Company registration number: NI607099
Solas Trust Company limited by guarantee Unaudited financial statements
30 April 2025
Charity registration number: NIC101627
Eamonn P McGrady & Co
Chartered Accountants & Registered Auditors 4-6 Market Lane
Downpatrick Co Down BT30 6TH
Tel: 628 4461 4340 Email: eamonnmegrady@yahoo,com
Solas Trust Company limited by guarantee
| Contents | ||
|---|---|---|
| Page | ||
| Directors and other information | 1 | |
| Directors report | 2 | |
| Accountant's report | 3 | |
| Statement ofcomprehensive income | 4 | |
| Statement of financial position | 5-6 | |
| Notestothefinancialstatements | 7-10 |
Solas Trust Company limited by guarantee
Directors and other information
Directors
Mr Dominic Griffith (Appointed 5 December 2024) Mrs Helen Cupples Mr Keith Lockhart (Resigned 14 June 2025) Mr Mike Oman (Resigned 5 December 2024) Mrs Ros Oman (Resigned 5 December 2024) Mrs Sandra Johnston (Appointed 5 December 2024) Mr Vincent Leighton (Appointed 5 December 2024)
Secretary Company number number
Mr Mike Oman
Company number number Ni607099 Registered office 45 Cloghskelt Road Ballyward Castlewellan Co Down BT31 9QF
Accountant Eamonn P. McGrady & Co. 4-6 Market Lane Downpatrick Co Down BT30 6TH Bankers The Co-operative Bank pic PO Box 101 Balloon Street Manchester M60 4EP Danske Bank 37-39 Bridge Street ; Banbridge Co Down BT32 3JL
Page 1
Solas Trust
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Company limited by guarantee
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Directors report
Year ended 30 April 2025
The directors present their report and the unaudited financial statements of the company for the year ended 30 April 2025.
Directors
The directors who served the company during the year were as follows:
| Mr Dominic Griffith | (Appointed 5 December2024) |
|---|---|
| Mrs Helen Cupples | |
| Mr Keith Lockhart | (Resigned 14June2025) |
| Mr MikeOman | (Resigned5December2024) |
| Mrs RosOman | (Resigned 5December2024) |
| Mrs SandraJohnston | (Appointed 5 December 2024) |
| MrVincentLeighton | (Appointed5December2024) |
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption,
This report was approved by the board of directors on 25 July 2025 and signed on behalf of the board by:
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bay
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Mr Mike Oman
Secretary
TRL Director
Page 2
Solas Trust
Company limited by guarantee
Statement of comprehensive income Year ended 30 April 2025
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Note | £ | o | ||||
| Restricted | Unrestricted | Total | Total | |||
| Funds | Funds | Funds | Funds | |||
| Income | : | 33,934 | 33,934 | 170,587 | ||
| Cost of fundraising | - | (8,725) | (8,725) | (7,291) | ||
| Administrative expenses | : | (29,759) | (29,759) | (33,100) | ||
| Operating (loss)/profit | - | (4,550) | (4,550) | 130,196 | ||
| Other interest receivableand similar income (Loss)/profit beforetaxation |
6. | . - |
382 (4,168) |
382 (4,168) |
347 130,543 |
|
| Tax on (loss)/profit | - | (73) | (73) | (66) | ||
| (Loss)/profit forthe financialyearandtotal | (4,241) | (4,241) | 130,477 | |||
| comprehensive income | ° | 2 |
All the activities of the company are from continuing operations.
The notes on pages 7 to 10 form part of these financial statements.
