MAYNOOTH EDUCATIONAL TRUST RF.PORT OF THE TRUSTF.F.S AND FINANCIAL STATCMENTS FOR THE YEAR ENDED 5 APRIL 2024
MAYNOOTH EDUCATIONAL TRUST CONTENTS OF THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Page Legal aiid Administrative Information Report of Ilie Trustees Ilcport of tlie Endepcndent Exam iner Statement of FinanciAI Aetivities Balance Sheet Notes to the Finaiieial Statements
MAYNOOTH EDUCATIOINAL TRUST LEGAL AND ADltrtINISTRATIVE INFORMATION FI)R THF, YEAII F.NDED 5 APRIL 2024 TRUSTEES: Most Reverend Eamon Martiii Most Reverend Donal McKeown Mosl Revereiid Michael Rouler Mosi Reverend Lawrence DulTy Mosl Reverend Alan McCJuckian Revereiid Michael Shortall SF,CRETARY: Miss Catherine Loane PRINCIPAL OFFICE: St Patrick's College Maynooih Co Kildare CHARITY NUMBER XR6880 INDEPENDENT EXAMINF.R: Baker Tilly Mooiiey Moore Chartered Certificd Accountants 17 Clarendon Road Clarendon Dock Belfasl BTI 3BG BANKERS: AIB 35 University Road Belfast BT7 IND SOLICITORS: James F IA1ZpatrICk Solicitors Second Floor, Unit E No l Lanyon Quay Ilelfast BTI 3LG Page I
MAYNOOTH EDUCATIONAL TRUST REPOIIT ofi THE TIIUSTEES FOR THF. YEAR ENDED 5 APRIL 2024 The trustees present their annual report together with the unaudited fanCIal statements of the chai-ity for the year ended 5 Api'il 2024. The financial statements have been prepared in accordan¢e with the accouvjting policies set out on page 7 and comply witli the Statemeiit of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS102). REFERfi,NCI AND ADMJNISTRATtVE DETAILS Maynoolh Educational TrLlSt is con51ituled undei. a 'l'rust Deed daled 13 Decembei. 1993 and is a rcgislered charity in Nojthern Ireland (Chai'ity No. XR6880), granted charilable statu5 under seclion 506{1) of the Income and Corpoi'ation Taxes Act 1988 aiid is regyistei'cd with the Chai'ity Commission (NIC No. 101392), whose principal orrice is at Sl Patrick's College, Maynootli, Co ICildaiE. 'I'he trustees who served during the year are given on page 3 and particulars of the charity's external advisor5 al'e s¢( out on page l. STRUCTUIIF,, GOVCRNANCF AND MANACF.MENT Tl)e TrLisI is an Lll)inLoipoi'ated trust, constituted under a ITUSI deed dated 13 December 1993. The Trust was ci'cated to establish a fiind lo assist with financing the education of students for the priesthood at Sl Patrick's College, Maynooth to sei've the Northern Ireland dioceses. The Trust Deed pi'ovides for six trustees. "Ihe w)weT of appointing new trustees is vested in Ihe Episcopal Conference, Tl)e Boai'd delegates the exercise of certain powers in connection with Ihe management and administration of the trust to the Seci'claiy. 'I'liis is coiili'oll¢d by regular reporting back 10 the Board, so that all decisions made under delegated powers can be ratific(I by the full board in due COUTSe. T]ie Secrelaiy is responsible for the day-lo-day management of thc Iwst's affairs and for implemeTJting the policies agreed by the Boai'd ot. Ti'LEStecs. OBJECTIVES AND ACTIVITIES The purpose of the trust is Ihc educational advancement of young men for the priesthood to scrve in the dioceses in Northern Ireland. Thc tiwst Inanages the funds I'aised froin Northcm Ireland donalions towards the cducalion of pi'icsls for the Noi11)ern Ireland dioceses and then grants these funds to Sl Patrick's College. Maynooth in respect of the training costs of seininariaiis and priests foi. the Northern Ireland dioceses. GRANT MAKING POLICY 'rhe Trust has a policy of issuing grants in accordance with ils charitable objectives. All such paymenls Irceive approval of the trustees. ACHIEVEMENTS AND PERFORMANCE St Palrick'5 College, Mayiiooih is the National Seminary where candidates for ihc Catholic priesthood receive their foi'mation. Drawing on its Catholic tradition, it is committed to the highest level in tea¢liing and learniiig, rcscarch and publicatioii. 'I'he Semiiiai'y pi'ovides excellent training in all asPCCts of priestly minislry togetlier with academic instruction in the relcvanl disciplines to support such ministry which benefits the broader moral and ethical edifi¢alion of Ihe general public ministei'ed to in the Roinan Catholic parishes and dioceses of boih Ireland and Northern Ireland. FINANCIAL REI VIEW Dui'ing the yeai. lo S April 2024, Ihe Trust reflected a surplus on its financial activitie5 of £59,740. Income for tlie year was £60,100 showing an increase of £9.603. Page 2
