Page 4 Ulster Federation of Credit Unions Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 30 September 2023 2023 Unrestricted funds Total funds Total funds 2022 Note Income and endowments Charitable activities 106,977 106,977 110,171 Totsl income 106,977 106,977 110,171 Expenditure Expenditure on charitable activities Total expenditure 110,040 110,040 110,040 100.352 110,040 100,352 Net (expenditure)lincome and net movement in funds (3,063) (3,063) 9,819 Reconciliation of funds Total funds brought fomard Total funds carried forward 61,967 61,967 52,148 58.904 58,904 61,967 The ststement 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 financlal slatoments. Ulster Federation of Credit Unions Page 5 Company Limited by Guarantee Statement of Financial Position 30 September 2023 2023 2022 Note Fixed assets Tangible fixed assets 12 135,244 139,866 Current assets Debtors Cash at bank and in hand 13 51,702 146,725 51,487 145,218 196,705 198,427 Creditors". amounts falling due wlthin one year Net Current liabilities 14 274,767 274,604 76,340 58,904 77,899 61,967 Total assets less Current liabilities Net assets 58,904 61,967 Funds of the charity Unrestricted funds 58,904 58,904 61,967 Total charity funds 15 61,967 For the year ending 30 September 2023 the charity 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 authorised for issue on 27 April 2024, and are signed on behalf of the board by- Mr W McKeown Trustee The notes on pages 6 to 12 fo￿ part of these financial staternents. Page 6 Ulster Federation of Credit Unions Company Limited by Guarantee Notes to the Financial Statements Year ended 30 September 2023 General information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charty in Northern Ireland. The address of the registered office is Credit Union House, 218-220 Kingsway House, Dunmurry, Belfast, Antrim, BT17 9AE. Statement 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 Basls 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 functional currency of the entity. Going concern There are no material uncertainties about the charity's abiltty to continue. Disclosure 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 Ihe 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. Page 7 Ulster Federation of Credit Unions Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 September 2023 Accounting policies (continued) 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 estimated 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 services 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 the charity apportioned to charitable 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 between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at C05t, and subsequently stated at cost less any accumulated depreciation and impairment 105ses. Any tangible assels 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. Page 8 Ulster Federation of Credit Unions Company Limited by Guarantee Notes to the Financial Statements (¢ontlnuedJ Year ended 30 September 2023 Accounting policies (continued) Tangible assets (¢ontlnued) 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 impairment 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 revalualion, is recognised in other recognised gains and losses, except to which it offsets any previous revalualion 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 lrfe of that asset as follows.. Freehold property Fixtures and fittings Equipment 20/0 Straight line 200/0 Straight line 330/0 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 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 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 ¢ash-generating units that 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. 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 otheTwise 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. Page 9 Ulster Federation of Credit Unions Company Limited by Guarantee Notes to the Financial Statements (¢ontinuedJ Year ended 30 September 2023 Accounting policies (continued) Financial instruments (continued) Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business temis or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the fulure payments discounted at a market rale 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 impairment 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 impaimient not previously been recognised. Limited by guarantee The members of the charity have a limit of guarantee of £1. Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Afriliation fees Rent received Insurance commission Stationery income Loan interest 97,116 4,000 4,000 361 1,500 97,116 4,000 4,000 361 1,500 100,506 4,000 4,000 165 1,500 100.5C6 4.000 4,000 165 1,500 106.9TT 106.977 110,171 110,171 Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Charitable activities 110,040 110,040 100,352 100.352 Page 10 Ulster Federation of Credit Unions Company Limited by Guarantee Notes to the Financial Statements (¢onllnued) Year ended 30 September 2023 Expenditure on charitable activities by activity type Activities undertaken Total funds directly 2023 Total fund 2022 Charitable activities 110,040 110,040 100,352 Net (expenditure)lincome Net (expenditure)lincome is stated after chargingl(crediting): 2023 2022 Depreciation of tangible fixed assets 4,622 5,181 Independent examination fees 2023 2022 Fees payable to the independent examiner for.. Independent examination of the financial statements 1,416 1,290 10. Staff costs The total staff cosls and employee benefits for the reporting period are analysed as follows.. 2023 2022 Wages and salaries 67,670 65,142 The average head count of employees during the year was 2 (2022.. 2). The average number of full-time equivalent employees during the year is analysed as follows: 2023 2022 No. Number of administrative staff No employee received employee benefits of more than £60,000 during the year (2022: Nil). 11. Trustee remuneration and expenses No trustee received remuneration from the charitable company during the year (2018.. Nil). Page 11 Ulster Federation of Credit Unions Company Limited by Guarantee Notes to the Financial Statements fcontlnued) Year ended 30 September 2023 12. Tangible fixed assets Freehold Fixtures and property fittings Equipment Total Cost At 1 October 2022 and 30 September 2023 Depreciation At 1 October 2022 Charge for the year At 30 September 2023 Carrying amount At 30 September 2023 At 30 September 2022 175,000 10,529 7,687 193,216 38,500 3,500 8,753 592 6,097 530 53,350 4,622 42,000 9,345 6,627 57,972 133,000 1,184 1,060 135,244 136,500 1.776 1,590 139,866 13. Debtors 2023 2022 Amounts owed by undertakings in which the charity has a participating interest Prepayments and accrued income Other debtors 20 1.682 50.000 1.487 50.000 51,702 51,487 14. Creditors: amounts falling due within one year 2023 2022 Accruals and deferred income Other creditors 1,500 273,267 1,427 273,177 274,767 274,604 Page 12 Ulster Federation of Credit Unions Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 September 2023 15. Analysis of charitable funds Unrestricted funds At 30 September 2023 At 1 October 2022 Income Expenditure General funds 61,967 106,977 (110,040) 58,904 At 30 September 2022 At 1 October 2021 Income Expenditure General funds 52,148 110,171 (100,352) 61,967 16. Analysis of net assets between funds Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 135,244 198,427 {101,847) (172,920) 135,244 198.427 (101,847) (172.920) 58,904 58,904 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) 1101,684) {172,920) (172,920) 61,967 61,967