Ulster Society for Promoting the Education of the Deaf and the Blind Statement of Financial Activities Year ended 31 July 2023 2023 Restricted fijnds Total funds 2022 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activities Investment income Other income 944 944 66,732 323,643 26.142 66.732 144,744 237,633 9,550 391.927 323,643 26,142 Total income 350.729 66.732 417,461 Expenditure Expenditure on raising funds.. Investment management costs Expenditure on charitable activilies Total expendlture 43,657 412,249 43,657 581,069 46,143 448.354 9.10 168.820 455.906 168.820 624,726 494,497 Net losses on investments 12 (69.410) (69,410) {560,292) Net expendlture (174,587) (102,088) {276,675) (662,862) Transfers beeen funds 123 (123) Net movement In funds (174.464) (102.211) (276,675) (662,862) Reconciliation of funds Total funds brought foNard Totsl funds carrled forward 19,625.861 102,211 19.728,072 20.390.934 19,451.397 19.451.397 19.728.072 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 14 to 24 forni part of these financial slatements. 12
Ulster Society for Promoting the Education of the Deaf and the Blind Statement of Financial Position 31 July 2023 2023 2022 Note Fixed assets Tangible fixed assets Investments 16 6,139,538 6,292,592 17 12,287,559 12,080,023 18,427,097 18,372,615 Current assets Debtors Cash at bank and in hand 18 98,480 989.527 117,807 1.283,190 1,088,007 1,400,997 Creditors: amounts falling due within one year Net current assets 19 63,707 45,540 1,024,300 1,355,457 Total assets less current liabilities 19,451,397 19,728.072 Net assets 19,451,397 19.728.072 Funds of the charity Restricted funds Unrestricted funds 102,211 19,451,397 19,625,861 Total charity funds 21 19.451,397 19,728,072 These financial statements were approved by the board of trustees and authorised for issue on 21 May 2024, and are signed on behalf of the board by: Fr P Devlin Trustee The notes on paggs 14 to 24 form part of these financlal statements. 13
Ulster Society for Promoting the Education of the Deaf and the Blind Notes to the Financial Statements Year ended 31 July 2023 General information The charity is a public benefit entity and a registered charity in Northern Ireland and is unincorporated. The address of the principal office is 85 Jordanstown Road, Newtownabbey. BT37 OQE. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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 IFRS 102) (Charities SORP {FRS 102)} and the Charities Act (Northern Ireland) 2008. Accounting policies Basis of preparation 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. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectation5 of future events that are believed to be reasonable under the GifGumstances. Fund accounting Unrestricted fijnds 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 sub-classes: restricted income funds or endowment funds. 14
Ulster Society for Promoting the Education of the Deaf and the Blind Notes to the Financial Statements (cDntlnuedJ Year ended 31 July 2023 Accounting policies (contlnuod) 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 incoTne- income from donations or grants is recognised when there is evidence of entitlement to the gift, reipt 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 recognis8d 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 returned 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 of the ststement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events. non-charilable trading activities. and the sale of donated goods. expenditure on charitable 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 governanc& of the charity apportioned to charitable activities. other expendilure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categorie5 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 activities they contribute to on a reasonable, justifiable and consistent basis. Operatlng leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a redudlon to expense over the lease term, on a straight-line basis. 15
Ulster Society for Promoting the Education of the Deaf and the Blind Notes to the Financial Statements {contlnued) Year ended 31 July 2023 Accounting policies {contInu) Tanglble assets Tangible assets are initially recorded at cost, and subsequently stated 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. unles5 It reverses a charge for impaimient 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 valUatIon. 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. Depreciation 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: School Buildings Motor vehicles Equipment 2¥0 Straight line 330kn straight line 250/0 Straight line Inveslments Unlisted equity investments are initially recorded at cosl, and subsequently measured at fair value. If fair valu8 cannot be reliably measured. assets are measured at cost less impaimient. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Investments in associatss Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date. the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulat8d profits of Ihe associate arising before or after the date of acquisition. Investments in joint ventures Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. 16
