Registered number: IP000083 Charity number: NIC101248 Ulster Garden Villages Limited Committee of Management's report and financial statements For the year ended 31 December 2022
Ulster Garden Villages Limited Contents Page Reference and Adminlstrative Details of Ulster Garden Villages Limited, its Committee of Managèment and Advisers Committee of Management Report 2-12 Independent auditors. report on the financial statements 13-16 Statement of financial a¢tivilies 17 Balance sheet 18 Statement of cash flows 19 Notes to the financial statements 20-33
Ulster Garden Villages Limited Reference and Administrative Details of Ulster Garden Villages Limited, its Committee of Management and Advisers For the year ended 31 December 2022 Committee of Management Dr A S Hopkins CBE. FCA, Chairman Mr K Baird Mrs M Boyd MBE Mrs S P Crowe Bsc, FCA Mr B Garrett LL.B. FCIA. Arb. Mr E Holmes OBE Dame R Johnston Mr W J Webb MBE, JP, Company Secretary Mr C J Walsh MBE Company registration number IP000083 Charity registration number NIC101248 Registered office Forestview Purdys Lane Newtownbreda Belfasl BT8 7AR Honorary President Sir Desmond Lorimer, FCA Executive Director Mrs Valerie Ingram MBA. BA Hons Independent auditors ASM (B) Ltd Chartered Accountants and Statutory Auditor 4th Floor Glendinning House 6 Murray Street Belfast BT16DN Bankers Danske Bank PO Box 183 Donegall Square West Belfast BT16JS Solicitors McKees Solicitors 32-38 Linenhall Street Belfast BT2 8BG Investment Advisor Brewin Dolphin 11 th Floor East Tower 8 Lanyon Plaza Belfast BT13LP Ernail admin@ulslergardenvillages.co.uk Website www.ulstergardenvillages.co.uk Page 1
Ulster Garden Villages Limited Committee of Management Report For the year ended 31 December 2022 The Committee of Management is pleased to present their report and financial statements for the year ended 31 December 2022. The Financial Statements have been prepared in accordance with the accounting policies set out in the 'Notes to the Accounts, and comply with the Charity's governing documents i.e. "The Rules of Ulster Garden Villages Limited., The Charities Act (Northern Ireland) 2008 and Regulation 8 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, the Industrial and Provident Societies (Northern Ireland) 1969 and the Induslrial and Provident Societies (Northern Ireland) Order 2006 as amended by the Credit Unions and Co- operative and Community Benefit Societies Act (Northern Ireland) 2016 and Accounting and Reporting by Charilies.- Slatement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Who are we? Ulster Garden Villages Limited ('The Charity.) was established under the Industrial and Provident Societies Act {Northern Ireland) in 1946 with the principal objective of providing good quality housing and associated amenities for the disadvantaged and aged. Since that time government's approach lo housing has changed dramatically and in Northern Ireland the establishment of the Northern Ireland Housing Executive and Ihe Housing Association movement has largely catered for housing needs. In 1983, the Committee of Ulster Garden Villages Limited look the necessary steps to convert the Association into a registered charity and under its amended regulations empowered it to transfer from reserves to a Common Fund amounts to be available for such general charitable purposes, not necessarily connected with housing, as the Committee shall from lime to time determine. Ulster Garden Villages Limited is registered with the Charity Commission for Northern Ireland (NIC 101248) and with the Inland Revenue XN72342. Page 2
Ulster Garden Villages Limited Comrnittee of Management Report (continued) For the year ended 31 December 2022 (continued) Objectives and Activities The objectives of the Charity are:_ To carry on, for the benefit of the community, the business of providing housing and any associated amenities for persons in necessitous circumstances upon terms appropriate to their means,. b) To provide, for aged persons in need Ihereof, housing and any associated amenities, specially designed or adapted to meet the disabililies and requirements of such persons., To carry out such added purposes which are charitable under the law of Northern Ireland as the Charity shall from time to lime determine and to use any of the Charilvs funds including accumulations of past profits not required for the purposes of {a} or (bl for such charitable purposes as the Committee shall from lime to time determine. Housing and Associated Amenilies The Charity under its charilable objectives (a) and (b) provides and manages housing and property stock. Ulster Garden Villages Limited was founded over 70 years ago and by March 1950 had buill and founded Merville Garden Village, Northern Ireland's first 'Garden Village, with 450 houses, flats and shops and significantly, wilh Community Centre. Little Theatre and extensive gardens. The Village crealed a sense of community logelherness and involvement. rather Ihan simply providing houses for those who needed accommodation. other developments followed at Abbots Cross. Fernagh in Whiteabbey and at new Garden Villages in Muckamore and Whitehead. Although the Charity has sold a significant proportion of the original properties, it continues to manage the estates at MeNille. and Abbols Cross and provides housing and associated amenities in Newtownabbey. Whitehead and al GaNey Court, Lisburn (a development of apartments for older people). A development for the over 55s was recently completed at Bangor. The Common Fund In pursuit of Object (cl the Charity primarily allocates funds to, or for, projects within Northem Ireland which will have a positive impact on Northern Ireland. Funds are not given retrospectively and it is not usual to give grants for Offi expenses, core salaries or administrative staff salaries. In addition to outright grants, assistance may be given by way of loans whiGh may carry certain conditions at the disGretion of the Committee. The purpose of any application must be charitable and normally the Committee will only consider requests from registerèd charities. Applications for grants are made on the Ulster Garden Villages Limiled application form and also require applicants to submit their most recent certified accounts. Further information is available in the 'Guidelines for Applicants. section of the Charitls website or from the registered office on request. The Achievements and Performance Section of this Report details specific examples of the Charity acting through its Common Fund of donalions to charitable ventures in the wider community for the year ending 31 December 2022. Page 3
