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 LaW￿nce 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 t￿Stee$ 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 A￿rivITIEs
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 S￿￿1¢￿ent funds io respond to appli¢ations for
grants and to ensure that tliere are $uffitierti funds availablc lo cover support 8nd governance cosrs.
PLANS FOR FUTURE PERIODS
The Irusi plans EO Coillinue the activities outltned above in the forthcoming years subjeci to saiisfactory resources.
REVIEW OF BUSINESS
Tlie resulis for the year and financial position of the trnst are a5 Shown in the annexed financial statement5.
TRUSTEES
The Iriistees during the yeor under revi¢w were:
Most Reverend Eamon Martin
Most Revereiid Noel Treanor DD
Most Reverend Donal McKeown DD
Most Reverend Michael Router
M051 Revereiid Lawrence Duffy
Reverend Professor Michael Mullaney
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The Charities Acl (Nortliern Ireland) 2008 requires Ihe trustees io prepare financial 51aiements for t￿h financial year. In preparing
those financial sthiements, the trustees are required io
select SLkilable accounting policies and then apply ihem consistently;
makc jiidgeincnls and estimates that are reasonable and prudent.
pi'epare the financial 5taleincnls on ihe going concern basis ￿nIe$S it is inappropriate lo presume th￿ Ihe trust will Continue in
business.
The trUS￿e$ 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 TR￿ST
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 Ca￿led 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