Ulster Society for Promoting the Education of the Deaf and the Blind Notes to the Financial Statements (contlnued) Year ended 31 July 2023 Accounting policies fcontlnuedj Investments in joint ventures (contlnued) Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporling date. the investments are measured at fair value. with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort. the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income wilhout regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition. Impaimient of fixed 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 impaimient 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 the 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. Flnanclal instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not dlscounted. Debt instruments are subsequently measured at amortised cost. Where investments in shaS are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments. including derivatives. are initially recognised at fair value. unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 17
Ulster Society for Promoting the Education of the Deaf and the Blind Notes to the Financial Statements (contlnuod) Year ended 31 July 2023 Accounting policles (¢ontlnu•d) Financial instruments (contlnuedj Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities. with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impaim)ent at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is reGognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments r8gardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impaimient are recognised immediately, to the extent that the reversal does not result in a Carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution 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 prepaymenl will lead to a reduction in futu payments or a cash refund. When 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. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Donations 944 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2023 Sensory Learning Support Incom8 Education Authority 66,732 66,732 66,732 66,732 18
Ulster Society for Promoting the Education of the Deaf and the Blind Notes to the Financial Statements (contlnu8dJ Year ended 31 July 2023 Charitable activities fconllnuedj Unrestricted Funds Restricted Total Funds Funds 2022 Sensory Learning Support Income Education Authority 23,280 89.899 23,280 121,464 31,565 31,565 113.179 144,744 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest receivable NICIFC dividends Brewin Dolphin portFolio dividends Investec portfolio dividends 3.040 70.855 230.859 18,889 3.040 70,855 230,859 18,889 2.606 68,904 148.738 17.385 2,606 68,904 148,738 17,385 323,643 323,643 237.633 237,633 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Ground Rent Miscellaneous DENI Sense Boarding House 448 602 448 602 14 15,939 10,189 14 15,939 10,189 8,500 8,500 26,142 26.142 9.550 9,550 Investment management costs Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Brewin Dolphin management fee Investec management fee 37,133 6,524 37,133 6,524 43,657 39,101 7,042 46.143 39.101 7.042 43,657 46.143 19
Ulster Society for Promoting the Education of the Deaf and the Blind Notes to the Financial Statements {eontlnuadJ Year ended 31 July 2023 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2023 Promote Education of Deaf and Blind Support costs 401,289 10,960 168,820 570,109 10,960 412,249 168.820 581.069 Unrestricted Funds Restricted Total Funds Funds 2022 Promote Education of Deaf and Blind Support costs 303.810 70.505 74.039 377.849 70.505 374,315 74,039 448,354 10. Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2023 Total fund 2022 Promote Education of Deaf and Blind Governance costs 570,109 3,368 7,592 573,477 7,592 441.616 6.738 570.109 10,960 581,069 448.354 11. Analysis of support costs Analysis of Support Costs Total 2023 Total 2022 General office Finance costs Governan costs 3,122 246 7,592 3,122 246 7,592 63,583 184 6.738 10,960 10,960 70,505 12. Net losses on Investments Unrestricted Total Funds Unrestricled Total Funds Funds 2023 Funds 2022 Gainsl(losses) on listed investments (69,410) (69,410) (560,292) (560,292) 20
