MAYNOOTH EDUCATIONAL TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL2023
MAYNOOTH EDUCATIONAL TRUST cowrENTS OF THE FINATr4CIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Page Leg21 and Adrnillistrative Information Report of the Trustees Report of the Indcpendent Examiner Statement of Financial Activities Balance Sheet 'otes to the Financial St#teThents
MAYNOOTH EDUCATIONAL TRUST LEGAL AND ADMINISTRATtVE INFORMATION FOR THE YEAR ENDED 5 APRIL 2023 TRUSTEES: Most Reverend Eamon Martin Most Reverend Noel Treanor DD M051 Reverend Donal McKeown Most Reverend Michael Router Most Reverend LaWnce Duffy Reverend Professor Michael iklullaney SECRETARY: Miss Cathertne Loane PRINCIPAL OFFICE: St Patrick's College Maynooth Co Kildare CHARITY NUMBER XR6880 INDEPENDENT EXAMIIYER: Baker Tilly Mooney Moore Chartered Certified AccountanES 17 Clarendon Road Clarendon Dock Belfasi BTI )BG BANKERS: AIB J5 University Road Belfast BT7 IND SOLICITORS: James F Fit4)atrick Solicito Second Floor, Unit E No l Lanyon Quay Belfast BTI 3LG Page I
MAYNOOTH EDUCATIONAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023 The trustees present their annual report tooether with the U¥kaudiled financial statements of the charity for the yeai. ended 5 April ?023. The financial statements have been prepared in accordallce iyith the accounlino policies set oui on page 7 and comply with the Statement of Recommended Prdctice (SORP) "Accounting and Reportinu by Charities" (FRS102). REFERENCE AND ADMINISTRATIVE DETAILS Maynooth Educational Trust is constituted under a Trnst Deed dated 13 December 1993 and is a registered charity in Northern Ireland (Charity No. XR6880). granted charÉtable statlls under sectton 506(1) olthe Income and Cotporation Taxes Aci 1988 and is registered with the Charity Commission (NIC No. l OlJ92), whose principal ofFice is at St Patrick""s College, Maynooth, Co Kildare. The trustees who served durKno the year are 2iven on page J and particulars of the charity's extemal advisors are set out on page l. STRUCTURE, GOVERNANCE AND MANACEMENT The Trust is an unincorporated trusi eonslituted under a trust deed dated 13 December 1993. The Trust was created to establish a fund to assist with finaTTrcing the education of students for the priesthood at St Patrick's College. Maynooth to seTve the Northern Ireland dioceses. The Trust Deed provide5 for six trustees. The power of appointino new tStee$ is vested in the Episcopal Conference. The Board dele(Yates the exercise of certain powers in connection with the tttaTtagement and admini5trJtion of the tNst to the Secretary. This is controlled by reoular reporting back io the Board: so that all decisions made under delegated powers can be ratified by the full board in due Course. The Secretary Is responsible for the day-104ay management of the trust's affairs and for implementing the policies atsreed by (he Board of Trustees. OBJEcfivES AND ArivITIEs The purpose of the trust is the educational adYanc¢meni of youno men for the priesthood lo serve in the dioceses in Northern Ireland. The trust manages the funds rni5ed from Northem Iieland donations toii'ards the education of priests for the Noriheni Ireland dioceses and then grants these funds to St Patrick's Colleoe, Maynooth in respect of the Irdining costs of seminarians alld priests for the Northem Ereland dioceses. GRANT MAKING POLICY The Trust has a policy of issuing (Ffdnts in accordance ivith its charitable objectives. All such payments receive approval of the trustees. ACHIEVEMENTS AND PERFORMANCE St Patrick's Colle¢>e. Maynooth is the National Seminary where candidate5 for the Catholic priesthood receive their forination. Drawing on its Catholic trddition. it is committed to the hTghesl level in teaching and learning. research and publication. 1.he Serninary provide5 excellent training in all aspects of priestly ministry together with academic instruction in the relevant disciplines to support such ministry which benefits the broader mordl and ethical edification of the general public ininlstered to in the Roman Catholic parishes and dioceses of both Ireland and Northern Ireland. FINANCIAL REVIEW During the year to 5 April 2023, the Trust reflected ts surplus on its financial activitie5 of £50,137. Income for the year was £50,497 showing an increase of £4.J28.
