investment Trust Limited continued Nlaiiei's 01) Ivl)icli li'e al'e I'eqiiii'ed lo I'ei)oi'l b}, excepiiaii In the light of the knowledge and iiiiderstaiiding of the trust aiid its envii'oiii)ienl obtaiiied in Ilie Coiii'se of Il)e audit, we have not ideiitified aiiy Inalerial InisstaleiT)ents in tl)e Sti'ategic Repoit and tlie Dii'eclors, Repoi'l ii)cliided within tlie Trustees, Repoi'l. We have nothing to repoi'l in I'espect of the followino inatteis whei'e the Coinpanies Act 2006 requii'es us to report lo yoii if, in oui. opiiiioi): adequate aiid pi'opei. accounting recoi'ds have not beei) kept, or reliii'ns adeqiiate for our audit liave iiol been received fi'oin bl'anches iiol visited by us. oi. the financial stateinenls al'e not in agi'eeiment with the accoiinting I'ecords and retui'ns- oi. certain disclosiires of tt'ustees, reinunei'atioii specified by law are not Inade. or we have not received all the infoi'ination and explanatioiis we I'equii'e foi. our audit. M<ltlei's 051 11,1)icli ive al'e i-eqLllI'ed lo i-epoi-t b), exLepiioi) Cl)ai'ities (Accounts and Repoi'ls) Regulations (Nortliei'n Ireland} 2015 requii'e us lo I'epoi'l to you if, iii our opiiiion.. The infoi'ination given in the Ti'ustees, report is inconsistent in any Inaterial respect with the financial stateiiienls. or Siifficient accouiiting I'ecords have not been kept. OI. The financial slateiiients al'e not ii) agi'eeinent with the accounting records. oi. We have not received all the inforination and explanations we i'equii'e foi. our audit. Respoiisibil ilies of InanacTeiiieiil aiid Iliose cligL I'ged Ni'iili (Jovei-i)aiice foi. Ilie finaiicial siaieiiienls As explained Inoi'e fully in the Ti'uslees, responsibilities stalenient, Inanageinent is responsible for the prepai'ation of the financial stateinents which tsive a triie and fail. view in accordance with United Kingdoin Genei-ally Accepted Accoiinting Practice, including FRS 102, and foi. such intei-nal control as ti'uslees deterinine iiecessary lo enable the pi'epai'ation of fiiiancial staleinents are fl'ee froim i)iaterial Inisslaleinenl, whethei. due to fi'aud or ei'i'oi.. In pi'epai'ing the financial slateineiits, 1￿anage1nent is responsible for assessing the tl'USt's ability to continue as a going coiicern, disclosing, as applicable, niattei's related to going coiicei'n and usii)g the going concern basis of accounting unless niaiiageinent eithei. intends to liquidate tlie ti'usl oi. to cease opei'ations, oi. has no I'ealistic alternative but to do so. Those chai'ged with governance al'e I'esponsible for ovei'seeing the gi'oup's and the trust'5 fiiian¢ial I'epoi'ting process. Resi)011sibilities of Ilie a iiditoi- foi- tlie 44udit of Ilie fiiii< IICi¢il staleiii eiits The objectives of an auditor al'e to obtain reasonable assurance about wlielliei. the financial stateiiients as a whole al'e fl'ee froim Inaterial iiiisstalemenl, wliether due to fraud oi. eiTOI', and lo issue an auditor's I'epoi't that ii)cludes Iheii. opinion. Reasonable assurance is a high level of assurance, bul is not a guai'antee that an aiidil conducted iii accordance witli ESAS (UK) will always delect a Inatei'ial inisstateinenl wheii it exists. Misslateinents can arise fi-oin fi'aud or ei'i'or and are considered Inalerial if, ii)dividually oi. in the aggregate, they could reasonably be expected to iiifliience the ecoiioinic decisions of useis taken on the basis of these financial slaleinents. A furihei- description of an auditor's I'esponsibilities foi. tlie audit of the financial stateinents is located on tlie Financial Repoiting Council's website at.. www.fi'c.oi' .uk/auditoi'si'es onsibilities. This description foi-lns part of our aiidilor's report.

