REGISTERED COMPANY NUMBER: N1659012 (Northern Ireland) Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2024 ror ASSUMpfioN SCHOOL TRUST M.B.McGrady & Co Chartered Accountants Suite 2B Cadogan House 322 Lisburn Road Belfast Co. AntriTn BT9 6GH
ASSUMPTION SCHOOL TRUST Contents of the Fin2ncial Statements FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Finan¢i21 St2tements 7 to 11
ASSUMPTION SCHOOL TRUST Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 The tnteeS who are also directors of the chartty for the purposes of the Companies Act 2006, present theiT report with the fmancial statements of the charity for the year ended J l March 2024. The trustees have adopted the provisions of Account2ng and Reporting by Chatities: Statement of Recotnmended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). The trustees Teport and fllwicial statements are also prepared to meet the requirements for a directovs report and accounts for Companies Act pury0. OBJECTIVES AND ACTIVITIES Objectives and aitns The charitable objects for which the chlty is estsblished are the promotion and advancement of edllcation through: a) undertaking the office of and acting &8 Trustee of Assumption Grdmmar School Ballynahinch and all lands and buildings vested in it. b) promoting and advancing the Catholic vision of education and developing the ethos, philosophy and values of the Assumption tradition in Assumption GrarnM School Ballynahinch. Public benefit The trustees have Teferred to the guidance contained in the Charity Commission'5 general guidance on public benefit when reviewing the chartty's aims and objectives and in platming its future activities. ACHIEVEMENT AND PERFORMANCE Charitable activities and achievements The charity Continued their work in the promotion and advancement and suppon of Catholic education in the tradition of the Missionary Sisters of the Assumption in the Assumption Gramtnar School, Ballynahinch. It supported the Board of Governors of the School throughout the year to fither these aims and objectives. FINANCIAL REVIEW Financi31 position Overview of the year Income and expenditure Total incoLning resources in the period ended 3 1st March 2024 wls nil. Total incoming resources in the period ended 31st March 2023 was nil. Total resources expended in the period ended 3 1st March 2024 w&s £1.165. Totsl resources expended in the period ended 3 1st March 2023 was £1,861 Balance sheet The balance sheet had net assets of £3,047,661. Unrestricted fijnds amount to £47,661 and Endowment fimds totalled £3,000,000. Reserves policy The Board of Trustees has established a policy whereby the Unrestricted Funds not committed or invested in tangible fjxed assets for charity use {'the free reserve5) held by the Company should be between 3 and 6 months of the resources expended. At this level. the Trustees feel that they would be able to colltinue the cuent activities of the charity. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing docurnenL a deed of In¢ and Constitutes a limited Company. limited by guarantee, as defined by the Companies Act 2006.
ASSUMPTION SCHOOL TRUST Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Trustee body There are currently eight trustees (who are also the directors of the COTnpany for the PUTpose of company law) who oversee the activities of tbe charity. Trustees give their time voluntarily and receive no benefits from the charity. Trustees Work within the code of conduct and good practice as set out by the Charities Commission. None of the trustees has any beneficial interest in the charity. All of the trustees are members of the charity and guarantee to contribute £1 in the event of a winding up. Due to the nature of the charity's work the trustees seek to ensure that these needs are appropriatety reflected through the diversity of the ttustee body. To elthance the potential Fx)ol, trnstees are requested to provide a list of their skills (and update it each yeaT) and in the event of particular skills lacking or being lost due to retlTement, individuals are approached to offer themselves for election. REFERENCE AND ADMINISTRATIVE DETAllS Registered Company number N1659012 (Northern Ireland) Registered Charity number 108349 Registered office clo M B McGrady & Co Rathmore House 52 St Patrick's Avenue Downpatrick Co. Down BT30 6DS Trustees Sister M Carville Catholic Nun Mrs P M Casement Managing Director Mrs S Crea Retired School Principle Miss C Fitzpatrick Solicitor J FitZ5imons Retired Civil Servant Mrs M Kelly Retired School Teacher P Strnin Retired Bank Manager M B T McGTady FCA Accountant Independent Examiner M.B.McGrady & Co Cli<lltcicd AccotuitantS Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antri BT9 6GH COMMENCEMENT OF AcfiviTIES The charity was incorporated from 13th February 2019 and commenced its charitable activities from that date.
