Charity Number: 103877 M¢Donnell Trust 2010 Annual Report and Unaudited Financial Statements for the financial year ended 5 April 2024 Paul Hagerty & Co Chartered Accountants 11 The Squar8 Rostrevor Co Down BT34 3AZ McDonnell Trust 2010 CONTENTS Page Reference and Administrative jnforni8ts.on Trustees, Report Statement of Trustees, Responsibilities Independent Examinetrs Report Statement of Financial Activities Balance Sheet Accounting Pollcies Notes to the Financial Statements 10-11 McDonnell Trust 2010 REFERENCE AND ADMINISTRATIVE INFORMATION Trustees Reverend Martln O'Hagan Anne Grover D Macauley Charfty Number in Northern Ireland 103877 Prlnclpal Address 201A Torr Road Cushendun Co Antrim BT44 OPU Independent Exarniner Paul Hagety & Co Chartered Accountants 11 Thè Square Rostrevor Co Down BT34 3AZ Princlpal Bankers Bank of Ireland Belfast Cty Branch Belfast BT12BA McDonnell Trust 2010 TRUSTEES, REPORT for the financial year ended 5 April 2024 he trustees preserrt their Trustees, Report and the unaudited finanaal statements for the financial year ended 5 April 2024. The ffinancial statements are prepared in accordance with the Charities Act (Northern Ireland> 2008, FRS 102 'The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland" and Ac¢ounting and Re￿rtIng by Charities.. Statement of RecA)mmended Praclice applicable to charities preparing their financial slatements In accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- The Trustees. Report wntains the Infomallon requlred to be provided in the Trustees, Annual Report under the Statement of Recommended Practicè (SORP) guidelines. The trustees of the charity are also charity twslees for the purpose of charity law and under the charity's constituiSon are known as memkrs of the board ofirusiees. In this report the trustees of McDonnell Trusl 2010 present a sumrnary of its purpose. governance. aclivilies. 8chievemenls and finances for th8 financial yegr 5 April 2024. The Gharity is a registered charity and although not obliged to compty with the Stalement of Recommended Practlce for Smaller Entities (the FRSSE) {effective 1 January 2015), the organisalion has implemented its recommendations wh8re relevant in these financial statements. Mission. Obje¢tives and Stratsgy Ml$¥lon Statement The objects and powers of the charlty are the education and maintenance of any Roman Catholic students attending any edLrcational establlshmenl In Ireland, particularly for students studying for Roman Catholic prfesthood or other religious life. The Trust enables students to develop their spirilual capacities through attendance at educational eslablishments. The direct benefit flowing from the charitable PLtrpose of Ihe Trust are of a Pastoral, odu¢ational and spiritual natu￿ which from the sludents to enhance thelr pe￿onal development, social skills, faith and spiritual lives. Wrthout the support of the TNst. many of the individuals would not be in a position to complete their studies, The objectives also facililale Ihe adoptlon of a moral framework which encourages individuals to be good cllizèns and thère is a wider benefit lo society when individuals progress to religious Ilfe. The Public Benef11 is demonstrated when the Indlviduals are ordained and lake up posts ellher In a Dioeesan or a Missionary Role and they are then in a position to educate and influence others in a positive manner. or olher religious life. or such other Catholic charitable purposes as the trustees may select from lime to time. There is no private benefit to any individual8 and there is absolutely no harm Or poterrtial harm arising as a resull of the primary purposes of the Trusl. structure, Governance and Management stru¢ture The Charfty was established under deed dated 28 June 2010 Financial Revlew The results for the financial year are sel out on page 7 and addilion81 notes are provided showing income and expenditure in grealer detall. Results and Dividends Al the end of the financlal year the chariiy has assèts of £402,746 (2023 - £377.283) and liabilities of £735 (2023 £735). The nel assets of the charity have increased by £25,463. Approved by the Board of Trustees on 22 August 2025 and signad on Its behalf