Ulster Community Investment Trust Limited Independent auditors, report to the members of Ulster Community Investment Trust Limited continued li-i-egulai'ities, ii)cluding fi'aud, are inslaiices of non-coinpliai)ce witl) laws aiid I'egLilatioiis. We design pi'ocedui'es in line with oui- i-espoiisibilities, outlined above, to dele¢l Inalei-ial Inisstatei￿enIS in i'espect of ii'i'egulai'ities, including fi'aiid. Owing to Ilie inhei'ent li1￿7tationS of an audit, tl)ere is an unavoidable I'isk thal Inatei'ial Inisstateinent in the finai)cial staleiiients Inay not be detected, even thoiigh the aiidit is properly planned aiid perfoi'ined in accoi'dance with the ISAS (UK). The extent lo which our procediires al'e capable of detecting ii'i'egularitie5, iiicluding fi-aud is detailed below. Based on our uiidei'standing of the Coinpaiiy and iiidustiy, we ideiitified that the principal I'isks of non-coinpliance with laws and i-egulations I'elated lo coinpliance with Einployinent Law, Environinental Regulations aiid Health and Safely laws, and we coiisidei'ed tl)e extent lo which non-coinpliance Inight have a Inatei'ial effect on the financial stateinei)ts. We also considei'ed those laws and i-egulati011S that have a direct iiiipact on the pi'epai'alioi) of tlie financial stateiiients such as the Coinpanies Act 2006 and UK tax legislation. We evaliiated nianageineiit's incentives and oppoi'tunities foi. fraudulent Inanipulation of the financial stateiiien15 (including the I'i5k of override of controls), and deterii)ined that the pi'incipal risks wei'e i'elated to posting inappi'opriate jourt)al enti'ies to inaiiipulate financial pei'foi-lnance aiid Inanageiiient bias thi-ough judgeiiienls and assuillpiions in significant accounting estiinates, iii pai'licular iii relation to sitsnificant one-off or unusiial ti'ansactions. We apply pi'ofessional scepiicisin thi'ough the audit lo considei. potential deliberate oiiiission or concealinent of significant transactions, oi. incoiiipleteliiiaccurale disclosui-es iii the financial stateinent. In i'esponse to these principal I'isks, oui- audit pi'ocedlli-es included but were not liinited to.. eiiquiries of inanageinent 01) the policies and pi'ocediires in place I'egarding coinpliance with laws aiid regiilatiOll5, including considel'ation of known oi. suspected instances of iion-¢oinpliance and whethei. Iliey l)ave knowledge of any actual, suspected oi. alleged fi'aud. inspection of the coinpany's regulatoiy and legal correspondence and review of Ininutes of dii'ector's Ineelings during tlie year to COlToboi'ate inquiries Inade. gaining ali uiiderstanding of tlie ii)teiMal controls established lo Initigate risk related to fraud. discussion ainongst the engageinent team in i-elation to the identified laws and regulations and regai'ding the I'isk of fi'aud, and reinaining alert lo any indications of i)on-eoinpliance or opportunities foi. fi'audulent ii)anipulation of financial stateinents throughout the audit. ideiitifying and testing joui'nal entries to address the risk of inappi'opi'iate journals and Inanageiiient overi'ide of controls. designing aiidit procedui'es lo incoi'porate uiipi'edictability around the nacure, tiining or extent of our testing. challenging assuinptions and judgeiments Inade by Inanageineiit in their significant accounting estiinates including PI'OVi5101)s foi. loan due fi'oin coininunity developinent oi'ganisalions. ai)d review of the financial staleinent disclosures lo undei'lying suppoiting docuinenlalion and iiiquiries of Inanageiiient. The pi'iinary I'esponsibility for the prevention and detection of irreoiilaritie5 incliiding fi'aud I'esls with those chai'ged with governance and iiianageinent. As with ai)y audit, thei'e I'einaiiis a risk of non-detection or iri'egulai'ilies, as these Inay involve collusion, forgery, intei)lional oinissions, Inisrepi'esentations oi. ovei'ride of intei'iial conti'ols. Tlie piii'i)ose ol- OLII. aiidil iiioi'k and 10 ii,lioin iiie oive oui. I'e5I)01)sibililies This I'eporl is Inade 501ely lo the coinpany's Imeinbers, as a body, in accordance with cl)apter 3 of Part 16 of the Coinpanies Act 2006. Out. audit woi'k lias been undertaken so Ilial we Inight state to the coinpany's Ineiiibei's those Inattei's we are I'equii'ed to slate lo Ihein in an auditoi s repoi'l and foi. iio othei. purpose. To che fullest extent permitted by law, we do not accept or assuine responsibility to anyone othei. than the coinpany and the coiiipany's Ineinbers as a body, foi. oiir audit woi'k, foi. this I'epoit, or foi. the opinioiis we have forined. Nikita Lynn (Senioi. Statutory Aiidilor) Foi. and 011 behalf of Gi'aiil Thornton (Nl) LLP Charlei'ed Accountants & Statutoiy Auditors Belfast Dale: 23/0612)

