The Flax Trust

Ulster Community Investment Trust 2013

Chairman’s report 2013

It was my privilege to take over as Chairman of UCIT (Ireland) last year and I am very pleased to report that 2013 has again been a success. Despite ongoing difficult economic conditions we have continued to grow our operations and reputation as one of the leading social finance providers in the Republic of Ireland.

During the year UCIT (Ireland) approved loans of €3.16m for Charities, Community Organisations and Social Enterprises in the Republic of Ireland. Our business continues to grow and during the year an additional member of Staff has been employed with more to be employed in the coming year achat viagra livraison rapide. I would once again thank the Social Finance Foundation for their invaluable support which has allowed our business to grow rapidly. It is now the fastest growing division within our group.

I am pleased to report our financial liquidity remains strong and with careful management of the portfolio impaired loans were kept to a minimum. However to grow our business and expand in line with our strategy and provide for the future needs of the sector we continue to seek out further capital sources.

Finally I would like to mention my fellow board members who give of their time so freely and to thank them for their support, enthusiasm and counsel and in particular the outgoing Chair, for his hard work and guidance over a period of 5 years. During the year we have had a number of changes to the Board and I would like to welcome two new Directors, Paddy Harte and Henry Brennan, who have joined our UCIT (Ireland) Ltd Board.

I would also like to thank the Staff for their hard work and dedication during the year and also to report two new senior appointments. Harry McDaid has been appointed as UCIT’s Group Chief Executive and Barry Connolly as the new Finance Director. Harry brings with him many years of experience in banking and business at a very senior level while Barry is a Chartered Accountant and worked in both private and public sectors. I would like to welcome both of them to the UCIT Team and I am confident their knowledge and experience will help us build on the successes of the organisation and to achieve our ambitions into the future.

Dermot McGale, Chairman,

Ulster Community Investment Trust (UCIT)