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. Melow:|||| |---|---|---|---| ||||**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). 25