-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 In1Th￿Ce the Anwa] Retth and ALU)unts for Ulstu Gard￿￿ Villag&s Limited f(Y the year e￿Ied 31 1kneM￿r 2022. The year u￿ler review Ixought to fruition the nui)r to restCKE Muville Gankn Village to its ffflner g1￿. The reS￿￿￿e from living in the village has very itive intheA 2nd similar WO￿ is Eting C(￿n￿￿￿1 (M] ottrrojtsrprr￿1e8. 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 P￿￿1b1e. I am extremely gratefu] to Mrs Valerie tngram. Executi￿ DireLXor. 3Jxl to Mrs Ruth Culltrt. Adffjinistr&ion Officer. for c(mtrilw1io￿s they ll￿1e to (kal with thi.s w(rknwl in their Usual ththu5i&Stic and Professio￿1 l am also I￿lebbIt0rny fellow volUnt￿¢01- leag￿5 on ConunTtr of manager￿11 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 c￿lm)an is elected each year by c￿N￿lItee, and I have tren h(￿(￿r￿1 and privileged to have h&1 the tnLSt and L¥)nrKkn￿ of my colleag￿S who hve aptx)inted me e￿h 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(Yn*d. Over two (kC￿¢S UlsterGar(kD Villag&s has wovilkd over £25 milli(m to hu[KIr￿ of projects all of which have m*Je life irttetformany p￿tAc. It t￿ell ai)y to see what adifferaKethe cffoTts of volunleeTS can make with strong fiTHicial b￿kIng. 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 De￿Ile diMating £15 million over this Fri(yJ, we ensutul that Ul*r GaT&n Villages, financial stttngth has be￿ weser￿1 and enh￿red. I would dasaibe our current final￿1￿1 strength &5 extremely Stro￿ and thle whith gives me great c[fflfide￿e 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 p￿sIb￿ ￿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 Con￿nittee of Management Dr A S Hopkins CBE. FCA. Chainnan Mr K Baird Mrs M Boyd MBE Mrs S pC￿we B&.FCA Mr B GanEtt LL.B.FCIA.Art). Mr E Holrnes OBE Dame R Johnston Mr W J Webb MBE, JP, c(￿￿lY s￿￿tary MrCJ Wa]sh MBE Inlkpendenl a￿litOrS, the finan¢ia] slatements 16- 19 Statement of fmancial activities 20 BalanLr sh￿t 21 Statement of cash flows 22 Notes to the fmancial stalen￿ts 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 Inde￿ndent Auditors Sir Desmond LA>rimer FCA Mrs Valerie In￿aM 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 DO￿g￿lI squa￿ West Belfast BTI 6JS Sdicito McKee% Solicitors 32-38 li￿n￿lI Str￿t Belfast BT2 8BG Inde￿ndent AdVi￿r RBC Brewin tkjlphin I Ith Fl(Kf, East Tower. Lanyon Pla7A. 8 Lanyon Pla Belfast BTI 3LP Imin@ulSte￿￿Cnvll1lageS.¢o.￿k www.u15*TgaTdenvillages.cv.uk En￿11 Webt4te Page 2 Page 3 LSTER GARDEN VILLAGES LIMITED IL5TER GARDEN VILLAGES LIMITED COMMrrTEE OF MANAGEMENf REPORT FOR THE YEAR ENDED 31 DECEIWIBER 21122 Co￿lmI￿EE OF MANAGEMEiYf REPORT (coiitinued)_ FOR THE YEAR ENDED 31 DECEMBER 2022 The CommTttee of ManagemeT]t 15 pleised to pte5ent their report a￿1 fi￿aT￿la1 statements for the year enthd 31 December ￿22. The FIn￿CIal 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 (NOrt￿rn Ireland) I￿8 &5 arrmded by the Charities Act (NiYtheTn Irela￿1) JI13. Ind￿￿trial and ProvideT]i Swieties (Northern Ireland) 1969 and the Industrial a￿1 Provithnt S￿le1]es (Nithern Ireland) Orthr JK16 as aTneTKled by the Credit aDd Co-operative aNI Community Benefit &Kieties Act (Northern Ireland) 2010 at Accounting a￿1 Rep(*ting by Charities: Statement of Recommended Prwtitr applicable to ch￿ltieS weparing their dceounts in ￿e0rd￿￿e 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 i￿luding a(rumulations of past profits not required for the pwses of (a) or (b) for such charitable ￿4)0￿S as the Committee shall from lime lo lime determine. Hou.¢4n% kn(￿lated Amenities The Charity u￿ler its charitable obJ￿ts (a) a￿1 (b) provide5 a￿1 manages hiwsing a￿1 proFrty stock. Ulster Garden Villages Limited w&s fouTrled over 75 years ago and by Ma￿h I9￿} h&1 Iwilt and founviik IK)meless ￿0p￿e with intensive supp)rt a￿1 offer safe and SeC￿e ￿rnes to help p￿p]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 t￿se imp&frd are children a￿1 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 Child￿ll and young pwple. Wo￿l￿g alongsiik a lead f￿￿er. the Belfa,* Charithble S(K&ety and severa] other foU￿latiOnS. 