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← Ulster Independent Clinic Limited

2025-04-30-annual-report

Registered number: NI 12066 Charity number: NIC 103565

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

DIRECTORS' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the charitable company, its Directors and 1
advisers
Chairman's statement 3 - 6
Directors' report 7 - 11
Independent auditors' report on the financial statements 12 - 16
Consolidated statement of financial activities 17
Consolidated income and expenditure account 18
Consolidated balance sheet 19 - 20
Charitable company balance sheet 21 - 22
Consolidated statement of cash flows 23
Notes to the financial statements 24 - 55

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS DIRECTORS AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2025

Directors J G Brown FRCS, Chairman
T Diamond FRCS
D E Graham RGN
G Briggs FRCR
K Khosraviani FRCS
M Berry MBA, FInstLM (resigned 1 August 2025)
M H Pitt FCA
I Mainie FRCP
C McKay LLB (appointed 1 February 2025)
I Harley FRCOG (appointed 4 February 2025)
Company registered
number
NI 12066
Charity registered
number
NIC 103565
Registered office
245 Stranmillis Road
Belfast
BT9 5JH
Company secretary
Mrs N C McGregor
Chief executive officer
Miss D E Graham
Independent auditors
UHY Hacker Young Fitch Limited
Suite 2.06, Custom House
Custom House Square
Belfast
BT1 3ET
Bankers
Northern Bank Limited T/A Danske Bank
Donegall Square West
Belfast
BT1 6JS
Solicitors
Carson McDowell
Murray House
Murray Street
Belfast
BT1 6DN

Page 1

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

The Directors present their strategic report for the group for the year ended 30 April 2025. As a charity registered with the Charity Commission for Northern Ireland (NIC 103565), the Directors are committed to proper governance and probity in all its activities. Work continues at The Ulster Independent Clinic "The Clinic" to ensure the delivery of its founding principles of advancement of health and saving of lives.

Charitable Objective

The Clinic exists to help the general public through the provision of medical and healthcare services for the prevention, relief and curing of sickness. The key charitable objectives are the diagnosis of illness and physical injury and the relief of pain and suffering as the result of receiving medical treatment. It provides the following facilities and services to achieve its charitable goals:

Public Benefit Requirement

Public benefit is a legal requirement of every organisation established with charitable objectives and the Directors confirm that they have had due regard to the Charity Commission for Northern Ireland's guidance on public benefit reporting on the Clinic's benefits and achievements. The Directors are confident of the benefits that flow from our charitable objectives to our patients and that any private benefit received is purely incidental

to the purposes of our work.

The direct benefits that flow from The Clinic's charitable purpose are:

The Clinic helps members of the general public and the beneficiaries continue to be those patients who require diagnosis and treatment of illness. Fees totalling £42,581,898 were paid by private individuals, healthcare charities and insurance companies. All such fees, net of the costs of providing the services, are re-invested in the facilities of The Clinic to expand or enhance the quality of services to patients. The Clinic continues to provide services to beneficiaries through a pro bono scheme.

The indirect benefits that flow from The Clinic's purpose continue to be:

The wider benefits that flow from The Clinic's charitable purpose continue to include the financial contribution to the public healthcare sector through the purchase of services and the acquisition of medical supplies at market value.

In providing medical treatment for patients, the benefits are evidenced through feedback from patients, regular independent evaluation of our services by Regulation and Quality Improvement Authority (RQIA) and accreditation by Caspe Healthcare Knowledge Systems (CHKS). In providing these services, there is a risk of unintended clinical harm, however this is rare and the benefit outweighs the harm in providing treatment. If incidents occur, they are independently reviewed, to ensure lessons are learnt and policies, protocols and procedures updated to reflect best practice.

Page 3

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

Principal Risks and Uncertainties

The health and well-being of our employees, patients, and consultant users of service continues to be of paramount concern and arrangements have been put in place to ensure that The Clinic's premises remain a safe environment. The situation is kept under review and the Directors will take any necessary measures to maintain the viability of the services provided.

Regulatory and Key Performance Indicators

The provision of high quality services to patients is at the heart of The Clinic's activities. It is registered with RQIA and has CHKS accreditation, which is an independent standards based quality assessment programme. Additionally, the HDSU (Hospital Decontamination and Sterilisation Unit) has ISO13485MDD accreditation and the CPL (Cellular Pathology Laboratory) has IS015189:2012 Medical Laboratories accreditation. All quality and assurance processes and procedures are in accordance with the requirements of RQIA and CHKS.

Within The Clinic, there is a comprehensive programme of internal clinical audit mechanisms and analysis. This data is used to quantify the performance of the organisation on an ongoing basis. The Clinical Governance Committee monitors the outcomes and analysis of this clinical data. The Clinic also submits information from its comprehensive analysis to the National Joint Registry (NJR) and Private Healthcare Information Network (PHIN).

As part of our strategic planning and monitoring process, The Clinic has developed a set of Key Performance Indicators (KPIs) tailored to reflect our priorities and measure progress against our core objectives. These KPIs provide a clear framework for evaluating performance. By regularly monitoring these indicators, we aim to foster accountability, drive continuous improvement, and support informed decision-making at all levels. Among the KPI's The Clinc regularly measures are:

Net Income from patient fees growth 3.87% (2024 : 11.84%)

Net movement in total funds 6.8% (2024 : 9.02%)

Debtor days 18 (2023 : 21)

Review of Activities

The key stakeholders of The Clinic are our patients, staff, consultants, suppliers and regulators. In assessing performance, the Directors focus on two key metrics:

Firstly, the quality of service provided to ensure the optimal outcome for all users of our facilities. The Clinic remains in the top quartile of providers for quality of service in all independent evaluations undertaken and patient feedback is positive with over 98% of patients being satisfied with the service. The Clinic continues to seek to ensure all patients have an excellent experience in each individual contact and opportunities to improve our service are identified from any comments or complaints received, either formally or informally. The Board monitor the implementation of any resulting action plan and ensure standards remain in line with best practice.

Secondly, the level of activity across our services including inpatient, day case and outpatient activity is critical in meeting our charitable goals. During the twelve months to 30 April 2025, there were over 120,000 patient interactions.

Financial Results

The results for the year are set out in the attached financial statements. The total funds held at the end of the year are shown in Note 24 to the accounts. The operating surplus achieved during the year reflects the increasing demand for surgical services.

Income from charitable activities during the year amounted to £42,581,898 representing an increase of 3.9% on the previous year. Expenditure on charitable activities increased by 8.8% on the previous year. The Board is pleased that its strategy to increase activity is beginning to fulfil its purpose. Going forward, the Board of Directors will seek to build The Clinic's reserves to enable continued investment in both staff and facilities as set out in our reserves policy.

Page 4

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

The net incoming resources before other recognised gains and losses for the year amounted to £2,813,012 (2024: net incoming resources of £4,596,549). The overall surplus for the year including pension impact is £4.5m (2024: surplus £5.5m). The Directors are committed to continuing to fund investment in staff and facilities within affordable limits.

The Clinic recognises that its most valuable asset is its staff and The Clinic continues to invest in this critical resource. In appreciation of the continued commitment of staff, the Board of Directors provide competitive salaries, private medical insurance and a number of other benefits. The defined benefit pension scheme closed to new members on 30 April 2016 and a defined contribution scheme was introduced and The Clinic contributes to the scheme as an employer. The total staff costs for the organisation increased by 13.0% on the previous year, as set out in note 12. The net incoming or outgoing resources set out in the Statement of Financial Activities is a key financial performance measure for the Board of Directors and represents the focus for management attention in the next financial year as it supports future investment in both staff and facilities. The property and equipment of The Clinic (its facilities) are represented by the designated reserves and is the second key financial performance measure. The Board of Directors will continue to maintain the facilities at the current high standard through the capital development and replacement programme as noted above.

