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