UCI_GP_III_Limited

UCI GP III Limited

Directors' report for the period ended 31 December 2025

The directors present their report and the audited financial statements of the company for the period ended 31 December 2025.

Basis of preparation

The financial statements of UCI GP Limited have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, “The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland'' (‘‘FRS 102'') and the Companies Act 2006. The company has prepared accounts on a basis other than going concern on the basis that the directors approved the activity of the company to cease by 31 August 2025.

Principal activities and Business review

The principal activity of the company is that of fund management. The directors consider the results for the year and the position of the company at the year-end to be satisfactory.

Funding

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual report and financial statements. The directors are satisfied that sufficient funding is in place to ensure that the company remains a going concern for 12 months from the date of signing this report.

Results and dividends

The company had a result of £NIL in the financial period . The directors do not recommend the payment of a dividend.

Directors

The directors who held office during the year are listed on page 1.

Donations

The company made no charitable donations during the period. No donations for political purposes were made during the period.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with

applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law).

Under company law, directors 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 company and of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;

make judgements and accounting estimates that are reasonable and prudent; and

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

UCI GP III Limited

Directors' report for the period ended 31 December 2025 (continued)

Statement of directors' responsibilities (continued)

The directors are responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.

Statement of disclosure of information to auditors

In so far as each of the directors in office at the date of approval of these financial statements is aware:

there is no relevant audit information of which the company's auditors are unaware; and

they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Small companies' exemption

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

Independent auditors

The auditors, Grant Thornton (NI) LLP, have indicated their willingness to continue in office, and a resolution concerning their reappointment will be proposed at the Annual General Meeting.

On behalf of the Board

Mr S O'Prey

Director

18 June 2026

UCI GP III Limited

Independent auditors' report to the members of UCI GP III Limited

Opinion

We have audited the financial statements of UCI GP III Limited (“the company”), which comprise the Profit or loss account, Statement of changes in equity and the Balance sheet for the financial period ended 31 December 2025, and the related notes to the financial statements, 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).

In our opinion, UCI GP III Limited's financial statements:

give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2025 and of its financial performance for the financial period then ended; and

have been properly prepared in accordance with the requirements of the Companies Act 2006.

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 ‘Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances for the entity. 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 departure from the going concern basis of accounting

In auditing the financial statements, we have concluded that the directors' use of 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 Company's ability to continue as a going concern for a period of at least twelve months from the date 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.

Other information

Other information comprises information included in the annual report, other than the financial statements and our auditor's report thereon, including the Directors' Report. The directors are responsible for the other information. 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.

In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

UCI GP III Limited

Independent auditors' report to the members of UCI GP III Limited (continued)

Opinions on other matters prescribed by the Companies Act 2006

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

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors' Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements and the part of the Directors' remuneration report to be audited are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a Strategic Report or in preparing the Directors' Report.

Responsibilities of management and those charged with governance for the financial statements

As explained more fully in the Directors' responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, FRS 102, and for such internal control as directors determine necessary to enable the preparation of financial statements are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the 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 management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements

The objectives of an auditor 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 auditor's report that includes their 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.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

UCI GP III Limited

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Independent auditors' report to the members of UCI GP III Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Financial Conduct Authority, Employment Law, Environmental Regulations and Health and Safety laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statement.

In response to these principal risks, our audit procedures included but were not limited to:

enquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;

inspection of the company's regulatory and legal correspondence and review of minutes of director's meetings during the year to corroborate inquiries made;

gaining an understanding of the internal controls established to mitigate risk related to fraud;

discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;

identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;

designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;

challenging assumptions and judgements made by management in their assessment of significant accounting estimates, including recoverability of investments; and

review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

the Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the 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 company's members those matters we are required to state to them in an auditor's 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

UCI GP III Limited

Nikita Lynn (Senior Statutory Auditor)

For and on behalf of

Grant Thornton (NI) LLP

Chartered Accountants & Statutory Auditors

Belfast

Date:18th June2026

UCI GP III Limited

Profit and loss account for the period ended 31 December 2025

2025

Note

Turnover

323,112

Gross profit

323,112

Net operating expenses

(323,112)

Result before taxation

Tax on result

Result for the financial year

All amounts above relate to continuing operations of the company.

