Registered number: IPO(KJ083 Charity number. NIC101248 Ulster Garden Vlllages Limited Committee of Managemenfs report and flnanclal statements For the year ended 31 Dac8mbor 2023 Ulster Garden Villages Limited Contents Page Reference and Admlnlstratlve Detalls of Ulster Garden Vlllages Llmlted, Its Committee of Management and Advisers Committee of Management Report 2-12 Independent auditors, report on the financial statements 13-18 Statement of finanGial aGtivities 17 Balance sheet 18 statement of cash flows 19 Notes to the financlal Statements 20-33 Ulster Garden Villages Limited Reference and Administratlve Detalls of Ulster Garden Vlllage$ Llmlted, Its Commtttee of Management and Advisers For the year ended 31 December 2023 Committee of Managemant DrA S Hopkirts CBE, FCA, Chair (to 7 June 2023, resigned 12 December 2023) Mrs S P Crowe Bsc, FCA, Chair (from 7 June 2023) Mr K Baird Mrs M Boyd MBE Mr B Garrett LL.B, FCJA, Atb. {deceased 7 Novembei 2023) Mr E Holmes OBE Dame R Johnston Mr W J Webb MBE, JP, Company Secretary Mr C J Walsh MBE Company registration number IP000083 Charfty registration number NIC101248 Reglstered offlca Forestview Purdys Lane Newtownbreda Belfast BT8 7AR Honorary Pre51dent Sir Desm0Th￿ Lorlrner, FCA Executlve Dlrnclor Mrs Valerie Ingram MBA. BA Hons (to 16 February 2024) Mrs Caroline Armstrong (from 5 Febwary 2024) Independent auditorJ ASM {B) Ltd Chartered Accountsnts and Ststutory Audrtor 4th Floor Glendinning F&)use 6 Murray Street Belfast BT16DN Bankers Danske Bank PO Box 183 Donegall Square West Belfa8t BT1 &JS Inveslment Advisor Brewin Dolphin 11th Floor East Tower 8 Lanyon Plaza Belfa8t 8T13LP Email admin@ulstergardenvillages.co.uk Website ww.ulstergardenvillages.co.uk Page'1 Ulster Garden Villages Limited Committee of Management Raport For th• yèar ended 31 December 2023 The Commttlee of Management 53 pleased to present their report and financial slatements for the year ended 31 December 2023. The Financial Statements have been prepared in accordance with the accounting policies set out in the 'Notes lo the Accounts, and comply with the Chartys governing documents i.e. °The Rules of Ulster Garden Vlllages Limited., Thé Charitiés Act (Northem Ireland) 2008 and Regulation 8 of the Charsties (Accounts and Reports) Regulations (Northem Ireland) 2015, the Industrlal and Provldent Socielies (Northern Ireland) 1969 and the Indu8trial and Provident S￿let]es (Northem Ireland) Order 2006 as amended by the Credit Unioni and C( operative and Community Benefft Sccieties Act (Northern Ireland) 2016 and Accounting and Repo￿ng by Charities.. Statement of Racommendad Practice applicabl8 to charitias preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Who are we? Ulster Garden Villages Limf(ed (The ChariV} was established under the Industrial and Provident Societies Act (Northern Ireland) in 1946 with the principal objectwe of providing good quality housing and 8850ciated amenitie8 for the disadvantaged and aged. Since that lime, government's approach to housing has changed dramatlcally and in Northem Ireland the establishment of the Northern Ireland Housing Executive and the Housing Associal￿)n movement has largely catered for housing needs. In 1983, Ihe Committee of Ulster Garden Villag8s Limfted tciok th8 n8cessary st8PS to convert the Assc£iation into a registered charity and under its amended regulations empowered it to transfer from reserves to a Common Fund amounts to be available for such general charitable pury)oses, not necessarily connected vilh houslng, as the Committee shall from time to time detemine. Ulster Garden Vlllages Llmlted Is regtstered with the Charity Commission for Northern Ireland (NIC 101248) and with th6 Inland Rev&nue XN72342. Page 2 utster Garden Villages Limited Committee of Management Report {contlnu8d) For the year anded 31 December 2023 {continued) a. Objectives and Activities The objectives of the Charrty 8re'.- To carry on, for the benefit of the Gornmunity, the business of providing housing and any assoaated amenttses for persons in necessitous circumstances upon temis appropriate to their means., b) To prowde, for aged persons in need thereof, housing and any assoclated amenlues, specially designed or 8dapt6d to meet the disabilities and requirements of such persons; To carry out such added purposes which are charitable under the law of Northern Ireland as the Charty shall from time to time determin8 8nd to U88 any of the Chanty's funds induding accumulations of past profits not required for the Purposes of (a) or (b) for such charitab18 purposes as the Committee shall from lime to time determine. Housing and Associated Amenltles The Charity under its charitable objectives (a) and (b) provtdes and manages housing and propety stock. Ulster Garden Vlllages Limited was founded over 70 years ago and by March 1950 had buift and founded Merville Garden Village, Northem Ireland's first 'Garden Village, with 450 house•, flat8 and shop8 and significantly, WFth Community Centre, Lftlle Theatre and extensive gardens. The Village created a sense of communily togethemess and inVo￿eMént, rather than simply providing houses for those who needed accornmodation. Other developments followed at Abbots Cros8, F8magh in Whit8abb8y and at new Garden Villages in Muckamore and Whitehead. Although the Charity has sold a significanl proportion of the original properties, it continues to manage the estates at MeNille, and Abbots Cross and provides housing and associated amenities in Newtownabbey, Whitehead and at Garvey Court, Lisbum (a development of apartments for older people). A develcpmènt for Ihe over 65s was re￿ntlY completed at Bangor. The Common Fund In PL4YSUit of Object (c) the Charity primarli y allocates funds to. or for. projects within Northem Ireland which will have a positive impact on Northem Ireland. Funds are not given retrospectively and rt is not usual lo giv8 grants for office expenses. core salaries or administrative stsff salaries. In addit￿n to outright grants, assistance may be given by way of loans which may carry ￿rtain conditions at the discretion of the Committee. The purpose of any application must be charitable and nomally the Comrnittee will only consider requests from registered charilies. Applications for grants are made on the Ulster Garden Villages Llmited appllcation fomi and also require applicants to submit their most recent Certified accounts. Further information is available in the 'Guidelines for Applicants, section of the Chartys website or from the registered office on request. The Achievements and Performance Sectlon of this Report details spectfic examples of the Charity acting through Its Comrnon Fund cf donations to charitable ventures in the wider community for the year ending 31 December 2023. Page 8 Ulster Garden Villages Limited Committee ol Management Report (continued) For the year ended 31 December 2023 {contlnu8d) Publlc Beneflt Statement The Committee of Management confirm that they have considered Charity Commission's general guidanc on public benefit when reviewing the Charty's objectives and In plannlng fLrture activities and grant•making Ihroughout th8 year. A copy of IhÈ Commission's guidance notss on public benefrt has been issued to all members. Ulster Garden Villages Limrted operates for the public benefit Wtth the ultirnate beneficiaries being the many people supported and worked with by the charities that we fund. The main objectives for which funds were all￿ated under Object (c) are: People with Disabill￿e3 Carers, Sheltered ALrommodation, Mental and Physical Disabilitlè8. Tran8POrt and Ath￿. Health HOSpi￿S and Hospitals, Home Nursing, Mental Health, Substance Abuse, Preventi￿ of Disease. Community Youth at Risk. Rehabilltatlon, the Aged. VIGtim Support, Crime Prevention, Regenefation. Sclentlfie and Medlcal Research To support fpkls of research which are not capable of total government support. particularly invobAng the aged, specific diseases such as Cancer and Cardbac related conditions. Culture and Heritage Assisting underfunded activrties Involving the Arts, in all its forms, and the preseNation of our natural herrtage. Asslstlng the restoration of buildlngs of historic or architedural interest to enable them to be rehabilitated to the use and serwrE to the community and the con$ervalion of artefacts. Education and Training Skills Promotion of lrfe skills and independent INing skills and employment and training for people with disabilities and disadvantaged people. Enhancing education and literacy skills for young peq)le with disabilrties. Prlorllles From lime to time the