Company reglslratlon number: N1607099 Solas Trust Company limited by guarantee Unaudited financial statements 30 Aprll 2023 E￿n P. McGrady & Co. a-.4¥fC a￿ar:a￿tS & Registered Auditors BTX ciP Tel: 028 4461 4340 Emad: eamonnmcgrady@yahoo.com Solas Trust Company limited by guarantee Contents Page Directors and other information Directors report Accountanl's report Stalement of comprehensive income Statement of financial position Notes to the financial statements 7-10 Solas Trusl Company limited by guarantee Directors and other infomlation Directors Mr Mike Oman Mrs Ros Oman Mr Keith Lockhart Mrs Helen Cupples Company number N1607099 Registered office 21 a Mart(et Street Downpatrick Co Down BT30 6LP Accountant Eamonn P. McGrady & Co. 21 a Markel Street Downpatrick Co Down BT30 6LP Bankers The Co-operalive Bank plc PO Box 101 Balloon Street Manchester M60 4EP Danske Bank 37-39 Bridge Street Banbridge Co Down BT32 3JL Page 1 Solas Trust Company Ilmlled by guaranlee Directors report Year ended 30 April 2023 The directors present their report and the unaudiled financial statements of the company for the year ended 30 April 2023. Direclors The directors who seNed the company during the year were as follows: Mr Mike Oman Mrs Ros Oman Mr Keith Lockhart Mrs Helen Cupples Small company provlslons This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. This rewrt was approved by the board of directors on 18 October 2023 and signed on behalf of the board by: Mrs Ros Oman Director Page 2 Solas Trust Company limited by guarantee Report to the board of directors on the preparation of the unaudited statutory financial slatements of Solas Trust Year ended 30 April 2023 In order to assist you to fulfil your duties under the Companies Act 2006.1 have prepared for your approval the financial statements of Solas Trust for the year ended 30 April 2023 which comprise Ihe statement of comprehensive income. slatement of financial posilion and related notes from the company's accounting records and from information and explanations you have given me. As a practising member of Chartered Accountants Ireland . l am subject to its ethical and other professional requirements which are detailed at vrnw.charteredaccountants.ie. This report is made solely to the board of directors of Solas Trust, as a body, in accordance with the lerms ol my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Solas Trusl and stale those matters thal we have agreed lo stale lo Ihe board of directors of Solas Trust as a body, in this report in accordance wilh the requirements ol Chartered Accountants Ireland as detailed at Mvw.charteredaccountants.ie. To the fullest extent permitted by law, I do nol accept or assume responsibility lo anyone other than Solas Trust and its board of directors as a body for my work or for this report. It is your duty to ensure that Solas Trusl has kept adequate accounting records and to prepare slalutory financial stalements that give a true and fair view of the assels, liabilities. financial position and profit of Solas Trust. You consider that Solas Trust is exempt from the statutory audit requirement for the year. I have not been instructed to carry out an audit or a review of the financial statements of Solas Trust. For this reason, I have not verified Ihe accuracy or completeness of the accounting records or information and explanations you have given to me and I do nol. Iherelore. express any opinion on the statulory financial statements. Eamonn P. McGrady & Co. Chartered Accountants & Registered Auditors 21 a Market Street tbwnpatrick Co Down BT30 6LP 18 Oclober 2023 Page 3 Solas Trust Company Ilmlted by guaranlee Stalement of comprehensive income Year ended 30 April 2023 2023 2022 Note Restricted Unrestricted Funds Funds Total Funds Total Funds Turnover 79,042 79,042 51,218 Cost of fundraising Administrative expenses 17,051 } {35,2461 17,051) {35,246) (7,3491 {27,693) Operating profit 36,745 36,745 16,176 Other interest receivable and similar income Interest payable and similar expenses 36 36 Profit before taxation 36.781 36,781 16.177 Tax on prolit Profitl{loss) for the linanclal year and total comprehensive income 36,781 36,781 16,177 All the activities of the company are from continuing operations. .0 The notes on pages 7 10 10 form part of these financial slatements. Page 4 Solas Trust Company limited by guarantee Statement ol financial position 30 April 2023 2023 2022 Note Fixed assets Tangible assels 113.239 103,885 113,239 103,885 Current assets Debtors Cash at bank and in hand 26,795 9,707 2,268 8,097 36,502 10,365 Credilors: amounls falling due within one year (3.04n {4,33n Net currenl assets 33,455 6,028 Total assets1￿5 current liabilities 146.694 109,913 Net assets 146.694 109,913 Capllal and reserves Profit and loss account 146,694 109,913 Members funds 146,694 109,913 For the year ending 30 April 2023 the company was ents'tled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors responsibilities: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476,. The directors acknowledge Iheir responsibilities for complying wf(h the requirements of the Act with respect to accounting records and the preparation of financial slatements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to Ihe small companies. regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. The notes on pages 7 10 10 forni part of these financial statements. Page 5 Solas Trusl Company limited by guarantee Statement of linanclal position (continued) 30 April 2023 These financial statemenls were approved by the board of direclors and aulhorised for issue on 18 October 2023, and are signed on behalf