UCI GP III Limited

Balance sheet as at 31 December 2025

2025

Note

Fixed assets

Investments

29,250

Current assets

Debtors: amounts falling due within one year

840

Cash at bank and in hand

424

Creditors: amounts falling due within one year

(30,414)

Net current liabilities

(30,414)

Net assets

100

Capital and reserves

Called up share capital

100

Profit and loss account

Total shareholders' funds

100

The financial statements on pages 10 to 13 were approved by the board on the

18th June 2026

and were signed on its behalf by:

Mr S O'Prey

Director

The notes on pages 10 to 13 form part of these financial statements.

Registered number: NI 614689

Ulster Community Investment GPIII Limited

Registered number: NI724360

UCI GP III Limited

Statement of changes in equity for the period ended 31 December 2025

Total shareholders' funds

Called up share capital

Profit and loss

account

Balance at 1 January 2025

100

Result for the financial year

Total comprehensive income for the year

Balance at 31 December 2025

100

UCI GP III Limited

Notes to the financial statements for the period ended 31 December 2025

General information

The principal activity of the company is that of fund management.

The company is a private company limited by shares and incorporated in the United Kingdom. The address of the registered office is 6th Floor Glengall Exchange, 3 Glengall Street, Belfast, Co Antrim, Northern Ireland, BT12 5AB.

Statement of compliance

The financial statements of UCI GP III Limited have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, ‘‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland'' (‘‘FRS 102'') and the Companies Act 2006. The financial statements have been prepared on a basis other than going concern please refer to disclosure below.

Consolidation

These financial statements contain information about the company as an individual company and do not contain consolidated financial information as the parent undertaking of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included in the financial statements of the parent undertaking, Ulster Community Investment Trust Limited.

Going Concern

These financial statements have been prepared on a going concern basis as the company's ultimate parent has stated their willingness to continue to support the subsidiary.

The directors are satisfied that sufficient funding is in place to ensure that the company remains a going concern for 12 months from the date of signing this report.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The company has adopted FRS 102. The functional and presentational currency is pound sterling.

(a)

Disclosure exemptions

The company has made use of exemptions available under FRS 102 in relation to disclosure of cash flow statements, payments to key management personnel, related party transactions with and between wholly-owned subsidiaries, and financial instruments.

(c)

Turnover

Turnover relates to fund management fees and income is located in the United Kingdom.

(e)

Investments

Fixed asset investments are stated at their purchase cost less any provision for impairment. Impairment reviews are performed when there has been an indication of potential impairment.

(f)

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held on call with banks.

(g)

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

(h)

Distributions to equity holders

Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the year in which the dividends and other distributions are approved by the company's shareholders. These amounts are recognised in the Statement of changes in equity.

UCI GP III Limited

Notes to the financial statements for the period ended 31 December 2025 (continued)

Critical accounting judgements and estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(a) Critical judgements in applying the entity's accounting policies

There are no critical judgements in applying the entity's accounting policies.

(b) Critical accounting estimates and assumptions

Carrying value of investments

Investment in subsidiary undertakings is measured at cost less accumulated impairment. Where there is an indication of impairment the recoverable amount is estimated and compared with the carrying amount. The estimate of recoverable amount is considered in light of the trading and balance sheet strength of the subsidiary together with the director's best estimate of future performance of the subsidiary.

Turnover

All turnover relates to the company's main activity which is carried out in the United Kingdom.

Net operating expenses

2025

Administrative expenses

323,112

There were no staff and therefore no staff costs during the year and the directors had no emoluments. There is no key management personnel in the current of previous financial year. The audit fees are borne by the group company.

Tax on result

2025

Corporation tax

Current tax on result for the year

Tax on result for the financial year

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 19% (2023 – 19%) as set out below:

2025

Result before taxation

Result before taxation multiplied by standard rate of corporation tax in the UK of 19% (2023 – 19%)

Losses carried forward

Tax refund from previous year

Total tax refund for the year

UCI GP III Limited

Notes to the financial statements for the period ended 31 December 2025 (continued)

Investments

Total

Cost

At 31 December 2025

29,250

Net book amount

At 31 December 2025

29,250

At 31 December 2025 the company had an investment as detailed below.

