COMPANY REGISTRATION NUMBER: N1024513 CHARITY REGISTRATION NUMBER: 11J0338 Ulster New Zealand Trust Company Limited by Guarantee Unaudited Financial Statements 31 December 2023 Y CAMPBELL OMPANY Chartered accountants 631 Lisburn Road Belfast BT9 7GT Ulster New Zealand Trust Company Limited by Guarantee Financial Statements Year ended 31 December 2023 Page Trustees, annual report {incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements Ulster New Zealand Trust Company Limited by Guarantee Statement of Financlal Activities (including income and expenditure account) Year ended 31 December 2023 2023 Reslricted funds Total funds Total funds 2022 Unrestricted funds Note Income and endowmenls Donations and legacies Investment income 26,782 814 6.270 33,052 814 35,661 132 Total income 27,596 6,270 33,866 35.793 Expendilure Expenditure on charitable activtties Total expenditure 70 30.990 30.990 11,028 42,018 42.018 35,148 35,148 11.028 Net (expendllure)fincome and net mov8menl in funds (3.394) (4.758) 18,152) 645 Reconciliation of lunds Total funds brought forward Tolal funds carrled fornard 63,765 60.371 10,427 5,669 74.192 73.547 66,040 74,192 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 7 to 14 fonn part ot Iheso financial slatements. Ulster New Zealand Trust Company Limited by Guarantee Statement of Financial Position 31 December 2023 2023 2022 Note Fixed assets Tangible lixed assets 14 6,255 11,189 Current assets Debtors Cash at bank and in hand 15 1,800 62.003 63.803 60,845 60,845 Creditors: amounts falling due withln one year Nel current assets Tolal assets less current Ilabilities Net assets 16 1.060 59,785 66,040 66.040 800 63.003 74.192 74,192 Funds of Ihe charlty Reslricted lunds Unrestricted funds 5,669 60,371 66.040 10,427 63.765 74,192 Total charlty funds 17 For the year ending 31 December 2023 th& charity was entitled to exemption from audit under section 477 01 the Companies Act 2006 relaling to small companies. Directors. responsibilities". The members have not required the company to obtain an audit of its financial statements for the year in question in accordance V￿th section 476: The directors acknowledge their responsibiltiies for complying with Ihe requirements of Ihe Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance wÈth Ihe provisions applicable to companies subject to Ihe small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 4 July 2024. and are signed on behalf of the board by: Mr F Hall Trustee Mr D Twigg Trustee The notes on pages 7 to 14 lonn part of these flnancial gtslemont8. Ulster New Zealand Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2023 General information The charty is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in Northern Ireland. The address of Ihe registered office 15 The Ballance House, 118a Lisburn Road. Glenavy, Co. Antrim, BT29 4NY. Northern Ireland. Statement of compliance These financial statements have been prepared in cornpliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Ihe Republic of Ireland,, the Slatement of Recommended Practic8 applicable to charities preparing their accounts in accordance with the Financi￿ Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) {Charities SORP (FRS 102}) and the Companies Act 2006. Accountlng polloles Basis of preparalion The financial statements have been prepared on the historical cost basis, as modified by ihe revalualion of certain financial assels and liabilrties and investment properties measured at fair value Ihrough income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the enlity. Golng concern There are no malerial uncertainties about the charity's ability to continue. Judgements and key sources of estlmation uncertainty The preparation of Ihe financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumSL￿Ce$. Fund accountlng Unrestricted funds ar& available for use at the discretion of the trustees lo further any of the charitys purposes. Designated lunds are unrestricted funds earmathed by the trustees for particular future project or commitment. Restri¢ted funds are subjected to restrictions on their expendtture declared by the donor or through the terms of an appeal, and fall into one of Iwo sub-classes: restricted income funds or endowment funds. Ulster New Zealand Trust Company Limited by Guarantee Notes to the Financial Statements (¢ontlnued) Year ended 31 December 2023 Accountlng policles (conunued) Incoming resources All incoming resources are included in the statement of financial activities when entitlem&nt has passed lo the charity. it is probable that the economic benefits associated with the transaction will flow to the charty and the amount can be reliably measured. The following specrfic policies are applied to particular