RegiSterod number: NPI)00083 Charity number: NIC101248 Ulster Garden Villages Limlted Commlttee of Management's report and financial statements For the year ènded 31 Dacembgr 2025
Ulster Garden Villagos Umlted Contents Page RefeMnc• and administratlv? detalls of the Ulst•r Ganlan Vlllages Llmlted. Its Committoe of Management and advlserg Committe• of Managemenvs rnport 2-12 Indepgnd•nt audltoes report on th• financial slatemonts 13-16 Statement of financlal actMIIos 17 Balanco sheet 18 statomont of cash flows 19 Notes to the financlal statements 20-35
Ukntor Ganlen Willog•s Llmitsd Refer••Ko and Admln18tMfve D•talls of th• Ulst•r Gord•n Vlllagay Lhnitsd. It8 Commltteè of Management and Advls•rs For the year •nd•d 31 D8umbor 2025 Commlttee of managomgnt Mrs S P Crowe, FC& Chair Mr K Baird Mrs M Boyd klBE {reBigned 5 Dmbr 20251 Mr E Hoimes OBE Dame R Johnston Mr W J Webb MBE, JP. Company Sxretary Mr C J Walsh MBE (r95vJngd 31 March 2025) Dr J Pyper 'ss A CTavrford Mr G Jones (appointed 18 Mar¢h 20251 Dr S Prentw MBE, FCA (appointed 9 DecembBr 2025) Comp•ny r•glster•d number NP000083 Charfty rngl8t8r number NIC101248 Registerèd oflk• Purdys La NOWnbred8 BeaSt BT8 7AR Honorary Prnsldwt Slr tknsmond Lorimer, FCA Chlef exrtutlv• Mrs Corollne Amistrong Indopondent audltor Sum•rAudkco Nl Umited StatutoryAuditots GlendInni Hous8 6 Murray Street BT16DN Bank•rs Danske Bank PO Box183 Donegatl Squaro West BT16JS InvoStm•nt Advlsor RBC 8rff4vln Dofphin 11th Floor East Tower 8 Lanyon Plaza Belfast BT13LP Emall grants ugv,org.uk Web•lt• vw••*.ugv.org.uk SUMER NORTHERN IRELAND Page 1
Ul•t•r Garden Vlllages Lknlted Commtitfje of IAanag•mont Roport For the year end 31 DKembgr 2026 The Committ88 of Managemont i¥ pleased to preseni their report ond fin8nci818t8temenl$ for the year end 31 December 2025. The Finala1 Ststernts have been prepared in accordancè with the accounting FlicIeS set out in th8 'Note8 to the Accounts. and comply with the ChariV$ goveming de¢umts l.e. 'The Rules of Ulster Garden WIlWe8 Linited". Charitres Act {Northem Ireland) 2008 and Regulation 8 of the Gharitie5 (Accounts and Reports) Regulations (Northem Ireland) 2015. the Industrfal and Provident Societies (Northem Ireland) 1969 and the Industrial and Provident Societies (Northem IRkndl Order 2006 08 amended by the Credit Unh)ns ar Cooperat@ and c(MUn Benefit Societies Act (North8rn Ireland) 2018 and knounting and Reporting by Chariti¢s.' Stment of Re¢ommended Practice applicable to charthes preparing their accounts in accordanc? with the FinarKial Rgporting Standard applicable in the UK and Republ of IreLqnd (FRS 1021. Who ave wo7 UIB19r G¥den es Limited ('Th& Charw) was e8tabllshed under the Industrial and Provmlent Societies Act {Northem Iretandl in 1946 with thg principal obje¢tsve d provithng 9¢) qualty hou8ing and associated t4n8ntlies forth8 di88dvantaged and aged. Slnce that tlmg govemment's approach to housing has changed dranaticalty and in Northem Ireland, the establishment of the Northem Ireland Housing Executive the Hsing Asslat movement has Lryrggty catered for housing needs. In 1983, the Committee of Ulstw G•rd•n Villages Limlted took the nece888ry step8 to convert the A88ocSattc into a registered charty and under its amended regulations, emp(Ywered it to transfer from r¢¢8 to a Common Fund amounts to be available for such general charitatAe purposes, rK>t neGgssarity connected with housing, as th8 Committee Shall from twne to time detemine. Ulgter Garden Wilages Lwnited is rngistered with the Charty Commlssknn for Northem Irel8NI (NIC 101248) and the Inland Revenue XN72342. SUMER NORTHERN IREL4ND Page 2
Ul¥tor Garden Villagm Limlt Commltt•e of Managgmonys Rèport Icontlnuedl For the y•ar •nd•d 31 DeMber 2025 (conllnued) The oblectwes ofthg Charty are:_ To carry on. for tho benefft of the cunmunity. the bu$ine$$ of provtrjing housing and any 88SOCted amenities for persons in necessitous rArcumstances Up t8rms appropriate lo their means., b) To provide, for aged porsons in need thereof. housing and a880¢ted enItIo5. Special designed or adapled to meet the di88bllities and requlrements of such p8rson$,' To carry out such added purposes wthich are charitable und8r th? law of N(A1hem Ireland as th8 Charity shall from time lo time detemiine and to use any of the Charivs funds Includw accumulation5 of past profits not requir&J for thg Purposes of (al or (b) for such ¢haritabL9 PUWS as the Ccmnmthe shall from lime to time deterni1. Holg and A8socl•ted Am8nftl•s The Charty under 11$ charhable 0.•cts (a) and (b) provldes m8nage$ tM)u$ing and property #tock. Ulster Garden Villages Limitod was founded aknost 80 years ago arKI by klarch 1950, had built and fOured Merville Garden VIIW, Northern Ireland's first 'Gardon VIHag8' 450 houses, fials and Shops and s1gnthcany, vAth Communty Centre, Litve Theatre and extensive g8rdgns. The VIWe created a sense of community logethemess and involvement, rather than simpty proMdiThJ houses for those who rded acccfflmodation. othor developments followed at Abbots Crc$. Fernagh in Whiteabbey and at nthv Garden Villages in Muckam¢xe and Vthitehgad. Altt)augh the Charty has sobj a signifvnt proport of the origin81 estate8. il continufrs to manwJe the est*es 81 Mervrlie and Abbots Cross and pr(Mdes housing and associated wnenit in Nffmownabbey, Whiteh¥l. Garw Court. knsbum la development of ¥artmenl8 for older pewgl and Batylb)Ime18 development for th8 over 55$). Tho Common Fund In pursirit of Okfject {c) the Charity ptrnarity alhxates fvnd8 lo, or for, prOjts wrthln North•m Ireland whkh will have a positive impact on the regK)n. Funds are not giwn relrospectivety. and il 15 not usual to gNe grants for office expgn$es, core salaries iy adminl8trative staff salaries. In addltion to ¢[ght grants, assislance may be gwen by way ol k)ans whtch may carry certain conditions at th8 discretion of the Committeè. The purpose of any application must be charitable and rKwmalty the Commrttee will onty consider requests from registergd ¢haritles. Applulions for grants are made vkq the Ulster Garden Vil99S Limited online applrcatron fom and al$0 require applrcants to submit their most I0nt certrfied acts)unt8. Further Informati 18 avauable in the 'How to Appll Section of thè Charitls websi. Tho Achievements arKI Pgrfomiance Sth of this Report detsils 8pecifK examples of the Ch8rrty acllng through its Common Furnl of donations to Charitab venturos in the wpaer COMMn for the ye8r ending 31 December 2025. SUMER NORYHERM IRELAND Page 3
Ulstsr Gath Vlllag•s Lhnlt•d Comffllttw of Manag•mMfs R•port (¢onllnuod Fortha yoar onded 31 tlocembor 2026 (contlnuod) Publlc Benefft Statement The Committee of Managwnont confimi Ihat thay have conslderad the Charty CommiB8ion'8 general gUidar8 on publ benefft wthen rnwewing the Charitys objectives arKI li plannlng futu actfvtts and grant4naklng through1 the svr. A ¢Y of the CommisSn.8 guKlance notes ¢)n publc benefft ha5 been issuY to al Ulster Garden Viles Llmlled operates for the publk benefft 4th the uAime befir1arIeS being the many pooplg SUPPOrtgd and work8d wth by the charities Ihat fund. main objectives for v#hich funds Voere alhxated under Obj&t (c) am.. PpIe wlth Dlsablllll•s Mental and physical disabi1th8, transport and adwce. Health Hospices, mental health, sub8tsnco abu88, prevention of disease. Communlty Youth at risk, rohabilitatlon. the aga. people faclng homel888nes8, peopte facing pmrty and disa(frrfanlagfr, regeneration. Sclèntlfic •nd mèdlcal research To 3UPWrt fields of researGh whKh a rot Gopthle of total government support, pwucuw knvomng Ihg aged, Specific diseases such as Cer 8nd cardiac-rglated condilicTh. Culturn ¥nd h8ritayo Assisting underfunded activities InvolwNJ the 8rt5. in all its fom)s. and the pre8eThation of our rural heritage. A88i8ting the restoration of buiklings of historic arChitUr8l interest to enable them to be rehabllRatad to the U8e and 8&Mcato the communty aNJ the consenffttton of artefacts. Educatlon and tralntsw skllls Promotw)n of life ski115, indgpend8nt Irvvvj skil$. gducation, employment and tr8in*vJ for people thThth disabilitieg and those facing disaffvanlage. PTIoTttI•s From time to time th& Committe8 rewew the range of xtmtss they ¥e prepared to support and pL%e sp181 emphasis ¢Jn areas that they wish to encwraje. SUMER NORTHERN IREL4ND Page 4
