The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantae Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2025 2026 Restricted funds Total funds Total funds 2024 Unrestricted funds Nots In¢orne and endowments Donations and legacies Charitable activities other trading income acb'vities Investment incorne Other income 2,046,342 474,604 477,003 61,746 100,794 2,046.342 628,778 477,003 61,746 100,794 3,314,663 1.379,879 422,583 342,558 73,064 2,465 2,220,549 154,174 Total Income 3,160,489 154,174 Exponditur• Expenditure on raising funds.. Costs of other trading activities Investment costs Expenditure on charitable activities Total expendlture 10 11 12 297,582 6,289 1,845,932 297,582 6,289 1,980,106 2,283,977 336,540 4,594 1,562,830 134,174 2,149,803 134,174 1,903,964 Net gains on investments 14 73,054 73,054 109,194 Net Income and net movement In funds 1,083,740 20,000 1,103,740 425,779 Reconclllatlon of funds Totsi funds brought forward Total funds carrled forward 3.628,701 3.626,701 4,730,441 3,200,922 3,626,701 4.710,441 20,000 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 27 to 40 forni part of these flnancial slatements.
The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee ststement of Financial Position 31 March 2025 2025 2024 Note Fixed assets Intangible assets Tangible fixed assets Investments 18 16,333 19 1.011,804 20 2.181,694 3.209,831 1.071,995 2.321,704 3,393,699 Current assets Stocks Debtors Cash at bank and in hand 21 22 50,369 1,680,715 253,716 50,551 41,331 613,263 1,984,800 705,145 Credltors: amounts falling due withln one year Net current assets 23 153,542 1,831,258 139,653 565,492 Total assets less current liabilities 5,041,089 3,959,191 Cr•dltor8: amounts falllng due after morn than on• year Net a88et8 24 310,648 4,730,441 332,490 3.626,701 Funds of the charlty Restricted funds Unrestricted funds 20,000 4,710,441 26 4,730,441 3,626,701 3,626,701 Total charity funds These financial statements have been prepared in accordance wilh the provisions applicable to companies subject to Ihe small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 20 November 2025, and are signed on behalf of the board by.. J Farrell {Chair) Trustee P Kearney (Hon. Treasurer) Trustee The notes on pages 27 to 40 fomi part of these financial statements. 25
The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2025 2025 2024 Cash flows from operating activlties Net income 1,103,740 425,779 Adjustments for Depreciation of tangible fixed assets Amortisation of intangible assets Net gains on investments Dividends, interest and rents from investments Other interest receivable and similar income Interest payable and similar charges Gains on disposal of tangible fixed assets Accrued income 103,614 2,513 (73.054) (109,194) (59,361) (59,393) (2,385) (13,671) 29,783 30,034 (93,162) (1,314,635) 115,851 (9,612) Changes in.. Stocks Trade and other debtors Trade and other creditors 182 (330,092) 32,993 245 4,754 (5,861) 378,932 Cash generated from operations (599,864) Inierest paid Interest received {29,783) 2,385 (30,034} 13,671 Net cash (used in)Ifrom operating activities (627,262) 362,569 Cash flows from investing activltles Dividends, interest and rents from Investments Purchase of tangible assets Proceeds from sale of tangible assets Purchase of intsngible assets Purchases of other investments Proceeds from sale of other investments 59,361 59,393 (47,153) (254,756) 3,730 (18,846) (659,822) (884,632) 952,190 258,503 289,460 Net cash froml(u$ed in) investing activities (821,492) Cash flo from flnancing activitie8 Proceeds from borrowings Net cash used in financing activities (35,603) (35,603) (34,201) (34,201) Net decrease In cash and cash equlvalents Cash and cash equivalents al beginning of year Cash and cash equlvalents at end of year (373,405) (493,124) 613,263 1,106,387 613,263 239,858 The notes on pages 27 to 40 fom) part of these financlal statements. 26
The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2025 General Informatlon The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Unit 6, Carnbane Industrial Estate, Newry, 8T35 6PQ. Statement of complianc• The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. USPCA meets the definition of a public benefit entity under FRS 102 Accountlng policies 8asls of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue. Judgoments and key sour¢e8 of estlmatlon uncertalnty The preparation of the financial statements requires management to make judgements, estimaies and assumptions that affect Ihe amounts reported. These estimates and judgements are continually reviewed and are based on experience and olher factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accountlng Unrestricted funds are available for use at the discretion of the irustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of l)NO sub-classes.. restricted income funds or endowment funds. 27