Comrnittee review the range of activities they are prepared to support and place special emphasis on areas that they wish to encourage. Page 4 Ulster Garden Villages Limited Committee of Management Raport (contlnuod) For the year ended 31 December 2023 Icontinuad) b. Achlevements and Perforniance During the year under review, Ulster Garden Villages has provided funding to charities who are w0￿1ng to address local n8éds and continuing to mak8 a difference to indniiduals and communiti8s across North8rn Ireland. Ulster Garden Villages has continued to make grant6 in line with its stated objectives of assisting people wtih disabilrties, and the areas of heatth, community. scientific and medical research. culture and heritage and education and skills. The number of applications increased substantialy, and this is in part a reflection of Gurrent funding challenges facing the voluntary sector and those they serve. In considering where we direct our support, we continue to assist projects which buikl collaboration with other funding partners. Donations for charitable purposes during the year amounted to £1,562,331 and thesa grants ranged from major capilal projects of £450.000 to smaller but equally important and impactful inth'ative8. The Charity continued to see a very high level of applicalions from a wide range of organisations from across Northeffl Ireland during the year and responded to as many of them a8 possible. The largest d￿ats'0n was to the W¢)odland T￿￿t for the development of Mourne Park, Kilkeel. This woodland is one of the most important areas of ancient and semi- natural worxlland in Northern Ireland and is a speclal slte for restoration and conserrfation. Wrth support from Ulster Garden Villages a8 th8 lead funder. the Northam Iréland Envlronrnènt Agéncy, gift8 left in wiU8, donors and a special public appeal, the Trust can now extend Moume park by 32 h￿re5 of npighbounng land. We are delighted to have prOV￿ed early fundin9 8UPPOrt to the Woodland Trust to reclalm this vital piece of land connectsng iwo areas of Important ancient woodland. A donation of £75,000 was given lo help create and build Horatio's Garden Northem Ireland, vthich opened at the heart of the Spinal Cord Injuries Unit in Musgrave Pa￿ Hospitsl, Belfast in late 2023. The garden supports patients with spinal injuri88 from across Northem Ireland, as W811 as paopI8 8taying in tho Amput88 Rehabilrtation Unit. This is the seventh such garden to be created in the UK. and the first Horatio's Garden lo feature a dedicated boccia court and a social area wtih parasols and sensory planting. The planting is de9igned to dlstract from the surrounding buildings and the angular, square geometry of the existing space. There 18 a beauti￿1 water feature for tranquility and a warm garden room wth timber cladding and a green roof. There are garden pods which offer shelier, piivacy 8nd S¢xi8lising spaces and 8 large greenhouse for garden therapy and growing. Over the last few years, we have responded to local and emerging needs by providing funding to local charities offering direct support in response to local needs and to meet tha rnany emerging challenges. This included support for several winter appeals such as those coordinated by the Salvation Amiy and St Vincent de Paul. Th688 charities provide a range of support to families, children, older and homeless people, and trafficked victims, in every ￿Mmunrty. A grant of £40,000 was given to the Community Foundation Nl and in partnership wtth the ARN Foundation toward their 'Tackling isotation for older people. initiative. Thwaim of thi8 prqect is to support older peopl8 to keep wami and gtve them access to nutrrtlOU5 meals. Local chanties help to reduce isolation and vulnerabilrty of older people through supporting part￿Ipation in activities. partiGularly to those living in rurally isolated areas. A grant of £20,277 was given to COAST for the purchase of a van for the 'Handyperson Projecl. This service, located in the Causeway and Glens region, will facilitate the provision of a safe. reliable. t￿￿1worthY handyper50n service for vulnerable elderly ¢fient8 who struggle to obtain the service. We continued to prowde capltal grants and some examples of these are a donation of £25.000 to Helping Hands, based in Portadown. towards the purchase and renovation of two houses for the purFX)se tsf providing emergency accommodation, in response to the ever-increasing demand for emergency accommodation in the area. The properties are dose to the Helping Hands premises in Portadown so anyone staying in the houses will also be able to access the Se￿1￿5 provided. There is also the opportunity for these beneficiaries to volunteer with Helping Hands, enabling integration vnlh other members of thè communty and develjping job- related skills. Page 5 Ulstsr Garden Villages Limited Committee of Management Report (continued) For the year ended 31 D8Gember 2023 (continued) A further £40,IXJO was given to Ballymena Methodist Church for the 'LiviTr3 Rooms. capital project which consists of the Ball￿Men8 Community Hub and a supported living 2 storey propety on the grounds of the Methodist Church in the heart of Ballymèna town. Th8 proj8Ct has been dasigned to meet the needs of a wide variety of drfferent groups, particularly Ihe isolated and vulnerable. The four one-bedrcx)m apartments on the first floor will piovvje a safe home for vulnerable yourrfJ peopleladutts, giving them the Opportunity to live independently and providing life skills and support. Thls much needed accommodation will be affordable and is target8d at those who struggle to find accommo(fation. for example, those coming out of the care system. The current 'cost of Imng, reports shcLv that a high proportion of individuals arKI families feel stressed or anxous because of their financial situation and many report that they 8r8 Struggling to afford d8y-tc￿d2Y bills such as rent, eledrictylgas and &ssential item5 such as food and general household expenses. In light of Ihis crisis, we partnered once more wtth the Belfast Charitable Society (Ihe lead partner). and several other foundats'ons, and provided a donation of £25,000 whiGh is he￿Ing to provide healthy mea18 and breakfa8t8 to young peoplè in local schools. Destitution is a rising problem and there are an Incréasing number of people and families who cannot afford to eat, keep wami and dry, and who don't have access to basic hygiene and health provision. The East BeKast Miss*)n (EBMI is tackling destitLrtlon directly including homelessness for asylum seekers who are temporarily oUtS￿e of the as￿UM system. The asylum system has issues and there are no exact figures on the numbers of people in this srtuation. It is however thought to be at least 100 at any time. Working in partnership with Choice Housing and the Starling Collective (a Northern Ireland Charity), East Belfast Mission will provide deststule women asylum Seekers WFth renvhousing, furniture, direct provision, weekly living costs of £40 per week and Living Cost Esther cards (pocket to pockat Secure and dired provision cards). These women are, as a result of their circumstances, more vulnerable to trauma, hornelessness, poverty, and poor mental health. East Betfast Missbjn will provide holisb'c wrap around 8UPPCrt, which will include working wrth them and their support nelworks to get them back Into the a8ylum system. They will also be glven access to trdinlng, along with practical and emotional support. This model of providing accommod8tion h88 been infomed through the EBM'S experience on working on projects supporting asylum seekers and refugees. It is the most dignified approach that can be offer8d to asylum seekers, restoring their self-worth, self-esteem and promoting health and well- being. It also results in better integration into Ihe community in which they are living. Education and giving young people the cpportunitles necessary to succeed in lifé ts a kéy objectiv8 for Ulst8r Garden Vinages. In support of this objedive, our five-year partnership with Ulster Universty continued with a third annual grant of £150,000 towards the Communty Scholarships. The past few years and the impact the￿ve had on young Feople's social, cultural, and educational lives continues to be fett. The effects of the pandemic on education and the continung ri3ing cost of living are undoubtedty putting up significant barriers to education for those wrth potential from less affluent backgrounds. The provision of communrty scholarships continues to be needed more than ever and 18 creating a significant impact on the beneficiaries of this 8upporl as they enter their university joumey. Addf(ional support is provfded lo th8 stud8nts by the Universrtvs Widening Access Schools Outreach Coordinator. a position dedicated to 5UPF¥)rting the Communty Scholars to ensure they reach their full polents'al. The second tranche of Ihree in th8 sum of £50,000 was ￿arded to the Prince's Trust for the 'Achieve' Programme. The Prince's Trust was founded in 1976 to help disadvantaged young peopl8. age 11-30 to overcome barriers and to charyde their lives, to get into worf(, education or training, all with the aim of enhancing their OPF4)rtunit￿s and Improving thelr lives and prospeds. 