UlstsrGardeTh Willag Umlt¢d Committw of Managthn•nf• Report (contlnued) Forth• y•ar •ndfjd 31 D•c•mb•r 2026 {contlnued) Achlwoments and P•rfonn•nce Duty 2025. ufsler G#rd&n VINag08 provided financlal support to chairttes across North¢m Ireland who are working to support and make a Lgstin9 impact on those who we mo$1 vulnerable. Our fvnding ¢ontlnued lo m8kt a nIant ifference across the region, at a time when many are fxing unpre¢edented chollenge8. UGV ha8 been closed for applicatlons Since tts last grant round in De¢&nber 2023 du8 to iwo main factors." w8 continued to have signifrant forward grt ¢ommitments plus th• Vl¢totia Square &tigation (xjntinued into 2025 bringiry an ongoing level of uncertainty. At the end of 2024, we h&J for4wdrd commilmenls of £2,441,923 and Iherefore. afong with the ongryng litigatKin. remained ¢103ed for applications. This decision was re¥e and arefuty nSIdered at each Committee meing. At the September 2025 Commlltee meeting. it was noted that our fmrd commitments had decreased to £1,745,568 and tskiry knlo consideratlon the current acute and growing ¢rise$ Ing exp8tienced in our communities, the decislon was made lo reopen for applicalknns. At tho UGV Strategy Day In 2024. il was agreed that beca8 of the issu88 highlighted and because of the current ehallang8s b8ing faced by our communitles. that when we opened for applications again, would focus our funding on hou$inglhomelessness and poverty. Bearing in mind that UGVS history 1$ rooted in housing and that continue b generate income via prop9rty rentsls, and the current gr¢hn9 housing and hom88ness crisis, the Commts agreed to focus on this area and one rolated very closety, povety. W& b)ok fonvard to reSnIng business a5 usual in lem?$ ol again denln9 our scope of charitable givin9 ore the afor&nenb' issues have boen Test. During 2025, engagod consklerably with the charitable sectsr over the cour8e of the year, whether th our current grantees or Yth Wuntary organisatron$, to better undeTSt8NJ the current need and UGVS fundirvJ n make a red drffergnce. Due to our agreed focus on housingthomefe8sne8s and poverty, we particufarty, bul not gxcluswgly. focused our meetings on the Organisatn5 rki within these 8gCtors. These meeting$ proved very helpful and demon$lratsd that UGV wa$ taking the time and gdr¥J through a PresS to understand re our fundirs can reaty he at thi8 time. The period of being ctsed for applications afford&J UGV the unique opportunity to relt on how our fundlng can makg a real difference al this particulaty volatile Ilme. We are gratefiA lor the time taken by so many to help inftym our strategy for Ihè next 18 mffiths including fellow funders who were 80 g¢nerou8 with their time. Ouring the year. we amended our process to implemont an E¥pres8ron of Interest IEOI) stage. Many chariti88 are so under-re$ourced and a8 a resuft time poor, plus many do not have the m&an$ to employ or eng4e a fundraiser or indeed 8ny paid 3taff. We thereforg wanlod to 1ntrc4Ye a more Ivjht bueh initial stsge to save thes& organisations the effort of submittin9 a full applutron rf it was unlikety to be approved. A stgnificanl number of charities t¢ok us up on our offer to meet before they bègan the EOI lo give an indicatSon of whether Ihey should proceed, lo guide them on their EOI arKI manage expectations. This proved a very fruitful exercise for both UGV and the charities. We are so inspired by the wrk belng dcTh In our communities and thg commitment of the charttable sector lo deliver often IrfMaving support and help lo those most in need. Many of the charibes we met would not suNve Witho theii armies of vdunteers, wilh some beirg entirety or majorly volunte6r-led. Th08e successfiA 8t the EOI stage were then imitod to to full applrcallon. vthh th• cksing date of 31st January 21)28. With regards to thg aforMl8ted fopward commftmenls, UGV Continued to make grants in line wilh its $tat•J objectives of asslsting peoplo wlth dlsatrAlities, and in the araa8 of h8alth. community. s¢ientrffc and medical rosaar¢h, culture and h6ritage and education and skills. SUMER NORTHERN IRELAND Page S
Ulsler G•Yden Vllkng•s Umlted Commlit•• of M•n#gemenVs Report (contlnuod For the year endod 31 DecomboT 2025 (contlnu•d) Over th8 cr5e of 2025, warded £820,605 to 30 chariiablg organisations, SUFPOrting a wJe range of pr(iec15 impacting on the lives of those who are m08t disadvantaged and vulnerab. The18rgest grant in 2025 was £150,000 to Llster Univarsty. Thi8 Was the la$t of fNe instslmwts lo support access lo educatKJn for those vtho. without this scholarship. may not have been able to do Yo simply to lack of fanc8S. We Iwe been ddlghted to be abte to 8upwt 83 $ttsJen15 w.th thg driNB 8nd abilty by removing any financial barrr. We had the pknure of meeting some of Ihg beneficiaries at an event at the uni¥eT5ty heard first-hand how they8 5cholarship5 have chaw their Ives. We knk ford lo keeplng in touch hå aboLtt there the88 V•vnderful young pecple5' INes lead them. ContinuirvJ on the theme of education and training. ¥ made the final in8talment of £50,000 to The lfjng'8 Tru$l for their yrk Supporting educalional underachievement and attendèj The lfjng's Trust Awards at Hill$borough Castle where we saw exceptional youn9 peop. mwy fa¢lng athrsty. bery reGo3nized for their outstsrKling xhievement8. In the area of heath. we made grant payments of £10,0(N) to support tralnlng for on Advanced Nurse Pra¢tilioner for the Solrthgm Area HospKe. £60.CilO to Adlon Can¢er in 8UPPOrt of a new Stalef4hert breast screening x4ay machine and £20.000. the second of three Inst8knents lo Young Lrves Vs Cancer. A thlrd instslmgnl of £50,o¢XI to Nl Hospice supported the ongoing ro of a Specialist Nurse Pra¢titioner. We supported the Stroke Asso¢L8tton with 0 grant of £20.000 to raise awarene$$ of their work. SEM4C with a grant of £15,000 to support an thce Ilne tor parents with chiklren with Spe81 eilu¢ational needs and £15,000 to SWELL to support young wunen experlgncing cancer. We supported mental heawh wilh grants to Verfoal Arts to rai88 awaren888 for thillren with autism end to AWARE for mental h•alth educatvJn wi schools for 14-18 Jpar olds. Und8r the arts and culture banner. we made a fourth irtstslment to Ihe Ulster Orchestr4 heipiThJ thgm to eslablish thoir p8ften1 home in TOwrnd Street. It has beBn wonderful to hear the PTc3re$s belng made there and to see this important Northern Irish arts organisatKin findty bonering from hamng a permanent base. We had the honour of attenth'ng sevwal events there during the year and of meetirvJ members of the kncal Commun a en9agirwJ wbth the Orchestra and r8apirKJ the rewards of doirg $0. We W8Te dèlighled to see the completion of the capital y at the Crescent Arts Centre fc41Thing a grant cl £26,000 which rned to Improvg the vtsitor experiènce and bdng energy 1 efficiencies. Wg were pleased to release the final instalment of £25,((JO to East BèlF8St Mi$$lon for the refvrbi8hment of 240 NffiardS Ro. a Lmh]ue, community4ed housing initiative aimed at transforming an empty bullding into $ix apartmerts and a communlty space dedicated to fostering relati8. The proie¢t pmwdes a pathway for Indlwduals Iransitkiniw from FThtg1 a¢commc<lations to more pemianenl housing, wtruch in turn fr08s up host sps for others in need. ft promotes Increased independence for resident5 Yknilg ensuring they still have cess to essential support servirE8. In this housing spaGe. we also provKled a further £10,OOD to Habitst for Humanty to support a fArtreach rol8 wovidin9 housing support to those most in need. We were very happy to hear about the prc4ress being made by the Compass Athocacy regarding their COntind devetopment at their new hcmg, Lisla9an FaTm near B8lfyThoney. A grant of £100,000 will support the refurbishment of a ttage lo provido respite accoTnmodation to familigs Iwing wilh a loarning disability. autiwn and mental health issugs. The UGV Chair and CEO also wsitgj Roscor Youth Village in Femianagh to eW the hou$e is currenty beiry refurbished into mc*Jern accommodation for vulnerabk young pe¢)pb facing disadvantage. Relating to our chItab grant-giving, The Grants Reviv4V Cornmittee undertook a rewi of our guidelines includin9 previous eXClusn9 and eligibilty criterk4 and our term$ and conditn$ to ensure both were relev8nt. We wanted lo make apptying to UGV as aGGe8sible a$ possible and also continue our work to modemlse and digilise our ProCSe$ and so Conspaerab attontion wa5 gNen to WOTking on a new onlin8 application proco$8. We now have a bespthe system and have receNed signfficant feedbxk from gwtees that it is an easy-trp and inluitfve system. Our relat1 processes have thu$ been strn11ned to allowfor mLYe tlenCY. SUMER NORTHERN IRELAND Page 6