0.5% holding

Activity

Registered office

NI Small Business Loan Fund LP III

6th Floor Glengall Exchange, 3 Glengall Street, Belfast, Co Antrim, Northern Ireland, BT12 5AB

Lending to small businesses

Creditors: amounts falling due within one year

2025

Amounts owed to group undertakings

29,574

Amounts owed to group undertakings are unsecured, interest-free and are repayable on demand.

7 Called up share capital

2025

Allotted, called up and fully paid

100 ordinary shares of £1 each

100

Total share capital

100

8 Ultimate controlling party

The ultimate controlling party of the company and the immediate parent is Ulster Community Investment Trust Limited (a registered society) and the financial statements are included in the consolidated financial statements of Ulster Community Investment Trust Limited which are publicly available. Consequently, the company has taken advantage of the exemption from preparing consolidated financial statements under the terms of the Companies Act 2006.

9 Related party disclosures

The company has taken advantage of the exemptions contained in FRS 102 not to disclose related party transactions with related parties that are wholly owned within the Ulster Community Investment Trust Limited group.

Registration number: NL000917

NISBLF III LP

Annual report and financial statements for the period ended 31 March 2026

Directors and advisers

Directors' report

Independent auditors' report to the members of UCI GP III Limited

Profit and loss account for the period ended 31 December 2025

Balance sheet as at 31 December 2025

NISBLF III LP

Annual report and financial statements for the period ended 31 March 2026

Contents

Pages

Partners and advisers

2 - 3

Report to the partners of NISBLF III LP

4 - 6

Independent auditors' report to the members of NISBLF III LP

Profit and loss account

Balance sheet

Statement of changes in equity

10 - 12

Notes to the financial statements

NISBLF III LP

Partners and advisors

Partners

Invest Northern Ireland UCI GP III Limited UCI FP Limited

Registered office

6th Floor Glengall Exchange 3 Glengall Street

Belfast BT12 5AB

Independent auditors

Grant Thornton (NI) LLP

Chartered Accountants & Statutory Auditors 12 – 15 Donegall Square West

Belfast BT1 6JH

Bankers

First Trust Bank

35 University Road Belfast

BT7 1NH

Registered number

NL000917

Date of registration

13 January 2025

NISBLF III LP

Report to the partners of NISBLF III LP

The Partners present their annual report and the audited financial statements for the period ended 31 March 2026.

The partnership commenced during the period

Basis of preparation

The financial statements of NISBLF III LP have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, “The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland'' (‘‘FRS 102'') and the Companies Act 2006, as applied to qualifying partnerships by the Partnerships (Accounts) Regulations 2008.

Principal activities and Business Review

NISBLF III LP ("the LP") is a Limited Partnership. The LP's principal activity is to carry on the business of a lender and in particular identifying, evaluating, negotiating, making, securing, monitoring, and realising loans to start-up and growth businesses, social enterprises, companies and other entities in the small, micro and medium size range. The partners consider the results for the year and the position of the limited partnership at the year-end to be satisfactory.

Funding

The partners have a reasonable expectation that the Partnership has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual report and financial statements. The partners are satisfied that sufficient funding is in place to ensure that the company remains a going concern for 12 months from the date of signing this report.

Results for the year and allocation to partners

The loss for the financial period ended 31 March 2026 is set out in the profit and loss account on page 7.

Partners

The following were partners during the year and up to the date of signing the financial statements. Partners are designated members for the purposes of section 8 of the Limited Partnerships Act 2000.

Invest Northern Ireland UCI GP III Limited UCI FP Limited

NISBLF III LP

Report to the partners of NISBLF III LP (continued)

Policy with respect to partners' drawings and subscription and repayment of partners' capital

The LP shall make distributions of profits on account to partners throughout the accounting year. However, no partner shall receive any distribution on account of profits in excess of such partner's cumulative share of profits. If any such amount has been exceeded, the Partner in question shall account to the LP for that excess as soon as is reasonably practicable thereafter.

The partners determine the amount of capital contributions following a review of the capital needs of the business. Capital is normally repayable to the Partner on retirement or resignation of the member.

Statement of partners' responsibilities

The partners are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the partners to prepare financial statements for each financial year. Under that law the partners have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law). Under company law the partners 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 qualifying partnership and of the profit or loss of the qualifying partnership for that year.