'AchiebE' wll work with a total of 19,5(X) wjung people who are at risk of exclusion and educational un(Jerachievement to re*ngage with leaming and remain in education to hek) strengthen their educational foundats'on and futu￿ pathways. Ulster Garden Villages helped to judge some of the 2023 Prince's Trust Nl Awards and was able to view first-hand the posRNe irnpact that the prOj￿t had on the challenges that yourrfJ people, who are at risk of underachievement, face. It was incredible to witn&ss the devebpment of these young peop￿, many of vthom had tumed their lives around despite having faced signrficant challeng0$ and were now faeAng a successful future path. Page 6 Ulster Garden Villages Limited Commltteo of Management Roport (continuod) For lh• year endèd 31 December 2023 (contlnued) Also funded was Young Enterprise Nl's Company Programme with a first tranche of £45,000. Participants learn Ihe concept that being enterprising can help them to look after themselves or tl)eir families at any tlme in their lives. The programme ams to help and guide students irt expbring the Concepts of sue¢ess, independence, enterprise and employmenL and demonstrate5 the importance of leaming and edtKation in preparing for Iheir working ￿ture. The young people learn about their own unique strengths, how to work with others. how to negotiate and build an understanding of the core principles of good financial rnanagement. In helping young people's development as contributors to Society, a donation of £20.000 was given to Volunteer Now. for the development of 'Play Your Part,, an initiative designed to help and encourage young•eople to volunteer, share opportunrties, support engagement in campaigns and embed the culture of volunteering that will last a lrfetime. Research has shown Ihat the younger a person begins to volunteer, the more likely they are to continue volunteering throughout their lifetime. In Novembor 2023, Ulster Garden held its first ever Impact Report launch at the prestigious Belfast Harbour Comrnissioners, Offlce In Belfast. We were privileged to hear from a range of beneficiaries induding bNo of the Ulster University Communty Scholars. Vthria Evitt and Anthony Devenney. The eudience were able to hear first-hand how the scholarships have given the student8 a¢￿89 to opportunits'es they would not otherwise have had and they were both incfedible ambassadors for Ulster Universrty and their fomier secondary schools. Ulster Garden Villages aim8 to be a stron9 Partner to the not-forrf)rofrt community in Northern Ireland. The Impact Report Launch event brought togéther 200 peoplè from charities and local institutions funded by Ulster Garden Villages over the last ￿entY years. These representats'ves included staff, volunteers. and beneficiaries of both capital and revenue fvnded projects. The event provided a platfomi for experts in the voluntary sector to meet others working in the local communty and to share solutions and experiences on h¢w their work has brought about and contlnues to transform au aspects of life in ￿rthern Ireland. We were delighted to welcome trusted partners, both long￿Standing and new, from ￿r083 the third Sector in Celebrallon of their efforts. The day was also a chance to view the impact of Ulster Garden Villages, donaiions and to hear from those 'Making a Difference, to thousands of beneficiaries across Northem Ireland. Inspirational speakers Including Actlon Cancer Nl, Habltat for Hurnanty Nl, Homeplus Nl and L'Arche, gave the audien￿ an insight Into their Valuab￿ efforts and ground4)reaking work in heafth, disabilities, communities and homel8ssn8BS. Other representatives of Queens Universty Belfast and Ulstsr University were joined by delegates from the local He2tth Trusts, and key staff from the RegKJnal Cancer Service and education sector also attended. Our funding partners from the Funders Forum Nl also attended and we were able to highlight how our funding in partnership with Othe￿ can bring gre8ter collaboration and impact. Greenshoot Producti)ns has received their second tranche of funding towards a Community Theatre project in North Belfast. The three-year residential will create a sustsinable arts project and a wide-range of community theatre events in an area which typical￿ is devoid of arts prO￿810n of this type. In providing support, we look at how organlsations are governed, and our grants are made with condits'ons to ensure that they are Spent appropriately and for the thantable purposes outlined by applicants. A tolal of 155 meetings were hekl in 2023 with potential grant￿8. These were held both in person and virtuall w(th the representatives of local charities who were seeking advice on apptying for a gTanL The Executive Diredor attended eight meetings of the Northern Ireland Funder's Forum Nl and financial support of £1.500 was awarded by Ulster Garden Vlllages to support the work of this collaborative body. The Commfftee of Management confimi that they have referred to th8 guidance contained In the Charity Commission for Northem Ireland's guidarKe on 'Public Benef￿ when reviewing the AssoGiation's aiTns and objectives, in planning future actIv￿.e$ and setting grant-making policies. An examination of our donations demonstrates the breadth of our involvement xross many areas of local life and a detsiled ￿hedUle of these can b8 found aft6r th6 'Notes ta th8 Financial Stat6m6nts Page 7 Ulster Garden Willage$ Limited Comrnitts& of Management Report {continuodl For the year ended 31 December 2023 (continued) c. Financial Review This year's Accounts foll￿ the fonnat required by the Financial Reporting Standards applrAble in the UK and the Republic of Ireland (FRS 102) and Accounting and Reportlng by Charities: Statement of Recommended Practice. Maicf investr￿n1 ￿ntInUed throughout the year on 8ubstantial refurblshment works at fvIeN￿le Garden Village, IoGaled in a conserrfation a￿a in N￿rtU￿nabbey. A similar refurbishment project comrrenced at Abbots Cross, now in Its final stages, with an investrrEnt of £1.3 million. The fabric of Memlle Garden Village and Abbots Cross have been greatly enhanced. creating an improved cornmunity environment and securing the long-tem future of these important post-war properties. Given the age of our properties, we have continu&l to invest 8ubstantially in intemal refurbi¥hments, of our owned properties following vacant possession with an investment of £382,LYJO during 2023. The charity continues to enjoy a strcng financial position and was able to make donations to charttabl8 projects of just over £1.5 million. A summary of the impact that thls has had across the communlty can be seen in the sects'on b. Achi8vements and Perfonnance. In November 2023, the Charity launched its first Impact Report, illustrating the profound drfference that Ulster Garden Villages has been able to dekn'ver to peoples, lives across Northern Ireland over the pa3120 years. Over the 20 years, more than £25 million ha8 been granted to local char￿leS. The Balance Sheet demonstrates that the financial position of Ulster Garden Villages Ltd continues to be robust. The value of our investment property showed a marginal increase wrth a valuation of £30,568,737, Ihe five-year prof888ional valuatlon having been carried out in 2022. Despile realising funds to meet our refurbishment commitments of £1.3 million, the investment portfollo was valued at £19,660,448 (2022.. £21.134.364). With total net a888ts of £54,216,991 the Association remains well placed to meet the continuing Investment in its property portfolio and ts substantial forward commitrnents to charrties, making a S￿JnifiCant contribution lo the work of the voluntary sector and the people they seNe in Northem Ireland. d. Investrnents The pU￿ose of the Chertys Investment policy is to generate funds for our grant-makin9 and the main source8 are rental income from the ownership ol inveslment properties and dividends and interest from a diversified investment portfolio. A fomal