Ul•tgr Gavden Vlllag•8 Llmlted Commltto• of Managemenfs Report {¢oThtlnugd For the y•ar •nded 31 Dee•mbor 2028 (ContlnuI Related to thls wa6 Ihe dévelopment of e ne4V wthsite, destgned wlh the end user fimbty in mlnd. The Rules RleW Committea undertook a c(mwehonslve revie4V of UGV Rules under th& guidance of Edwards and Co th the aim of modemizing them and making Ihem fft4Urpos8 for our current business mtyJeL Please r8fer to point h. for lurther details relatlng to this. Olher events attended during the year included the World PAonumw)ts' Fund event in relatiun lo the proposed development of The A83embty Room8 in Belfast. This historic buikling was added to the WMF'S 25 to W8tch list a programme which aims to raise awaren88$ to potential stskehclders of an historicalty important buildinp1¥strcturo. We attended some nts hosted by prevrou8 and currw)t grantees inciuding the opening ol the new Cancer Focus Centre based in the heart of Enni8killen, Keep Nl B8autrful's 30 under 30 Climate Changer Makers tsam impa¢l presentations and Young Enterpri8e'$ eVt where ¥ix 8chcd groups pro8enled their busThie8s Kleas focused on ¢reatin9 Sustainability and Cnbatting clknate change. Th& CEO and Chaif had the opportunty to visit Queen's Uni¥ErsW8 KN Cheung SK Chin Intersim Centre and see first-hand the In[•11Ve method$ adopted to train a divers8 range of future medlcal profes$ionafs. The CEO attended the NICVA4ed Buildlng Solidarity Iwo-day conferencè in February organEed in response to th8 unrest in August 2024. The went provided è gc)d ovemew of the context relating to the unrest and what needs to happen to ty lo avold 8ny such or Similar repeal as well as the orFgoing isolat&l acts of ra¢isl a¢tivlty in our communilre8. It conllnu88 to bo very helpful to eThJag8 wilh the FundeTS Forum Nl and to med peeTS to hear abcArt thoir experience in granl-giwng and to share successes and chauenges a8 well as with organlsations such as C03 vknoge 2025 nference the CEO attended. The CcAnmrttee of Managem8nt confin ttMt Itw have relerred to the guldance contained in the Charity Commission for Northern Irew's guldance on 'Publi¢ Benefit, when revi8thng Ihe Ch8rty$ alms arKI objectives. in planning fLrture act195 and setting grant-making Pol4es. An ¢xamination Of our ¢ksnations dem(Strate5 the breadth of our invoiv8ment acro88 many areas of local lrfe and a deta.led schedulè of the8• can be found afterthe'Nth to the Fniancial Statay1ts. SUMER NORTHERN IR&LANO Page 7
Ulstsr Garden Vlllaggs Umftod Committ00 of Management's R•port {contlnu•d) For tho y•ar ended 31 Decèmbor 2026 (¢onth)ued) Flnanclal RoVi•V Thg financial stathents have been prepared in a¢¢ordance wilh the fomiat required by the Flnancial Reportlng standard applicable in the UK and Republic of Ireland, and AccountirwJ and Reporiry by Charit: Statement of RecuTrmend Practice under Charit SORP (FRS 102>. The Charfty remaird in a 8trong finamal pc4ition at 31 December 2025. reportWl9 a positive nel movem1 ' funds for tho year of £1,319,804 8fter thn81ions to ¢hartlabte projects. Grants lotalling £820,605 {2024: £1,560,927) (note 51 wwe paid during the year from previousty approved Commitments, vmth the grnnl proJramme dosed to appli¢•tlons for much of Ihe year. At 31 Decombèr. foThvard grant commitmen18 totalled £1.76M {2024: £2.55M}. FollJving investment in grant management 8ofrAvare, the Commitiee reopened the programme for new grant appli¢ations in Nowmber 2025. Further delails of thg p08itive impact these grants l)ave had w088 the communty and the consKlgrable eThJaggmgnt with th& charitable sector are provKled in Sectk)n b: Achievements and Perfomiance. IrQme from Investments continued to 8ho•V moderate growth during th8 year. Rental Income increased both from the rwer inve8tmenl properbes, generating £869,761 in 2025 12024: £787.4681. and fr¢)m the OTi9inal estate5. which generated £1.147,115 in 2W25 12024: £1.105,843}. The Charity contlnues to invest in thg improvement of its property PQrtfolio, including internal refurbishment of IndNidual Propert within the oldor e$tates as they become vxant, repairs to the exlexna fic of buikjings, and worts aGross th& pfollO to gnsure compliance with updated heallh and safety18gi81at)n. The Charity8 P08itive continues to oNWShadv by thg ongcmng litigallon relating to stru¢tural issues at the investment properties at vtorIa Squar¢. BeaSt (note 22). These propertie8 remain fulty wiitlen dchvn lo £nil in the financial statements. Legal and prof8s8ion8J costs a$s(lated with this matter amounted to £551.781 (during the (note 4112024: t224,981). including substantial enginring costs Incuffed in 88ses8ing the struclural defects. Despite the c¢tinUed writfrdovm of the prLTrties at Victoria Square. th8 bal8nce sheet reftects the Charit1$ continuing strong financial posrtion. Stron9 finan¢ial markets at the yeaTend resutted in a net gain on the revaluation of listed investments of £1,782.036 (note 7). At 31 Darnber 2025. the vdue of [1st Investments was £22,037.376 {2024: £20.678.804), aTrJ the volu8 of the plrtY portfolic¥ was £30,775.434 (2024.. £30,668.737}. Wlth lotsl net asset5 of £S5.982,611 (2024.. £ 54,W2,805). the Charty remains wel placed to mèet its foThrnrd commNmonts to charilable projects and to ccffitinue making a sign[fan1 ¢ontribution to the work of the Voluntary S¢¢tor and tho wmmunities it seNes acros¥ Northem Ireland. d. Investments The purp)$e of the Charitys inveskngnt Folicy is to generate fund$ for our grant- making and thfj main sources are rental income from the ovmership of Investment properties end divKlend8 and intere8t from a dir8Ifd in5nt portfolio. A formal Invesknent policy 8tstement has bgen agreed kn¥88n Portfolio Manager and Ulster Garden Vlnages Limited which outlines its gengral goals. objectivfjs and exclu$1cS and describes the strategie$ that the M8nager and Ulster Gar(Iw Villages Limited will employ to meet those (jectives. The policy 18 revith¥8d by I Cnmittee of mageM¢nI on a rggular basis and was last rewewed and appro*d 8t the May 2025 Committ08 of Management meeting. SUMER NORTHERN IRELAND Page 8
Ulster Gard Vlllages Llmlt Commlttee of Manag•rn•nf8 Rwbrt (conlinuod) For the year endod 31 D•cgmbor XJ25 (¢ontinued) o. knerv•s anql Oolng Concern On 31 December 2025 ffee r8serve8 In the form of Ihe General Fund amounted to £37,206.235 {2024.' £35,Cfj5,826). Other unresfricled reserves, designated by the Cunmrttee as tre COMM FurKI and vthich rapresents surpluse8 set aside to PfOVKle grants. loans and othér public benefft in furtherance of the obj8Ctives of tho Charity, amounted to £18,774.00812024.' £19.594,613). During the year the Committee of Msnagemgnt transferred £NI12024: £2.000,0001 from tha Ganeral Fund to the C¢)mmon Fund The charty had no restricted reserves on 31 Deber 2025 except shara cathl afflounting to Q.36812024.' £2,368). The Commtttee ot Management regulwty montth th& lever of Teserve8. having regard lo tho risk management iew. and currentty con8Klers reserves lo be adequate lo meet the ne&Js of the Charlty. Having revi8v the future commitments over the next 12-18 months the Committee of Managanenl is d I vrew that thg financial statemen18 can be prepared on a going concern basi¥. f. Structum, Governanc• and Management Con¥nltt•o of Manag•ment The Rul8$ of Ulster Garden Vlloges Limited Y the constitutional provislons for Charity and thg Commitiee of Management (The Trustees, in lenns of Charhy Law). Membership of the Cc#nmittee requires nomination from wlhin the mgmbership of the Charity. dection by the Members and th6 retlrement of one-third of the Committee each year. Such members may offer Ihems¢fve8 for re-election at th& Annual General Meeting. Mr. K. Baird. Mrs. M. Boyd, Dame Ra Johnston. Mrs. S.P. Cr¢v+P. Ms A. Cravford. Mr. E. Holmes. Mr. G. Jones. Dr. S. Prenler. Or J. Pyper, Mr. Corin Walsh, pnd Mr. W.J. Webb seNed dLrring the ygar. As per the of Ulster Garden VINtyes Limited, Mrs. M. Boyd and Dame R Johnston retire and being eligible. offer themselves for r& eleCtn at the Annual General Ileeting. Mr. G. Jones was appointed to the Commlttee during the year and put himself foThvard for election. Dr. S. Prenter was appointed to the Board on 9th December 2025 and 11 pul hYnselFfor*d for election at the 2026 AGM. Commltt•• Mernbers- Inductlon and Tralning Two ne4¥ Commrfdee members re appoinled durry the year arKI underwent a comprehenslve Inducltr)n process. Commth Members understand their roles individualty and colkntively In reiatign to their legal dutfes. the slgwardslmp of assets and the Provis8 of governing ¢Jocument. In additton, all members are aware of thwr responsibilibes under Company Lw, as Dir18 and Charity Law. Those who seNe abhle by tre Rules of Ulster Garden Viliages Llmrted and th8 C¢)rnmittee Membors also receive updates aKt training through briefing notes and meetings. Annual Returns w8re made in 2025 to the Charity CommlssvJn for Northem Irek8ThJ and the Financial Conduct AUthlty. Conflids of interest and related party transactions are reported at CrAnmittee of Manayemenl m88llngs and reflected in the minutes annual retums. During the ytsr under revpw, four Committe8 Meetings were held in person. At these meeting8. th• Commbttge agreed on a broad strategy and are8$ of 8rgnificant actlvity lor the Charty. At prg$enl. the Committee has nine members %Mth srgnrficant exporienee of the public, privale WKI voluntary sectors of Northem Ireland. The CEO 8150 attends the metrtings but has no voting rwJhts. Additi'onal meetings were held for tt)e purpose of mallers relating to planning, prop8ty portlolh), gMI-giwng. the Rulgs and audit new sub<ommitte¢s were ¢reabJ - the Rules R8view Committeé and the Grants Revithv Committee. Policy and Strategic Plannirg is detemiined by the Cmittee with the imffientalion thereof beirg the responsibility of the CEO. The Committee met ¥th RBC Brewn Dol)hin in December 2025 to review investmont polky and ¢urrent rn8et trends and aconomy forecasts rnlative to thg investrnent wrtfolK). SUMER NOftrHERN IRELAND Page 9