Fixed Assets

Information relating to changes in fixed assets is given in Note 15 to the financial statements.

Reserves Policy and Reserves

The Directors believe that The Clinic needs general unrestricted reserves equivalent to six months outgoing resources together with annual capital replacement costs of £4.2m for specific capital project costs when required. Additionally, amounts attributable to land and buildings less any related borrowings will be held as designated reserves as these assets are held for the long term and are not readily disposable. In the financial year ended 30 April 2025 the Directors have allocated an amount of £30.3m as designated funds in respect of land and buildings, and a further £21.8m in respect of a pension asset.

The recommended level of general unrestricted reserves at 30 April 2025 is £24.2m, comprising £20.0m for working capital and £4.2m for equipment replacement capital development. The general unrestricted reserves at 30 April 2025 were £18.8m. At this level, the Directors feel that they would be able to continue the current activities of the organisation and have developed an action plan to increase reserves to meet future capital development. The unrestricted reserves of £18.8m comprise net current assets of £11.7m which are readily available to fund working capital requirements and the immediate capital needs of the Clinic. The remaining unrestricted and designated reserves comprise a pension asset and plant and equipment which may take time to realise to support the reserves policy.

Currently, the Clinic has no borrowings, has a strong asset base, which underpins its activities, and continues to be cash generative, however the Directors recognise that it is imperative that the organisation works towards the target reserves level contained in our 2020-2025 strategy document. The board of Directors will therefore seek to build reserves towards the target level set out in our reserves policy by the delivery of a surplus over the coming years in order to fund the required capital development and maintenance programmes for The Clinic.

At 30 April 2025, capital commitments amounting to £4,225,654 had been authorised but not contracted for (Note 29).

The Reserves Policy is monitored and reviewed at least annually. The Board actively considers the reserves target, in light of capital development and maintenance plans.

Page 5

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

Section 172 (1) Statement

The Directors have acted in a way that they consider, in good faith, to be most likely to promote the success of the Clinic for the benefit of its members as a whole and, in doing so, to have regard to:

The Clinic ensures that future development plans are designed to have a long-term beneficial impact for the organisation and will assist in the continued delivery of high quality services.

The Clinic recognises that its most valuable asset is its staff, they are fundamental to the success of the organisation. The Clinic is a responsible employer and places the health, safety and well-being of its staff at the forefront of all decisions.

The Clinic recognises the relationship it has with patients, consultants and suppliers as being the key to successful future developments. The organisation meets regularly with consultant users of service and suppliers and continuously monitors the experience and feedback of patients. The Clinic recognises the need to take action where necessary to prevent involvement in modern slavery, corruption, bribery and breaches of competition laws.

All managers and representatives of the Clinic engage with all stakeholders professionally ensuring high standards of conduct, good corporate governance and that they act fairly at all times. The Clinic recognises that this approach will help to enhance the organisations reputation.

The Clinic gives the highest regard to the impact of the organisation on the community and the environment. It has successfully complied with the requirements of ESOS (Energy Saving Opportunity Scheme) and is committed to reaching a target of Net Zero by 2050.

Plans for the Future

The need to develop services remains at the forefront of our strategy..

The Clinic's focus for 2025/2026 is the refurbishment of ancillary areas of the hospital, replacement of the mammography unit and development of a staff training suite.

Improving our charitable activities including facilities for patients, visitors and consultant users of service is at the forefront of all expenditure.

In terms of performance, the target for the Clinic is to maintain quality standards in the top quartile of providers and increase our activity levels across all specialities by providing access to the facilities required as and when needed.

................................................ M H Pitt FCA (Director) Date: 29 October 2025

Page 6

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

DIRECTORS' REPORT FOR THE YEAR ENDED 30 APRIL 2025

The Directors have pleasure in submitting their report and financial statements for the year ended 30 April 2025. The Directors have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of The Clinic.

Statement of Directors' responsibilities for preparing the financial statements

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable laws and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of the affairs of the company and of the surplus or deficit of the company for that period. In preparing those financial statements, the Directors are required to:

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Constitution

The Clinic is incorporated under the Companies Act 2006, being a company limited by guarantee not having a share capital.

The Clinic is governed by its Memorandum and Articles of Association since its incorporation on 15th June 1977 and by the Companies Act 2006.

The Clinic has been formally admitted as a charity for income tax purposes. The statutory reliefs under S.505 of the Income and Corporation Taxes Act 1988 are admissible on income from 15 June 1977 subject to compliance with the terms of S.505 of the Act.

Company registration number: NI 12066

Registered with the Charity Commission Northern Ireland: NIC 103565

Registered office: 245 Stranmillis Road, Belfast, BT9 5JH

Directors - Supervisory Board

Each of the Directors set out below has held office during the period from 1 May 2024 to the date of this report unless otherwise stated. J G Brown FRCS (Chairman) M Berry MBA, FInstLM (resigned 01/08/2025) T Diamond FRCS I Mainie FRCP) D E Graham RGN M H Pitt FCA G Briggs FRCR C McKay LLB (appointed 01/02/2025) K Khosraviani FRCS I Harley FRCOG (appointed 04/02/2025)

Mr J G Brown (as Chair), Mr T Diamond and Mr K Khosraviani will retire at the forthcoming Annual General Meeting and, being eligible, will offer themselves for re-election.

Page 7

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

Principal Officers - Executives

Chief Executive Miss D E Graham Director of Finance/Company Secretary Mrs N C McGregor Theatre Manager (Acting) Mrs K Stanley Operations Manager Mrs J Scott Estates Manager Mr S Dunlop

Management Structure

The Directors are responsible for the review of all activities, approval of budgets and implementation of future strategy. The Board meet at least ten times per annum. There are five Board Sub-Committees including Nominations, Clinical Governance, Financial Audit & Risk, Development and Remuneration; each meet on a regular basis and report to the Board of Directors.

The Financial Audit and Risk Committee comprises three members of the Board of Directors. It meets on a regular basis and reports to the Board of Directors. It is responsible for financial probity and considering the risk associated with the market within which the Clinic operates.

The Clinical Governance Committee comprises four members of the Board of Directors, the current Chair of the Medical Advisory Committee, Matron, Theatre Manager and the Quality and Education Sister. The Committee meets monthly and reports to the Board of Directors.

The Remuneration Committee comprises four members of the Board of Directors. It is responsible for setting the salaries of all staff and managers of the organisation, including key management personnel. The Committee meets regularly and reports to the Board of Directors.

The Development Committee comprises four members of the Board of Directors. The Committee meets regularly and reports to the Board of Directors.

The Nominations Committee comprises four members of the Board of Directors. The Committee meets twice yearly and reports to the Board of Directors.

The Senior Management Group is made up of the Principal Officers and is responsible for all operational and day to day matters. It also recommends fixed asset expenditure for approval by the Board. The Group meets regularly.

Four departmental user groups report to the Operational Management Group as do the committees responsible for risk, health and safety and finance resources. This information is reviewed by the relevant Board Sub-Committees.

The Medical Advisory Committee operates separately from the Clinic. It has its own constitution and is responsible for approving and reviewing each consultant's practicing privileges at the Clinic. This process is overseen by the Clinical Governance Committee to ensure regulatory compliance, in the interest of patient safety and wellbeing.

Page 8

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

Appointment of Directors

New Directors are appointed by the Board as required. Each year one third (or a number nearest to one third) of the Directors, for the time being, retires from office. A retiring Director is eligible for re-election. The maximum term of office is normally nine years but can be extended.

