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2025-12-31-accounts

FLAX TRUST

FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025

Charity No. NIC103133

FLAX TRUST

TRUST INFORMATION

TRUSTEES Mrs Maura Lundy
Mr John Patterson
Sr Mary Turley
Mr Paul McBride
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 2025

I report on the financial statements for the year ended 31 December 2025, 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 17/06/26

FLAX TRUST

STATEMENT OF RECEIPTS AND PAYMENTS

YEAR ENDED 31 DECEMBER 2025

Unrestricted Funds 2025 2024
£ £
Receipts
Voluntary Receipts
Rental income 50 2,799
Bank interest 6,440 7,145
Other income - -
From Charitable activities
Donations
164,961 63,978
Gross Income -------------- --------------
171,451 73,922
Asset and Investment Receipts
Sale of investment property - 1,312,379
-------------- --------------
171,451 1,386,301
-------------- --------------
Payments
Activities undertaken directly by Flax Trust
Flax Centre operating costs 50 2,799
Flax Trust Inter Schools Choirs/community concerts 3,687 1,764
Flax Trust promotions 28,388 28,098
Flax Trust running costs 17,280 19,011
Future Developments - professional fees - -
Total activities undertaken directly by Flax Trust -------------- --------------
49,405 51,672
Charitable activities – donations / grants
Community 227,107 324,463
Education 8,500 40,426
Music 13,000 4,000
Training 40,000 -
-------------- --------------
288,607 368,890
Asset transactions
Repair and refurbishment of assets 14,994 57,486
Programme related asset transactions - 239,300
-------------- --------------
14,994 296,786
-------------- --------------
Surplus / (deficit) for the year (181,555) 668,952
-------------- --------------

FLAX TRUST

STATEMENT OF RECEIPTS AND PAYMENTS Cont.d

YEAR ENDED 31 DECEMBER 2025

Unrestricted Funds
2025		 2024
£ £
Opening cash and bank balances 1,460,051 791,099
Surplus / (deficit) for the year (181,555) 668,952
-------------- --------------
Closing cash and bank balances 1,278,496 1,460,051
======== ========

FLAX TRUST

STATEMENT OF ASSETS AND LIABILITIES

YEAR ENDED 31 DECEMBER 2025

Unrestricted Funds 2025 2024
£ £
Cash funds
Bank and cash Balances
Bank deposit account 430,685 424,250
Bank current accounts 847,811 1,035,801
-------------- --------------
1,278,496 1,460,051
-------------- --------------
Other Assets
Programme related investments 249,300 249,300
Debtor re sale of investment property - -
Other debtors - 35
-------------- --------------
249,300 249,335
-------------- --------------
Liabilities
North Belfast Co-Operative Limited (46,540) (44,766)
Bonds (18,400) (18,400)
Provision for grants awards/creditors (1,231) (2,652)
-------------- --------------
(66,171) (65,818)
-------------- --------------

The financial statements were approved and authorised for issue by the Board on 17/06/26

FLAX TRUST

NOTE TO THE ACCOUNTS

YEAR ENDED 31 DECEMBER 2025

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.