MCDONNELL TRUST 2010 FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Northern Ireland Charity Number 103877 H M Revenue & Customs Charity Number XR 23425 MCDONNELL TRUST 2010 FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 CONTENTS PAGE Members of the Board and Professional Advisers Trustees Annual Report Independent Examiner's Report Statement of financial activities profit and loss account (incorporating the income and expenditure account) Balance Sheet Notes to the Financial Statements 7-10 Page I MCDONNELL TRUST 2010 MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS YEAR ENDED 5 APRIL 2023 Registered charity name McDonnell Trust 2010 Northern Ireland Charity Number 103877 H M Revenue & Customs Charity number XR23425 Trustees Reverend M O'Hagan Mr D Macaulay Anne Glover Independent Examlner Peter Grant Bankers Bank of Irela nd Belfast City Branch Belfast BTI 2BA Solicitor Mr J Gordon Napier5 & Sons 1-9 Castle Arcade Belfast BTI 5DF Page 2 MCDONNELL TRUST 2010 TRUSTEES ANNUAL REPORT YEAR ENDED 5 APRIL 2023 The trustees present their report and the unaudited financial statements of the charity for the Year Ended S April 2023. REFERENCE AND ADMINISTRATIVE DETAILS Reference and adrninistrative details are shown in the schedule of members of the board and professional advisers on page l of the f inancial statements. THE TRUSTEES The Trustees who served the charity during the period were as follows-. Reverend M O'Hagan MrD Macaulay Anne Glover STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The charity was established under deed dated 28 June 2010. OBJEcfivES AND ACTIVITIES The object5 and powers of the charity are the education and maintenance of any Roman Catholic S Ludeots attendiii g a ny -ducationa l estaoilShment in I reland. particula rly for students 5tLJdying for Roman Catholic priesthood or othier religioJs life. The Trust enables Students to dei'elop thei r spiritJi al capacities throusl attendance at eduiationa l es13 bli5hments. T%- direct beiiefiT flowing from the charitable purpose of tha Trust are of a PaiLora I, educational and spiriiua I nature wihich f rom tha 5tudentS to enhance their personal developmen., social skills, faith and Spiritua I lives. Withoilt the supportL of the Trust, many of the individb'al> vlould not be in a p05iiion to complete thèi r stiidi?s. Thp objectives also faci Iitatp the adopiiofi of a mora I fra mework wkiich encourèges individual) t.J be good citi?eni and ther* 1> a kvider brnpfit to 50CI?ty bvhen individu315 prouress to religiouJ liie. T%e Public BeneTIt is demonstrated when the individua15 are ordained and Lcike up Post￿ either in a Diocesan or a Missionary Role and they are then in a posltion to educate and influenceothers in a positive mènner. or other religious life- or such other Catholic charitable purposes as the trustees may select from time to time. There 15 no private benefit to a ny individuals and thgrs 15 abiolutely no harm or potential harm arising as a result of the primary purposes of the I rus L. Page 3 MCDONNELL TRUST 2010 TRUSTEES ANNUAL REPORT (¢ontlnuedJ YEAR ENDED 5 APRIL 2023 RESPONSIBILITIE5 OF THE TRUSTEES The trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regLrlations. In preparing these financial statement, the trustees are required to.- select suitable accounting policies and then apply them consistentlv.. observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent: state whether applicable Ul< Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financia I statements on the going concern basis unless It 15 inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that are sufficient to Show and explain tne charitable transactions and disclose with reasonable accuracy at any time the financial position of the charity. 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. signed on behalf of the tru5Lees 9 october 2023 Page 4 MCDONNELL TRUST 2010 INDEPENDENT EXAMINER'S REPORT YEAR ENDED 5 APRIL 2023 I report on the accounts of tlie Trust for the )'ear ended 5 April 20?J, which are set out on pacFes 5 to l O. RESPECTtVE RESPONSIBILITIES OF CHARITI" TRUSTEES AIYD EXATrIINER. The charih," s trustees you are responsible for the preparation of the accounti in accordance with the Charities Act (Northem Ireland) ?008. 1£ is inv re￿ponsIbIlity to: examine the accounts under section 65 of the Charities Aci tolloiv the procedures laid doivn iii the general Directlons Triven by the Commission under section 6i(9)(b) of the Charities Act state w,lietlier P¢lrticular iiiatters ha￿'C come to mv attentioll. Basis of independent examiner's r¢port I liave exaJnin¢d your chariiTr' accounts as as requ ired under >ectioii 6) of th¢ Charities Act and my eiainiiiation was carried out in ¢iccordance iTr"itli tlie ueneral Directions triven bv the charl1￿. ConJmi5sion for Northem Ireland under section 65(9)(b) of the Charities Act. Mv examination included a review of the a¢countino records kepE bv the charity. aiid a compariion of ihe accounts preseiited ivith those records. It also incllided conbideration of an}. unusiial items or disclosure5 