Director training

Prior to joining the Board of Directors each prospective member meets with the Chairman. This meeting provides an overview of the organisation and the role and responsibilities of each member of the Board. A Directors Pack for the Ulster Independent Clinic is given to each new member of the Board when they join. In addition, on-going training is provided in specific areas.

Principal Activities and Objectives

The Clinic's principal activity is to prevent, relieve and cure sickness and ill health of every kind and to promote health. The objectives of the organisation are to:

The Clinic's strategy reflects the aims and objectives of the organisation and is reviewed triennially.

Employees

All departments within The Clinic have regular staff meetings whereby information is disseminated to and obtained from staff by each department head. There are monthly meetings with each head of department to facilitate the exchange of information with senior management. Also on the agenda for discussion at these monthly meetings is the current statistical and budgetary information for the organisation.

Equal Opportunities

The Board of Directors, the Chief Executive and the Senior Management Team are committed to providing equality of opportunity in employment to all persons. Our Equal Opportunities Policy applies to all those who work for or apply to work for The Clinic. The Clinic is an equal opportunities employer, that promotes a good and harmonious working environment in which its employees are treated with dignity and respect. The Clinic does not discriminate unlawfully against any person on the grounds of gender including gender reassignment, marital or civil partnership status, religious belief or political opinion, disability, age, race, sexual orientation or trade union membership/non-membership.

The Clinic is opposed to all forms of unlawful or unfair discrimination. Decisions made about recruitment and selection, training, promotion, transfers, pay awards or any other benefits, are made objectively and without unlawful discrimination. The Clinic endeavours to ensure that its workplace and employment policies/practices do not unreasonably exclude or disadvantage those of our job applicants and employees who have disabilities. To this end the Clinic complies with the duty to make reasonable adjustments in relation to such persons.

The Board of Directors recognises that the provision of equal opportunities in the workplace is not only good management practice it also makes sound business sense. Our equal opportunities policy will help all those who work for the Clinic to develop their full potential, and the talents and resources of the workforce will be fully utilised to maximise the efficiency and effectiveness of the organisation.

The Board of Directors, the Chief Executive and the Senior Management Team are committed to providing equality of opportunity in employment to all persons. Our Equal Opportunities Policy applies to all those who work for or apply to work for the Ulster Independent Clinic. The Clinic is an equal opportunities employer, that promotes a good and harmonious working environment in which its employees are treated with dignity and respect. The Clinic does not discriminate unlawfully against any person on the grounds of gender including gender reassignment, marital or civil partnership status, religious belief or political opinion, disability, age,

Page 9

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

race, sexual orientation or trade union membership/non-membership.

The Clinic is opposed to all forms of unlawful or unfair discrimination. Decisions made about recruitment and selection, training, promotion, transfers, pay awards or any other benefits, are made objectively and without unlawful discrimination. The Clinic endeavours to ensure that its workplace and employment policies/practices do not unreasonably exclude or disadvantage those of our job applicants and employees who have disabilities. To this end The Clinic complies with the duty to make reasonable adjustments in relation to such persons.

Risk Review

The Directors have assessed the major risks to which The Clinic is exposed. Risks identified have been categorised into eight areas - strategic, financial, clinical, operational, human resources and personnel, pension, governance and emerging. Major risks are assessed on an ongoing basis. The following systems are in place to mitigate exposure to risk:

Clinical governance is an important element of assessing risks and ensures patient safety in every aspect of the services provided. The Clinical Governance Committee works together with the Medical Advisory Committee regarding all aspects of consultant practicing privileges and patient care. In addition, the Committee regularly review accidents, incidents, care quality indicators, audit results, patient feedback and complaints to ensure learning outcomes are shared and changes in practice introduced.

Environmental Matters

The Clinic has successfully complied with the requirements of ESOS (Energy Saving Opportunity Scheme) and is committed to reaching a target of Net Zero by 2050.

In accordance with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, The Clinic has assessed and disclosed its energy usage and associated greenhouse gas (GHG) emissions for the financial year ending 2025.

Methodology

The Clinic has quantified its organisational GHG emissions in line with the Greenhouse Gas Protocol. Energy consumption data has been converted into carbon dioxide equivalent (CO2e) using the latest UK Government Conversion Factors for Company Reporting (2024) and the HM Government Environmental Reporting Guidelines (March 2019). A Fixed Base Year approach has been adopted, consistent with prior reporting periods, and the operational control boundary has been applied.

Scope 1 and Scope 2 Emissions Scope 1 and Scope 2 Emissions
Scope
 Source FY2023 (tCO2e) FY2025 (tCO2e) Change (%)
Scope 1 Direct Fossil Fuels 499.45 584.86
+17%
Scope 1 Fugitive Emissions 52.22
 18.66
-64%
Scope 1 Transport
4.53		 2.78 -39%
Total Scope 1 556.20 **606.30 ** +9%
Scope 2 Electricity (Location-based) 379.68 425.23 +12%
Scope 2 Electricity (Market-based) 0.00 0.00
 —
Total Scope 2 379.68 **425.23 ** +12%
Combined Scope **1 & 2 ** 935.88 **1,031.53 ** +10%

Page 10

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

Total Energy Consumption Total Energy Consumption
Energy Source Energy Source
Unit		 Unit
FY2023
FY2025		 FY2025
Change (%)
Fossil Fuels Fossil Fuels
kWh		 kWh
2,725,977		 3,197,713
+17%		 +17%
Electricity (Grid) kWh kWh
1,963,397		 2,053,277 +5%
Transport Transport
kWh
16,476		 16,476
11,655		 11,655 11,655 -29%
Total Energy Use tal Energy Use
kWh		 kWh
4,705,850		 5,262,645
+12%		 +12%
(Scope 1 & 2)
Scope 3 Business Travel Scope 3 Business Travel
Scope
Source		 Source Source
FY2023 (tCO2e)		 FY2025 (tCO2e) Change (%)
Scope 3 Business travel (land/air/hotel) 2.94 8.27 181% Scope 3 Business travel (land/air/hotel) 2.94 8.27 181% Scope 3 Business travel (land/air/hotel) 2.94 8.27 181% Scope 3 Business travel (land/air/hotel) 2.94 8.27 181% Scope 3 Business travel (land/air/hotel) 2.94 8.27 181%
Intensity Ratio
The company has selected turnover-based intensity metrics: The company has selected turnover-based intensity metrics:
Scope tCO2e per £m turnover FY2023 Scope tCO2e per £m turnover FY2023 FY2025
Scope 1 & 2 Scope 1 & 2
tCO2e per £m turnover 26.81		 24.23

Commentary on Changes

The increase in Scope 1 and 2 emissions and energy use is primarily attributed to the expansion of facilities and installation of new equipment, including advanced medical and IT infrastructure. These developments have increased operational demands for heating, cooling, and lighting. The Clinic is actively implementing energy efficiency measures, including LED lighting upgrades, HVAC optimisation, and smart metering systems to mitigate these impacts.

Future Commitments

The Clinic is committed to achieving Net Zero Scope 1 and 2 emissions by 2050, and to become a net-zero carbon company by 2050. Initiatives underway include transitioning to renewable electricity sources, conducting regular energy audits, and exploring low-carbon technologies such as air source heat pumps and solar PV.

Public Benefit

The direct benefits that flow from The Clinic's charitable purpose are set out on page 1 of the Strategic Report.

Disclosure of information to auditors

The Directors have confirmed that there is no information which they are aware of which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.

Auditors

A resolution to re-appoint UHY Hacker Young Fitch Limited will be proposed at the forthcoming Annual General Meeting and to authorise the Directors to fix the remuneration of the auditors for the year ended 30 April 2026.

Approved by order of the members of the board of Directors on 29 October 2025 and signed on their behalf by:

................................................