by: Anne Glover Tru5tse McDonnell Trust 2010 STATEMENT OF TRUSTEES, RESPONSIBILITIES for the financial year ended S April 2024 The trustees are ￿p)nSIble for preparing the financial statements in accordance with applicable law and regulations. The law applicable to charities in Northern Ireland requires the Iruslees to prepare financial statements for eath finandal year which give a true and fair view of the assets, liabilibes and financial position of Ihe charity as al the financial year end dale and of the surplus or def￿11 of the charity and olheThvise comply with the Charities Act (Northem Ireland) 2008. In preparing these finan¢ial statements, the trustees are required to- select sultable aceountlng pollcies and apply them consistently,. observe the methods and prlnciples in the Charilles SORP make judgements and accountlng estlmates that are reasonable and prudent; state whether the financial statements have been prepared in accordance with applicable accounting stsndards, identify Ihose standards, and note the effect and the reasons for any material departure from those standards., and prepare the financial statements on the going conc£m basis unless it is inappropriate to presume that the charty will continue in operation. The trustees confirm that Ihey have complied with the above requirements in preparing the financial statements. The trustees are responsible for keeping adequate accounting records that are sufficient lo show and explaln the charity's transactions and disdos8 with reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial stat8ments comply wlth the Charities Act (Northern Ireland) 2￿8, They are also responsible for safeguarding Ihe assets of the charity and hence for taking reasonabEe steps for Ihe prwention and detection of fraud and oiher irregularilies. Approved by the Board of Trustees on 22 August 2025 and signed on its behalf by: Anne Glover Trustee McDonnell Trust 2010 INDEPENDENT EXAMINER'S REPORTTO THE BOARD OF TRUSTEES OF MCDONNELL TRUST 2010 We have examined the financial statements of the charity for the financial year ended 5 April 2024, which comprise the Stalem8nl of Financial Activities, the Balance Sheet. the Accounting Pollcios and the related notes. This report is made solely to the charitls members, as a body, in accordance with the Charities Act (Northern Ireland) 2008. Our work has been undertaken so that we mighl compile the financial ststements that we have been engaged to compile, rè5)ort to the Board of Trust685 that we have doné so, and state those matters that we have agreed lo slate lo them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and thé charity's members, as a body. for our work, or for this report. Respeclive rgspon$ibilities of trustees and examiner The charfty's trustees are responsiblé for the preparatlon of the financial statements in accordance wlth the requirements of the Charities Act (Northern I￿land) 2008. The charivs twstees consider Ihat an audit is not required for this financial year under the Charilles Act (Northem Ireland} 2tJ)8 and Ihal an independent examination is required. It is our responslbility to: examine the financial statements under section 65 of the Charilies Acl- follow the Pro￿dureS laid down by the general Directions given by the Charity CoMmis￿On for Northern Ireland under section 65(91(b} of the Charities Act,. and state whether partlcular matters have come lo our attention. Basis of independent examinar's report We have examined your charity financial slalements as ￿qUired under section 65 of the Charities Act and our examination was ¢4rried out in aGGordance with the general Direclions given by the Charity Commission for Northem Ireland under section 65(9>lb} of the Charities ACL An examination includes a review of the accounting records kept by the charity and a Comparison of the financial statemenls presented wilh tht)se records. It also includes considerati¢)n of any unusual ilems or disclosures in the financial statements and seeking explanalions from the Iruslees conceming any such matters. The procedures undertaken do not provide all the evidence that would be requiréd in an audit and ￿nsequentlY no opinion is given as to