THE TRI-SOLAS CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
The trustees present their report and financial statements for the year ended 30 April 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's Trust Deed, the Charities Act (Northern Ireland) 2008 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
Charitable objective
The purposes of the charity are any purposes recognised as charitable under the law of Northern Ireland ~~.~~
Aims of charity
The aims of the charity are advancement of education, religion and other charitable purposes ~~.~~
How achievement of aims further objectives
Through supporting other charities whose aim is to make known a message of love, peace and joy, people’s lives will be enhanced and transformed, giving them hope of a better future ~~.~~
Strategies for achieving aims and objectives
The charity will use the funds generated from its investing activities to support other charities whose aims are the same or similar to its own ~~.~~ This includes the provision of support and grants for satellite television, bringing a message of hope and peace to the lives of millions of people in their native languages in the MENA geographical area (Middle East and North Africa) including diaspora and refugee communities ~~.~~
Criteria to assess success
Benefits envisaged are improved outcomes of wellbeing which will be demonstrated by independent reports and studies. Reports from those other supported charities will also be taken into account.
Statement of compliance with Charity Commission guidance
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Significant activities undertaken
The charity owns a commercial property which currently generates a rental income of £186,000 per annum. In addition the charity is a 75% shareholder of a property development company ~~.~~ 50% of the profits from this company will be donated to support the work of the charity ~~.~~
Achievements and performance
During the year the financial strength of the charity was enhanced through increased rental income of £175,833 (2024: £125,000), following the completion of a rent review. During the year the charity made donations totalling £41,000 to likeminded charities.
Financial review
Review of financial position
The net movement of funds for the period ending 30 April 2025 was net income of £1,411,949 (2024: £81,642) ~~.~~ Rental income of £175,833 (2024: £125,000) was received in the period ~~.~~ Donations received in the period totalled £2,000 (2024: ENil) ~~.~~ Gains on investment of £1,295,117 (2024: £Nil) were recognised in relation to the revaluation of the commercial property ~~.~~ Expenditure included donations of £41,000 (2024: £41,000) to further the trust’s charitable objectives, interest on trustee loans of £50,000 (2024: £50,000), interest accrued on rental deposits of £15,638 (2024: ENil) and other support and governance costs ~~.~~ Net assets of the trust as at 30 April 2025 are £2,376,781 (2024: £964,832) ~~.~~
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THE TRI-SOLAS CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
Reserves policy
It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months expenditure ~~.~~ The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period with unrestricted reserves held at 30 April 2025 of £2,376,781 ~~.~~
Principal sources of income and how expenditure meets objectives
The principal sources of income are rental (of the commercial premises the charity owns) and investment (from its subsidiary company). Some interest income may also be received on loans to the property development company ~~.~~ Donations will be made to support charities in line with the trust’s aims, objectives and grant making policy ~~.~~ The main support costs are interest charges on the outstanding loans which originally were provided to allow the purchase of the commercial premises ~~.~~
Financial effect of significant events
After the year end the commercial property was sold, and the property has been revalued in line with the agreed selling price, resulting in a gain on investments of £1,295,117 which has been recognised in net income for the year ~~.~~
Investment policy
Whilst the charity will make donations to other lik ~~e~~ -minded charities in the meantime, the objective is to ensure the charity is cash positive as soon as possible and to build up cash reserves thereafter to provide a contingency for unanticipated eventualities. In so doing the charity will invest surplus cash in low risk financial instruments ~~.~~
Risk factors
The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Factors affecting the financial position in future periods During the year the trust's subsidiary company continued the construction of 4 houses on the site it owns in Bangor ~~.~~ Once these houses are sold, work will commence on the construction of the remaining 5 houses ~~.~~ Subject to the prevailing economic conditions, the trust should significantly benefit from the sale of these which is likely to be in a couple of years time ~~.~~
After the year end, the commercial property was sold for £2,650,000 ~~.~~ The proceeds of the sale will be used to repay the loans made by the trustees to the trust, with the balance transferred to Stewardship Services (UKET) Limited, from where donations from this fund will be managed in future years.
Plans for future periods
The charity will continue to manage its assets in a conservative and prudent manner ensuring it is as cash generative as possible. Once all the houses have been sold by its property company, it is the charity's intention to also transfer those funds invested in the company to Stewardship (UKET) Limited. In so doing, minimising the charity's risks.
Structure, governance and management
Nature of governing document and how charity constituted The trust is unincorporated and was set up by way of a Trust Deed dated 26 April 2020 ~~.~~
Introduction to list of trustees
The trustees who served during the year were: Mr D J Gray Mr P T G Hanson Mr WB Hanson Mr R S McFarland Mr W R Nugent
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THE TRI-SOLAS CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
Recruitment and appointment of trustees
In selecting individuals for appointment as trustees, the trustees must have regard to the skills, knowledge and experience needed for the effective administration of the charity ~~.~~
Organisational structure
There must be at least three trustees ~~.~~ Each trustee is appointed for a term of 3 years by a resolution of the trustees passed at a special meeting ~~.~~
How decisions are made
At meetings, decisions must be made by a majority of the trustees present and voting. The person chairing the meeting has a casting vote whether or not he or she has voted previously on the same question but no trustee in any other circumstances must have more than one vote ~~.~~
Induction and training of trustees
The trustees must make available to each new trustee, on his or her first appointment a copy of the Trust Deed and any amendments to it and a copy of the charity’s latest report and statement of accounts
Relationship with related parties
The trust owns 75% of the authorised share capital of Old Belfast Road Homes Limited, a company incorporated in Northern Ireland ~~.~~ Related party transactions are disclosed in the financial statements in compliance with the accounting standards applied therein.
The trustees’ report was approved by the Board of Trustees.
Ub ~~h~~ ans
Mr W B Hanson
Trustee
Dated: ....17/12/25........
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THE TRI-SOLAS CHARITABLE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 30 APRIL 2025
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), Charities Act (Northern Ireland) 2008 and The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015.
The law applicable to charities in Northern Ireland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year. In Northern Ireland, the requirement for charities to present a "true and fair view" in their financial reporting is governed by the Charities Act (Northern Ireland) 2008, along with associated regulations and guidance from the Charity Commission for Northern Ireland (CCNI).
In preparing these financial statements, the trustees are required to:
~~-~~ select suitable accounting policies and then apply them consistently;
~~-~~ observe the methods and principles in the Charities Statement of Recommended Practice;
~~-~~ make judgements and estimates that are reasonable and prudent;
~~-~~ state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
~~-~~ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation ~~.~~
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008, the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and the provisions of the trust deed ~~.~~ They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities ~~.~~
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