J G Brown FRCS Director

Page 11

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ULSTER INDEPENDENT CLINIC LIMITED

Opinion

We have audited the financial statements of Ulster Independent Clinic Limited (the 'parent charitable company') and its subsidiary (the 'Group') for the year ended 30 April 2025 which comprise the statement of financial activities, the income and expenditure account, the summary income and expenditure account, the balance sheet, the statement of cash flows, the consolidated statement of financial activities, the consolidated income and expenditure account, the consolidated balance sheet, the charitable company balance sheet, the consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice) and The Charities Statement of Recommended Practice (Charities SORP (FRS102) second edition -January 2019).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Page 12

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ULSTER INDEPENDENT CLINIC LIMITED (CONTINUED)

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report including the Strategic report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 13

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ULSTER INDEPENDENT CLINIC LIMITED (CONTINUED)

Responsibilities of Directors

As explained more fully in the directors' responsibilities statement, the Directors (who are also the trustees of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 14

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ULSTER INDEPENDENT CLINIC LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. As part of the audit in accordance with ISAs (UK) we exercised professional judgement and maintained professional scepticism throughout the audit. We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector and we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, the Charities Act (Northern Ireland) 2022, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. We obtained an understanding of internal controls relevant to the audit in order to design audit procedures that were appropriate in the circumstances but not for the purpose of expressing an opinion of the effectiveness of the Company’s internal controls.

To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions; evaluated the appropriateness of accounting policies used, including managements’ use of the going concern basis of accounting, and the reasonableness of accounting estimates and related disclosures made by management; and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included but were not limited to agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance; and enquiring of management as to actual and potential litigation and claims.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial

Page 15

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ULSTER INDEPENDENT CLINIC LIMITED (CONTINUED)

Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Fitch FCA (Senior Statutory Auditor)

for and on behalf of

UHY Hacker Young Fitch Limited

Chartered Accountants and Statutory Auditors

Suite 2.06, Custom House

Custom House Square

Belfast

BT1 3ET

29 October 2025

UHY Hacker Young Fitch Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 16

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2025

Note
Income from:
Charitable activities
4
Other trading activities
5
Investments
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net movement in funds before other recognised
gains/(losses)
Other recognised gains/(losses):
Actuarial gains on defined benefit pension schemes
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
42,581,898
66,995
224,229
42,873,122
181,837
39,878,273
40,060,110
2,813,012
1,715,000
4,528,012
66,540,856
4,528,012
71,068,868		 Total
funds
2025
£
42,581,898
66,995
224,229
42,873,122
181,837
39,878,273
40,060,110
2,813,012
1,715,000
4,528,012
66,540,856
4,528,012
71,068,868		 Total
funds
2024
£
40,995,362
200,377
173,737
41,369,476
259,772
36,513,155
36,772,927
4,596,549
908,000
5,504,549
61,036,307
5,504,549
66,540,856

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 24 to 55 form part of these financial statements.

Page 17

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 APRIL 2025

Note
Income
Net other recognised gains and losses
Gross income in the reporting period
Less: Total expenditure
Net income for the reporting period
The notes on pages 24 to 55 form part of these financial statements.		 Total funds
2025
£
42,873,122
1,715,000
44,588,122
(40,060,110)
4,528,012		 Total funds
2024
£
41,369,476
908,000
42,277,476
(36,772,927)
5,504,549

Page 18

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee) REGISTERED NUMBER: NI 12066

CONSOLIDATED BALANCE SHEET AS AT 30 APRIL 2025

Note
Fixed assets
Tangible assets
16
Investment property
17
Current assets
Stocks
19
Debtors
20
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
21
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
23
Net assets excluding pension asset
Defined benefit pension scheme asset
33
Total net assets
Charity funds
Restricted funds
26
Unrestricted funds
Designated funds
26
Land & buildings
26
Pension asset
26
General funds
26
Total unrestricted funds
26
Total funds		 630,904
5,127,141
9,944,643
15,702,688
(3,917,656)
-
30,327,864
21,860,902
18,880,101		 2025
£
34,541,813
4,000,000
38,541,813
11,785,032
50,326,845
(1,118,880)
49,207,965
21,860,902
71,068,867
-
71,068,867
71,068,867		 380,908
5,485,233
8,655,980
14,522,121
(5,050,434)
1,160,000
30,847,612
18,914,902
15,618,342		 2024
£
36,657,420
2,840,000
39,497,420
9,471,687
48,969,107
(1,343,153)
47,625,954
18,914,902
66,540,856
-
66,540,856
66,540,856

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

Page 19

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee) REGISTERED NUMBER: NI 12066

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 APRIL 2025

The financial statements were approved and authorised for issue by the Directors on 29 October 2025 and signed on their behalf by:

................................................ ................................................ J G Brown FRCS T Diamond FRCS Director Director

The notes on pages 24 to 55 form part of these financial statements.

Page 20

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee) REGISTERED NUMBER: NI 12066

CHARITABLE COMPANY BALANCE SHEET AS AT 30 APRIL 2025

AS AT 30 APRIL 2025
2025 2024
Note £ £
Fixed assets
Tangible assets 16 34,540,564 35,493,377
Investments 18 295,968 573,565
34,836,532 36,066,942
Current assets
Stocks 19 630,906 380,910
Debtors 20 8,804,886 8,934,592
Cash at bank and in hand 9,869,003 8,497,429
19,304,795 17,812,931
Current liabilities
Creditors: amounts falling due within one
year 21 (3,815,770) (4,910,766)
Net current assets 15,489,025 12,902,165
Total assets less current liabilities 50,325,557 48,969,107
Creditors: amounts falling due after more
than one year 23 (1,118,880) (1,343,153)
Net assets excluding pension asset 49,206,677 47,625,954
Defined benefit pension scheme asset 33 21,860,902 18,914,902
Total net assets 71,067,579 66,540,856
Charity funds
Restricted funds 26 - -
Unrestricted funds 26 71,067,579 66,540,856
Total funds 71,067,579 66,540,856

The charitable company's net movement in funds for the year was £ 4,526,723 (2024 - £5,574,515) .

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Directors on 29 October 2025 and signed on their behalf by:

................................................ J G Brown FRCS Director

................................................ T Diamond FRCS Director

Page 21

ULSTER INDEPENDENT CLINIC LIMITED (A company limited by guarantee) REGISTERED NUMBER: NI 12066

CHARITABLE COMPANY BALANCE SHEET (CONTINUED) AS AT 30 APRIL 2025

The notes on pages 24 to 55 form part of these financial statements.

Page 22

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2025

Cash flows from operating activities
Net cash generated from operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 24 to 55 form part of these financial statements		 2025
£
2,716,516
224,229
(1,652,082)
(1,427,853)
-
1,288,663
8,655,980
9,944,643		 2024
£
7,390,654
173,737
(5,937,300)
(5,763,563)
-
1,627,091
7,028,889
8,655,980

Page 23

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

1. General information

Ulster Independent Clinic Limited is a private company limited by guarantee and is incorporated and registered in Northern Ireland under Company Registration Number NI 12066. The Clinic is also registered with the Charity Commission under Registration Number NIC 103565 and HMRC Charity Number XN 48770. Ulster Independent Clinic Limited meets the definition of a public benefit entity under FRS102.

The Clinic's registered office is situated at 245 Stranmillis Road, Belfast BT9 5JH.

2. Accounting policies

2.1 Basis of preparation of financial statements

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 (FRS102) (effective March 2019) - (Charities SORP FRS102), and the Companies Act 2006.

The Financial Statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Financial Statements are presented in sterling which is the functional currency of The Clinic. A summary of the more important accounting policies, which have been applied consistently, is set out below.

The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the Group, incorporating The Clinic and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements.