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 c￿trI- 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 t￿lent5 were able to at first ha￿1 how the funding provided h￿1 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￿ ni*es public ber￿fit has issued to all Ulster Gar(kn Villages Limited oFrnfrs for t￿ wbiie knefit with the ultimate beneficidries being the mdny p￿pIe %upp)rted d￿1 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. Ho￿lce5 and Hospitals. Home Nursing. Meot21 Healt￿ Subs¢an¢e Abuse. P￿ventiOn 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 tc*al govemmenl sup￿￿t, particularly invdNYog t￿ aged. S￿etfie diseases s￿￿ as Cancer a￿1 Cardi& relafrd a)nditions. Culture and HeritaRe Assisting underfunded activities involving the A Tts, in all its f{Th￿. the Preservation 0f￿r 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 c￿SerVation of artefacts. Edul'atiun and 'l'rninii¥ .Skil Pn)motion of life skills and i￿le￿nI￿nI living skills and employment training for people with disdbillties and di$￿Van￿ged peiyle. Fmhancing edulation liter￿Y 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 ￿p￿la1 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 thteTrni￿d 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 Ul*er a￿ playing a key role in making sure that higher ed￿atiOn 15 an optioT] for these young ￿￿pIe. This year we cOntin￿d 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 WO￿a￿￿e*. The wide range rf.sw)FKft Frovide% vital help for trople with auti%Tn and their families. The ovetaTching objective of the initiative a￿1 events is to enable autistic children a￿1 adults. IKlping gain vital life skills. grow t￿1r 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 proJ￿ts 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 r￿m5 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(rt￿l included £50tm for the Conyn*ela c￿nMunIty, I￿at￿ in BallyLa5tle. Conymeela is Northern I￿1￿￿￿.S oldest Pe&e and ReconciEitttion Lonmuniiy dnd b&5 been in existeAice for over 50 yvdrs a￿t 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 CO￿ymetIa Village. We bave assisfrd WO￿ lo build awa￿￿￿ to those wlx) may be affLY*d by HaemiKhmmat(tsis with funding of £43IMM). Genetic H&MOch￿matOSIb (GH) is one of the MOQ Lommon genetiL disorders acconling toreseaL'h aff￿t5 l An 113 peoplc in Northern hE]d￿l. It iron levels to bulld up in tIE blo(Kl ovcr time. which can darn&￿e IrgarLS dnd joints if leti untreutlxi. Thc main a￿1 LX)nvcntional treatmL)nl fiK GH involves the ￿MoV&1 of excess iron stores through the regular removaj of blood thniugh Ver￿section (a procedure to reniove ￿d blo(yJ cells). Haem￿hromatthis UK (HUK) is providing fr￿ genetic t&sting and counselling in c(xnmunities. When FtUK ran a pilot programme in Derry. t1￿Y fouTKI that l in 10 pei)ple were found to ￿wlY diagno*d with Genetic Haem(KhromatOSi5. ba￿d 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 H￿j5e 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. I￿r fundt3J wojecLs in tlr Northwest incluth the refU￿lShment 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 a￿d ￿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 Pe￿Ie 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 Y￿llg 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 a￿j culture charities with suppcrt to re-qyen their t￿rat￿$. ￿tormantr venues and &5s1,￿lantr to T￿ornme￿e live perfotmantrs in all its f(￿rn. Tight across NOrtI￿rn Ireland. The digital offerings develoFd through necessity during tlr pa￿le￿IC have br()ught new ways to reach a￿llenCeS aThJ some Previ￿SIY funded chaTities s￿h 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 Ho￿e ]Koject in Rathfrila￿l 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 HO￿￿e w&$ (￿lginallY a pair of mid-19th-century dwellings aT¥J now provides a range of community activities, with a fiKus (x) mU￿1C on t1￿ gtound floor. aTMJ affordable housing units above.bringing new life backtotlr heart of the village. GTeensho(rt Pr(NJuctiOTLS has receiv8J ￿P￿rt 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. gr￿￿r. and sustainable NOrt￿rn Ireland. Keep Nt Beautiful achieve ihis by livering on improNing environmental education in every sclKK)l in N(thern IrelaTKI. itKreasing