Ulster Garden Villages Limited Committee of Management Report (contlnued) For the year ended 31 December 2022 (continued) Public Benefit Statement The Committee of Management confirm that they have considered the Charity Commission's general guidance on public benefit when reviewing the Charity's objectives and in planning future activities and grant-making throughout the year. A copy of the Commission's guidance notes on public benefit has been issued to all members. Ulster Garden Villages Limited operates for the public benefit with the ultimate beneficiaries being the many people supported and worked with by the charities Ihat we fund. The main objectives for which funds were allocated under Object (c) are.. People with Disabilities Carers, Sheltered Accommodation, Mental and Physical Disabilities. Transport and Advice. Health HospIS and Hospitals, Home Nursing, Mental Health, Substance Abuse, Prevention of Disease. Community Youlh at Risk, Rehabililalion, the Aged, Victim Support, Crime Prevention. Regeneration. Scientific and Medical Research To support fields of research which are not capable of total government support. particularly involving Ihe aged, specific diseases such as Cancer and Cardiac related conditions. Culture and Heritage Assisting underfunded activities involving the Arts, in all its forms, and the preservation of our natural heritage. Assisting the restoration of buildings of historic or architeclural interest to enable them to be rehabilitated to the use and service to the community and the conservation of artefacts. Education and Training Skills Promotion of life skills and independent living skills and employment and training for people with disabilities and disadvantaged people. Enhancing education and literacy skills for young people with disabilities. Priorities From time to lime the Committee review the range of activities they are prepared lo support and place special emphasis on areas that they wish to encourage. Page 4
Ulster Garden Villages Limited Committee of Management Report (continued) For the year ended 31 December 2022 (continued) b. Achievements and Performance During 2022. we awarded £1,018,420 in donations to local charities, whose work we believed would bring positive outcomes lo people's lives. This support was given across Northern Ireland, supporting work which tried to alleviate disadvantage and help people in their hour of need. There was a steady stream of applications for support. and we responded to as many of these requests as possible. The donations for which funds were allocated were in line with our stated objectives of assisting people wilh disabilities, health. community, culture and heritage and education and skills. In considering where we provide support, we continue lo favour projects which build collaboration with other funders. Over the last few years, we have provided support to local charities providing Covid 19 support. This was in response to local needs and met the many emerging challenges. The funding included support for a number of winter appeals such as the Belfast Central Mission, Samaritans, Salvation Army and Homeplus Nl, (a local charity which works with vulnerable homeless people including those sleeping rough}. The efforts supported include help for migrants, asylum seekers and refugees as well as those from the local community. There is a chroniG need to help people break out of the Gycle of homelessness and there is increased pressure on the charities working to support the homeless. A donation of £10,000 was given to Street Soccer Nl for the Homeless World Cup and weekly activities that use football to bring positive change to people's lives. The charity works with the homeless, refugees, people with addiclions and more. Our longer-term commitments include funding lo provide homeless people with intensive support and offer safe and secure homes to help prepare people for independent living. The current 'cost of living. crisis has seen costs continue to increase, and people face impossible decisions as Ihey try to live on already stretched household income. Many of those impacted are children and almost 1 in 4 children in Northern Ireland live in a family which struggles to provide for their basic needs. One of our responses to the current crisis was to provide school meals for local children and young people. Working alongside a lead funder, the Belfast Charitable Society and several other foundations, our donalion of £50.000 has to date provided over 20,000 meals for young people. Our five-year partnership with Ulster University continued with a second annual contribution of £150,000. The 40 annual Community Scholarships have been helping to remove the financial barriers that prevent many young people from accessing higher education. Several of our Committee members had the pleasure of meeting the first cohort of students and were able to hear at first-hand how the funding provided had afforded them a life changing opportunity. They were appreciative of the opportunity and deteimined to succeed and lo be a significant force for change in their local communities. We were delighted to see the studenls representing Ihe University so well and the opportunities of studying at Ulster are playing a key role in making sure that higher education is an option for these young people. This year we continued to provide support for families in need and a grant of £20.000, (the first tranche of three). was given to Ihe National Aulism Society loward Iheir'svpport for Life, range of programmes. The wide range of support provides vital help for people with autism and their families. The overarching objective of Ihe initiative and events is to enable autistic children and adults, helping them gain vital life skills. grow their independence. and thrive and also to provide much needed help to their families. This project is a lifeline for those who are autistic and their families and helps them to cope with all Ihe challenges that they face daily. L'Arche. Belfast provides a supported living seNice for adults with a learning disability. They also have a range of outreach projects for people with learning disabilities, autism and acquired brain injury. Funding of £30,000 was given toward the purchase and inslallalion of three new training rooms and a wooden cabin. The new facilities will accommodate 70 participants with learning disabilities and a further 24 without a learning disability providing employability skills. a thriving catering business, allotments and supported living. Page 5
Ulster Garden Villages Limited Committee of Management Report (continued) For the year ended 31 December 2022 (continued) other projects supported included £50,000 for the Corrymeela Community. located in Ballycastle. Corrymeela is Northern Ireland's oldest Peace and Reconciliation community and has been in existence for over 50 years and their dedicated volunteers give over 80,000 hours of their time each year. The grant enabled much needed capital works which included the replacement and upgrade of their wastewater and sewage system at the Corrymeela Village. We have assisted work to build awareness to those who may be affected by Haemachromatosis with funding of £43,000. Genetic Haemachromatosis (GH) is one of the most common genetic disorders and according to research affects around 1 in 113 people in Northern Ireland. 11 causes iron levels to build up in the blood over time, which can damage organs and joints if left untreated. The main and conventional treatmenl for GH involves the removal of excess iron stores through the regular removal of blood through venesection (a procedure to remove red blood cells). Haemachromatosis UK (HUK) is providing free genetic testing and counselling in communities. When HUK ran a pilot programme in Derry. they found that 1 in 10 people were found to be newly diagnosed with Genetic Haemochromatosis, based on actual testing of people's blood samples. 