Ulster Community Investment Trust Limited Consolidated Statement of Financial Activities for the year ended 31 December 2024 2024 2023 Unrestricted Unrestricted Note Xiicomiiig i'e50urces Interest I'eceivable 1,841,891 418,076 23,056 2.283,023 1,568,147 437,465 22,519 2,028,131 Fee incoi)ie oihei. incoiiie Total incoming resou I'ces Resources expended Chai'itable activities (1,542,189) (1,538,096) Other resources expended Bad debts I'ecovered (67,465) (114) (1,609,768) 673,255 {] 20,353) 552,902 19,19J,059 19,745,961 (25,841) (21) (1,563,958) 464,173 (50,186) 413,987 18,779,072 19,193,059 Foi'eign excliange (loss)Igain Total nel adininisti'ative expenses Net iiicome for the year Foi'eign exchange gain l (loss) on ti'anslation of subsidiaiy Net movement in funds Fund balance brouglit foi'wai'd Fund balance carried forivard All iiicoining resources and resources expended are dei'ived froin continiiing activities. 12

Ulster Community Investment Trust Limited Consolidated balance sheet as at 31 December 2024 2024 2023 Note Fixed asset5 Tangible assets Investiiienls 771,388 36,664 808,052 819,31 36,664 855,975 Curreiit assets Debtors.. ainounts falling due aftei. Inore than one yeai. Debtors.. ainouiits falliiig due within one yeai. Cash at baiik and in hand 23,459,884 4,628,708 7,594,953 35,683,545 (3,278,348) 32,405,197 33,213,249 (13,440,787) 19,772,462 23,673,591 5,027,610 4,771,660 33,472,861 (3,918,212) 29,554,649 30,410,624 (11,189,814) 19,220,810 Ci'editors: amounts falling due iyithin one year Net current assets Total assets less current liabilities Creditors: amouiits falling due after niore than one year Net a55ets The funds of the Charity Called up shal'e capital Uni'estricted incoine funds 26,500 19,745,961 27,750 19,193,059 Other reserves Total charity funds 19,772,462 19,220,810 The total nel incoine of the parent has been disclosed in note l (d). The notes on pages 17 to 25 fori)i an inlegi'al pal't of these financial slatenients. The finaiicial staleinents 011 pages 12 10 25 were approved by the board on 19 Jiine 2025 and wei'e signed on its behalf by.. C Blackbourne Chaii'person 'Pi'ey ru5tee B Connolly Secretary Ulster Community Investment Trust Limited Registered Number: IP 374 13

Ulster Community Investment Trust Limited Company balance sheet as at 31 December 2024 2024 2023 Note Fixed asset5 Tangible assets Iiivestl￿ents 771,467 1,341,674 2,113,141 818,363 1,341,591 2,159,954 Cu rrent assets Debtoi's.. aniounls falliiig due aftei. Inore than one year Debtors.. ainoiinls falling due within oiie year Cash at bank and in hand 9,870,484 2,006,053 4,664,075 16,540,612 (52,524) 16,484,088 18,597,229 11,470,954 1,258,709 3,617,763 16,347,426 (194,723) 16,152,703 18,312,657 (281,930) 18,030,727 Creditors: amounts falliiig due Ivithiii one year Net current assets Total assets less curi'ent liabilities Creditors: amounts falling due after more than one year Net assets 18,597,229 The funds of the charity Called up share capital Unrestricted inconie funds 26,500 27,750 Al l January Surplus for the year Total unrestricted income funds 18,002,977 567,752 17,758,297 244,680 18,002,977 18,030,727 18,570,729 18,597,229 Total cllarity fund5 The notes on pages 17 to 25 forin an integi'al pait of Iliese financial stateiiients. The financial statements on pages 12 to 25 were appi'oved by the boai'd on 19 June 2025 aiid were signed on its behalf by= C Blackboui'ne Chairperson ' Prey Trustee Mr B Connolly Secretary U15ter Com munity InvestInent Trust Lim iled Registered Nuniber: IP 374 14

