-FJ '" LSTER GARDEN VILLAGES LIMITED REPORT AND -FINANCIAL STATEMENTS 2022
LSTER GARDEN VILLAGES LIMITED CHAIRMAN'S FOREWORD YEAR ENDED JI DECEMBER 2022 l am pleased kn In1ThCe the Anwa] Retth and ALU)unts for Ulstu Gard Villag&s Limited f(Y the year eIed 31 1kneMr 2022. The year uler review Ixought to fruition the nui)r to restCKE Muville Gankn Village to its ffflner g1. The reSe from living in the village has very itive intheA 2nd similar WO is Eting C(n1 (M] ottrrojtsrprr1e8. We the Ix15y li reviewing many prtytsais bnwgbt to f(r supp)rt and in providing awrq)riate b&king foras many of tttm as P1b1e. I am extremely gratefu] to Mrs Valerie tngram. Executi DireLXor. 3Jxl to Mrs Ruth Culltrt. Adffjinistr&ion Officer. for c(mtrilw1ios they ll1e to (kal with thi.s w(rknwl in their Usual ththu5i&Stic and Professio1 l am also IlebbIt0rny fellow volUnt¢01- leag5 on ConunTtr of manager11 for 5UPF(rt aTyJ 1viO. S(me 20 year5 ago I was invited ioi)in the C(xnmiltee of Mawement of Ulster Gatthn Villages Limited a] a ciNJple of later I was IK)tK)ured to be a[point as Clk7irnun. The clm)an is elected each year by cNlItee, and I have tren h((r1 and privileged to have h&1 the tnLSt and L¥)nrKkn of my colleagS who hve aptx)inted me eh year sin. l inforn dEm aftu last year's GaTrerdl Meding that I would step down fiDm the role at the f[r)ingAGm in June. I bave enN)yal this" wiviiege Th)1 (dy for the oRxytimity to closely involved in providing 1p to swh a large numEKY of w(xthwhile charities ond woiects right aaDs Nortbern brlatxl fir tlr frien(Lship5 1 have f(Ynd. Over two (kC¢S UlsterGar(kD Villag&s has wovilkd over £25 milli(m to hu[KIr of projects all of which have mJe life irttetformany ptAc. It tell ai)y to see what adifferaKethe cffoTts of volunleeTS can make with strong fiTHicial bkIng. We intend to an illustrated Tep(Kt later this year which 11 give fiwtFrrddai15 of the impct WO has Irlpd to generdte over p&4 DeIle diMating £15 million over this Fri(yJ, we ensutul that Ulr GaT&n Villages, financial stttngth has be weser1 and enhred. I would dasaibe our current final11 strength &5 extremely Stro and thle whith gives me great c[fflfidee that are well &S¢d to (mtin to a rnai)rpbilaDthni>ic crntributor into the futtre. I wish my 5ucce&sor, wh) will app)inted by the C(ynmittL after tte AGM. evtty psIb CcesS in the yeats abeal. Ton} Hopki Dr AS Hopkins CBE Chairman Page I
LSTER GARDEN VILLAGES LIMITED LSTER GARDEN VILLAGES LIMITED CONTENTS REFERENCE AND ADMtNISTRATIVE DETAILS OF ULSTER GARDEN VILLAGES LIMITED, ITS COMMITTEE OF MANAGEMENT AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 Pgge Referen and Administrative Details of Ulster Gar&n Villages Limited, its Committee of Management and Advisers Clmnmittee of Management Report 4-15 Connittee of Management Dr A S Hopkins CBE. FCA. Chainnan Mr K Baird Mrs M Boyd MBE Mrs S pCwe B&.FCA Mr B GanEtt LL.B.FCIA.Art). Mr E Holrnes OBE Dame R Johnston Mr W J Webb MBE, JP, c(lY stary MrCJ Wa]sh MBE Inlkpendenl alitOrS, the finan¢ia] slatements 16- 19 Statement of fmancial activities 20 BalanLr sht 21 Statement of cash flows 22 Notes to the fmancial stalents 23-36 Income & Expenditure A(zount Extrdcl 38 Company Registration Number IPIKXK)83 Charity Re%L4trati( Nuvnber NIC101248 Registered OffiL tk)t)ations- Year to tkcember 1121 39-43 F(Kestview Purdys LaTJe. Newtownbreda Belfast BT8 7AR Honffary President Executive Director Indendent Auditors Sir Desmond LA>rimer FCA Mrs Valerie InaM MBA. BA Hons ASM (B) Ltd Chartered ALxwntants and Statutory Audit( 4th Fl(M)r, Glendinning House 6 Murrny Street Belfast BTI 6DN Banke Danske Bank P.0. Box 183 DOglI squa West Belfast BTI 6JS Sdicito McKee% Solicitors 32-38 linlI Strt Belfast BT2 8BG Indendent AdVir RBC Brewin tkjlphin I Ith Fl(Kf, East Tower. Lanyon Pla7A. 8 Lanyon Pla Belfast BTI 3LP Imin@ulSteCnvll1lageS.¢o.k www.u15*TgaTdenvillages.cv.uk En11 Webt4te Page 2 Page 3
LSTER GARDEN VILLAGES LIMITED IL5TER GARDEN VILLAGES LIMITED COMMrrTEE OF MANAGEMENf REPORT FOR THE YEAR ENDED 31 DECEIWIBER 21122 ColmIEE OF MANAGEMEiYf REPORT (coiitinued) FOR THE YEAR ENDED 31 DECEMBER 2022 The CommTttee of ManagemeT]t 15 pleised to pte5ent their report a1 fiaTla1 statements for the year enthd 31 December 22. The FInCIal Statements have been prepar8J in accordance with the aLrounting polici&s set out in the 'Note5 to the Accounts, and comply with the Charity's governing documents 1£. "The Rules of U15ter Garden Villag&s Limited,. The Charitie5 Act (NOrtrn Ireland) I8 &5 arrmded by the Charities Act (NiYtheTn Irela1) JI13. Indtrial and ProvideT]i Swieties (Northern Ireland) 1969 and the Industrial a1 Provithnt Sle1]es (Nithern Ireland) Orthr JK16 as aTneTKled by the Credit aDd Co-operative aNI Community Benefit &Kieties Act (Northern Ireland) 2010 at Accounting a1 Rep(ting by Charities: Statement of Recommended Prwtitr applicable to chltieS weparing their dceounts in e0rde with the Financial Rep)rting Standard applicable in the UK aThl Republic of Ireland (FRS 102). Ireland as the Charity shall froTn time lo tirne deteTTr]ine aThJ to use any of the Charity's funds iluding a(rumulations of past profits not required for the pwses of (a) or (b) for such charitable 4)0S as the Committee shall from lime lo lime determine. Hou.¢4n% kn(lated Amenities The Charity uler its charitable obJts (a) a1 (b) provide5 a1 manages hiwsing a1 proFrty stock. Ulster Garden Villages Limited w&s fouTrled over 75 years ago and by Mah I9} h&1 Iwilt and foun<kd Mervllle Garikn Village, Northern Irelal'S firnt 'Garden Village, with 450 h)uges. flats dnd shops dnd SIgntfilly. witb Community Centre, Little Theatsy extensive gard¢ns.The Village Cated a sen of eommunity togetherness a1 involven]ent. rathei than simply providing hou%&5 for those WIM) nee(kd accoTnm(Klation. WIM) are we. U]5ter Garden Villages Limited ('The Charity,) was establi51rd under the IluStrial ad Provident S(Kietie.s Act (Northern IreladI in 1946 with the principal objective of providing good quality IKIu5it]g and a5cIatj nenitieS for the disJJvavJtaged a1 aged. Since that time government'5 appTo&h to ho51ng h&$ changed dramatically and in Northern Ireland establishment of the Northern IrelarKI Housing ExL<utive and the Ho8]ng AsKyciation movefftent has largely catered fir ho5]ng needs. In 1981, the Cotnmitlee of Ulster Garden Villages Limited t(K)k the neCeSry sleyi to convert t1 As5(Kiation into a regi%1ersJ charity and unthr its amended regulation emFx)wered it to transfer from .erVeS to a Con]n]on Fund afftounts to be available for such gera1 charitable ptw)ose%. not Cesl]Y C)nected with IKIU5ing. a5 the Con]mittee shall from to time deM]i. UlsterGarden Villages Limited 15 registered with Charity Cornmiision for Nortlrrn Ireland INIC 101248) a{ with the InlaTMJ Revenue XN72342. Other &veloprnent5 followed at Abbrt5 Cro55. Fernagh in wh1teablY and at Garden Villuges in Mwkanu)re and Whitehcad. Although Charity lus .4)Id a signifiunt prwrtion of the cfiginal pmFrties. it cmtinues to manage the esthtes at MeIlle. aAI AbLY)ts' Cmss and wovide5 hsIng and a&s{lated amenities in NeThlownalA)ey. Whitehe1 and at GaNey Court. Lisburn (adevelopnent of tjpartments for older peq)le). A development for the 555 was TentlY Complet at BdngoT. The Common Fi und In pursuit of Object Ic) the Charity PriTnarily #ll(Kates tunds to. or for. Wolts within Northern heland which thill have a tK)%itive inipKt on N(rthern [rel(d. FuniLs T]ot given retroy)ectively and it 15 TK)t Usual to give aL% for office expense%. core salaries or &lmini.strative staff salaries. In jditiOn to outright graLs. a&sistance rnay be giva] by way ofiiMns which may cary rtain conditions at the discreti of the Committee. The wrpoF£ of any application must be chLUitable and normally the Committee will only consider ryuests from registered charities. AppliLztions r(K SIrtS ure miide on the Ulster Gdrden Villages LimilLxl appliLation lorm also quire (4ipIicdnts to submit their most nt certilied cOunt5. Further intornution is dvaildble in the 'Gui(klines forAppltcts, section of chlty'S websit or from tbe gistrd office on request. TheAchievennts and Perf0mlan Section of tbis Report thtai]s sFcifi¢ examples of the Charity acting through IL% Comtoon FuT)d of (k)tIOnS to charitabk ventures in the wider COTnmunity for the ythr evKling 31 DeCeMr 2()22. . ObieLtives Imd Adivitie5 The objects of the Chdrity air: a) To carry on, lor Inefit of t community. the business of providing ho51ng ny associated dmenities lor persons in nLL'essitous circumstanLes up)n t¢mLs &4lPn)priate to their means. b) To PFovi&. for aged r$on$ An need Of, IKiusing any a&51}&(ed nitIeS. specially (ksigned (y 2pted lo meet the di5&bilitie5 reqUirnents' of sucb paBons' c) To catry wt such athded puryoses which are charitable un(kr tlr law of NOrtrn Page 4 Page 5
