REGISTERED COMPANY NUMBER: N16590q2 {Norlhern Ireland) Report of the Trustees and Unaudited Financial 51atementS for the Yoar Ended 31 Mar¢h 2023 for ASSUMPTION SCHOOL TRUST M.B.McGrady & C¢ CharlÈréd Aecountaht$ Suilo 2B Cadogan House 322 Li5burtt Road Belfa5l Co, Anlrim BT9 8GH
ASSUMPTION SCHOOL TRUST Conleht$ of the Fihancial Statements FOR THE VEAR ENDED 31 MARCH 2023 Pa9e Report of the Tru$tee$ Independeni ExaMiner15 Reporl Slat¢m¢nl of Financial Activilie$ Balan¢e sheet Note$ to the Flnancial Stalement5
ASSVMPTION SCHOOL TRUST Report ol the Yrugtees FOR THE YEAR ENDED 31 MARCH 2023 The Iruslees who aro also direclors of the eharity for the purposeg of the Companlès A¢1 20061 pre6enl Ihelr report wilh Ihe financial 8lalernenls of Ihe charily for tho ytar ènded 21 March 2023. Tho Irusle8s have adoplod the provisions of A¢¢ouMting and Reporllmg by Chariliès.. StalemeI of R¢¢ommertd8d Pracli¢e applicable to ¢harilies preparing Iheir a¢counl$ in a¢¢ordance wilh the Fitr)aneial Reporling Slandard appli¢able in the UK and Republic of Ireland IFRS 102> {effe¢live l January 2019), The Iru8l¢e$ report ahd linan¢ial $laleMenls are al$0 prepar¢d lo meet the reqt4iremenlJ for a director's rpporl and a¢counls lor Compahi8S Act purpose5. OBJECTIVE5 AND ACTIVITIES Objectives and aim$ The ¢haYilable obiecls for whi¢h the charily18 e$labli$hed arè the promotion and advincemenl of education throu9h: a> undertaking the oifice of and acting a$ Truslee of A$$uMpli0 Grammar S¢hool Ballynahln¢h and all land5 and buildings vested in it. bl promoting and advan¢in9 the Catholi¢ vi$ion of educalion and doveloping the elhosi philosophy ond values of th6 As$umplion Iradillon in A$$umplion Grammar $oh¢ol Ballynahin¢h. Publi¢ bènefit The tYu$tees have referred to thè guldan¢e ¢onlained In the Chariiy Commission'5 general guidance on public benefit when reviewing th¢ eharily's aims and obJeelivo$ and in planning Èls future a¢livilies. ACHIEVEMENT AND PERFORMANCE Charilable activitie5 and achièvements The chariiy cgntinued their woik in the ptornoliott and advan¢ement and supporl of Catholic education in the Iradilion ol Ihe Mi551onary Si51eY$ of lh& A95UMplion in the A55UMPlion Grammar School Ballynahlneh. 11 $upporled Ihe Board ol Governgrs of the School Ihroushoul the year lo further Ihese aims and obJo¢livo$. FINANCIAL REVIEW Flnancial position Overview of lh¢ year In¢ome and expehdilt41e Total ineoming resources In the period ended 31$1 MaY¢h 2023 was nil. Total ill¢OMing rèsour¢es in thè period èndèd 31sl Mareh 2022 was nil, T¢lal resource5 expended in tho period ended 31$1 March 2023 wa$ £1,861, Total re$our¢o1 expended in the period nded 31 sl Mar¢h 2022 was £1,353 Balance sheel The balance sheet had n&t assets 01 £3,048,B26. Vnreslricled funds amount 10 £48,826 and Endowmenl fund$ tolalled £3,000,000. Rèsorvej policy The Board of Tru51èè5 ha5 eslabll$hed a poliey whereby the Unreslrivled Fund5 not commSlled or invested in langible fixed assèls for charity Use I'the free reseTves') held by Ihe Company should be belween 3 and 6 month8 of the resources expended. At Ihis level, the Truste8s feel Ihal they would bè ablo lo ¢¢nlinue Ihe ¢urrenl a¢livilie$ of the charity. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing dD¢ument The charily 15 Gonlrolled by ils governing dacumenlj 3 d8ed ol Irusl, and conslilule$ a limited eompanyi limiled by guaranlee, as defined by the CoMPahies A¢t 2006.
