COMPANY REGISTRATION NUMBER: N1070888 CHARITY REGISTRATION NUMBER: NIC 104548 EDMUND RICE SCHOOLS TRUST(NI)LTD Company Limited by Guarantee Unaudited Financial Statements Year ended 31 August 2023 ENNINGS Chartered accountants 40 GREENAN ROAD NEWRY CO.DOWN BT34 2PZ EDMUND RICE SCHOOLS TRUST(NI)LTD Company Limited by Guarantee Financial Statements Year ended 31 August 2023 Page Trustees, annual report (incorporating the director's roport) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements The following pages do not form part of the financial statements Detailed statement of financial activities 14 Notes to the detailed statement of financial activities 15 EDMUND RICE SCHOOLS TRUST(NI)LTD Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 August 2023 The trustees, who are also Ihe directors lor the purposes of company law. present their report and the unaudited financial slatements of the charity lo¥ the year ended 31 August 2023. Reference and administrative details Registered charity name EDMUND RIGE SCHOOLS TRUST{NI)LTD Charity reglslratlon number NIC 104548 Company registration number N1070888 Principal ollice and registered EDMUND RICE SCHOOLS TRUST office WESTCOURT CENTRE 8-30 BARRACK STREET BELFAST BT12 4AH N IFIELAND The trustees MR MICHEAL JOHN MARTIN MR JOHN CHARLES DEVINE MR EDWARD MCARDLE Mr DERMOT MCGOVERN MS DONNA-MARIA TOHILL Company secretary PAUL SHEVLIN Independent examlner KEVIN JENNINGS FCA 40 GREENAN ROAD NEWRY CO.DOWN BT34 2PZ Structure, governance and management The Foundalion was Established in 2009 as a Company Limited By Guarantee and operates in line with its Memorandum and Articles of Association. The Main Objecl of the Company is to ensure and foster the advancement of education and to further Ihe aims and purposes of Catholic educalion in the Edmund Rice tradition in colleges schools and other educational projects in Northern Ireland owned or operated by the Company in accordance wilh the Religion and Education philosophy ol the Company as slated in the Edmund Rice Schools Trusl Charter. Directors of the Trust usually meet on a monthly basis and Members and Directors meet 3 times a year including an AGM in October. EDMUND RICE SCHOOLS TRUST(NI)LTD Company Limited by Guarantee Truslees, Annual Report (Incorporating the Direclor's Report) (continued) Year ended 31 August 2023 Objectives and acllvities The Foundation was established in order to ensure the continuity ol Catholic Education in the Tradition ol Blessed Edmund Rice in Schools in Northern Ireland founded owned or operated by the Congregation until the establishment ol the Foundation or founded owned or operated by the Foundation herealler. Directors and Members are actively involved in the promotion of the ethos the planning and implementation of educational iniliatives for example amalgamations school building works and new build in collaboration with other Trustees government agencies and a range of education authorities. Strateglc report The following sections lor achievemenls and performance and financial review form the stralegic report of the charity. Achlevements and performance All of the schools under the auspices ol the Trust have performed very satisfactorily in terms ol their curriculum offerings and their commitment to the Edmund Rice Elhos.The reputation of the Trust within the Catholic Sector and in the wider Educational Arena in Northern Ireland continues lo be strong. Links and cooperation with other Edmund Rice schools and organisations locally and worldwide, are continuing lo slrengthen. A process of Strategic Planning and Review is ongoing. Financial review The Charily had a surplus for the year ended 31 August 2023 of £17,08712022 Deficit £3,802). Financial Updates provided regularly lo meetings of the Board ol Directors indicate that the running costs of the Trust are being maintained at levels within the allocation ol resources. The trustees, annual report and the strategic report were approved on 22 September 2023 and signed on behalf of the board of trustees by.. Mr DERMOT MCGOVERN Trustee Charity Secretary EDMUND RICE SCHOOLS TRUST(NI)LTD Company Limited by Guarantee Independent Examiner's Report to the Trustees of EDMUND RICE SCHOOLS TRUST{NI)LTD Year ended 31 August 2023 I reporl lo the trustees on my examination ol the financial slatements of EDMUND RICE SCHOOLS TRUSTINIILTD I'lhe charity'l lor the year ended 31 August 2023. Responslbililies and basis of report As the charity trustees land also Ihe directors of the company lor the purposes of company lawl you are responsible lor the preparation of the accounts in