Ul•ter Gavdw Vlll•go8 Umlt•d Commlttee of M•n•gomonl'$ Roport {conUnu•d) For the year ended 31 Decwnber 2026 Icontlnu•dl A register of interests is held by the Ch8rWs wistored offic• and a copy of thi¥ submittod annualy to thg Financial Conduct Authority. Al Commlttee Members must de¢lar• any p8rc8ivod or a¢tual confiicts of interests and lake no part in making recommendations relating to •xgarA8ationfft'ec18 in whth they have an invobnent. P•y and R•mun8rntlon Thg average numbgr of emphye8s during the was Calculat on thp ba$is of 2 filtiMe and 1 part-limp equivatents. Salar8 are reviewtd annu81ty by the C(Thmittao. During the yg3r ong employeg rKeld remuneration of betsveen £70.000 and £BO.000 {2024: 1). No Committe8 Member received remuneration or expenses In the year {2024.' None}. The key management personnel compri8e8 the Chief ExecLrtNe. The tot emploype benefrts of key management personnd was £77.625 (2024.. £80.977). . K•y Rtsk• •nd Un¢ort•inti•s The Committee has revlevrtd Ihe major rk$ to which th& Charity is exposed. This inwlves identi.n9 the ty of risk$ the Charty faces, pmritising them in tem)8 of impact and likelihood of tttUrrere and idenlfying means of mitigating the risk8. The Ccfflmitte8 has revmved the effectfveness of the Charity$ system of inlemal financlal contrcl and ts respsIble for establishing and operab'ng detsiled control and reporting prccedures. The systems of Gorrtrol ar8 designed to provide rea%)nab but not absolute assurance 4ainst mater1 misstatgment and loss. The Audfi Committee monitors financial reporting and provide$ a fowm through whKh the Charivs auditors report lo thè Committee of Management. h. Plan8 for futyve pwlod8 The Committge out a continuous revwN of the Ch18 athits and curMI plans. 2025. 4 comprehensrrfe rewthv of the Rules was undertaken by the Rules Remew Commrttee in order to modemffe them and bring them up to date to fflore 8ccur8lety refknt the organis8tion'3 current buneSS mcdel. The proposed amended Rules wll be presented for approval at the March 2026 Commlttee of Management meeting and wll be put forward for fomial ad¢)ptn at a Special General Meeting immediately pmr to the 2026 AGM. The Committee do not enwsage a departure from the present activitm. Duè to th8 c¥woing liligatton aTr significant forward commitments. al the September 2025 Committee of Management meeting, the dOry$n was taken r&)pen the grant application proGess for new applicants wrth a mcye defined focus on poverty and hou$ingth¢)Mellle8S. This was •Jrged by the Committee as a short-ten aFvroach. The focu8 of our grant- grving will b8 revifftved by the Commlttee cfi a regular bask8 ¥th the 8n of retuming to wllenirwJ our grant- giving beyond the current focus of housintyhomdessn¢s$ and FQVety. Since 2019 there has been ltttgatKin pending felating to the structural issue at Victoria Square. This affected 54 apartments ovmed by the charty wthich resutted in a s¥nfftant decrease in the value of the in$1mt propety of £8,639,80D. recognised in the financial statements the year wKled 31 December 2019. A judgement vas issued In March 2024 v#here thè Charitywas Un6CeSsful in ts legal case ftf redress due to the time limitations set ¢ut in tho DefoGlwe Premises ACL In septernr 2024 kgislaknn was passed amending thè Def&tTrfè Pr8miso3 Act ir98$•j tho limitslion period for claims frcyn six to Ihlty years In Northem IreLand. As a result. th• ca$8 has been sent back to Ihe orlglnal lrtal judge for fvrtheT deterninati¢Jn. The heariThJ is expected to be in November 2026. Remedid woths to the affected properties are requirod. Further testing wa8 undertaken during 2025 wllh furlher Invesllgallon required in 2026 to infom) the prcyosed rwnedial 8cheme. SUMER NORTHERN IRELAND Page 10
Ulst•r Gard Vln•ges Llmlted Committ•0 of Management's Report (conlinu•d) Forlhè yr •nded 31 Dgc•mbgr 2025 ststemont of Comrnllt¢• of Managom•nfs r•spon61blllt The Commrttee of Management are responsbfe for preparing th8 Committoe of Management's report and the financ181 statements in accordance with applicable law and Unibj KTrigdom Accounting Standards {Un#ed Kingdom GeneraltyAccepbJ Accounting PTxlleo). The Charftie8 kt INorlhem Ireland) 2008 and RgJulatlon 8 ofthe chartt {Acwunt8 and Rep) Regulat)% (Northem Ireland) 2015. the Industrial and Provident Socleties {Northem Irelandl 1969 and Industrral aTr Promdent Societ$ INorthem Ireland) Order 2006 as amonded by th8 Credit Unions and Cwerativg CmUnNY Bengffl Societies Act (Northem Iroland) 2018 requiTes the Commtttee of Management to prepare ffinanck statements for each financial year. Under thè relevant legislation. the Commiitee of Management mu$l not 4)prove the financial ststements unless they are satisfied that they gt¥e a true and fair view of the stats of affairs of Ulster Garden Vllage8 Limtted and of it8 incoming resourc8s and application of re$oure8s, In¢luding its Incomg and expendlture. for that pericd. In preparing these financial statements. the Committee of Management are requlred to: select suitablg accountirrtJ polici88 and then app them con8islentt, observe the methcds and princlple5 of the Charities SORP IFRS 1021,. makgludgements and &counling estimates that are reasonable and prudent.. state whether applicab UK Accounting Stsndards {FRS 102) have tseen foifowpd. Subj'ect lo any mrial departures discbsed and explained in the financial stalements.. and prepare the financial 8talement8 on the going con¢ern basis unless it is inappropriale to presume that th8 UIBter Garden Vdlages Limited win continue in tsJ51ne$6. The Committee of Management is responsible for keeping ad8quate accounling records that are SLrfficlent to sh(Y4V and expLgin Ulster Garden Villages Limiteds transacttons and di8¢lose wfth reasonable accuracy at any me the financkql positw of Ulslar Gardén Village8 Limw enable them to ensure that the financial statements comply with the requirements The Charitie8 Act (Northem Ireland} 2008 and Regulation 8 of the Charities (Accounts and Reports) Regulations {Northem Ireland) 2015, the Industrial and Prowdent SoCiets (Northem ITdandl 1969 arKI the Industrial and Provident Societses (Northem Ireknd) Order 2006 as amgnd8d by the Credit Union$ and C(werative and Communty Benefft SoGieties Act (Northern Ireland) 2016. They are also responsible for safeguarding tha assets of Ulster Garden Villages Limlted and hence for taking rea80nable steps for the prevention and delectron of fraud and clher Irregularities. tIlBGlosur• of infomwtlon to audltor In so f 88 the Committge of Management Is aware at the t¥n& of approving our Commhtee of Management's annual rep)rt there is no relevant irrformalion, rn9 inf(atIOn nee(led by Ihe auditor in connection wlth preparing thoir Teport of whtch the group'$ a1[tor unwwaro, and Ihe Committee of Management, having made 8nquirios of fellow directors and the audttor that they ought to have indivJualty t*en, have each taken all steps that helshe Is obliged to lake as a dlrector In ordèr to mak6 Ihemsefves 8ware of any rel8vant audlt infomialicfi and to estsblish that the auditor Is aware of that InfOatth. SUMER NORTHERN IRELAND Page 11
Uiytsr Gard•n Vlll•gM Llmlted Commit1•• of Manag•m•nfx R•port lconttnuedl Fortho year ended 31 Dec•mbgr 2025 Dlsclosuv• of Information to auditor (continuad) Audkov• The Sudr. Sumer Audltco Nl Lknited. has indKatsd his wllingness lo continue in offic8. The Commlttee of Management wll propose 8 motion reappolntlng tha auditors at ihe AGM. med by order of the members of the board of Committee of IA8nggom8nt and sign8d on thèir behalF by. Mr4 S P Crow4 FCA Chair Date.. 24 March 2026 SUMER NORTHERN IRELAND Page 12