MAYNOOTH EDUCATIONAL TRUST REPORT OF THE TRUSTEES FOR THE YF.AR ENDED 5 APRIL 2024 RF.SERVF.S POLICY The Trusl's policy 1% lo acbieve a level of reserves, which matches the needs of the Trust both at the current tiine and in the foi'esecable flilui'e. They aim to maintain free reserves in unrestricted funds at a level. whicli equates to appi'oximalely six Inonlhs iinreskn'icted cliarilable expenditure. The truslees consider Ihal this level will provide sufficieiit fuiids to respond to applications foi- grant5 and lo eiisui'e that Ihere are sufficient funds available to cover suppoit and governaiice costs. PLANS f4OR FUTURC PERIODS The Irusl plaiis to continue the activities oullined above in Ihe forthcoming years subjecl to satisfactory resouires. Rli vifi,W OF BUSINCI SS 'rhe I'esults for the yeai. and fancial position of ihe trust are as shown in tlie annexed financial slalcnient5. TRUSTEES Tlie Ii'LI.51ees during the year under review were: Most Revei'end Eanioii Marti Most Reverend Don411 McKeown DD Most Revci'end Michael Router Most Reverend l.awrence Duffy Most Revci'¢nd Al¢ll) McGuckian Revei-end Miohael Shoitall STATF,MENT OF TRUSTCI ES, RESPONSIBILITICS The Chai'ilies Act (Northeim Ireland) 2008 Irquires Ihe trustees to prepare fmancial stateinents for each financial yeai.. In preparing tliose fiiiancial siateinents, the trusl¢¢s are required to select suitable accounting policies and Ihen apply them consistenilyi Inake jlidgciiieiils and estimates that are reasonable and prudent. pi'epai'e Illc financial slatein¢nls on the going concern basis unlcss it is inappropriate to presume that ihe trust will continue in business. The Iiuslees al'e responsible foi. kecping proper accounling records whTch disclosc with reasonable accuracy at any iirne the finaiicial position of the charily and to enable Ihem to cnsure Ihat Ihe financial stateinents coinply will) the Chai'ities Act (Noilhei Ii'el¢iiid) 2008. They al'e also responsible for safeguarding the assels of the charity and hence for taking reasonable steps for tlie pi'evention and detection of fraud and other irregularities. PUBLIC BCI NEfiT The Charity Coininission for Northern Ireland has published guidance to chariiy Irustees and provided guidance on the priiiciples of publlc benefit foi. both Ihe advancemenl of religion and the advancement of education. The Irustccs have coiisidercd the relcvaiil gliidance and are Satisfied that all the charily's charilable activities fall wiihin its objectives and result in considerabl¢ benefit to ihe public. Approved by the trustee5 of Maynooth Educational Trust o aild signed oil their behalf by: Dated: Cl Page 3
MAYNOOTH EDUCATIONAL TRUST REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF MAYNOOTH EDUCATIONAL TRUST We report on the accounts for the year ended 5 April 2024 on page5 five to eight. Respective responsibilities ol ch2rity trustee5 and exlminer As the charity's trustees, you al'e responsible for the preparation of the accounts in accordance with the ch'ItIeS Act (Nortbern Ireland) 2008. It is our responsibility to: examille 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. Basls of independent examiner's report We have examined your Charity accounts as required under section 65 of the Charities Act and our examination was carried out in accordance with the general Directions givej) 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 compaTison of the accounts presented with those records. It also included consideration of any unusual items or disclosures ill the accounts, and seekin8 explanations from you as charity trustees concerning any such matters. Our role is to state whether any material matters have come to our attention giving us cause to believe: l. 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 accoullts do not comply with the accounting requirements of the Charities Act 4. That there is fither inforniation needed for a proper understanding of tbe accounts to be reached. Indepelldent examiner's statement We have cotnpleted our examination and bave no concerns in respect of the matters (l) to (4) listed above and, in CODJ]ection with following the Directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention. Baker Tilly Mooney Moore Chartered Certified Accountants 17 c1.endon Road Clarendon Dock Belfast BTI 3BG Page 4