Ulster Community Investment Trust Limited Consolidated Statement of cash flows for the year ended 31 December 2024 2024 2023 Note Cash floivs from operating activities Nel casl? ge17ei'aled/(eApep?ded) oi? opep'ali17g aclivilies Cash flows from iiivesting activities Dividends, intei'est, and I'enls fi'oin investinents Pui'chase of propei'ty, plant, and equipineiit Lossl(proceeds) froiii sale of iIivestinenls Nel cas17 ge17ei'aled/(e.Ypei7ded) op? ii?vesfi17g acliiiilies Cash floivs from financiiig activities Issuance of shal'e capital 2,934,447 (2,549,448) 21,472 (11,023) 20,934 (24,383) 15,836 12,387 10,449 (1,250) 500 Cl7ap7ge in cas17 a17d cash eqiiivaleiils iii ihe yeai. Cash and cash equivalents at the beginning of tl)e year Change in casli and cash equivalents due to exchange I'ale Inoveinents Cash and cash equivalents at the end of the year 2,943,646 (2,536,561) 4,771,660 7,358,407 (120,353) 7,594,953 (50,186) 4,771,660 Reconciliation of net income to net cash flow from operating activities 2024 2023 Note Net iIicome for tlie year Adjiisliiiep71sfop Depreciation charges Dividends, iiitei'esl, and I'enls froin investiiients Moveinei)t in debtors 673,255 464,173 58,946 (21,472) 6J2,609 1,611,109 2,934,447 62,535 (20,934) (3,206,480) 151,258 (2,549,448) Moveinent in creditors Net cash generatedl(expended) on operating activitie5 15

Ulster Community Investment Trust Limited Consolidated statement of changes in equity for the year ended 31 December 2024 Called up sliare capital Uni'estricted income fuiids Other -eserves Total Balance at l Janiiary 2024 Repurchase of share capital in the year Net inoveiiient in flinds foi. the year Foi'eign exchange (loss) oil translation of forei n subsidia Balance at 31 December 2024 27,750 (1,250) 19,193,059 19,220,810 (1,250) 673,255 673,255 (120,353) (120,353) 26,500 19,745,961 19,772,462 Called up share capital Uiirestricted income funds Other reserves Total Balaiice at l Januai'y 2023 Issue of Shal'e capital in the year Nel moveinent in fuiids foi. the year Foi-eign exchaiige (loss) on ti'anslation of forei n subsidia Balance at 31 December 2023 27,250 500 18,779,072 18,806,323 500 464,173 464,173 (50,186) (50,186) 27,7SO 19,193,059 19,220,810 Company statement of changes in equity for the year ended 31 December 2024 Called up share capital Unrestricted income funds Total Balance at l Jaiiuary 2024 Repurchase of shal'e capital in the year Net Inoveinent in funds for the year Balanee at 31 DecembeR' 2024 27,750 (1,250) 18,002,977 18,030,727 (1,250) 567,752 18,597,229 567,752 18,570,729 26,500 Called up share capital Unrestricted income funds Total Balaiice at l January 2023 Issue of share capital in the yeai. Net nioveinent in funds for the year Balance at 31 December 2023 27,250 500 17,758,297 17,785,547 500 244,680 18,002,977 244,680 18,030,727 27,750 16

