## MAYNOOTH EDUCATIONAL TRUST 

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS 

FOR THE YEAR ENDED 5 APRIL 2025 

MAYNOOTH EDUCATIONAL TRUST 

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 

Page Legal and Administrative Information 1 Report of the Trustees 2 to 3 Report of the Independent Examiner 4 Statement of Financial Activities 5 . Balance Sheet 6 Notes to the Financial Statements 7 to 8 

MAYNOOTH EDUCATIONAL TRUST 

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 5 APRIL 2025 

|TRUSTEES:|Most Reverend Eamon Martin|
|---|---|
||Most Reverend Donal McKeown|
||Most Reverend Michael Router|
||Most Reverend Lawrence Duffy|
||Most Reverend Alan McGuckian|
||Reverend Michael Shortall|
|SECRETARY:|Miss Catherine Loane|
|PRINCIPAL OFFICE:|St Patrick’s College|
||Maynooth|
||Co Kildare|
|CHARITY NUMBER|XR6880|
|INDEPENDENT EXAMINER:|Baker Tilly Mooney Moore|
||Chartered Certified Accountants|
||17 Clarendon Road|
||Clarendon Dock|
||Belfast|
||BT1 3BG|
|BANKERS:|AIB|
||35 University Road|
||Belfast|
||BT7 IND|
|SOLICITORS:|James F Fitzpatrick Solicitors|
||Second Floor, Unit E|
||No | Lanyon Quay|
||Belfast|
||BT13LG|



Page | 

## MAYNOOTH EDUCATIONAL TRUST 

## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025 

The trustees present their annual report together with the unaudited financial statements of the charity for the year ended 5 April 2025. The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS102). 

## REFERENCE AND ADMINISTRATIVE DETAILS 

Maynooth Educational Trust is constituted under a Trust Deed dated 13 December 1993 and is a registered charity in Northern Ireland (Charity No. XR6880 ), granted charitable status under section 506(1) of the Income and Corporation Taxes Act 1988 and is registered with the Charity Commission (NIC No. 101392), whose principal office is at St Patrick’s College, Maynooth, Co Kildare. 

The trustees who served during the year are given on page 3 and particulars of the charity’s external advisors are set out on page 1. 

## STRUCTURE, GOVERNANCE AND MANAGEMENT 

The Trust is an unincorporated trust, constituted under a trust deed dated 13 December 1993. The Trust was created to establish a fund to assist with financing the education of students for the priesthood at St Patrick’s College, Maynooth to serve the Northern Ireland dioceses. 

The Trust Deed provides for six trustees. The power of appointing new trustees is vested in the Episcopal Conference. 

The Board delegates the exercise of certain powers in connection with the management and administration of the trust to the Secretary. This is controlled by regular reporting back to 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-to-day management of the trust’s affairs and for implementing the policies agreed by the Board of Trustees. 

## OBJECTIVES AND ACTIVITIES 

The purpose of the trust is the educational advancement of young men for the priesthood to serve in the dioceses in Northern Ireland. The trust manages the funds raised from Northern Ireland donations towards the education of priests for the Northern Ireland dioceses and then grants these funds to St Patrick’s College, Maynooth in respect of the training costs of seminarians and priests for the Northern Ireland dioceses. 

## GRANT MAKING POLICY 

The Trust has a policy of issuing grants in accordance with its charitable objectives. All such payments receive approval of the trustees. 

## ACHIEVEMENTS AND PERFORMANCE 

St Patrick’s College, Maynooth is the National Seminary where candidates for the Catholic priesthood receive their formation. Drawing on its Catholic tradition, it is committed to the highest level in teaching and learning, research and publication. The Seminary provides excellent training in all aspects of priestly ministry together with academic instruction in the relevant disciplines to support such ministry which benefits the broader moral and ethical edification of the general public ministered to in the Roman Catholic parishes and dioceses of both Ireland and Northern Ireland. 

## FINANCIAL REVIEW 

During the year to 5 April 2025, the Trust reflected a surplus on its financial activities of £88,916. Income for the year was £89,276 showing an increase of £29,176. 

Page 2 

## MAYNOOTH EDUCATIONAL TRUST 

## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025 

## RESERVES POLICY 

The Trust’s policy is to achieve a level of reserves, which matches the needs of the Trust both at the current time and in the foreseeable future. They aim to maintain free reserves in unrestricted funds at a level, which equates to approximately six months unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to respond to applications for grants and to ensure that there are sufficient funds available to cover support and governance costs. 

## PLANS FOR FUTURE PERIODS 

The trust plans to continue the activities outlined above in the forthcoming years subject to satisfactory resources. 

## REVIEW OF BUSINESS 

The results for the year and financial position of the trust are as shown in the annexed financial statements. 

## TRUSTEES 

The trustees during the year under review were: 

Most Reverend Eamon Martin 

Most Reverend Donal McKeown DD Most Reverend Michael Router 

Most Reverend Lawrence Duffy Most Reverend Alan McGuckian Reverend Michael Shortall 

## STATEMENT OF TRUSTEES' RESPONSIBILITIES 

The Charities Act (Northern Ireland) 2008 requires the trustees to prepare financial statements for each financial year. In preparing those financial statements, the trustees are required to 

- select suitable accounting policies and then apply them consistently; 

- make judgements and estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in business. 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## PUBLIC BENEFIT 

The Charity Commission for Northern Ireland has published guidance to charity trustees and provided guidance on the principles of public benefit for both the advancement of religion and the advancement of education. The trustees have considered the relevant guidance and are satisfied that all the charity’s charitable activities fall within its objectives and result in considerable benefit to the public. 