2.2 Going concern

The financial statements have been prepared on a going concern basis. The Directors do not believe that there are any factors or material uncertainties which would impact on their assessment of their ability to continue as a going concern.

Page 24

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

2. Accounting policies (continued)

2.3 Income

All income is recognised once The Clinic has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Patient fees receivable represents the total amount, after deduction of discount, receivable by The Clinic in the ordinary course of its activities for services provided and goods supplied as a principal. The receipts from hospital services and all expenditure not of a capital nature are accounted for through the Statement of Financial Activities. All incoming resources are included in the Statement of Financial Activities (SoFA) when The Clinic is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.

Revenue in the subsidiary is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

Interest receivable is recognised when The Clinic is entitled to it.

Page 25

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.

Expenditure on buildings alterations, which increases neither the open market value nor the earning capacity of the property, is considered to be revenue expenditure. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably.

The Statement of Financial Activities provides an analysis of the resources expended by The Clinic which are necessary in order to provide the ongoing activities in The Clinic and its subsidiary.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category, except for the following:

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets excluding land and buildings are capitalised at cost. The cost of tangible fixed assets is their purchase cost together with any incidental costs of acquisition.

The cost of all Freehold Properties owned and occupied by The Clinic on 1 May 2017 are included in the financial statements on a deemed cost basis net of depreciation. From 1 May 2017 all freehold property additions are capitalised at cost.

Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.

Page 26

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

2. Accounting policies (continued)

2.5 Tangible fixed assets and depreciation (continued)

Depreciation is calculated so as to write off the cost of tangible fixed assets less their estimated residual values, on a straight-line basis over the expected useful economic lives of the assets concerned.

The principal annual rates used for this purpose are:

Buildings - 3%
Motor vehicles - 25%
Fixtures and fittings - 20%
Computer equipment - 33%

At each reporting date the Directors assess whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

2.6 Investment property

Investment property is carried at fair value whether it is rented within or externally from the group, determined annually and arrived at by the director on an open market value basis by reference to market evidence of transaction prices for similar properties and advice from external valuers for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Depreciation is provided on the following bases:

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the company statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 Stocks

Stocks have been valued at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes transport and handling costs. Where necessary, provision is made for obsolete, slow moving and defective stocks.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 27

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

2. Accounting policies (continued)

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities

Liabilities and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that The Clinic anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the consolidated statement of financial activities as a finance cost.

2.12 Financial instruments

The Clinic only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.13 Finance leases and operating leases

Costs in respect of operating leases are charged on a straight line basis over the lease term. Leasing agreements which transfer to The Clinic substantially all the benefits and risks of ownership of an asset are treated as if the asset had been purchased outright. The assets are included in fixed assets and the capital element of the leasing commitments is shown as obligations under finance leases. The lease rentals are treated as consisting of capital and interest elements. The capital element is applied to reduce the outstanding obligations and the interest element is charged against Charitable Activities in the Statement of Financial Activities in proportion to the reducing capital element outstanding. Assets held under finance leases are depreciated over the shorter of the lease terms and the useful lives of equivalent owned assets.

2.14 Pensions

The Clinic operates a defined benefit pension scheme which closed to new members on 30 April 2016. The fund is valued every year by a professionally qualified independent actuary, the rates of contribution payable being determined by the trustees of the scheme based on the advice of the actuary. In the intervening years the continuing appropriateness of the rates are reviewed. Pension costs are charged to the Statement of Financial Activities on a systematic basis based on the actuary's calculations. The Clinic commenced a defined contribution scheme from 1 May 2016 and pension costs are recognised as an expense in the period in which the related service is provided.

Page 28

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

2. Accounting policies (continued)

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the Clinic and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 29

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

3. Critical accounting estimates and areas of judgment

Critical accounting estimates and assumptions:

The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect the amounts reported. Critical accounting estimates are namely the useful lives of tangible fixed assets used to determine the depreciation policies, and the valuation of the investment property. The estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are considered to be reasonable under the circumstances and the use of third party experts where appropriate.

Useful lives of tangible fixed assets

Long-lived assets comprising of property, fixtures and fittings and motor vehicles represents a significant portion of The Clinic's total assets. The annual depreciation charge depends primarily on the estimated useful lives of each type of asset and, in certain circumstances, estimates of residual values. The directors regularly review these useful lives and change them if necessary to reflect current conditions. In determining these useful lives management consider technological change, patterns of consumptions, physical condition and expected useful economic utilisation of the assets. Changes in the useful lives can have a significant impact on the depreciation charges for the financial year.

Establishing fair value of investment properties and investment in subsidiary

Investment properties are initially measured at cost, comprising the purchase price and any directly attributable expenditure, and are subsequently remeasured to fair value at each reporting date with changes in fair value recognised in the statement of financial activities. When the fair value of investment properties cannot be measured based on the price of a recent transaction for an identical asset or liability, their fair value is measured using valuation techniques and models. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as market rent, vacancy rate, yield requirement and inflation. Changes in assumptions about these factors could affect the reported fair value of investment properties and investments in subsidiaries.

Defined Benefit Pension Scheme

The surplus or liability recognised in the statement of financial position in respect of the defined benefit pension scheme is the present value of the defined benefit obligation at the reporting date, less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries.

The valuation of the pension obligation involves several critical assumptions, including:

Discount Rate, which reflects the duration of the pension liabilities; Inflation Rate, which is used to project future salary increases and pension indexation; Salary Growth, which is based on expected future increases in employee compensation; Mortality Rates, which are based on published mortality tables and adjusted for expected future improvements in longevity; and Plan Asset Returns: Based on long-term expected rates of return, considering the asset mix and market conditions. Due to the complexity of the valuation and the long-term nature of the obligation, the defined benefit surplus or liability is highly sensitive to changes in these assumptions. A sensitivity analysis is disclosed in the notes to the financial statements to illustrate the impact of reasonably possible changes in key assumptions and management reviews the actuarial assumptions annually in consultation with the scheme actuary.

Page 30

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

4. Income from charitable activities

Unrestricted
funds
2025
£
Patients' fees receivable
42,581,898
Unrestricted
funds
2024
£
Patients' fees receivable
40,995,362		 Total
funds
2025
£
42,581,898
Total
funds
2024
£
40,995,362

The income and surplus on ordinary activities are attributable to the principal activity of management of a medical/surgical hospital.

In the year to 30 April 2025 100% (2024 100%) of The Clinic's turnover was inside the United Kingdom.

5. Income from other trading activities

Income from non charitable trading activities

Unrestricted
funds
2025
£
Rent receivable
46,975
Fees receivable
17,561
Other income
2,459
66,995		 Total
funds
2025
£
46,975
17,561
2,459
66,995

Page 31

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

5. Income from other trading activities (continued)

Income from non charitable trading activities (continued)

Unrestricted
funds
2024
£
Rent receivable
123,875
Fees receivable
72,725
Other income
3,777
200,377
Investment income
Unrestricted
funds
2025
£
Interest received
224,229
Unrestricted
funds
2024
£
Interest received
173,737		 Total
funds
2024
£
123,875
72,725
3,777
200,377
Total
funds
2025
£
224,229
Total
funds
2024
£
173,737

6. Investment income

Page 32

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

7. Expenditure on raising funds

Unrestricted
funds
2025
£
Marketing and public relations costs
33,792
Unrestricted
funds
2024
£
Marketing and public relations costs
38,034
Other trading expenses
Unrestricted
funds
2025
£
Administration expenses
145,251
Administration depreciation
2,794
Total 2025
148,045
Unrestricted
funds
2024
£
Administration expenses
218,944
Administration depreciation
2,794
Total 2024
221,738		 Total
funds
2025
£
33,792
Total
funds
2024
£
38,034
Total
funds
2025
£
145,251
2,794
148,045
Total
funds
2024
£
218,944
2,794
221,738

