2024-10-01-accounts

Company registration number: NI606891 Charity registration number: 100693

Ulster Federation of Credit Unions

(A company limited by guarantee)

Ulster Federation of Credit Unions

Annual Report and Financial Statements for

the Year Ended 30 September 2024

Contents

Reference and Administrative Details	1
Trustees' Report	2 to 4
Independent Examiner's Report	5 to 6
Statement of Financial Activities	7
Balance Sheet	8
Notes to the Financial Statements	9 to 15

Ulster Federation of Credit Unions

Reference and Administrative Details

Trustees

Mr Derrick Meryvn James Graham

Mrs Alison McKay

Ms Natalie Elizabeth Pauline McComb

Mr William McKeown

Mr William John Carter

Mr Robert John Lennox Mr William Carnwath

Mr Balfour Robert Hoey Ms Belinda Selina Reid

Mr Alastair Marsden

Mr William Ian Brown

Secretary Ms Natalie Elizabeth Pauline McComb Charity Registration Number 100693 Company Registration Number NI606891 Registered Office Credit Union House, 218-220 Kingsway, Dunmurry Belfast BT17 9AE Independent Examiner RBCA Limited Chartered accountants Linenhall Exchange 26 Linenhall Street Belfast BT2 8BG

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 30 September 2024.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Page 1

Ulster Federation of Credit Unions

Trustees' Report

Objectives and activities

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 Northern 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 Northern Ireland, previously elected by each credit union to their respective county zone.

During the year to 30 September 2024, the UFCU provided support and advice to 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.

Structure, governance and management

Ulster Federation of Credit 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 objects 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. Public benefit

The charity meets the public benefit requirement as follows;

1. To advance education amongst the public in matters pertaining to Credit Unions and their potential in relieving poverty and need. The public benefit that flows from this purpose is increased knowledge and better understanding amongst the public of the potential of credit unions to relieve poverty and financial need and foster more effective management of household finances.

2. To provide education and training in the knowledge and skills pertinent to the establishment and management of Credit Unions in Northern Ireland and the Republic of Ireland. The benefit that arises from this purpose is enhanced knowledge and skills among those seeking to set up credit unions and of voluntary Committee Members and credit union staff managing existing credit unions.

Page 2

Ulster Federation of Credit Unions

Trustees' Report

1. To provide services, advice and information to assist the establishment and development of Credit Unions in Northern Ireland and the Republic of Ireland. The benefit that flows from this purpose is improved performance of credit unions enabling them to serve the public more efficiently and effectively. The indirect benefits that flow from these purposes are relieving those in financial need and encouraging active citizenship.

Financial review

Incoming resources for the year totalled £106,171 compared to £106,977 in the previous year. Resources of £120,043 were expended, resulting in a deficit for the year of £13,872 (2023:£3,063).

Statement of trustees' responsibilities

The trustees (who are also the directors of Ulster Federation of Credit Unions for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

05 Jun 2025

The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:

.........................................

Page 3

Ulster Federation of Credit Unions

Trustees' Report

Mr William McKeown Trustee

Page 4

Ulster Federation of Credit Unions

Independent Examiner's Report to the trustees of Ulster Federation of Credit Unions ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2024.

Responsibilities and basis of report

As the charity trustees (and also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to:

• examine the accounts under section 65 of the Charities Act;

• follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act; • state whether particular matters have come to my attention.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Basis of independent examiner’s report

I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.

My role is to state whether any material matters have come to my attention giving me cause to believe:

1. That accounting records were not kept in accordance with section 386 of the Companies Act 2006;

2. That the accounts do not accord with those accounting records;

3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities 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; and

4. That there is further information needed for a proper understanding of the accounts to be reached.

Independent examiner’s statement

I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.

Page 5

Ulster Federation of Credit Unions

Independent Examiner's Report to the trustees of Ulster Federation of Credit Unions ('the Company')

Brian Stewart

...................................... Brian Stewart RBCA Chartered accountants Linenhall Exchange 26 Linenhall Street Belfast BT2 8BG 06 Jun 2025 Date:.............................