LSTER GARDEN VILLAGES LIMITED IL5TER GARDEN VILLAGES LIMITED COMMirrEE OF MANAGEMENT REPORT (cominued) FOR THE YEAR ENDED 31 DECEMBER 2022 COMMITTEE OF MANAGEMENT REPORT (conrinued) _ FOR THE YEAR ENDED 31 DECEMBER 2022 PuNic beJ)efit 5t}rtellt b. Achievements and Perf(Jrman During 22, we awarded £ l A)18.420 in dfflations to I(1 charili&s, wh15e work we believed would bring Wiitive tcomeS to peiyle'5 live5. This 5UPtx)rt was given ross Nortlrm Ireland. supporting work which tried to alleviate dIS1Vltage and help people in tlrir hr of ed. There w&$ a steY of (Iwlicdlions for support. we respdI)J to as many of these requ&sts a5 po&sible. The donation5 for which FU15 were allocated were in line with our stated objective.s of a5Si51ing TrpIe with disabilities. h1th. community. culture and heritage and education aThJ %ki115. t consithrtng wIre we wovide we continue to favour projt$ which build col- Ialx)rati with funthrs. Over the last few years, we have FTovided SUPFOrt to locaI chaTities providing Covid 19 5UPFK)rt. This w&s in resw)n5e to l(Kal ne5 j met the many emerging challenges. The l¥Jing ITlU&d supwTrrt for a number of winter aFry)e8J5 such as the Beifast centr Mi%sii)n, Samarita, Salvation Army and Hon]eplus Nl. ((1 l(Kal charity which works with vulJ]erable IK)meless peq)le incIlg tIK)se sleeping rough). Tr efforts WPFK)rted iwlude 1P for migranLs. asylum ¢£ekers and refug5 as well as thikse from the local comTnunity. Trte is 41 chronic ed to help trople eak out of Ilr cycle of hon]ele55ness and theff 15 ireiSed (Hi tlr charitie.% WQTking to tt hoTnele&s. A donatioD of £IO.(XXI was giveD to Street Soccer Nl fir the Honle$S World Cup at¥1 wttkly &tivities that 5¢ football to bring tKJsitive change to peiyle's lives. The Charity w0S with the IK)meless. Aefuuee5, Ople with &ldictions and mo. Our longer tenn commitments incluik nding to pff>viik IK)meless 0pe with intensive supp)rt a1 offer safe and SeCe rnes to help pp]e f(r independent living. The current 'co%t of living. ¢TiSiS seen wntinue to illLTed. and people f&e impossible d¢xisions as they ty to live on already stretched FK)usehold income. Muny of tse imp&frd are children a1 almost l in 4 ¢bildren in N(thern helarKI live in a family which stwggies to ptDvi& for their iwsie nttds. One of our to tkr current crisis wa5 to P)11< %chool meals local Childll and young pwple. Wolg alongsiik a lead fer. the Belfa, Charithble S(K&ety and severa] other foUlatiOnS. our donati of £.{XM) h&$ to date provided over 20DIKI meals for ywng pwple. OuTfive year [Wrt[shiP with Ulster UniveTsity continued with a second annual ctrI- but] of £150tKKI. The 40 annual CoTnmunity Scholarship% have en helping to remove financiat barrier5 that preva]t maT)y young people frotn accessing higher educatirn). Severa] of our Committee members had the ple&sure of ffteeting tlr first Coh of tlent5 were able to at first ha1 how the funding provided h1 afford the Tr CommittLe of Managcmetrt confirm that they have considered the Charity Commission's ger£ral guithnce on bIle nefit when reviewing the Charity's objectives and in planning futu tiVitieS and grant-making throughout t1 year. A a)py of the Con]mission's guidan nies public berfit has issued to all Ulster Gar(kn Villages Limited oFrnfrs for t wbiie knefit with the ultimate beneficidries being the mdny ppIe %upp)rted d1 wo{1 with by the charities that we fund. Tr main obFctives ft>r which fund5 were allocated unthr Obied (c) a. People with Disabilities Carers. Sheltered Aca)mmixiation. Mental and Physical Disabilitiety. Transport and AdNice. Holce5 and Hospitals. Home Nursing. Meot21 Healt Subs¢an¢e Abuse. PventiOn ot Di&ease. Conununity Youth at Ri.sk. Rehabilitation.ttr Aged. Victim SupWrt,crin F¥evention, Reperation. SrientifiL and medi ReseJrch To supwrt fields" of trs&wcb wbicb are Th)t capble of tcal govemmenl supt, particularly invdNYog t aged. Setfie diseases s as Cancer a1 Cardi& relafrd a)nditions. Culture and HeritaRe Assisting underfunded activities involving the A Tts, in all its f{Th. the Preservation 0fr natural heritage. Assisting the re51oration of buildin&s of historic or archilectural interest to enable them to be rehabilitated to the LLse and *ryi to community and the cSerVation of artefacts. Edul'atiun and 'l'rninii¥ .Skil Pn)motion of life skills and ilenInI living skills and employment training for people with disdbillties and di$Vanged peiyle. Fmhancing edulation literY skills foryoung peqile wlth disabih'ties. PrioritiÉS FroTn time lo time the Committee review the rnllge of activities they are preparaj to PFK)rt and place pla1 emph&sis on areas that they wish to evKowage. Page 6 Page 7
LSTER GARDEN VILLAGES LIMITED IL5TER GARDEN VILLAGES LIMITED COMMrrTEE OF MANAGEMENT REPORT (cominued) FOR THE YEAR ENDED 31 DECEMBER 2022 cofvtMITTEE OF MANAGEMENT REPORT (coiuiwd)_ FOR THE YEAR ENDED 31 DECEMBER 2022 a life changing o]yortuT)ity. They wete appreaative of the opp(thnity and thteTrnid 10 Succeed and to be a significant force f(K change in their l(ral comrnunitie%. We were del ighted to see studenLS represevrting the UniveT5ity 50 well and t1 OFWrtunities of ying at Uler a playing a key role in making sure that higher edatiOn 15 an optioT] for these young pIe. This year we cOntind lo wovide suFyort for famil ie.5 in need and a grant of £20,tm. (t1 fit5t trallche of three). w&% given to the National Auti Society toward tlrir 'SupFK)rt f( Life, rdnge of WOae. The wide range rf.sw)FKft Frovide% vital help for trople with auti%Tn and their families. The ovetaTching objective of the initiative a1 events is to enable autistic children a1 adults. IKlping gain vital life skills. grow t1r indq)endence. and thTive a[ al.so to provide m nlzded help to tlrir families. Thi% project is a liteline For those wlK> Mre autistic and their families aThl klps them to cq)e with au ehallengos that they Fd¢e daily. L'Arclr, Belf¢LSt PTovide5 a supported living servio for adu]ts with a learning disability. They also have a range of outr¢h proJts for people with learning diubilities. autism and acquired brain injury. FuTKling of £AI,(X)U given towattl the purchase and instauation ot thrtt new training rm5 atKI a WlKden cabin. Tkr new faeiiities will accomttXKlate 70 participants with learning disabilities and a further 24 WIt)Ut a leaming disability providing employability skills. a thriving cafrring business, allotments and 5Urn)orted living. Other wojects supp(rtl included £50tm for the Conynela cnMunIty, Iat in BallyLa5tle. Conymeela is Northern I1.S oldest Pe&e and ReconciEitttion Lonmuniiy dnd b&5 been in existeAice for over 50 yvdrs at tteir dedicated voluntee give over 80,0(X) h)urs of their time each year. The grant enabled mucb nee&d Ci4)ital works whid] includLd the repl&¢m¢nt atxl upgr&le of IF¢ir w&slew&er system at the COymetIa Village. We bave assisfrd WO lo build awa to those wlx) may be affLYd by HaemiKhmmat(tsis with funding of £43IMM). Genetic H&MOchmatOSIb (GH) is one of the MOQ Lommon genetiL disorders acconling toreseaL'h afft5 l An 113 peoplc in Northern hE]dl. It iron levels to bulld up in tIE blo(Kl ovcr time. which can darn&e IrgarLS dnd joints if leti untreutlxi. Thc main a1 LX)nvcntional treatmL)nl fiK GH involves the MoV&1 of excess iron stores through the regular removaj of blood thniugh Versection (a procedure to reniove d blo(yJ cells). Haemhromatthis UK (HUK) is providing fr genetic t&sting and counselling in c(xnmunities. When FtUK ran a pilot programme in Derry. t1Y fouTKI that l in 10 pei)ple were found to wlY diagnod with Genetic Haem(KhromatOSi5. bad on actual lesting of people's bli)od samples. It is often mi.55tatsJ thai haemochromalosis 15 . Tr &fivJTtion of a rare disea by t1 European Union 15 1 in 2tKJO. Gevjetic Hae[n(hr0lnat(KSL4 15 n( rate ju%t rniely diagnos. We cotrtinued to provide capital grant% and some examples of these are those ma& to Union Theological College. 174 Macrory Centre. Open Hj5e F&stival s building in Bangor. Tyrol Guthrie Arts Centre. Lilrrty Con.K)rtiUTn. [k and the Federati1 of Women's lllstitules for their building in Belf&%t. A capital grant of £50.(MXTr was given lo e of DeTry'S most farned lyjildings. the 'A' listed Si Columb's Hajl l(Kat8J at NewTnJrket Street. Detry. Tr funding was toward neceksary re.storation to make the building safe and xcessible and wotk was completed in2022. Ir fundt3J wojecLs in tlr Northwest incluth the refUlShment of the Foyle Valley Railway Mu.um Hall. Derry who were awarded £201M. Tr Museum aTN] Centre is rull by [k%lIn Limitaj. which aims lo etnwwer pwple with leaming disabil itie5 and promote5 (VP(rtunities forthern to reach tlrir fvll wtential. This is achieved by giving pe(yle the q)w)rtunity to voluT)teer ad t as tour guid£s at the Museum aliM)g with de(tiated 5UpW for daily life in all its A grant of £50.