ASSUMPTION SCHOOL TRUST Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 The tn￿teeS 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 ch￿lty 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 fi￿ther 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 cu￿ent 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