COMPANY REGISTRATION NUMBER: N1070888 CHARITY REGISTRATION NUMBER: NIC 104548 EDMUND RICE SCHOOLS TRUST(NORTHERN IRELAND)LIMITED Company Limited by Guarantee Unaudited Financial Statements Year ended 31 August 2024 ENNIN &co. Chartered accountants 40 GREENAN ROAD NEWRY CO.DOWN BT34 2PZ EDMUND RICE SCHOOLS TRUST(NORTHERN IRELAND)LIMITED Company Limited by Guarantee Financial Statements Year ended 31 August 2024 Page Trustees, annual report (incorporating the director's report) 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 Ihe financial statements Detailed statement of financial activities 14 Notes to the detailed statement of financial activities 15 EDMUND RICE SCHOOLS TRUST(NORTHERN IRELAND)LIMITED Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 August 2024 The Iruslees, who are also the directors lor the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 August 2024. Reference and admlnistrative details Registered charity name EDMUND RICE SCHOOLS TRUSTINORTHERN IRELANDILIMITED Charity registrallon number Company registration number N1070888 Principal office and registered EDMUND RICE SCHOOLS TRUST office WESTCOURT CENTRE 8-30 BARRACK STREET BELFAST BT12 4AH N IRELAND NIC 104548 The Irustees MR MICHEAL JOHN MARTIN MR JOHN CHARLES DEVINE MR EDWARD MCARDLE Mr DERMOT MCGOVERN MS DONNA-MARIA TOHILL MR JAMES MURRAY (Appointed 1 October 2023) Company secretary PAUL SHEVLIN Independent examiner KEVIN JENNINGS FCA 40 GREENAN ROAD NEWRY CO.DOWN BT34 2PZ Struclure, governance and management The Foundation was Established in 2009 as a Company Limited By Guarantee and operates in line with its Memorandum and Articles ol Associalion. The Main Object ol Ihe Company is lo ensure and losler the advancement of education and to further Ihe aims and purposes of Catholic education in the Edmund Rice tradition in colleges schools and olher educational projects in Northern Ireland owned or operated by the Company in accordance with Ihe Religion and Education philosophy of the Company as stated in the Edmund Rice Schools Trust Charter. Directors of Ihe 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(NORTHERN IRELAND)LIMITED Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (confinued) Year ended 31 August 2024 Objectives and aclivlties The Foundation was established in order to ensure the continuity of Galholic Education in the Tradilion ol Blessed Edmund Rice in Schools in Northern Ireland founded owned or operated by the Congregation unlil the establishment of the Foundation or founded owned or operated by the Foundation hereafter. Directors and Members are actively involved in the promotion of the ethos the planning and implementation of educational initiatives for example amalgamations school building works and new build in collaboration wilh other Trustees government agencies and a range of education authorities. Strateglc report The following sections for achievements and performance and financial review form Ihe slrategic report of the charity. Achievements and performance All of Ihe schools under Ihe auspices of the Trust have performed very salislaclorily in terms of their curriculum ollerings and their commitment to the Edmund Rice Ethos.The reputation ol Ihe Trust within the Calholic Sector and in the wider Educational Arena in Northern Ireland conlinues lo be strong. Links and cooperation with olher Edmund Rice schools and organisations locally and worldwide, are continuing to strenglhen. A process ol Strategic Planning and Review is ongoing. Finan¢lal review The Charily had a surplus for the year ended 31 August 2024 of £31,38112023 Surplus £17,087). Financial Updates provided regularly to meetings of the Board ol Directors indicate thal 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 October 2024 and signed on behalf ol the board of trustees by: Mr DERMOT MCGOV Trustee PAUL SHEVLIN Charity Secretary EDMUND RICE SCHOOLS TRUST(NORTHERN IRELAND)LIMITED Company Limited by Guarantee Independent Examiner's Report to the Trustees of EDMUND RICE SCHOOLS TRUST(NORTHERN IRELAND)LIMITED Year ended 31 August 2024 I report to the trustees on my examination of the financial stalements of EDMUND RICE SCHOOLS TRUSTINORTHERN IRELANDILIMITED I'lhe charily'l lor the year ended 31 August 2024. Responsibilities and basis ol report As the charity Iruslees (and also Ihe directors of the company for Ihe purposes ol company law) you are responsible for Ihe preparation ol the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audil under company law and is eligible for independent examination it is my responsibility to.. examine the accounts under Section 65 01 the Charities