(KK) 4Upp{d the Voice of Young PeIe in Care's new fiT5t of a kind sp&e in Great Patrick Stseet, Belfast. Along with their partner organisation ITKlude Youth. the new CeT)tre will be tlr firt youth building of its kind. placing 'l(xTrked after childreT) aTx1 Yllg peA)ple' at its heart. The pnthmic 51x)wed the adapthbility a agility of the aTLs sector in tlr year unthr review we provi&d arts aj culture charities with suppcrt to re-qyen their trat$. tormantr venues and &5s1,lantr to Tornmee live perfotmantrs in all its f(rn. Tight across NOrtIrn Ireland. The digital offerings develoFd through necessity during tlr paleIC have br()ught new ways to reach allenCeS aThJ some PreviSIY funded chaTities sh a% Carlisle MemiTial are digital imtneTsion to combine live events in new and exciting ways. The* innovaiive dei'el(ymenLs are ci)ntinuing and in sorne c&ses are allowing those who a most at risk and clinically wlnerable to continue to have CesS and enjoy Arts provision. Supw)rt for the Chandler's Hoe ]Koject in Rathfrilal of £SOIM)O (the final tranclr of £I(X)AMM)). ensured this herita&7e 1]dIng w&5 re-opened io the local con]munily and visilors to the village. Chatyjler's HOe w&$ (lginallY a pair of mid-19th-century dwellings aT¥J now provides a range of community activities, with a fiKus (x) mU1C on t1 gtound floor. aTMJ affordable housing units above.bringing new life backtotlr heart of the village. GTeensho(rt Pr(NJuctiOTLS has receiv8J Prt over three years toward a Community Theatre troiect in North Beltast. The three Ye residential will create a sustain(Ible arts project and a wide range of u)mmunity theatre events in an area which typically is devoid of ArLs provision of this type. Page 8 Page 9
LSTER GARDEN VILLAGES LIMITED IL5TER GARDEN VILLAGES LIMITED COMMITTEE OF MANAGEMENT REPORT {copthnued) FOR THE YEAR ENDED 31 DECEfvIBER 21)22 cofvtMITTEE OF MANAGEMENT REPORT (cowiwd)_ FOR THE YEAR ENDED 31 DECEMBER 2022 A donation of £IO.(MK). was made as part of a three year COTnmilment for Keep N(Kthern trelaThJ Beilutiful. an independent charity dedicated to creating &1 cleaner. grr. and sustainable NOrtrn Ireland. Keep Nt Beautiful achieve ihis by livering on improNing environmental education in every sclKK)l in N(thern IrelaTKI. itKreasing public engageThnt for covnmunities in tred and rdi4ing envir(w)rnental ndards for the plac&s where pe(yle spend tiTne.' Whe they live. wotk. a1 relax. In Froviding wpw)rt we l(K)k at how cl]arities are gOVerd, and our grants are me with conditions to ensure that tlry ate spent appropriately and for the tharitable Fxirp05 outlin by applicants. A total of175 meetings were held in JTr22 with potentiJJ grantees. In the early part of year aj due to Covid 19 the meetingi were held by virtual rneans. A.5 things Iyened up. we were able to ComMee more re to f&e elIngS with rePrentatIveS of l(Kal charities who were seeking &lvice on applying f{ a ant. The Executive Directly attend eight meetings of tlr Funder's F{UM fi)r Northern Ireland and financial sUPP(Yt of £1 .5(K) wa5 awarded by Ulster Gaen Villages to wpw)rt the work of this LY)Ilab(rative b(yJy. . ri inanlial R'le This year's Accounts follow the forniat required by the FinclaI Rewrting Standard pplicable in tFr UK a5 the Republic of Ire]d {FRS 102) wid ALa)unting and Reporting by CKgrities: Sthiement of Recommen(kd Practice. The Charity continues to enjoy a strong financial position with a surplLLS for the year of £157 million. Charitable donations ofjtLSt over £lm were tmid during the year. On the IKiusing front. rental income ai41 incread by £248IKK). Given age of our priv- ertie5, we have continued io invest substantially in refijthishmenls following N'acanl sse5siffl and are currently in the final stages of major refurbishment works al Merville Garden Villag7e. Iwied in a conrvation area in Newtownabbey. Merville IMS 0e again won the 'N(thern Ireland Amenity Cou11,5 Best Kept Large Housing Award, and the iudge.s Fraised the well Tnaintainsj open SCes. highlighting the certrally located tree lid wa]kway where new young trees have rentlY en plantLxl. The re%ithnL% were highly tTaised for their pride Tn the pl£e tkty live. as Ire was an ab¢£nce of lilter and grdthti. and many had thown initiative with attractive pl(Inting and floral enhancetnenLs at the triw)t of their w(yerties. There were properties sold during the year utMJeT review. Rents wetr not increased during the pandeIC a1 were by RH in 2022. We ple&%8J to report that wr developTnent of apJnments atThe Bank.$. Gr(xTrm.SFKIrt Road. B¢ingor is now a flourishing and vibrant community. In December 2022. we ]d a sociaI gathering for the resident5 with over 40 0p]e attending. Other tingS were Irld throughwt the year, and were gevjerally ld outd. Several new resi&nts mov8J into Tr Banks in 2U29 and have settled in well and are enN)ying their new homes with stunning view5 by the sea. The Balae set &monstrat&s that the financia] position of Ulster Garden Villagas Limiled continu&s to be robust. The ongoing substantial inv&stment in (r wopeTtias is reflected in an uplifi in their wofessional market valuation of Ll.8 million. In spite of the volatility in the financial markets the Ye end tnarket value of our qwted investments was £21 P84.364 8FKiwing an exc&ss over hist(rical a)5ts of £7.956Jg1. The AssIlation remains well placed to meet our substantial fonvaFd cotnmitn]ent,S to chwities aTKI to make a sigrtificant contribution to tlr WO of the voluntary sect(x and the pe(yle tlty serve in Nirthern Ireland. d. Inl'e4nnts The of the Charity's investment policy is to generate fuTNJ,s for our grdrt making aTMJ the Tnain 4ources are rental IT0¥ne from the 0eTShIP of invastment properties and divideTKls dTK] interest ITiYn a diversified inve#nKni pl[0]1. A fom]al investTnent policy staten]ent has Eeen agreed betwe£n the portfolio tnanager a1 uleT Garden Villages Limited which outlines its general gimls. i)jectives and exclusi(M£ and thsCritEs t1 Strategies that maT)ager and U1$ Garden Villdg&s Limiled will employ to meet these objectives. Tr policy is reviewed by the C(Knniittge of Management on a regular l%)sis. . Ke.Yn'es aMI C70inx Coniern Ai 31 [kcernr 2022 free rerv&s in fomi of the Gffl)ernl Fund anK}Unt to £35,71XI.4XM I21. £35.IU7.978). Other unre,slTiCted rer¥es. d]gnated by the Committee as the Comm(Ki Fund and which Trwesents surplus %et to trovide grants. louns and other public Ltnefit in th)therne ot the obFLtiv£s of t Charity attKlUnted lo £18.717,870 (21. £17.736.21XI). Durin¥ Ye( Ilr c0tnvnitt of Mdnagement transfenEd £2.(KKI.(X)O from the GenLral Fund to the Common Fund. The Charity had restricted Itsee5 at 31 DecemLw 202? except L£lPltJl MntIng to £2.693 (2021: Q.693). The Committee of Mdnagernent gUlarlY Monito the level ot resees. having regard to the risk mdnagemenl review and CUendY consiikrb rL%erves to be aquate to meet the needs of the Charity. Having reviewed LommiÈmenL% over the xt 12-18 montlL%' the Committee of Management is of t opinlon thdt the fmancial statements can pretxlltd Tr] a going conLern b&%is. f. StruL'ture. Governanl auld Management CommittL of Management The Rul£s of Ul,%ler Garden village Limited lay down the wnstitutional wovisions fi the CFwity and the Committee of Mdnagement (The Trustees, in lemis of Charity Page 10 Page 11
LSTER GARDEN VILLAGES LIMITED IL5TER GARDEN VILLAGES LIMITED COMMrrTEE OF MANAGEMEPtr REPORT (continuedj FOR THE YEAR ENDED 31 DECEMIIER 21)22 cofvtMITTEE OF MANAGEMENT REPORT (coiitinued)_ FOR THE YEAR ENDED 31 DECEMBER 2022 Law). The memlrTship of the Comtt]ittee require% JKbmiDation frIMn within the membership of tlr Charity, elcction by the Memr5 and t tire[tnI of tkn'Td of the Committee eath ye¢f. Swh tnembeTS nthy offer thetDselves for eleCtIon at the Annual Genernl Meeting. Dr. AS. Hq)kin¥. Mr. K. Baird, Mrs. M. Boyd, Dame Rotha Johnglon. M. S.P. Crowe, Mr. B. GdrfftEtt, Mr. E. Holines. Mr. C. Walsh, atKI Mr. WJ. Webb served during the ye.A5 per the Rules ot Ulster Gaftlen Villages Limited. Mt%'. M Boyd. Mr. E HORn a1 Mr. W. J. Webb aod Ing eligible, ofter themselves for tEelecti at Annudl GLneral MLYting. Conlmiltee Member5 - Induilion and'I'raiiiing Trre were no new Committee membets apwinted during the year. Ciynmittee Memberg unikrstaNI their roles individually and colltiVY in relatiim to their legal duties, the.stewalshlp of asset5 dnd tlr woNi%ions of the governing duMent. Copies of ik 'Running your Charity: sUPI)wt f(K Trn5tees on key et. of rnnning your charity efftiVely. Vised by tbe Cbarity Commission for Nonbern Ireldnd have been issued lo memLEtS. In &Iditi, dll membefft¥ dre of their 5}nSibl11t1ets lller Company LAW. as Di10 dnd Charity Law. Trise who serve dbide by the 'Rules of Ulster Gar&n villi£s Limited, a1 CIMnmillee mem5 atso receive U11$ and trnining thn)ugh briefing notes a1 meetings. Annual Returns were rn&le in 2022 10 the Clwity commissi f NOrtrn ItElatxl and the FInLIa1 Conduc't Authority. clflICtS of interesi and related party tran%tiOns are rewrted at connitIet of Management meetings and reflected in the minute5 and annual returns. During the Y under VIeW. five Committtt MtingS were ld, the majority of which were beld