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 be￿een 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, re￿ipt 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
be￿een 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 sha￿S 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 re￿iVed 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