ASSUMPTION SCHOOL TRUST Report of the Trustee5 FOR THE YEAR ENDED 31 MARCH 2024 This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small COTnpanies. Approved by order of the board of trustees on 16 Decelnber 2024 and signed on its behalf by: P Strain - Trnstee
Independent Exan]iner's Report to the Trustees of Assulnption School Trust I report on the accounts of the Company for the year ended 31 March 2024, which are set out on pages I to I I Respective responsibilities of charity trustees and examiner As the Charity trnstees (and also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requireTnents of the Companies Act 2006. Having satisfied myself that the charity is not subjecl to audit under company law. and is eligible for independent exaniinatioTh, it is my responsibility to- examine the accounts under section 65 of the Charities Act 2008 - follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9){b) of the Charities Ar.t ?OflR state whether particular matters have come to my attention. Basis of independent examinevs report I have examined your charity accounts as required under section 65 of the Charities Act 2008 and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northem Ireland under section 65(9)(b) of the Charities Act 2008. The exaniination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included con5ider&tion of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe: l. That accounting records were not kept in accordance with section 386 of the Companies Act 2006 2. That the accoiints do not accord with those accounting records 3. That the accounts do not comply with the accounting requirements of section 396 of the Conjpanies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts tn accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland 4. That there is further inforn]ation needed for a proper understanding of the accounts to be reache(I Independent examinels statement I can confirni that J am qualified to undertake the examination because I am a registered meniber of Institute of chartered accoiinlants Ireland which is one of the listed bodies. I liave completed rny examination and have no concerns in respect of the matters (l) to (4) listed above and, in connection with following the Directions of ihe Charity Commission for Northern Irelan I have found no matteTS that require drdwing to your attention. -n4( tLk Seainus McLernon FCA M.B.McGrady & Co Chartered Accountants Suite 2B CadogaTh House 322 Lisburn Road Belfast Co. Antrim BT9 6GH 16 December 2024
ASSUMvfioN SCHOOL TRUST Statement of Financi21 Activities FOR THE YEAR EIYDED 31 MARCH 2024 31rJ124 Total funds 3113123 Total funds Unrestri¢ted Endowmenl (und fund Notes EXPENDITURE OIY Charitable activities Charitable 1,165 1,165 1,861 NET IIYCOME/(EXPENDITURE) (1,165) (1,165) (1,861) RECONCILIATIOIY OF FUNDS Total funds brought forWd 48.826 3,1)00,000 3,048,826 3,050,687 TOT AL FUNDS CARRIED FORWARD 47,661 3,000,000 3,047,661 3,048,826 The notes forn] part of these financial statements
ASSUMPTION SCHOOL TRUST B21ance Sheet 31 MARCH 2024 3113124 Total funds 3113123 Tot21 funds Unrestricted Endowment fund fund Notes FIXED ASSETS Tangible assets 3,000,000 3,000,000 3,000,000 CURRENT ASSETS Cash at bank 48,669 48,669 49,426 CREDITORS Amounts falling due within one year (1,008) (1,008) (600) IYET CURRENT ASSETS 47,661 47,661 48,826 TOTAL A&SETS LESS CURRENT LIABILITIES 47,661 3,000,000 3,047,661 3,048,826 NET ASSETS 47.661 3,000,000 3,047,661 3,048,826 FUNDS Unrestricted funds Endowment funds 47,661 3,000,000 48,826 3,000,000 TOTAL FUNDS 3,047,661 3,048,826 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The men]bers have not required the company to obtain an audit of its fuclaI statements for the year ended 3 l March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their Tesponsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparin(r fmancial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2UU6 relating to fman¢ial statements, so far as applicable io the Charlble CoMpy. (b) These financial stateTnents have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The fmancial statements were approved by the Board of TnteeS and authorised for issue on 16 December 2024 and were signed on its behalf by: P Strnin - Trustee The notes forn] part of these fllwcial statements
ASSUMPTION SCHOOL TRUST Notes to the Financi21 Statements FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The fmancial Statements of the charitable company. which is a public benefit entity under FRS 102, have been prepaTed in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recornmended Practice applicable to charities Preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in tbe UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Expenditure Liabilities ale recognised as expenditure as soon as there is a legal or constructive obligation comrnitting the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets The assets held at year end relate to the land at Assumption Grammar School Ballynahinch and are not depreciated. Tax2tion The charity is exempt from corporation tsx on its charitable activities. Fund accounting UtLrestricted funds can be used in accordance with the charitable objectives at the discretion of the ttustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the natt]re and purpose of each fund is included in the notes to the financial statements. CHARIT ABLE ACTIVITIES COSTS Direet Costs Support costs Totals Charitable 637 528 1,165 NET IINCOMEI(EXPENDITURE) Net iThcomel(expenditure) is stated after chargiDgl(crediting)-. 3113124 3113123 Other assurance services 528 480 continued...
