Company Registration Number: Nl671223
**Order of Mary Servite Trust** (A company limited by guarantee, not having a share capital)
**Directors' Report and Unaudited Financial Statements**
**for the financial year ended 31 December 2023**
McDonald O'Neill & Co 5 Union Buildings Union Place Dungannon Co Tyrone BT70 1DL
## **Order of Mary Servite Trust (A company limited by guarantee, not having a share capital) CONTENTS**
||**Page**|
|---|---|
|Directors and Other Information|3|
|Directors' Report|4-5|
|Independent Examiner's Report|6|
|Income and Expenditure Account|7|
|Balance Sheet|8|
|Notes to the Financial Statements|9 - 12|
|Supplementary Information on Income and Expenditure Account|14|
## **Order of Mary Servite Trust (A company limited by guarantee, not having a share capital) DIRECTORS AND OTHER INFORMATION**
## **Directors**
Seamus Duffy Colm Glynn Professor Patrick Gerald McKenna Christopher O'Brien Noreen Elizabeth Rose Taggart (Appointed 1 January 2023)
Meabh Ni Uallachain (Appointed 15 August 2023) Bronagh Curran (Appointed 1 April 2023) Kevin Joseph Boyd (Appointed 1 April 2023)
## **Company Registration Number**
Nl671223
## **Registered Office and Business Address**
10 Main Street Benburb Dungannon Co Tyrone BT71 7JZ Northern Ireland
## **Independent Examiner**
McDonald O'Neill & Co 5 Union Buildings Union Place Dungannon Co Tyrone BT70 1DL Northern Ireland
## **Bankers**
Bank of Ireland 11 Upper English Street Armagh Co Armagh Northern Ireland
Permanent TSB Old Butterfield Ave Rathfarnham Dublin Ireland
**Order of Mary Servite Trust (A company limited by guarantee, not having a share capital) DIRECTORS' REPORT**
for the financial year ended 31 December 2023
The directors present their report and the unaudited financial statements for the financial year ended 31 December 2023.
The Company is limited by guarantee not having a share capital.
## **Directors**
The directors who served during the financial year are as follows:
Seamus Duffy Colm Glynn Professor Patrick Gerald McKenna Christopher O'Brien Noreen Elizabeth Rose Taggart (Appointed 1 January 2023) Meabh Ni Uallachain (Appointed 15 August 2023) Brenagh Curran (Appointed 1 April 2023) Kevin Joseph Boyd (Appointed 1 April 2023)
There were no changes in shareholdings between 31 December 2023 and the date of signing the financial statements.
In accordance with the Constitution, the directors retire by rotation and, being eligible, offer themselves for re-election.
## **Political Contributions**
The company did not make any disclosable political donations in the current financial year.
## **Statement of directors' Responsibilities and Declaration on Unaudited Financial Statements**
## **General responsibilities**
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Directors' declaration on unaudited financial statements**
In relation to the financial statements comprising the Income Statement, the Balance Sheet and the related notes:
The directors approve these financial statements and confirm that they are responsible for them, including selecting the appropriate accounting policies, applying them consistently and making, on a reasonable and prudent basis, the judgements underlying them. They have been prepared on the going concern basis on the grounds that the company will continue in business.
The directors confirm that they have made available to McDonald O'Neill & Co, all the company's accounting records and provided all the information, books and documents necessary for the compilation of the financial statements.
## **Order of Mary Servite Trust**
## **(A company limited by guarantee, not having a share capital)**
## **DIRECTORS' REPORT**
for the financial year ended 31 December 2023
## **Special provisions relating to small companies**
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
## **On behalf of the board**
**Kevin Joseph Boyd Director**
**Professor Patrick Gerald McKenna Director**
**26 September 2024**
**26 September 2024**
## **Order of Mary Servite Trust (A company limited by guarantee, not having a share capital) INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF DIRECTORS OF ORDER OF MARY SERVITE TRUST**
We have examined the financial statements of the company for the financial year ended 31 December 2023, which comprise the Statement of Financial Activities (incorporating an Income and Expenditure Account), the Balance Sheet and the related notes.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our work, or for this report.
## **Respective responsibilities of directors and examiner**
The company's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. The company's directors consider that an audit is not required for this financial year under Chapter 3 of Part 16 of the Companies Act 2006 and that an independent examination is required.
It is our responsibility to:
examine the financial statements under section 65 of the Charities Act;
- follow the procedures laid down by the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act; and
- state whether particular matters have come to our attention.
## **Basis of independent examiner's report**
We have examined your company financial statements as required under section 65 of the Charities Act and our examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. An examination includes a review of the accounting records kept by the company and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from the directors concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.