ASSUMPTION SCHOOL TRUST Report of ihe Trust¢¢s FOR THE YEAR ENDED 31 MARCH 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Trustee body There are ¢urrently eight Iru$lee5 (who are al$0 thÈ director5 of the ¢ompaMy lor Ihe purpose of ¢oMpany law) who oversee the activitle$ of the eharily, Truslees glve their lime voluntarily and receive no benefits liom Iho ¢haYily, Truslee$ work within tho ¢od¢ of ¢ondu¢t and good praeli¢o 8$ sot oul by Ihe Charities Comml$$ion. Ncn8 of Ihe Iruslees ha$ ahy beneficial interest thè Charily. All of the tru$lees are member5 of the charily and gutiamleo to cot)Iribule £1 in the evenl of a winding up. Due lo the nature of Iho ¢harTly'S work the Irusl¢e$ seek to ensure that these need$ are approprlalely reflected Ihrgugh Ihe divèrslly of the Iruslee body. To enhattce the potential pool, truslee5 are requested lo provide a lisl of Ih¢ir $kill$ land update it ¢a¢h year) and in the even¢ of parli¢ular $kill$ lackins or being lu81 due lo reliremenl, individuals are approachèd to offer themselves for ele¢lion. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company numbBr N1639012 (Northern Ireland) Regi$tered Charily number 108349 Regi$tered offi¢e clo M B McGrady & Co Ralhmore House 52 51 Palrl¢kl$ Avenue Dowhpalrick Co. Down BT30 6DS Trusleei Sister M Carville Calholic Nu Mr5 P M C35emenl Managing Direclor Mi$ S Crea Retired School Principl¢ Mi$$ C Fil%palri¢k Solicitor J FIIz$iMons Retired Civil Seivanl Mrs M K¢lly Retired S¢hool Teaeher P Strain Retired Bank Manager M B T McGrady FCA A¢counlanl Indppend8nl Examiner M.B.McGrady & Co Chartered A¢¢ounlanls Sulle 2B Cadogan Hou5Q 322 Lisburn Road B6lfa$l Co. Anlrim BT9 6GH COMMENCEMENT OF ACTIVITIES The charily was incorpoialod liom 13th February 2019 and ¢OMmen¢ed ill eharilable a¢livilie8 from Ihal dale.
ASSUMPTION SCHOOL TRUST Report of the Tru$lees FOR THE YEAR ENDED 21 MARCH 2023 This reporl has b¢en propared accordaM¢e wilh Ihe special provi$ionF ol Parl 15 of the Companie5 Acl 2006 rtlaling to Small companies. Approved by order of the board of Iru61ees on 22 December 2023 and Signed on 11$ behalf by: P Strain . Truslee
Independent Examiner'5 Report to the Truslep5 of Assumption School Trust report on the a¢¢ourtl$ of thè Company for the year ended 31 Mareh 20221 which are sel oul on pages t lo I I Respecliva responsibilities ol ¢harily Iruslttes and examiner As Iho chaiily Iru51ees land also Ihe dire¢lor$ ol Ihe ¢ompany lor the purpose5 of eompany law) you are rosponsible lor the preparalion ol Ihe a¢cciunls in ac¢erdanoe with the requireMen19 of thè Companies Act 2006. Hav&ng satisfied mys611 thal the ¢harity 1$ nol subjacl lo audil urtder Company law, and 15 eligible lor independehl examinalion, il is my responsibilily Io: examine the accoun15 under se¢llon 66 of the Charilies A¢1 2008 follow Ihe pro¢edur&$ lald down in Ihe general Dire¢lloh$ glven by the Chaiity CoMmi$$ion for Norlherh Ireland under Se¢tiOh 6619)(b) of the Charities A¢1 2008 stale whelher parlieylar mallers have come lo my allenlTQn. Basis of imdepèndenl exaMintr'5 report have examined your charily ac¢ounl$ a$ required under secllon 65 of the Charili¢$ A¢1 2008 and My examinalion wai carried oul In accordance with Ihe general Direclions yiven by the Charity Commission lor Norlhern Ireland under seclion 65191(b) of the Charilie$ Ael 2008. Th8 aMInatIon included a revi•w of the ac¢ounling re¢ords kepl by Iho eharily and a comparison of the a¢coun15 presented with those r¢¢¢rd5. 