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 cu￿ent 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