IVIAYNOOTH EDUCATIONAL TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEME< NTS FOR THE YEAR ENDED 5 APRIL 2023
MAYNOOTH EDUCATIONAL TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Page Legal and Administrative Information Report of the Trustees Report of the Independent Examiner Statement of Financial Activities Balance Sheet Notes to the Financial Statements
IAYNOOTH EDUCATIONAL TRUST LEGAL AND ADMINISTRATIVE INFORIKATION FOR THE YEAR ENDED 5 APRIL 2023 TRUSTEES: Most Revei'end Eamon Martin Most Reverend Noel Treanor DD Most Reverend Donal McKeown Most Reverend Michael Router Most Reverend Lawrence Dufy Reverend Professor Michael Mullaney SECRETARY: Miss Catherine Loane PRINCIPAL OFFICE: St Patt'ick's College Maynooth Co Kild<ire CHARITY NUMBER XR6880 INDEPENDENT EXAMINER: Baker Tilly Mooney Moore Chartered Certified Accollntants 17 Clarendon Road Clarendon Dock Belfast BTI )BG BANKERS: AIB )5 University Road Belfast BT7 IND SOLICKTORS: James F Fitzpatrick Solicitors Second Floor. Unit E No l Lanyon Quay Belfast BTI 3LG Page I
MAYNOOTH EDUCATIONAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDID S APRIL 2023 The trnstees present their annual report together with the unaudited financial statements of the charity for the year ended 5 April 2023. The financial stateinents have been pi'epared in accordance with the accounting policies set out on page 7 and comply wilh the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities (FRS102). REFERENCE AND ADMINISTRATIVE DETAILS Maynooth Educational Trust is constituted under a Trust Deed dated 13 December 1993 and is a registered chai'ity in Northern Ireland (Charity No. XR6880), granted charitable staNs under section 506(1) of the tncome and Corpoi?tion Taxes Act 1988 and is registered with tlie CharAty Commission (NIC No. 101392), whose principal office is at St Patrick's Colleise, Maynooth, Co Kildare. Tlie trustees who served durino tlie year are given on page 3 and paiticulais of the charity's extemal advisors are set out on page l. STRUCTURE, GOVERNANCE AND MANACEMENT The Trust 15 an unincorporated trust, constitllted under a trust deed dated 13 De¢ember 199). The Trust was created to establish a fund to assist with financing the education of students for the priesthood at St Patrick's Colle(re. Maynooth to seive the NortheiTt Ireland dioceses. The Trust Deed provides for six trustees. The power of appointinu new trustees is vested in the Episcopal Confei-ence. The Board dele(*ates the exercise of certain powers in connection with the manageTnent and administration of the trust to the Secretary. This is controlled by reoular reporting back to the Board, so that all decisions tnade Under delegated powers can be ratified by the full board in due course. The Secretary is responsible foi. the day-to-day manageinent of the trust's affau-s and for implementing the policies a(rreed by the Board of Trustees. OBJECTIVES AND ACTIVITIES The purpose of the trust is the educational advancement of youniy men for the priesthood to serve in the dioceses in Northern li-eland. I'he trust manaoes the funds raised from Nortliern Ireland donations towards the education of priests for the Northeim Ireland dioceses and then orants these funds to St Patrick's College, Maynooth in respect of the trainincr costs of seminarians and priests for the Northem Ireland dioceses. GRANT iVIAKING POLICY The Trust has a policy of issiiing > rants tn accordance with its chai-itable objectives. All such payments receive approval of the trustees. ACFEIEVEMENTS AND PERFORMANCE si Patrick's College. Maynooth is the National Seminary where candidates for the Catholic priesthood receive their foiination. Drawing on its Catholic tradition. it 15 Coilltnitted to the hitrhest level in teachino and Searning, research and publication. The Seminary provides excellent training in all aspects of priestly Ininistty together with academic instruction in the relevant disciplines to support such ministry which benefits the bi-oader Inoral and ethical edification of the general public ministered to in the Roman Catholic parishes and dioceses of both Ireland and Northern Ireland. FINANCIAL REVIEW During the year to 5 April 2023. tlie Trust ieflected a surplus on its financial activities of £50,137. Income for the year was £50.497 showing an increase of £4,328.