Page 33

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£
The advancement of health
39,878,273
Unrestricted
funds
2024
£
The advancement of health
36,513,155		 Total
2025
£
39,878,273
Total
2024
£
36,513,155

9. Analysis of expenditure by activities

Direct charitable costs for the advancement of health
Direct charitable costs for the advancement of health		 Activities
undertaken
directly
2025
£
39,502,845
Activities
undertaken
directly
2024
£
35,976,142		 Governance
costs
2025
£
375,428
Governance
costs
2024
£
537,013		 Total
funds
2025
£
39,878,273
Total
funds
2024
£
36,513,155

Page 34

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

10. Governance costs

Unrestricted
funds
2025
£
Legal and professional fees
345,428
Audit and accountancy
34,049
Staff costs
188,181
567,658
Unrestricted
funds
2024
£
Legal and professional fees
305,614
Audit and accountancy
30,620
Staff costs
200,779
537,013		 Total
funds
2025
£
345,428
34,049
188,181
567,658
Total
funds
2024
£
305,614
30,620
200,779
537,013

Page 35

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

11. Net income for the year

Unrestricted
funds
2025
£
Net income for the year is stated after charging:
Depreciation on tangible fixed assets
2,607,689
Defined Benefit Pension Costs
(499,000)
Defined Contribution Pension Costs
900,526
Operating lease rentals - equipment
3,836
3,013,051
Unrestricted
funds
2024
£
Depreciation on tangible fixed assets
2,341,159
Defined Benefit Pension Costs
(273,000)
Defined Contribution Pension Costs
808,299
Profit on disposal of tangible fixed asset
1,104
Operating lease rentals - equipment
3,726
2,881,288
12.
Auditors' remuneration
2025
£
Fees payable to The Clinic's auditor and its subsidiary for the audit of the
charitable company's annual accounts
17,195
Fees payable to The Clinic's auditor and its subsidiary in respect of:
The audit of the subsidiary company
3,570
Taxation compliance services
530
Other non-audit services
12,754		 Total
funds
2025
£
2,607,689
(499,000)
900,526
3,836
3,013,051
Total
funds
2024
£
2,341,159
(273,000)
808,299
1,104
3,726
2,881,288
2024
£
16,349
3,421
610
10,240

Page 36

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

13. Staff costs

Wages and salaries
Social security costs
Pension net costs
Life assurance		 Group
2025
£
14,316,423
1,450,261
401,526
135,204
16,303,414		 Group
2024
£
12,522,537
1,255,911
535,299
114,320
14,428,067		 Company
2025
£
14,316,423
1,450,261
401,526
-
16,168,210		 Company
2024
£
12,522,537
1,255,911
535,299
-
14,313,747

The average number of persons employed by the charitable company during the year was as follows:

Nursing
Administration
Other
On-call and ancillary Staff		 Group
2025
No.
249
87
78
94
508		 Group
2024
No.
225
78
72
88
463

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2025 2024
No. No.
In the band £50,000 - £60,000 - 18
In the band £60,001 - £70,000 1 6
In the band £70,001 - £80,000 7 2
In the band £80,001 - £90,000 3 -
In the band £90,001 - £100,000 - 1
In the band £100,001 - £110,000 1 -
In the band £110,001 - £120,000 - 1
In the band £120,001 - £130,000 1 -
In the band £140,001 - £150,000 1 -

The figures for the above employees include retirement benefits accruing for qualifying service.

Key management personnel received total emoluments of £246,229 (2024: £239,940) which includes the retirement benefit accruing for qualifying services to The Clinic during the year.

Page 37

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

14. Directors' remuneration and expenses

One director (the highest paid director) received total emoluments in connection with normal employment of £143,786 (2024: £149,183) this includes the retirement benefit accruing for qualifying services in respect of a defined benefit pension scheme.

No remuneration was paid to any director for acting as a director (2024 : £nil).

2025 2024
£ £
D E Graham RGN Remuneration 122,026 113,515
Pension contributions paid 20,730 34,711
Other benefits 1,030 957

During the year ended 30 April 2025, no Director expenses have been incurred (2024 - £NIL) .

15. Taxation

The Clinic is recognised as a charity by HM Revenue and Customs and all income falls within the tax exemption.

Page 38

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

16. Tangible fixed assets

Group

Cost or deemed cost
At 1 May 2024
Additions
Transfer
to
investment
property
Disposals
At 30 April 2025
Depreciation
At 1 May 2024
Charge for the year
On disposals
At 30 April 2025
Net book value
At 30 April 2025
At 30 April 2024		 Freehold
property
£
50,438,636
845,519
(1,160,000)
-
50,124,155
18,431,024
1,365,267
-
19,796,291
30,327,864
32,007,612		 Motor
vehicles
£
48,371
-
-
-
48,371
29,874
7,399
-
37,273
11,098
18,498		 Equipment,
Fixtures and
fittings
£
15,526,299
806,564
-
(28,020)
16,304,843
10,899,032
1,232,229
(28,020)
12,103,241
4,201,602
4,627,267		 Computer
equipment
£
8,467
-
-
-
8,467
4,424
2,794
-
7,218
1,249
4,043		 Total
£
66,021,773
1,652,083
(1,160,000)
(28,020)
66,485,836
29,364,354
2,607,689
(28,020)
31,944,023
34,541,813
36,657,420

From 1 May 2017 Freehold Properties are held at deemed cost with all subsequent additions capitalised at cost.

Company

Cost or valuation
At 1 May 2024
Additions
Disposals
At 30 April 2025		 Freehold
property
£
49,278,636
845,519
-
50,124,155		 Motor
vehicles
£
48,371
-
-
48,371		 Fixtures and
fittings
£
15,526,299
806,564
(28,020)
16,304,843		 Total
£
64,853,306
1,652,083
(28,020)
66,477,369

Page 39

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

16. Tangible fixed assets (continued)

Company (continued)

Depreciation
At 1 May 2024
Charge for the year
On disposals
At 30 April 2025
Net book value
At 30 April 2025
At 30 April 2024		 Freehold
property
£
18,431,024
1,365,267
-
19,796,291
30,327,864
30,847,612		 Motor
vehicles
£
29,874
7,399
-
37,273
11,098
18,498		 Fixtures and
fittings
£
10,899,032
1,232,229
(28,020)
12,103,241
4,201,602
4,627,267		 Total
£
29,359,930
2,604,895
(28,020)
31,936,805
34,540,564
35,493,377

Included in the net book value of property displayed above are the following amounts ascribable to land:

Group Group
2025 2024
£ £
Freehold land 3,769,483 3,769,483

Included in equipment, fixtures & fittings of the company are assets held under non-cancelable finance leases. The net book value of these assets is £1,367,000 at 30th April 2025.

