2025-04-05-accounts - McDonnell Trust 2010

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Charity Number: 103877

McDonnell Trust 2010 Annual Report and Unaudited Financial Statements for the financial year ended 5 April 2025

Paul Hagerty & Co Chartered Accountants 11 The Square Rostrevor Co Down BT34 3AZ

McDonnell Trust 2010 CONTENTS

	Page
Reference and Administrative Information	3
Trustees’ Report	4
Statement of Trustees’ Responsibilities	3]
independent Examiner's Report	6
Statement of Financial Activities	7
Balance Sheet	8
Accounting Policies	9
NotestotheFinancialStatements	10-11

McDonnell Trust 2010 REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees

Reverend Martin O'Hagan Anne Glover D Macauley

Charity Number in Northern Ireland

103877

Principal Address

201A Torr Road Cushendun Co Antrim BT44 OPU

Independent Examiner

Paul Hagerty & Co Chartered Accountants 11 The Square Rostrevor Co Down BT34 3AZ

Principal Bankers

Bank of Ireland Belfast City Branch Belfast BT1 2BA

for the financial year ended 5 April 2025

McDonnell Trust 2010 TRUSTEES’ REPORT

The trustees present their Trustees' Report and the unaudited financial statements for the financial year ended 5 April 2025.

The financial statements are prepared in accordance with the Charities Act (Northern Ireland) 2008, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland” and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Trustees’ Report contains the information required to be provided in the Trustees’ Annual Report under the Statement of Recommended Practice (SORP) guidelines. The trustees of the charity are also charity trustees for the purpose of charity law and under the charity's constitution are known as members of the board of trustees.

in this report the trustees of McDonnell Trust 2010 present a summary of its purpose, governance, activities, achievements and finances for the financial year 5 April 2025.

The charity is a registered charity and although not obliged to comply with the Statement of Recommended Practice for Smaller Entities (the FRSSE) (effective 1 January 2015), the organisation has implemented its recommendations where relevant in these financial statements.

Mission, Objectives and Strategy

Mission Statement

The objects and powers of the charity are the education and maintenance of any Roman Catholic students attending any educational establishment in Ireland, particularly for students studying for Roman Catholic priesthood or other religious life. The Trust enables students to develop their spiritual capacities through attendance at educational establishments. The direct benefit flowing from the charitable purpose of the Trust are of a Pastoral, educational and Spiritual nature which from the students to enhance their personal development, social skills, faith and spiritual lives. Without the support of the Trust, many of the individuals would not be in a position to complete their studies. The objectives also facilitate the adoption of a moral framework which encourages individuals to be good citizens and there is a wider benefit to society when individuals progress to religious life. The Public Benefit is demonstrated when the individuals are ordained and take up posts either in a Diocesan or a Missionary Role and they are then in a position to educate and influence others in a positive manner. or other religious life; or such other Catholic charitable purposes as the trustees may select from time to time.

There is no private benefit to any individuals and there is absolutely no harm or potential harm arising as a result of the primary purposes of the Trust.

Structure, Governance and Management

Structure

The Charity was established under deed dated 28 June 2010

Financial Review

The results for the financial year are set out on page 7 and additional notes are provided showing income and expenditure in greater detail.

Results and Dividends

At the end of the financial year the charity has assets of £409,977 (2024 - £402,746) and liabilities of £735 (2024 - £735). The net assets of the charity have increased by £7,231.

Approved by the Board of Trustees on 22 August 2025 and signed on its behalf by:

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Anne Glover ~~ Trustee

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McDonnell Trust 2010 STATEMENT OF TRUSTEES' RESPONSIBILITIES

for the financial year ended 5 April 2025

The trustees are responsible for preparing the financial statements in accordance with applicable law and regulations.

The law applicable to charities in Northern Ireland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the assets, liabilities and financial position of the charity as at the financial year end date and of the surplus or deficit of the charity and otherwise comply with the Charities Act (Northern freland) 2008.

In preparing these financial statements, the trustees are required to:
select suitable accounting policies and apply them consistently;
observe the methods and principles in the Charities SORP
make judgements and accounting estimates that are reasonable and prudent;
- state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees confirm that they have complied with the above requirements in preparing the financial statements.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and 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.