Ulster Community Investment Trust Limited Notes to the financial statetnents for the year ended 31 December 2024 General information The priiicip81 activity of the coinpany is to provide social finance to oi'ganisatioiis operating in tlie thii'd sector. Tlie addi'ess of the I'egistei'ed office is 6111 Flooi. Glengall Exchange, 3 Glengall Street, Belfast, BT12 SAB. Statement of compliance The financial staleinent5 01 Ulslei. Coininunity Ii)veslinent Ti'ust Liinited l)ave been prepai'ed in coinpliance with United Kingdoin Accounting Standards, including Finai)cial Repoiting Standai'd 102, 'The Financial Repoiting Standai'd applicable in the Usliled Kingdoiii and the Republic of Ii'eland" ("FRS 102") and Ilie Coinpanies Act 2014 and Ilie Statei)ient of Recoinineiided Pi-actice (SORP) FRS 102. The Ti'ust has adapted the Co-opei'ative and Coiniiiiinity Bei)etil Societies Act (Noi'ihei'n Ii'eland) 1969 aiid 1976 foi'inats to I'eflecl the Charities SORP and the special natui'e of the Trust's activities. Summary of significant accounting policies Tlie principal accounting policies applied in the preparation of tliese fiiiancial slateineiits are set out below. These policies have been consistently applied lo all the years preseiited, unless othei'wise staled. The coinpany has adopted SORP FRS 102. (a) The financial slaleinents are prepared undei. the liistorical c051 convention. Historical cost convention (b) Going concern These financial staten)enls have been pi'epai'ed on a going concei'n basis based on the fact that the charity has substantial resei'ves and cash fuiids to enable the gi'oup to continue to trade foi. the foi'eseeable futui'e. The Directors have reviewed budgets and forecasts provided and are coinfoitable tliat adequate funding is in place foi. the chai'ity to be signed off as a Going Concern. (c) Consolidation The consolidated profit aiid loss account and balance sheet include the financial stateinents of the Trust and ils subsidiary undertakings Inade lip to 31 Deceinber 2023. Inter-coinpany transactions, balances and unrealised gainsllos5es on transactions between group cotnpanies al'e eliininated on consolidation. Accounting policies of subsidiaries liave been changed where iiecessai'y to eiisure consistei)cy with the policies adopted by the group. (d) Parent company statement of financial activity The pareiit Coinpany has taken the exemption fro1￿ pi'esenting its stateinent of financial activity. The net incoining resoiirces for the yeai. of the pai'ent coinpaiiy wei'e £571,360 {2023.. £244,680). (e) Incom ing resources Incoii)ing resoui'ces relates to interest due on loans provided after pi'ovisions as well as interest due fi'om bank deposits dui'ing the year. All incoming I'esoui'ces are iiicluded in the Staleinent of Financial Activities 011 an acci-uals basis wheii the Ti'usl is legally entitled to the incoine aiid the ainouiit can be quantified with reasonable accuracy. (o Grants Gi'ants i'eceived for the puiyose of leiiding to and iiivesting in Coininiinity Econoinic Developinenl Oi'gani5alions or relatiiig lo einployees al'e credited to Ilie Stateinent of Financial Activities when received. (g) Resources expended All expei)ditui'e is accounted foi. on an accruals basis and has been classified under headings that aggregate all costs related lo the categoi'y. Where costs cannot be dii'ectly attributed to pai'ticulai- headings they have been allocated to activities based on level of activity. (h) Charitable activities Charitable expenditure coinpi'ises those costs iiicui'red by the Trust in the delivery of its activities and services for its beneficiai'ie5. 11 includes both costs Iliat can be allocated dii'ectly lo such activities and those costs of an indii'ect natui'e iiecessaiy to supply theiii. 17

Ulster Community Investment Trust Limited Notes to the financial statements for the year ended 31 December 2024 General information (coiitinued) (i) Governance costs Governance costs incliide Il)ose costs incurred in the governance of its assets which are associated witli constilulioiial and slatutoiy reqiiii'einents. ti) Pension costs The Ti'iist operates a defined contribution scheine for its ¢inployees. Conti'ibutioi)s al'e chai'ged to the stateinenl of financial activities in tlie pei'iod lo wliicli they I'elate. (li) Foreign curreiicies Coiiipciiiy Ti'ansa¢lioi)s denoininated in foi'eign currencies are translated at the exchange l'ate at the date of the transaction. All Inoiiet8ry assets and liabilities denoininated in foi'eigii cui'i'encies al'e translated at the rate of exchaiige at the Balance Sheet date oi. the excl)ange rate of related foi-eign exchange contract where appropriate. Non-iiionetary assets aiid liabilities denominated in foreign curi'encies are ti'anslaled at the l'ate of exchange at the date of tlie ti'ansaction. Tlie i'esulting gain or Ios5 is dealt with in the stateinent of financial activities. Group The results and fiiiancial position of all the subsidiary undei'takings that have a fuii¢lional currency different fro7￿ the pi-esentation curreiicy al-e ti'anslated into the pi'esentation cui-reiicy as follow5.. assets and liabilities for each balance sheet pi'esented al'e ti'anslated at the closing rate at the dale of that balance sheet. aiid incoine and expenses for each pi'ofit and loss account are translated at average exchange rates. All I'esulting exchange differences are I'ecognised as a Inoveinent in profil and loss reserves. (i) Taxation The Trust is a registered chai'ity, and as such is entitled to cei'tain tax exeinptions on incoine and pi'ofits fi'oiT] investinents, and suipluses on any ti'ading activities carried on in fuitherance of the Ti'usl's pi'iinary objectives, if these profits and sui-pluses are applied solely for chai'ilable piirposes. (m) Tangible assets Tangible assets al'e slated at cost less accuiniilated depreciation. The cost of tangible fixed assets is their pui'chase cost, together with any incidental costs of acquisition. Depi'eciation is calculated so as to wi'ite off the cost of tangible fixed assets, less Iheii. estiimated residual values, on a straight line basis over the expected usefiil econoinic lives of the assets concei'ned. The principal annual rates used are as follows.. Property Office equipn)ent (n) Investments Fixed asset investinenls are stated at their purchase cost less any provision foi. iiiipairinent. Iinpairinent I'eview5 are pei'forined when there has been ali indicatioii of potential iinpairinenl. (o) Debtors Debtors are slated aftei. all knowi) bad deb15 have been wi'itten off and specific pi'ovision has been inade against all debts considered doubiful of collection. (p) Cash and eash equivalents Cash and cash equivalents include cash in liand and deposits held on call witli banks. (q) Share capital Oi'diiiaiy 5hai.es are classified as equity. Increii)enlal costs dii'ectly atti'ibulable to the issue of new oi'dinai'y shares or options are showii in equity as a deductioii, net of tax, fi'oin the pioceeds. 18