public engageTh￿nt for covnmunities in tred and rdi4ing envir(w)rnental ndards for the plac&s where pe(yle spend tiTne.' Whe￿ they live. wotk. a￿1 relax. In Froviding wpw)rt we l(K)k at how cl]arities are gOVer￿d, and our grants are m￿e with conditions to ensure that tlry ate spent appropriately and for the tharitable Fxirp0*5 outlin￿ by applicants. A total of175 meetings were held in JTr22 with potentiJJ grantees. In the early part of year a￿j due to Covid 19 the￿ meetingi were held by virtual rneans. A.5 things Iyened up. we were able to ComMe￿e more r￿e to f&e ￿￿elIngS with rePre￿ntatIveS 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 Ga￿en 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 Fin￿claI Rewrting Standard pplicable in tFr UK a￿5 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 increa*d 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 con*rvation area in Newtownabbey. Merville IMS 0￿e again won the 'N(thern Ireland Amenity Cou￿11,5 Best Kept Large Housing Award, and the iudge.s Fraised the well Tnaintainsj open S￿Ces. highlighting the certrally located tree li￿d wa]kway where new young trees have re￿ntlY ￿en plantLxl. The re%ithnL% were highly tTaised for their pride Tn the pl£￿e tkty live. as I￿re 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 pande￿IC a￿1 were by RH in 2022. We ple&%8J to report that wr developTnent of apJnments atThe Bank.$. Gr(xTrm.SFKIrt Road. B¢ingor is now a flourishing and vibrant community. In December 2022. we ￿]d a sociaI gathering for the resident5 with over 40 ￿0p]e attending. Other ￿￿￿tingS were Irld throughwt the year, and were gevjerally ￿ld outd￿￿￿. Several new resi&nts mov8J into Tr Banks in 2U29 and have settled in well and are enN)ying their new homes with stunning view5 by the sea. The Bala￿e s￿et &monstrat&s that the financia] position of Ulster Garden Villagas Limiled continu&s to be robust. The ongoing substantial inv&stment in (￿r wopeTtias is reflected in an uplifi in their wofessional market valuation of Ll.8 million. In spite of the volatility in the financial markets the Ye￿ end tnarket value of our qwted investments was £21 P84.364 8FKiwing an exc&ss over hist(rical a)5ts of £7.956Jg1. The AssI￿lation remains well placed to meet our substantial fonvaFd cotnmitn]ent,S to chwities aTKI to make a sigrtificant contribution to tlr WO￿ of the voluntary sect(x and the pe(yle tlty serve in Nirthern Ireland. d. Inl'e*4n￿nts The of the Charity's investment policy is to generate fuTNJ,s for our grdrt making aTMJ the Tnain 4ources are rental IT￿0¥ne from the 0￿￿eTShIP of invastment properties and divideTKls dTK] interest ITiYn a diversified inve#nKni pl￿[0]1￿. A fom]al investTnent policy staten]ent has Eeen agreed betwe£n the portfolio tnanager a￿1 ul￿eT Garden Villages Limited which outlines its general gimls. i*)jectives and exclusi(M£ and thsCritEs t1￿ Strategies that maT)ager and U1$￿ 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 [kcern￿r 2022 free re*rv&s in fomi of the Gffl)ernl Fund anK}Unt￿ to £35,71XI.4XM I￿21. £35.IU7.978). Other unre,slTiCted re￿r¥es. d￿]gnated by the Committee as the Comm(Ki Fund and which Trwesents surplu*s %et to trovide grants. louns and other public Ltnefit in th)thern￿e 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 Itse￿e5 at 31 DecemLw 202? except L£lPltJl ￿M￿ntIng to £2.693 (2021: Q.693). The Committee of Mdnagernent ￿gUlarlY Monito￿ the level ot rese￿es. having regard to the risk mdnagemenl review and CU￿endY consiikrb rL%erves to be a￿quate 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 Mem￿r5 and t￿ ￿tire[t￿nI 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￿ a￿1 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 coll￿tiV￿Y in relatiim to their legal duties, the.stewa￿lshlp of asset5 dnd tlr woNi%ions of the governing d￿uMent. Copies of ik 'Running your Charity: sUPI)wt f(K Trn5tees on key ￿￿et￿. of rnnning your charity eff￿tiVely. ￿Vised by tbe Cbarity Commission for Nonbern Ireldnd have been issued lo memLEtS. In &Iditi￿, dll membefft¥ dre of their ￿5￿}nSibl11t1ets ll￿ler Company LAW. as Di￿￿10￿ dnd Charity Law. Trise who serve dbide by the 'Rules of Ulster Gar&n villi￿£s Limited, a￿1 CIMnmillee