Ulster Federation of Credit Unions

	Page
Reference and Administrative Details	1
Trustees' Report	2—3
Independent Examiner's Report	4
Statement of Financial Activities (including Income and Expenditure Account)	5
Balance Sheet	6
Notes to the Financial Statements	7—12

The trustees present their report and the financial statements for the year ended 30 September 2025.

Objectives and Activities

Aims and Objectives

The objectives of the company are to promote the following purposes:

to advance education amongst the public in matters pertaining to credit unions and their potential in relieving poverty and need.
to provide education and training in the knowledge and skills pertinent to the establishment and management of credit unions in Northern Ireland and the Republic of Ireland.
to provide services, advice and information to assist the establishment and development of credit unions in Northern Ireland and the Republic of Ireland.

In setting the objectives and planning activities for the year, the trustees have given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the activities have helped to achieve the Charity's purpose and provide a benefit to the beneficiaries.

Public Benefit

The charity meets the public benefit requirement as follows;

To advance education amongst the public in matters pertaining to Credit Unions and their potential in relieving poverty and need
To provide education and training in the knowledge and skills pertinent to the establishment and management of Credit Unions in Northern Ireland and the Republic of Ireland.
To provide services, advice and information to assist the establishment and development of Credit Unions in Northern Ireland and the Republic of Ireland.

Achievements and Performance

Main Achievements

The company is governed by a committee of elected representatives from all over Northern Ireland, previously elected by each credit union to their respective county zone.

During the year to 30 September 2025, the UFCU provided support and advice to credit unions to assist them with ongoing development needs. An ongoing programme of training and education was carried out throughout the year to enable credit unions to operate more efficiently in the management and development of individual credit unions thereby increasing their potential to relieve poverty and need within their communities.

Financial Review

Financial Position

Incoming resources for the year totalled £97,316 compared to £106,171 in the previous year. Resources of £139,743 were expended, resulting in a deficit for the year of £42,607 (2024:£13,872).

Structure, Governance and Management

Governing Document

Ulster Federation of Credit Unions is a charitable company, limited by guarantee and incorporated on 31 March 2011, and was formally granted charitable status on 20 June 2016.

The company was established under a Memorandum and Articles of Association which established the objects and powers of the charitable company and is governed by these articles. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.

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Ulster Federation of Credit Unions

Trustees' Report (continued)

For The Year Ended 30 September 2025

Statement of Trustees' Responsibilities

The trustees (who are also the directors of Ulster Federation of Credit Unions for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The trustees' report was approved by the board of trustees and signed on its behalf by:

Mr William McKeown

Trustee

07/05/2026

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Ulster Federation of Credit Unions

Independent Examiner's Report to the Trustees of Ulster Federation of Credit Unions

For The Year Ended 30 September 2025

Independent Examiner's Report to the Trustees of Ulster Federation of Credit Unions

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2025.

Responsibilities and Basis of Report

As the charity trustees (and also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to:

• examine the accounts under section 65 of the Charities Act;

• follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act;

• state whether particular matters have come to my attention.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent Examiner's Statement

I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.

My role is to state whether any material matters have come to my attention giving me cause to believe:

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Independent examiner’s statement

I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.

Brian Stewart

07/05/2026

RBCA Limited

Chartered Accountants

Linenhall Exchange
26 Linenhall Street
Belfast
BT2 8BG

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Ulster Federation of Credit Unions

Statement of Financial Activities (including Income and Expenditure Account)

For The Year Ended 30 September 2025

Statement of Financial Activities (including Income and Expenditure Account)

		2025	2024
		Unrestricted funds	Unrestricted funds
	Notes	£	£
INCOME AND ENDOWMENTS FROM:
Charitable activities:	3
Charitable Activity		97,136	106,171

EXPENDITURE ON:
Charitable activities:	4
Charitable Activity		(139,743 )	(120,043 )

NET EXPENDITURE		(42,607 )	(13,872 )


NET MOVEMENT IN FUNDS		(42,607 )	(13,872 )
RECONCILIATION OF FUNDS:
Total funds brought forward		217,952	231,824

TOTAL FUNDS CARRIED FORWARD	11	175,345	217,952

The notes on pages 7 to 11 form part of these financial statements.

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Ulster Federation of Credit Unions

Balance Sheet

As At 30 September 2025

Balance Sheet

		2025	2024
		Unrestricted funds	Total funds
	Notes	£	£
FIXED ASSETS
Tangible Assets	8	126,000	129,500

		126,000	129,500
CURRENT ASSETS
Debtors	9	27,612	26,782
Cash at bank and in hand		118,337	159,811

		145,949	186,593
Creditors: Amounts Falling Due Within One Year	10	(96,604 )	(98,141 )

NET CURRENT ASSETS (LIABILITIES)		49,345	88,452

TOTAL ASSETS LESS CURRENT LIABILITIES		175,345	217,952

NET ASSETS		175,345	217,952

FUNDS OF THE CHARITY
Unrestricted Funds		175,345	217,952

TOTAL FUNDS	11	175,345	217,952

For the year ending 30 September 2025 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

On behalf of the board

Mr William McKeown

Trustee

07/05/2026

The notes on pages 7 to 11 form part of these financial statements.

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Ulster Federation of Credit Unions

Notes to the Financial Statements

For The Year Ended 30 September 2025

Notes to the Financial Statements

1. General Information

Ulster Federation of Credit Unions is a company limited by guarantee, incorporated in Northern Ireland, registered number NI606891 and registered charity number 100693 . The registered office is Credit Union House, 218-220 Kingsway, Belfast, BT17 9AE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The charitable company is a Public Benefit Entity as defined by FRS 102.

