FLAX TRUST
FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022
Charity No. NIC103133
FLAX TRUST
TRUST INFORMATION
| TRUSTEES | Fr Myles Kavanagh C.P. |
|---|---|
| Mrs Maura Lundy | |
| Mr John Patterson | |
| Sr Mary Turley | |
| CHARITY NUMBER | NIC103133 (HMRC reference XN48703) |
| INDEPENDENT EXAMINER | Michael Toner F.C.A. |
| The Mount | |
| 2 Woodstock Link | |
| Belfast | |
| BT6 8DD | |
| BUSINESS ADDRESS | Brookfield Industrial Estate |
| 333 Crumlin Road | |
| Belfast | |
| BT14 7EA | |
| BANKERS | First Trust Bank |
| 35 University Road | |
| Belfast | |
| BT7 1ND |
FLAX TRUST
CONTENTS
| PAGE | |
|---|---|
| Independent examiner’s report | 2 |
| Statement of receipts and payments | 3 - 4 |
| Statement of assets and liabilities | 5 |
| Note to the accounts – basis of preparation | 6 |
FLAX TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE FLAX TRUST
YEAR ENDED 31 DECEMBER 2022
I report on the financial statements for the year ended 31 December 2022, which are set out on pages 3 to 6. This report is made solely to the trustees as a body, in accordance with the Charities Act (Northern Ireland) 2008.
Respective responsibilities of trustees and examiner
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the Charities Act (Northern Ireland) 2008. The charity’s trustees consider that an audit is not required for this year under section 64 of the Charities Act (Northern Ireland) 2008 and that an independent examination is needed. It is my responsibility to:
-
examine the accounts under section 65 of the Charities Act;
-
to 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; and
-
to state whether particular matters have come to my attention.
Basis of independent examiner's report
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 the trustees concerning any such matters.
My role is to state whether any material matters have come to my attention giving me cause to believe:
-
That accounting records were not kept in accordance with section 63 of the Charities Act
-
That the accounts do not accord with those accounting records
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That the accounts do not comply with the accounting requirements of the Charities Act 4. That there is further information needed for a proper understanding of the accounts to be reached.
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.
Michael Toner F.C.A. 2 Woodstock Link Belfast Co Antrim BT6 8DD 1/11/23
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FLAX TRUST
STATEMENT OF RECEIPTS AND PAYMENTS
YEAR ENDED 31 DECEMBER 2022
| Unrestricted Funds | 2022 | 2021 |
|---|---|---|
| £ | £ | |
| Receipts | ||
| Voluntary Receipts | ||
| Rental income | 89,564 | 119,530 |
| Bank interest | 1,028 | 3 |
| Other income | 7,508 | 409 |
| From Charitable activities | ||
| Donations | ||
| 41,317 | 30,123 | |
| Gross Income | -------------- | -------------- |
| 139,417 | 150,066 | |
| Asset and Investment Receipts | ||
| Sale of investment property | - | - |
| -------------- | -------------- | |
| - | - | |
| -------------- | -------------- | |
| Payments | ||
| Activities undertaken directly by Flax Trust | ||
| Flax Centre operating costs | 148,891 | 149,530 |
| Flax Trust Inter Schools Choirs/community concerts | 39,141 | 11,138 |
| Flax Trust promotions | 30,846 | 12,956 |
| Flax Trust running costs | 20,582 | 13,652 |
| Future Developments - professional fees | - | 8,724 |
| Total activities undertaken directly by Flax Trust | -------------- | -------------- |
| 239,461 | 195,999 | |
| Charitable activities – donations / grants | ||
| Community | 1,522,915 | 253,326 |
| Education | 55,800 | 290,200 |
| Music | 13,500 | 4,000 |
| Training | 32,000 | 52,728 |
| -------------- | -------------- | |
| 1,624,215 | 600,254 | |
| Asset transactions | ||
| Repair and refurbishment of assets | 261,151 | 21,895 |
| Deposit refunded | - | - |
| Programme related asset transactions | - | - |
| -------------- | -------------- | |
| 261,151 | 21,895 | |
| -------------- | -------------- | |
| Surplus / (deficit) for the year | (1,985,410) | (668,082) |
| -------------- | -------------- |
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FLAX TRUST
STATEMENT OF RECEIPTS AND PAYMENTS Cont.d
YEAR ENDED 31 DECEMBER 2022
| Unrestricted Funds | 2022 |
2021 |
|---|---|---|
| £ | £ | |
| Opening cash and bank balances | 3,089,192 | 3,757,275 |
| Surplus / (deficit) for the year | (1,985,410) | (668,082) |
| -------------- | -------------- | |
| Closing cash and bank balances | 1,103,782 | 3,089,192 |
| ======== | ======== |
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FLAX TRUST
STATEMENT OF ASSETS AND LIABILITIES
YEAR ENDED 31 DECEMBER 2022
| Unrestricted Funds Cash funds Bank and cash Balances Bank deposit account Bank current accounts Other Assets Programme related investments Debtor re sale of investment property Other debtors Liabilities North Belfast Co-Operative Limited Bonds Provision for grants awards/creditors |
2022 £ 862,441 241,341 -------------- 1,103,782 -------------- 570,000 - 107,081 -------------- 677,081 -------------- |
2021 £ |
|---|---|---|
| 2,861,419 | ||
| 227,773 | ||
| -------------- | ||
| 3,089,192 | ||
| -------------- | ||
| 839,042 | ||
| - | ||
| 31,250 | ||
| -------------- | ||
| 870,292 | ||
| -------------- | ||
| (39,786) | (41,284) | |
| (18,400) | (18,400) | |
| (32,367) | (45,673) | |
| -------------- | -------------- | |
| (90,553) | (105,357) | |
| -------------- | -------------- |
The financial statements were approved and authorised for issue by the Board on 1/11/23
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FLAX TRUST
NOTE TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2022
BASIS OF PREPARATION
The accounts have been prepared on a receipts and payments basis, in compliance with the requirements set out in the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and the Charities Act (Northern Ireland) 2008.
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