The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantse Notes to the Financial Statements (¢on¢inued) Year ended 31 March 2025 Accountlng pollcies {contlnued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity- it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and relurned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred Expenditure includes any VAT which cannot be fully recovered, and is classified under headings ofthe statement of financial activities to which it relales.. expenditure on raising funds includes the costs of all lundraising activities, events, non- charitable trading activits'es, and the sale of donated goods. expendilure on charilable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds forthe charty nor part of ils expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activilies they contribute lo on a reasonable, justifiable and consistent basis. 28
The Ulster Society for Prevention of Cruelty to Animals Company Limitsd by Guarantee Notes to the Financial Statements (contlnu•dJ Year ended 31 March 2025 Accounting policies (continu•dJ Intanglble assets Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably. Amortlsatlon Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows.. Website 13Vo Straight line If there is an indication Ihat there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. Tangible asset8 Tangible assets are initially recorded at cost, and subsequently ststed at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreclatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less Its residual value. over the useful economic life of that asset as follows.. Freehold propety Premises Adaptations Plant and machinery Fixtures, fittings and equipment - Computer equipment 2Q/o Straighl line 7Vo Straight line 10OA straight line 100A straight line 200/0 Straight line 29
The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements (contlnueoj Year ended 31 March 2025 Accounting policies (continued) Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Investment property Investment propety is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment propety is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably m8asurable on an on-going basis. Impalm•nt of flx•d assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the Cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from th8 acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Stocks stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. D•finod contrlbution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
The Ulster Society for Prevention of Cruelty to Animals Company Limitsd by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 March 2025 Accounting poli¢ioS (conlinu•d) Defined ¢ontributlon plans (conNnued) +Vhen contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limlted by guarantee Each of the members of the company has guaranteed to contribute to the assets of the company in the event of the same being wound up to the extent of £1. Donations and legacles Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Donatlon8 Donations Gift aid 120,462 7.560 120,462 7,560 123,934 3,228 123,934 3,228 Legacies Legacies 1,911.267 1,911.267 1,244,717 1,244,717 Subscriptions Subscriptions 7,053 2,046,342 7,053 2,046,342 8,000 8,000 1,379,879 1,379,879 Charltable actlvlti•s Unrestricted Funds Restricted Total Funds Funds 2025 Veterinary seriices Contract Income - Newry and Mourne Council Department for Communities Dormant Accounts The Pet Fund Community Foundation Fundraising Events Adoption Fees 434,218 5,258 434,218 5,258 34,174 30,000 80,000 10,000 16,525 18,603 34,174 30,000 80,000 10,000 16,525 18,603 474,604 154,174 628,778 31
The Ulster Society for Prevention of Cruelty to Animals Company Limitsd by Guarantee Notes to the Financial Statements (¢ontlnuedJ Year ended 31 March 2025 Charltable actlvltle8 (contlnu•d) Unrestricted Funds Restricted Total Funds Funds 2024 Veterinary services Contract Income - Newry and Mourne Council Department for Communities Dormant Accounts The Pet Fund Community Foundation Fundraising Events Adoption Fees 332,100 7,052 332,100 7,052 23,595 20,000 23,595 20,000 39,836 39,836 378,988 43,595 422,583 Other tradlng Income actlvltles Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Pet supplies shop sales Grooming Charity Stores 58,548 42,473 375,982 477,003 58,548 42,473 375,982 477,003 54,392 39,560 248,606 54,392 39,560 248,606 342,558 342,558 Investment incom• Unrestricted Total Funds Unrestricted Totsl Funds Funds 2025 Funds 2024 Income from investment properties Income from listed investments Bank interest and dividends 35,820 23,541 2,385 61,746 35,820 23,541 2,385 61,746 37,198 22,195 13,671 73,064 37,198 22,195 13,671 73.064 Other Income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Gain on disposal on sale of investment propety Other income 93,162 7,632 100,794 93,162 7,632 100,794 2,465 2,465 2,465 2,465 32