MAYNOOTH EDUCATIONAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023 RESERVFS POLICY The Trust's policy is lo achieve a level of reserves. whi¢h mateh¢s Ihe needs of the Trust both at the current time and in the foreseeable future. They aim to maintain free reserves in unresiricied funds al a level. which equaÉes lo approximately six monilis unresiricied charitable expenditure. The trus*es consider ihai Ihis level will provide S1¢ent funds io respond to appli¢ations for grants and to ensure that tliere are $uffitierti funds availablc lo cover support 8nd governance cosrs. PLANS FOR FUTURE PERIODS The Irusi plans EO Coillinue the activities outltned above in the forthcoming years subjeci to saiisfactory resources. REVIEW OF BUSINESS Tlie resulis for the year and financial position of the trnst are a5 Shown in the annexed financial statement5. TRUSTEES The Iriistees during the yeor under revi¢w were: Most Reverend Eamon Martin Most Revereiid Noel Treanor DD Most Reverend Donal McKeown DD Most Reverend Michael Router M051 Revereiid Lawrence Duffy Reverend Professor Michael Mullaney STATEMENT OF TRUSTEES, RESPONSIBILITIES The Charities Acl (Nortliern Ireland) 2008 requires Ihe trustees io prepare financial 51aiements for th financial year. In preparing those financial sthiements, the trustees are required io select SLkilable accounting policies and then apply ihem consistently; makc jiidgeincnls and estimates that are reasonable and prudent. pi'epare the financial 5taleincnls on ihe going concern basis nIe$S it is inappropriate lo presume th Ihe trust will Continue in business. The trUSe$ are responsible for keeping proper accouniing records whieli disclose willi reasonable a¢curBcy at any lime the rinancial positic)n of the charity and lo enable them to ensure ihal the financial s(atements comply with the Charities A¢t (Northern Ireland) ?008. They 8r¢ olso responsible for safeguarding the assets of the charity and hence for taking re•s0114ble steps for the prevention and detection of fraud and oilier ittcoularitics. PUBLIC BENEFIT The Charity Coihmission for Northern Ireland has published guidance to chariiy trustees and provided guidanc¢ on Ihe principles of public bencfit foi. both the advancement of religion and rhe 8dvAncem¢nt of education. The trustees have considered the relevant guidance and are satisfied ihat all the charity's tharitable activities fall ivithin its objectives and rcsuli in considerable brnefil to tl)e publi¢. Approved by tht tru5tee5 of Maynooth Ed¥e2tional Trust on
nd signed on th¢ir beh8lf by:
MAYNOOTEI EDUCATIONAL TRST REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF MAYNOOTH EDUCATIONAL TRUST We report on the accounts for the year ended 5 April 2023 on pages five to eight. Respective responsibilities of Charity trustees 2nd ex8rniner As the charity's trnstee& you are responsibl¢ for the prepayation of the accounts in accordance with the Charities Act (Northern Ireland) 2008. Et TS our Tesponsibiltty 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 6i(9)(b) of the Charities Act. • slate whether particular matter5 have cijme to our attention. Basis of independent examincr's report We have examined your charity accounts as required LtThder section 65 ofthe Charities Acl and oui. examinatioIi was Caled out in accordance iyith ihe general Direciions (Yiven by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. Our 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 iiems or disclosures in the accounts, and seekin¢F explanations from you a5 charity trustees concerning any such matters. Our role is to state whether any material matters have come to our attention oivino us cause to believe: l. That accounting records were not kepl in accordance M'iih section 6) of the Charities Act 2. That the accounts do not accord with those accounting record5 That tlie accounts do noc coniply with the accountinv requtrements of the Charities Act 4. That there is further inforniation needed for a proper under5tandino of the accounts to be Feached. Independent examiner's statemellt We have completed our examination and have no concerns in respect of the tnatters (l) to (4) listed above ai)d, in connection with followints the Directions of the Charity Commission for Northem Ireland. lye have found no matters that itquire draiving to your attention. Baker Tilly oney Moore Chartered Certified Accountants 17 Clarendon Road Clarendon Dock Belfast BTI )BG 'U (flo• kvlool Page 4