Act follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65{9)Ib)of the Charities Act stale whether particular matters have come to my allenlion. Basis ol Independent Examiner's Report I have examined your charity accounts as required under section 65 of the Charilies Act and my examination was carried out in accordance with Ihe General Directions given by the Charity Commission for Northern Ireland under section 6519llb} ol Ihe Charilies Acl.The examination included a review of the accounting records kept by the charity and a comparison of the accounls presented with those records.lt also included consideration ol any unusual items or disclosures in the accounts,and seeking explanations Irom you as charity trustees concerning such matters. My Role is to state whelher any material matters have come lo my altenlion giving me cause to believe 1.Thal accounting records were not kept in accordance with section 386 01 the Companies Act 2006 2.Thal the accounts do not accord wilh those accounting records 3.Thal the accounts do not comply with the accounting requirements ol seclion 396 01 the Companies Act 2006 and with the methods and principles of Ihe Charities Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland. 4.That there is further information needed for a proper understanding of the accounts to be reached. EDMUND RICE SCHOOLS TRUST{NORTHERN IRELAND)LIMITED Company Limited by Guarantee Independent Examiner's Report to the Trustees of EDMUND RICE SCHOOLS TRUST(NORTHERN IRELAND)LIMITED fcontlnued) Year ended 31 August 2024 Independent examiner's statement I have completed my examination and have no concerns in respect of the malters 11 } to14) lisled above and in connection with following the Directions of the Charity Commission for 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 October 2024 EDMUND RICE SCHOOLS TRUST(NORTHERN IRELAND)LIMITED Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 August 2024 2024 Unreslricted funds Total funds Total funds 2023 Note Income and ondowments Donations and legacies Investment income 118,000 4,897 118,000 4,897 122,897 118,000 689 Total income 122,897 118,689 Expenditure Expenditure on charitable activilies Total expenditure 91,516 91,516 91,516 91,516 100,871 100,871 Net income and net movement in funds 31,381 31,381 17,818 Reconciliation ol tunds Total funds brought forward Total funds carrled forward 50,450,078 50,450,078 50,432,260 50,481,459 50,481,459 50,450.078 The statement ol financial activities includes all gains and losses recognised in the year. All income and expendilure derive from continuing activities. The note5 on pages 7 to 12 lorm parl ot these financial statemènts. EDMUND RICE SCHOOLS TRUST{NORTHERN IRELAND)LIMITED Company Limited by Guarantee Statement of Financial Position 31 August 2024 2024 2023 Note Fixed assets Tangible fixed assets 12 50,000,000 50,000,000 Current assets Debtors Cash al bank and in hand 13 790 457.076 510,150 510,150 457.866 Credltors: amounts lalllng due within one year Net current assets 14 28,691 7.788 481,459 50,481,459 50,450.078 50,481,459 50,450.078 450.078 Total assets less current liabilities Net assets Funds of the charity Unrestricted funds 50,481,459 50,450,078 50,481,459 50,450,078 Total charity funds 15 For the year ending 31 August 2024 the charity was entitled to exemption from audit under section 477 ol the Companies Act 2006 relaling to small companies. Direclors, responsibilities- The members have not required the company lo obtain an audit ol its financial statements lor the year in question in accordance with section 476., The directors acknowledge their responsibililies lor complying with the requiremenls of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable lo companies subject lo the small companies, regime. These financial statements were approved by the board of trustees and aulhorised lor issue on 22 October 2024, and are signed on behall ol the board by.. Mr DERMOT MCGOVER Trustee The notes on pages 7 10 12 form parl of these financial statements. EDMUND RICE SCHOOLS TRUST{NORTHERN IRELAND)LIMITED Company Limited by Guarantee Notes to the Financial Statements Year ended 31 August 2024 General information The charity is a public benefit entity and a private company limited by guarantee. registered in N IRELAND and a registered charity in Northern Ireland. The address of the registered ollice is EDMUND RICE SCHOOLS TRUST, WESTCOURT CENTRE, 8-30 BARRACK STREET, BELFAST, BT12 4AH, N IRELAND. Statement of Compliance These financial slatements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in Ihe UK and the Republic of Ireland,, the