in peN)n, with an otrtion lo members to &ittend on a virtua] b&sis and approved previousl), by Sp11 RLsolulion. At tse meetings, the CommitteL agreed on a broad slralegy and areab of significant tiVity for the As5AKiation. At present the commit has nine meinbers with significant eXperIee of t public. private lind vol- unlary rtors of Northern [land. The Executive Director also atleThJ5 the meeting5 but has no voting rights. A&Jiti(N]al meetings were Ild for Purpe of planning. proFfrty portfolio matters aThJ autht. Policy and Stralegic PlaTJning is determined by the Committee with the implementation thereof being the resporLsibility of the Executive Di[tor. The Committee met with RBC Brew tk)Iphin in Dember X122 to review the Investment wlicy a] current market tre]5 and eco)mY forecasts relative to the investn]ert portfolio. A gIster of inteT&sts is held by the Charity's registered office and a copy of this is bmitted annually to the Financial CoThJuct Authority. All con1mitt membets must declare any Frceived or acal cfflflicts of inleTest aj take part IT] making IO- [nelation.5 relating to (ganIsationpT0jects in which they have an involvement. Pay and Remuneration The average nuTnlrr of employees thiring the yearcalculated oll the imsis of full time equiv2]ents w&5 2. Salarie% atr VIewed annu¢illy by the Corntnittee dnd no employec ived MUneOn of m¢ than £fA).(KM) during the year {2021: None). No Committee meMr re1Ved remuneration Dr exFnw in the year12021: Nffle). The key management personnel comwises the Committee of Management Members and the Executive Director. The total employee IKnefits of key management Frsonnel was £46,)7 (20?R: £4_3273). g. Key liisks. and Un¢ertainti£s The Committee reviewed maN)r risks to whith the Clwrity is exp)%al. This invol$ identifying the of risks the Charity t&£g. priwitising them in tttn of impact and likelihoiKI of and identifying m&ms of Mititing the risks. The conun11t hJs reviewad the elltiVe5 of the Churity's system ot &nlernal tinancial control dnd As reSPsIble for esxdblishing atml oating detailed control and reptrting pAy)dUres. Tr sy41ems ot. Lontrol de%igned to provide asOnable but not absolute &ssurance against materiul mi5stJtL'mcnl and loss. Tr Audit Committee monitors fina11 tM)rting provides a torum through which the Charity's (iuditors rep(rt to the Comrnittee of Management. h. Pla$ for future period&" The Committee carries out a continuous review of the Charity's tiVItieS and LunEnt plans do Th)1 envisage a thparttllE fr(m the p sent objectives and tiVItieS. We will continue to look at where Ulster Galllen Vi]lage5 Limit1 is best Pl1 to Erovide 5UPP)rt. This will inclu& reviewing our grant making and Ctinuing to w(Yk with our charily arKI fulIng partner5. S'tdti'inent ()f CummittL*' of Munagement'5 resp0ThbIlItieS The Committee ol" Man&ernent atE IEsyon4ible for weparing the Committee ot Management's und the tinanLial statcments An aL'cordance with llppliL2th1e law and United Kingdom Accounting Standard%. (United King(knm GerallY Accqited ALcounling PrdLtiLf). The Charitses Act (Northern Ireland) 2(K18 a1 Regulation 8 of the Charities (Accounts and Rep)rts) Regulations (Northern Ireland) 2015. the Industrial and l¥ovident S(]eties (Northern [lal} 1969 a1 the tndu51rial Provident SociLities {Northern Ireland) Order 20(kn a5 amenikd by Credit Unions c(0rative and Community Benefit S(KielAes Act (Northern IrelaTh]) 2016 requires the CnMIttee of Management lo prepare finalla1 .statements foreach fmanciJ] yet. UrKler the relevant legislation. the Committee of Mamagement must not approve tlr fiv]ancial statements unless they are satisfied that they give a true and fair view of tlr state of affaiT5 of Ulster Garden Villages Limited and of its in(Ming res[Ce$ and application of Page 12 Page13
LSTER GARDEN VILLAGES LIMITED JI LILSTER GARDEN VILLAGES LIMITED COMMrrTEE OF MANAGEMEKf REPORT (continuedj FOR THE YEAR ENDED 31 DEcEll1ER 21)22 COMMITTEE OF MANAGEMENf REPORT (conrinMed)- FOR THE YEAR ENDED 31 DECEMBER 2022 urc&s. illcluding its iwovrr a1 eApellditu. f(T that Pffi(Kl. In preparing these finaTKial statenEnls. the Committee of managennt are required to.. ' select suitable accounting wlicies a1 then apply tM consistently. • obserye the method5 and prilpleS of the Charities SORP (FRS 102); ' make judgmeTJls and accwnting &stimaies that are re&%onable and FYLKleTJt: • sthle whether applicable UK Accwnting StaniLillls (FRS 102) have been followeA. subiect to any material thpartuS dis¢l0sed and eXpknin in the fllTrancI stdtements: ' prepaTe the finala] statelnents on going coJKern b&sis it is inappropriate to pr£sume that Ulster Garden Villages Limited will continue in busi%5. Tr Conmittee of Management are resnsIble for keeping ad4uate C(tIng conls Ilwt sufficient to slM)w and explain Ulster Gaen thag timiled's trnLlOrn and disclose with re4gonable aCcUY at any tin]e the finala1 }sitiOn of U15terGar&n Village5 Limited aTyJ eniible them to csUre that the financial stateTnenL corryly with the reipirements of The Charities Act (NortIrn IrelaTKI) 2008 and Regulation 8 of thL Charities (Accounts Retx)rts) Regulations (Niythern IrelarKI) 2015, t. tndustiiat and PvIdent Societies {NOrtrn Ireldnd) 11)69 and t1 tndustridl Jnd Pmvithnt Sl¢ties (Northern Ireland) Order ?JX)6 &5 dmenikd by the Cralit Unions and C{H)ratiVe and Community Befit s1¢¢% Act (Northern tIa) 2016. Try aTr alw SIL51ble fix safeguarding the assets of ul.ster Garden Village Limited and bence for thking reanable steps for prevention and detection of fraud and other itTegulaTities. Disclosure of inforniation lo auditors Auditors The auditors. ASM (B) Ltd. have indicated their willingness to continue in office. The Committee of Management will propo a motion reapwjinting the auditor5 at theAGM. Approved by Order of the Comznittee of Management and signed on their behalf by: Dr A S Hopkin5 CBE, FCA Chairman 21st March 2023 In 50 far as the Comtnittee of Mav]agement is aware at the titne of approving our Committee of Management's annual report: there is no relevant inforniation, being inforn]ation needed by the auditor in con- n¢ction with preparing their rew)rt. of which the group's auditor is unaware. and • the Covnmiltee of Mavjagement, having made enquiries of fellow directors ld the auditor that they ought to have individually taken. have each taken all Sieps that he/she is obliged to take as a director in olller to make themselves aware of ny relevant audit intomiation and to establish that the auditor is llw£we of that infom)ation. Page 14 Page 15
LSTER GARDEN VILLAGES LIMITED 11 LILSTER GARDEN VILLAGES LIMITED INDEPENDENT AUDITORS, REPORT TO THE COMMrrTEE OF MANAGEmETr OF ULSTER GARDEN VILLAGES LIMrrED INDEPENDEiYf AUDITORS, REPORT TO THE COMMrrTEE OF MANAGEMENf OF ULSTER GARDEN VILLAGES LtMrrED OplOn We have audted the flnanclal slatemnts ol Ulster Gard8n Vlles Lhlltsd Charity'l lor the y8aT ended 31 Dember 2022 whtt comprise the Statement of financial actNlJ8s, the Balance Set. the Statement of cash flows and the related Tr)les, including a summary cl s#Jnificant acCntIng wAicEs. Tr financ1 rewjrting fiam8work that has been appld #i their Pfeparation Ss alplable law and United Kingdom knounting Standards, Inc1j1n9 FlnancHI Reporting Standard 102 The Financigl FlowrtirrJ Standard applble tlp UK and R8publlc ol Ireland, (United Kingdom General Accepled Accounung Pracllcel. In our opSnion the financk91 statements: gN8 a true and lair vw ol th8 State ol the Chartlab c(¥npany's affalrs as at 31 Dember 2022 arbd ol its Inwmlrg reswrc8S and applcation of resources. incIlIng ks Irme and expeTrllture lor the yearthen endwl. have been propetty prepared in ac(ordanco wlth Un5ted Kingdorn GeneraY Acceptsd AccTrJntng Pract. and have been prar in accordance with the requirem8nts ol The Charities Act IM)rthem IreL4ndl 2008 and RegulatKJn 8 01 1he Charitigs (Accourrts and Ro1)cfftsl R8gLslations (Northgrn Irelandl X)15, Ihe Industrial and Provident So¢ts (Northem IrolaTrll 1969 and the lTrluslrial and Provkjent SocSe16os IrthoM IreL4ndl Ordgr 2(X)6 as aThnded by the Credrt Urfons and Co-op6raI &)mmunty Bgn¢fK Sodetiss Ad IM)rlhom Ireland) 201& (eonltnued) Other Informatlon The other SnlormatKJn comprises the Information kncludj in the Annual report ottrEr than the financial stalements and our Auditors. report thereon. Th9 Committee ol Maname are r6sponslble lor the other inlomatK)n eontabned vltrbin Iha Anrwal rert. (r opinbon on th¢ financial s18tements does not cover the other Informallon and. gxcepl lo th6 extent oth8rwls8 expllcitty slated in ujr report, we do not express ary form of a8surance conclusion thereon. Our respon$111ty Ss to read the other wilormalion and, in doin9 so, conskjer whetr the other kn10mtknn is materialty Inconsk8lent wr(h the InancSal statements ry our knOWge Oblas in the course ol the audit. or olherwl$8 appears lo be materially mi8slatgd. Lf WB hlentrfy such malerkql inwnsislencles or appar8nl materlal mlsstslemènts. w8 are raqulred to detomln6 whether Ihls gNes rige lo a mal8rhql misstatement In the financial stslements ttrtsmsefves. 