MAYNOOTH EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUND FOR THE YEAR ENDED S APIUL 2023 Unrestricted Funds Restricted Funds Totsl Funds 2023 Total Funds 2022 Notes En¢om¢ and Endowments Donations and Bequests 49,6)2 49,6i2 54.792 Investment Income 845 Total Income 50,497 50,497 Expenditure Charitable don2tions 100,000 Other 360 360 Total Expenditure 360 360 100.385 Net incomel(expenditure) and net movement in funds Balances brought fonvard 6 April 2022 50,137 50,J37 (45,560) 63.063 63.063 108,62) Balances carried forward 5 April 2023 113,200 113,200 63,063 The notes fortn part of these financkal statements Page 5
MAYNOOTH EDUCATIONAL TRUST BALANCE SHEET 5 APRIL 2023 i.4.23 5.4.22 Notes CURRENT ASSETS D¢biors Cash at bank 3.750 114,892 114,892 CREDITORS Amounts falling due within one year 1,692 33? NET CURRENT ASSETS 113,200 TOTAL ASSII TS LESS CURRENT LIABILITIES £113,200 £6J,06J FUNDS Unrestricied Funds R¢5tri¢ted Funds 113,200 63,063 Total Funds £113 200 £6J,06J The financial statements were approved by the trustees on 01 and signed on their behalf by: Page 6
MAYNOOTH EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 ACCOUNTING POLICIES Accounting convention The financial statements have been prepared under ihe histotical cost convention. They have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and reportino by Charities"(FRS I O?) and applicable accounting standard5. Income recognition All income is recognised once the charlty h&$ entitlement to the income, it is probable that the income will be received and the monetary value of income can be measured reliably. Expenditure recognitio Liabilitie5 are r¢¢ognised a5 expenditure as soon as there is a legal or constructive obligation committints the charity to ihe expenditure, it is probable that settlemeTtt will be required aT]d the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Taxation There is no liability fo taxation due to the trusl's charitable status. Charitable donations Charitable donations comprise amounts awarded to St Patrick's College. Maynooth. Other costs Other costs comprise all costs involving the public accountability of the chariry and its compli8nce with regulation and uood practice. Fund Accounting The charity has various types of fitnds for which il is responsible and which require separate disclosure. These a a5 follows.. (i) Restricted Funds Grants received which are desi( ated by the donor for specific purposes. Such purposes are within the overall aims of ihe oroani5ation. (ii) Unrestricted Funds Funds which are expendable at the discretion of the charity in furtherance of the objects of the charity. Going Coneer The accounts have been prepared on a going concern basts as no material uncertainties exist which may cast significant doubt upon the trust's ability to continue &s a eoing concern.
MAYNOOTH EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 NET INCOME Net income is stated after charging: 5.4.23 Accountancy fees 360 TRUSTEE REMUNERATION AND BENEFITS None of the Trustees, (or any person connected with them) received any remunerdtion or benefits durino the year (?02?: NIL). TAXATION No provision is required for taxation due to the trust's charitable status. DEBTORS 5.4.23 5.4.22 Prepayments and Accrued Income 3.750 CREDITORS: AMOUNTS FALLINC DiiE WITHIN ONE YEAR 5.4.23 Accruals 1,692 1.332 1,692 ANALYSIS OF FUNDS Unrestrieted FuDd5 Restricted Funds Totgl Fund5 At 6 April 2022 Nei movement for the year 63,063 50,137 63,063 50,137 At S April 2023 113,200 113,200 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unvestricted Funds Restrieted Funds Total Funds Current Assets Crediiors less than one year 114,892 (1,692) 114,892 (1,692) At the end of the year 113.200 113,200 Page 8