in the accounts. aiid seek.iiig eiplanatioiis from J'OlL as eharit). triistees Lonceri)iniT any such matters. My role is to state ivhetlier any material matters ha￿e come to Tn}i attention oivin(¥ Ine cause to bel ieve: That accounting records were iiot k.ept in accordance ivitli section 63 of the Cl)arities ALr That the accounts do not acc.ord ii.'ith tliose a¢countiiig records Thai tlie accounts do not compl>. i¥"ith the accountin(F requirements of the Cliarities Act Thal there is furclier inforniation needed for a proper understaiidinq of tlie accounti t() be reached. I liave cotnpleted my eX￿]inatIon and have no concerns in reipect of the matters ( l ) to (4) listed above aiid, iii Connection ii'itli following the Directions of the Coininission for Northern Ireland I have found no n]atters that require dra￿."[no to VOLir atteiition. 31 Muskett Mews Carryduff 8elfaJt BT8 8QP 9 October 2023 Page 5 MCDONNELL TRUST 2010 STATEMENT OF FINANCIAL ACTIVITIES PROFIT AND LOSS ACCOUNT (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 5 APRIL 2023 Total Funds 2023 Total Funds 2022 Note INCOMING RESOURCES Incoming resources from generating fund5: Investment income Interest 14,164 12.680 li TOTAL INCOMING RESOURCES 14,164 12,691 RESOURCES EXPENDED Charitable activities 16,052} 13,4561 (2.1961 13,5601 Governance costs TOTAL RESOURCES EXPENDED 19,508} (5,7561 NET INCOMING {OUTGOING) RESOURCES FOR THE YEAR 4,656 6,935 Realised (lossl/gains on disposal of investment assets 4,873 6,324 NET SURPLU5 FOR THE YEAR 9,529 13,259 OTHER RECOGNISED GAINS/(LOSSES1 Gain/{Loss1 on the revaluation of investment assets 121,5091 12,103 NET MOVEMENT IN FUNDS 111,9801 25,362 RECONCILIATION OF FUNDS Total funds brought forward 388.528 363,166 TOTAL FUNDS CARRIED FORWARD 376,548 388,528 The Statement of Financial Activities Profit and L055 Account includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared. All of the above a mounts relate to continuing artivities The notes on pages 7 to 10 form part of these financial statement5. Page 6 MCDONNELL TRUST 2010 BALANCE SHEET AS AT 5 April 2023 Total Funds 2023 Total Funds 2022 FIXED ASSETS Investment5 Note 359,473 367,731 CURRENT ASSETS Cash at bank and on hand Cash at Stockbrokers 5.865 11,945 17,810 2.687 19,180 21,867 CREDITORS: Amounts due within one year Accruals 17351 17351 17,075 11,0701 11,0701 20,707 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 376,548 388,528 NET ASSETS 376,548 388,528 FUNDS Unrestricted income fund5 TOTAL FUNDS 376,548 376,548 388,528 388,528 The trustees acknowledge their responsibilities for- li} ensuring ihat the charity keeps adequate accounting records lil) preparing fina ncial statements which give a true and fair view of the state of affairs of the charity a5 at the end of the financial year and of it's profit or loss for the financial year. Page 7 MCDONNELL TRUST 2010 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 ACCOUNTING POUCIE5 Basis of accounting The financial statements have been prepared under the historical cost convention. except for investments which are included at market value and the revaluation of certain fixed assets, and in accordance with applicable United Kingdom accounting standards. the Statement of Recommended Practice Accounting and Reporting by Charities" issued in March 2005 {SORPI The financial statements have been prepared under the historical cost convention having applied the transitional arrangements of FRS 15, and in accordance with applied accounting standards. Cash flow statement The trustees have taken advantage of the exemptions in Financial Reporting Standard No I Irevisedl from including a cash flow statement in the financial statements on the grounds that the cha rity is small. Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated fund5 are unrestricted funds earmarked by the Management Committee for paticular purposes. Restricted funds are subjected to restrittions on their expenditure imposed by the donor. Expenditure which meets the criteria is identified to the fund. Incoming resources Voluntary income including gr3nts that provide core funding and donations are recognised where there is entitlement, certainty of receipts and the 3mount can be measured with sufficiently reliability Investment income is recognised on a receivable b3S15. Incoming recourses from charitable trading activity are accounted for when earned. Incoming resources from charitable activities includes income receivad under contract or where entitlement to grant funding is subject to specific performance conditions. It is recognised as earned as the related services or goods are provided. Grant income is included in this category provides funding to support projects a nd is recognised where there is entitlement of receipt and the amount can be measured with sufficient reliability. Such income is deferred when-. The donor specifies that the grant or funding must only be used in a future accounting period.. or The donor has imposed conditions which must be met before the organisation can incLJr expenditure. Page 8 MCDONNELL TRUST 2010 