Ulster Community Investment Trust Limited Notes to the financial statements for the year ended 31 December 2024 General information (continued) (r) DisÉi'ibutions to equity holders Dividends and oihei. disti'ibulions to the coinpany'5 shai'eholdei's are I'ecogiiised as a liability in the financial stateiT]enls in tl)e pei'iod in wliich the dividends aiid othei. disti'ibutions al'e appi'oved by the coinpaiiy's shareholdei's. These amounts al'e recognised in tlie Slaleineiit of changes iii equity. (s) Fund accounting The Ti-ust only holds uiire5tricted funds which are expendable at the discretion of tlie ti'uslees in furtherance of the aiins of the Trust. Critical accounting judgements and estimation uncertainty Estimates and judgeiments al'e continually evaluated and are based on historical experience and otl)ei' factoi's, including expectations of future eveiits that al'e believed to be I'easonable undei. tlie circuinslances. (li) Crilicaljiiclgeiiieiils ill uppljyiiig ilie eiilitjj's ftceoiiiiliiig policies Exeinptions on ti'ansition to FRS 102. Provisions on loans to coininunity developineiit organisations are based on expert judgeinent and expei'ience. Each provision is deterinined on a case by case basis and reviewed by senior Inaiiageiiient on a I'egular basis. Crilic(Il accoiiiiliiig e3liiiirtles (iiicl (Issiiiiipli0115 Manageinent apply certain judgements and estiiiiates lo the loan balance5 to coininunity developinenl organisations in delerinining the i'ecoverable ainount at the yeai. end. These judgeinents and esliinates are based on historical i'epayinei)t inforinatioii and other specific infoi'ination on a client basis. Manageinent apply a percentage estli￿ale lo the total loai) balance outstanding in ordei. to estiimate the ainount that is deeined ii'i'ecoverable al the year end. Taxation The Trust is a registei'ed chai'ity, and as such is enlitled to ceitain tax exeinplions on incoine and pi'ofils fi'oin investments, and surpluses on aiiy trading activities cari'ied on in furthei'ance of the Trust's pi-iillaiy objectives, if these pi'ofits aiid 5uI'pluses are applied solely for chai'ilable pui'poses. Incoming resources 2024 2023 Charitable activities Intei'est receivable 1,841,891 13,052 1,584 1,568,147 24,022 1,584 Fee incoine Other incoine Trading activities: Fee income 405,024 21,472 2,253,023 413,443 20,935 2,028,131 Other incoine 19

Ulster Community Investment Trust Limited Notes to the financial statements for the year ended 31 December 2024 (continued) Charitable activities 2024 2023 Staff costs (iiote 5) Adininislrative expenses Depreciation Governance costs: 897,128 501,362 58,946 823,908 604,518 62,536 Professional. legal aiid consultancy costs Boai'd travel and Ineeting costs Auditors, reinuneration foi. audit 41,136 4,917 38,700 1,542,189 12,257 4,877 30,000 1,538,096 Employee information 2024 2023 Group Staff costs: Wages and salai'ies Social secui'ity costs Pension costs 762,005 73,351 61,772 897,128 703,499 65,041 55,368 823,908 Number 2024 Nuinber 2023 Average rnonthly number of pei'solls employed by the gi'oup during the year by activity iyas: Adininistration 16 The total ainouiit paid lo key Inanageinent personnel ( who al'e considei'ed to be in a decision making position) dui'ing the yeai. iii relation to tlie chai'itable entities was £228,824 (2023: £213,813). 2024 2023 Company Staff costs: Wages and 5alai.ies Social secui'ity costs Pension costs 369,843 32,045 32,904 434,792 333,275 25,759 28,209 387,243 Number 2024 Nuinber 2023 Average monthly number of persons employed by the company during the year by activily ivas: Adininistratioii 20