investment policy statement has been agreed between the portfotio manager and Ulsler Garden Willag85 Ltd which outlines its general goals, objectives and exclusions and describe5 the strategies Ihat the manager and Ul8ter Garden Villages Limited will employ to meet these objeclives. The policy is reviewed by the Committee of M8nagernent on a regular basis. e. Reserves and Golng Concern On 31 December 2023 free reserves in the fomi of the Géneral Fund amounted to £35,058,759 (2022". £35,700,904}. Other unrestricted reserves, d8signated by the Committee as the Common Fund and which represents surpluses set aside to promde grants, loans and other public benefrt in furtherance of the objectives of Charity amounted to £19,155,539 (2022.. £18,717,870 >. During the year the Commrttee of Management transferred £2,000,OCQ from the General Fund to the Common Fund. The Charity had rK) restricted re*rves on 31 December 2023 except share capital amounting to £2,693 (2022. £2,693). The Committee of Management regularly monitors the level of reserves, having regard to the risk management review and currently considers reserves to be adequate to meet the needs of the Charity. Having reviewed future commitments over the next 12-18 months the Committee of Managernent is of the opinh)n that the financial 8tstements can be prepared on a going concern b88i8. Page 8 Ulstsr Garden Villages Llmited Commlttee of Management Report (continued) For the year ondod 31 December 2023 Icontlnuedl f. Structure. Govemance and Management Committee of Management The Rules of Ulster Garden Willages Ltd lay down the constitUt￿nal provisions for the Charity and the Committee of Management (The Trustees. In temis of Charity Law). The membership of the Committee requires nomination from ￿rfth1n the membershlp of the Charity. elects'on by the Members and the retirement of one-lhird of the Committee each ye8r. Such members may offer themselves for re*lection at the Annual General Meeting. Dr. A.S. Hopkins. Mr. K. Baird, Mrs. M. Boyd, Dame Rotha Johnston, Mrs, S.P. Crowe, Mr. B. Garrett, Mr. E. Holmes, Mr. Colin Walsh, and Mr. VV,J. Vvebb served during the year. Dr A.S. Hopkins retired as chaimian at the AGM on 7 June 2023 and resigned from thè Committ88 on 12 Dec8mb8r 2023. Sadly, Mr Brian Garrett passed away on 7 November 2023. As per the Rules of Ulster Garden Villages Limited. Mr. K Baird and Mrs S Crowe retire and being eligible, offer themselves for re- eledion at the Annual General Meeting. Committee M8mbèrs - Induction and Tralnlng There were no new Committee members appointed during the year. Committee Members understand their roles individually and collectively in relaticm to ther18gal duti88. the $teward$hip of assets and the provisions of the goveming document. In addrtion, all members are aware of their responsibilities undw Company Lw, as Directors and Chanty Law. Those who serve abide by the 'Rule8 of Ulster Garden Villages Limrted, and the Committee Members also receive updates and training through briefing notes 8nd meetings. Annual Returns were made in 2023 to the Charlty Commission for Northern Ireland and the Financial Conduct Authority. Conflicts of interest and related party transactions are reported at Committee of Management meetings and refiected in the minutes and annual retums. During the year under revlew, four Ct)mmrttee Meetlngs were held In person. At these m8etlng8. Ihe Cornmlttee agr88d on a broad strategy and ar8as of significant activity for the Association. At present the Committee has seven members wlth significant experience of the public, private and voluntary sectors of Northern Ireland. The Executive Di￿￿Or also attended the meetings but ha8 no voting rights. Addrtional meeting8 were held for the purpose of planning, property portfolio matters and audit. Policy and Strategic Planning Is d8temiin&a by the Committee with the implementation thereof beiro the responsibility of the ExeGutiV8 Director. The C(¥nmittee met with RBC Brewin Dolphin in December 2023 to rewew Ihe Investment policy and current market trends and economy forecasts rel8tlve to the invethient porlfolN). A register of interests is held by th8 Charity's registered office and a copy of this is submrtted annually to the Financial Conduct Authoiity. All Committee members must declare any perceived or ￿Ual conflicts of interest and take no part in making recommendations relating to organisationslprojects in which they have an invofvemenL Pay and Remuneration The average number of employees during the year cakulated on the basis of fu114ime equlvalents was 2. Salaries are reviewed annually by the Committee and no employee received remuneration of more than £60.000 dunng the year (2022: None). No Commrttee Mernber r&eived remuneration or expenses in the year (2022.. None). The key management personnel comprise the Committee of Management Members and the Executive Director. The total employee benefits of key management personnel was £49,676 (2022.. £46,807). Page 9 Ulstsr Garden Villages Limited Commlttse of Management Raport (continued) For the year énded 31 December 2023 (contlnued) g. Key Risks and Uncertainties The Committee ha5 reviewed the major fisks to which the Charity is e>posed. Thls Involves Identlfylng th6 typès of risks the Charity faces, priontising them in tems of Impad and likelihotsd of occurrence and identifying means of mitigating the risks. The Committee has reviewed the effedivene55 of the Chantys system of internal financial control and is responsibl8 for establishing and operating detailed control and reporting procedures. The systems of control are designed to provide reasonable but not absolute assurance against materkal misstatement and loss. The Audit Commrttee monrtors financial reporting and provides a forum through which the Charit￿S auditors report to the Commrttee of Management. h. Plans for futuro periods The Committee farrles out a continuous review of the Charitys actNlties and current plans do not envisage a departure from the p￿sent objectsves and activrties. We ￿111 continue to look at where Ulster Garden Villages Limrted is best placed to provlde support. This will include reviewing our grant-making and ccffltinuing to work with ourcharity and funding partners. Since 2019 there has been a litigation pending relating to the structural issue at Vlctoria Square. This affected 54 apartments owned by the charity whlch resulted In a signlficant decrease in Ihe value of the investmrft property of £8,639.800. recognised in the financial statements for the year ended 31 December 2019. Posl year end the Judgement was handed down on the litigation case in favour of the defendants. The Hlgh Court decided not to hear the case against those involved in the construction of the propety as the discovery of the defect was outside the six-year time limit set within the legislation in Northem Ireland. The Charty has agreed to work along with the Victoria Square Chichester Street Management Company to explore Ihe feasibilf(y of repair to allow re4)ccupation. Page 10 Ulster Garden Villages Limited Committe6 of Managemant Raport (continued) For the year ended 31 Dècember 2023 Statament of Committee of Managemenfs responsibilities The Committee of Management are responsible for prep￿ir￿j the Committee of Management's report and the financial statements In accordance wrth applicable Jaw and United Kingdorn Accounting Standards (United Kingdom Generally AGGepted Accounting Practice). Th8 Charities Act (Northem Ireland) 2(￿8 and Regulatlon 8 of the Charities (Accounts and Reports) Regulations {Northem Ireland} 2015, Induslrlal arKI Provident Societies (Northern Ireland) 1969 and the Industrial and Prowdent Societies (Northem Ireland) Order 2006 as amended by the Credit Unions and CO￿peratiVe and Community Benefrt Societies Art (Northern Ireland) 2016 requI￿S the Comm￿tee of Managemenl to prepare financlal statements for oach financial year . Under the relevant legislation, the Committee of Management must not approve the financial statements unless they are satisfied that they give a true and fair v￿1 of the state of affairs of the Ulster Garden Villages Limited and of its inGoming rgsources and applicab'on of resources, includlng rts income and expenditure. for that penod. In prepanng these f5nanaal statements, the Cornmittee of Management ere requlred to". saled suit8ble accounting policies and then apply them consistently,. observe the methods and principles of the Charitie5 SORP (FRS 102): make judgments and accounting estimates that are reasonable and prudent: state wheth8r applicable UK Accounting Standards (FRS 