Approved by the Board of Trustees on 22 August 2025 and signed on its behalf by:

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Afine Glover Trustee

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McDonnell Trust 2010 INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES OF MCDONNELL TRUST 2010

We have examined the financial statements of the charity for the financial year ended 5 April 2025, which comprise the Statement of Financial Activities, the Balance Sheet, the Accounting Policies and the related notes. °

This report is made solely to the charity's members, as a body, in accordance with the Charities Act (Northern ireland) 2008. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Board of Trustees that we have done so, and state those matters that we have agreed to state to 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 the charity's members, as a body, for our work, or for this report.

Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act (Northern Ireland) 2008. The charity's trustees consider that an audit is not required for this financial year under the Charities Act (Northern Ireland) 2008 and that an independent examination is required.

It is our responsibility to: - examine the financial statements under section 65 of the Charities Act; - follow the procedures laid down by the general Directions given by the Charity Commission for Northern Ireland under section 65(9){b) of the Charities Act; and
- state whether particular matters have come to our attention.

Basis of independent examiner's report

We have examined your charity financial statements 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. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

In connection with our examination, no matter has come to our attention which gives us cause to believe that in, any material respect: - accounting records were not kept in accordance with section 63 of the Charities Act - the financial statements do not accord with those accounting records - there is further information needed for a proper understanding of the accounts to be reached. Independent examiner's statement We have no concerns and have come across no other matters in connection with the examination to which attention should/pe drawn in this report in order to enable a proper understanding of the financial statements to be reached. OL oa NN PAUL HAGERTY & CO Chartered Accountants 11 The Square Rostrevor Co Down BT34 3AZ

Date: 22 August 2025

McDonnell Trust 2010 STATEMENT OF FINANCIAL ACTIVITIES

for the financial year ended 5 April 2025

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|Total|Unrestricted|Total| |Funds|Funds|Funds|Funds| |2025|2025|2024|2024| |Notes|£|£|£|£| |Incoming|Resources| |Investments|2.1|14,838|14,838|14,137|14,137| |Resources|Expended| |Charitable|activities|3.1|6,014|6,014|20,197|20,197| |Net|gains/(losses)|on|investments|(1,593)|(1,593)|31,523|31,523| |Net|incoming/outgoing|resources|before|transfers|7,231|7,231|25,463|25,463| |Gross|transfers|between|funds|-|-|-|-| |Net|movement|in|funds|for|the|financial|year|7,231|7,231|25,463|25,463| |Reconciliation|of|funds:| |Total|funds|beginning|of|the|year|8|402,011|402,011|376,548|376,548| |Total|funds|at|the|end|of the|year|409,242|409,242|402,011|402,011|

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The Statement of Financial Activities includes all gains and losses recognised in the financial year. All income and expenditure relate to continuing activities.

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The notes on pages 10 to 11 form part of the financial statements

McDonnell Trust 2010 BALANCE SHEET

as at 5 April 2025

		2025	2024
	Notes	£	ray
Fixed Assets
Investments	5	391,584	390,945
Current Assets
Cash at bank and in hand		18,393	11,801
Creditors: Amounts falling due within one year	6	(735)	(735)
Net Current Assets		17,658	11,066
Total Assets less Current Liabilities		409,242	402,011
Funds
General fund (unrestricted)		409,242	402,011
Totalfunds	8	409,242	402,011

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Approved by the Board of Trustees and authorised for issue on 22 August 2025 and signed on its behalf by
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Trustee
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The notes on pages 10 to 11 form part of the financial statements

McDonnell Trust 2010 ACCOUNTING POLICIES

for the financial year ended 5 April 2025

Basis of preparation

The financial statements have been prepared on the going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing 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 (effective January 2015)".

As permitted by the Companies Act 2006, the charity has varied the standard formats in that act for the Statement of Financial Activities and the Balance Sheet. Departures from the standard formats are to comply with the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP.

Restricted funds

Restricted funds represent income received which can only be used for particular purposes, as specified by the donors. Such purposes are within the overall objectives of the charity.

Unrestricted designated funds

Unrestricted funds consist of General and Designated funds.

General funds represent amounts which are expendable at the discretion of the board, in furtherance of the objectives of the charity.
Designated funds comprise unrestricted funds that the board has, at its discretion, set aside for particular purposes. These designations have an administrative purpose only, and do not legally restrict the board's discretion to apply the fund.