whether the accounts present a 'true and fairf view and the report is limited to those matters set oul in the stalement below. In connection with our examination, no matter has come to our attention which gives us ￿uSe to believe that in, any material respecl: accounting records were not kept in accordance with s8clion 63 of the Charit18s Act the financ%al stateménts do not accord wlth those accountlng records there is further information needed for a propèr understanding of the accounts to be reached. Independent examlnerfs Statemènt Vve have no COn￿rnS and have come auoss no other matters in connection with the examination to which attention should drawn In hls report In order to enable a proper understanding of the financial ststemenls to be reached. PAUL HAGERTY & CO Chartered Accounlanls 11 The Square Roslrevor Co Down BT34 3AZ Dats: 22 August 2025 McDonnell Trust 2010 STATEMENT OF FINANCIAL ACTIVITIES for the financial year ended 5 April 2024 Unrestrlcted Funds 2024 Total Unrestricted Funds Funds 2024 2023 Total Funds 2023 Notes Incoming Resources Inveslments 14,137 14,137 14,184 14,164 Resources Expended Ch2ritable 8ctivilies 20,197 20,197 9,508 9.508 Net gainsl(losses) on Investments 31.523 31.523 (16,636) (16,836) Net Incomingloutgolng resources bofore transfers 25,463 25,463 (11,9BO) (11,980) Gross transfers betheen funds Not movemont in funds for th8 financlal year 25.463 25,463 (11,980) (11.9801 Reconciliation of funds: Total fvnds beglnning of the yaar 376,548 376,548 388,528 388,528 Total funds at the end of the year 402,011 402,011 376,548 376,548 The Ststement of Financlal Activities includ88 all gains and losses recognised In the financial year. All Income and expenditure relate to Continuing activities. The notes on pages 10 to 11 fomi part of the flnanctal $18lements McDonnell Trust 2010 BALANCE SHEET as at 5 April 2024 2024 2023 Notes Flxed Asg9ts Investmerrts 390,945 359.473 Current Assets Cash at bank and in hand 11.801 17,810 Creditors: Amounts falling due within one year (7351 (735) Net Current Assets 11,066 17.075 Total A￿t$ less Current Liabilities 402,011 376,548 Funds General fund {unrestrided) 402,011 376.548 Total funds 402,011 376.548 Approved by the 8oard of Trustees and authorlsed for Issue on 22 August 2025 and signed on Its behalf by Anne Glover Trustee The noles on pages 10 10 11 fom part of the financkgl statements McDonnell Trust 2010 ACCOUNTING POLICIES for the financial year ended 5 April 2024 Basis of preparatlon The flnancial statements have been prepared on the going concem basis under the historical cosl mnvenlion, modified to indude certain items at fair value. The financial slatemenls have been prepared in acCcffdan￿ with the Statem8nt of Recommended Practice (SORP} "Accounting and Reporting ty Charities préparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (the FRSSE) (effective 1 January 2015) and "The Financial Reporting Standard for Smaller Entities (effecllve January 2015)°. As permitted by the Companles Act 20C6, the charity has varSed the standard formals in thal act for the Statement of Flnancial Activities and the Balance Sheet. Departures from Ihe standard formats are lo comply wtth the ￿quIreMentS of Ihe Charities SORP and are in compllance with section 4.7. 10.6 and 15.2 of that SORP. Restrictsd fund5 R8Stricted funds represent Income received which can only be used for partiajlar purposes. as specified by the donors. Such purposes are wilhin the overall objectlves of the charity. Unrestricted designated funds Unreslricted funds consist of General and Designated funds. General funds represent amounts which are expendable at the dlscretlon of the board, in furtheran￿ of the objectives of the charity. Deslgnated funds comprise unrestricted funds that the board has. at its discretion, set aside for particuiar purposes. These designations have an administrative purpose only, and do not legally restrlct the board's discretion to apply Ihe fund. Incoming Resour¢8s Income is recognised by Inclusion in the Statement of Financial Activities only when the charity is legally entitied to the incomè. performance conditions attached to Ihe item(s) of income have been mel, the amounts