11 is often mis-stated that haemochromatosis is rare. The definition of a rare disease by the European Union is 1 in 2000. Genetic Haemachromatosis is not rare-just rarely diagnosed. We continued to provide capital grants and some examples of these are those made to Union Theological College, 174 Macrory Centre. Open House Feslival's building in Bangor. Tyrone Guthrie Arts Cenlre. Liberty Consortiurn, Derry and the Federation of Women's Inslitute building. Belfast. A capital grant of £50.000 was given to one of Derrys most famed buildings. the 'A' listed Sl Columb's Hall located at Newmarket Street, Derry. The ftjnding was toward necessary restoration to make the building safe and accessible and work was completed in 2022. Other funded projects in the Northwest include the refurbishment of the Foyle Valley Railway Museum Hall. Derry who were awarded £20,000. The Museum and Centre is run by Destined Limited, which aims lo empower people with learning disabilities and promotes opportunities to empower people with learning disabililies to reach their full potential. This is achieved by giving people the opportunily to volunteer and act as tour guides at the Museum along with dedicated support for daily life in all its forms. A grant of £50,000 supported the Voice of Young People in Care's new first-of-a-kind space in Gieat Patrick Street, Belfast. Along with their partner organisation Include Youth, the new Centre will be the first youth building of its kind. placing 'looked after children and young people, at its heart. The pandemic showed the adaptability and agility of the arts sector and in the year under review we provided arts and culture charities with support to reuopen their theatres. performance venues and assistance to recommence live perfomiances in all its fomi, right across Northern Ireland. The digital offerings developed through necessity during the pandemic have broughl new ways to reach audiences and some previously funded charities such as Carlisle Memorial are using digital immersion to combine live events in new and exciting ways. These innovative developments are continuing and in some cases are allowing those who are most at risk and clinically vulnerable to continue to have access and enjoy Arts provision. Support for the Chandler's House project in Rathfriland of £50,000 (the final tranche of £100,000), ensured that this heritage building was re-opened to the local community and visitors to the village. Chandler's House was originally a pair of mid-191h-century dwellings and now provides a range of community activities. with a focus on music on the ground floor. and affordable housing units above, bringing new life back to the heart of the village. Page 6
Ulster Garden Villages Limited Committee of Management Report (continued) For the year Ènded 31 December 2022 (continued) Greenshool Productions has received support over three years toward a Community Theatre project in North Belfast. The Ihree-year residential will create a sustainable arts project and a wide range of community theatre events in an area which typically is devoid of Arts provision of this type. A donation of £10.000, was made as part of a three-year cornmilment for Keep Northern Ireland Beautiful. an independent charity dedicated to creating a cleaner, greener, and more sustainable Northern Ireland. Keep Nl Beautiful achieve this by delivering on improving environmental education in every school in Northem Ireland, increasing public engagement for communities in need and raising environmental standards for the places where people spend time.. where they live. work, and relax. In providing support we look at how charities are governed, and our grants are made with conditions to ensure that they are spent appropriately and for the charitable purposes outlined by applicants. A total of 175 meetings were held in 2022 with polenlial grantees. In the early part of the year and due to Covid 19 these meetings were held by virtual means. As things opened up, we were able to commence more face-to- face meetings with represenlatives of local charities who were seeking advice on applying for a grant. The Execulive Dirèctor attended eight meetings of the Northern Ireland Funder's Forum Nl and financial support of £1.500 was awarded by Ulster Garden Villages to support the work of this collaborative body. Financial Review This year's Accounts follow the format required by the Financial Reporting Stand applicable in the UK and the Republic of Ireland (FRS 102) and Accounting and Reporting by Charities: Statement of Recommended Practice. The Charity continues to enjoy a strong financial position with a surplus for the year of £1.57 million. Charitable donations ofjust over £1m were paid during Ihe year. On the housing front, net rental income also increased by £248,000. Given the age of our properties, we have continued to invest substantially in refurbishments following vacant possession and are currenlly in the final stages of major refurbishmenl works at Merville Garden Village. located in a conservalion area in Newtownabbey. Merville has once again won the 'Northern Ireland Amenity Council's Best Kepl Large Housing Award, and Ihe judges praised the well-maintained open spaces. highlighting the centrally located tree lined walkway where new young trees have recently planted. The residents were highly praised for their pride in the place they live. as there was an absence of litter and graffiti. and many had shown initiative with attrartive planting and floral enhancements at the front of their properties. There were no properties sold during the year under review. Rents were not inGreased during the pandemic and were increased by RPI in 2022. We are pleased to report that our development of apartments at The Banks, Groomsport Road, Bangor is now a flourishing and vibrant community. In December 2022, we held a social gathering for the residents with over 40 people attending. Other meetings were held throughout the year, and these were generally held outdoors. Several new residents moved into The Banks in 2022 and have settled in well and are enjoying their new homes with stunning views by the sea. The Balance Sheet demonstrates that the financial position of Ulster Garden Villages Ltd conlinues to be robust. The ongoing substantial investment in our properties is reflected in an uplift in their professional market valuation of £3.8 million. In spite of the volatility in the financial markets the year end market value of our quoted investments was £21.084.364 showing an excess over historical costs of £7,956,394. The Association remains well placed to meet our substantial forward commitments to charities and to make a significant contribution to the work of Ihe voluntary sector and the people they see in Northern Ireland. Page 7
Ulster Garden Villages Limited Committee of Management Report (continued) For the year ended 31 December 2022 (continued) d. Investments The purpose of the Charivs investment policy is to generate funds for our grant-making and the main sources are rental income from the ownership of investment properties and dividends and interest from a diversified investment portfolio. A formal investment policy statement has been agreed beeen the portfolio manager and Ulster Garden Villages Ltd which outlines its general goals, objeclives and exclusions and describes the stratègies that the manager and Ulster Garden Villages Limited will employ to meet these objectives. The policy is reviewed by the Committee of Management on a regular basis. e. Reserves and Going Concern At 31 December 2022 free reseNes in the form of the General Fund amounted to £35,700,904 (2021: £35.107,978}. Other unrestricted resetves. designated by the Committee as the Common Fund and which represents surpluses set aside to provide grants, loans and other public benefit in furtherance of the objectives of the Charity amounted to £18,717,870 (2021: £17,736.290). During the year the Commiltee of Management transferred £2,000.000 from the General Fund to the Common Fund. The Charity ha(J no restricted reserves at 31 December 2022 except share capital amounting to £2,693 (2021= £2,693). The Comrnittee of Management regularly monitors the level of reserves, having regard lo the risk management review and currently considers resetves to be adequate to meet the needs of the Charity. Having reviewed future commitments over the next 12-18 months the Committee of Management is of the opinion that the financial statements can be prepared on a going concem basis. Page 8
