COMPANY REGISTRATION NUMBER: N1606891 CHARITY REGISTRATION NUMBER: N1100693 Ulster Federation of Credit Unions Company Limited by Guarantee Financial Statements 30 September 2022
Ulster Federation of Credit Unions Company Limited by Guarantee Financial Statements Year ended 30 September 2022 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 Federation of Credit Unions Page 1 Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 30 September 2022 The trustees, who are also the directors for the purposes of company law, present Iheir report and the unaudited financial statements of the charity for the year ended 30 September 2022. Reference and administrative details Registered charity name Ulster Federation of Credit Unions Charlty registration number N1100693 Company registration number N1606891 Principal office and registered Credit Union House office 218-220 Kingsway House Dunmurry Belfast Antrim BT17 9AE The trustees Mr W Camwath Mr B Hoey Mr W Brown Mr D Graham Mr R Lennox Ms N Mccomb Mr A Marsden Mr W McKeown Ms B Reid Mrw Carter Mrs A McKay Ms H Scott Independent examiner Johnston Graham Limited 2161218 Holywood Road Belfast BT4 1PD Structure. govemance and management Ulster Federation of Credtt Unions is a charitable company, limited by guarantee and incorporated on 31 March 2011, and was formally granted charitable status on 20 June 2016. The company was established under a Memorandum and Articles of Association which established the objecls and powers of the charitable company and is governed by these articles. In the event of the company being wound up. members are required to contribute an amount not exceeding £1.
Ulster Federation of Credit Unions Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 30 September 2022 Objectives and activities Page 2 The objectives of the company are to promote the following purposes: to advance education amongst the public in matters pertaining to credit unions and their potential in relieving poverty and need. to provide education and training in the knowledge and skills pertinent to the establishment and management of credit unions in Northem Ireland and the Republic of Ireland. to provide services, advice and information to assist the establishment and development of credit unions in Northern Ireland and the Republic of Ireland. In setting the objectives and planning activities for the year. The trustees have given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the activities have helped to achieve the Charity's purpose and provide a benefit to the beneficiaries. Achievements and performance The company is governed by a committee of elected representatives from all over Northem Ireland, previously elected by each credit union to their respective county zone. Durlng the year to 30 September 2022. the UFCU provided support and advice to over credit unions to assist them with ongoing development needs. An ongoing programme of training and education was carried out throughout the year to enable credit unions to operate more efficiently in the management and development of individual credit unions thereby increasing their potential to relieve poverty and need within their communities. Financial review Incoming resources for the year totalled £110,171, compared to £105,853 in the previous year. Resources of £100,253 were expended, resulting in a surplus for the year of £9,189 and unrestricted funds of £61,967 at 30 September 2022. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 29 April 2023 and signed on behalf of the board of trustees by". Mr W Carnwath Trustee
Ulster Federation of Credit Unions Page 3 Company Limited by Guarantee Independent Examiner's Report to the Trustees of Ulster Federation of Credit Unions Year ended 30 September 2022 I report to the truslees on my examination of the financial statements of Ulster Federalion of Credit Unions ('the charity,) for the year ended 30 September 2022. Responsibilitles and basis of report As the trustees of the company {and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of Charities Act (Northern Ireland) 2008 (the '2008 Act,) and the Companies Act 2006 ('the 2006 Act,). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the charity's financial statements as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the 2008 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or the financial statements do not accord with those records., or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination., or the financial ststements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Johnston Graham Limited Independent Examiner 2161218 Holywood Road Belfast BT4 1PD
Ulster Federation of Credit Unions Page 4 Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 30 September 2022 2022 Unrestricled funds Total funds Total funds 2021 Note Income and endowments Donations and legacies Charitable aclivilies 5,000 100.853 110,171 110.171 Total income 110.171 110.171 105,853 Expenditure Expenditure on charitable activities Total expenditure 100,352 100,352 106,990 100.352 100.352 106.990 Net incomel{expenditure) and net movement in funds 9,819 9,819 {1,137) Reconciliation of funds Total funds brought forward Total funds carried forward 52,148 52.148 53,285 61,967 61.967 52.148 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 6 to 12 form part of these flnancial statements.
Ulster Federation of Credit Unions Company Limited by Guarantee Statement of Financial Position 30 September 2022 Page 5 2022 2021 Fixed assets Tangible fixed assets Note 13 139,866 144,768 Current assets Debtors Cash at bank and in hand 14 51,487 145,218 52,597 131,168 183,765 196,705 Creditors: amounts falling due within one year Net current assets 15 101.684 103.465 95,021 80,300 Total assets less current liabilities 234.887 225.068 Creditors: amounts falling due after more than one year Net assets 16 172,920 61,967 172,920 52,148 Funds of the charlty Unrestricted funds 61,967 52,148 52,148 Total charlty funds 17 61,967 For the year ending 30 September 2022 the charlty was entitled to exemption from audit under section 477 of the Companies Act 2006 relating 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 with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorise(J for issue on 249April 2023. and are signed on behalf of the board by- Mr W Carnwath Trustee The notes on pages 6 to 12 form part of these financial statements.
