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2023-12-31-annual-return

FLAX TRUST

FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

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 2023

I report on the financial statements for the year ended 31 December 2023, 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:

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:

  1. That accounting records were not kept in accordance with section 63 of the Charities Act

  2. That the accounts do not accord with those accounting records

  3. 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 31/10/24

FLAX TRUST

STATEMENT OF RECEIPTS AND PAYMENTS

YEAR ENDED 31 DECEMBER 2023

Unrestricted Funds 2023 2022
£ £
Receipts
Voluntary Receipts
Rental income 16,804 89,564
Bank interest 4,674 1,028
Other income - 7,508
From Charitable activities
Donations
15,899 41,317
Gross Income -------------- --------------
37,377 139,417
Asset and Investment Receipts
Sale of investment property 319,147 -
-------------- --------------
319,147 -
-------------- --------------
Payments
Activities undertaken directly by Flax Trust
Flax Centre operating costs 61,804 148,891
Flax Trust Inter Schools Choirs/community concerts 1,482 39,141
Flax Trust promotions 28,038 30,846
Flax Trust running costs 17,703 20,582
Future Developments - professional fees - -
Total activities undertaken directly by Flax Trust -------------- --------------
109,027 239,461
Charitable activities – donations / grants
Community 458,290 1,522,915
Education 57,995 55,800
Music 21,500 13,500
Training - 32,000
-------------- --------------
537,785 1,624,215
Asset transactions
Repair and refurbishment of assets 22,395 261,151
Deposit refunded - -
Programme related asset transactions - -
-------------- --------------
22,395 261,151
-------------- --------------
Surplus / (deficit) for the year (312,683) (1,985,410)
-------------- --------------

FLAX TRUST

STATEMENT OF RECEIPTS AND PAYMENTS Cont.d

YEAR ENDED 31 DECEMBER 2023

Unrestricted Funds
2023		 2022
£ £
Opening cash and bank balances 1,103,782 3,089,192
Surplus / (deficit) for the year (312,683) (1,985,410)
-------------- --------------
Closing cash and bank balances 791,099 1,103,782
======== ========

FLAX TRUST

STATEMENT OF ASSETS AND LIABILITIES

YEAR ENDED 31 DECEMBER 2023

Unrestricted Funds 2023 2022
£ £
Cash funds
Bank and cash Balances
Bank deposit account 517,110 862,441
Bank current accounts 273,990 241,341
-------------- --------------
791,099 1,103,782
-------------- --------------
Other Assets
Programme related investments 370,000 570,000
Debtor re sale of investment property - -
Other debtors 111,444 107,081
-------------- --------------
481,444 677,081
-------------- --------------
Liabilities
North Belfast Co-Operative Limited (47,849) (39,786)
Bonds (18,400) (18,400)
Provision for grants awards/creditors (14,731) (32,367)
-------------- --------------
(80,980) (90,553)
-------------- --------------

The financial statements were approved and authorised for issue by the Board on 31/10/23

FLAX TRUST

NOTE TO THE ACCOUNTS

YEAR ENDED 31 DECEMBER 2023

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.