11. based on Ihe workwe have pertom)ed, we cOlUde thatthere is a material misstalanenl of thls other inlomwlnn. wg are required lo rwrt that fact. We have nothing to f8POrt in this regard. Oplnlons on olhèr matters prescrlbed by The Charltles Act (Northem Ireland) 2008 and Regulatlon 8 of the Charllles {Accounts and Reports) Regulatlons (Northern Ireland) 2015. the Industrlal and Provldent Socletles (Northern Irelandl 1969 and the Indu$trl and Provldent Societles (Northern Ireland) Order 2006 as amend1 by Credlt Union$ and C04>pèratlve and Communlty Benefit Socletlts Act (Nortrn IrelaThJl 2016 in our opinlon, ba5•Y on the work undertaken in thg rx)urse crf the audit: Ihe inlomiatDn given Sn Ihe Ccrnmitte ol Managgment Report for the flnancSal yearfor whl Ihe financial slatunents are prepared is cr1S151ent wh thg linanclal statemenls.. and Ihe Commtttee of Managemnl report has t)gen prepared in accrydarce wtth aPpKCab I requirements. Matters on whlch we are requlred to report by exceolon In Ihe light of our kTh)wd9e urnlerstanding (A the charitable cfjmpany and its enVirCMent obtsin&fj in Ihe course audic we have not klenUfied malerk41 mSsststomerts In the mmittee ol manament rerr>rt. We have nolhlng to report In respect ol the followlng mattgrs In r8L4ttsn to whkh bglsLrytbn requlres us to rewrt to you W. In our opinion.- adequate accounllng record5 have not been kepc or returns adequale lor our audit have n been receiv6d Irorn br8nches rrjt vlsited by us., or Ihe fincial statnents aro not In ageenwnt with the accounung records and relurns: Of certwn disck>sures ol mMittee of Managwnenl remuneration speofied by law are made,. or w8 havo not receNed the InlomNgtk)n and eXplanati(S we requlre for our aJdiL' or Ihe Committee ol Management were not entit to prepare the Ilnancid slat8Thnts in accordance wSth thg small cr}mpan5 f8gmo and take advantage ol the small ctmpanies, Bssls lor oplnlon We conducted Ouf audié In accordanog wlth InlematioI &andards (m Auditlng IUKI IISAS IUKII 8nd alable kw. Our rBsponslbilUes u10r thosè slandards are furlher described in the Audltyrs, rosponstlIl8S l(x the audti ol the Ilnanel81 stAtentS S8Ctlon ol our rewrt. We arè Independent ol the eh8rftable eompwny In 8ecordÈnce wlth the ethkal requwements that are relevant lo our audll ot the finartial statements k) the United Klngdom, Inchjding the Fh8nc4al Reporting Council's Ethical stdard, and we have fulfilled our other 8lhScd responslb1litS in accofdance with Ihese requirements. We beheve that the audit evKJenco we have ()laled Is suffI¢lt and approprlate to provKJe a b8si5 lor our opinbn. GolrwJ concem In audilrng the Ilnanci8J statements, w& have concluded that the Committee ol ManMent US8 ol the going concern basis Ot ac£oLtnUng in prepara1n of Ihe Ilnancial statsMts Ss appropriate. Based on Ihe wk we hav8 r10Mled have not KIentd any material uncertaln168s relatinglo events or conibJons that. indSviYually orltiVe, may cast sig)Ificant doubt on 1he charitabl8 crympany's ability to cortinije as a going concem lor a tErkyI ol at least tsvdve TrnthS from when Ihe ffnwlBI stst8rr*nts authorised lor issue. (Xjr respcns5b1litS and the responsbilities ol Ihe Committee of Management with resW to going c(Cern are descrb8d in the rel@vt seclDns ol this repo Page 16 Pagc 17
LSTER GARDEN VILLAGES LIMITED JI LILSTER GARDEN VILLAGES LIMITED INDEPENDEKf AUDITORS, REPORT TO THE COMMrrTEE OF IANAGEfvIENT OF ULSTER GARDEN VILLAGES LIMITED INDEPENDENf AUDITORS, REPORT TO THE COMMrrTEE OF MANAGEMENf OF ULSTER GARDEN VILLAGES LIMrrED (continued) (continued) èxèmptions In prerArlng the CA)rnmlitBè ol Managanent's report and from th8 reqLMrèment to prepare a Stral63ic rep)rt. Responslbllltles ol Commlttee of Managemènt As Bxplain8d mre lutry In the Trustees, r05txinslbililles ststernent, the G)mmf(lee ol managerrn1 are responsble for the prafatKin o11he lInar181 statements and lor b&ng sausfied that they gfve a true and lair view, and lor such Intemal )ntr as the Commrttee ol Management delemi18 is necessary to enab Ihe preparation ol fnancial statements that ar8 Iree from material misstatement. vknether due to fraud or wror. In preparij the finarla1 statements. the Committee of Management are responsble I assessing the char(tatAe company's ability lo continu8 as a going ncern. discbsirg. as appficatrAe. matters rekited to goSng concern and uslTrJ the g0Sng mncern bas15 01 ann9 unbss Ihe CUnMitt ol Management alher Intend lo Ih4ukdale th8 charitable company OT to ase operallons, or have no reallsJc altsTnal8 bjt to do so. Audttors, responslbllltles tor the aLwJlt ol thè Ilnandal Statements ir obi8CtNes ar8 lo oblaln Teasonablg assurance about whelher th8 Ilnanclal statemenL8 as a vthole are Ire8 from maleripj mlsslaieThnL wh81her du8 to fraud or error, and lo issue an AltOrS, report that includes our opintin. Reasonab assurance is a hKJh ltsv81 ol 18[e, bul is not a guarante8 that an a11 conducted in )rdance with ISAS IUKI will afvays detsct a material mlsstalement whgn it exists. MIsStatentS ¢an arise from Irwd or error and are ConSeT8d material rf. Indivklually or the aggrggale. they could reasonabty be eXpted to influence the eGOn0m decisbons ol users taken on the basss ol Ihesg IlnancSal statements. IrroguLqries, clUdIng Iraud. are ir6lances ol non¢oFrplsanco vlth kws and r8gulalDns. W8 doSb3n proc8dures in Ine (NJI responslbilitlès, outlined above, lo delect rnaterlal mIsstst8nts in iespect ol irr8gLtl8ri16es, Includlng frd. èxtent to whkh our procedur6S are capabl8 of delecling Irregular((S, Incd)g fraud is detailed bebw.. We gaird an underslarnJSng ol the legal and regukqlory fram85rk appc88 to Ihe Company and the Industy in whth tY operate, aThJ consid8red the risk of acts by the QA)mpany that were trary to aPIre laws and reguLglk)ns. Including fraud. We wnsidered the oprMYtLtnIti85 and IrentiVeS tt may exi%t wlhSn th8 C<Jmpany lor Iraud and klenUfi8d Ihg grealest potenllal lor fraud in the lolk)wlng are&s: management overrkje ol controLs. We d&8igned audl rffocedjres to resnd to th8se risks. r8cognising Ihat tho risk ol n delectlng a material mlsslatement due to IraLhd Is hh3heT than the risk ol not detecting one r88ulJr¥J from error, as Iraud may Involve thI)erate concealment by, for example, forgery or inlenti(nal mi%ieryesentalion8, or through ll10n. Ckjr audit 0¢eduleS incKJded'. enquiries ol man¥JeMl about th8Sr Sdentrfulbn and assessnwnl ol risks ol Irregukrits, lest¥ig the design and ImrA8m8nt8lDn ol contrds reL4frng lo the risk and sarrr)1g testing ol Vrr1S posted durkng the ygar. Buvsg ot thfj Inherent l1nati0rts of an audrt, Ihere is a rlsk Ihat we will not dglect all lrr8gu1artts, ncludlng th kadng to a material rnlsslatement in the financial Slaternts or non-complkqnce vlth ragulalon. Thks rfsk Increasés the more that comph.aru wtth a law or rogulaIn 55 remov8d Irom tho Bverbls and transactions rBIWed In the flnarbelal stat8mnts, &8 we wlll be bss likety lo become aware ol Instances ol non<omp1lar. The risk Ls aLso greater reg4rdkng Irregularkles oecurring dufj lo fraud rather than ¢rror, as fraud knvolv8s InlenJonal ccficealm8nL ILYgery, collusbn, omlssk)n or misrepresenlBtbJn. AfiJrth8r deserlk}n ol our respcns1bi118S lor the audit ol the fln8ndal stalemerts Is locdted on the Financlal Reporting Councll's website atr wMv.Irc.c¥g.ukJaUditorsreswnslblR$. This descriptk)n forms part ol ourAJJdilors' r8POrt. Use of our report Thts r8p(xt L% made SOlY lo tho charllablè company's membèrs, as a body, h aLwrdanc8 wlth S&lbn 65 of the CharfJes IrtheM IreLandl 2008 and Regulatbn 8 01 th8 an1[88 IA(wunts and Fleportsl ReguLatk)ns (Northem IreLqndl 2015 Section 43 01 the Industrial and Provkyent &)cieties (Northem Ireland) 1969 and the lThJustrid and ProvIdt Soctios INorthgrn Irekndl Order X)06 as amonded by the Credit Unk?ns and Cotsperalvg and CA)rnmunity 8en8flt sode1$ ALt IKk)rth8rn Ireland) 2016. Our audit work h&s bèen undertaken so 1hat we might slate lo the charItae company's members thos8 mattèrs we are requbred ) stale to them in an Auditors. report and for Otr wrpos8. To the fullest exlenl permrtled by law. we Itj not accepl or assum responsbility to anyone other than the charitab MpanY and Its Thmbers, as a body, lor ow audil work. lor this report, ry for the opnions we have lormfyd. Brian ClertSn ISenh)r Ststutory Audilorl for and on behall of ASM IBI Ltd Chartered knuntsnts & Statutory Auolltor 4th Hoor. GndinnIng Fksuse. 6 Murray StreeL Bettasl BT1 6DN Date.. 21st March 2023 ASM IBI Ltd are degble to acl as audStors in 01 Sectn 1212 01 the CompanSe5 Pd 2006. Page 18 Page 19