categories of income: incorne from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the ¢ost to the donor or Ihe estimated resale value. Donated lacilities and servroes are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a conlractual requirement for it lo be spent on a particular PUTPOSe and retumed rf unspent. in which case it may be regarded as restricted. Resources expended Expendilure is recognised on an accruals basis as a liability is incurred. Expenditure includ8s any VAT which cannot be fully recovered, and is classified under headings of the statement of finan¢ial activities to which it relates: expenditure on raising funds includes the cosls of all fundraising activitl8s. events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable aclivilies includes all costs incurred by a Charty in undertaking aclivities that further its charitable aims for the beneftt of its beneficiaries, in¢luding those support costs and costs relating to Ihe govemance of Ihe charity apportioned to charitable activities. other expenditure includes ail expenditure that Is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories r&flecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the aclivtties they conlribLrte to on a reasonable. justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at Cost. and subsequanlly stated at cost less any accumulated deprecialion and impaimienl losses. Any tangible assets carried at revalued amounts are recorded at Ihe fair value at the date of reV￿uatiOn less any subsequent accumulated depreciation and subsequenl accumulated impaiment losses. Ulster New Zealand Trust Company Limited by Guarantee Notes to the Financial Statements (¢ontlnu8d) Year ended 31 December 2023 Accounting policies (contlnu8d) Tanglble assets (conllnue An increase in Ihe carrying amount of an asset as a result of a revaluation. is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure wilhin the statement of financial activities. A decrease in the carrwng amount of an asset as a result of revaluation. is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown wthin other recognised gains and losses on the statement of financial activities. Depreciallon Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Short leasehold propety Fixtures and fittings Equipment Fully depreciated 25 /0 Straight line 25¢/0 Straight line Impairmenl ot flxed assets A review for indicators of impairment is carried out at each reporting date. with the recoverable amount being 8stimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting dale. For the purposes of impaimient testing, when It is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The ¢ash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assels or groups of assels. For impairment testing of goodwill. the goodwill acquired in a business combination is, from the acquisibon date. allocated to each of the cash-generaling units Ihat are expected to benefit from the synergies of the Combination. irrespective of whether other assets or liabilities of the charity are assigned to those units. Flnancial Instruments A financial asset or a financial liabilty is recognised only when Ihe charity becomes a paty io the contra￿Ual provisions of the instrument. Basic financial instruments are initially recognised at the amount re￿1vable or payable including any related transaclion costs. Current assets and current liabilsties are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Ulster New Zealand Trust Company Limiled by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 December 2023 Accounling pollcles (contlnued) Financial instruments (contlnued) Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments. induding derivatives. are Initi￿lY recognised at fair value. unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is nol a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interast for a similar debt instmment. Other financial instrumenls are subsequently measured at fair value. with any changes recognised in the statement of financial activities, wtth the exception of hedging instruments in a designated hedging relationship. Financial assets that are rneasured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of imparmenl, an impairment loss is recognised under the appropriate heading in the statement of financial activities in vAiich the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets Ihat are individually significant. these are assessed individually for impainTtent. Other financial assets are either assessed individually or grouped on the basi5 of similar credit risk characteristics. Any reversals of impaimient are recognised immediately. to the extent that the reversal does not result in a carrwng amounl of the financial