Page 6 Ulster Federation of Credit Unions Company Limited by Guarantee Notes to the Financial Statements Year ended 30 September 2022 General information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Credit Union House, 218-220 Kingsway House. Dunmurry, Belfast, Antrim, BT17 9AE. statemenl of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the fijnctional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Dlsclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) No cash flow statement has been presented for the charity. Judgements and key sources of estimation uncertainty The preparation of the 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 circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of two sub-classes- restricted income funds or endowment funds.
Ulster Federation of Credit Unions Page 7 Company Limited by Guarantee Notes to the Financial Statements (continu8d) Year ended 30 September 2022 Accounting policies (contlnuedj Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity-, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income 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 cost to the donor or the eslimated resale value. Donated facilities and services 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 seNices is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities. events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of Ihe charity apportioned to charitsble activities. other expenditure includes all 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 reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned belween the activities they contribute to on a reasonable. justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost. and subsequently stated at cost less any accumulated depreciation and impaimient losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Ulster Federation of Credit Unions Page 8 Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 September 2022 Accounting policies (continued) Tangible assets (contlnued) An increase in the 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 impaimient that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying 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 within other recognised gains and losses on the statement of financial activities. Depreciation 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: Freehold property Fixtures and fittings Equipment 2 % straight line 20 % straight line 33 /0 Straight line Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated 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 date. For the purposes of impairment 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 cash-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 assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date. allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespeclive of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities 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. Where investments in shares are publicly traded or their fair value can othemise 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 ost less impairment.
Page 9 Ulster Federation of Credit Unions Company Limited by Guarantee Notes to the Financial Statements fcontinuedj Year ended 30 September 2022 Accounting policies (continued) Financial instruments (¢ontlnued) Other financial instruments. including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rale of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. other financial instruments are subsequently measured at fair value. with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured 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 impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance. and other financial assets that are individually significant, these are assessed individually for impairment. other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairmenl are recognised immediately. to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Limited by guarantee The members of the charity have a limit of guarantee of £1. Donatlons and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Grants Grant income 5,000 5,000 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Affiliation fees Rent received Insurance commission Stationery income Loan interest Other income 100,506 4,000 4,000 165 1.500 100.506 4.000 4,000 165 1,500 94,050 4,000 1,000 293 1,500 10 94,050 4,000 1.000 293 1,500 110.171 110.171 100,853 100,853
Page 10 Ulster Federation of Credit Unions Company Limited by Guarantee Notes to the Financial Statements {conlinued) Year ended 30 September 2022 Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Charitable activities 100,352 100,352 106,990 106,990 Expenditure on charitable activities by activity type Activities undertaken Total funds directly 2022 Total fund 2021 Charitable activities 100,352 100,352 106,990 Net incomel{expenditure) Net incomel(expenditure) is stated after chargingl(crediting): 2022 2021 Depreciation of tangible fixed assets 5,181 5,883 10. Independent examination fees 2022 2021 Fees payable to the independent examiner for: Independent examination of the financial statements 1,290 1,260 11. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2022 2021 Wages and salaries 65,142 63.283 The average head count of employees during the year was 2 (2021: 2). The average number of full-time equivalent employees during the year is analysed as follows.. 2022 2021 No. Number of administrative staff No employee received employee benefits of more than £60,000 during the year (2021: Nil). 12. Trustee remuneration and expenses No trustee received remuneration from the charitable company during the year (2018- Nil).
Page11 Ulster Federation of Credit Unions Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 September 2022 13. Tangible fixed assets Freehold Fixtures and property fittings Equipment Total Cost At 1 October 2021 Additions 175.000 10,529 7,408 279 192,937 279 At 30 September 2022 Depreciation At 1 Oclober 2021 Charge for the year At 30 September 2022 Carrying amount At 30 September 2022 At 30 September 2021 175.000 10,529 7.687 193.216 35,000 3,500 7.866 887 5,303 794 48.169 5,181 38,500 8.753 6,097 53,350 136,500 1.776 1,590 139,866 140,000 2,663 2.105 144,768 14. Debtors 2022 2021 Prepayments and accrued income Other debtors 1.487 50.000 2,597 50,000 51,487 52,597 15. Creditors: amounts falling due within one year 2022 2021 Accruals and deferred income Other creditors 1,427 100.257 2,666 100,799 101.684 103,465 16. Creditors: amounts falling due after more than one year 2022 2021 Other creditors 172,920 172,920 172,920 172,920
Ulster Federation of Credit Unions Page 12 Company Limited by Guarantee Notes to the Financial Statements fcontinugd) Year ended 30 September 2022 17. Analysis of charitable funds Unrestricted funds At 30 September 2022 At 1 October 2021 Income Expenditure General funds 52,148 110,171 (100,352) 61,967 At 30 September 2021 At 1 October 2020 Income Expenditure General funds 53,285 105,853 (106,990) 52.148 18. Analysis of net assets between funds Unrestricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 139,866 139,866 196,705 196,705 {101.684) (101.684) (172.920) (172,920) 61.967 61,967 Unrestricted Total Funds Funds 2021 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 144.767 144,767 183.765 183,765 (103,464) (103,464) (172.920) (172,920) 52,148 52,148