LSTER GARDEN VILLAGES LIMITED JI LILSTER GARDEN VILLAGES LIMITED STATEMENT OF FINANCIALAcrtVlTIES (tYCORPORATING THE INCOMEAND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 21122 BALANCE SHEET AT 31 DECEMBER 21122 2022 2021 Noie RvArrt¢d Unrestrieted ful {-4ih funds" 21122 Total funds 2021 Thxed A55els Tangible assets Investments Invesknenl property fun(L 21122 13 14 12 I,0 21.134J61 3U218.737 51A53J02 i(K).l)Oi 24,154J53 26.410.0(K) SO.6J54 21122 Inciimv frnm: Current assets Debiors 15 2A2i,070 Charitable loan 16 Cash at bank and in hand 25 Charilable iictivities 2260.744 2260.754 2260.74 2.012.715 2 •60.7)4 2012,715 1,320,963 lotal inl'ome 499Jl.17 -1 $89516 680281 2,665.853 Expenditur¥ on: Raising tuv)ds chilIable activities 82.3 575 715.697 I J49A.18 264,085 2fv73,013 2.779.782 Creditors: amounts falling due within one year Net L'urrent assets I'otAI assets less current liabilities Total net as%ets Charity tunds Restricted fund 2ffi93 2.693 Unrestricted fuvjds 54A18.774 52,844268 Total fun i4A21.467 -fj2.846.961 The Committee of Management acknowledge their re5ponsibililie% for complying with the requirement5 ofthe Act with respect to accounting records and preparation of finaT]cial statements. The finaT)cial statements have been prepared in accordance with the provision applicable to entities subject to the small companie% regime. The financial staten]ents weTe approved and authorised for issue by the Committee of Management and signed on their behalt by.. 1349A.38 2,673,013 'rotai expenditur Net gains on inve.stments 17 1621,151) (483246) 2,968J65 54A21A67 54A21A67 2,182.607 52,846.961 52.846.961 1,986.7& 1.986,765 3549,110 1574506 2.782.043 Net i)x)vement in funds Rtt'onciliation of fund5: 19 19 Total fiJnd5 brought forward 52344268 Net TfK>vement in funds 1474 506 Total fund5 iarried forward 54818.774 2,693 52I46Y61 50.1)64.918 1474.406 2.782.043 21)93 54A21 A67 52.846.961 The Statement of FinaTJcial Activities includes all gains aT)d losse5 recognised in the year. The notes on pages 23 to 36 fonn part of these financia] staiements. DrAS Hopkins CBL Cbaim]a DatL.' 21 March 2023 The nolag on pages 23 to 36 fonn part of these financiaR statements. Ir W J Webb fvIIIE, JP Sttretary Mrs S P Crow'e BSL. Tr CA Conunittee Member Page 20 Pagc 21
LSTER GARDEN VILLAGES LIMITED JI LILSTER GARDEN VILLAGES LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCL4LSTATEMENTS FOR THE YEAR EI%DED 31 DECEMBER 2022 2022 2021 I. AcLM)unting policies 1.1 B4157S uf preparatiun The financial statement5 have en prepared in accordance with the Siatement of Recomniended Practice.. Accounting and Reporting by ch41t1e.. the Fin(Incial Reporting Standdird applicable in the UK wid Republic of Ireland (FRS 102) and the Industrial and Provident Socieli&s Act (Northem Ireland) 1969 and the Industrial and Provident Societie5 (Northern Ireland) Order 2006 as amended by the Credil Unions and Co-operative and Con]munity Benelit Socielies Act (Northern Ireland) 2016. Assets and liabilities initially CogniSed ai historical cost or transaction value unless Otherwi stated in the relevant uccouniing policy notes. 12 Preparation of the Ounts on a goin2 ioncern bg5is HavRng reviewed the potential income and comTnitment5 for the next 12 movjth period the Cornmiltee of Management are of the view that there are no material uncertainties aknut the Charity's ability to continue as a going concern. l J Incoine Cah flows froJn operaling activities Net cash used in 0rating activitie5 (Note 24) (2.662J59) (2,207.710) Cash flows from InestinE aCtiltieS Dividends. intere%l.s and rent5 from inve%tments Proceeds from the sale of investment property Purchase of investment property Proceeds frn sale of investsnenls Purebase of investments Net c&sh provided bv investin% activilies 1284J61 1,134.738 78.175 (71362) 1.942J52 {839.884) 2243a19 14ffj66) 2.7(Kb.141 (IA97A21} ?A82.415 Cash flows from finanLing llLtii'itie5 Net Cash provided by f(Jng aclii'ities C'h]ge in c2sh and cash equivalents. in the year Cash and cash equivalent5 at the beginning of the year Cash and cash equivaleiits Ilt the end of the year { 180A<14) 35309 Income is cOgnised when the Charity hats entitlement to the tunds and it is probable that the income will be receiv and the amount TelÉably measured. Property renls are brought into account on the basis of amounts receivable. Investment income is reported gross befo any management fees dre deducted. Jntere%i on fund% on deposit 1.% included when CeiV2b1c and the amouT]t can be easured reliably. This is uorn]ally u notification of the inteRst paid. or payable. by the bank. IA Expenditure Expenditure is recognised once there is a legal or Ll)nstNctive obligation to make a payment to a third party, it is probable that settlement will be requlred and the umount of the obllgation can be measured lIablY. Expenditure is classitied under the followin&Y tIN'11Y headings: - Cost% of generating funds comprise investment management charges relating to investments investment properties: and Expenditure on charitable activities is incurred on directly undertaking the activities which fijrther the Lllster Garden Villages Limited's objectiveti. well a5 any a550ciated support costs. 680281 499J.77 644.472 680281 The notes on pages 23 10 36 form part of these fmancial statements Page 22 Page 23
LSTER GARDEN VILLAGES LIMITED JI LILSTER GARDEN VILLAGES LIMITED NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2022 (Lwnvd) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBF.R 2022 (convd) All expenditure is inclusive of irreLr>verable VAT. 1S.411oLation of support eoAs Support costs. are those functions that a&sist the work of the Charity but do not directly relate to charitable activities and include administration and fmance costs. An analysis of supw)rt costs is included at Note 6. 1.6 Invtment properties lincludinE social housin2 Stoek) In accordance with FRS 102 the investment property wrtfolio is stilted at fair value with all gains or impairments reported through the St4lternent of FinaT]Ciiil Activities. Fair value is determined by reference to valuations caled out by appropriately qualified external valuers. tnvebtment propertie includeb housing stock held as part of the cbarltable activities OF tbe Charlty and from which ff ntal income is generated. 1.7 Tan¥ibk red assets and deprecution 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 cosls of qUisi- tion. ISI Debtors Other debtors are recognised at the,Sett1ent amount due less any provision tor impainnent. 1.10 C:reditors Sbort term creditors are nUd at the trdnsaction price. 1.11 Charitable I.oan Charitable loans mdde are initially cognised and measured at tbe amount paid. with the carying amount adjusted in subsequent ye% to reflect repaytnents aud adjusted. if necessary. for any impairment. 1.12 Cash at Bank Cash al bank includes short term highly liquid investments Wjth a short maturity of three nK>nihs or less. 1.l.l Finaneial instruments Deprwiation is charged $0 as to all(Kate the cost of tangible fixed assets les8 their re%idual value over their e%tiinated useful lives. The Charity only has flliancial assets and fmancia] liabilities of a kind that qualTfy a% basic financi411 instTuments. Basic financial instruments are Tnitially recognised al triinsaclion value and subsequently measured at their settlent value. Depreciation is provided on the following blses: Land ld properties (undeveloped and under development) Plant and equip1nl 1.8 Other investments 1.14 Fund accounting -20% Restri¢led funds are funds which are to be used a¢¢ordance with specific restrictiOV15 ifftposed by donors or which have been raised by the Ul.%ter Garden Villages Limited for particular purpos. The costs of raising and adminlstering such funds £e charged against the specific fund. The aim and use of each restricted fund set out in the notes to the financial statements.. Li4ted inve%tts are stated at tnarket value. on the basi.s of the Tniddle matket price at the close of busines%. Whilst day to day management of the investment portfolio 15 carried on by experienced, registered investment managers (current]y RBC Brewin Dolphin) the ultimate Cont)1 and responsibility resLs with the Committee of ManagenEnt. Unli%ted 4uity iovestments are stated at fair value and all gains or losses. whether reulised orUnallSed. a reported through the Statement of Financlal ALtivities. Unrestricied fijnds are available to Spend OT] activities thai further any of the purposes of the Charity. The Common Fund is a dCignated fund. being unrestricted funds of the ChRtY. wbicb tbe Committee of Management bave decided at their di5cretiou to set aside to use for a .wecific purpose. Page 24 Page 25