In preparing the financial statements, the partners are required to:

select suitable accounting policies and then apply them consistently;

state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;

make judgements and accounting estimates that are reasonable and prudent; and

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

The partners are responsible for keeping adequate accounting records that are sufficient to show and explain the qualifying partnership's transactions and disclose with reasonable accuracy at any time the financial position of the qualifying partnership and enable them to ensure that the financial statements comply with the Companies Act 2006.

The partners are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in the partners' reports may differ from legislation in other jurisdictions.

The partners are also responsible for safeguarding the assets of the qualifying partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NISBLF III LP

Disclosure of information to auditors

In so far as each of the persons who is a partner at the date of approval of this report is aware:

there is no relevant audit information of which the limited partnership's auditors are unaware; and

they have taken all the steps that they ought to have taken as partners in order to make themselves aware of any relevant audit information and to establish that the limited partnership's auditors are aware of that information.

The auditors, Grant Thornton (NI) LLP have indicated their willingness to continue in office. A resolution to re-appoint them will be proposed at the annual general meeting.

Approval

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 as applicable to limited partnerships.

Approved by the Partners and signed on their behalf by:

UCI GP III Limited (Séamus O'Prey)

Partner

11th June 2026

NISBLF III LP

Independent auditors' report to the members of NISBLF III LP

Opinion

We have audited the financial statements of NISBLF III LP(the “Partnership”), which comprise the Profit and loss account, the Balance sheet and the Statement of Changes in Equity for the period ended 31 March 2026, and the related notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in the preparation of the financial statements is applicable law FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, NISBLF III LP's financial statements:

give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Partnership as at 31 March 2026 and of its financial performance for the year then ended; and

have been properly prepared in accordance with the provisions of the Limited Partnership Agreement.

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 ‘Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances for the Partnership. 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 departure from the going concern basis of accounting

In auditing the financial statements, we have concluded that the partners' use of going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have no identified any material uncertainties relating to events or conditions that, individually or collectively, may case significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

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

Other information

Other information comprises information included in the Annual report, other than the financial statements and our auditor's report thereon, including the Report to the Partners. The Partners are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

NISBLF III LP

Independent auditors' report to the members of NISBLF III LP (continued)

there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Responsibilities of management and those charged with governance for the financial statements

As explained more fully in the Partners' responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, FRS 102, and for such internal control as partners determine necessary to enable the preparation of financial statements are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the partnerships ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the limited partnership or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the limited partnership's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the limited partnership and industry, we identified that the principal risks of non-compliance with laws and regulations related to Employment Law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions.

NISBLF III LP

Independent auditors' report to the members of NISBLF III LP (continued)

We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

In response to these principal risks, our audit procedures included but were not limited to:

inspection of the Partnership's regulatory and legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made;

gaining an understanding of the internal controls established to mitigate risk related to fraud;

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;

designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;

challenging assumptions and judgements made by management in their significant accounting estimates, including provisions for loans due from small businesses; and

review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the limited partnership's partners, as a body, in accordance accordance with the terms of our engagement. Our audit work has been undertaken so that we might state to the limited partnership's partners those matters we are required to state to them in an auditor's 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 limited partnership and the limited partnership's partners as a body, for our audit work, for this report, or for the opinions we have formed.

Nikita Lynn (Senior Statutory Auditor)

For and on behalf of

Grant Thornton (NI) LLP

Chartered Accountants & Statutory Auditors Belfast

Date: 11/06/2026

NISBLF III LP

Profit and loss account for the period ended 31 March 2026

Notes

2026

39,268

Turnover

418,733

Administrative expenses

379,465

Operating loss

Loss for the financial year before partners' remuneration and profit shares available for discretionary division among partners

All results derive from continuing operations.