Uls¢or Garden Villftgw Umitsd Indep8ndent Audltorfg R•port to th• Commlltse of Manag•mnt of Ul8ter Gard•n Vlllag•s Limlted Oplnlon We have audited the financial statements of Ulster Garden Viffaggs Limited (Ihe Charity) for the year ended 31 Oecember 2025 which comprise the Statement of financial &tivth'es, the Balance sheet, the Statement of ¢85h flow8 and the related note$, including a summary of signDlcant accounting policles. The financial reporting framgwork that has been appl in their preparation is 8ppluble law and United Kingdom Aceounling Standards. including Finandal Reporting Standard 102 The Financial Reporting Stsndard applkable In Ihe UK and Republic of Ird, IUnit&J Kingdom Gen•ralty Accepted Accounting Practice). In our opinh)n the financial statements: give a true and falr view of the stale of the chaTit&le CeAnpanls affairs as 8131 December 2025 and of its Incomlng re80urces and applicatkn of resources, IdIng hs Income 8j expendrtur8 for th? year then ended; have beèn proporty prepared in accordance wilh United Kirvadom Gengraty Accepted Ac¢ountlNJ Prxticti.. and have been pPared In accordanGe lth the requirements of The Charftte5 Act INorthem Ireland) 2008 and ReguL81itsn 8 of the Charfties (Ac¢ounts and Roports} Regulation$ (Norlhem Ir8land) 2015. th8 Industrral and ProvKlent Societie$ (Nc¥tK8m Ireland) 1969 and the Industrial and Provident Sodeties INorth8rn Ireland) Order 2006 as amanded by the Unions and Cwperalve and Community Benefrt Socioti88 Act {Northem IT8land) 2016. Basls for oplnion We conducled our audit in aordanCe with Inlemational Standards on Auditing (UK) {ISAs IUK)) arwj alicable law. Our re$ponslbililies under those stantlards are further describad in the AuditoV8 responsibilities for the aikif( of the financial $talementS section of our rewt We are independent of the charltable company in accordance wilh the athieal requirements that are revant to our audit of the financial statements in the United Kingdorn. including the Financial Reporbng Councrf's Ethi¢al StsTrJard. and we have fUilled our other eth re8ponsibih'tEs in accordance vh these requirements. We beliw that audtt eVKIe wg ha obtalned is sufficient and approprth to powde a basis for our opinton. Golng Concem In auditirg the financial ststements. we have concluded that the Committee of Managemenf$ use of the gcing concgrn basis of accO"ng in the weparalion of the finan¢ial 8tatem8ntS 18 appropriot8. Batsed on the work we have performed. w& havg not klgnlrf*d any material uncertainties relating lo events ¢f ondth'ons that, indNidualty or Gdleclvety, may cast signffjanI doubt On the charitable ¢ompanY8 abillty to continue a$ a gng concem for a per)d of at le•sl ts¥elve month8 from when tho financial Statements are aUthOred for i8sue. Our responsibilities and the re8ponsibililie5 of the Committee of Management with reSpt lo gong cthKern are d68crlbed in the Trlevant secn of th1$ reporL SUMER NORTHERN IRELANO Pa98 13
Ulst•r Gardon Vlllage8 Llmlt•d IndyndontAudltots Report to tho Cofflmlttw of Managem•nt of Ulstor Gardw Vllaggs Lknlted Icontlnued} Olh•r Informaoon The other infomiation compri888 iftmtiOn included in th• Ann1 rnport other than thè fin8ncAI 8talements and our Audkols report thereon. The Committee of Managem¢nt a responsi¢ for Ihe other informaticm wntained wfthin ts Annual report. Our opInn on thg final statements (k)gs nLrt cover the clher InfOnatIon and, except to the extent othep4¥i8e exp1K1tl 81ated in our report, we do not express any fomi of assurance conclusion thereon. Our responsbilty is to read the other infmatim and. in doiNJ so, rth$Kler vthdher the other informatbjn is materialty inconsistent with the financial statem8nts or our kn•ge Ob1wr in th8 urSe of the audit, or othewse appears to bo materralty misstated. ff wo Klenlrfy such material inconsistencS or apparenl maerial misstatements. we are required to detemiine whether this gr¥e8 rise to a material misstatement in the financial 5tatemen15 themselves. If, based on the work we have perfom)ed. VIÈ ¢ondude tw there 1$ a n)aterial misstatement of this Other infomation, we are Tquir&J to report that fact. We have ncrthing to report in this regard. Oplnlony on oth•r matt8rn pr8sCrid by The chariti Act (Northwn Ir•lAndl 2M8 and Regulatlon 8 of th¢ Charltl•s (Accounts and Reports) Rogulatlons (Northern Ireland) 2015, lh• Industrlal and Provldent Socletl•g (Northern Ireland) 1969 and the Industrlal and Provldent Societies {North?m Ifglandl Order 2006 aB amended by the Credit Unions and Cowoperative and Community 8•n•fit 8o¢iotios Act (Northern Ir•14ndl 2016 In our opinion, based on the wotk und8rtaken in the c(yJr8e of the audit th8 Informati grn in the C¢ynmittee of Management Report for the firrdncial for vthich the firranckgl stat8monts are prepared is consistent wilh Ihg financial statements,. fnj. the Committee of Management tew)rt h88 been wepared in accordance with 8PpI&ble leg81 requirements. Matter8 on whlch wo aro vequlr•d to report by exceptlon In the light of our knu4vl8dg8 arKI und8rstanding of charitable company and ts anvirMt obt8in8d in ¢wrse of the audlt, have not identffied material misstatsments in the Commltee of Management reporL We have nothing to report in respect of the folcplng mthr8 In relatk)n to le918lallon r8qulr88 U8 to rq)ort to you rf. in our opinion: adequate accountlng records have not been kep( or relum8 &J4uate for tr audit have not b&8n rtteived frc*n bran¢hes not VK4it¢d by us,. or the financial statements are Mt in agre6m¢nt with tho a¢¢ounling records and retum$.' or certain disclosures of Committee of Management remuneration specified by l•¥ we not made,. or we hav8 not r8ceived all infomiatton and explanations we require for Ouf audlt or the C(xnmittee of Management were not ented to prepare the financkgl staements in accordance with the tsrnal Gompanies regime and lake advantage of the small companies. exemptions in preparing ihe Commrtiee of Managemenfs Report and frcm the requirement to prepare a Strategic Report. SUMER NORTHERN IRELAND Page 14
Ukntsr Gavd•n Vlllages Llmlled Ind8pgndgnt Audltorfs Rw•rt to th? Commltteo of Manag•m•nt of Ulstgr Gardgn Vlllageg Llmlt (contNiugd Re¥ponslbllltl•J of th• Commlttoo of Manag•m•nt As eXplaid more fulty in the Statement of Committee of Management's reswnslbilitie8. the Committe• of Management are ftsponsble for the preparation of the finarKial statements and for b8irwJ s8tisfEd that Ih8y gNg a tnre and fair view. and for such intemal control as the Committee of Management delem)Ine is necessary to en8ble the prepar.on offinanciel statem98 that are free fr mat1 mi$statemenC whether due lo fraud or error. In preparirv4 the financial statements, tha Cc4nmittee of Management are responsible for assessirvJ the ¢harttable companys abilty to continue as a going concern, disclosing. as applicable. matters related to going concem and using the going concem basis of a¢counling the Committge ol Mana9emenl either intend to IKiuidate the Chtable c(npany or to caa8e operatlons. or have no realistic 8ltemative bul to do B AudIt0¥ rnSPDn8lbilltles forthè audR of th• flnanclal statemgnt• Our Objedp ar8 to obtain reasonablo assurance ab¢xrt Ither the financral statements as a vthofe a Iree frc¥n material misslaternl. thether due to fraud or error, and to issue an AjrtOrfS report th includes our opinion. Reasonable as8urance t8 a hrgh levd of assurance, but 15 not a guarantee that an aLhYit conducta ac¢ordance wth ISAS IUK) will always detect a matwial misstatement when rt exi81$. Misststements can ari59 frcn frahj or error and are conspjered material rf. Individualty of in the aggregate, they could r&asonabiy be expected to infiuence the economic decisions of users taken on the basis of theso finan¢Kql Statents. IfregularRre5, including fraud. are Instanc of nonwpliance with 18¥¥s and regulations. We de8ig procedures in h'ne with our re¥nsIbilItieS. OUtlThied akTh. lo dtht materiaf mi$statemenls In respe¢t of irregularitw. including fraud. The extent lo which our procedures are Capab of del8cling wregularities, including fraud is detaikd 1(.. Wé gained an understanding of the legd and regulatory framework apPIable lo tho Charity and the industry in which th&y coerate. and con$iderèJ the risk of acts by the Charity that contrary to appltcable jews and reguialions. l[JIng fraud. We consider the wportuniti8s and Incentives that may exist within the Charty for trau(L We designed audit procedures to reSd to thgse hBks, rttcgnisry that the risk of not delecling 8 material misstatement due lo fraud is higher than the risk of not detecting one resulting from error, as fraud may invo ddiberate concealment by, for ex8mple. forgery or intentional mk8represenlatron¥, or through Co[$10n. Our audit procedures included: enquiries of manag8ment about their own identificBtion 8nd assessment of risks of IrTegularrties.18$ting the design and Implwnenlation of controls relating to the ri8k and s8mple testing oljowna18 Posted during the Itar. B¢cau8é of th8 Inherent limitations of an audit, there 1$ a risk that we Vbill not detect all irreguiarities. Includlng those leading to a material misslatem8nl in the financial statements or nOnoMplianc8 with regu1)n. This irKreases the more that ccynpliance wilh a law or rogulation is rem¢)ved from the events and trarvsactlons reflected in the financial statements, as we wll be less l*ely to become W+vare of instan$ of non<¢Jmpliance. The risk 15 afso graater regarding irregularilres occurring due to fraud rather than error, as fraud invoives )tentional conceatmenc forgory, collush)n. omiss or misrepresenlalion. A further de8criOknn of our responsit)ilititis for thg audll of the financiol statements Is located on the Flnanckql Report19 count.