Page 6

		Unrestricted	Total	Total
Ulster	Federation	of Credit Unions funds	2024	2023
		£	£	£ (As
Income and Endowments from:	for Note	the Year Ended 30 September 2024 restated)
Charitable activities	3	106,171	106,171	106,977
Total income
Expenditure on:
Charitable activities	4	(120,043)	(120,043)	(110,040)
Statement of Financial Activities
(Including Income and Expenditure		106,171	106,171	106,977
Account and Statement of Total Recognised Gains and Losses)
		(120,043)	(120,043)	(110,040)
Total expenditure
		(13,872)	(13,872)	(3,063)
Net expenditure
Net movement in funds		(13,872)	(13,872)	(3,063)
Reconciliation of funds
Total funds brought forward		231,824	231,824	234,887
Total funds carried forward	11	217,952	217,952	231,824

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 11.

The notes on pages 9 to 15 form an integral part of these financial statements.

Page 7

		Note	£		£ (As
					restated)
Fixed assets
Tangible assets		8	129,500		135,244
Current assets
Debtors	Ulster Federation of	Credit Unions 9		26,782	51,702
Cash at bank and in hand			159,811		146,725
			186,593		198,427
Creditors: Amounts falling	due within one year	10		(98,141)	(101,847)
(Registration number: NI606891) Balance Sheet as at 30				September 2024
		2023
				88,452	96,580
Net current assets
			217,952		231,824
Net assets
Funds of the charity:
Unrestricted income funds	Unrestricted funds
Total funds		11	217,952		231,824
			217,952		231,824

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Directors' responsibilities:

• The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and

• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The financial statements on pages 7 to 15 were approved by the trustees, and authorised for issue on 05 Jun 2025

.................... and signed on their behalf by:

.........................................

Mr William McKeown Trustee

The notes on pages 9 to 15 form an integral part of these financial statements.

Page 8

Ulster Federation of Credit Unions

Notes to the Financial Statements for the Year Ended 30 September 2024

1 Charity status

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 its registered office is: Credit Union House, 218-220 Kingsway, Dunmurry Belfast BT17 9AE

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

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 functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

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.

Page 9

Ulster Federation of Credit Unions

Notes to the Financial Statements for the Year Ended 30 September 2024

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. 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 fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment 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

Page 10

Ulster Federation of Credit Unions

Notes to the Financial Statements for the Year Ended 30 September 2024

accumulated impairment losses. 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 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 and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Freehold property 2% straight line Fixtures and fittings 20% straight line Computer Equipment 33% 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, 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 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.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially

Page 11

Ulster Federation of Credit Unions

Notes to the Financial Statements for the Year Ended 30 September 2024

recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

3 Income from charitable activities

Affiliation fees Rent received Insurance commission Stationery income Loan interest Note	Unrestricted funds General £ 96,521 4,000 4,000 150 1,500 Unrestricted funds General £ 120,043 106,171	Total 2024 £ 96,521 4,000 4,000 150 1,500 Total 2024 £ 120,043 106,171	Total 2023 £ 97,116 4,000 4,000 361 1,500 Total 2023 £ 110,040 106,977

4 Expenditure on charitable activities

Charitable activities

Page 12

Ulster Federation of Credit Unions

Notes to the Financial Statements for the Year Ended 30 September 2024

			Activity
			undertaken
			directly	2024	2023
			£	£	£
Charitable activities	120,043	120,043	110,0405	Trustees	remuneration and
expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

6 Staff costs

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

	2024		2023
	No		No
Number of administrative staff		2		2

No employee received emoluments of more than £60,000 during the year.

7 Independent examiner's remuneration

	2024	2023
	£	£
Fees payable to the independent examiner for :
Independent examination of the financial statements	1,500	1,416

8 Tangible fixed assets

8 Tangible fixed assets
Cost At 1 October 2023 At 30 September 2024 Depreciation At 1 October 2023	Land and buildings £ 175,000 42,000 175,000	Furniture and equipment £ 10,529 9,345 10,529	Other tangible fixed asset £ 7,688 6,628 7,688	Total £
				~~193,217~~ 193,217
				57,973

Page 13

Ulster Federation of Credit Unions

Notes to the Financial Statements for the Year Ended 30 September 2024

Charge for the year	3,500	1,184	1,060	1,060	5,744
At 30 September 2024	45,500	10,529	7,688		63,717
Net book value
At 30 September 2024	129,500	-		-	129,500
At 30 September 2023	133,000	1,184	1,060		135,244
9 Debtors
			2024		2023
			£		£
Prepayments			1,762		1,682
Other debtors			25,020		50,020
			26,782		51,702
10 Creditors: amounts falling due within one year
					2023
			2024		£ (As
			£		restated)
Other creditors			95,847		100,347
Accruals		2,294			1,500
					101,847
			98,141
11 Funds
	Balance at 1	Incoming	Resources	Balance at 30
	October 2023	resources	expended		September
	£	£	£		2024
					£
Unrestricted funds
General	231,824	106,171	(120,043)		217,952
	Balance at 1	Incoming	Resources	Balance at 30
	October 2022	resources	expended		September
	£	£	£		2023
					£
Unrestricted funds
General	234,887	106,977	(110,040)		231,824
Prior year adjustment

In the prior year there was a balance of £172,920 which had been included in creditors. This related to reserves on incorporation and has been moved to unrestricted reserves.