ASSUMPTION SCHOOL TRUST Notes to the Flnancial StatemeDts- continued FOR THE YEAR EP4DED 31 MARCH 2024 TRUSTEES, REMUNERATION AND BENEFtTS There were no tsvstees. remuneration or other benefits foi the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor foi the year ended 31 March 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Endowment fund fund Total funds EXPENDITURE ON Charitable activities Charitable 1,861 1,861 NET INCOMEI(EXPENDITURE) (1.861) {1,861) RECONCILIATION OF FUNDS Total funds brought forward 50,687 3.000,000 3,050,687 TOTAL FUNDS CARRIED FORWARD 48.826 3.000,000 3,048,826 T ANGIBLE FIXED ASSETS Freehold property COST At l April 2023 and 31 March 2024 3,000,000 NET BOOK VALUE At 31 March 2024 3,000,000 At 31 March 2023 3,000.000 Included in cost or valuation of land and buildinJ is freehold land of £3,000,000 (2023 - £3.000.000) which is Trot depreciated. continued...
ASSUMpfioN SCHOOL TRUST Notes to the Finaneial Statements- continued FOR THE YEAR ENDED 31 MARCH 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Accruals and deferred income 1,008 600 MOVEMENT IN FUNDS Net movement in funds At 3113124 At 114n3 Unrestricted funds General fLd 48,826 (1,165) 47,661 Endowment funds EndowTnent fimd 3.000,000 3,000,000 TOTAL FUNDS 3,048,826 (1,165) 3,047,661 Net tnoyement in fun(Ls. included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund (1.165) (1,165) TOTAL FUIYDS (1,165) (1,165) Comparatives for tnovement in funds Net movement in funds At 3113123 At 114122 Unrestricted funds General tund 50.687 (1,861) 48,826 Endowment funds Endowment fund 3,000,000 3,000,000 TOTAL FUNDS 3.050,687 (1.861) 3,048,826 continued...
ASSUMPTION SCHOOL TRUST Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 MOVEMENT IN FUNDS- CODtiDued Comparative net movement in funds, iJ)cluded in the above as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund (1,861) (1,861) TOT AL FUNDS (1,861) (1,861) A current year 12 months and prior year 12 months combined position is &8 follows: Net movement in funds At 3113124 At 114122 Unrestricted funds General fund 50,687 (3,026) 47,661 Endowment funds Endowment fund 3,000,000 3,000,000 TOTAL FUNDS 3.050,687 (3,026) 3,047,661 A current year 12 months and prior year 12 months combined net movement in fLd$, included in the above are a5 follows: Incoming resources Resources expended Movement in funds Unr¢stri¢ted funds General fund (3.026) (3,026) TOTAL FUNDS (3,026) (3,026) io continued...
ASSUMpfioN SCHOOL TRUST Notes to the Financial Statements- continued FOR THE YEAR ENDED 31 MARCH 2024 RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 March 2024.