Page 4
Solas Trust
Company limited by guarantee
Statement of financial position 30 April 2025
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2025 2024
Note £ £ £ £
Fixed assets
Tangible assets 7 139,395 133,667
139,395 133,667
Current assets
Debtors 8 118,034 114,000
Cash at bank and in hand 17,233 30,669
135,267 144,669
Creditors: amounts falling due
within one year 9 (1,732) (1,165)
Net current assets 133,535 143,504
Total assets less current liabilities 272,930 277,171
Net assets 272,930 277,171
Capital and reserves
Restricted funds 120,000 120,000
Unrestricted funds 152,930 157,171
Members funds 272,930 277,171
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For the year ending 30 April 2025 the company was entitled 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime and in accordance with Section 1A of FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Iretand’.
The notes on pages 7 to 10 form part of these financial statements.
Page 5
Solas Trust Company limited by guarantee
Statement of financial position (continued) 30 April 2025
These financial statements were approved by the board of directors and authorised for issue on 25 July 2025, and are signed on behalf of the board by:
GM Director
Company registration number: NI607099
The notes on pages 7 to 10 form part of these financial statements.
Page 6
Solas Trust
Notes to the financial statements Year ended 30 April 2025
Company limited by guarantee
te General information
The company is a private company limited by guarantee, registered in Norther Ireland. The address of the registered office is 45 Cloghskelt Road, Ballyward, Castlewellan, Co Down, BT3t SOF.
2. Statement of compliance
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’.
3 Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at 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 services 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 the entity; and the costs incurred or to be incurred in respect of the 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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital 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 expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted 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 to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deterred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Page 7
Solas Trust
Company limited by guarantee
Notes to the financial statements (continued) Year ended 30 April 2025
Tangible assets Tangible assets are initially recorded at cost, and are subsequently stated al cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date 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 reserves, 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 of 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 and reserves in respect of that asset, the excess shall be recognised in protit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic fife of that asset as follows: if there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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Solas Trust Company limited by guarantee Notes to the financial statements (continued) Year ended 30 April 2025
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference 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 profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest 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 cost 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 asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited 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 amounted to Nil (2024: Nil}.
6. Loss/profit before taxation
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Loss/profit before taxation is stated after charging/(crediting):
2025 2024
£ £
Depreciation of tangible assets x 4,005 1,754
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Page 9
Solas Trust
Company limited by guarantee
Notes to the financial statements (continued) Year ended 30 April 2025
yf Tangible assets
| yf | Tangible assetsassets | |||||
|---|---|---|---|---|---|---|
| yf | Tangible assetsassets | Long leasehold _ property |
Fixtures, fittings and equipment |
Motor vehicles |
Total | |
| £ | £ | £ | E | |||
| Cost | ||||||
| At 1 May2024 Additions |
130,802 4,779 |
13,192 909 |
: 4,045 |
143,994 9,733 |
||
| At30April2025 | 135,581 | 14,101 —— |
4,045 — |
153,727 = - |
||
| - | ||||||
| a | ||||||
| At 1 May2024 | . | 10,327 | - | 10,327 | ||
| Charge fortheyear | : | 2,657 | 1,348 | 4,005 | ||
| At 30 April2025 | : | 12,984 | 1,348 | 14,332 | ||
| Carryingamount At30April2025 |
a. 135,581 |
Sah 1,117 |
=oh 2,697 |
A 139,395 |
||
| At30April2024 | 130,802 | 2,865 | - | 133,667 | ||
| 8. | Debtors | 2025 | 2024 | |||
| £ | £ | |||||
| Otherdebtors | 118,034 | 114,000 | ||||
| 9. | Creditors: amounts fallingduewithin one year | |||||
| 2025 | 2024 | |||||
| £ | £ | |||||
| Corporationtax | 73 | 66 | ||||
| Other creditors | 1,659 | 1,099 | ||||
| 1732 | «1,165 |
10. Restricted funds movement
Solas Trust received £120,000 from Otsar Trust in the year ended 30th April 2024 which is entirely restricted income,
11. Commitments and contingencies
Restricted funds received in note 10 is in respect of the proposed acquisition of premises from Youth With A Mission (Northern Ireland) Limited. The transfer of ownership has not been completed,