Approved by the trustees of Maynooth Educational Trust on and signed on their behalf by: 


**----- Start of picture text -----**<br>
Dated: aK 2026<br>**----- End of picture text -----**<br>


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 2025 on pages five to eight. 

## Respective responsibilities of charity trustees and examiner 

As the charity’s trustees, you are responsible for the preparation of the accounts in accordance with the Charities Act (Northern Ireland) 2008. 

It is our responsibility to: 

- e examine the accounts under section 65 of the Charities Act; e follow the procedures laid down in the general Directions given by the Commission under section 65(9)(b) of the Charities Act; e state whether particular matters have come to our attention. 

## Basis 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 given 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 items or disclosures in the accounts, and seeking 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: 

1. 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 accounts do not comply with the accounting requirements of the Charities Act 

4. That there is further information needed for a proper understanding of the accounts to be reached. 

## Independent examiner’s statement 

We have completed our examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention. 

BahaO | . |(| ly aWoCapa.. “y MO?MSY re) Baker Tilly Moonéy Moore ; Chartered Certified Accountants 17 Clarendon Road Clarendon Dock Belfast BT1 3BG 

pate: 05/02 Ab 

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MAYNOOTH EDUCATIONAL TRUST 

## STATEMENT OF FINANCIAL ACTIVITIES 

(INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2025 

||Unrestricted|Restricted||Total Funds|Total Funds|
|---|---|---|---|---|---|
||Funds|Funds||2025|2024|
|Notes|£|£||£|£|
|Income and Endowments||||||
|Donations and Bequests|83,632||-|83,632|56,934|
|Investment Income|5,644||-|5,644|3,166|
|Total Income|89,276||-|89,276|60,100|
|Expenditure||||||
|Charitable donations|-||-|-|-|
|Other|360||-|360|360|
|Total Expenditure|360||-|360|360|
|Net income/(expenditure) and net|88,916||-|88,916|59,740|
|movement in funds||||||
|Balances brought forward 6 April 2024|172,940||-|172,940|113,200|
|Balancescarriedforward5April2025|261,856||-|261,856|172,940|



The notes form part of these financial statements 

Page 5 

## MAYNOOTH EDUCATIONAL TRUST 

## BALANCE SHEET 

5 APRIL 2025 


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||||||||||
|---|---|---|---|---|---|---|---|---|
|5.4.25|5.4.24|
|Notes|£|£|£|£|
|CURRENT|ASSETS|
|Debtors|5|-|-|
|Cash|at|bank|262,972|174,992|
|262,972|174,992|
|CREDITORS|
|Amounts|falling|due|within|one|year|6|1,116|2,052|
|NET|CURRENT ASSETS|261,856|172,940|
|TOTAL|ASSETS|LESS|CURRENT|
|LIABILITIES|£261,856|£172,940|
|FUNDS|
|Unrestricted|Funds|261,856|172,940|
|Restricted|Funds|“|-|
|Total|Funds|7|£261,856|£172,940|
|The financial statements were approved by the trustees on|s z||2026|and signed on their behalf by:|

**----- End of picture text -----**<br>


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MAYNOOTH EDUCATIONAL TRUST 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 

1. ACCOUNTING POLICIES 

## Accounting convention 

The financial statements have been prepared under the historical cost convention. They have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and reporting by Charities"(FRS 102) and applicable accounting standards. 

## Income recognition 

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the monetary value of income can be measured reliably. 

## Expenditure recognition 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. 

## Taxation 

There is no liability to taxation due to the trust'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 charity and its compliance with regulation and good practice. 

## Fund Accounting 

The charity has various types of funds for which it is responsible and which require separate disclosure. These are as follows: 

- (i) Restricted Funds 

   - Grants received which are designated by the donor for specific purposes. Such purposes are within the overall aims of the organisation. 

- (ii) Unrestricted Funds 

Funds which are expendable at the discretion of the charity in furtherance of the objects of the charity. 

## Going Concern 

The accounts have been prepared on a going concern basis as no material uncertainties exist which may cast significant doubt upon the trust’s ability to continue as a going concern. 

Page 7 

MAYNOOTH EDUCATIONAL TRUST 

5. 

8. 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 

2. NET INCOME 

|Net income is stated after charging:|||||
|---|---|---|---|---|
|||5.4.25||5.4.24|
|||£||£|
|Accountancy fees||360||360|
|TRUSTEE REMUNERATION AND BENEFITS|||||
|None of the Trustees’ (or any person connected with them) received any remuneration||or benefits|during the year (2024:||
|NIL).|||||
|TAXATION|||||
|No provision is required for taxation due to the trust's charitable status.|||||
|DEBTORS|||||
|||5.4.25||5.4.24|
|||£||£|
|Prepayments and Accrued Income|||-|-|
|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|||||
|||5.4.25||5.4.24|
|||£||£|
|Accruals||1,116||2,052|
|||1,116||2,052|
|ANALYSISOF FUNDS|||||
||Unrestricted|Restricted||Total Funds|
||Funds|Funds|||
||£|£||£|
|At 6 April 2024|172,940||-|172,940|
|Netmovement for the year|88,916||-|88,916|
|At 5 April 2025|261,856||-|261,856|
|ANALYSIS OF NET ASSETS BETWEEN FUNDS|||||
||Unrestricted|Restricted||Total Funds|
||Funds|Funds|||
||£|£||£|
|Current Assets|262,972||-|262,972|
|Creditors less than one year|(1,116)||-|(1,116)|
|Attheendofthe year|261,856||-|261,856|



3, 4. 

None of the Trustees’ (or any person connected with them) received any remuneration or benefits during the year (2024: NIL). 

6. 

## ve ANALYSIS OF FUNDS 

Page 8