11 al60 included eon$ideralioM of any unusual items or disclosures tho a¢¢ounlgft and seekiny explanalioN$ from you ag charily Irus16es ¢on¢erning aNy such mallers. My rolè Is 10 51ale whelher any malerlal Mallèrj have come lo my atlènlion giving me cause lo b81iève; l. Thal accounting records were hol kept in accordance wilh seclion 386 of the CoMpanlè$ Acl 2006 2. Thal Iho aceounls do nol aG¢ord with Ih05e accounling re¢¢rd$ 3. Thal Ihe a¢¢ounls do not ¢omply wilh the Q¢¢OLtnling rgquiremenls ol ieclion 398 of Iho Companies Acl 2006 and with the Method5 and prin¢iple$ of Ihe Charilie5 Stalemehl ol RecommendÈd Pra¢li¢è appll¢able lo charilies preparing their a¢¢oyn15 in accordance wilh the Finan¢ial Reportin9 Standard appli¢able in the UK and Republic of Ireland 4, Thal there is fLtrlher irtformallon néeded for a proper underslanding of the accounls lo be reached. Indepertdenl examitr)er's sldlernenl catt confirm thal l am qualified lo undertake the &xaminalion because l am a regislered Mèmber of Inililule of charlered a¢eounlanls Ireland whi¢h is ohe of the lisl&d bodies. have ¢ompl¢led my ¢xaMinalion and have n? ¢on¢erng in respecl of th8 mallers (11 to {4) li$tgd 8bov& and, in ¢onne¢lion wllh following the Dire¢li¢n$ of th¢ Charily Commission lor Northern Ireland I have found no mallers Ihal requlre drawing to your attention, JLft@Jts Sèamus M¢Ler#on FCA The In51ilule ol Chartered A¢¢ounlahls in Ireland M.B.M¢Grady & Co Charlered Aeeounlants Suite 2B Cadogan Hous& 322 Lisburn Road 361fa$t Co. Anlrim BT9 6GH 22 De¢¢Mbèr 2023
ASSUMPTION SCHOOL TRUST Statement of Financial Activities FOR THE VEAR ENDED 31 MARCH 2023 2113123 Total funds 3113122 Total lund5 Unrestricted Endowmenl fUd fund Note$ EXPENDITURE ON Charilab18 activities Charitable 1,861 1,861 1,563 NET INCOMEIIEXPENDITUREI {1,8811 (1,861) 11,S531 RECONCILIATION OF FUNDS Total fuMd$ brought forward 50,68Y 3,000,000 3,050,687 3,062,240 TOTAL FUNDS CARRIED FOIiWARD 48,826 3,000,000 3,048,828 3,050,687 The noltrs form parl of thèse linanei81 slalem¢nl$
ASSUMPTION SCHOOL TRUST Balan¢e Sheel 31 MARCH 2023 3113123 Tolal fund5 3113122 Total lunds Unr6$trieted Endowmenl fund fund Nol61 FIXED ASSETS Tangible a$sels 1,000,000 3,000,000 3,000,QOO CURRENT ASSETS Cash al bank 49,426 49,426 51,187 CREDITORS Amounls fallin9 due wilhin one year {6001 {6001 (480) NET CURRENT ASSETS 48,826 48,826 50,687 TOTAL ASSETS LESS CURRENT LIABILITIES 48,826 3,000,000 3,048,82fj 3,050,687 NET ASSETS 48,826 3,000,000 3,048,826 3,050,587 FUNDS Unreglri¢led funds Endowmenl funds 18,826 3,000,000 50,687 3,000,000 TOTAL FUNDS 3,048,826 3,050,687 The charitable ¢OMpahy 15 entilled lo exeMplTOn from audit under Se¢lioM 477 of the Companie$ A¢1 2006 for thè year ended 31 March 2023, Th8 members have ttol required the ¢ompany lo oblain an audit of ils linancial slalèmenls for Ihè year ended 31 March 2023 In accordanee wilh Se¢lion 478 of th8 Companies A¢t 2006, The Iruslee5 acknowledge their responsibilities