$ website at: .frC.Or .ukJauditorsres Audilovs report. nsibilitw. This dewpIn forms part of ¢)ur SUMER NORTHERN IRELAND Prye 15
UIBtsr Gard Vlllag•8 Lknll•d Ind•p•ndent Audltofs R•port to th• Committ00 of Manag•mwnt of Ulster Gardon Vlllages Llmlted (contlnu•d) Us• of our rnport This rewt is mado Sole to the charlablg companls members. as a boty. in accordance wlth Sectkn 65 cl the CharTti88 Act {Northern Ireland) 2008 and Regulation 8 of the Charthes IAcGounts and Reports) Regulations {Northem Ireland> 2015 and S¢¢t1 43 of the Industrid and ProvKlent Societies (Northem Irel1> 1969 and the Industrial and ProvKlent S¢xi81i IN¢ylhem Ireland} Ordgr 20C6 as amended by the Credit Unions and C opgrative and Communty Benefrt Sock1$ Act (Northern Ir¢landl 2016. Our audit YDrk has been urKlgrtaken so that we might stste to the charitablè companls members thos0 mattgrs we are required to $18 to them in an Auditorfs report and for no other purp)se. To the fulkst extent pemitted by law. we do not accept or assume r¢sponsibilty to anyone other than chaiitable company and it8 members, 88 a Ly, for our audl work, for this report. or for the opinions we have fcffiied. Amanda M¢M4w {S•nltsr $tatulory audltor) for and on behaifof Sumer Audltco Nl Llmlted Stalulory Auditors Gbndinning House 6 Murray Strget Belfast BT16DN 24 Mwch 2026 Sumer Audrtto Nl Limrted are eligibl8 to act as auditors in tenns of sKtion 1212 of the Companies Act 20L. SUMER NORTHERN IRELAND Page 16
Ulster Gavdon Vlllag•* Umited 8latomonl of ftnan¢lal actmtlos Iln¢orporatlng income and eXndItUrn #ccount) For th• ygar endod 31 Do¢wnbgr 2020 RMtricted Unre8trfcted funds Isharn funds Capltall 2026 2026 Total funds 2025 Totsl fvnds 2024 Incom from: Inveslment$ 2,503.494 1503,494 2.357.323 Total Incom• 1503,494 2,503A94 2.357,323 Expondtture on: Raising funds Charitabio acti¥ltles 1,025.999 1118,863 1.025,999 2,118,863 694,438 3,L189.970 Total oxpondllure 3,144.862 3.144,862 3.764.408 Net gains on inve8trnents 1,961,172 1.961,172 1,852,899 Not incom(0XP0nd1tre) Increase in share cgpstal 1,319.804 1A19.804 445.814 Net movem•nl in fvnds 1,319.804 1,319,806 445,814 RenCIlI0110n of fund¥: Total funds brought foNArd Net movgment in fund8 54.660.439 1.319,804 54.662.805 1,319,806 54,216,991 445.814 Total funds carfl•d fornard 55.980.243 65,981611 54,6S2,805 The Statement of Fffiandal Activibes Includes al gains and losses recognls&J in the year. The notes rm page$ 20 to 35 fomi part of the80 financial statements. SUMER NURT..IEFI.N IIRELAND P4e 17
Ul•tgr G•rdon Vill•g•s Limit Reglstered number. NPIXKX)83 8alanc• Sh••t A5 at 31 December 2025 2026 2024 Tangible assets Inveslments Inv051ml propwty 13 14 12 22,037,376 30,776A34 20,678,804 30,688,737 52,812,810 51,347,541 Current assets Debtors Charltsbl8108n$ Cash at bank and in hand 15 16 25 2,045,082 660.000 426,608 2,557.471 660.000 494,669 1630,690 3.712,140 Currènt IlablllU•s Credltors.. amounts falling due wthin one year 17 I4609> 1396,876) Not currfjnt ass•ts 3.169,801 3.315,264 Total 8•ots l•ss Gurr•nt liabilitiOB 55,982,611 54,662,805 Totsl nol as¥gts 55,982,611 54,662.805 Charlty fund8 R8StrIct fvnds Unrgstrthd fvnd$ 19 19 2,366 54.660.439 55.980.243 Totsl funds 55,982.611 54,662,805 The Comrnittee of Managemgnt acknowledge their responsibilits88 for c(nplying with the reqreMentS of th& Act with respect to accountirwJ records and preparation of financkql statements. The financial stalernerrts have teen wepared in accordance with the provi8ion8 apFAicable to enttties suty'ect to the small companies regim9. The financial Statements wer8 approved and authori88d for issue by the Committee (rf MageMent on 24 March 2026 and slgned on their Mr8 S PCrnw8 FCA Chair rSP nter M8E, FCA C(mIttee member hlrWJW Secretary bMB The notes on page8 20 to 35 fomi part of these financial $tsl¢mts. SUMER NORTHERN IRELAND Page 18
Ulster Garden Vlllages Umlted Siat•mgnt of Cash Flows For the y•ar gnded 31 December 2025 2024 C•$h flows from ¢)perating actlvltle8 Net cash used in Cp8ratW actpihl 11,921,346} Q,348.3411 Cash flows from Investlng aclhitie DMdl6, interests and rents from inve6trnent8 Purchase of investm8nl property Proceeds from the sak of propertres Prtteeds from sale of invesknents Purchase of investments 1.366,379 (102.909) 88.429 65,808 3.324,886 4,733.948 12,814M11) {4,tX7.3011 1,251,480 Net cash provldad by investlng actlvltl¢s I61284 1,983,935 Cash flo from financhw actlvltl¢s Nel cash provid•d by flnancing actlvlllos Chang& In cash and cash •quivalgnts In the yr Cash and cash equivolgnts at the beglnning of the year (69.061) (3M408) 859,075 Cash and cash equivalents at lh• ond of year 425.608 494,669 Thg notes on pJes 20 to 35 fomi P1 (rf these financial ststements SUMER NORTHERN IRELAND Page 19
Ulgter Gardèn Vlllageg Llmlted Not•9 to th• Firwn¢i#l 8¥Mnts For the year ended 31 Dgcombw 2025 A¢¢ountlnp pollclo• 1.1 Basls of preparallon The fInanlIstaI6M8nts have been prepared in &cordance with the Statemert of Recommended Prxlicg". Accoting and Reporting by Charlttes, th8 Finan¢k81 Rgporting StarKlard applrabl8 in th• UK and Republic of Ireland IFRS 102) and the Industrial and Provident Societies Act {Northem IrdarKII 1969 and the Industrial and Prodent Socths {Northem Ireland) Order 2006 as amended by the Credit Unh)n8 and Ctroperatlve 8nd Communlty Benel So¢ietles Act (Northem Irekndl 2016. Assets and liabilrties are initialty re¢ognised at historical or tranwtion vak unless dher•vise stst8d in the ralevanl accounting PG4icy notes. 1.2 Prep•rnllon of the accounts on a golng concwn ba819 Having rewffived the polential inG¢)rr¢ and wnmitmenls ft>r the rbext 12 month ped the Commttteo of Management are (rf the that there are no material uncertainties a)out the Charty's abiffty to continue as a gang concern. 1.3 Inme Income reco9niwJ when the Charty has entrflement lo the funds and it 18 prthbl8 that the incom• wll be r¢cthd and tho amount r¢li•bty m¢a$ured. Prwty rents ar8 trwht into account <Jn the ba8k8 of amounts rece1 Invéstmènt incomè is report gvcsg bdore any management fee8 are d8dudad. Interest on funds on deposit is included receivable WKI the amount can be measurnd reITrty. This 18 nomidly upon notffiCat of the interest paid. or payable, by the bank. 1A Expgndlturo nditure is r•cognised once there is a gaI or corffjtrucliw ligation to make a payment to Ihird party, il is probable that settlement wll be required and the amount of the cknhgan be measured reliably. ExpeTrJllure is classffied uThler the fdkxlng heJlngs.' Expenditure on raising lund8 compri8e investment management charges relating to investrnentE and investrn8nt properties.. and Exponditure charitabl8 actimlies 1$ incurrgd on directy und8rting the xtntitw which furlher tr Ulster Garden Villages Limited's objectives, as well as any associated supp)rt costs. All expenditure 1$ indusNe of irre¢Overle VAT. 1.5 Allocatlon ol support Costs Support costs are those fUnctn5 that a5SlSt the Vrk of the Chsrty but do not directy relate to charttable actfvitles and Inciude admlnlstratlon and flnance costs. An anaty5I8 of sUPPLYt costs 15 included at Note 6. SUMER NORTHERN IRELAND Page 20