involved can be measutsd with suffldent reliability and it is probable that the income will be received by the charity. Resources Expended ExpendIlU￿ is analysed btheen costs of ¢haritable actiV￿e5 and raising funds. The costs of each activity are separately accumulated and disclosed, and analysed according to their major components. Expendlture Is recognised when a legal or constructive obligallon exists as a result of a past event. a transfer of economi¢ benefits is required in seiiiement and the amount of the obligation can be reliably measured. Support costs are those functions thal assist the work of the Charlty bul cannot be attributed lo one activity, Such costs are allocated lo activities in proportion to staff time spent or other suitable measure for each activity. Inyestmonts Inveslmer.Is held as fixed assets are stated 8t cost lèss provision for any permanenl diminution in value. Income from other financial fixed assel investrnents together wilh any related tax credit is recognised in the profit and loss account in Ihe financial year in which It Is receivable. Taxation Deferred lax is recognised in respect of all 1Sming differen￿$ that have originated bul nol reversed at the balance sheet dale where transactions or events have occurred at that dale Ihal will result in an obligation to pay more tax In the fvture, or a right to pay less tax in the future. Timing differences a￿ temp¢3rary drfFerences between the chaTity's tsxable profits and its results as staled in the financial $t8temenls. Deferred tax is measured on an undiscounted basis al the tax rates that are anticipated to apply in the periods in which trie timing differences are expected to reverse. based on lax rates and laws that have been enacted or substantively enacted by the balance sheet date. McDonnell Trust 2010 NOTES TO THE FINANCIAL STATEMENTS for the financtal year ended 5 Aprll 2024 GENERAL INFORMATION McDonnell Trust 2010 is a charity incorporated in Northem Ir81and. The registered Offi￿ of the charity is whlch Is also the principal FAace of business of the charity. The financi￿ statements have been presented in Pound <£) which is dso the functional currency of the charfty. INCOME INVESTMENTS Unrestrict•d Restricted Funds Funds 2024 2023 Investments 14,137 14,137 14,184 EXPENDITURE CHARITABLE ACTIVITIES Dlre¢t Costs Other Costs Support Costs 2024 2023 Expendilure on charitable activites Governance Costs {Nole 3.2} 16,510 3,687 16,510 3.687 6,052 3.456 20,497 20,197 9,508 GOVERNANCE COSTS Dlrect Other Costs Support Costs 2024 2023 Charitable activities- govemance costs 3,687 3,687 INVESTMENT AND OTHER INCOME 2024 2023 Inveslment InMme Surplus on disposal of investments 14,137 31,523 14,164 (16.636) 45.660 (2,472) INVESTMENTS other investsnents Total Investrnents Cost At 6 April 2023 Additions Disposals Revaluations 359.473 29.834 (18,866) 18,504 359,473 29,834 116,866} 18,504 Al 5 April 2024 390,945 390,945 Net book value Al 5 April 2024 390,945 390,945 Al 5 April 2023 359.473 359.473 10 contlnued McDonnell Trust 2010 NOTES TO THE FINANCIAL STATEMENTS for the financiai year ended 5 April 2024 CREDITORS Amounts falling due withln one year 2024 2023 Accrua18 and deferred incorne 735 735 RESERVES 2024 2023 At the beginning of the year Surplusl(Deficil) for the financial year 376,548 25,463 388,528 (11.980) At the end of the year 402,011 376.548 FUNDS RECONCILIATION OF MOVEMENT IN FUNDS Unrestricted Funds Total Funds At 6 April 2022 Movement during the finanrial year 388,528 {11,980) 388,528 111.980> Al S Aprd 2023 Movement during Ihe financial year 376,548 25,463 376,548 25.463 At 5 April 2024 402,011 402,011 ANALYSIS QF MOVEMENTS ON FUNDS Balanco Income Expenditurè 6 April 2023 Transfe between funds Gains and losses Balance S Aprll 2024 Unrestricted funds Unrestricted General 376.548 14,137 20.197 31,523 402,011 Total funds 376,548 14,137 20,197 31,523 402,011 ANALYSIS OF NET ASSETS BY FUND Financial rixed assets Current assets Curront Ilabllltleg Total Unrestricted general funds 390,945 11.801 1735) 402,011 390,945 11,801 (735) 402,011 POST-BALANCE SHEET EVENTS There have been no significant events affectlng the Charity slnce the financial year-end.