lor en5yring Ihal tho Gharitsblo eompany keop$ ae¢ounling records Ihal ¢QMply wllh Seclion$ 386 and 387 of lh8 Companies Act 2006 and preparing linaneial slaleMenl$ whi¢h give a true and lair view of Ihe slate of affair$ of Ihè eharilablè company as al tha ertd ol ea¢h finan¢ial year and of ils surplu$ or defi¢il for each financial year Fn aecoidanee with Ihe requireme15 of Settiions 394 and 395 and whi¢h olheiwl$e comply wilh the requirements of Ihe Compamies Aet 2096 rel81ing lo financial $lalem¢nl$i so far as applicable lo the Charitable ¢ompany. (b) These linaneial $lalemenl$ have been prepared in a¢¢ordahce with the provisioni appli¢able lo eharilable companies subjecl lo lh8 $mall eoMpanie5 re91111E, The financial slalemenl$ were approvod by lh8 Board of Tru$lie$ and aulhori$ed for i8$ue on 22 De¢ember 2023 and weye signed Oh Ils behalf by: P Slrain . Truslee The noles fonn parl of these finaneiil slalèmen15
ASSUMPTION SCHOOL TRUST hTole$ to the Finan¢ial Stalement5 FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Basis ol preparing the financial statèm¢nls The financial slalémenls of the charilable ccmpanyi which is a public bonofil tnlily under FR5 101, have been prepared in a¢¢prdan¢e with the Charilios SORP IFRS 102) IA¢¢ounting and Reporlin9 by Charilio$: Slalemenl ol Re¢oMM¢xdpd Pra¢lice appli¢able 1¢ ¢harilies preparing Ihèir ae¢ounl$ In a¢¢ordaM¢e with the Financial Reporting Slandard applicable in the UK and R¢publiG of Ireland (FRS q021 (eflective l January 2019}', Financial Reporlirtg Standard 102 IThe Financial Reporling Slondard applicablè irt thè UK and Republic of Irelandl and the Companie5 Act 2006, ThÈ finatteial slalemenl$ have been prepared under the hi$tori¢al ¢o$t eonvenlion. Expenditure Liabililies are re¢ogni$ed a8 expenditure a$ 500n a6 Ihere 1$ a legal or conitruclive obli9ation commilling th• charily lo Ihal eXPQMdilure, il is probable Ihal a tran9fèr of ecoMoMi¢ benèfill will be required in selllemenl and Ihts amount of the obligalion can be Measured reliably. Expenditure is accounted fcr on an aeeruals bt$i$ and has beeh ¢la$glfied uhder headings Ihal aggyegale all oo$l related lo tho ¢alegory, Where ¢osls eannol be dlreelly atlribuled lo particular heading5 Ihey have been allocaled lo aclivilie5 on a basis consislenl with th• usè of resour¢es, Tan9iblg lixed a$$et$ The assèts hald at year ehd relale lo thè land at Assumption Grammar School Ballynahinch and are not depreciated. Taxation Tho ¢harily is èxempi fiom ¢orporalion lax on 11$ charitablé attlivllie9. Fund accounting Unrè$lri¢led lunds ¢an bo u$ed in accordance with Ihe charilablè obi¢¢live$ at the di6¢reli¢n ol Ihe Iru$le¢$, RestrlGled lunds ¢an only be uied foi parlieular re$lri¢led purp0$6s wilhin Ihe obiecls of Ihè charlly. Reslylcliong arise when specified by lh• donor or when funds are raised for parlicular reslri¢l¢d purposes. Fuilher explafialion of Ihe nature and purpo$e of each fund 1$ ineluded in the notes lo the finan¢ial $laleM¢nls, CHARITABLE ACTIVITIES COSTS Direct Co$ls Supporl ¢05t$ Tola15 Qharilablo 1,381 480 1,861 NET INCOMEIIEXPENDITURE) Not ill¢OMel(expendilurel is slatèd aflèr ehargiNgll¢ieditingl', 3113122 3113122 Olher assurance sèrvi¢e$ 480 480 conlinued...