Ul8t•r Garden Vlllagm Umltod NotOS to tha Flnanclal Statemènts For th• ymr end•d 31 D•c•mbqr 2025 Accounllng poll¢i•s (¢ontlnu•d) 1.6 Invostmgnt prow11¢s {Includlng Original Estates stock) In ac¢ordance wrfh FRS 102 the investment property wrtfollo L8 stated at fair value with all gains or impaimi8nts report through the Ststement of financial activities. Falr value is det•rniined by rerKe to vduations carrpd ¢4rt by approprfatety quaIffd extemol valuers. Investmwrt properknes includes houslng stock hekl a$ part of the ch¥it•ble acthwli88 of the Charity and frcffi r1 income 18 generated. 1.7 Tangiblo Ilxed a6601$ and dopreclatlon All fixed assets are initialty re¢orded at cost ¢Y deemed cost. The cost of langble fixed assets is their purcFHse ojst. logetherwith Intid#tsl costs of a¢qUi51tn. Depreciaion is charged so as to albcate the ¢o¥t of tanglble fwed assets less thr residual valug over their estimated usefvl Irves. Depreciatlcffi18 provided on the folbwing basis.. Plant and equl)merrt -20% 1.8 Other Inv•stmgnts Ll6bJ investsnents are stated at markèt valug, on the basis of thg mlddle market prfce at the close of business. Whllst day to day manag1 of the inve¥tm&nl portfolio 15 carried on by experienced. registered investment managers {currentty RBC BrwAn Dolphin) the ulb"rnate corrtrol and responsibilty rests th8 Committee of Management. Un115ted equty inv8slmgnts we stalod at cost less pairment 1.9 Deblov8 Other detknrs are IOgnised at tho settlement amount due less any provraion for impainent. 1.10 Credltors Short to creditors are measured at the tran$xtK*n price. 1.11 Charftable Loans Charitable loans are Inltialty re¢ognised and measured at the 8mount pa¢d. with thg WyiNJ amount adjustad in subwuent years to reflect repayThents and adjusted. rf necessary, for any inpaimient. 1.12Cash at Bank Cash at bank includes short temi hrghty114uid investsnents vMh a srt maturty of three months ( SUMER NORTHERN IRELAND Page 21
Ulstsr Garden Vlmages Limit•d Notes to th• Fln•Klal 8tatsments For1 yoarended 31 December 2026 Accountlng poll¢l¢s {¢ontlnuodl 1.13 Financlal Instrnm•ni• The Charty only has fInala1 assets and financial labIr&S of a kind that qualrfy as basK fnancial Instruments. Basic financkql instruments are initlalty Tecognised at transaction value and subsequenty measwed at thelr 6ettloment value. 1.14 Fund arA¢Jqmllng Restrthd fvnds a funds which are to be us&J in accordance wth specific restri¢tb)n5 imposed ty dorK>ts or which have been ralsed by the U18ter Garden Villages Limited for partu1 purposes. Thè costs of rnising and administering Such funds aTO chafgod against the specific fund. Tha aim aThJ use of each reststsd fund is set OLrt in the notes lo the financial statements. Unrestricted fund8 are available to spend on actt Ih•t fvrthar arw of the wrposas of the Charity. The Common Fund 1$ a designated fund, being unrestri¢Xed funds of the Charrty, 1¢h the Ccffimittee of managnent have decmled at their dlscretion lo $el asvJ8 to Use for a Specffic purpose. 1.15Accountlng •stimat8s and judg•ments Juth3ements made by the Cc4nmitttt of fvlanagemen( in the applKion of these accounting polictes. that have svJnrfKant effect on the financial 6latemenl8 and eslinales with a significant risk of material adjustment in the next year are disujssed in Note 23. Legal statsjs The ChaFty is a limf(gd Company having share capital and 1$ registered under the Industrial and Prdent Sodetles Act {Northem Ireland) 19 and the Industrial and Providont slet&s {Northern Ireland) Order 20C6 as amended by the Credit Union$ and Coperate ar¢d Community Benefft Societiès Act {North8rn Ireland) 2016. Reg. No. NP0083 arKI 16 registered with The Charity CoMmissn for N(Ylhem Ireland Reg. No. NIC 101248. SUMER NORTbtERN IRELANO Page 22
Ul•t•r Garden Vlll•ges Umlt•d Nots• to th• Flnanclal 8tatomonts For th• ygar onded 31 Dec•mr 2025 In¢omg from Invostfflents Unrgstylctod funds 2026 Total funds 202S Total fvnds 2024 Rents - irivesbnent propert Investment income Interest recewable Rents - Original Estates 889,761 869.761 482.629 482,629 3,989 3,989 1,147,115 1,147.116 787,468 460,451 3,561 1,105,843 2.503.434 2,603.494 2.357,323 The clèssifi¢ation of in¢ome has been changed from charable a¢tMties lo ii¢ome from Investsnents. Comparive fgur65 are also in¢luded under unre5trhed funds. Expènditurn on raislng funds Unroththd funds 202S Total Tclal funds 2024 2025 , semce charg& and Insurancg Repairs and upkeep Con8Ction costs Legal and professi)n81 fees Management fees- quoted investments 279,587 m,587 94,884 94.884 86,952 551,781 12,795 295,479 85,289 76,775 224,981 11,914 561,781 12,795 1.026.999 1,025,999 694.438 Comparative fvJures are also included uTrJer unreslrKted fund8. SUMER NU54 i I ILIIN IRELAND Page 23
Ulstsr Gffilgn Vlllages Umlted Notss to the Flnanclal Statements For th• yoar •nd•d 31 Dgcembw 2025 Exp•ndftura on ¢h#rltabl• adivitl•s Unr•%trict•d fund$ 2025 Total funds 2026 Total ld¥ 2024 Donation8 {8ee bel(hvl Original Estates Costs Support costs- aJmlni$tration (Note 8} 820,605 987,0 311,202 820,605 987.056 311,202 1,560,927 1,265,191 243.852 2,118,863 1118.863 3,069,970 Comparatwe figures are al80 included under unrestri¢led fund6. Donations INO. in br•¢kots): 2025 2024 P¢ople Disabilit {1) Health18) Cufture and Heritage {2} Edu¢ation and Training Skills (81 Communty110) EnronMent{l) 10.1100 188.700 46,000 499.719 314,971 214.000 461.237 25,ofKI 295.000 275.WS 820,605 1,560,927 The donattons are all made to charitses OT (¥glSatIonS falling wAthln the above &liwty types. A lull list of donation$ is disdc*ed in Ihe Annuol Report a ¢opy of whiGh is avaiknle from the Chartvs registered office. SUMER NORTHERN IRELAND Page 24
Ulstsr Garden Willag88 Llmlted No¢oS to tho Flnanclal Statements Forthe y•ar gndèd 31 Dgc•mb•r 2026 Support coJts- admlnlstrntlon 2024 Salaries, wages and pensions PremFses ¢osts Auditors, remuneration Accountancy and professnal fees Printiw. 8tstion8ry and postage Miscellaneous IT Expenditurè Interest payable 169,2fl 41,054 10,6(10 22.131 144,361 42.209 10200 15,157 4,492 9.983 15,649 1,801 17A81 43.699 311.21r2 243,852 Ngt losslgaln on Inv•stments 2025 2024 (L088) I gain on sale of Original Estates propeTUes Galn on sale of other investmonts 11,571) 80.707 15.812 221,335 Reall8ed galn 79,136 237,147 Gain on revaluatlon of other investments Gain on revaluation of inveslment properties linduding Original Estates} unreali¥ galn 1,782,036 100,ODO 1,465,752 150.000 1082,036 1,615.752 Net galn on Invo¥tm•nts 1,961,172 1,852,899 Related p•rty transaGtlons The were no relatsd paty transactions undertaken by the tharity during the year. At the year and there was a balance cl £500,00012024.' £500.000) due tr Hearth Historic Buildiws Trust. A member of the Commlttee of Management is ch)$¢fy re18t8d to a Board Member of Hearth Historic Buih4ings Tru8L SUMER NOIITHERN IRELAND Page 25
Ul¥tsr Gordgn Vlllaggs Umlled Notos to the Flnanclal Statsmonts For th• y•ar d•d 31 D•c•mlw 2025 Audilorf¥ r•munoratlon The 8uditotr8 remuner8tvJn 8rn0unts to an audit fee of £10,500 12024 - £10.2001. Amounts lotatllng £9,000 12024 - £7,020) were paid to thg audltor durfng the year for other seNke$ (In¢ludlng payroll. accountsncy and tay advice) and are indud¢d in AGwuntanw, legal arvj profess)nal fee5 in Nt)te 6 10. Siaff Cts and omolumonts 2025 2024 we8 and salaries So¢i¥l ¥ecurity costs Employerfs contributions to dofira contrbutrm pension schem 139,617 18,514 11,126 128,397 8,300 7.664 169,257 144,361 Partlcularn of employees: Tha average numbor of employees during th8 year, calculated on the b3818 of fulkline equfvalents. was as follows.. 2025 Number of managTrenl staff During the year one employee recefrd remunarallon between £70,000 and £80,000 (2024:None}. During thg year empfv)yees received remuneralion betwwn £60.000 and £70.000 (2024.'One). There was no remuneratron or oxpertse8 in the yearto Committee Members. {2024.' £309). Th• kgy management personnel Comprises the CEO. The total empbye8 benefft8 of key management personnel of the Chanty was £77.625 (2024.. £80.977). 11. Corporailon Taxatlon The Charty is exompi from tax on orne and gains lo the extent that these are appld to it8 charlable c&Cts. At 31 Decemtjer 2025 provision for corpmtion tax wa8 necessary. SUMER NORTrIERN IRELAND Page 26