In connection with our examination, no matter has come to our attention which gives us cause to believe that in, any material respect:
- accounting records were not kept in accordance with section 386 of the Companies Act 2006 the financial statements do not accord with those accounting records
the financial statements have not been prepared in accordance with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)
there is further information needed for a proper understanding of the accounts to be reached.
## **Independent examiner's statement**
We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Chartered Accountants 5 Union Buildings Union Place Dungannon Co Tyrone BT701DL Northern Ireland
## **Date: 26 September 2024**
## **Order of Mary Servite Trust**
## **(A company limited by guarantee, not having a share capital) INCOME AND EXPENDITURE ACCOUNT**
for the financial year ended 31 December 2023
|**Order of Mary Servite Trust**
**(A company limited by guarantee, not having a share capital)**
**INCOME AND EXPENDITURE ACCOUNT**
for the financial year ended 31 December 2023||||
|---|---|---|---|
|**Notes**
**Turnover**
Cost of sales
**Gross profit**
Administrative expenses
Other operating income
**Operating (loss)/profit**
Investment income
**3**
**(Loss)/profit before taxation**
Tax on (loss)/profit
**(Loss)/profit for the financial year**|**2023**
£
**137,337**
**(18,868)**
**118,469**
**(262,516)**
**24,661**
**(119,386)**
**(119,386)**
**(119,386)**|2022
£
297,852
(4,802)||
|||293,050
(339,290)
56,319
10,079
2,879
12,958||
||||12,958|
## **Order of Mary Servite Trust**
## **(A company limited by guarantee, not having a share capital) Company Registration Number: Nl671223 BALANCE SHEET**
as at 31 December 2023
|**Notes**
**Fixed Assets**
Tangible assets
**5**
Investments
**6**
**Fixed Assets**
**Current Assets**
Stocks
**7**
Debtors
**8**
Cash and cash equivalents
**Creditors: amounts falling due within one year**
**9**
**Net Current Assets**
**Total Assets less Current Liabilities**
**Reserves**
Capital reserves and funds
Retained deficit
**Members' Funds**||**2023**
£
**2,843,678**
**1**
**2,843,679**
**2,000**
**4,406**
**119,287**|2022
£
2,820,328
1|
|---|---|---|---|
||||2,820,329|
||||13,437
160,768|
|||**125,693**|174,205|
|||**(103,031)**|(8,807)|
|||**22,662**|165,398|
|||**2,866,341**
**2,989,086**
**(122,745)**
**2,866,341**|2,985,727|
||||2,989,086
(3,359)|
||||2,985,727|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
## **Approved by the Board and authorised for issue on 26 September 2024 and signed on its behalf by**
**Professor Patrick Gerald McKenna Director**
**Kevin Joseph Boyd Director**
## **Order of Mary Servite Trust NOTES TO THE FINANCIAL STATEMENTS**
for the financial year ended 31 December 2023
## **1. General Information**
Order of Mary Servite Trust is a company limited by guarantee incorporated and registered in Northern Ireland. The registered number of the company is Nl671223. The registered office of the company is 10 Main Street, Benburb, Dungannon, Co Tyrone, BT71 7JZ, Northern Ireland which is also the principal place of business of the company. The company is a charitable trust set up for the following purposes: the advancement of religion, the advancement of citizenship and community development, and the advancement of education. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
## **2. Summary of Significant Accounting Policies**
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
## **Statement of compliance**
The financial statements of the company for the financial year ended 31 December 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
## **Basis of preparation**
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
## **Turnover**
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
## **Tangible assets and depreciation**
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
|
ulated to write off the original cost or valuation of
r expected useful lives as follows:|
tangible assets, less their estimated residua|
|---|---|
|Land and buildings|No depreciation charged|
|Plant and machinery|No depreciation charged|
|Fixtures, fittings and equipment|No depreciation charged|
|Motor vehicles|No depreciation charged|
|Library refurbishment|No depreciation charged|
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
## **Investments**
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Income Statement in the financial year in which it is receivable.
## **Stocks**
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
## **Trade and other debtors**
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
## **Trade and other creditors**
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
continued
## **Order of Mary Servite Trust NOTES TO THE FINANCIAL STATEMENTS**
for the financial year ended 31 December 2023
## **Employee benefits**
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
## **Taxation and deferred taxation**
The company has charitable status for tax purposes
## **Government grants**
Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.
## **Foreign currencies**
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
||
value was determined. The resulting exchange differences|
are dealt with in the Income Statement.||
|---|---|---|---|
|**3.**|**Income from investments**|**2023**|2022|
|||£|£|
||Investment income||2,879|
## **4. Employees**
The average monthly number of employees, including directors, during the financial year was 6, (2022 - 6).