102) have been follmd, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Ulster Garden Viltages Limrted will continue in busines8. The Commrttee of Management are responsible for keeping adequate accounting records that are sufficient to show and explain the Ulster Garden Villages Lirnrted's transact'ons and disdose with re88on8ble accuracy at any time the financial posrtion of Ulster Garden Villages Limrted and enable them to ensure that the f nanclal statemént8 cLYnply with the requirements of The Charities Act {Northem Ireland) 2008 and RegulatKin 8 of the Charities {Accounts and Reports} Regulations {Northem Ireland) 2015, the Industrial and Provident Societies {Northem Ireland) 1969 and Iho Industrial and Provident Societie8 (Northern Ireland) Order 2006 as amended by the Credtt Unions and Connatlon tts auditors In 80 far as the Committee of Management is aware at the time of approving our Committee of Management's annual report.. there is no relevant Information. being information needed by the auditor in CJ)nnection with preparing their report, of which the group's auditor is unaware, and the Committee of Management. having made enquiries of fellow directors and the auditor that they ought to have indiwdually taken. have eaGh taken all step5 that he15he 15 oblig&J to take as a director in order to mako themsefves aware of any relevant audit information and to establish that the auditor is aware of that infomiation. Pag8 11 Ulster Garden Villages Limited Committee of Management Report (continued For the year ended 31 December 2023 Audito The auditor3. ASM (B) Ltd, have indicated their willingness to continue in of￿￿e. The Committee of Management will propose a motion reappointing the auditors at th8 AGM. Approved by order of the members of the board of Committee of Managernent and signed on their behalf by: Mr8 S P Crowe BSC, FCA Date: 22 April 2024 Page 12 Ulster Garden Villages Limited Independent auditors. report to the Committee of Management of Ulster Garden Willages Limited Opinion We have audited the financial statements of Ulster Garden Vdlages Limlted (Ihe Charitl) for the year ended 31 December 2023 which comprise the Statement of finanGral aGtNities. the BalanGe sheet. the Statement of cash flows and the related notes, including a summary of signfficant accounting polries. The financial reporting framework that has been applled In thelr preparatlon Is appllcable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (Uniied Kingdom Generally Accepted Accountsng PraCt￿e). In our opinion the financial statements.. give a twe and fair view of the state of the charrtable companys affars as at 31 December 2023 and of its incoming resources and application of resources, induding its income and expenditure for the year then ended; have been propèrly prepared in accordance wrth United Klngdom Generally Accept￿ Accounting Practlce., and have been prepared in accordance with the requirements of The Charities Act (Northern Ireland) 2008 and Regulation 8 of the Charities (Accounts and R8POrt8) Ragulation8 (North8m Ir818nd) 2015, the Industrial and Provident Societies (Northem Ireland) 1969 and the Industrial and Provident Societies (Northern Ireland) Order 2006 as amended by the Credit Unions and cO￿peratIve and Community Benefit Societies Act (Northem Ireland) 2016. Basls for oplnlon We conducted our audlt In accordance with International StarKlards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilrties for th6 audit of the financial statements section of our ￿Port We are independent of the charitsble company in accordance with the ethical reqU1￿ments that are relevant to our audit of the financial statements in the Untted Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wilh these requlrements. We belleve that the audit evidence we have obtained is SLrfficient and appropriate to provide a basis for our opinion. Going Concom In auditing the financial statements, we have concluded that the Committee of Management's use of the golng concem basis of accounting In Ihe preparation of the financial statements appropriate. Bas&J on the work we have performed, we have not identified any material uncertainties relating to event5 or condttions that, individually or collectively. may cast significant doubt on the charitable companvs abilty to continue as a gcHng Concern for a perb)d of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilrties of the Commrttee of Management with resFect to going Concern are descrlbed in the relevant 8ection8 of this report. Page 13 Ulster Garden Villages Limited Independenl auditors. report to the Committee of Management of Ulster Garden Villages Limitsd (continued) Other information The other infonrjation comprises the InfomBtion Included in the Annual report other than the ftnancial statements our Auditors. repi)rt thereon. The Cornmiltee of Management are responsible for the othei infonnation contained within the Annual report. Our opinion on the financial statements does not cover the other infonnation and, except to the extent otherwise explicitly stated in our report, we do not express any fom of assurance condusion thereon, Our r￿pons￿111ty Is to read the other Informalion and. in doing so, consider whether the other infomiation is materfally inconsistent wth the finandal statements or our kn￿edge obtained in the course of the audit, or otherwise appears to be materially misstated. If identify such material InCor￿lStenCles or apparent matenal misststements, we are required to detemine whether this gives rise to a material misstatement in the financBI statements thernsefves. If. based on the work we have pefft)med, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by The Charities Act (Northern Ireland) 2008 and Regulation 8 of the Charities (Accounts and Reports) Regulatlons {Northern Ireland) 2015, the Industrlal and Provldent Socletles (Northern Ireland) 1969 and the Industrlal and Provldent So¢l8tl08 (Northern Iraland) Order 2006 as amended by the Credtt Unions and Co-operatlv6 and Communlty Beneflt Socletles Act (Northern Ireland) 2016 In our opinSon, based on the work undertaken in the cour88 of the audlt: the information given in the Committ88 of M8n8gement Report for the fin8nci81 y88r for whth th8 financial statements are prepared is con8iStent with the financtal statements; and. the ConNnittee of Mana9ement report has been prepared in accordance with applicable legal requirements. Matters on whlch we are Tequlred to report by exceptlon In the light of our knowledge and understandlng of the charltsble company and Its environment oblained in the course of the audtt, we have not identrfied material misstatements in the Commttee of Management report. We have nothing to report in respect of tha following matters in relation to which legislation requires us to report lo you If, in our opinlon. adequate accounting records have not been kept, or retums adequate for our audit have nol been received from branchès not visited by us., or the financial statements are not in agreement with the accounling records and returns; or certain dlsclosures of Committ88 of Management remuneration sp8cifi8d by law are not mada,. or we have not received all the infotvnation and explanations we require for our audit,. or the Commiltee of Management were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in p￿par￿g the Conynrttee of Management's report and from the roquiremont to prepare a strateg￿ report. Page 14 Ulstsr Garden Villages Limited Independent auditors. report to the Committee of Management of Ulster Garden Vtllages Limited lcontinued) Responsibilldes of the Committee of Managemont As explained more fully in the Trustees, responsibilities statement, the Committee of Management are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the CoTnmittee of Management determine is ne￿sSary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the ffinancial statements. the Comrnittee of Management are responsible for assessing the charrtable companvs ability to conlinue as a going concem, disclosing, as applicabk, matters related to going concern and using the going concern basis of accounting unless the Committee of Management either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Audltors, rtsponslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assuran￿ about whether the flnanclal statements as a whole are free from material misstatemenl, whether due to fraud or error, and to issue an Audrtors, report that includes our opinion. Reasonable assurance is a hEh level of assuran￿, bLrt Is not a guarantee that an audrt conducted in accordance with