Ulster Society for Promoting the Education of the Deaf and the Blind Notes to the Financial Statements (conelnued) Year ended 31 July 2023 13. Audltors remuneration 2023 2022 Fees payable for the audit of the financial statements 7.592 6,738 14. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2023 2022 Wages and salaries Social security costs Employer contributions to pension plans 57,940 6,142 872 64.954 The average head count of employees during the year was 1 (2022: Nil). The Society has one direct employee and makes contributions to school wages and salaries No employee reiVed employee benefits of more than £60,000 during the year {2022'. Nil). 15. Trustee remuneration and expenses The charity twstees were not paid or received any other benefits from employment in Ihe year (2022:£Nil). One trustee was reimbursed for the cost of attending a conference during the year, totalling £195. (2022'.£Nil). 16. Tangible fixed assets School Buildings Motor vehicles Equipment Land Total Cost At 1 August 2022 and 31 July 2023 Depreciation Al 1 August 2022 Charge for the year At 31 July 2023 Carrying amount At 31 July 2023 At 31 July 2022 314.036 7,652,698 11,725 318,005 8.296.464 1.674,142 153,054 11.725 318.005 2.003,872 153,054 1,827,196 11,725 318,005 2.156.926 314.036 5.825.502 6,139,538 314,036 5.978.556 6,292.592 21
Ulster Society for Promoting the Education of the Deaf and the Blind Notes to the Financial Statements (contlnued) Year ended 31 July 2023 17. Investments Other Investments Cost or valuation At 1 August 2022 Additions Disposals Fair value movements Other movements 12,080,023 3.004,147 (2,683.544) (69,410) (43,657) 12,287,559 At 31 July 2023 Impalnnent At 1 August 2022 and 31 July 2023 Carrying amount At 31 July 2023 At 31 July 2022 12,287,559 12,080.023 All investments shown above are held at valuation. 18. Debtors 2023 2022 Trade debtors Prepayments and accru8d incom8 other debtors 5,939 4,590 8,762 104.455 92.541 98.480 117.807 19. Creditors.. amounts falling due wlthin one year 2023 2022 Accruals Other creditors 40.929 22.778 22.065 23.475 63,707 45,540 20. Penslons and other post retlrement beneflts Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £872 (2022- £Nil). 22
Ulster Society for Promoting the Education of the Deaf and the Blind Notes to the Financial Statements (contlnued) Year ended 31 July 2023 21. Analysis of charitable funds Unrestrlcted funds At 1 Aug 2022 Gains and At losses 31 Jul 2023 Income Expenditure Transfers General funds Teachers & Sign Language Assistant costs 19,142,158 350,729 (455.906) 123 (69.410) 18,967,694 483,703 483.703 19,625,861 350.729 (455,906) 123 (69.410) 19,451,397 At 1 Aug 2021 Gains and At losses 31 Jul 2022 Income Expenditure Transfers General funds Teachers & Sign Language Assistant costs 19,844,160 278.748 (420,458) (560,292) 19.142,158 483,703 483.703 20,327,863 278,748 (420,458) (560.292) 19,625.861 Unrestricted funds are freely available to spend on any of the charity's purposes. The trustees have further categorised funds, within unrestricted fund as follows- a) General funds Those funds are expendable at the discretion of the Trustees in fvrtherance of the purposes of the Society. In addition to the expenditure on ongoing school activities such funds may be held in order to finance bursaries and working capital. The Trustees have currently set a target of 12 months operating costs to be held as general reserves to meet the ongoing needs of the Society- Operating costs are those incurred annually as set out in the audited financial statements excluding which is a non-cash expense and covered through designated reserves. b) Designated funds Designated funds are amounts set aside from unrestricted funds which have been 'earmarked' for particular projects. 23
Ulster Society for Promoting the Education of the Deaf and the Blind Notes to the Financial Statements {contlnu8d) Year ended 31 July 2023 21. Analysis of charitabl8 funds (contlnu8d) Restrlcted funds At 1 Aug 2022 Gains and At losses 31 Jul 2023 Income Expenditure Transfers Sensory Leaming Support Education Authority 102,211 (102,088) (123) 66,732 (66,732) (168.820) 102,211 66.732 (123) At 1 Aug 2021 Gains and At losses 31 Jul 2022 Income Expenditure Transfers Sensory Learning Support Education Authority 63,071 23,688 15,452 102.211 89,491 (89,491) (74.039) 63,071 113.179 102.211 Restricted funds are amounts to be used for the specified purposes as laid out by the donor. Expenditure which meets these Griteria is Charged to the fund together with a fair allocation of overhead and support costs. The Twstees have no control over these fvnds other than ensuring they are spent for the purposes intended by th8 donors and therefore no target level has been set. 22. Analysls of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 6.139,538 12.287,559 1.088,007 {63,707) 19,451,397 6,139,538 12,287,559 1,088.007 (63,707) 19,451.397 Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 6,292,592 12.080,023 1,275,311 (22,065) 19,625,861 6,292.592 12,080.023 125.686 1,400.997 {23.475) (45.540) 102,211 19,728.072 24