Stalemenl of Recommended Practice applicable to charities preparing Iheir accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 (Charities SORP {FRS 102)) and the Companies Act 2006. Accounling polTcles Basis of preparatlon The financial stalemenls have been prepared on the historical cost basis, as modified by the revaluation ol certain financial assets and liabilities and investment properties measured at lair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency ol Ihe entily. Going concern There are no material uncertainlies about Ihe charity's ability lo continue. Judgements and key sources of estimalion uncertainly The preparation of the financial statements requires management to make judgements, estimates and assumptions that allect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of fulure events that are believed to be reasonable under the circumstances. Fund accountlng Unrestricted funds are available lor use at the discretion of the trustees lo further any of the charity's purposes. Designated funds are unrestricled funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall inlo one of two sub-classes.. restricted income funds or endowment funds. EDMUND RICE SCHOOLS TRUST(NORTHERN IRELAND)LIMITED Company Limited by Guarantee Notes to the Financial Statements (ttonflnued) Year ended 31 August 2024 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity., il is probable that the economic benefits associated with Ihe Iransaclion will flow lo the charity and the amount can be reliably measured. The following specilic policies are applied lo parlicLtlar categories of income: income from donations or grants is recognised when there is evidence of entillement to the gift, receipt is probable and ils amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured al the lair value of the goods unless this is impractical lo measure reliably, in which case the value is derived from Ihe Cost to the donor or the estimated resale value. Donated lacililies and services are recognised in the accounts when received if Ihe value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery ol the contracted service. This is classified as unrestricted funds unless Ihere is a conlractual requirement lor it to be spent on a particular purpose and returned il unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liabilily Is incurred. Expenditure includes any VAT which cannol be lully recovered, and is classified under headings of the slatemenl ol financial activities lo which it relates.. expenditure on raising funds includes the costs Df all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expendilure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of ils beneficiaries, including those support costs and cosls relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expendilure Ihal is neither related to raising funds lor the charity nor part of its expenditure on charilable aclivilies. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tanglble assets Tangible assets are initially recorded at cost, and subsequently staled at cost less any accumulaled depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded al the fair value at the date ol revaluation less any subsequent accumulated deprecialion and subsequent accumulated impairmenl losses. EDMUND RICE SCHOOLS TRUST{NORTHERN IRELAND)LIMITED Company Limited by Guarantee Notes to the Financial Statemenls (conlinued) Year ended 31 August 2024 Accounting policies (contlnued) Tangible assets (contlnued) An increase in the carrying amount of an asset as a result ol a revaluation. is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the slalernenl ol linancial aclivilies. A decrease in the carrying amount ol an asset as a result of revaluation, is recognised in other recognised gains and losses, except lo which it offsets any previous revaluation gain. in which case the loss is shown within other recognised gains and losses on the statement ol financial aclivilies. Impairment of fixed assets A review lor indicators ol impairment is carried out at each reporting date, with Ihe recoverable amount being estimated where such indicalors exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairmenls are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it Is not possible to estimate the recoverable amounl ol an individual assel, an estimale is made ol Ihe recoverable amount ol the cash- generating unil lo which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes Ihe asset and generates cash inllows that largely independent of the cash inflows from other assets or groups of assets. For impairment tesling of goodwill, the