MAYNOOTH EDUCATIONAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their annual report together with the unaudited fJnan¢ial stalemenls of the charity for the year ended 5 Api'il 2024. The financial statements have been prepared in accordance with th¢ accounling policies set out on page 7 and comply witli the Stalemeiit of Recommended Practice (SORP) Accounling and Reporling by Charities" (FRS102). REFERENCE AND ADMINISTRATIVE DETAILS Mayiiooth Edlicational TrLisI is conslituted under a Trust Deed dated 13 Decembei. 1993 and is a I'egislered chai'ity in Noi'lheiii Irel¢qiid (Cliai'ity No. XR6880), 8ranled charitable status under section 506(1) of the Income and Coiporalion .1 axes Act 1988 aii<l is I'egislei'¢(I willi the Charity Coiiimission (NEC No. l 01392), whose principal orrice is al St Patrick's College, Maynoolh, Lo Kildare. The trustees who served during the year are given on page 3 and particulars of the charity's extemal advisors ait sel out on pagc l. STRUCTURE, COVCRNANCE AND MANAGEMF.NT Tl)e Ti'usl is an iinii)coiporaled trust, constituted under a Irust deed dated 13 Decei))ber 1993. Tlie Trust was created to establish a fuiid to assist with fiiianLing the education of students for the priesthood at Sl Patrick's College, Maynoolh lo serve the Noi1hei-n Irclaiid diocescs. The Ti'ust Deed provides for six Irustees. Thc power of appointing new trustees is vested in the Episcopal Coiiference. Th¢ Board dclegatcs the Cxcrcisc of certain powers in connectton with the Inanagement and adininistration of the trust to the Seci'etary. Tliis is conlrollcd by regular reporting back to the Board, so that all decisions made under delegated powei's can be ratified by Ihe full board in due course. 'rhe Secretary is i'esponsible for the day-to-day management of the Irusl's affairs and for implementing the policies agreed by the Boai'd of 'fnistees. OBJECTIVES AND ACTIVITIES 'I'he purpose of 11)e triist is the educalional advancement of young men for the priesthood to serve in the dioceses in Norlhci Jreland. The trust Inanages the funds raised from Northem Ireland donations towards the educalion of priests for ihe Norlhei'n Ireland dioceses and then grants Ihc5e funds to St Patrick's College, Maynooth in respeci of the training costs of seminarians and priesls for the Northern Ireland dioceses. GRANT MAKJNG POLICY The Ti'ust has a policy of issuing grants in accordance with its charitable objectives. All such payinents receive approval of the ti'ustees. ACHIEVEMEI NTS AND PEIIFORMANCE St Palrick's College, Maynoolh is the National Seminary where candidates for Ihc Caiholic priesthood receive Ihcii. foiThatioii. Dt'awing on ils Catholic ti'adition, it is commitled to ihe highesl level in leaching and leaiiling, rcscai'ch and publicalion. The Seiniiiary provides excellcnl training in all aspects of priestly ministry togeihcr wilh acadcmie inslruction in Ihe relcv81)I disciplines to suppoi't such ministiy which beiiefi15 the broader moral and ethical edification of the general public ministei'ed to in the Roman Catholic pai'ishes and dioceses of both Ireland and Northern Ireland. FINANCIAL REVIEW Diiring the yeai. to 5 April 2024. the Trust reflected a surplus on its fmancial activities of £59,740. Income for the year was £60.100 showing an increase of £9,603. Page 2
MAYNOOTH EDUCATIONAL TRUST REI)OIIT OF THE TRUSTEES FOR THF YEAR ENDED 5 APRIL 2024 Rfi.SERVEI S POLICY The Trust's policy is to achieve a level of reserves, which matches the needs of the 'liust both at the cuent liine and in the foi'eseeable fLIILllf. They aiTn to maintain free reserves in unrestricled funds al a level, which equates to appi'oxiinately six months unrestricted cliai'itablc expcndilure. The trustees consider tliat this level will pi-ovide sufficient funds to respond to applicalions foi. gi'ants and to eiisLlI'e that Ilicre arc sufficient funds available to cover supporl and goveinance costs. PLANS FOR FUTURE PERIOI)S The Irusl plaiis lo continue the activitie5 Outlined above in Ihc forthcoming years subject to sat15faclory iegoui'ces. REVIEI W OF BUSINCSS The resulis foi. Ihe year and financial position of the trust arc as shown in the annexed fmancial statements. TRUSTEES Tlic Ii'uslees during the year under review were.. Mosl R¢vei'end Eamon Martin Mosl Rcvei'end Donal McKeown DD Most Reverend Micliael Router Most Revei'end Lawrence Duffy Most R¢verend Alan McGuckian Revci'end Michael Shortall STATIMENT OF TRUSTF.FS' RESPONSIBILITIES The Chai'ilies Act (Noithei'ii Ii'cland) 2008 I'equires the trustees to preparc financial statements for each financial year. In pi'epai'ing those tinancial statements. the tntstees are required to select siiilablc accounting policies and then apply them consistently: make jiidgciiieiils and eslimales that are reasonable and prudent. prepai-e Ilie fii)ancial statements on the going concern basis unless it is inappropriate to presum¢ that Ihe trust will contii)ue in business. The Irlislees are rcsponsible for keeping proper accounting records which disclose with reasonable accuracy al any tiine the financial posltion of Ihe charity and lo enable them lo ensure thal the financial staleinei)ts coinply witli the Charities Act (Northern Ireland) 2008. Thcy are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the pirvenlion and detection of fraud and other irregularities. PUBLIC BENEI FIT Tlie Chai'ity Commis5101) for Norihern Ireland has published guidance lo charily Irustees and provided guidance on Ihe principles of public benefit foi. both the advanccmenl of religion and the advancement of cducation. The trustees have coiisidercd Ihc i-elevant giii(lancc and al'e salistied that all the charity's charitable aclivilies fall within ils objcclives and result in considerable bciicfit to the public. Approved by tlie ti'ustees of Maynooth F.dueational Triist on and 5igiied on their behalf by: Dated- Page 3