ISAS (UK) will a￿y$ detect a material misstatement when it exists. Misstatements can arise from fraud or errol and are considered material rf, individually or in the aggregate, they cA)uld reasonably be expected to influ8nca the econo￿￿¢ d￿l$lOn8 of users taken on the basis of theso financial 6tat8ment8. Irregularities. Including fraud, are Instances of non-compllance wlth laws and regulatlons. We deslgn procedure8 in fine with our responsibilitES. Outlined above, to detect material misstatements in respect of Irregularits'es, including fraud. The extant to which our procedures are capable of deteciing Irregularities. including fraud Is detail￿ below: We gained an understanding of the legal a￿1 regulatory framework applicable to the Charity and the industry in which they operate. and considered the risk of acts by the Charity that wefe contrdry to applicable laws and regulations, including fraud. We considered the opportunities and incentives that may exist within the Charty for fraud and identified the greatest potents'al for fraud in Ihg following areas: managernent override of controls. Wa designed audit procadurés to respond to these rlsk8, r8cogn181ng that the risk of not détècting a mateiial misstatement due to fraud is higher than the risk of not detecti￿ one resulting from error. as fraud may involve deliberate concealment by, for exemple, forgery or intentional rnisrepresenlations, or through collusion. Our audit procedures Included: enquiries of management aboLrt their own identrfication and assessment of risks of irregularities. testing the design and implementation of controls relating to the risk and sample testing of joumals posted dunng the y8ar. Because of th8 inh8rent limttations of an audit, there is a risk that we will not detect all lffegularrties, including those leading to a material mi88tatement in the financial statements or non-compliance with regulation. This risk increase5 the mre that compliance with a law or regulation is ￿MoVed from tho events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of nonnsibilty to anyone other Ihan the charitable company and tts members, as a body, for our audlt work, for this report, or for the opinions we have formed. Brian Clerkln (Senlor statutory audbtor) for and on behalf of ASM (B) Ltd Chartered Accountants and Statutory Auditor 4th Floor Glendinning House 6 Murray Street Belfast BT16DN 22 April 2024 ASM (B) Ltd are ellglble to act as auditors in terns of section 1212 of the Companies Act 2006. Page 16 Ulster Garden Villages Limited Statement of financial aGtivitie81incorporating income and expenditure account) For the year ended 31 December 2023 Rastrictad Unrestricted funds (Share funds Capital) 2023 2023 Total funds 2023 Total funds 2022 Note Income from: Charrtable activrties 2,234,953 2,234.953 2.170,416 Total incomè 2.234953 2,234,953 2.170,416 Expenditure on. Ralsing funds Charrtable activities 224,843 3,644641 224,643 3,$44,641 733.237 1,849.438 Total expenditure 3,769,184 3,769,184 2.582,675 Net gains on investments 1,329,755 1,329,755 1.986.765 Nat movement in funds (204,476) (204,476) ' 1.574.506 Reconclllatlon of funds: Total funds brought fornvard Net movement in funds S4,418,774 <204A76) 2,693 54,421 N67 (204A761 52,846,*1 1.574.506 Total funds carrlgd fonNard 54,214.298 2.693 54,216.991 54,421,467 The Statement of financial actNrties includes all gains and losses recognlsed In the year. The notes on pages 20 to 33 form part of these financial statements. Page 17 Ulster Garden Villages Limited Registered number: IP000083 Balance sheet As at 31 December 2023 2023 2022 Note Fixed assets Tangible assets Investments Investment property 13 14 12 100,001 21.134.364 30,218,737 19.660.448 30,S68,737 50.229,185 51,453,102 Currenl assets Debtors Charitable loans Cash at bank and in hand 15 16 25 2,783,287 660,000 859,076 2,425,070 664,609 499,837 4,302,362 3,589,516 Creditors.. amounts falling due within one year 17 (314,5561 (621,151) Net current assets 3,987,806 2.968,385 Total assets less current liabilities 54,216,991 54,421,467 Total net assets 54,216,991 54,421,467 Charlty funds Restricted funds Unreslrrled funds 19 19 2,693 54.214,298 2,693 54,418,774 Total funds 64,216,991 $4,421,467 The Committee of Management acknowledge their responsibilities for complying with th8 r8quir8rn6nts of th8 Act with respect to a¢¢ounb'ng records and piepatation of financial statements. The financial statements have been prepared in accordance wtth provlslorE appllcable to entitles subject to the small companies regime. The financial statements were approved and author188d for18gue by the Commrtte8 of Managament and 8igned on their b8h8lf by. Mrs S P Crowe BSC, FCA Chair MrWJ SeGretsry ebb MBE, JP MrCJ alsh MBE Committee member Date. 22 April 2024 The notes on pages 20 to 33 form part of these financial staternent8. Page 18 Ulster Garden Villages Limlted Statement of cash flows For the year ended 31 Decamber 2023 2023 2022 Cash flows from operating activities Net cash used in operating activities 13,429,770) (2.662.859) Ca8h flows from investing activities Dividends, interests and rents from inv8Stm8nts Purdias@ of investrnent propety Proceeds from sale of investments Purchase of investments 1.226,118 1.284,361 (4.666) 6,172,781 2,700,141 12,609,891) (1,497,421) Net cash provided by 5nvestlng actlvltles 3,789,008 2,482N15 Cash flows from financlng activltles Net ca8h provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 359,238 499,837 (180,444) 680,281 Cash and cash equivalents at the end of the year 859,075 499,837 The notes on pages 20 to 33 fomi part of these financlal statements Page 19 Ulster Garden Villages Limited Notes to the financial statements For Ihe year erKled 31 December 2023 Accounting policies 1.1 Basis of preparation The financial statements have been prepared in accordance wth the Statement of Recommended Practice.. Accountiro and R8POrting by Charitiès, the Financial RerA)rting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Industrial and Provident Societies Act (Northern Ireland) 1969 and the Industrial and Provident Societies (Northern Ireland) Order 2006 as am8nd8d by the Credrt Unions and C(￿peratiVe and Communlty Benefft Societies Act {Northem Ireland) 2016. Assetg Ènd Ilabiltties are initially recognised at historical cost or transadion value unless otherwise stated in the relevant accounting policy not8S. 1.2 Preparatlon of the accounts on a going concern basis Havlng reviewed the potential income and commitments for the next 12 month period the Committee of Management are of the view that there are no material uncertainties about the Charitys abilty to continue as a golng concern. 1.3 Income Income is recognised when the Charity has entitlement to the funds and It Is probable that th8 income will be received and the amount reliably measured. Property rents are brought into wxount on the basis of amounts recelvable. Investm&nt income is reported gro88 before any managerrBnt fees are deducted. Interèst on funds on deposit is included when receivable and the amount can be mea8ured reliabty. This is normally upon notrfication of the Interest paid, or payable, by the bank. 1 A Expenditure Expendf(ur8 is recognised onco Ihore is a legal or constructiv• obligation to make a payment to a third party. rt Is probable that settlement will be requlred end the amount of the obligation can be measured reliabty. Expenditure is classified under the following activity hegdings.. Costs of generats.ng funds comprise investment management charges relating to investments and Investment properties,. and Expenditure on charitable activities is incurred on directly undertaking th8 Xtivities which further the Ulster Garden Villages Limited's objectives. as well as any a550Giated support costs. All expenditure is indu5ive of iirecoverable VAT. 1.5 Allocatlon of support costs Support costs are those function5 that assist the work of the Charity but do not directly relate to charrtable activities and include administration and finance costs. An anaI￿lS of support costs is induded at Note 6. Page 20 Ulster Garden Villages Limited Notes to the financial statements For the year ended 31 December 2023 Accounting policies Iconllnued) 1.6 Investment properties (including social housing stock) In accordance with FRS 102 the inv8Stment property portfolio is stated at fair value with all gains or Impainnents reporied through the Statement of Financial Activilies. Fair Value is determined by reference to valuations carried cut by appropriately qualifi￿1 extemal valuers. Investment properties includes housing stock held as part of the charitable activities of the Charty and from wh￿h rental income is generated. 