The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 March 2025 10. Costs of other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Shop costs Grooming Charity Store- Banbridge Charity Store - Lurgan Charity Store - Lisburn 26,951 39,304 101,283 73,820 56,224 26,951 39,304 101,283 73,820 56,224 66,572 49,671 98,768 84,432 37,097 66,572 49,671 98,768 84,432 37,097 297,582 297,582 356,655 356,655 11. Investment costs Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Stockbroker Fees 6,289 6,289 4,594 4,594 12. Expendlture on charitable activitles by actlvity type Activities undertaken directly Support costs Total funds 2025 Total fund 2024 Prevenlion of cruelty and relief of suffering Veterinary Wildlife Rescue Animal Care Special Investigations Animal Welfare Advocacy Fundraising Governance costs 743,813 462,828 122,128 257,407 117,409 18,512 2.878 123,055 866,868 462,828 122,128 257,407 117,409 18,512 2,878 84,861 1,932,891 710,968 331,378 98,415 176,051 116,926 27,409 20,115 81,568 1,562,830 84,861 207,916 1,724,975 13. Analysls of 8UPPOrt costs Prevention of cruelty and relief of suffering Total 2025 Total 2024 Staff costs Premises General office Governance costs 23,772 25,085 74,198 84,861 23,772 25,085 74,198 84,861 207,916 31,824 33,082 58,800 81,568 205,274 207,916 33
The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantse Notes to the Financial Statements (¢ontinuedJ Year ended 31 March 2025 14. Net gains on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Gainsl(losses) on listed investments 73,054 73,054 109,194 109.194 15. Net income Net income is stated after chargingl(crediting)'. 2025 2024 Amortisation of intangible assets Depreciation of tangible fixed assets Gains on disposal of tangible fixed assets Fees payable for the audit of the financial statements 2,513 103,614 (93,162> 7,957 115,851 7,905 16. Staff Costs The total staff costs and employee benefits for the reportlng period are analysed as follows.. 2025 2024 Wages and salaries Social security Costs Employer contributions to pension plans 1,100.840 90,461 35,242 800,498 61,406 27,721 1,226,543 889,625 The average head count of employees during the year was 46 (2024.. 41). The average number of full-time equivalent employees during the year is analysed as follows.. 2025 No. 2024 No. Number of staff 46 41 The number of employees whose remuneration for the year fell within the following bands, were.. 2025 2024 No. No. £70,000 to £79,999 Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £156,982 (2024.. £163,429). 34
The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to tha Financial Statements (¢ontInu) Year ènded 31 March 2025 17. Trustee remuneration and expenses The charity trustees were not paid or received any other benefits from employment with the Charity in the year (2024: £nil). No trustees were reimbursed travel expenses during the year. (2024.. £24). 18. Intangible assets Website Cost Additions 18,846 18,846 At 31 March 2025 Amortisation Charge for the year At 31 March 202S 2,513 2,513 Carrying amount At 31 March 2025 16,333 At 31 March 2024 19. Tangible fixed assets Long Freehold leasehold Plant and Fixtures and property property machinery fittings Equipment Total C08t At 1 Apr 2024 Additions Disposals At 31 Mar 2025 766,913 765,678 4,085 83,472 486,314 84,545 2,186,922 16,520 20,683 5,865 47,153 (38,813) (18,602) {23,164) (80,579) 61,179 488,395 67,246 2,153,496 766,913 769,763 Depreciation At 1 Apr 2024 Charge for the year Disposals At 31 Mar 2025 107,366 487,076 67,172 389,182 64,131 1,114,927 15,338 53,669 6,381 20,932 7,294 103,614 (38,813) (14,872) (23,164) (76,849) 34,740 395,242 48,261 1.141,692 122,704 540,745 Carrylng amount At 31 Mar 2025 644,209 229,018 26,439 93,153 18,985 1,011,804 20,414 1,071,995 At 31 Mar 2024 659,547 278,602 16,300 97,132 35
The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements {conUnuedJ Year ended 31 March 2025 20. Investments Listed Investment investments properties Total Cost or valuatlon At 1 April 2024 Additions Disposals Fair value movements Other movements 2,046,141 659,822 (649,822) (229,314) 89,303 (9,999) 2,135,445 275,563 2,321,704 659.822 (879,136) 89.303 (9,999) 2,181,694 At 31 March 2025 46,249 Impalrment At 1 April 2024 and 31 March 2025 Carrying amount At 31 March 2025 2,135,445 46,249 2,181,694 At 31 March 2024 2.046,141 275,563 2,321,704 All investments shown above are held at valuation. Investment propertles The investment properties at Oldpark Road, Belfast are held at fair value. The fair value of these properties are reviewed annually by trustees. The investment property at Divernagh Road, Bessbrook was sold during the year for £330,000. Flnanclal a88•ts held at falr valu• The listed investments are valued by Davy Private Clients UK, Belfast and held at market value. 21. Stock8 2025 2024 Raw materials and consumables 50,369 50,551 22. Debtors 2025 2024 Trade debtors Prepayments and accrued income Other debtors 5,174 1,339,256 336,285 1,680,715 8,657 28,498 4,176 41,331 36