Ulster Garden Villages Limited Commlttee of Management Report (continued) For the year ended 31 December 2022 (continued) f. Structure. Governance and Management Committee of Management The Rules of Ulster Garden Villages Ltd lay down the constitutional provisions for the Charity and the Committee of Management (The Trustees, in terms of Charity Lawl. The membership of the Committee requires nomination from within the membership of the Charity, election by the Members and the retirement of one-lhird of the Committee each year. Such members may offer themselves for re-election at the Annual General Meèting. Dr. A.S. Hopkins. Mr. K. Baird, Mrs. M. Boyd, Dame Rotha Johnston, Mrs. S.P. Crowe, Mr. B. Garrett. Mr. E. Holmes, Mr. Colin Walsh, and Mr. W.J. Webb setved during the year. As per the Rules of Ulster Garden Villages Limited, Mrs. M Boyd, Mr. E Holmes and Mr. W. J. Webb retire and being eligible. offer themselves for re- election at the Annual General Meeting. Committee Members - Induction and Training There were no new Committee members appointed during the year. Committee Members understand their roles individually and collectively in relation to their legal duties, the stewardship of assets and the provisions of the governing document. Copies of the 'Running your Charity.. support for Trustees on key aspects of running your charity effeclively, as advised by the Charity Commission for Northern Ireland have been issued to members. In addition, all members are aware of their responsibililies under Company Law. as Directors and Charity Law. Those who serve abide by the 'Rules of Ulster Garden Villages Limited. and the Committee Members also receive updates and training through briefing notes and meetings. Annual Returns were made in 2022 to the Charity Commission for Northern Ireland and the Financial Conduct Authority. Conflicts of interest and related party transactions are reported at Committee of Management meetings and reflected in the minutes and annual returns. During the year under review, five Committee Meetings were held, the majority ofwhich were held in person. with an option to members to attend on a virtual basis and approved previously by Special Resolution. Al these meetings, the Committee agreed on a broad strategy and areas of significant activity for the Association. At present the Committee has nine members with significant experience of the public, private and voluntary sectors of Northem Ireland. The Executive Director also attends the meetings but has no voting rights. Additional meetings were held for the purpose of planning, property portfolio matters and audit. Policy and Stralegic Planning is determined by the Committee with the implementation thereof being the responsibility of the Executive Director. The Committee met with RBC Brewin Dolphin in December 2022 to review the investment policy and current market trends and economy forecasts relalive to the investment porttolio. A register of interests is held by the Charity's registered office and a copy of this is submitted annually to the Financial Conduct Authority. All Committee members must declare any perceived or actual conflicts of interest and take no part in making recommendations relating to organisationslprojects in which they have an involvement. Pay and Rernuneration The average number of employees during the year calculated on the basis of full-lime equivalents was 2. Salaries are reviewed annually by the Committee and no employee received remuneration of more than £60,000 during the year (2021.. None). No Committee Member received remuneration or expenses in the year (2021: None). The key management personnel comprises the Committee of Management Members and the Executive Director. The total employee benefits of key management personnel was £46,807 (2021.- £43,273}. Page 9
Ulster Garden Villages Limited Committee of Management Report (continued) For the year ended 31 December 2022 (continued) g. Key Risks and Uncertainties The Committee has reviewed the major risks to which the Charity is exposed. This involves identifying ihe types of risks the Charity faces. prioritising them in terms of impact and likelihood of occurrence and identifying means of mitigating the risks. The Committee has reviewed the effectiveness of the Charity's system of internal financial control and is responsible for establishing and operating detailed control and reporting procedures. The systems of control are designed lo provide reasonable but not absolute assurance against matèrial misstatement and loss. The Audit Committee monitors financial reporting and provides a forum through which the Charitys auditors report to the Committee of Management. h. Plans for future periods The Comrnittee carries out a continuous review of the Charity's activities and current plans do not envisage a departure from the present objectives and activities. We will continue to look at where Ulster Garden Villages Limited is best placed to provide support. This will include reviewing our grant-making and continuing to work with our charity and funding partners. Page 10
Ulster Garden Villages Limited Committee of Management Report (continued) For the year ended 31 December 2022 Statemenl of Committee of Management's responsibilities The Committee of Management are responsible for preparing the Committee of Management's report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The Charities Act (Northern Ireland) 2008 and Regulation 8 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. the Industrial and Provident Societies (Northern Ireland) 1969 and the Industrial and Provident Societies (Northern Ireland) Order 2006 as amended by the Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 requires the Committee of Management to prepare financial statements for each financial . Under the relevant legislation, the Committee of Management must not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the Ulster Garden Villages Limited and of its incoming resources and application of resources. including its income and expenditure. for that period. In preparing these financial statements. the Committee of Management are required to- select suitable accounting policies and then apply them consistently- observe the methods and principles of Ihe Charities SORP {FRS 1021,- make judgments and accounting estimates that are reasonable and prudent., state whelher applicable UK Accounting Standards (FRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Ulster Garden Villages Limited will continue in business. The Committee of Managemenl are responsible for keeping adequate accounting records that are sufficient to show and explain the Ulster Garden Villages Limited's transaclions and disclose with reasonable accuracy at any lime the financial position of Ulster Garden Villages Limited and enable them to ensure that the financial statements comply with the requirements of The Charities Act (Northern Ireland) 2008 and Regulation 8 of the Chaiities (Accounts and Reports) Regulations (Northern Ireland) 2015, the Industrial and Provident Societies (Northern Ireland) 1969 and the Industrial and Provident Societies (Northern Ireland) Order 2006 as amended by the Credit Unions and Co-operative and Communily Benefil Societies Act (Northern Ireland) 2016. They are also responsible for safeguarding Ihe assets of Ulster Garden Villages Limited and hence for taking reasonable steps for Ihe prevention and detection of fraud and other irregularilies. Disclosure of information to auditors In so far as the Committee of Management is aware at the time of approving our Committee of Management's annual report.. there is no relevant information. being information needed by the auditor in connection with preparing their report, of which the group's auditor is unaware. and the Committee of Management, having made enquiries of fellow directors and the auditor Ihat they ought lo have individually taken, have each taken all steps that helshe is obliged to lake as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Page11