MAYNOOTH EDUCATIONAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2023 RESERVES POLICY Tlie Trust's policy is to achieve a level of reserves, which Inalches Il)e needs of the Trust both at Ilie current tinie and in the for¢s¢eable future. They aiin to maintain free reserves iii unreslricled fund5 al a level, wliicli equates lo approxim¢ltely six Inonllis unrestricted charitable expenditure. The trustees consider thai this level will provide sufficient funds to respond to applications for grants and to ensure 11)ai tl)ere arc sufficlcnl filnds availablc to cover support and govcmance costs. PLANS FOR FUTURE PERIODS The trust plans to COl)linue the aclivities ouilined abov¢ in tlie fortlicoming years subject 10 satisfactory resources. REVIEW OF BUSINESS Tlie results foi. the year and tinancial positioii oÉ'tlie Irust arc as sliowii in tlle annexed fiiiai)cial slat¢i))eiil5. TRUSTEI ES The truslees during the year under review were: Most Reverend Earkion Martlll Most Reverend Noel 'freaiior DD Most Reverend Donal McKeoiYn DD Most Reverend Mi¢liael Router Mosl Reverend LawrenLe Durry Reverend Professor Mi¢haol Mullaney STATEMENT OF'I'RUSTLES, RISPONS1131LITIIS The Cliarilies Acl (Nortl)ern Ii'eland) ?008 requires th¢ Iruslee5 to prepare financial slaleinenls for eacli financial year. In preparing those financial statements, the trustees are I'equired lo select suitable Accounting policies llnd then apply them consistently. make j(Idgeinei)ts and estimates tliat are reasonable aiid prudent: prepare the financtal siatein¢nis on the going conceni basis unless it is inappropriate to presume that the trust will continue in business. 'n)e trustees are responsible for keepiiig proper accounting records wliich disclose willi reasoiiable accuracy at any lime tlie finaftcial ptssilion of Ilie cliai-ily and to enable Ihem lo ensure that tl)e financial siaiements comply with tlie Charities Act (Northern Ireland) ?008. They are also responsible for safeguarding the assels of rhe charity and hence for raking reftsonable Steps for the prevenlion nnd deieclion of fraud And otlier irrcgulai'ilies. PUBLIC Bri NIFIT Tli¢ Charity Coini)iission for Nonhem Ireland has published guidance to charity trnsiees and provided guidance on thc princtples of publi¢ benefit foi. both the advanccmeiit of I'eligion and Ilie 8dvan¢enient of education. Tlie trustees liave coiisidered the relevant guidaiice ai)d are satisfied tliRt all tl)e charity's ¢liarilabl¢ activities fall ivitliiii its objectives and irsuli in coiisiderable benefit to the public. Approved by the ti'ustees of Mllynooth Fducational Trust oil anil signed on their behalf by: Page 3
MAYNOOTH EDUCATIONAL TRUST REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF MAYNOOTH II DUCATIONAL TRUST We report on the accounts for the year ended 5 April 2023 on pages five Èo eight. Respective responsibilities of charity trustees 2nd examiner As the charity's trnstees, you are responsible foi. the preparation of the accounts in accordance with the Charities Act (Northern Ireland) 2008. It is our responsibility to: examine the accounts under section 65 of the Charities Act,. follow the procedures laid down in the general Directions given by the Commission under section 65(9)(b) of the Charities Act. state whether particular matters have come to our attention. Basis of independent examiner s report We have exaillined your charity accounts a5 I-equired under section 65 of the Charities Act and our examination was C&Tied out iii accordance with the general Directions given by the Charity Commission For Northem Ireland under section 65(9)(b) ot-the Charities Act. Our examination included a review of the accountino records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosure5 in the accounts, and seekin(r explanations from you as charity trustees conceinino any such rnatters. Our role is to State whether any material matters have come to our attention oiving us cause to believe.. l. That accounting records were not kept in accordance with section 6J of the Charities Act 2. That the accounts do not accord with those accounting records Tliat the accounts do not comply wÈth tlie accounting requirements of the Charities Act 4. That there is further information needed for a proper understandinu of the accounts to be reached. Independent exarniner's st2teTnent We liave completed our examination and have no concerns in respect of the Inatters ( l) to (4) listed above and, in connection with Following the Directions of the Charity Commission for Northern Rreland. we have found no matters that Tequire drawing to your attention. l/nooi Baker Tilly oney Moore Chartered Certified Accountants 17 Clarendon Road Clarendon Dock Belfast BTI JBG Page 4