The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2025 23. Creditors: amounts falllng due wlthln one year 2025 2024 Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes Pension 36,488 61,635 21,100 27,371 6,948 50,249 36,713 26.443 18,336 7,912 153,542 139,653 24. Creditors.. amounts falling due after more than one year 2025 2024 Bank loans and overdrafts 310,648 332,490 Included within creditors.. amounts falling due after more than one year is an amount of £135,273 (2024.. £168,846) in respect of liabilities payable or repayable by instalments which fall due for payment after more than fi've years from the reporting date. 25. Penslons and other post rotlr•m•nt b?noflt8 Deflned contrlbutlon plan8 The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £35,242 (2024.. £27,721). 37
The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements (eontlnu•dJ Year ended 31 March 2025 26. Analysls of charltable funds Unrestricted funds At Gains and 31 March 202 losses At 1 April 2024 Income Expenditure General funds Development Fund 2,795,806 830,895 3,626,701 3,160,489 (2,149,803) 73,054 3,879,546 830,895 4,710,441 3,160,489 (2,149,803) 73,054 At Gains and 31 March 202 losses At 1 April 2023 Income Expenditure General funds Development Fund 2,200,922 1,000,000 2,176,954 (1,691,264) (169,105) 2,176,954 (1,860,369) 109,194 2,795,806 830,895 3,626,701 3,200,922 109,194 The Trustees have set aside £1million to a designated fund for Ihe development of the Charity's services across Northern Ireland, of which spend of £169,105 was allocated in the 23124 year with £229,849 to dale, to expand the Special Investigations Unit. enhance our work in animal welfare advocacy and improve our kennelling facilities. Restrlcted funds At Gains and 31 March 202 losses At 1 April 2024 Income Expenditure DFC -Jobstart Dormant Accounts Fund Community Foundation The Pet Fund 34,174 30,000 10,000 80,000 154,174 (34,174) (30,0001 (10,000) (60,000> (134.174) 20,000 20,000 At Gains and 31 March 202 losses At 1 April 2023 Income Expenditure DFC -Jobstart Dormant Accounts Fund Community Foundation The Pet Fund 23,595 20,000 (23,595) (20,000> 43,595 (43,595) 38
The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statsments (continu8dJ Year ended 31 March 2025 27. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2025 Intangible assets Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 16,333 1,011,804 2,181,694 1,964,800 (153,542) (310,648) 4,710,441 16,333 1,011,804 2,181,694 1,984,800 (153,542) <310,648) 4.730,441 20,000 20,000 Unrestricted Funds Restricted Total Funds Funds 2024 Intangible assets Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assels 1,071,995 2.321,704 705,145 {139,653) {332,490) 3,626,701 1,071,995 2,321,704 705,145 (139,653) (332,490) 3,626,701 28. Ethlcal standards In common with many other businesses of our siz8 and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. 29. Taxatlon The Company is a registered charity, and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary objectives. 30. Flnancial instrurnents The carrying amount for each category of financial instrument is as follows.. 202S 2024 Financial 15abllities m•asured at amortlsed cost Loan payable falling due within 1 year Loan payable falling due in more than 1 year but less than 5 years Loan payable falling due after 5 years 36,487 175,376 135,273 50,249 163,644 168,846 347,136 382,739 39
The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financlal Statements le¢tinU•d) Year ended 31 March 2025 30. Flnan¢ial instrnments (conthiuedj The Iwo long tem loans from Danske Bank are for a total of £300,000 each. The term of each loan is 15 years wllh one loan on a ftoaling inleresl rate slruclure, and the other on a fixed rate of 4.10 per annum. Payments are made quarterly as per the Structured Term Loan Répayments Schedule. Both of these loans are secured against 'Units 5 & 6. Cambane East Industrial Estste, Newry, County Down" 31. Contlngoncl•s A contingent liability exists to répay granls and Trust monies received should certain conditions not be fulfilled by the charlty. In the opinion of the Trustees, the tems of the Letters of Offers have been, or will be. complred wtth and no liability is expected. 32. Analy81s of changos In nèt debt At At 1 Apr 2024 Cash flows 31 Mar 2025 Cash at bank and In hand Debt due wilhin one year Oebl du8 after one year 813,263 (50,249) 1332,4901 230.524 (359,547) 13.761 21,842 253,716 136,488) 1310,648) 193,420) 1323,944) 33. R•lat•d pArtI•• The Trustees have considered guidance in relation to related party transactions and believe there are no transactions that require dlsclosure.