Ul$t•r Gard•Tr Vlllages Lhnlt Notes to the Flnanclal Statemty For tho y•ar •ndfjd 31 Decembor 2026 12. InVestMt proporty Inv•stment property Valu•¢ion At 1 January 2¢r25 Disposds Faw valug movement Additions 30.668,737 190,0001 100.000 96.697 At 31 Dgcember 2025 30,775.434 At 31 December 2022. the Committee of Management obtsined an 5ndependent profesSical valuation from Rory Clark {MRICSI of Mcconrl Chartered Surveyors. at open market valuation, of Ortginal Estates. re5rdenlial and c(*nmercial prOP8rt located in NeW(ownabbey, Whitehead and Lisbum in the sum of £18,881,238. At 31 December 2025, the valuation ha$ decreased to £18,Tll.934 due to the purchase and sak of Propert in this three year pwiod. These propertie5 are held by Ulster Garden Villages Limhed as part of its charitable adiwtses of prowding housing 888OCo1gd amenbbes for pgtson$ in nece58itous circum81ances upon temis 4Trpropriate lo th8ir me8nB. On 2 February 21)26 a vamtIon of The Residence and Apartments a Willian Streel s( and Vthria Square, Belfast syas obtained from Thomas O'Dogherty {MRICS) of Simon Brrtn Rgsidential in the sum of £2.297,500. This recognises rK> change in value a8 reported from 31 [eMber 2024. A structural 188ue which came to light during February 2019 affectlng 54 apartments ¢Mied by the chaiity resulted a $vJnrficanl decrease in the value of the investment prcperty of £8,639.800 wthich was re¢cgnised #i the financial 8tslements for the year end 31 Decembar 2019. kntigation commenced during 2019 erebY UGV is segking danoges in rnspe¢t of thi8 Igsue and as at 31 D•cembgr 25 that ItUg8tion wa8 ongoing. On 2 February 2026 a v81uation Of'T Banks", Grotynswt Road. Bangor obtslned from Thomas O'Dogherty {MRICS) of Simon Brièn Ro$vJential in thg sum of £9,700,000. Thls recognises an increase in Yalu? of invesknent propety of £100,C()O. The comparablg hislortsl cost and nel book value as 8t 31 Decamber 2025 1$ £15,726,234 12024.. £15.545,819). SUMER NU.?-. I IIRII IIIELAND Page 27
Ulthr G•fd•n Villagv Limil•d Notss to the Flnancw Statements For tho yoar end¢d 31 De¢ombor 2025 13. Tanglble fixed •ss•ts Plant and equlpment Cost or valuatlon At 1 J8nu8ry 202S 389,871 At 31 Decémb8r 2025 389.871 D•pr•¢latlon At 1 January 2025 389,871 At 31 December 2025 389,871 Nèt book valu• At 31 December 2025 At 31 December 2024 14. Other invoslments Unllsted inveslmonts Investments Total Cost or valuatlon At 1 January 2025 Addliions 20,628,803 2.814,501 13,237,964 1.781036 50.01)0 20,678.803 2,814501 13,237,9fj41 1,782.036 Disposals Revaluaticffis At 31 Dewnber 2025 21,987,376 50,OLNI 22,037,376 Net IMk value At 31 Docfjmbgr 2025 21.987.m 50,000 22,037,376 At 31 December2024 20,828,803 50,000 20,678,803 SUMER NORTHERN IREL4ND Pago 28
Ulst•r Ganlon Vlllagos Umltod Notes to the Flnanclal Statements Forthe yèar gnded 31 Decwnb•r 2026 16. Debtors 2026 2024 Due after mor• than one yOAr (Xher debtOTS 2,247,841 2.315.381 2.247,841 2.315,361 Due wlthln one yr Other dthors Prepwents and ac¢rued Kwjme 195,001 102240 166.185 75,925 2,545.082 2.557,471 1& Charitable loans 2026 2024 Due In less than one y••r Loans lrnpaim)ent pr10n 779.250 779,250 (128.250) 1128,29)) 651,IM)O 651,000 Due In morn than one year Loans 9,000 9.000 9.OlXI 9,0 Total loans 660.000 660,000 In addit to outright grants. a55nce may be given by way of ¢haritable IcAns whith cwry cetsin conditions at the discretion of the Ccmmitteg. The Committee agree8 on a case by case basis as lo whether a fixed chargo should be secured on a partiGular prcwty or other 888el. Hearth Heritage Buiklings Trust £500,000 (2024.. £500,000) is largest debtor. SUMER NORTHERN IRELAND Page 29
Ulstsr Garden Vlllage• Llmlted Notes to th• Flnanclal Statements For thg year gndod 31 Docthnber 2025 17. Cr•drtorn: Amounts falling du• wthln on• y•ar 224 Loan stock houslng bonds. prlnc*al LO Stock housing bonds, interest Accruals and daferred income 52.528 136,076 52.528 133,274 211,074 460,889 396.878 18. Shar• capttal 2,368 sharos of £1 each fulty paid (2024: 2,366). SUMER NOFITHERN IRELAND P¥Jo 30
Ulstsr Garden Vill*gM Umltod Notes to the Flnanclal Statem•nts Fortho y•ar ondgd 31 Docembor 202S 19. Statement of funds Balan al 31 Gain Decemb•r (Losses) 2025 Balance at 1 January 2026 Transfe Inlout Incom• Exp•ndlture Unrestrlclod funds Common Fund 19.594.613 General Fund 34066026 1820,6051 160&494 11324,257) 18.774.008 1,961.172 37.206,235 64,660,439 2,501494 13.144,862) 1,961,172 55.980.243 Balanc• at 31 G•in$l D•cemr {Loss•s) 2025 Balancg at I January 2026 Transfor8 Inlout Incomo Exp•nditure Restrfcted funds Sharè C¥rlal 2,366 Totsl of fund$ 64.662,805 2.501494 13,144,862) 1,961,172 65.982.611 SUMER NORTHERN IRELAND Pag¢ 31
Ult•r G•rdon Yill•gos Limli•d Notos to the Flnanclal Statem•nts For the yur end¢d 31 DoGombeT 20 19. Statement ol fund• (¢ontlnu•d) Sl•t•m•nt ol fvnds. wlor year B8e* 31 Gairnl Dmbfjr {Los$esl 2024 Balancè at 1 Janu 2024 Trarffjfers lout IrKome Expendilure Unrostrlcted funds CLynmon 19,155.539 Gewral Fund 35,058,759 {1,560,927) 2,0J.(M)0 19.594.612 2.357,323 {2.203.4811 (1.999,6731 1,852,899 35,065,827 54,214,298 2,357,323 {3,764,4081 327 1,852.899 54,660.439 Balance at 31 Gainsl Decerthr (Losses) 2024 Balan at 1 January 2024 TranBfevs inl¢wl Incne Expèndlture Restrfcted funds Share Capital 2,693 (327) Tolal of funds 54,216,991 2,357,323 <3,764,408) 1.852.899 $4.e62,805 Common Fund - thkg represents anounts aside out of wcumulated surplu8es to provide gr, loans and other publ benefft in furtherance of the main objectives of th& Charity. Generat Fund - represents accunulated surplus88 rdalned ts the g•Mral furtherance ol the Charitab objecti5 after transfers to the C¢)mmon Fund. SUMER Nn?T AFRN IRELAND Page 32
Ulster Gardon illage5 Umltqd Notss to the Flnanclal Statèmènts For the yur ended 31 DKember 2026 Analysb of n•t aswts b•Ian fund• Unrostrlcted fvnds 2025 Total funds 2025 fvnds 2024 Fixed asset Inlments Inveslmant propgty Debtors Charitable l¢)a Cash at bank and in harKJ Creditors due wiihln one year 22,037,376 22.037.376 20,678,804 30.775.434 30,775N34 30,868,737 2,545.082 2.546.082 2.557.471 e80,000 660.OOD 660.000 425.608 425,608 494,669 (460.889) {460,889P (396,876) 55,982.611 66.982,611 54,662.805 Commltments Ottr Commitmen18 There ore ¢ommitments of £1.76 Mill)n 12Q4.. £2.SS rnillion) to contributo to CharIab proi8cl& on ich a19gal or constructr¥e obligali)n tg make payment (6 not W exist, of whKh £1.14 millKn (2024.. £1.89 miNion) is subject lo projoct ccrfnmgncement and scheduliig. Thw MMitments ill be financed through the Common Fund. Contlngont Ilablllty The lrtigation in relatw to the StrCtUral issu¢s at tOrKI Square, where the Ch8rty has a numbgr of Investment prcyerties. remains unresclved. A I1gement was issued in March 2024 there the Charty was unsuccessful in its legal case ft>T redress due lo the lime limrtaliong set out in the DefgrtNg Premises In SeMbr2024, legiskqtion was pass arnen(thng th? D8fectNe Premi8es Act IreaSed the lThitation period for claims from six to thirty years in Northem Ireland. A8 a resutt, the case has been sent back to the ortginal trialjudg8 for further delennination. The hearing is gxpected to be in November 2026. Remedol Mvrks to the affected propertles are required. The Course of aCtrt in relatK*n to the required works is 8ubject to further investIgatn and is highty uncertain al thi8 time. The costs of the remedial work cannot therefore be reliabty estimated nor can the oulcome of the ¢OLtrt The affected pr¢p¢rti95 have begn written dchvn to £Nil in these financd statements.. SUMER NORTHERN IRELAND Page 33
Ulstsr Gardon Vlllages Llmllod Notes to the Flnanclal Statsm•nts Forth• yr •nd•d 31 D•Mr 2026 Accountlng e8lhnate• and ludgem•nts Koy of ostlmatlon uncortalnty Valuation fl Investr*nt properties - T Committee of Management obtalned indeperKlenl profes8Kal valuation$ frm SIM Brign ResKlenlial Ltd for the properues held as at 31 Decwnber 2W25. The exlemal valuations. whth are adopted Sn Ihe8e financkql statements, provhled an open market valuation of the reskJ8nlial and comm&r¢ial propertEs ¢>wned by Ulster Garden Village8 Limked. R•conclllatlon of net mov•m•nt in fund# to not flow from op•ratlng actfvitles 2025 2024 Net In¢ome ts the year las per Sttlement of Financial Adiwbe8) 1,319.804 445,814 Adjustments for. G8in8 on inveslrnents Dividends, inkre5ts and rents from inveslments Decrease in debtors Inrn8e in creditors 11,961,1n> 11,852,899) 11,356,379> 11.251,480} 12.389 225,816 64,013 2.320 Net ush u5¢d In wratlng actlvlti 11.921.345) 12,350.429) Analy$l$ of cash and cash equlvalonts 2026 2024 Cash in h8rKI 4125.fJOB 494.669 Total cash and cash oqulvalents 426,608 494,669 SUMER NORTHERN IRELANO Page 34
Ulstsr Garden Villag•s Umil•d Notè5 to tho Flnanclal StJt8ments For the yHr gndod 31 Dembor 2026 Analyyls of Ch0ng In n•1 debt At31 Dfjcembar 2025 Januory 2025 Cagh Ilo Cash at bank w#J in hand Dgbt due witrin 1 year 4x669 152,528} 169.061) 425,608 152,5281 442,141 (69,061) 373,080 Op•Ating leas• ¢ommilments Al 31 December 2025 the Charity had commitinonts to ma(e future minimum18a8e payments uThYer no cancellabl6 operating leases as fc4low8'. 2026 2tr24 Land and bulldlngs Not later than 1 sEar Later than 1 year and not latw than 5 years Later than 5 yew8 24.917 88,OlY) 67.83J 89M33 114.750 SUMER NORTHERN IRELAND Page 35