Ulster Garden Villages Limited Committee of Management Report (continued) For the year ended 31 December 2022 Audltors The auditors. ASM (B) Ltd, have indicated their willingness to continue in office. The Committee of Management will propose a motion reappointing the auditors at the AGM. Approved by order of the members of the board of Committee of Management and signed on their behalf by: Dr AS Hopkins CBE Date: 21 March 2023 Page 12
Ulster Garden Villages Limited Independent auditors. report to the Committee of Management of Ulster Garden Villages Limited Opinion We have audited the financial slatements of Ulster Garden Villages Limited ('the Charity'l for the year ended 31 December 2022 which comprise the Statement of financial aclivities, Ihe Balance sheet. the Statement of cash ftows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice)- In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements ofThe Charities Act (Northern Ireland) 2008 and Regulation 8 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. the Industrial and Provident Societies (Northern Ireland) 1969 and the Industrial and Provident Societies (Northern Ireland} Order 2006 as amended by the Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial slatements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with Ihese requiremenls. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Going Concern In auditing the financial statements, we have concluded that Ihe Committee of Management use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charitable companvs ability to continue as a going concern for a period of at least e1ve months from when the financial stalements are authorised for issue. Our responsibilities and the responsibilities of the Committee of Management wlth respect to going concern are described in the relevant sections of this report. Page 13
Ulster Garden Villages Limited Independent auditors. report to the Committee of Management of Ulster Garden Villages Limited (continued) other information The other information comprises the information included in the Annual report other than the financial statements and our Auditors. report thereon. The Committee of Management are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover Ihe other infomiation and, except to the extent otheiSe explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with Ihe financial statements or our knowledge obtained in the COLrrse of the audit, or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in Ihe financial statements themselves. If, based on the work we have perfomied. we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by The Charities Act (Northern Ireland) 2008 and Regulation 8 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, the Industrial and Provident Societies (Northern Ireland) 1969 and the Industrial and Provident Societies (Northern Ireland) Order 2006 as amended by the Credit Unions and Cowoperative and Community Benefit Societies Act (Northern Ireland) 2016 In our opinion, based on the work undertaken in the course of the audit: the inforniation given in the Committee of Management Report for the financial year for which the financial statements are prepared is consistent with the financial statements: and. the Committee of Management report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Committee of Managemenl report. We have nothirig to report in respect of the following matters in relation to which legislation requires us to report to you if. in our opinion= adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,- or the financial statements are not in agreement with the accounting records and returns: or certain disclosures of Committee of Management remuneration specified by law are not made- or we have not received all the infomiation and explanations we require for our audit-, or the Committee of Management were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the Committee of Management's report and from the requirement to prepare a Strategic report. Page 14
Ulster Garden Villages Limited Independent auditors, report to the Committee of Management of Ulster Garden Villages Limited (continued) Responsiblllties of the Committee of Management As explained more fully in the Trustees, responsibilities statement, the Committee of Management are responsible for the preparation of the financial stalements and for being satisfied that they give a true and fair view, and for such internal control as the Committee of Management determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due lo fraud or error. In preparing the financial statements. the Committee of Management are responsible for assessing the charitable company's ability to continue as a going concern, disclosing. as applicable. matters related lo going concem and using the going concern basis of accounting unless the Committee of Management either intend to liquidate the charitable company or to cease operations. or have no realistic altemative but to do so. Auditors. responsibilities for the audit of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial stalemenls as a whole are free from material rnisstatement, whether due to fraud or error, and lo issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. oudined above, to detect material misstatements in respect of irrègularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We gained an understanding of the legal and regulatory framework applicable to the Charity and the industry in which they operate, and considered the risk of acts by the Charity that were contrary to applicable laws and regulations, including fraud. We considered the opportunities and incentives that may exist wilhin the Charity for fraud and idenlitied the greatest potential for fraud in the following areas: management override of controls. We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstalement due to fraud is higher than the risk of nol detecting one resulting from error, as fraud may involve deliberate concealment by. foi example, forgèry or intentional misrepresentations. or through collusion. Oljr audit procedures included: enquiries of management about their own identification and assessment of risks of irregularities, testing the design and implemenlation of controls relating to the iisk and sample testing of journals posted during the year. Because of the inherent limilations of an audit, there is a risk that we will nol detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentalion. A further description of our responsibilities for the audit of Ihe financial slatemenls is located on the Financial Reporting Council's website at: www.frc.or -uklauditorsres onsibilities. This description forms part of our Auditors, report. Page 15
