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
HospI￿S 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 se￿e 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 be￿een 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 othe￿iSe 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 othe￿iSe
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 Charit￿S 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