Incoming Resources

Income is recognised by inclusion in the Statement of Financial Activities only when the charity is legally entitled to the income, performance conditions attached to the item(s) of income have been met, the amounts involved can be measured with sufficient reliability and it is probable that the income will be received by the charity.

Resources Expended

Expenditure is analysed between costs of charitable activities and raising funds. The costs of each activity are separately accumulated and disclosed, and analysed according to their major components. Expenditure is recognised whena legal or constructive obligation exists as a result of a past event, a transfer of economic benefits is required in settlement and the amount of the obligation can be reliably measured. Support costs are those functions that assist the work of the charity but cannot be aitributed to one activity. Such costs are allocated to activities in proportion to staff time spent or other suitable measure for each activity.

Investments

Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other financial fixed asset investments together with any related tax credit is recognised in the profit and loss account in the financial year in which it is receivable.

Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the charity's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax 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 financial year ended 5 April 2025

1. GENERAL INFORMATION

McDonnell Trust 2010 is a charity incorporated in Northern Ireland. The registered office of the charity is which is also the principal place of business of the charity. The financial statements have been presented in Pound (£) which is also the functional currency of the charity.

2.	INCOME
2.1	INVESTMENTS			Unrestricted	Restricted	2025	2024
				Funds	Funds
				£	£	£	£
	Investments			14,838	-	14,838	14,137
3.	EXPENDITURE
3.1	CHARITABLEACTIVITIES		Direct Costs	Other Costs	Support Costs	2025	2024
			£	£	£	£	cal
	Expenditure on charitable activites		2,500	-	-	2,500	16,510
	Governance Costs (Note 3.2)		3,514	-	-	3,514	3,687
			6,014	-	-	6,014	20,197
3.2	GOVERNANCE COSTS		Direct	Other	Support	2025	2024
			Costs	Costs	Costs
			£	£	£	£	£
	Charitable activities	- governance	3,514	-	-	3,514	3,687
	costs
4,	INVESTMENTAND	OTHER INCOME				2025	2024
						£	=
	Investment income					14,838	14,137
	Deficit on disposal ofinvestments					(1,593)	31,523
						13,245	45,660
5.	INVESTMENTS
						Other	Total
						investments
	Investments					£	£
	Cost
	At 6 April 2024					390,945	390,945
	Additions Disposals Revaluations					12,222 (9,411) (2,172)	42,222 (9,411) (2,172)
	At 5 April 2025					391,584	391,584
	Net book value
	At 5 April 2025					391,584	391,584
	At5April2024					390,945	390,945

continued

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McDonnell Trust 2010

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 5 April 2025

6.	CREDITORS							2025	2024
	Amounts falling due within		one year					£	£
	Accruals and deferred	income						735	735
7.	RESERVES
								2025	2024
								£	£
	At the beginning ofthe year Surplus forthe financial year							402,011 7,231	376,548 25,463
	At the end ofthe year							409,242	402,011
8.	FUNDS
8.1	RECONCILIATION OF MOVEMENT IN				FUNDS			Unrestricted	Total
								Funds	Funds
								£	oa
	At 6 April 2023 Movement during the financial			year				376,548 25,463	376,548 25,463
	At 5 April 2024 Movement during the financial			year				402,011 7,231	402,011 7,231
	At 5April2025							409,242	409,242
8.2	ANALYSIS OFMOVEMENTSON			ON FUNDS
		Balance			Income	Expenditure	Transfers	Gains and	Balance
		6	April				between	losses	5 April
			2024				funds		2025
				£	£	£	£	£	£
	Unrestricted funds
	Unrestricted	402,011			14,838	6,014	-	(1,593)	409,242
	General
	Total funds	402,011			14,838	6,014	-	(1,593)	409,242
8.3	ANALYSIS OF NETASSETS			BY FUND
						Financial	Current	Current	Total
						fixed	assets	liabilities
						assets
						£	£	£	£
	Unrestricted general funds					391,584	18,393	(735)	409,242
						391,584	18,393	(735)	409,242

POST-BALANCE SHEET EVENTS

There have been no significant events affecting the Charity since the financial year-end.