accordance with the requirements ol the Companies Acl 2006. Having satisfied myself that the charity is not subjecl lo audit under company law and is eligible for independent examination it is my responsibilily to: examine the accounts under Section 65 of the Charities Act follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under seolion 65{9)Iblof the Charities Act slate whether particular malters have come to my attention. Basis of Independent Examlner's Report I have examined your charily accounts as required under section 65 of the Charities Acl and my examination was Garried out in accordance with the General Directions given by the Charity Commission lor Northern Ireland under seclion 65(91(bl of the Charities Acl.The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records.11 also included consideration of any unusual ilems or disclosures in the aGGounts,and seeking explanations from you as charity trustees concerning such malters. My Role is lo state whether any material matters have come to my altention giving me cause to believe 1.That accounting records were nol kept in accordance with section 386 of the Companies Act 2006 2.Thal the accounts do not accord with those accounting records 3.That the accounts do not Comply with the accounling requirements of section 396 of the Companies Act 2006 and wilh the methods and principles ol the Charities Slatement of Recommended Practice applicable to charities preparing Iheir accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland. 4.That there is lurthar information needed for a proper understanding of the accounts to be reached. EDMUND RICE SCHOOLS TRUST(NI)LTD Company Limited by Guarantee Independent Examiner's Report to the Trustees of EDMUND RICE SCHOOLS TRUST(NI)LTD (c onlinued) Year ended 31 August 2023 Independent examiner's statement I have completed my examinalion and have no concerns in respect of Ihe matters11110 141 listed above and in connection with following the Directions of the Charity Commission lor Northern Ireland,1 have found no matters that require drawing to your attention. KEVIN JENNINGS FCA Independent Examiner 40 GREENAN ROAD NEWRY CO.DOWN BT34 2PZ 22 Seplember 2023 EDMUND RICE SCHOOLS TRUST{NI)LTD Company Limited by Guarantee Statement of Financial Activities (Including income and expenditure account) Year ended 31 August 2023 2023 Unrestricted funds Total funds Total funds 2022 Note Income and endowments Donations and legacies Investment income 118,000 689 118,000 689 121,000 179 Total income 118,689 118,689 121,179 Expendlture Expenditure on charitable activities Total expenditure 100,871 100,871 124,981 100,871 100,871 124,981 Net incomel(expenditure) and net movement in funds 17,818 17,818 13,8021 Reconclliatlon of lunds Total funds brought forward Total funds carried lorward 50,432.260 50,432,260 50,436,062 50,450,078 50,450,078 50,432.260 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on page$ 7 to 12 form part of these flnancial slalements. EDMUND RICE SCHOOLS TRUST(NI)LTD Company Limited by Guarantee Statement of Financial Position 31 August 2023 2023 2022 Nole Flxed assets Tangible fixed assets 12 50,000,000 50.000,000 Current assets Debtors Cash at bank and in hand 13 790 457,076 4,071 430,936 457,866 435,007 Creditors: amounts falling due within one year Net current assets 14 7,788 2.747 450,078 50,450,078 50,432,260 50,450,078 50,432,260 432.260 Total assets less current liabilities Net assets Funds of the charity Unrestricted funds 50,450,078 50,432,260 50,450,078 50,432,260 Total charity funds 15 For the year ending 31 August 2023 the charity was entitled to exemplion from audit under section 477 of the Gompanies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the company to obtain an audit ol ils financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying wilh the requirements of the Act with respect to accounting I'ecords and the preparation ol financial statemenls. These financial slalements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board ol trustees and authorised lor issue on 22 September 2023, and are signed on behalf of the board by: Mr DERMOT MCGOVE Trustee The notes on pages 7 to 12 form payl ol these linancial slatements. EDMUND RICE SCHOOLS TRUST(NI)LTD Company Limited by Guarantee Notes lo the Financial Statements Year ended 31 August 2023 General information The charity is a public benefit entity and a private company limited by guarantee, registered in N IRELAND and a regislered charity in Northern Ireland. The address ol the registered office is EDMUND RICE SCHOOLS TRUST, WESTCOURT CENTRE, 8-30 BARRACK