LSTER GARDEN VILLAGES LIMITED LSTER GARDEN VILLAGES LIMITED NOTES TO THE FINANCIAL STATEMENIS FOR THE YEAR ENDED 31 DECEMBER 2022 {LYrfd) N(YTLS TO THE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2022 (c4xWd) 4. Expenditure on raising funds 1.15 Accounting estimatts and judgement.s Judgements made by the Committee of Management, in the application of these counting policies, that have significanl effect on the financial statements and e51imates with a significant risk of material adju51ment in the nexl year are discussed in Note 23. Unrestrieted Funds 2022 Total Funds 2022 Total Funds 2021 Rates and service chae Insurance Repai and upkeep Collection costs" l£gal and professional fees Management fees- quoted investments 388.405 388A05 345J52 15369 236,716 69.456 34.404 14.400 2. ttEal status The Charity is a limited compavjy having share capital and is registered uvjder the Industrial and Provident Societies Act (Northern Ireland) 1969 and the Industrial avjd Provident Societies (Northern Ireland) Order 2006 as amended by the Credit Unions and Co-operative and CoTnmunity Benefit Societi&s Act (Northern Ireland) 2016, Reg. No. IFYK)(K)83 a1 is Tegisteted with The Charity Conuni5sion for Northern Iff land Reg. No. NIC 101248. 75.831 74220 260.364 17.095 7531 74220 260 J(A 17W5 823575 C(xnparative figleS aTe al5 iTK1Jed uler unrestticted funds 5. Expenditure on charitable activities Unrestrieted Funds 2022 823575 715.697 3. Ina>me from charitable activities Total Funds 2022 Tot21 Funds 2021 Unrestricted Funds 2022 Total Funds 2022 Total Funds 2021 Donations (see below) Social houslng costs Supp)rt costs - administrdtAon (Note 6) 1,018.420 656.952 174P66 1,849.438 1,018A20 656y52 174,1166 IJ149A311 1269,914 632091 161280 2.064,085 Rents - investment properties Investment incon Interest receivable 812,402 471,692 267 812A02 471ffj92 267 &16,623 471572 92 C(xnpardtive figures are alsA) Ujer unTestTithd funds Rent5 - social housing 976,393 2,2fA),754 976J93 2260,754 894,428 2,012,715 2022 2021 Donations (No. in brackets): People wilh Disabilities (8) Health (11) Community (15) Culture and Heritage (13) FAlucation and Training Skills (14) Comparitive figures a also included under unstricted funds. IOIN9 31500 134,932 67,(X)O 297,044 867310 163568 65.(X)O 321,027 239,104 1,018A20 1,269,914 The donations a all made to Charities or organisations falling within the alK)ve activity types. A full list of donations is disclosed in the Annual Report. a copy of which is available from the Charity'5 regisred oifice. Page 26 Page 27
LSTER GARDEN VILLAGES LIMITED 11 LILSTER GARDEN VILLAGES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIBER 2022 {conYd) NOTES TO THE FINANCIALSTATEMLNTS FOR THE YEAR ENDED 31 DECEMBER 2022 (convd) 6. Support Cosrt5 . administratiun 10. Staff coyls. and emoluments 21)21 2020 2022 2021 Salaries. wages & pension contributions (Note 10) Premises costs AudAtors' remuneration Accountdncy. leg and other professional fees Printing, ststiolleTy and postage Miscelliineou.% Interest payable 98544 44.938 94.406 38.801 8.76A) 8544 2.339 6,629 ,801 161.280 Wages and salarie.s Social security costs Employer's contributions to defmed contribution pension scheme 84,7(19 8.768 81,704 7071 5J80 5.067 98544 4831 94,}0 IlJ70 PartiL'ulars lif empli>yees: The average number of employees during the year, calculatcd on the basis of full- time equivaieDts. was as follows: 174.0(rfJ 7. Net gal%1(1($S¢Sj Dn inve.stments 2022 2021 2022 2021 Gain l (loss) on sale of social housing properties Gain l (loss) on Sale of other investsnents Realised guiii / I Ioss) 3.175 241293 244,468 Number of management staff -M9ffj10 -M9AplO No employee received ff munerntion of more than £()O.OtK) dutiDg th¢ year (2021: None). No other Committee Member received remuneration or expens&s in the year {2021: None). The key management personnel comprises the Committee of Monagement Membcrs and the Executive Director. The total employee benefits of key nkuiagement personnel of the Charity was £46.807 (2021: £43271). Gain l (loss) on Valuation of other investmenLs Guin l (loss) on valUatiOn of Investment properties (including Sla1 housing) Unrealised galn (2,166,916) 2.926,879 -1804.071 1,637.155 377.763 3J04,642 Net gain on investment& 1.986.765 354Y.I 10 Related purt), trdnsaLtIoTr There We no related party transactions undertaken b) the charity during the year. Ai the year end theff was d baldllLe of £150.(MJ) (2019: £150.() due from The Sonllne Assoeiation. The charity and The Somme A550ciation have a Trustee in common. 11. Corporati(In Taxation The Charity is exempt from tax on income and gain5 to the ex*nt that these are applied to its charitable objects. At 31 Decem1 2022 no provision for Corporation tax was necessary. 9. Auditor.$ remunerxtion Fees payable to Ulster Garden Vill{e& Limited's auditor in resye¢t of: Audit of the financi statements Other services (including payroll and x¢ountancy) 2022 2021 8.7(11 4.320 62411 Page 28 Page 29
LSTER GARDEN VILLAGES LIMITED 11 LILSTER GARDEN VILLAGES LIMITED NOTES TO THE FINANCIAL sTATEmEs FOR THE YEAR ENDED 31 DECEMBER 2Q22 (cont'd) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (convd) 12. Investmeni pniperty 13. Tangible fixed assets Investment propLrty Land Plant & undeveli)ped Equipment Vaiuativn At l January 2022 Fair value Tnovement 26810,IMIO 31104.071 Cost or valuAtiun At l January 2022 At 31 Ikcember 2022 DepreLiati()ii At l January 2022 At 31 Ikcember 2022 Net book value At 31 December 2022 100.i)00 loo.000 389J71 389171 489J71 489171 Additions At 31 December 2022 -102114.737 389J70 38YJ70 389370 389170 On 12 Janukry 20?3. the Comrniltee of Managernent obtained an independent pro- fe5sional valuation from Rory Clark- (MRICS) and CaN)line McKillen (MRICS) of Mcconnell Charled Surveyors. at open market valuation. of sociaj housing. residential and commercial properties locatsj in Newtownabbey. Whitehead and Li5burn in the sum of £18.11212.37. This recogvjises an increase in the value of investment property of £3.421.238. These properties include socia] housing which are held by Ulster Garden Villages Limited as part of it5 charitable activitie5 of Providing housing and a&sociated annItieS for persons in necessitous circu$tanceS upon lerrrLS appropriate to their mean5. On 14 December ?0?2 a valuation of The Residence and Apartments al William Street South. Victoria Square. Belf&st was obtained fn)ni Thomas O'Doherty (MRICS) of Simon Brien Residential in the sum of £2,247500. This rLYognise% an increaF£ in the value of the investment property ot £2375(K). A structural issue which came to light during Febnjary 2019 affecting _$4 apartments owned by the charity resulted in J signiticant decrease in the valuL of the investment property of £8.639.8(M) which was recognised in the financial Statements for thL ye4ir ended I I tkcember 2019. Litigation commenced during 2019 whereby UGV is seeking damages in respeLt of this iswe and as at 31 December 2022 that litigation was ongoing. On 14 DeCernEr ?022 a valuation of 'The Banks.. Groomsport Road. Bangor was obtained from Thoni&s O'tknherly (MRICS) ot Simon Brien Residential to the sum of £9,1501KX). This rOgniSeS an increase kn the value of investment PlDperty of £145,334. The Comparable historical c05t and net ixK>k vaIue as at 31 December 2022 i £15595.819 (2021: £15591.1531. i(MI.(MMI IIKI.11(X) 100,o¢ii l(Kl.IX) I At 31 tkcember 2021 14. Other investments Listed inve5tinL'nts [Inlisted invLstsnLlIts Total C05t or valuatiun At l January 2022 Additions Di5FK).sals Revaluation.5 At 31 DeLember 2022 Net book value At 31 Deceinber 2022 At 31 tkcember 2021 24.104 151 IA97A511 (2 $11) (2.166.916) 21,084.164 50$K 24.154JS1 IA97A58 (2.15Q.xll) 12.166.916 50,1HMI 21.1.14.IIA 21,084 164 24.104.153 50JMIO 21.134J( 50.OIK) ?4.154.35_1 Page 30 Page 31
LSTER GARDEN VILLAGES LIMITED LSTER GARDEN VILLAGES LIMITED NOTESTO THE FINANCIAL sTATEmEs FOR THE YEAR ENDED 31 DECEMBER 2022 {cod) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (¢MVd) 15. Debtors 17. Creditors: Amounts falling due within one year 2022 2021 2022 2021 Due After more than one year Other debtors 52528 129,672 438,951 621,1$1 52528 127871 302,847 483246 2,133A78 2,133A78 1251,(MX) 1251,(MX) LDan stock housing bonds. principal [an stock housing bonds. infrrest Accruals and deferrol incon Due within one year Other debtors Pryayments and accrued incot 204857 86,735 2A25,070 7238 62,725 I J20.963 18.Share capital 2,693 shES of £1 each fully paid (2021.. 2,693). 16. Charitable loans 2022 2021 19. Statement of funds Balance at l Jan 2022 Income Expenditure Due in less Ihan one year Transfers inlout Ciainsl Balance at (Lo&ses) 31 Dec 2022 779250 (128250) 779,250 (128,250) 651 ,(K)O Itnpairment provision Unrestricted funds ComnM)n md 17,73625 11I1&420} 2,IMKIWI 18.717170 General Fu]Ml 35,107J78 2W,791 11th54593} I2,IMMIJNKII 1986,76) 3i,71KI,YI 52344268 2W,754 12th73fv131 1.986.76i i4AI8,774 Due in more than one year Loans 1.i.609 13ffj09 13,609 13,(rf)9 RestrKted funds ShaTe Capital 2ffj93 Total of futKls 52346,961 2W,751 12fj73N131 Total loans 661,6A)9 2,693 1,986,76i i4A21A67 tn addltion lo outrlght grants. assistance may be glven by way of charltable loans which cTY certain conditions al the dAsctElion of the Committee. The Committee agAEes on a case by case basis &8 to whether a fixed charge should be secuLEd on a particular prOpY or other asset. Hearth Heritage Buildings Trust £5(K)IKKI (2021.. £5(K),(K)O) is the latEest debtor. Page 32 Page 33