asset that exceeds what the Garrying amounl would have been had Ihe impairment not previously been recognised. Llmited by guarantee Should the company wind up, any subscribers thal are present on this date, or cease to be a subscriber within one year of the wind up, they wll contribute to the assets of the company by such amount as may be required for payment of debts and liabilrties ot the company contacted before they cease to be a mgmber. payment of costs, charges and expenses of winding up, and adjustment of the rights of the contribLrtors amount themselves. not exceeding the specified amount in the slatement of guarantee. Donations and legacles Unrestricted Funds Restricted Total Funds Funds 2023 Donations Donations Donations New Zealand High Commission 26,782 26,782 10 Ulster New Zealand Trust Company Llmited by Guarantee Notes to the Financial Ststements (eontlnuedj Year ended 31 December 2023 Donations and legacies (conllnuedj Unrestricted Funds Restricted Total Funds Funds 2023 Grants Grants receivab18 6.270 6.270 6,270 33,052 26,782 Unrestricted Funds Restricted Total Funds Funds 2022 Donations Donations Donations New Zealand High Commission 22,676 1,800 22,676 1.800 Grants Grants receivable 11.185 11.185 11.185 35.661 24.476 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest receivable 814 814 132 132 Expendlture on charitable acllvllies by fund type Unrestricted Funds Restricted Total Funds Funds 2023 Direct charitable activity Support costs 26,696 4,294 30,990 7,240 3,788 33,936 8,082 11,028 42.018 Unrestricted Funds Restricted Total Funds Funds 2022 Direct charitable activity Support costs 18,925 3,383 8,847 3,993 12.840 27,772 7.376 35.148 22.308 11 Ulster New Zealand Trust Company Limited by Guarantee Notes to the Financial Statements {contlnued) Year ended 31 December 2023 Expenditure on charitable activities by activity type Activities undertaken directly Support costs Tolal funds 2023 Total fund 2022 Direct charrtable activity Governance costs 33,936 1.287 6,795 8.082 35.223 6,795 28.848 6.300 35.148 33.936 42,018 Analysls of support costs Analysis of support costs activlty 1 Total 2023 Tolal 2022 General office Govemance Costs 1,287 7,247 8.534 1.287 7.247 8.534 1.076 6,301 7.377 10. Net (expenditure)fincome Net (&xpendtture}fincoma is stated after ChargIn￿(Crod1Iingj. 2023 2022 Depreciation of tangible tixed assets 5,637 5.461 11. Independent examination fees 2023 2022 Fees payable to the independent examiner for: Independent examination of the financiai statements 1.160 840 12. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2023 2022 Wages and salaries 11,340 10,680 The average head count of employees during ihe year was 1 (2022: 1). The average number of full-time equivalent employees during the year is analysed as follows". 2023 2022 No. No. Number of stafl 12 Ulster New Zealand Trust Company Limited by Guarantee Notes to the Financial Statements (¢ontlnuedJ Year ended 31 December 2023 12. Staff costs (¢onllnued) No employee received employee benefits of more than £60.000 during the year (2022: Nill. 13. Trustee remunerallon and expenses No Trustee, nor any persons connected with them, have received any remuneralion from the Charityduring the year. 14. Tanglble fixed assets Short leasehold Fixtures and propety Itttings Equipment Total Cost At 1 January 2023 Additions 371.470 75,857 7,125 703 454,452 703 At 31 December 2023 371.470 75.857 7,828 455.155 Depreclalion At 1 January 2023 Charge for the year At 31 December 2023 371.470 68,122 3,868 3,671 1.769 443,263 5,637 371.470 71,990 5,440 448,900 Carrying amount At 31 December 2023 3.867 7,735 2,388 3,454 6,255 11,189 At 31 December 2022 15. Deblors 2023 2022 Olher debtors 1.800 16. Creditors: amounts lalllng due within one year 2023 2022 Accruals and deferred income 1,060 800 13 Ulster New Zealand Trust Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 December 2023 17. Analysis ot charitable funds Unrestrlcted lunds At 1 January 202 Al 31 December 2023 Income Expenditure General funds 63.765 27,596 {30,990) 60,371 At 1 January 202 At 31 December 2022 Income Expenditure General funds 61,465 24,608 (22.308) 63,765 Reslricted funds At 1 January 202 At 31 December 2023 Incom8 Expenditure Restricted Fund 10.427 6,270 111,028) 5,669 At 1 January 202 At 31 December 2022 Income Expenditure Restricled Fund 12.082 11,185 (12.840) 10,427 18. Analysis of net assels between funds Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assels 2,060 59,371 (1.060) 60.371 4,195 1,474 6,255 60,845 11,060) 66,040 5.669 Unrestricted Funds Restricted Tot￿ Funds Funds 2022 Tangible fixed assets Current assets Creditors less than l year Net assets 3.206 61.359 1800) 63,765 7.983 11,189 63,802 {800} 74,191 10,426 14