17. Investment property

Group
Valuation
At 1 May 2024
Transfer from tangible fixed assets
At 30 April 2025		 Freehold
investment
property
£
2,840,000
1,160,000
4,000,000

Investment property comprises Rushmere House, Belfast. The 2025 fair value of the investment property has been arrived at by the directors on an open market value basis by reference to market evidence of transaction prices and for similar properties and advice from Osborne King at 31st January

Page 40

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

17. Investment property (continued)

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

Group Group
2025 2024
£ £
Historic cost 2,719,888 2,719,888

18. Fixed asset investments

Company
Cost or valuation
At 1 May 2024
At 30 April 2025
Impairment
At 1 May 2024
Charge for the year
At 30 April 2025
Net book value
At 30 April 2025
At 30 April 2024		 Investments
in
subsidiary
companies
£
718,463
718,463
144,898
277,597
422,495
295,968
573,565

Page 41

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

18. Fixed asset investments (continued)

Principal subsidiaries

The following was a subsidiary undertaking of The Clinic :

Name Company Registered office or principal Principal activity number place of business Ulster Independent Clinic NI633472 245 Stranmillis Road, Belfast, Property holding (Rushmere House) Limited Northern Ireland, BT9 5JH Class of Holding shares Ordinary 100%

The financial results of the subsidiary for the year were:

Name Income Expenditure Profit / £ £ (Loss) for the year £ Ulster Independent Clinic 68,007 337,962 (269,955) (Rushmere House) Limited Net assets £ 304,898

19. Stocks
Group Group Company Company
2025 2024 2025 2024
£ £ £ £
Finished goods and goods for resale 630,904 380,908 630,906 380,910

Page 42

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

20. Debtors

Due after more than one year
Amounts owed by group undertakings
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Group
2025
£
-
-
3,016,306
2,067,527
43,308
5,127,141		 Group
2024
£
-
-
3,105,661
2,345,532
34,040
5,485,233		 Company
2025
£
3,739,371
3,739,371
3,005,980
2,059,535
-
8,804,886		 Company
2024
£
3,544,112
3,544,112
3,057,038
2,333,442
-
8,934,592

21. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Obligations under finance lease and hire
purchase contracts
Other creditors
Accruals and deferred income		 Group
2025
£
1,776,856
450,560
248,640
1,412,051
29,549
3,917,656		 Group
2024
£
3,217,292
377,211
248,640
1,132,263
75,028
5,050,434		 Company
2025
£
1,723,023
440,889
248,640
1,403,218
-
3,815,770		 Company
2024
£
3,182,526
362,723
248,640
1,116,877
-
4,910,766

Page 43

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

22. Deferred Income

Other creditors falling due within one year includes deferred income. Deferred income relates to payments made in advance by individuals prior to commencement of their treatment. Due to this, some payments are received prior to the year-end, but the treatment is not carried out until after the year-end.

Unrestricted
funds
2025
£
Deferred income at 1 May 2024
(624,457)
Resources deferred during the year
484,730
Amounts released from previous years
624,457
Deferred income at 30 April 2025
484,730
Unrestricted
funds
2024
£
Deferred income
624,457		 Total
funds
2025
£
(624,457)
484,730
624,457
484,730
Total
funds
2024
£
624,457

23. Creditors: Amounts falling due after more than one year

Group Group Company Company
2025 2024 2025 2024
£ £ £ £
Net obligations under finance lease and hire
purchase contracts 1,118,880 1,343,153 1,118,880 1,343,153

Page 44

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

24. Financial instruments

Financial assets
Financial assets measured at fair value
through income and expenditure
Financial assets measured at amortised cost
Financial liabilities
Financial liabilities measured at amortised
cost		 Group
2025
£
9,944,643
3,005,980
12,950,623
Group
2025
£
2,972,029		 Group
2024
£
8,655,980
3,057,038
11,713,018
Group
2024
£
4,299,402		 Company
2025
£
9,869,003
-
9,869,003
Company
2025
£
-		 Company
2024
£
8,497,429
-
8,497,429
Company
2024
£
-

Financial assets measured at fair value through income and expenditure comprise bank and cash.

Financial assets measured at amortised cost include trade debtors.

Financial liabilities measured at amortised cost comprise trade creditors and other creditors and accruals.

25. Share Capital and Liability of Members

The Clinic is a company limited by guarantee therefore there is no share capital.

As at 30 April 2025 The Clinic had nine members. The liability of the members is limited to £50 each in the event of The Clinic being wound up.

Page 45

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

26. Statement of funds

Statement of funds - current year

Balance at 1
May 2024
£
Unrestricted
funds
Designated
funds
Land and
buildings
32,007,612
Pension asset
18,914,902
50,922,514		 Income
£
Expenditure
£
-
(1,365,267)
-
-
-
(1,365,267)		 Transfers
in/out
£
(314,481)
1,231,000
916,519		 Gains/
(Losses)
£
-
1,715,000
1,715,000		 Balance at
30 April
2025
£
30,327,864
21,860,902
52,188,766

The Clinic's pension asset is classed as a designated fund and it is recognised that this is not readily convertible to general reserves.

General funds

General funds
General Funds
Total
Unrestricted
funds		 15,618,342
66,540,856		 42,873,122
42,873,122		 (38,694,844)
(40,060,111)		 (916,519)
-		 -
1,715,000		 18,880,101
71,068,867

Page 46

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

26. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Designated
Funds - all
funds
Land and
buildings
Pension asset
General funds
General Funds
Total
Unrestricted
funds		 Balance at
1 May 2023
£
-
30,770,810
16,475,901
47,246,711
13,789,596
61,036,307		 Income
£
-
-
-
-
41,369,476
41,369,476		 Expenditure
£
-
(1,159,153)
-
(1,159,153)
(35,613,774)
(36,772,927)		 Transfers
in/out
£
-
2,395,955
1,531,001
3,926,956
(3,926,956)
-		 Gains/
(Losses)
£
Balance at
30 April 2024
£
-
-
-
32,007,612
908,000
18,914,902
908,000
50,922,514
-
15,618,342
908,000
66,540,856		 Gains/
(Losses)
£
Balance at
30 April 2024
£
-
-
-
32,007,612
908,000
18,914,902
908,000
50,922,514
-
15,618,342
908,000
66,540,856
50,922,514
15,618,342
66,540,856

Page 47

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

27. Summary of funds

Summary of funds - current year

Balance at 1
May 2024
£
Designated
funds
50,922,514
General funds
15,618,342
66,540,856		 Income
£
Expenditure
£
-
(1,365,267)
42,873,122
(38,694,844)
42,873,122
(40,060,111)		 Transfers
in/out
£
916,519
(916,519)
-		 Gains/
(Losses)
£
1,715,000
-
1,715,000		 Balance at
30 April
2025
£
52,188,766
18,880,101
71,068,867

The excess of freehold land and buildings of The Clinic over related medium to long term borrowings are held as designated funds. The transfer from general funds to designated funds maintains this figure.

General funds are available as reserves for use in the future work of The Clinic and to minimise working capital borrowings, the need for which varies from time to time.

Summary of funds - prior year

Designated
funds
General funds		 Balance at
1 May 2023
£
47,246,711
13,789,596
61,036,307		 Income
£
-
41,369,476
41,369,476		 Expenditure
£
(1,159,153)
(35,613,774)
(36,772,927)		 Transfers
in/out
£
3,926,956
(3,926,956)
-		 Gains/
(Losses)
£
Balance at
30 April 2024
£
908,000
50,922,514
-
15,618,342
908,000
66,540,856		 Gains/
(Losses)
£
Balance at
30 April 2024
£
908,000
50,922,514
-
15,618,342
908,000
66,540,856
66,540,856

Page 48

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

28. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
34,541,813
4,000,000
15,702,688
(3,917,656)
(1,118,880)
21,860,902
Tangible fixed assets
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Pension asset
Total
71,068,866
Analysis of net assets between funds - prior year
Unrestricted
funds
2024
£
Tangible fixed assets
36,657,420
Investment property
2,840,000
Current assets
14,522,120
Creditors due within one year
(5,050,434)
Creditors due in more than one year
(1,343,153)
Pension asset
18,914,902
Total
66,540,855		 Total
funds
2025
£
34,541,813
4,000,000
15,702,688
(3,917,656)
(1,118,880)
21,860,902
71,068,866
Total
funds
2024
£
36,657,420
2,840,000
14,522,120
(5,050,434)
(1,343,153)
18,914,902
66,540,855

Page 49

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

29. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Loss on the sale of fixed assets
Decrease/(increase) in stocks
Decrease/(increase) in debtors
(Decrease)/Increase in creditors
Pension Costs through Scheme
Net cash provided by operating activities
30.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
31.
Analysis of changes in net debt
At 1 May
2024
£
Cash at bank and in hand
8,655,980
Finance leases
(1,591,793)
7,064,187		 Group
2025
£
2,813,012
2,607,689
(224,229)
-
(251,283)
357,308
(1,354,981)
(1,231,000)
2,716,516
Group
2025
£
9,944,643
9,944,643
Cash flows
£
1,288,663
224,273
1,512,936		 Group
2024
£
4,596,549
2,341,159
(173,737)
1,104
54,580
(33,901)
2,136,375
(1,531,475)
7,390,654
Group
2024
£
8,655,980
8,655,980
At 30 April
2025
£
9,944,643
(1,367,520)
8,577,123

Page 50

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

32. Capital commitments

Group Group
2025 2024
£ £
Contracted for but not provided in these financial statements
Authorised but not contracted for 4,225,654 2,888,697

33. Pension commitments

Defined contribution scheme

The Clinic operates a defined contribution scheme in the UK called the Ulster Independent Clinic Group Personal Pension Plan which is provided by Aviva.