Page 14

Ulster Federation of Credit Unions

Notes to the Financial Statements for the Year Ended 30 September 2024

12 Analysis of net assets between funds

Total funds Tangible fixed assets Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Total net assets	Unrestricted funds General £ 129,500 186,593 (98,141) 217,952 Unrestricted funds General £ 135,244 198,427 (101,847) 231,824	at 30 September 2024 £ 129,500 186,593 (98,141) 217,952 Total funds at 30 September 2023 £ (As restated) 135,244 198,427 (101,847) 231,824

Page 15

Issuer

RBCA Ltd

Document generated Mon, 26th May 2025 9:55:17 BST

Document fingerprint fc70666cf8bc5f025d64afba2b1c73b3

Parties involved with this document

Document processed

Thu, 5th Jun 2025 22:48:47 BST Fri, 6th Jun 2025 17:46:24 BST Fri, 6th Jun 2025 18:38:51 BST

Party + Fingerprint

William McKeown - Signer (9afdb69af51af0a8ca558a4f5306c21f) Brian Stewart - Signer (000d9d8a20ff568cb4840429ba644133) RBCA Limited - Signer (161f2a0d2638435d4dc8ba3e440cf441)

Audit history log

Date

Action

Mon, 26th May 2025 9:55:17 BST Envelope generated by Mrunmayi Naik (109.73.121.102) Mon, 26th May 2025 9:55:17 BST Document generated with fingerprint 287d118a6f0047d9a3c062e6593899af (109.73.121.102) Mon, 26th May 2025 9:55:17 BST Document generated with fingerprint e79ba08298ae73477a74c4bbad27e1c2 (109.73.121.102) Mon, 26th May 2025 10:05:49 BST Document generated with fingerprint fc70666cf8bc5f025d64afba2b1c73b3 (109.73.121.94) Mon, 26th May 2025 10:05:49 BST Document generated with fingerprint 8667dda3e0bfbe357ef726a490e41c1c (109.73.121.94) Mon, 26th May 2025 10:20:54 BST Document generated with fingerprint 0e982102480501309ea59ac0ac9c48d9 (109.73.121.84) Thu, 5th Jun 2025 14:53:57 BST Document generated with fingerprint 258a09254471bf415c1d34e9ff23f188 (2.217.56.178) Thu, 5th Jun 2025 14:56:24 BST Sent the envelope to William McKeown ([e-mail]) for signing (2.217.56.178) Thu, 5th Jun 2025 14:56:28 BST Document emailed to [e-mail] Thu, 5th Jun 2025 22:44:58 BST William McKeown opened the document email. (90.197.167.113) Thu, 5th Jun 2025 22:45:24 BST William McKeown viewed the envelope (90.197.167.113) Thu, 5th Jun 2025 22:48:47 BST William McKeown signed the envelope (90.197.167.113) Thu, 5th Jun 2025 22:48:47 BST Sent the envelope to Brian Stewart ([e-mail]) for signing

(90.197.167.113)

Thu, 5th Jun 2025 22:48:50 BST Thu, 5th Jun 2025 22:49:07 BST Fri, 6th Jun 2025 17:45:21 BST Fri, 6th Jun 2025 17:46:24 BST Fri, 6th Jun 2025 17:46:24 BST

Fri, 6th Jun 2025 17:46:25 BST Fri, 6th Jun 2025 18:38:38 BST Fri, 6th Jun 2025 18:38:51 BST Fri, 6th Jun 2025 18:38:51 BST

Document emailed to [e-mail] William McKeown opened the document email. (90.197.167.113) Brian Stewart viewed the envelope (94.119.144.35) Brian Stewart signed the envelope (94.119.144.35) Sent the envelope to RBCA Limited ([e-mail]) for signing (94.119.144.35) Document emailed to [e-mail] RBCA Limited viewed the envelope (2.217.56.178) RBCA Limited signed the envelope (2.217.56.178) This envelope has been signed by all parties (2.217.56.178)