mem￿￿5 atso receive U￿1￿1￿$ and trnining thn)ugh briefing notes a￿1 meetings. Annual Returns were rn&le in 2022 10 the Clwity commissi￿ f￿ NOrt￿rn ItElatxl and the FIn￿LIa1 Conduc't Authority. c￿lflICtS of interesi and related party tran%￿tiOns are rewrted at con￿nitIet of Management meetings and reflected in the minute5 and annual returns. During the Y￿ under ￿VIeW. five Committtt M￿tingS 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 Sp￿1￿1 RLsolulion. At t￿se 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 eXperIe￿e 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 I￿ld for Purp￿e 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 De￿mber 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 ac￿al cfflflicts of inleTest a￿j take ￿ part IT] making I￿O￿- [ne￿lation.5 relating to (￿ganIsation￿pT0jects 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 ￿MUne￿￿On of m￿¢ than £fA).(KM) during the year {2021: None). No Committee meM￿r r￿e1Ved 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 Miti￿ting the risks. The conun11t￿ hJs reviewad the ell￿tiVe￿￿5 of the Churity's system ot &nlernal tinancial control dnd As reSP￿sIble for esxdblishing atml o￿ating 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 fina￿1￿1 ￿ 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 Limit￿1 is best Pl￿￿1 to Erovide 5UPP)rt. This will inclu& reviewing our grant making and C￿tinuing to w(Yk with our charily arKI fu￿lIng partner5. S'tdti'inent ()f CummittL*' of Munagement'5 resp0Th￿bIlItieS 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 Ge￿rallY Accqited ALcounling PrdLtiLf). The Charitses Act (Northern Ireland) 2(K18 a￿1 Regulation 8 of the Charities (Accounts and Rep)rts) Regulations (Northern Ireland) 2015. the Industrial and l¥ovident S(￿]eties (Northern [￿la￿l} 1969 a￿1 the tndu51rial Provident SociLities {Northern Ireland) Order 20(kn a5 amenikd by Credit Unions c(￿0￿rative and Community Benefit S(KielAes Act (Northern IrelaTh]) 2016 requires the C￿nMIttee of Management lo prepare final￿la1 .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 DEcE￿ll1ER 21)22 COMMITTEE OF MANAGEMENf REPORT (conrinMed)- FOR THE YEAR ENDED 31 DECEMBER 2022 urc&s. illcluding its iwovrr a￿1 eApellditu￿. f(T that Pffi(Kl. In preparing these finaTKial statenEnls. the Committee of managen￿nt are required to.. ' select suitable accounting wlicies a￿1 then apply t￿M consistently. • obserye the method5 and pri￿lpleS 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 thpartu￿S dis¢l0sed and eXpknin￿ in the fllTrancI￿ stdtements: ' prepaTe the fina￿la] 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 res￿nsIble for keeping ad4uate ￿C(￿￿tIng conls Ilwt sufficient to slM)w and explain Ulster Ga￿en ￿thag￿ timiled's trn￿￿L*lOrn￿ and disclose with re4gonable aCcU￿Y at any tin]e the fina￿la1 ￿}sitiOn of U15terGar&n Village5 Limited aTyJ eniible them to c￿sUre that the financial stateTnenL corryly with the reipirements of The Charities Act (NortI￿rn IrelaTKI) 2008 and Regulation 8 of thL Charities (Accounts Retx)rts) Regulations (Niythern IrelarKI) 2015, t￿. tndustiiat and P￿vIdent Societies {NOrt￿rn Ireldnd) 11)69 and t1￿ tndustridl Jnd Pmvithnt S￿l¢ties (Northern Ireland) Order ?JX)6 &5 dmenikd by the Cralit Unions and C{H)￿ratiVe and Community Be￿fit s￿1¢￿¢% Act (Northern ￿tIa￿) 2016. Try aTr alw ￿S￿IL51ble fix safeguarding the assets of ul.ster Garden Village Limited and bence for thking rea￿nable 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 l￿d 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 Opl￿On We have audted the flnanclal slatemnts ol Ulster Gard8n Vll*es Lhlltsd Charity'l lor the y8aT ended 31 D￿ember 2022 wh￿tt comprise the Statement of financial actNlJ8s, the Balance S￿et. the Statement of cash flows and the related Tr)les, including a summary cl s#Jnificant acC￿ntIng wAicEs. Tr financ￿1 rewjrting fiam8work that has been appl￿d #i their Pfeparation Ss alpl￿able law and United Kingdom knounting Standards, Inc1￿j1n9 FlnancHI Reporting Standard 102 The Financigl FlowrtirrJ Standard appl￿ble ￿ tlp UK and R8publlc ol Ireland, (United Kingdom General￿ Accepled Accounung Pracllcel. In our opSnion the financk91 