ol Ihe board by: Mr Mike Oman Director Company registration number: N1607099 The notes on pages 7 to 10 form part of these financial slatemenls. Page 6 Solas Trust Company limited by guarantee Notes to the financial statements Year ended 30 April 2023 General information The company is a private company limited by guarantee, registered in Northern Ireland. The address ol the registered off ice is 21 a Market Street, Downpatrick. Co Down, BT30 6LP. Statement of compllance These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. The Triennial review 2017 amendments to the standard have been adopted. Accounting policies Basis ol preparation The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assels and liabilities and investment properties measured al fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Turnover Turnover is measured at the fair value of the consideration received or receivable for goods supplied and seNices rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods)., the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to Ihe entity: and the costs incurred or to be incurred in respect of Ihe transactions can be measured reliably. Taxation The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in Ihe statement of comprehensive income. except to the extent that il relales to items recognised in olher comprehensive income or directly in capital and reserves. In this case, tax is recognise(l in other comprehensive income or directly in capilal and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expecled to pay or recover using the tax rales and laws that have been enacled or subslantively enacled at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised lo the extent that il is probable that they will be recovered against the reversal of deferred tax liabililies or other future taxable profits. Deferred tax is measured using the lax rates and laws that have been enacled or subslantively enacted by the reporting date that are expected to apply to the reversal of the liming difference. Page 7 Solas Trust Company limited by guarantee Notes lo the financial statements (continued) Year ended 30 Aprll 2023 Tangible assets Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulaled depreciation and impairment losses. Any tangible assets carried at revaiued amounts are recorded at the fair value at the dale of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reseNes. except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result ol revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital arKJ reserves in respect of that asset, the excess shall be recognised in profit or loss. DeprecSatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value. over Ihe useful economic life of that asset as follows: If there is an indicalion Ihat there has been a significant change in depreciation rale, useful lrfe or residual value of tangible assets. the depreciation is revised prospectively to reflect the new eslimales. Impairmenl A review lor indicators of impairment is carried out at each reporting date, wth Ihe recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amounl, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting dale. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assels thal includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Page 8 Solas Trust Company limiled by guarantee Notes to the flnancial statements (continued) Year ended 30 April 2023 Financlal Instruments A financial asset or a financial liability is recognised only when the company becomes a party lo the contractual provisions of the instrument. Basic financial instrumenls are inilially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at Ihe presenl value of the future payments discounted at a markel rate of inleresl for a similar debt instrument. Debl instruments are subsequenlly measured at amortised cost. Where investmenls in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can olherwise be measured reliably, the investment is subsequently measured at fair value wilh changes in fair value recognised in profit or loss. All olher SUGh investments are subsequently measured at cost less impairment. Other linanciai inslruments, including derivatives, are initially recognised al lair value, unless payment for an asset is deferred beyond normal business terms or financed al a rate of interest thal is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a markel rate of inleresl for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cosl are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial assel that exceeds what the carrying amount would have been had the impairment nol previously been recognised. Llmlted by guarantee Solas Trust is limited by guarantee and therefore does not have a share capital. Employee numbers The average number of persons employed by the company during the year arnounted to Nil {2022: Nil). Profit before taxation Profit before taxation is stated after chargingllcrediting): 2023 2022 Depreciation of tangible assets 300 Page 9 Solas Trust Company limited by guaranlee Notes to the financial statements (continued) Year ended 30 April 2023 Tanglble assels Long Fixlures, leasehold fittings and propety equipment Total Cost At 1 May 2022 Additions 103,885 8.754 8.273 900 112,158 9,654 AI 30 April 2023 DeP￿Cl8t10n At 1 May 2022 Charge for the year 112.639 9.173 121,812 8,273 300 8,273 300 At 30 April 2023 8,573 8,573 Carrying amount At 30 April 2023 112,639 600 113,239 At 30 April 2022 103,885 103,885 Debtors 2023 2022 Other debtors 26,795 2,268 Credltors: amounts falling due within one year 2023 2022 Other creditors 3.047 4,337 Page 10