2.2. Going Concern Disclosure

The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charitable company's ability to continue as a going concern.

2.3. Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

2.4. Incoming Resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• legacy income is recognised when receipt is probable and entitlement is established.

• income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

2.5. Resources Expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

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Ulster Federation of Credit Unions

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% Straight line
Fixtures & Fittings	20% Straight line
Computer Equipment	33% Straight line

2.7. Financial Instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

3. Income from Charitable Activities

	2025	2024
	Unrestricted funds £	Unrestricted funds £
Charitable Activity:
Affiliation fees	91,735	96,521
Other Income	576	48
Insurance commission received	-	4,000
Stationery income	75	102
Loan interest received	750	1,500
Rental income	4,000	4,000

	97,136	106,171

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Ulster Federation of Credit Unions

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

4. Analysis of Expenditure

	2025
	Support costs
	£
Charitable Activity	139,743

	2024
	Support costs
	£
Charitable Activity	120,043

5. Independent Examiner's Remuneration

	2025	2024
	£	£
Independent examination of the financial statements	1,650	1,500

6. Staff Costs

Staff costs were as follows:

	2025	2024
	£	£
Wages and salaries	90,770	71,416

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.

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Ulster Federation of Credit Unions

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

7. Average Number of Employees

Average number of employees during the year was: 2 (2024: 2)

8. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 October 2024	175,000	10,529	7,688	193,217

As at 30 September 2025	175,000	10,529	7,688	193,217

Depreciation
As at 1 October 2024	45,500	10,529	7,688	63,717
Provided during the period	3,500	-	-	3,500

As at 30 September 2025	49,000	10,529	7,688	67,217

Net Book Value
As at 30 September 2025	126,000	-	-	126,000

As at 1 October 2024	129,500	-	-	129,500

9. Debtors

	2025	2024
	£	£
Due within one year
Prepayments and accrued income	1,842	1,762
Other debtors	25,770	25,020

	27,612	26,782

10. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Other creditors	94,136	95,847
Accruals	2,468	2,294

	96,604	98,141

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Ulster Federation of Credit Unions

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

11. Movement in Funds

	As at 1 October 2024	Income	Expenditure	As at 30 September 2025
	£	£	£	£
Unrestricted funds
General:
General unrestricted fund	217,952	97,136	(139,743 )	175,345


Total funds	217,952	97,136	(139,743 )	175,345

	As at 1 October 2023	Income	Expenditure	As at 30 September 2024
	£	£	£	£
Unrestricted funds
General:
General unrestricted fund	231,824	106,171	(120,043 )	217,952


Total funds	231,824	106,171	(120,043 )	217,952

12. Transactions with Trustees

None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.

No trustee expenses have been incurred.

13. Related Party Disclosures

The UFCU Savings Protection Company Ltd is a related party due to common directors.

Included in creditors is an amount due from The UFCU Savings Protection Company Ltd of £94,136 (2024: £95,686)

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Ulster Federation of Credit Unions

Detailed Statement of Financial Activities (including Income and Expenditure Account)

For The Year Ended 30 September 2025

Detailed Statement of Financial Activities (including Income and Expenditure Account)

	2025	2024
	Total funds	Total funds
	£	£
INCOME AND ENDOWMENTS FROM:
Charitable Activities:
Charitable Activity
Affiliation fees	91,735	96,521
Other Income	576	48
Insurance commission received	-	4,000
Stationery income	75	102
Loan interest received	750	1,500
Rental income	4,000	4,000

	97,136	106,171

	97,136	106,171
EXPENDITURE ON:
Charitable Activities:
Charitable Activity
Wages and salaries	(90,770)	(71,416)
Travel expenses	(3,149)	(2,438)
Rates	(3,791)	(3,537)
Light and heat	(1,357)	(1,147)
Repairs and maintenance	(1,286)	(7,114)
Computer software, consumables and maintenance	(2,162)	(286)
Website design & hosting	(864)	(720)
Insurance	(2,902)	(2,908)
Stationery	(1,153)	(1,627)
Telecommunications and data costs	(1,882)	(1,406)
Independent examiner's fees	(1,650)	(1,500)
Legal and professional fees	(9,701)	(5,312)
Annual general meeting	(5,700)	(4,355)
Shredbank facilities	(9,715)	(10,135)
Bank charges	(163)	(165)
Sundry expenses	2	(233)
Depreciation	(3,500)	(5,744)

	(139,743)	(120,043)

	(139,743)	(120,043)

NET EXPENDITURE	(42,607)	(13,872)

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Trustees	Ms Belinda Selina Reid
	Mr William McKeown
	Mrs Natalie Elizabeth Pauline McComb - Secretary
	Mr William Ian Brown
	Mr William Carnwath
	Mr William John Carter
	Mr Derrick Meryvn James Graham
	Mr Balfour Robert Hoey
	Mr Robert John Lennox
	Mr Alastair Marsden
	Mr Alison Mckay


Charity Number	100693

Company Number	NI606891

Registered Office	Credit Union House
	218-220 Kingsway
	Belfast
	BT17 9AE

Independent Examiner	Brian Stewart
	RBCA Limited
	Chartered Accountants
	Linenhall Exchange 26 Linenhall Street Belfast BT2 8BG