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 ACCOUNTING POLiaES (contiBuedJ Resources expended Expenditure is recognised on an accrual basis as a liability is incurred. Contractual arr3ngements and performance related grants are recognised as goods or services ère supplied. Other grant payments are recognised when a constructive obligation arises that results in the payment being unavoidable. Where cost5 cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources. Staff costs and overhead expenses are allocated to activities on a basis of staff time spent on those activities. Expenditure includes any VAT which cannot be fully recovered, and is reported a5 pa rt of the expenditure to which it relate5: Cost5 of generating funds comprise the cost5 associated with attracting voluntary income. Charitable expenses comprise those costs incurred by the charity in the delivery of it's activities and services. It includes both cost5 that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Gov￿rnanCe costs include those costs a550ciated with meeting the constitutional and statutory requirements of the cha rity and include the accounts fees and costs linked to the strategic management of the charity All costs are allocated between the expenditure categories of the SOFA on a basis deiigned to reflett the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis. Intangible Asset5 Investments are recorded at market value. Taxation The charity is not liable to either income tax nor corporation tax. Investments Shoit term investment are initially recorded at cost and are reported in the Balance Sheet at their market value at the Balance Sheet date. Gains or losses on revaluation are reported through the St3tement of Financial Activities Profit and Lo55 Account and are treattsd as being part of the net movement in funds for the year. Page 9 MCDONNELL TRUST 2010 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 INVESTMENT INCOME Unrestrirted Funds Total Funds 2023 Total Funds 2022 Income from UK listed investments Bank interest received 14.164 14,164 12,680 li 12,691 14,164 14,164 COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE Unrestricted Funds Total Funds 2023 Total Funds 2022 Charitable activity 6,052 6,052 2,196 GOVERNANCE COSTS Unrestricted Funds Total Funds 2023 Total Funds 2022 Independent Examiner fees Legal and professional Fees 435 3,021 3,456 435 3,021 3,456 435 3,125 3,560 INVESTMENTS hAovement in market value 2023 2022 Market value at 6 April 2022 Acquisition5 at cost Disposals proceeds Net gains/(loss} on disposals in the year Net gain/llossl on revaluations in the year 367.731 22,796 (14,418) 4,873 (21.509) 352,716 67,814 {71,226) 6,324 12.103 Market value at 5 April 2023 359,473 367,731 Historical cost at 5 April 2023 268.855 255,677 Page 10 MCDONNELL TRUST 2010 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 CREDITORS: Amounts falling due within one year 2023 2022 Accruals 735 735 1,070 1,070 UNRESTRICTED INCOME FUNDS Balance at 6 April 2022 Incoming resources Outgoing resources Gains and losses Ba lance at 5 April 2023 General Funds 388,528 14,164 (9,5081 {16,636) 376,548 Balance at 6 April 2021 Incoming resources Outgoing reiources Gains and losses Balance at 5 April 2022 General Funds 363,166 12,691 {5,7S61 18,427 388,528 MCDONNELL TRUST 2010 MANAGEMENT ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023 Northern Ireland Charity Number 103877 H M Revenue & Customs Charity Number XR 23425 McDonnell Trust 2010 Year ended 5 April 2023 Incorne and Expenditure Account 2023 2022 INVESTMENT INCOME Evelyn Partners - Dividend5 & Interest Bank of Ireland - Intere5L 14,154 12,680 li 12,691 TOTAL INCOME 14,164 12,691 Charitable Artivities Costs Educational Donations Bank Fees LEI/LSR fee5 6,000 52 2,000 52 144 2,196 6,052 Governance Cost5 Independent Examiner Management Fees- Evelyn Partners 435 3,021 3,456 435 3,125 3,560 9,508 4,656 Net Incoming Resources for the year 5,756 6,935 Realised Gain/(Loss) on Disposal of shares Gain/lLoss} on Revaluation of Investment assets 4,873 -21,509 -16,636 6,324 12,103 18,427 -16,636 -11,980 Net Movement in Fund5 18,427 25.362 McDonnell Trust 2010 Year ended 5 April 2023 Balance sheet 2023 2022 Fixed Assets Investments Market value (Historical Cost Value £268,855 - 2021 £255.6771 359,473 367,731 Net Fixed A55ets 359,473 367.731 Current A55ets Cash at bank- CurrentAccount Evelyn Partners Investment A/c Evelyn Partners Money Deposit Alc Evelyn Partners Client Money Income Alc 5,865 11.758 2,687 19,180 187 17,810 21.867 Creditors Creditors Accru315 735 1,070 (7351 11,0701 376,548 388,528 Fund5 Opening Unrestricted income funds Net Movement in Funds INCREASE/{REDUCTION} Closing Unrestricted income funds 388.528 -11,980 376,548 363,166 25,362 388,528 I have examined the Income and Expenditure Account for the year ended 5 April 2023 prepared by the treasurer and I have made the necessary adjustments as and where necessary based on the principal records and information given to wne. 31 Muskett Mews Carryduff Belfasi BT8 8QP Peter Grant Taxation Accountant 9 October 2023