statements: gN8 a true and lair v*w ol th8 State ol the Chartlab￿ c(¥npany's affalrs as at 31 D￿ember 2022 arbd ol its Inwmlrg reswrc8S and applcation of resources. incI￿lIng ks Ir￿￿me and expeTrllture lor the yearthen endwl. have been propetty prepared in ac(ordanco wlth Un5ted Kingdorn Genera￿Y Acceptsd AccTrJntng Pract￿. and have been pr￿ar￿ 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¢￿t￿s (Northem IrolaTrll 1969 and the lTrluslrial and Provkjent SocSe16os I￿rthoM IreL4ndl Ordgr 2(X)6 as aTh￿nded 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 knclud￿j in the Annual report ottrEr than the financial stalements and our Auditors. report thereon. Th9 Committee ol Mana￿me￿ are r6sponslble lor the other inlomatK)n eontabned vltrbin Iha Anrwal re￿rt. (￿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$￿111￿ty Ss to read the other wilormalion and, in doin9 so, conskjer whet￿r the other kn10m￿tknn is materialty Inconsk8lent wr(h the InancSal statements ry our knOW￿ge Oblas￿ in the course ol the audit. or olherwl$8 appears lo be materially mi8slatgd. Lf WB hlentrfy such malerkql inwnsislencles or appar8nl materlal mlsstslemènts. w8 are raqulred to detomln6 whether Ihls gNes rige lo a mal8rhql misstatement In the financial stslements ttrtsmsefves. 11. based on Ihe workwe have pertom)ed, we cO￿lUde thatthere is a material misstalanenl of thls other inlomwlnn. wg are required lo rwrt that fact. We have nothing to f8POrt in this regard. Oplnlons on olhèr matters prescrlbed by The Charltles Act (Northem Ireland) 2008 and Regulatlon 8 of the Charllles {Accounts and Reports) Regulatlons (Northern Ireland) 2015. the Industrlal and Provldent Socletles (Northern Irelandl 1969 and the Indu$trl and Provldent Societles (Northern Ireland) Order 2006 as amend￿1 by Credlt Union$ and C04>pèratlve and Communlty Benefit Socletlts Act (Nort￿rn 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 cr￿1S151ent w￿h 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)w￿d9e urnlerstanding (A the charitable cfjmpany and its enVirC￿Ment obtsin&fj in Ihe course audic we have not klenUfied malerk41 mSsststomerts In the mmittee ol mana￿ment 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 fin￿cial stat￿nents 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}mpan￿5 f8gmo and take advantage ol the small ctmpanies, Bssls lor oplnlon We conducted Ouf audié In accordanog wlth Inlematio￿I &andards (m Auditlng IUKI IISAS IUKII 8nd a￿l*able kw. Our rBsponslbilUes u￿10r thosè slandards are furlher described in the Audltyrs, rosponst*l￿Il8S l(x the audti ol the Ilnanel81 stAte￿ntS 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 st￿dard, and we have fulfilled our other 8lhScd responslb1lit￿S in accofdance with Ihese requirements. We beheve that the audit evKJenco we have (*)la￿led Is suffI¢l￿t and approprlate to provKJe a b8si5 lor our opinbn. GolrwJ concem In audilrng the Ilnanci8J statements, w& have concluded that the Committee ol Man￿￿Ment US8 ol the going concern basis Ot ac£oLtnUng in prepara1￿n of Ihe Ilnancial statsM￿ts Ss appropriate. Based on Ihe w￿k we hav8 ￿r10Mled have not KIent￿￿d any material uncertaln168s relatinglo events or conibJons that. indSviYually or￿l￿tiVe￿, may cast sig)Ificant doubt on 1he charitabl8 crympany's ability to cortinije as a going concem lor a tErkyI ol at least tsvdve Tr￿nthS from when Ihe ffnwlBI stst8rr*nts authorised lor issue. (Xjr respcns5b1lit￿S and the responsbilities ol Ihe Committee of Management with resW to going c(￿Cern are descrb8d in the rel@v￿t 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 managerr￿n1 are responsble for the pr*afatKin o11he lInar￿181 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 prepari￿j the finar￿la1 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 a￿￿n￿n9 unbss Ihe CUnMitt￿ ol Management alher Intend lo Ih4ukdale th8 charitable company OT to ase operallons, or have no reallsJc altsTnal￿8 bjt to do so. Audttors, responslbllltles tor the aLwJlt ol thè Ilnandal Statements i￿r 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 A￿ltOrS, report that includes our opintin. Reasonab￿ assurance is a hKJh ltsv81 ol ￿￿18[￿e, bul is not a guarante8 that an a￿11 