MAYNOOTH EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2023 Unrestricted Funds Restricted Funds Total Funds 2023 Total Funds 2022 Notes Income and Endoivments Donations and Bequests 49,652 49,652 54,792 Investment Income 845 845 Total Xncorne 50,497 50,497 54.825 Expenditure Charitable donations loo,000 Other 360 360 Total Expenditure 360 360 I00.J85 Net incomel(expenditure) and net tnovement in funds Bxlances brought forward 6 April 2022 Balances carried forward 5 April 2023 50,137 50,137 (45,560) 63,063 63,063 108,623 113,200 113,200 63,063 The notes fonn part of these financial statements Page 5
MAYNOOTH EDUCATIONAL TRUST BALANCI SHEET S APRIL 2023 5.4.23 5.4.22 Notes CURRENT ASSETS Debtors Cash at bank 3,750 114,892 114,892 64,395 CREDITORS Amounts falling due within one year 1,692 NET CURRENT ASSETS 113,200 TOTAL ASSETS LESS CURREIYT LIABILITIES £113,200 £63,06) FUNDS Ullrestricted Funds Restricted Funds 113,200 63,063 Total Funds £113,200 £6J,063 The financial statements were approved by the tiustees on O'l c& and sioned on their behalf by= Page 6
MAYNOOTH EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 ACCOUNTING POLICIES Aecounting eonvention The financial statements have been prepared under the historical cost convention. They have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and reportino by Charities (FRS 102) and applicable accounting standards. Income recognition All income is recognised once the charity has entitlement to the incoine, it is probable that the income will be received and the monetary value of income ¢an be measured reliably. Expenditure recognition Ltabilities are recognised as expenditure as soor] as there is a legal or constructive obligation committTn(s the charity to the expenditure, it is probable that settlement will be required and the aniount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. T2xatÉon There is no liability to taxation due to the trust's charitable status. Charitable donations Charitable donations coTnprise amounts awarded to St Patrick's College, Maynooth. Other costs Other costs comprise all costs involvino the public accountability of the charity and its compliance with re(yulation and good practice. Fund Accollnting The charity has various types of funds for which it is responstble and which require separate disclosure. These are as follows- (i) Restricted Funds Grants received which are designated by the donor for specific purposes. Such purposes are within the overall aims of the organisatLOn. (li) Unrestricted Funds Fuytds which are expendable at the discretion of the charity in furtherance of the obje¢ts of the charity. Going Concern The accounts have been prepared on a going concern basis as no material uncertainties exist which may cast sionificant doubt upon the trnst's ability Èo continu¢ as a going concern.
MAYNOOTH EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR INDED 5 APRIL 2023 NET INCOME Net income is stated after charging: 5.4.23 5.4.22 Accountancy fees 360 TRUSTEE REMUNERATION AND BENEFITS None of the Tru5tees' (or any person connected wid) them) received any remuneration or benefits during tlie year (202?: NIL). TAXATION No provision is required for taxation due to the trust's charitable statt]s. DEBTORS i.4.23 5.4.22 Pirpayments and Accrued Income 3,750 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 5.4.23 5.4.2? Accruals 1.692 1,692 1,332 ANALYSIS OF FUNDS Unrestricted Funds Restricted Funds Total Funds At 6 April 2022 Net mowemenl for the year 63,063 iO,137 63,063 50,137 At 5 April 2023 113,200 113,200 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Restricted Funds Total Funds Current Assets Creditors less than one year 114,892 (1,692) 114,892 (1,692) At the end of the year 113,200 I [3,200