LSTER GARDEN VILLAGES LIMITED JI LILSTER GARDEN VILLAGES LIMITED NOTES TO THE FINANCIAL S'TATEMENTS FOR THE YEAR ENDED 31 DECEIER 2022 {mnVd) NOTES TO THE FINANCIAL STATEMELYTS FOR THE YEAR ENDED 31 DECEMBER 2022 (cThWd) 19. Statt'mt'nt of funds li'()iitinuLdl Statement of funds. . prior vear 21. commitment.s Other C(hminitmi'nts There ore commitments of £4.17 million (2021.. £2. million) to contribute to charitable projects, on which legal or construL%Ave obligdtion to make payment does not yet exist. of which £2.27 million (2021.. £1.9 million) is subject lo project commencement and schedultng. These committnents will be financed through the Common Fund. BalunLe at l Jan 21J21 Income Expenditure Tr#n5fers in10t Gain51 Balan at ILosye5131 Dec 2021 I'.nrestricted funds Comnwn Fund 17,(M)6 ?IM 1126Y,9141 2,11,) I7,7 ?90 netai Fw -11,016.022 2.012,715 114(IYI691 12,INM),(KMII 3 449,110 34 107,978 -,062 726 2Jb12,715 12,779,71131 3549,110 i2&MJ¥ 22. Ci>ntingent a*%eLs Structurdl i55ues ilt one of the charity's inve51ment propertie5 are subject to litigation. It 15 impracticable to reliably estimate what the valuation of any settlement might be. 23. ALCOWiting estimatei and judgeinents Kry sources of estimation uniertainty Valuation of inve,stment properties The Commiltee of Managernent obtained independent professiona] valuations from MLConnell Chartered Surveyors Ltd and Simon Brien Residentia] Ltd for the properties held a% at .11 December 2022. The external valuations. which are adoptej in these financial staten]ents. provided an market valuation of the r&sidential and commercial Properties owned by Ulster Garden Villages Limited. Restricted run 2thY6 Total offullds ql,1161,92? ?,01?,715 2fyY3 j2JkKTr.961 12.779,7831 3 449,110 Common Fund - this represents amounts set aside out of uMUlated su]u5 to pn)vide grants. loans and other public benefit in turtherance of the main objectives ot the Charity. In res1 of this a trdnt>fer ot £2ThM),IMK) w&$ made to the Common Fund during the Y. General Fund - this represents accumulated surpluses taIned for the genernl fur- therance ot the charitable objectives after trdnsfers to the Common Fund. 20. Analvsis tsf net assets between funds Unrestricted funds 2022 T(blal fuiid5 2022 Tangible fjxed assets Fixed asset investments IOOAX) I 21,134J6A 30218.737 2.425.070 IIM),IM)i 21,134J4 3112111,737 2A2i,071 (rfA,609 499&17 1621.141) 44A21A67 Investment property tkbtors Charitable loans Cash at bank and in hand Creditors due within one year 499.837 (6?1.151) 54,421.467 Page 34 Page 35
LSTER GARDEN VILLAGES LIMITED LSTER GARDEN VILLAGES LIMITED NOTESTO THE FINANCIAL sTATEmEs FOR THE YEAR ENDED 31 DECEMBER 2022 (corfd) 24. Reconciliation of net movement in funds to net cash flow from operating activitie 2022 2021 Net income for the year (as per Ststernent of Financial Activities) 1574506 2.782.043 Adjustmenls for: Gains on investrnents Dividends, interests and rents from inve5trnents (Increase)Idecre&se in debtors Increasel(decrease) in creditors Net cth used in operating activities (1,986,765) (1284 361} (1,104,144} 137905 (2,662859) (3549,110) (1,134,738) (351,293) 45,388 (2207.710) 25. Analysis of cash and cash equivalents 2022 2021 THE FOLLOWING PAGES DO NOT FORM PART OF THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 DECEMBER 2022 Cash in hand 499137 499837 680281 680281 Total cash and cash equivalents 26. Operatin% lease commitments At 31 December 2022 the Charity h&J comTniiments to make fututr minimum kase payments under non-cancellable operating leases as follows: 2022 2021 nd and Buildings Not later than l year later than l year and not later than 5 years 24.OiXI 50IKKI 74.0(Kl 50,1 27. Post balance sheet events There have bea] no significant events affecting the ChaTity since the end of the financial year. Page 36 Page 37
LSTER GARDEN VILLAGES LIMITED LSTER GARDEN VILLAGES LIMITED INCOMEAND EXPENDTTURE ACCOUNT EXTRA (UNAUDITED) YEAR ENDED 31 DECEMBER 2022 DONATIONS- YEAR TO 31 DECEMBER 2022 Ulstsr University - Creating Pathways Fund 2nd tranche of 5 £150JKKI 2022 2021 Notes Property rents Property expenses 1.788,795 1541,051 415 (1.480527) (1,348589) Corrymeela Community - Waste Water Project Voice of Young People in Care - New City cent Purp)se Built Facility for Looked After Chilthen £50fft1 Net property inLM)me 308268 192A62 £50JMM) Interest and investment incon Reaiised gain on historic cost 471.959 1.774,829 471,664 409,619 The Prince's Trust £50JMM) Totsl income 2555,056 1,073,745 - Achleve Project NI RalhfiTland and Di.¢rict Regeneration Company Ltd - Conversion of Chandler's House Project 2nd and fll)al tranche £50W Financial and administrative expenses (174.066) (161280) Income before donations 2JSOg90 912865 Belfast Charilable As.fociation - School Meals Project Haeniochromatosi% UK £50,0 tklnations paid in year 5 (1.018.420) {1269,914) Nel incomel(expenditure) for year before revaluations £42932 l J62570 1357A49) - Haemothromatosis and High Health Deprivation in Belfast SI Colunth's Hau - Awakening St Columb's Hall Sl John Ambulance - Purchase of a New Replacernent Ambulance Union Theological College - Repair of Library Ceiling and Ongoing Plaster Works The Mac - Essential F4uipment to Increase the Mac's accessibility L'Arehe Belfast - L'Arche Village Proiecl Greenshooi Pr1CtiOnS - Greenshoot in Tigers Bay Community Thealff Proftct ( I st tranche of 2) £225IH Page 38 Page 39
LSTER GARDEN VILLAGES LIMITED LSTER GARDEN VILLAGES LIMITED DONATIONS- YEAR TO 31 DECEMBER 2022 (cont'd) The 174 Mrterory Centre - Macrory Cevjtre - 'The Bridge. Springboard Opportunilies Jobworks + DONATJONS - YEAR TO 31 DECEMBER 2022 (conl'd) £20JMM The Salvation Anny - Thorndale Family Centre - Refurt)ishment of Rooms British Red Cross £iO,IMMb £20,IMM) £io,o - Ukraine Appeal Equippingfor ffe - EQUIP PrOt 2nd trdnche of 3 National Auti3¢ie Society - Supp)rt for Life I st tranche of 3 £20,1 £ioJ Cam Friend £20,1 Street Soccer Nl £io,o - LGBTQI + 'lnclusive Schools. Building Bnilges Communily Arts Centre - Renovation & Building Works at Carnegie Sttret Deined - Ethnic Minoriles Engagement Programme Keep Northern IrelandBeauliful Unwrapping Plastic Parkinson's UK £20,1MM) £ioJ £20,IMM £iOJKM) - Foyle Railway Museum Refurbishment Saphara 'Be the Change, Sch(x)l Awards 1st tranche of 2 - Diffct Supw>rt for Pa)ple Affec1 by ParkivJson'5 in Northern Ireland £151KM) 2nd and fmal tranche Cruse Bereavement.Si¢pport 'Undet5tanding Your Bereavement, Project and Volunteer Training Readfor Good - Bringing the Magic of B<x)ks and Stories to Childn at the Royal Belfast Hospital for Sick Childn Tyrone Guthrie - Dance/Recording Studio Final Tranche Be.Safe Be Well - Men's Shed FJthancement Project I st tranche of 2 £145IM £7,936 Culmore Community Partnership - Installation of New 'caiin' Premises £12,1 One Equine - One Equine Assisted Learning Pilot Project Quaker Service - MouDfrens £]0, £7,068 £iO,(MM) Homeplus Nl - MAP- Migrdnt and Asylum Project Replay Productions - The PRISM Pn)ject £6544 3rd and fiT]al trahe £6,IMM Page 40 Page 41
LSTER GARDEN VILLAGES LIMITED LSTER GARDEN VILLAGES LIMITED tK)NATIONS- YEAR TO 31 DECEMBER 2022 (cont'd) DONATIONS - YEAR TO 31 DECEMBER 2022 (conl'd) Bruiser Theatre Company A Day with Bruiser Liberty Consortium Installation of a Circus Tentipi The Open House Festival - Bangor Court House Redevelopnknt Open Arts - Jn Tune £55 Sole Purpose - Graeae Theatre and Liliput Theatre Residency La Dolee Vita £5A24 - Safety Empowerment Project Federation of Women's Instilules - Repair and Maintenance of Federation House Relate NJ £5,1MM) Systematic Counselling Training for Family Therapists Drake Music Proiett - Tunes for Teens I st tranche of 3 925 Ca(hedral Youth Club - Every Mind Matters Youth Initiatives Portru5h Sea Cade(s £35} - Purchase of RIB - The Impact Project 3rd and final tranche Live Music Now Bringing Music to Children with Disabilities 2nd tranche of 3 Marie Curie Nursing - Nursing Service Northern Ireland Cros.Yrnads Care Nl Nalional Youth Choir - Getting Back to Live Singing-An Inclusive Project Charles Wood.gumnwr.School - Children's Activity Pmject 2nd lrnnche of 3 - Charles WO Singers. Summer School Benbradagh Community Support - Connecting Rural Women Cystic Fibrosis - Welfare Rights Service Northern Ireland Target Ovarlan Cancer - Supporting Women Across Northern Irdand Belfast Central Mission - Special Winter Appeal Funders, Forumfor Jvorthern Ireland - Funders. Forum Support Toolsfor,Solidarity Building for the Future Brassneek Youth - The Bras5neck Youth Project Comber Youihfor Chrigt - RefUishMent of 47 Bridge Street. Comber Newry CityAfc Speaal Olympics Club - Repl¥ement Second Hand 17 Seater Mini Bus £25 £1S(Mb Page 42 Page 43
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