Ulster Garden Villages Limited Independent auditors, report to the Committee of Management of Ulster Garden Villages Limited (continued) Use of our report This report is made solely to the charitable company's members. as a body, in accordance wilh Section 65 of the Charities Act (Northern Ireland) 2008 and Regulation 8 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and Section 43 of the Industrial and Provident Societies (Northern Ireland) 1969 and the Industrial and Provident Societies (Northern Ireland) Order 2006 as amended by the Credit Unions and Co- operative and Community Benefit Societies Act (Northern Ireland} 2016. Our audit work has been undertaken so that we might stale lo the charitable company's members those matters we are required to state to them in an Auditors. report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. L.- Qts£LL,- Brian Clerkin (Senior statutory auditor) for and on behalf of ASM (B) Ltd Chartered Accountants and Slatutory Auditor 4th Floor Glendinning House 6 Murray Street Belfast BT1 6DN 21 March 2023 ASM (B) Ltd are eligible to act as auditors in temis of section 1212 of the Companies Act 2006. Page 16
Ulster Garden Villages Limited Statement of financial activities (incorporating income and expenditure account) For the year ended 31 December 2022 Restricted Unrestricted funds (Share funds Capital) 2022 2022 Total funds 2022 Total fijnds 2021 Note Income from". Charitable activities 2,260,754 2,260,754 2,012,715 Total income 2,260,754 2,260,754 2.012.715 Expenditure on: Raising funds Charitable activities 823.575 1,849,438 823,575 1,849,438 715,697 2,064.085 Total expenditure 2,673,013 2,673,013 2,779,782 Net gains on investments 1,986,765 1.986,765 3,549, 110 Net movement in funds 1,574,506 1.574,506 2,782,043 Reconciliation of funds". Total funds brought forward Net movernent in funds 52,844,268 1,574,506 2,693 52,846,961 1.574,506 50.064,918 2,782,043 Total funds carried forward 54,418,774 2,693 54.421,467 52.846,961 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 21 to 34 form part of these financial statements. Page 17
Ulster Garden Villages Limited Registered number." IP000083 Balance sheet As at 31 December 2022 2022 2021 Note Fixed assets Tangible assets Investments Investment property 13 14 12 100,001 21,134,364 30,218,737 100,001 24,154,353 26.410.000 51,453,102 50,664,354 Current assets Debtors 15 16 25 2,425,070 664,609 499,837 1,320,963 664,609 680,281 Charitable loans Cash at bank and in hand 3,589,516 2.665.853 Creditors: amounts falling due within one year 17 (621,151) (483,246) Net Gurrent assets 2.968,365 2.182,607 Total assets less current liabilities 54,421,467 52,846,961 Total net assets 54,421.467 52.846,961 Charity funds Restrrcted funds Unrestricted funds 19 2,693 54.418,774 2.693 52,844,268 19 Total funds 54,421,467 52,846,961 The Committee of Management acknowledge their responsibilities for complying with the requirements of the Act with respecl lo accounting records and preparation of financial statements. The financial statements have been prepared in accordance wilh the provisions applicable to entities subject to the small companies regime. The financial statemenls were approved and authorised for issue by the Committee of Management and signed on their behalf by.. Dr A S Hopkins CBE Chairman Mrw J Webb MBE, JP Secreta Mrs S P Crowe BSC, FCA Committee member Date.. 21 March 2023 The notes on pages 20 to 33 form part of these finanGial statements. Page 18
Ulster Garden Villages Limited Statement of cash flows For the year ended 31 December 2Q22 2022 2021 Cash flows from operating activities Net cash used in operating aclivities (Note 24) (2,662,859) (2,207.710) Cash flows from investing activities Dividends, interests and rents from investments Proceeds from the sale of investment property Purchase of investment property Proceeds from sale of investments Purchase of investments 1,284.361 1,134,738 78,175 (71,862) 1,942.352 (839,884) (4,666) 2,700.141 (1,497,421} Nel cash provided by investing activities 2,482,415 2,243,519 Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (180,444) 680,281 35,809 644,472 Cash and cash equivalents at the end of the year 499,837 680.281 The notes on pages 20 to 33 fomi part of these financial statements Page 19
Ulster Garden Villages Limited Notes to the financial statements For thè year ended 31 December 2022 Accounting policies 1.1 Basis of preparation The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102> and the Industrial and Provident Societies Act (Northem Ireland} 1969 and the Industrial and Provident Societies (Northern Ireland) Order 2006 as amended by ihe Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016. Assets and liabilities are initially recognised at historical cost or transaction value unloss otheiSe stated in the relevant accounting policy notes. 1.2 Preparation of the accounts on a going ¢oncern basis Having reviewed the potential income and commitments for the next 12 month period the Committee of Management are of the view that there are no material uncertainties about Ihe Charity's ability to continue as a going concern. 1.3 Income Income is recognised when the Charity has entitlement to Ihe funds and it is probable that the income will be received and Ihe amount reliably measured. Property rents are brought into account on Ihe basis of amounts receivable. Investment income is reported gross before any managemenl fees are deducted. Interest on funds on deposit is included when receivable and the amount can be measured reliably. This is normally upon notification of the interest paid. or payable, by the bank. 1.4 Expenditure Expenditure is recognised once there is a legal or construclive obligation to make a payment to a third party. it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: Costs of generating fur)ds comprise investment management charges relating to investments and investment properties., and Expenditure on charitable activities is incurred on directly undertaking the activities which further the Ulster Garden Villages Limited's objectives. as well as any associated 5UPPOrt C0515. All expenditure is inclusive of irrecoverable VAT. 1.5 Allocation of support costs SLrpport costs are those functions thal assist the work of the Charity but do not directly relate to charitable activities and include adminislration and finance costs. An analysis of support costs is included at Note 6. Page 20