Ulster Community Investment Trust Limited Notes to the financial statejnents for the year ended 31 December 2024 (continued) Employee information (continued) Ti'ustee emoluments Ti'iistees do not receive any reiT]uiiei'ation foi. theii. sei'vices. In 2024, £1,21 O was recognised in relation to oiit of pocket expenses (2023.. £901). Iiideinnity insiiraiice foi. dii'ector5 and officers has been pui'cliased by the cl)arity at a charge of £1,429 (2023.. £2,737). Tlie nuinber of einployees whose total einployee benefits (excliiding eniployei. peiision costs) for tl)e year exceeded £60,000 is given below.. Number 2024 Nuinbei. 2023 £60,000- £69,999 £70,000 - £79,999 £80,000- £89,999 6 Tangible assets Office Equiprnent Group Property Total Cost At l Jaiiuary 2024 Additions 702,878 397,217 11,023 408,240 1,100,095 11,023 1,111,118 At 31 Decembei. 2024 702,878 Amounts written off At l Januaiy 2024 Cliarge foi. the yeai. At 31 December 2024 60,917 14,058 74,975 219,867 44,888 264,755 280,784 58,946 339,730 Net book amount At 31 December 2024 627,903 143,485 771,388 Ai 31 Deceinber 2023 641,961 177,350 819,311 Office Equipllient CompaIiy Property Total Cost Ai l Januaiy 2024 Additions 702,878 372,85 11,023 383,878 1,075,733 11,023 1,086,756 At 31 December 2024 702,878 Amounts ivi'itten off Al l Januaiy 2024 Charge foi. the yeai. At 31 Decembei. 2024 60,917 14,057 74,974 196,453 43,862 240,315 257,370 57,919 315,289 Net book amount At 31 December 2024 627,904 143,563 771,407 At 31 Deceinbei- 2023 641,96J 176,402 818,363

Ulster Community Investment Trust Limited Notes to the financial statements for the year ended 31 December 2024 (continued) 7 Investments Other investments Group Cost At l January 2024 and JI DeceInber 2024 36,664 Amounts ivritten orr Ai l Januai'y 2024 aiid 31 December 2024 Net bool( amount At 31 December 2024 36,664 At 31 Deceinbei. 2023 36,664 liive5tments in subsidiary undertakings Company Cost At l Jaiiuary 2024 Additions 1,341,591 83 At 31 December 2024 1,341,674 Amounts ivritten off Al l Januaiy 2024 and 31 December 2024 Net book amounl At 31 Decembei. 2024 1,341,674 At 31 Deceinber 2023 1,341,591 22

Ulster Community Investment Trust Limited Notes to the financial statements for the year ended 31 December 2024 (continued) 7 Investments (continued) The parent coinpai)y has the following investineiits in siibsidiaiy undei'lakings which had a cost of £1,341,674 (2023: £1,341,591) in total. These at'e.. Country of Registration Natui'e of Busiiiess Proportion of oi'dinary shares held by the company I OOO/D Compaiiy Ulstei. Coininunity Finance Liinited Ulstei. Coiiiiiiunity Lnvestinent Trust (Ii'eland) Ulster Coininuiiity InvestlT]eiil Trust (Ireland) Two DAC Nortliern Ireland Fund Inanageinent Republic of Ireland Econoinic I'egeneration loo% Republic of Ii'elaiid Econoinic i-egenei'atioi) Ulster Coinii)unity Finance Liinited recorded net incoming resources of £147,056 foi. the year to 31 Deceinbei. 2024 (2023: £136,517) and had net assets of £50,684 (2023.. net a55ets of £50,684} at tl)al date. Ulster Commiinity Investiiient Triist (Ii'eland) had net incoming resoui'ces of el 25,797 foi. the year to 31 Decenibei. 2024 (2023.. e251,700) and had net assets of e2,981,261 (2023.. Iiet assets of E2,855,464) at that date. Ulstei. Coininuiiity Investtnent Ti-ust (Ii'eland) Two DAC was donnant dui'ing the year to 31 Deceinber 2024 and had net assets of e l 00 at that date. 8 Debtors Gi'oup 2024 Compaiiy 2024 2023 2023 Amounts falling due after more than one year Loans to coininunity developinent anisalions oi. Amounts falling due ivithin one year Ainounts due froin subsidiary undeitaking Loans to COlT]Inuiiity developinent organisalions Pi'epayinenls and accrued incoine 23,459,884 23,673.591 9,870,484 11,470,954 914,336 47,565 4,597,630 4,959,124 1,078,861 1,156,258 31,078 4,628,708 28,088,592 68,481 5,027,610 28,710,201 12,856 2,006,053 11,876,537 54,886 1,258,709 12,729,663 Total debtor5 Loans to coiniiiunity developinenl organisations al'e inade at a conimei'cial rate of interest ranging fi-oin 3-5 % plus BOE base rate. Loans to coinmunity developinent organisations are stated after provisions of £394,068 (2023: £325,183} foi. the gi'oup and £257,966 (2023.. £219,906) foi. the coinpany. Ainoui)ts due fi'oin tlie subsidiai'y undertaking are unsecured, intei'esl-free and al'e I'epayable oil deinond. 23