STREET, BELFAST, BT12 4AH, N IRELAND. Statemenl of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic ol Ireland,, the Statement of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Flepublic of Ireland {FRS 102) (Charilies SORP {FRS 1021) and the Gompanies Act 2006. Accounllng policles Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by Ihe revaluation ol certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial slaternenls are prepared in sterling, which is the functional currency of Ihe enlily. Going concern There are no rnalerial uncertainties about the charity's ability to continue. Judgements and key sources ol estlmalion uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that allect the amounts reported. These eslimales and judgements are continually reviewed and are based on experience and other factors, including expectations of lulure events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use al the discretion ol the trustees to further any ol Ihe charily's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future projecl or commitment. Restricted funds are subjected to reslriclions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. EDMUND RICE SCHOOLS TRUST(NI)LTD Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 August 2023 Accounling poli¢les (contlnued) Incoming resources All incoming resources are included in the statement ol financial aclivities when entitlement has passed to the charity- it is probable Ihal the economic benefits associaled with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular oategories ol income- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlemenl is established. income from donaled goods is measured at the lair value of the goods unless this is impractical lo measure reliably, in which case the value is derived from the cost lo the donor or the estimated resale value. Donated facilities and services are recognised in Ihe accounts when received il the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts lor the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a conlractual requirement for it to be spent on a particular purpose and returned il unspent, in which case il may be regarded as reslricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be lully recovered, and is classified under headings of Ihe statement of linancial activities to which it relates.. expenditure on raising funds includes the costs ol all fundraising activities, events, non- charitable trading activities, and the sale ol donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benelil of its beneficiaries, including those support costs and costs relating to the governance ol the charity apportioned lo charitable activities. other expenditure includes all expendilure thal is neilher related lo raising funds lor the charity nor parl of its expenditure on charitable activities. All costs are allocated to expenditure categories rellecting the use of Ihe resource. Direct costs attribLJtable lo a single activity are allocated direclly to that aclivily. Shared cosls are apportioned between the aclivities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently slated al cost less any accumulaled depreciation and impairment losses. Any langible assels carried al revalued amounts are recorded at the fair valu8 at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. EDMUND RICE SCHOOLS TRUST(NI)LTD Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 August 2023 Accounting policies (conlinuedj Tangible assets (contlnued) An increase in the carrying amount of an asset as a result of a revalualion, is recognised in other recognised gains and losses. unless il reverses a charge lor impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result ol revaluation, is recognised in other recognised gains and losses, except to which il ollsets any previous revaluation gain, in which case the loss is shown wilhin other recognised gains and losses on the stalement of financial activities. Impairment of fixed assets A review lor indicators of impairment is carried out al each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed lor possible reversal at each reporting date. For the purposes ol impairment testing, when it is not possible to estimate the recoverable amount ol an individual asset, an estimate is made of the recoverable amount of the cash- generating unit lo which the asset belongs. The cash-generating unil is the smallest identifiable group ol assets thal includes Ihe asset and generates cash inflows that largely independent of Ihe cash inflows from olher assets or groups of assels. For impairment