goodwill acquired in a business combination is, from the acquisilion date, allocated to each ol the cash-generaling units that are expected to benefit from the synergies of the combination. irrespective of whether other assets or liabilities of the charity are assigned to Ihose units. Limited by guaranlee Every Member of the Company undertakes to contribule to the assets of the Company in the event ol the same being wound up in which shelhe is a member or within one year aftershelhe ceases to be a member lor payment of the debts and liabililies ol the Company contracted before shelhe ceases to be amember and of the costs,charges and expenses of winding up and lor Ihe adjustment ol the rights of the conlributories among themselves such amount as may be requirednot exceeding one pound. Donatlons and legacles Unrestricted Total Funds Unreslricled Total Funds Funds 2024 Funds 2023 Donations Congregation ol Christian Brothers Northern Ireland 118,000 118,000 118,000 118,000 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 4.897 4,897 689 689 EDMUND RICE SCHOOLS TRUST{NORTHERN IRELAND)LIMITED Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 August 2024 Expendilure on charitable actlvities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Charitable Activities 91,516 91,516 100,871 100.871 Expenditure on charitable activities by activity iype Activities undertaken Total funds directly 2024 Tolal fund 2023 Charitable Activities 91,516 91,516 100,871 Independenl examinatlon fees 2024 2023 Fees payable lo Ihe independent examiner for: Independent examination of the financial statemènts 1,680 1,680 10. Staff costs The average head count ol employees during the year was Nil {2023- 2). The average number of full-time equivalent employees during the year is analysed as follows: 2024 2023 Number ol staff No employee received employee benelils of more than £60,000 during the year (2023: Nil}. 11. Trustee remuneration and expenses During the Financial Year End 31 August 2024 Travel Expenses 01 £1,591 {2023 £4,979) were paid to Trustees. 10- EDMUND RICE SCHOOLS TRUST(NORTHERN IRELAND)LIMITED Company Limited by Guarantee Notes to the Financial Statements (conlinued) Year ended 31 August 2024 12. Tangible fixed assets Land and buildings Cost At 1 September 2023 and 31 Augusl 2024 Depreciation At 1 September 2023 and 31 Augusl 2024 Carrying amount At 31 August 2024 At 31 August 2023 50,000,000 50,000,000 50,000,000 13. Debtors 2024 2023 Other debtors 790 14. Creditors: amounts falling due within one year 2024 2023 Accruals and delerred income 28,691 7,788 15. Analysis of charllable lunds Unrestricted funds At 1 Sepiember 2023 At 31 August 20 24 Income Expenditure General funds 50,450,078 122,897 191,516} 50,481,459 At 1 September 2022 At 31 August 20 23 Income Expenditure General funds 50,432,260 118,689 1100,871) 50,450,078 EDMUND RICE SCHOOLS TRUST(NORTHERN IRELAND)LIMITED Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 August 2024 16. Analysis of nel assets between funds Unrestricted Total Funds Funds 2024 Tangible fixed assets 50,000,000 50,000,000 Unreslricted Total Funds Funds 2023 Tangible fixed assets 50,000,000 50,000,000 EDMUND RICE SCHOOLS TRUST(NORTHERN IRELAND)LIMITED Company Limited by Guarantee Managemenl Information Year ended 31 August 2024 The following pages do not form part of the financial statements. 13- EDMUND RICE SCHOOLS TRUST(NORTHERN IRELAND)LIMITED Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 August 2024 2024 2023 Income and endowments Donations and legacies Congregation of Christian Brolhers Northern Ireland 118,000 118,000 Investment income Bank interest receivable 4,897 689 Total income 122,897 118,689 Expenditure Expendituro on charltable activities Wages and salaries Light and heat Repairs and maintenance Insurance Other molor/travel costs Legal and professional fees Telephone Other ollice costs 49,344 4,424 1,838 1,566 8,283 5,437 1,342 19,282 55,411 4,808 3,905 1,428 7,357 14,967 1,204 11,791 91,516 100,871 Total expenditure 91,516 100,871 Net income 31,381 17,818 14- EDMUND RICE SCHOOLS TRUST(NORTHERN IRELAND)LIMITED Company Limited by Guarantee Notes to the Delailed Statement of Financial Activities Year ended 31 August 2024 2024 2023 Expenditure on charltable activities Charitable Activities Activitles undertaken directly Wageslsalaries Light & heat Repairs & maintenance Insurance Motorllravel costs Legal and professional lees Telephone Other office costs 49,344 4,424 1,838 1,566 8,283 5,437 1,342 19,282 91,516 55,411 4,808 3,905 1,428 7,357 14,967 1,204 11,791 100,871 Expendlture on charitable aclivities 91,516 100,871 15