Ulster Garden Villages Limited Notes to the financial statements For the year ended 31 December 2022 Accounting policies (continued) 1.6 Investment properties (including social housing stock) In accordance with FRS 102 the investment property portfolio is stated at fair value with all gains or impairments reported through the Statement of Financial Activities. Fair value is determined by referen to valualions carried oul by appropriately qualified external valuers. Investment properties includes housing stock held as part of the charitable activities of the Charity and from which rental income is generated. 1.7 Tangible fixed assets and depreclation All fixed assets are initially recorded at cost or deemed cost. The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acquisition. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases= Land and properties (undeveloped and under development) Plant and equipment 200/ 1.8 other investments Listed investments are stated at market value. on the basis of Ihe middle market price at the close of business. Whilst day to day management of the inveslment portfolio is carried on by experienced. registered investment managers (currently RBC Brewin Dolphin) the ultimate control and responsibility rests with the Committee of Managemenl. Unlisted equity investments are stated at fair value and all gains or losses, whether realised or unrealised, are reported through the Statement of Financial Activilies. 1.9 Debtors Other debtors are recognised at the settlement amount due less any provision for impairment. 1.10 Creditors Short temi creditors are measured at the transaction price. 1.11 Charitable Loans Charitable loans made are initially recognised and measured al the amount paid, wilh Ihe carrying amount adjusted in subsequent years to reflect repayments and adjusted, if necessary. for any impairment. 1.12 Cash at Bank Cash at bank includes shorl term highly liquid inveslments with a short maturity of three months or less. Page 21
Ulster Garden Villages Limited Notes to the financial statements For the year ended 31 December 2022 Accounting policies (continued) 1.13 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 1.14 Fund aGGounting Reslricled funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Ulster Garden Villages Limited for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricled fund is set out in the notes to the financial statements. Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. The Common Fund is a designated fund, being unrestricted funds of the Charity. which the Committee of Management have decided at their discretion to set aside lo use for a specific purpose. 1.15 Accounting estimates and judgements Judgements made by the Committee of Management, in the application of Ihese accounting policies, that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in Note 23. Legal status The Charity is a limited company having share capital and is registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 and Ihe Industrial and Providenl Socielies (Northem Ireland) Order 2006 as amended by the Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016, Reg. No. IP000083 and is registered with The Charity Commission for Northern Ireland Reg No. NIC 101248. Income from charitable activities Unrestricted funds 2022 Total funds 2022 Total funds 2021 Rents - investment properties Investment income Interest receivable Rents - social housing 812.402 471,692 267 976,393 812,402 471,692 267 976,393 646,623 471.572 92 894,428 2,260,754 2,260,754 2,012,715 Comparative figures are also included under unrestricted funds. Page 22
Ulster Garden Villages Limited Notes to the financial statemenls For the year ended 31 December 2022 Expenditure on raising fund5 Unrestricted funds 2022 Total funds 2022 Total funds 2021 Rates and service charge Insurance 388.405 7,660 75,831 74.220 260,364 17,095 388,405 7,660 75,831 74,220 260,364 17,095 345,352 15,369 236,716 69.456 34,404 14.400 Repairs and upkeep Collection costs Legal and professional fees Management fees - quoted investments 823,575 823,575 715.697 Comparative figures are also included under unrestricted funds. Expenditure on charitable activities Unrestricted funds 2022 Total funds 2022 Total funds 2021 Donations (see below) Social housing costs Support Costs - administration (Note 6) 1,018.420 656,952 174.066 1.018,420 656,952 174,066 1,269,914 632,891 161,280 1,849,438 1,849,438 2.064,085 Comparative figures are also included under unrestricted funds. 2022 2021 Donations (No. in brackets): People with Disabilities {8) Health (11} Community (15) Culture and Heritage (13) Education and Training Skills (14) 101,849 134,932 297.044 163,568 321,027 31.500 67,000 867.310 65,000 239,104 1,018,420 1,269,914 Page 23
Ulster Garden Villages Limited Notes to the financial statements For the year ended 31 December 2022 The donations are all made to charities or organisations falling within the above activity types. A full list of donations is disclosed in the Annual Report, a copy of which is available from the CharitS registered office. Support costs - administration 2022 2021 Salaries, wages & pension contributions (Note 10) Premises costs Auditors, remuneration Accountancy. legal and other professional fees Printing. stationery and postage Miscellaneous Interest payable 98,544 44,938 9,000 5,880 2,533 11,370 1,801 94.406 38,801 8,760 8,544 2,339 6,629 1,801 174,066 161.280 Net gain on investments 2022 2021 Gain l (loss) on sale of social housing properties Gain l (loss) on sale of other investments 3,175 241.293 349,610 Realised gain l (loss) 349,610 244.468 Gainl(loss) on revaluation of other investments Gainl(loss) on revaluation of investment properties (including social housing) (2,166,916) 2,926,879 3,804,071 377.763 Unrealised gain 1,637,155 3.304,642 Net gain on investments 1,986,765 3.549,110 Related party transactions There were no related party transactions undertaken by the charity during the year. At the year end there was a balance of £150,000 (2021.. £150,000) due from The Somme Association. The charity and The Somme Association have a Commitee Member in common. Auditors. remuneration The auditors, remuneration amounts to an auditor fee of £9,000 P021 £8,760), and other services (including payroll and accountancy) of £6,240 (2021- £4,320). Page 24
Ulster Garden Villages Limited Notes to the financial statements For the year ended 31 December 2022 10. staff G05ts and emoluments 2022 2021 Wages and salaries Social security costs Employer's contributions to defined contribution pension schemes 84,709 8,768 5,Q67 81,704 7.871 4,831 98.544 94,406 Particulars of employees: The average number of employees during the year, calculaled on the basis of full-time equivalents, was as follows.. 2022 2021 Number of management staff No employee received remuneration of more than £60,000 during the year (2021- None). No other Committee Member received remuneration or expenses in the year (2021: None). The key management personnel comprises the Committee of Management Members and the Executive Director. The total employee benefits of key management personnel of the Charity was £46,807 (2021: £43,273). Corporation Taxation The Charity is exempt from lax on income and gains to the extent that these are applied to its charitable objects. At 31 December 2022 no provision for corporation tax was necessary. Page 25