The Clinic contributed 13% of pensionable salary into the scheme during the year to 30 April 2025 which equated to £883,960 (2024: £685,701). Employee contribution is voluntary.

Defined benefit scheme

The Clinic also operates a defined benefit scheme in the UK called the Ulster Independent Clinic Pension and Life Assurance Scheme ("the Scheme"). The disclosures below relate to the Scheme. The Clinic also sponsors an AVC Plan.

The Scheme is a funded scheme of the defined benefit type, providing retirement benefits based on career average revalued earnings. The Employer and Trustees have agreed a funding plan to ensure the Scheme is sufficiently funded to meet current and future obligations.

A schedule of contributions was agreed on 17 November 2020 following completion of the actuarial valuation at 30 April 2020. The Employer agreed to pay 29.7% of pensionable salaries to cover accrual of benefits for future service. No deficit contributions were required as the Trustees anticipated that the investment return over the period of recovery plan would be sufficient to remove the shortfall.

The valuation used for FRS 102 disclosures has been based on a full assessment of the liabilities of the Scheme as at 30 April 2020, with the results rolled forward in an approximate manner to 30 April 2025 allowing for benefits paid over this period. The valuation was carried out by Andrew Little (Little & Company Actuaries and Consultants Limited), an independent qualified actuary.

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages) :
At 30 April At 30 April
2025 2024
% %
Discount rate 5.55 5.25
RPI Inflation 3.3 3.45
CPI Inflation 2.9 3.05
Pre 1 May 2007 Pension increases 3.15 3.25
Post 30 April 2017 Pension increases 2.15 2.2

Page 51

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

33. Pension commitments (continued)

At 30 April At 30 April
2025 2024
Years Years
Mortality rates (in years)
- for a male aged 65 now 86.1 84.8
- at 65 for a male aged 45 now 87.1 86.1
- for a female aged 65 now 88.6 88.4
- at 65 for a female aged 45 now 89.7 89.8

The table below provides information on the sensitivity of the defined benefit obligation (DBO) to changes to the most significant financial assumptions. The table shows the impact of changes to each assumption in isolation although in practice, changes to assumptions may occur at the same time and can either offset or compound the overall impact on the defined benefit obligation. These sensitivities have been calculated using the same methodology as used for the main calculations and there has been no change since the previous period to the method and assumptions preparing the sensitivity analysis. The weighted average duration of the defined benefit obligation is around 25 years.

Sensitivity of movement in key assumptions

Sensitivity of movement in key assumptions
Change in At 30 April
DBO (£,000) 2024 (£,000)
Discount rate +0.1% (420) (440)
Discount rate -0.1% 420 440
Mortality assumption - 1 year increase 780 820
Mortality assumption - 1 year decrease (780) (820)
CPI rate +0.1% 160 140
CPI rate -0.1% (160) (140)

The Clinic's share of the assets in the scheme was:

Equities
Fixed Interest Bonds and LDI's
Property
Cash and other liquid assets
Total fair value of assets		 At 30 April
2025 (£,000)
-
52,423
-
2,097
54,520		 At 30 April
2024 (£,000)
26,907
20,710
1,898
1,654
51,169

The actual return on scheme assets was £2,673,000 (2024 - £2,319,000) .

Page 52

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

33. Pension commitments (continued)

The Clinic made contributions to the above Scheme during the year totalling £732,000 (2024: £1,258,000).

The amounts recognised in the Consolidated statement of financial activities are as follows:

Current service cost
Past service cost
Interest income
Administrative expenses
Total amount recognised in the Consolidated statement of financial
activities		 2025
(£,000)
323
(2,673)
1,674
177
(499)		 2024
(£,000)
348
(2,319)
1,502
196
(273)

Movements in the present value of the defined benefit obligation were as follows:

Opening defined benefit obligation
Interest cost
Service Cost
Contributions per Employee
Benefits Paid out
Actuarial gains from experience
Closing defined benefit obligation		 2025
(£,000)
(32,254)
(1,674)
(323)
(316)
1,369
539
(32,659)

Movements in the fair value of The Clinic's share of scheme assets were as follows:

Opening fair value of scheme assets
Interest income
Administration expense
Contributions per Employee
Contributions per Employer
Benefits paid
Asset Remeasurement
Closing fair value of scheme assets		 2025
(£,000)
51,169
2,673
(177)
316
732
(1,369)
1,176
54,520

Page 53

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

34. Reconciliation of defined benefit pension obligation to balance sheet

Designated
funds
2025
£,000
Total market value of assets
54,520
Present value of scheme liabilities
(32,659)
Recognised pension asset
21,861
Designated
funds
2024
£,000
Total market value of assets
51,169
Present value of scheme liabilities
(32,254)
Recognised pension asset
18,915
35.
Pension amount taken to other comprehensive income
Unrestricted
funds
2025
£,000
Actual return on Scheme assets
3,849
Less amount already recognised in Net interest on net DB liability
(2,673)
Other actuarial gains / (losses)
539
Remeasurement gains and (losses) recognised in OCI
1,715
Unrestricted
funds
2024
£,000
Actual return on Scheme assets
3,400
Less amount already recognised in Net interest on net DB liability
(2,319)
Other actuarial gains / (losses)
539
Remeasurement gains and (losses) recognised in OCI
1,620		 Total
funds
2025
£
54,520
(32,659)
21,861
Total
funds
2024
£,000
51,169
(32,254)
18,915
Total
funds
2025
£,000
3,849
(2,673)
539
1,715
Total
funds
2024
£,000
3,400
(2,319)
539
1,620

Page 54

ULSTER INDEPENDENT CLINIC LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

36. Finance lease commitments

At 30 April 2025 the Group and the charitable company had commitments to make future minimum lease payments under non-cancellable finance leases as follows:


lease payments under non-cancellable finance leases as follows:
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Company
2025
£
248,640
994,560
124,320
1,367,520		 Company
2024
£
248,640
994,560
348,593
1,591,793

37. Related party transactions

The Directors and their families use the medical facilities at the Clinic and pay for these services at market rate, this amounted to £5,037 (2024: £3,946).

Three Directors are consultants with practicing privileges at the Clinic. As independent practitioners they operate their private practice at the Clinic under the standard conditions of membership.

During the year The Clinic provided funds to its wholly owned subsidiary, Ulster Independent Clinic (Rushmere House) Limited. At the balance sheet date the amount outstanding was £3,739,371 The loan is repayable on demand following notice of one year and one day and attracts interest at 0.5% per annum above Bank of England base rate.

38. Controlling party

The Clinic is under the control of the Board of Directors, however, there is no ultimate beneficial owner.

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