NISBLF III LP

Balance sheet as at 31 March 2026

2026

Notes

Current assets

1,060,759

Debtors: amounts falling due after more than one year

328,971

Debtors: amounts falling due within one year

266,705

Cash at bank and in hand

1,656,435

(6,634)

Creditors: amounts falling due within one year

1,649,801

Net current assets

1,649,801

Net assets attributable to partners

Equity and reserves

Partners' capital

1,649,727

Other reserves

1,649,801

Total partners' interests

These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

The financial statements on pages 7 to 12 were approved on by the Partners on 11th June 2026 and signed on their behalf by:

UCI GP III Limited (Séamus O'Prey)

Partner

NISBLF III LP

Registered number: NL000690

NISBLF III LP

Statement of changes in equity for the period ended 31 March 2026

Partners'

Total partners' interests

Other Reserves

capital

2,029,266

2,029,192

Partners' interests at 13 January 2025

(379,465)

Loss for the financial year

(379,465)

1,649,801

Partners' interests at 31 March 2026

1,649,727

NISBLF III LP

Notes to the financial statements for the period ended 31 March 2026 (continued)

General information

The principal activity of the limited partnership is that of fund management. The address of the registered office is 6th Floor Glengall Exchange, 3 Glengall Street, Belfast, BT12 5AB.

Statement of compliance

The financial statements of NISBLF III LP have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, ‘‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland'' (‘‘FRS 102'') and the Companies Act 2006, as applied to qualifying partnerships by the Partnerships (Accounts) Regulations 2008.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated. The limited partnership has adopted FRS 102.

(a)

Turnover

Turnover, which excludes value added tax, represents interest due on loans provided after provisions as well as interest due from bank deposits during the year.

(b)

Expenses

Expenses are charged on an accruals basis and consist of portfolio management fees, costs of loan recovery, and other costs consistent with management of a commercial portfolio.

(c)

Debtors

Debtors are stated after all known bad debts have been written off and specific provision has been made against all debts considered doubtful of collection.

(d)

Creditors

Creditors consist of amounts owed in the normal course of business and are paid as the fall due.

(e)

Partners' remuneration

A partner's share in the profit or loss for the year is accounted for as an allocation of profits and becomes due to the partners at the point at which the profit or loss is divided. Unallocated profits and losses are included within ‘Other reserves'.

(f)

Cash flow statement

The limited partnership is exempt from the requirement to publish a cash flow statement under FRS 102.

(g)

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks.

NISBLF III LP

Notes to the financial statements for the period ended 31 March 2026 (continued)

Critical accounting judgements and estimation uncertainty

(a)

Critical judgements in applying the entity's accounting policies

None noted.

(b)

Critical accounting estimates and assumptions

Provisions for loans due from small businesses

Management apply certain estimates in determining the recoverable amount due from small businesses in respect of loans advanced at the year end. These estimates are made based on the knowledge of the client and historical trends. Provisions are made on a percentage basis which is applied to total amount due at the year end.

Information in relation to partners

The average monthly number of partners during the period was 3 (2022: 3).

Operating loss

2026

Operating loss is stated after charging:

5,808

Fees payable to the partnership auditors for the audit of the financial statements

Employee information

The limited partnership had no full time employees during the period

NISBLF III LP

Notes to the financial statements for the period ended 31 March 2026 (continued)

Debtors

2026

Amounts falling due after less than one year

320,546

Loans to small businesses

8,425

Prepayments and accrued income

328,971

Amounts falling due after more than one year

1,060,759

Loans to small businesses

1,389,730

Total debtors

These loans are made to small businesses with a fixed interest rate of between 6% and 8% charged on a flat rate, and are after provisions of £nil.

Creditors: amounts falling due within one year

2026

6,634

Accruals

6,634

Total creditors

NISBLF III LP

Notes to the financial statements for the period ended 31 March 2026 (continued)

Financial instruments

2026

Financial assets held at amortised cost

1,381,305

Loans to small businesses

8,425

Prepayments and accrued income

1,389,730

2026

Financial liabilities held at amortised cost

6,634

Accruals and deferred income

Related party transactions

Ulster Community Investment Trust Limited, Ulster Community Investment Trust (Ireland), Ulster Community Finance Limited, UCI GP Limited, UCI GP II Limited, NI Small Business Loan Fund LP, UCI GP III Limited, and UCI FP Limited are related parties as defined by FRS 102 as they have common ownership.

Nature of transaction

2026

Payment of management fees to related party

412,812

Financial commitments

The limited partnership had loan commitments amounting to £145,000 at the year-end

Ultimate controlling parties and parent undertaking

The limited partnership's immediate parent undertakings are Invest Northern Ireland, UCI GP III Limited, and UCI FP Limited. There is deemed to be no ultimate controlling party.