1.7 Tangible fixed ass8ts and depreciation All fixed assets are inrtially recorded at cost or deemed cost. The cost of tangible fixed assets is their purchase cog<, together wrth any incidental Gosts of acquisition. Depreciation is charged so as to allocate the cost of tangible f￿ed assets less thelr resldual value over their estimated usefrJl lives. Depreciation 18 provlded on the following ba3e8: Land and properti (undeveloped and under development) Plant and equipment -20% 1.8 Othor Invostm•nt8 Listed investments are stated at m8rket value, on the basis of the middle rnarket price at the close of business. Whi15t day to day management of the investment portfdio is carried on by experienced, registered investment managers (currently RBC Brewin t)olphin) the u￿lMate control and responsibility rests with the Coffmittee of Management. Unlisted equity invostrnants are stated at fair v8lue and all gains or b3888s, wheth8r r8alised or unreallsed, are reported through the Statement of Flnancial ACtr￿ltIes. 1.9 Debtors Other debtors are recogni5ed at the settlement amount due less any provision for impaimienL 1.10 Creditors Short term creditots are rneasured at the Iransaction price. 1.1 I Charltabla Loans Charktsble loans made are Initially recogniséd and measured at the amount paid, with the carrying amount adjusted in subsequent years to reflect repayments and adjusted, if necessary, for any tmpairnent, 1.12 Cash at Bank Cash at bank includes short term hYJhly liquid investrnents with a short maturity of three months or less. Pagé 21 Ulster Garden Villages Limited Notes to the financial statements For Ihe year ended 31 December 2023 Accounting poliGies (Gonlinued) 1.13 Financial instruments The Charrty only has flnancial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instrurnenls are init￿llY recognised at transaction value and subsequently me&8ured at their settlement value. 1.14 Fund accountlng Restricted funds are funds whth are to be used in ac¢ordan¢e with speci*i¢ resth'ctions imposed by donors or which have been ralsed by the Ulster Garden Vlllages Lirnfted for partlcular pU￿oses. The costs of raising and administering such funds are charged against the Spelaf￿ fund. The aim and use of each restricted fund is set OLrt in the notes to the financial statements. Unrestricted funds ar8 available to spend on activities that further any of the purposes of the Charity. The Common Fund is a deslgnated fund. being unrestrleted funds of the Charlty, whlch the Committee of Management have decided at their di8cretion to set a8ide to use for a specific purp¢)8e. 1.15 Accountlng 8stimat8s and judgements Judgements made by tha Comrnitte8 of Management, in th8 application of these accounting pofiGies. that have 51gnlflcant effect on the fin8nclal statements and estlmates ￿￿th a slgnltlcant rlsk of material adjustment in the next year are discussed in Note 23. Legal statu¥ The Charty Is a Ilmited company having share capital and is registered under the Industrial and Provident Societies Act {Northem Ireland) 1969 and the Industrial and Provident Societies (Northern Ireland) Order 2006 as arnended by the Credit Unions and Co4)perative and Community Benefit Societies Act (Northern Ireland) 2016, Reg. No. IP000083 and Is registered with The Charty Commlsslon for Northern Ireland Rag. No. NIC 101248. Income from charltable actlvltles Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Rents - Investrnent properties Investment income Interest receivablé Renls- social housing 757,700 767.700 464,780 464,780 3.638 3,638 1.008,835 1,008,835 722,IA4 471,692 976,393 2.234,953 2,234.953 2,170,416 Comparative figures are also included under unrestricted funds. Page 22 Ulstsr Garden Villages Limited Notes to the financial statements For the year ended 31 December 2023 Expenditure on raislng funds Unrestricted funds 2023 Total funds 2023 Total funds 2022 Rates and semce charge Insurance Repai￿ and upkeep Collection costs Legal and professional fee8 Management fees - quoted investffEnts 42.420 13.301 28.972 71.939 55,350 12,661 42,420 13,301 28,972 71,939 55,350 12,661 388,405 7.660 75,831 74,220 170,026 17,095 224,643 224,643 733.237 Comparative figures are alsg included under unre8tricted funds. Expendlture on charitable activities Unr8strlcted funds 2023 Total funds 2023 Total funds 2022 Donaticffis (See below) Social hausing costs Support costs - administration (Note 6) 1,562,331 1,562,331 1,777,699 1,777,699 204,511 204,511 1,018,420 856,952 174,066 3,544,541 3,544,$41 1,849,438 Comparative figures are also included under unrestricted fund5. Page 23 Ulster Garden Villages Limited Notss to the financial statements For the year ended 31 December 2023 Donatlons (No. In brackals): 2023 2022 People wth Disabilities18) Health (11) Culture and Heritage (13) Education and Training Skills (14) Communtty (15) 251,415 181.140 467,029 351,010 311.737 101,849 134,932 163,588 321,027 297,044 1,662,331 1,018,420 The donations are all made to charrties or organlsations falling wlthin the above actlvlty types. A full Ilst ol donations is disclosed in the Annual Report, a copy of which 18 avaiia)le from the Charity'G registered office. Support costs - admlnlstratlon 2023 2022 Salaries, wages & pensK)n contributions (Note 10) Premises costs Audrtors. remuneratlon Accountancy, legal and professional fees Prlnting, stationery and postage Miscellaneous Interest payable 98,185 50,105 9.600 10,560 13,512 20.748 1.801 98,544 44,938 9,000 5,880 2,533 11,370 1,801 204.511 174,oe6 Page 24 Ulster Garden Villages Limited Notes to the financial statements For the year ended 31 December 2023 Net gain on investments 2023 2022 Gain l (loss) on sale of social housing proporties Gain / (loss) on sale of other investments 241.632 349,610 Realised gain l (loss) 241,632 349,610 Gainl(loss} on revaluation of other investments Gainl(loss} on revaluation of investment properties (including social housing) 738,223 (2,166,916) 350,000 3,804,071 Unrealised gain 1,088,223 1.637,155 Net galn on Invastments 1.329,756 1,986,765 Rolatod party tran8a¢tion8 There were no related party transactions undertaken by the charity during the year. At the year end there wag a balance of £150.000 (2022: £150,000) due from The Somme Association. The charty arKI The Somme Assoclatlon have a Commitee Member in common. Auditors. rgmuneratlon The audltors, remuneration amounts to an auditor fee of £9.600 R022 - £9.000), arKI other Se￿￿eS (includin9 payroll and accountsncy) of £6,960 (2022 - £6.24Q). 10. Staff costs and emolurnents 2023 2022 Wages and salaries S¢Xial 5eGurily costs Employerfs cxjntributions to defined contribution pension schemes 89,749 3.298 5.138 84,709 8,768 5,067 98.185 98,544 Partlculars of employees: The average number of employees during the year, calculated on the basis of full-lime equivalents, was as follows.. 2023 2022 Number of management staff Page 25 Ulstsr Garden Vlllages Llmited Notes to the financial stalements For the year ended 31 December 2023 No employee receNed remuneratk)n of more than £60,000 during the year (2022.. None). No other Commrttee Member received ￿MUneration or expenses in the year (2022.. None). The key management personnel compris8S th8 Committee of Management Members and the Executive Director. The total employee benefits of key management personnel of the Charity was £49,678 (2022. £46,807). 11. Corporats'on Taxation The Charity is exempt from tax on income and gains to the extent that these are apFAied to its charitable objects. At 31 DeGember 2023 no provision for corpor&tion tax wa6 necessary. 