conducted in ￿)rdance with ISAS IUKI will afvays detsct a material mlsstalement whgn it exists. MIsState￿ntS ¢an arise from Irwd or error and are ConS￿eT8d material rf. Indivklually or ￿ the aggrggale. they could reasonabty be eXp￿ted to influence the eGOn0m￿ decisbons ol users taken on the basss ol Ihesg IlnancSal statements. IrroguLqri￿es, ￿clUdIng Iraud. are ir6lances ol non¢oFrplsanco vlth kws and r8gulalDns. W8 doSb3n proc8dures in Ine (NJI responslbilitlès, outlined above, lo delect rnaterlal mIsstst￿8nts in iespect ol irr8gLtl8ri16es, Includlng fr￿d. èxtent to whkh our procedur6S are capabl8 of delecling Irregular((￿S, Inc￿d￿)g fraud is detailed bebw.. We gair*d an underslarnJSng ol the legal and regukqlory fram85￿rk app￿c8￿8 to Ihe Company and the Industy in whth t￿Y operate, aThJ consid8red the risk of acts by the QA)mpany that were ￿trary to aP￿I￿re laws and reguLglk)ns. Including fraud. We wnsidered the oprMYtLtnIti85 and Ir￿entiVeS t￿t may exi%t wlhSn th8 Cvement 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 ch4￿1t1e.￿. 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 Ca￿h flows froJn operaling activities Net cash used in 0￿rating activitie5 (Note 24) (2.662J59) (2,207.710) Cash flows from In￿estinE aCti￿ltieS Dividends. intere%l.s and rent5 from inve%tments Proceeds from the sale of investment property Purchase of investment property Proceeds f￿rn 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 Inv￿tment 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 ca￿led 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 r￿ed 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,Sett1e￿￿nt amount due less any provision tor impainnent. 1.10 C:reditors Sbort term creditors are n￿U￿d 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 settle￿￿nt value. Depreciation is provided on the following blses: Land ￿ld properties (undeveloped and under development) Plant and equip1n￿l 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 purpo*s. 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%t￿￿￿ts 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 orUn￿allSed. 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 dC￿ignated fund. being unrestricted funds of the Ch￿RtY. 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 cha￿e 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 a￿1 is Tegisteted with The Charity Conuni5sion for Northern Iff land Reg. No. NIC 101248. 75.831 74220 260.364 17.095 75*31 74220 260 J(A 17W5 823575 C(xnparative figl￿eS aTe al5￿ iTK1￿Jed u￿ler 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) U￿jer 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 un￿stricted 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 regis*red oifice. Page 26 Page 27 LSTER GARDEN VILLAGES LIMITED 11 LILSTER GARDEN VILLAGES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECE￿IBER 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 S￿la1 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 sTATEmE￿s 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 Charle￿d 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 an￿nItieS 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 DeCernE￿r ?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 r￿OgniSeS 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 sTATEmE￿s FOR THE YEAR ENDED 31 DECEMBER 2022 {co￿d) 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 sh￿ES 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 c￿TY 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 prOp￿Y 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 DECE￿I￿ER 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 in10￿t 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￿]u￿5 to pn)vide grants. loans and other public benefit in turtherance of the main objectives ot the Charity. In res￿1 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 sTATEmE￿s 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 Pr￿1￿CtiOnS - 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 PrO￿t 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 De￿ined - 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 Affec￿1 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