MAYNOOTH EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOMC AND F.XPENDITURE ACCOUNT) FOR THE YE* AR II NDED 5 APRIL 2024 Unrestrieted Funds Restricted Funds Total fi unds 2024 Total Fuiids 2023 Notes liicome and Eiidoivmeiits Donations and Bequests 56,934 56,934 49,652 Investment Tncome 3,166 3,166 845 Tot#1 Income 60,100 60,100 50,497 Expenditure Charitable donationy Other 360 360 360 Tot81 xpeiiditure 360 360 360 Nct ineomel(expenditure) and net movement iii fiini15 Balances broiight forward 6 April 2023 Ilal#nces earried forivard S April 2024 59,740 59,740 50,137 113,200 113,200 63,063 172,940 172,940 113,200 The notes fonn part of these financial statements Page 5
MAYNOOTH EDUCATIONAL TRUST BALANCF SHEET 5 APRIL 2024 5.4.24 5.4.23 Notes CURRENT ASSCI TS Debloi's Cash at bank 174992 114892 174,992 114,892 CREDITORS Ainounls falling due williin one year 692 NET CURRCI NT ASSEI'S 172,940 113,200 TOTAL ASSETS LFSS CURRENT LIABILITIES £172,940 £113,200 FUNDS Uiii'esti'icled Funds Reslricled Funds 172,940 113,200 Total Funds £172 940 £113 200 The financial slalements werc approved by the trustees on 'LoLC and signed on their bel)alf by.. Page 6
MAYNOOTH EDUCATIONAL TRUST NOTII S TO THE FINANCIAL STATEMENTS FOR THE YII AR ENDED S AI)IIIL 2024 ACCOUNTING POLICIES Aecoiiiitiiig coiiveIilioii The financial slaleineiils have been prepared under the historical cost convention. They have been prepaird in accoi-dance with the Slatemeiit of RecoTnmcnded Practice (SORP) "Accounting and reporting by Charities"(FRS 102) aiid applicable accounting standards. Income recogiiition All iiicoine is recogiiised once the charity has entitlement lo the income, il is probabl¢ Ihal the incon)e will be i-eceived aiid the monetary value of income can be measured reliably. Expcnditure recogiiitio Liabilities are i'c¢ogi)ised as expenditure as soon as there is a legal or Constructive obligation committiiig the chai'ity to Ilic expenditure, it is probable that settlement will be requircd and the amount of the obligation cali be measui'¢d I'eliably. All expenditure is accounted for on an accruals basis. Taxation There is no liability to taxation due to Ihe trust's charitable status. Charitable dojiations Chai'itable doiiations comprise amounls awarded to Sl Patrick's College, Maynoolh. Otlier costs oiher costs comprise all costs Involving the public accountability of the charity and ils Compliance with regulatton and good pi'actice. Fuild Accoiintlng The charity has various types of funds for which it IS responsible and which requir¢ separate disclosure. Thcse are as follows- (i) Resti'ictcd Fiinds Gi'ants i'cceived which are designated by the donor for specific purposes. Such purposes are within the ovei'all aims of Ilic organisation. {ii) Unrcstricted Fuiids Funds which are expendable at the discretion of the charity in furtherance of the objects of the charity. Going Concern The accoui)ts liave been prepared on a going concern basis as no material uncertainties cxisl wliich Inay cast significant doiibl upon thc tNst's ability to conlinue as a going concern. Page 7
MAYNOOTH EDUCATIONAL TRUST NOTES TO THE FINANCIAL s'fATEMENTS FOR THE YEAR II NDED 5 APRIL 2024 NFT INCOME Net income is stated after chaiEing: 5.4.24 5.4.23 Accountancy fees 360 360 TRUSTF.E REMUNEIIATION AND BENEFITS None of the Trustees, (or any person connected with them) received any remuneration oi. benefils dui'iiig tlie year (2023.. NIL). TAXATION No provision is required for taxalion due to Ihc trust's charilable status. DF.BTORS 5.4.24 5.4.23 Prepayments and Accrued Income CREDITOIIS: AMOUNTS FALLING DUE WITHIN ONF. YEAR 5.4.24 5.4.23 Accruals ANALYSIS OF FUNIIS Unre51ricted Funds Restricted Fuiids Tot41 Fiiiids At 6 April 2023 N¢t movement for the year 113,200 59,740 113,200 59,740 At 5 April 2024 172 940 172 940 ANALYSIS OF NET ASSETS BETWEEIY FUNDS Unrestricted Funds Restricted Funds Total Funds Current Asset5 Creditors less than one year 174,992 (2,052) 174,992 (2,052) At the end of Ihe year 172 940 172,940 Page 8