ASSUMPTION SCHOOL TRUST Noles lo Ihe Financial Statemenls . continued FOR THE YEAR ENDED 31 MARCH 2023 TRUSTEESI REMUNERATION AND BENEFITS There were no Iru$lè69' f8Muneralion or olher beneli15 for Ihe year ended 31 March 2023 nor for Ihe yeai ended 31 March 2022. Truslees expenses There weye no truslee$' expense$ paid lor thè year ended 31 March 2023 nor lor the year ended 31 March 2022. COMPARATIVES FOR THE STATEMEPJT OF FINANCIAL ACTIVITIES Unre$tri¢ted Ettdowmenl fund fund Total lunds EXPENDITURE ON Charitable acliviti¢$ eharilable 1,553 1,653 NET INCOMEI(EXPENDITURE} {I,S531 {1,553) RECONCILIATION OF FUNDS Tolal lunds broughl forward 52,240 3,000,000 3,052,240 TOTAL FUNDS CARRIED FORWARD SO,8B7 3,000,000 3,050,887 TANGIBLE FIXED ASSETS Freehold property COST Al l April 2022 and 31 Mar¢h 2023 3,000,000 NET BOOK VALUE At 31 March 2023 3,000,000 At 31 Maroh 2022 3,000,000 InclLtded in Cosl cr valualion of land and buildings 15 freehold land of £3,000,000 12022 £3,000,000) whi¢h is nol depre¢ialed, conllnued.,.
ASSUMPTION SCHOOL TRUST Noteg to the Financial Statemenl5. continued FOR THE VEAR ENDED 21 MARCH 2023 CREDITORS. AMOUNT5 FALLING DUE WITHIN ONE YEAR 3113123 3113122 Accruals and deferred ihcomè 600 480 MOVEMENT IN FUNDS Net movement in funds At 3113123 At114122 Unre5tYi¢led lunds Gerter21 fund 50,687 (1,B611 48,826 Endowmenl funds Endowmenl fund 3,000,000 3,000,000 TOTAL FUNDS 3,050,687 (1,881) 3,048,826 Nel movement in funds, included in Ihe abovo are as follow$: In¢oming resour¢e$ Resour¢o1 expended Movement in funds Unre5lrlGlod lunds General fund (1,861 } <1,861) TOTAL FUNDS (1,861 } {1,861) omparatives lor movemehl in furtd$ Net movement in funds Al 3113122 At114121 Unreltrieted funds Genéral IL4nd 52,240 (1,5531 50,687 Endowment funds Endowm¢nl fund 3,000,000 3,000,000 TOTAL FUNDS 3,OS2,240 11,553) 3,050,88Y ¢Ohlinued...
ASSUMPTION SCHOOL TRUST Note5 to the Finan¢ial Sialemehts . ¢ontinued FOR THE YEAR ENDED 31 MARCH 2023 MOVEMENT IN FUNDS. continued Comparalive nel movemenl funds, in¢luded in Ihe above ale as follow$: Incoming re50t4rces Re$our¢e$ expended Movempnt in fund$ Unre51ricled fund5 General fund 11,563) {1,553) TOTAL FUNDS 11,5S3) (1,853) A ¢urr¢hl year 12 monlh$ and prior year 12 month$ cornbined posiliom is as follows: Nel movemenl in fund$ At 3113123 At114121 Unreslricted fuhds General114nd 52,240 (3,4141 48,826 Ertdowment fundi Endowm8nl fund 3,000,000 3,000,000 TOTAL FUNDS 3,052,240 13,414) 2,048,826 A currenl year 12 monlh$ and prior year 12 month$ ¢ombined nel movemehl in funds, Included in Ihe above are a$ follow$'. In¢¥ming re$aurce$ Re$our¢es expended Mov¢mgnt in funds Unr4slri¢led fund$ Genèral fund (3,414) (3,4141 TOTAL FUND5 (3,4141 (3,4141 io onllnued,,,
ASSUMPTION SCHOOL TRUST Notes to IhE Financial Stalemenls . continued FOR THE YEAR ENDED 31 MARCH 2023 RELATED PARTY DISCLOSURES ThÈro w¢ro no relaled parly 1ran5aclions lor Ihe year ended 31 March 2023.