Ulster Community Investment Trust Limited Notes to the financial statements for the year ended 31 December 2024 (continued) Creditors: amounts falling due Ivithiii one year Group 2024 Compaiiy 2024 2023 2023 Trade ci'editors 22,847 50,663 6,176 83 23,900 Aii)ounls due lo subsidiary undertakings Accruals and defeii'ed incoine 78,561 3,176,940 3,278,348 154,398 3,713,152 3,918,213 50,265 136,140 34,683 194,723 Loans 56,524 Loans consists of loai)s made to the coinpany for the puipose of onlending to the coininuiiity secloi- and attract interest at varioiis rate5. Loans froin tlie Social Fiiiance Foundation are held by Ulstei. Coininunity Investn)ent Trust (Ii'eland) and are secui'ed by way of an assigninent ovei. those loans made by the Ti'ust that are flinded by the Social Finance Foiiiidalion. Ainounts due to tlie subsidiai'y undeitaking are uiisecured, interest-fi'ee aiid al'e repayable 011 deinand. 10 Creditors: amounts falling due after more than one year Group 2024 Company 2024 2023 2023 Loans 13,440,787 11,189,814 281,930 Loans consists of loans Inade to the COiT]pany foi. the purpose of onlending to the coininunity sectoi., are i'epayable after Inoi'e than one year and atti'acl intei'esl at vai'ious races of between 00/0 and 4.450/0. Loans froin the Social Fiiiaiice Foiindation are held by Ulstei. Coininunity ljivestinenl Trust (Ii'eland) and are secui'ed by way of an assignineiit ovei. those loans Inade by the Ti'usl that are funded by the Social Finance Foundation. 11 Financial instruments The coinpaiiy has the followii)g financial inslruinents.. Group 2024 Company 2024 2023 2023 Financial a55et5 held at amortised cost Ainounls due fi-oin subsidiary undertaking Cash at bank Loans to cominunity developinent or anisatioiis 914,336 4,664,075 47,565 3,617,763 7,594,953 4,771,660 28,057,514 28,632,720 10,949,346 12,627,212 35,652,467 33,404,380 16,527,757 16,292,540 Fiiiancial liabilities held At amortised cost Trade ci'edilors (22,847) (50,663) {6,176} (83) (50,265) (23,900) Ainount5 due to subsidiary undei'laking5 Accriials and defei'i'ed iiicoine (78,561) (16,617,727) {16,719,135) 18,933,332 (154,398) (14,902,965) (15,108,026) 18,296,354 (136,140) (316,613) (476,653) 16,609,153 Loans (56,524) 16,471,233 Total financial instrument5 24

Ulster Community Investment Trust Limited

Notes to the financial statements for the year ended 31 December 2024 (continued)

12 Called up share capital

12 Called up share capital
	2024	2023
	£	£
Allotted, called up and fully paid
26,500 (2023: 27,750) ordinary shares of £1 each (see Note 12)	26,500	27,750

Four members left the Trust during the year, with the Trust repurchasing 1,250 shares at a cost of £1 per share.

13 Capital

The Trust is a registered society. Each member has undertaken to contribute £250 to the assets of the Trust to meet its liabilities if called on to do so. The total amount contributed by members at 31 December 2024 is £26,500 (2023: £27,750). 1,250 shares of £1 each were repurchased by the Trust during the year.

14 Related party transactions and ultimate controlling party

There is no ultimate controlling party.

The company has taken advantage of the exemptions contained in FRS 102 not to disclose transactions with related parties that are subsidiary companies as all of the voting rights of the companies are controlled within the group.

Directors of Ulster Community Investment Trust Limited and its subsidiaries who through their position in companies to which Ulster Community Investment Trust Limited and its subsidiaries provide loans to are included as a related party under FRS 102. The balance on loans payable by these organisations at the 31 December 2024 and 2023 is included in the table below:

elow:
			Total loan outstanding
			at year end
Director	Company	Position in company	2024 £ 2023 £
Mr S O’Prey	West Belfast Enterprise Board Limited	Chief Executive	149,820 179,249

15 Financial Commitments

The Group had financial commitments relating to loans to community development organisations of £8,481,850 at 31 December 2023 (2023: £9,505,716).

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