Ulster Garden Villages Limited Notes to the financial statements For the year ended 31 December 2022 12. Investment property Investment property Valuation Al 1 January 2022 Fair value movement 26,410,000 3,804,071 4.666 Additions At 31 December 2022 30,218.737 On 12 January 2023, the Committee of Management obtained an independent professional valuation from Rory Clark (MRICS) and Caroline McKillen (MRICS) of Mcconnell Chartered Surveyors, al open market valuation, of social housing. residential and commercial properties located in Newlownabbey, Whitehead and Lisburn in the sum of £18,821,237. This recognises an increase in the value of investmenl property of £3,421.238. These properties including social housing which are held by Ulster Garden Villages Limited as part of its charitable activities of providing housing and associated amenities for persons in necessitous circumstances upon terms appropriate to their means. On 14 December 2022 a valuation of The Residence and Apartments at William Street South. Victoria Square, Belfast was obtained from Thomas O'Doherty (MRICS) of Simon Brien Residential in the sum of . £2.247,500. This recognises an increase in the value of Ihe investment property of £237.500. A structural issue which came to light during February 2019 affecting 54 apartments owned by the charity resulted in a significant decrease in the value of the investment property of £8,639,800 which was recognised in the financial statements for the year ended 31 December 2019. Litigation commenced during 2019 whereby UGV is seeking damages in iespect of this issue and as at 31 December 2022 Ihal litigation was ongoing. On 14 December 2022 a valuation of"The Banks" Groomsport Road. Bangor was obtained from Thomas O'Doherty (MRICS) of Simon Brien Residential in the sum of £9,150,000. This recognises an increase in the value of investment propety of £145,334. The comparable historical cost and net book value as at 31 December 2022 is £15.595.819 (2021: £15.591,153). Page 26
Ulster Garden Villages Limited Notes to the financial statements For the year ended 31 December 2022 13. Tangible fixed assets Land undeveloped Plant and equipment Total Cost or valuation At 1 January 2022 100,000 389,871 489,871 At 31 December 2022 100,000 389,871 489,871 Depreciation At 1 January 2022 389.870 389,870 At 31 December 2022 389,870 389,870 Net book value At 31 December 2022 100,000 100,001 At 31 December 2021 100,000 100,001 Page 27
Ulster Garden Villages Limited Notes to Ihe financial statements For the year ended 31 December 2022 14. Other investments Listed Unlisted investments investments Total Cost or valuation At 1 January 2022 Additions Disposals Revaluations 24.104,353 1,497,458 (2,350,531) (2,166,916) 50,000 24,154,353 1,497.458 (2,350.531) (2,166,916) At 31 December 2022 21,084,364 50,000 21,134,364 Net book value At 31 December 2022 21.084,364 50,000 21,134,364 At 31 December 2021 24,104,353 50.000 24,154,353 15. Debtors 2022 2021 Due after more than one year Other debtors 2,133.478 1.251,000 2,133.478 1.251,000 Due within one year Other debtors Prepayments and accrued income 204,857 86.735 7,238 62,725 2,425,070 1.320,963 Page 28
Ulster Garden Villages Limited Notes to the financial statements For the year ended 31 December 2022 16. Charitable loans 2022 2021 Due in less than one year Loans Impairment provision 779,250 (128,250) 779,250 (128,250) 651.000 651,000 Due in more than one year Loans 13.609 13,609 13,609 13,609 Total loans 664,609 664.609 In addition to outright grants. assistance may be given by way of charitable loans which carry certain conditions al the discretion of the Committee. The Committee agrees on a case by case basis as to whether a fixed charge should be secured on a particular property or other asset. Hearth Heritage Buildings Trust £500,000 (2021: £500,000) is Ihe largest debtor. 17. Creditors: Amounts falling due within one year 2022 2021 Loan stock housing bonds, principal Loan stock housing bonds. interest Accruals and deferred income 52,528 129,672 438,951 52,528 127,871 302.847 621,151 483.246 18. Share capital 2.693 shares of £1 each fLtlly paid (2021.. 2.693). Page 29
Ulster Garden Villages Limited Notes to the financial statements For the year ended 31 December 2022 19. Statement of funds Balance at 31 Gainsl December (Losses) 2022 Balance at 1 January 2022 Transfers inlout Income Expenditure Unrestricted funds Common Fund General Fund 17,736,290 35,107,978 (1,018,420) 2,000,000 2,260,754 (1,654,593) (2,000,000) 18,717,870 1,986,765 35,700,904 52,844,268 2,260,754 (2,673,013) 1,986,765 54,418,774 Balance at 31 Gainsl December (Losses) 2022 Balance at 1 January 2022 Transfers inlout Income Expenditure Restricted funds Share Capital 2,693 2.693 Total of funds 52,846.961 2,260,754 (2,673,013) 1,986,765 54,421,467 Page 30
Ulster Garden Villages Limited Notes to the financial statements For the year ended 31 December 2022 19. statemenl of funds (continued) Statement of funds - prior year Balance at 31 December 2021 Balance at 1 January 2021 Transfers inlout Gains/ (Losses) Income Expenditure Unrestrlcted funds Common Fund General Fund 17.006.204 33.056,022 (1,269,914) 2,000.000 17.736,290 2,012,715 (1.509,869) (2,000,000) 3.549.110 35.107.978 50,062,226 2,012.715 (2.779,783) 3,549,110 52,844,268 Share Capital 2,696 {3) 2,693 Total of funds 50,064,922 2,012,715 (2,779.783) (31 3,549,110 52.846,961 Common Fund - this represents amounts set aside out of accumulated surpluses to provide grants, loans and other public benefit in furtherance of the main objectives of the Charity. In respect of this 8 transfer of £2,000,000 was made lo the common fund during the year. General Fund this represents accumulated surpluses relained for the general furtherance of the charitable objeclives after transfers to the Common Fund. 20. Analysis of net assets between funds Unrestricted funds 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Investment propety Debtors 100.001 100,001 21,134,364 21,134.364 30,218,737 30.218,737 2.425,070 2,425,070 664,609 664,609 499,837 499,837 (621,151) (621,151) Charitable loans Cash at bank and in hand Creditors due within one year 54,421.467 54,421,467 Page 31
Ulster Garden Villages Limited Notes to the financial statements For the year ended 31 Decèmber 2022 21. Commitments Other Commitments There are commitments of £4.17 million (2021.. £2.90 million) to contribute to charitable projects. on which a legal or constructive obligation to make payment does not yet exist, of which £2.27 million (2021: £1.9 million) is subject to project commencement and scheduling. These commitments will be financed through the Common Fund. 22. Contingent assets Structural issues at one of the charity's investment properties are subject to litigation. It is impracticable to reliably estimate what the valuation of any settlefflenl might be. 23. Accounting estimates and judgements Key sources of estimation uncertainty Valuation of investment properties The Committee of Management obtained independent professional valuations from Mcconnell Chartered Sutveyors Ltd and Simon Brien Residential Ltd for the properties held as at 31 December 2022. The external valuations. which are adopted in these financial statements, provided an open market valuation of Ihe residential and commercial properties owned by Ulster Garden Villages Limited. 24. Reconciliation of net movement in funds to net cash flow from operating activities 2022 2021 Net income for the year (as per Statement of Financial Aclivities) 1,574,506 2.782.043 Adjustments for". Gains on investments Dividends, interests and rents from investments Ilncrease)Idecrease in debtors Increasel{decrease) in creditors (1,986,765) (3.549,110) (1,284,361) (1,134,738) {1,104,1441 (351,293) 137.905 45.388 Net cash used in operating activities (2,662,859) (2,207,710) 25. Analysis of cash and cash equivalents 2022 2021 Cash in hand 499,837 680,281 Total cash and cash equivalents 499,837 680.281 Page 32
Ulster Garden Villages Limited Notes to the financial slatements For the year ended 31 December 2022 26. Operating lease commitments At 31 December 2022 the Charity had commitments to make future minimum lease payments under non- cancellable operating leases as follows: 2022 2021 Land and buildings Not later than l year Later than 1 year and not later than 5 years 24,000 26,000 24.000 50,000 50,000 74.000 27. Post balance sheet events There have been no significant events affecting the Charity since the end of Ihe financial year. Page 33