tesling ol goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each ol the cash-generating units that are expected to benefit from the synergies ol the combination, irrespective of whether other assets or liabilities of the charity are assigned to those unils. Llmiled by guarantee Every Member of the Company undertakes lo contribute lo the assets of the Company in the event of the same being wound up in which shelhe is a member or within one year altershelhe ceases to be a member for payment of Ihe debts and liabilities of the Company contracted before shelhe ceases lo be amember and of Ihe ¢osts,charges and expenses ol winding up and lor the adjustment of the righls ol the contribulories among themselves such amount as may be requirednot exceeding one pound. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Congregation of Christian Brothers Northern Ireland Donations 118,000 118,000 118,000 3,000 118,000 3,000 121,000 118,000 118,000 121,000 EDMUND RICE SCHOOLS TRUST(NI)LTD Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 August 2023 Investment income Unrestricted Total Funds Unrestricled Total Funds Funds 2023 Funds 2022 Bank interest receivable 689 689 179 179 Expendilure on charitable aclivities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Charitable Activities 100,871 100,871 124,981 124,981 Expenditure on charltable activitles by activity type Activities undertaken Total funds directly 2023 Total fund 2022 Charilable Activities 100,871 100,871 124,981 Independenl examination fees 2023 2022 Fees payable lo the independent examiner for.. Independent examination of the financial slalements 1,680 1,680 10. Staff costs The average head count of employees during the year was 2 {2022- 2)- The average number of full-time equivalent employees during the year is analysed as follows- 2023 2022 Number of slafl No employee received employee benefils of more than £60,000 during the year12022.. Nill. 11. Trustee remuneration and expenses During Ihe Financial Year End 31 August 2023 Travel Expenses of £4,979 {2022 £1,021) were paid to Trustees. 10- EDMUND RICE SCHOOLS TRUST(NI)LTD Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 August 2023 12. Tangible flxed assets Land and buildings Cost At 1 September 2022 and 31 August 2023 Depreciation At 1 September 2022 and 31 Augusl 2023 Carrying amount At 31 August 2023 At 31 August 2022 50.000,000 50,000,000 50,000,000 13. Debtors 2023 2022 Other deblors 790 4,071 14. Creditors: amounts lalling due within one year 2023 2022 Accruals and deferred income 7,788 2,747 15. Analysis of charitable funds Unrestricted funds At 1 September 2022 At 31 Augusl 20 23 Income Expenditure General funds 50,432,260 118,689 {100,8711 50,450,078 At 1 September 2021 At 31 August 20 22 Income Expenditure General funds 50,436,062 121.179 {124,9811 50,432,260 EDMUND RICE SCHOOLS TRUST(NI)LTD Company Limited by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 August 2023 16. Analysis of net assets between funds Unrestricted Total Funds Funds 2023 Tangible fixed assets 50,000,000 50,000,000 Unrestricled Total Funds Funds 2022 Tangible fixed assets 50,000,000 50,000,000 12- EDMUND RICE SCHOOLS TRUST(NI)LTD Company Limited by Guarantee Management Information Year ended 31 August 2023 The following pages do not form part of the financial statements. EDMUND RICE SCHOOLS TRUST(NI)LTD Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 August 2023 2023 2022 Income and endowments Donatlons and legacles Congregation ol Christian Brothers Northern Ireland Donations 118,000 118,000 3,000 121,000 118,000 Inveslmenl income Bank interest receivable 689 179 Total income 118,689 121,179 Expenditure Expenditure on charilable aclivilies Wages and salaries Light and heat Repairs and maintenance Insurance Other molorllravel costs Legal and professional fees Telephone Other office costs Covid Grant To Schools 55,411 4,808 3,905 1,428 7,357 14,967 1,204 11,791 53,880 3,892 79 1,015 2,713 10,710 799 3.353 48,540 100,871 124,981 Total expendilure 100,871 124,981 Net incomel{expenditure) 17,818 13,8021 14- EDMUND RICE SCHOOLS TRUST(NI)LTD Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 August 2023 2023 2022 Expenditure on charilable act5vities Charitable Activities Activltles undertaken directly Wageslsalaries Light & heat Repairs & maintenance Insurance Motorllravel costs Legal and professional fees Telephone Other office cosls Covid Grant To Schools 55,411 4,808 3,905 1,428 7,357 14,967 1,204 11,791 53,880 3,892 79 1,015 2,713 10.710 799 3,353 48,540 100,871 124.981 Expenditure on charltable activitles 100,871 124,981 15-