## **Order of Mary Servite Trust NOTES TO THE FINANCIAL STATEMENTS**
for the financial year ended 31 December 2023
## **5. Tangible assets**
|**Tangible assets**||
|---|---|
|**Land and**
**buildings**
**Cost**
£
At 1 January 2023
1,304,542
Additions
28,120
Disposals
At 31 December 2023
1,332,662
**Depreciation**
At 1 January 2023
At 31 December 2023
**Net book value**
At 31 December 2023
**1,332,662**
At 31 December 2022
1,304,542|**Plant and**
**Fixtures,**
**Motor**
**Library**
**Total**
**machinery**
**fittings and**
**vehicles refurbishmen**
**t**
**equipment**
£
£
£
£
£
776
335,942
15,570
1,163,498
2,820,328
5,600
33,720
(10,370)
(10,370)|
||776
341,542
5,200
1,163,498
2,843,678
--
**776**
**341,542**
**5,200**
**1,163,498**
**2,843,678**
--
776
335,942
15,570
1,163,498
2,820,328|
**11**
## **Order of Mary Servite Trust NOTES TO THE FINANCIAL STATEMENTS**
for the financial year ended 31 December 2023
|**6.**|**Investments**|||
|---|---|---|---|
||||**Group and**|
||||**participating**|
||||**interests/**|
||||**joint ventures**|
||**Investments**||£|
||**Cost**|||
||At 31 December 2023|||
||**Net book value**|||
||At 31 December 2023||**1**|
||At 31 December 2022|||
||Order of Mary Servite Trust owns 100% of the issued share capital of Benburb Priory Ltd|||
|**7.**|**Stocks**|**2023**|2022|
|||£|£|
||Finished goods and goods for resale|**2,000**||
||The replacement cost of stock did not differ significantly from the figures shown.|||
|**8.**|**Debtors**|**2023**|2022|
|||£|£|
||Other debtors||13,437|
||Prepayments and accrued income|**4,406**||
|||**4,406**|13,437|
|**9.**|**Creditors**|**2023**|2022|
||**Amounts falling due within one year**|£|£|
||Amounts owed to connected parties (Note 11)|**39,951**||
||Accruals|**63,080**|8,807|
|||**103,031**|8,807|
|**10.**|**Capital commitments**|||
||The company had no material capital commitments at the financial year-ended 31 December 2023.|||
|**11.**|**Related party transactions**|||
||The following amounts are due to other connected parties:|||
|||**2023**|2022|
|||£|`£`|
|||**39,951**||
|**12.**|**Post-Balance Sheet Events**|||
There have been no significant events affecting the company since the financial year-end.
## ORDER OF **MARY** SERVITE TRUST
(A company limited by guarantee, not having a share capital)
## SUPPLEMENTARY INFORMATION
## RELATING TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
## **Order of Mary Servite Trust**
## **(A company limited by guarantee, not having a share capital) SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS**
## **INCOME** & **EXPENDITURE ACCOUNT**
for the financial year ended 31 December 2023
|**Sales**
**Cost of sales**
Direct costs
Closing stock
**Gross profit**
**Administrative expenses**
Wages and salaries
Staff defined contribution pension costs
health
consumables
Rates
Service charges
Insurance
library costs
Light and heat
Cleaning
Repairs and maintenance
sacristy
Printing, postage and stationery
Advertising
Telephone
Computer costs
Hire of equipment
Motor expenses
hospitality
Legal and professional
Consultancy fees
Accountancy
Bank charges
Profit/loss on exchange
friars expenses
General expenses
Subscriptions
Profits/losses on disposal of tangibles
Charitable donations
**Miscellaneous income**
Government grants received
Sundry income
Income from unlisted investments
**Net (loss)/profit**|**2023**
£
**137,337**
**20,868**
**20,868**
**(2,000)**
**18,868**
**118,469**
**96,576**
**1,901**
**714**
**215**
**13,220**
**42,724**
**2,020**
**21,248**
**6,566**
**3,447**
**1,090**
**996**
**304**
**2,357**
**1,228**
**9,689**
**4,458**
**1,163**
**5,745**
**115**
**7,870**
**38,870**
**262,516**
**24,661**
**24,661**
**(119,386)**||2022
£
297,852|
|---|---|---|---|
||||4,802|
||||4,802|
||||4,802|
||||293,050|
||||117,654
164
593
13,051
26
3,211
353
792
47,782
6,253
12,424
9,382
4,025
1,738
420
6,974
8,070
4,773
2,546
3,658
7,334
1,090
(711)
6,905
55,532
251
25,000|
||||339,290|
||||50,840
5,479
2,879
59,198|
||||12,958|