12. Investment property Investment property Valuatlon At 1 January 2023 Fair value movement 30,218,737 350,000 At 310ecember 2023 30,S68.737 On 8 February 2024, the Committee of Managemenl obtained an Independent professional valuation from Rory Clark (MRICS) of Mcconnell Ch8rtèr8d Sunieyors. at open market valuatlon, of social houslng, residential and commercial properties located in Ne￿oWn8bbey, Whitehead and Lisburn in the surn of £18,821,237. This recognises no change in the in the overall Wdlue 83 reported at 31 December 2023. These properties induding social housing which are held by Ulster Garden Villages Limited as part of its ¢harrtable activities of providing housing and associated amenities for persons in necessitous circumstances upon terms appropriate to their means. On 9 February 2024 a valuation of The Resid8nce and Apartm8nts at William Street South, Vidoria Square, Belfast was obtained from Thomas O'Doherly (MRICS) of Simon Brien Residential in the sum of £2,297.500. This recognises an increase in the value of the investment propety of £SO,000. A structural issue which came to light during February 2019 affectlng S4 apartments owned by the charity resulted in a significant decrease in the valuo of the investment property of £8,639,800 which was recognised in the financial statements for the year ended 31 December 2019. Lrtigation commenced during 2019 whereby UGV is seeking damages in respect of this i88U8 and a8 at 31 December 2023 that litigation wa8 ongoing. On 9 February 2024 a valuation of "The Banks", Groomsport Road. Bang￿ was obtained from Thomas O'Doherty {MRICS) of Simon Brien Residential in the sum of £9,450,000. Thls recognlses an Increase in the value of Investment property of £300.000. Tha comparable historical c08t and net bc>ok value as at 31 December 2023 18 £15.595,819 (2022: £15.595.819). Page 26 Ulster Garden Vlllagés Limited Notes to the financial statements For tho y8ar ended 31 December 2023 13. Tangible r￿ed assets Land undeveloped Plant and equlpment Totsi C05t or valuation At 1 January 2023 Disposals 100.000 1100.000) 389,871 489,871 (q 00,000) At 31 Decen*)er 2(r23 389,871 389,871 Deproclation At 1 January 2023 Charge forthe year 389,870 389.870 At 31 Decethr 2023 389,871 389,871 Net book valuo At 31 December2023 At 31 December 2022 100.000 100,001 Page 27 Ulster Garden Willages Limited Notes to the financial statements For the year ended 31 December 2023 14. Other investments Listod Un118tod Investments investments Totsl Cost or valuation At 1 January 2023 Additior Disposals Revaluations 21,084,364 2.609,891 {4.822,030) 738.223 50,000 21,134.364 2,609,891 (4,822,030) 738.223 At 31 December 2023 19,610.448 50,000 19.660.448 Net book value At 31 December 2023 19.610.448 50.000 19.660.448 At 31 December 2022 21,084.364 50,000 21,134.364 16. Debtor9 2023 2022 Due after more than one year Other debtors 2,301,589 2.133,478 2,301,689 2.133.478 Due within one year Other debtors Prepayments and accrued incon 376,089 105,609 204,857 86,735 2,783,287 2.425,070 Page 28 Ulster Garden Villages Limited Notes to the financial statemènts For Iho year ended 31 December 2023 16. Charttable loans 2023 2022 Due In less than one year Loans Impairment provision 779,250 779,250 (128.250) {128,250) 651,000 651,000 Due In more than on8 year Loans 9,000 13,609 9.000 13,609 Total loans 660,000 e64,609 In addition to outright grants, 8SSiStance may be given by way of charitablo loans which carry certain condrtions at the discretion of the Commlttee. The Ccffimittee agrees on a case by case basis as to whether a fixed charge should be secured on a particular property or other asset. Hearth Heritage Buildings Trust £500,000 (2022: £500,OCQ) is the largest debtor. 17. Cr¢dltors: Amounts falling duo within ono ymr 2023 2022 Loan stock housing bonds, principal Loan stock housing bonds, intere8t Accruals and def6rrwJ income 62,528 131,473 130,666 S2,528 129,672 438,951 314,556 621,151 18. Share capital 2.693 shares of £1 oach fijlly paid (2022. 2,693). Page 29 Ulstsr Garden Village5 Limited Notes to the financial statements Forthe year endad 31 December 2023 19. Statement of funds Balance at 31 Galnsl December (Losses) 2023 Balance at 1 January 2023 Transfers lnIc￿l Income Expondlturé Unrestrlcted funds Common Fund General Fund 18,717,870 35,700,904 11,562,331) 2,000,000 19.155,539 2.234,953 12,206,853) (2,000,000> 1,329,755 35.058,759 54,418,T14 2,234.963 13,769.184) 1,329.765 64.214,298 Balance at 31 Galnsl December (Losse5) 2023 Balance at 1 January 2023 Transfers inlout Income Expendlture Restricted funds Share Capital 2,693 2,693 Total of funds 54,421,467 2.234,953 13.769,1841 1,329,7SS $4.216,991 Page 30 Ulster Garden Villages Limited Notes to the finanGial statements For the year ended 31 December 2023 19. Ststement of funds (continued) Statement of furKls - prior year Balance at 31 December 2022 Balance at 1 January 2022 Transfers inloul Gainsl {Loss@s) Incorna Expenditure Unrestrictsd funds Common Fund 17,736,290 General Fund 35,107,978 (1,018,420) 2.000.000 2,170.416 (1,564,255) (2,000.0001 18,717,870 1,986,785 35,700,904 52,844,268 2,170,416 (2,582,675) 1.986,765 54,418,774 Share Capital 2,693 2,693 Total of funds 52,846,961 2,170.416 (2,582,675) 1,986.765 54.421,467 Common Fund - this repr&sents amounts set aside out of accumulated su￿luseS to provide grants. k)an8 and other public benefit in furtherance of the main objectives of the Charity. In respect of this transfer of £2,000,000 was made to the common fund during the year. General Fund this r8pr•sents accumulated surplug88 rétainéd for th8 gén8rn1 furthérancé of the charrtable ollectiV8s after transfers to the Cormion Fund. 20. Analys18 of net assets between fund5 Unr8stricted fund5 2023 Total funds 2023 Tot81 fund8 2022 Tangible fix￿ assets F￿￿ed asset Investments Investment property Debtors Charitable loans Cash at bank and in hand Creditors due wrthin one year 100,CQ1 19,660,448 19,660,448 21,134,364 30.568.737 30,568.737 30.218,737 2.783,287 2.783,287 2.425,070 660,000 660,000 664,609 859,075 859,075 499,837 (314,556) (314,556} (621,151) 54.216,991 54,216,991 54,421,467 Pagè 31 Ulster Garden Willages Limited Notes to the financial stslements For the year ended 31 De¢ember 2023 21. Commftmants Other Commrtments There are commitments of £4.81 million (2022.. £4.17 million) to contribute lo charitable projects, on which a legal or constructive obligat￿n to make payment does not yet exist, of which £3. 54 million (2022.. £2.27 million) is subjed to project commencement and scheduling. These commitments will be financed through the Common Fund. 22. Contingent liability A judgement in respect of litigation relating to structurdl issues al a number of the charity's investment properties was issued during March 2024. The Chanty was unsuccessful in rts legal case for redress and the charity, along wth other affected cwners, is considenng thelr posttlon. Remedial works to the affected properties are required. The course of action In relatk)n to the required works is subject to further investigation and is highly uncertain at this time, The costs of the remedial work cannot therefor8 ba reliably estimated. Th6 affect8d properties have been written to £nil In these financial statements (Note 12). The charty expects that an applicab'on for legal costs incurred by the other parties involved in the Litigation may be made. It is not possible to reliably estimate the quantum of those costs at this lime. 23. A¢countlng estlmates and judgements Key sources of estlmatlon uncertalnty Valuatlon of investment properties - The Commrttee of Management obtained independent professional valuations from Mcconnell Chartered SuNeyors Ltd and Simon Brien Residential Ltd for the properties hekl as at 31 December 2023. The external valuations, which ar8 adopted in these financial statements, provided an open market valuation of the residential and Gommercial properties owned by Ulstei Garden Villages Limited. 24. Reconclllatlon ol net movement In funds to net ush flow from operdtlng actlvltles 2023 2022 Net Inccrnelexpenditure for the y8ar (as per Statement of Flnancial Acttviti&s) (204.476) 1,574,SCE Adjustments for: Losses on investments Dividends, interests and rents from investments (Increase)Idecrease in debtors Increasel{decrease) h creditors (1.329.755) (1,986,765) (1,226,118) (1,284,361) (358,217) (1,104,144) (311.204) 137,905 Net cash used in operating activities 13,429,770) (2,662,859} Page 32 Ulster Garden ￿lIageS Limited Notes to the financial statements For the year ended 31 December 2023 25. Analysis of cash and cash equivalants 2023 2022 Cash in hand 869,076 499,837 Total cash and cash equlvalents 859,075 499,837 Analy515 of changes In net debt At1 January 2023 Cash fl¢yNs At31 December 2023 Cash at bank and in harKI Debt due ￿thin 1 year 499.837 (52,528) 359,238 8S9.075 (52,528) 447,309 3S9,238 806,$47 Operatlng lease commltments At 31 December 2023 the Charlty had commStments to make future rnlnlmum lease payments under non- ancellable operating leases 85 fcAIows'. 2023 2022 Land and buildings Not later than 1 year Later than 1 y8ar and not later than 5 years 24,000 2,000 24,000 26,000 26,000 50,000 28. Post balan¢e sheet events During FebNary 2024 the Charity was provided with a draft Judgement in respect of litigatlon that it was pursuing in relation to structural issues at a number of the Charrtys investment properties. The fir￿1 judgement was formally hand8d down in March 2024. Th8 Charrty W88 unsuccessful in tts case for redress. Page 33