| REGISTERED COMPANY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2025 |
| for |
| Assumption School Trust |
| REGISTERED COMPANY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2025 |
| for |
| Assumption School Trust |
| Assumption School Trust |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2025 |
| Page |
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 12 |
| Assumption School Trust (Registered number: NI659012) |
| Report of the Trustees |
| for the Year Ended 31 March 2025 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019). |
| The trustees report and financial statements are also prepared to meet the requirements for a director's report and accounts for Companies Act purposes. |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The charitable objects for which the charity is established are the promotion and advancement of education through: |
| a) undertaking the office of and acting as Trustee of Assumption Grammar 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 Grammar School Ballynahinch. |
| Public benefit |
| The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. |
| ACHIEVEMENTS AND PERFORMANCE |
| Charitable activities and achievements |
| The charity continued their work in the promotion and advancement and support of Catholic education in the tradition of the Missionary Sisters of the Assumption in the Assumption Grammar School, Ballynahinch. It supported the Board of Governors of the School throughout the year to further these aims and objectives. |
| FINANCIAL REVIEW |
| Financial position |
| Overview of the year |
| Income and expenditure |
| Total incoming resources in the period ended 31st March 2025 was nil. Total incoming resources in the period ended 31st March 2024 was nil. |
| Total resources expended in the period ended 31st March 2025 was £1,565. Total resources expended in the period ended 31st March 2024 was £1,165 |
| Balance sheet |
| The balance sheet had net assets of £3,046,096 Unrestricted funds amount to £46,096 and Endowment funds totalled £3,000,000. |
| Reserves policy |
| The Board of Trustees has established a policy whereby the Unrestricted Funds not committed or invested in tangible fixed assets for charity use ('the free reserves') 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 continue the current activities of the charity. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
| Assumption School Trust (Registered number: NI659012) |
| Report of the Trustees |
| for the Year Ended 31 March 2025 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Trustee body |
| There are currently eight trustees (who are also the directors of the company for the purpose of company law) who oversee the activities of the 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 appropriately reflected through the diversity of the trustee body. To enhance the potential pool, trustees are requested to provide a list of their skills (and update it each year) and in the event of particular skills lacking or being lost due to retirement, individuals are approached to offer themselves for election. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Independent Examiner |
| M.B.McGrady & Co |
| Chartered Accountants |
| Suite 2B |
| Cadogan House |
| 322 Lisburn Road |
| Belfast |
| Co. Antrim |
| BT9 6GH |
| COMMENCEMENT OF ACTIVITIES |
| The charity was incorporated from 13th February 2019 and commenced its charitable activities from that date. |
| Assumption School Trust (Registered number: NI659012) |
| Report of the Trustees |
| for the Year Ended 31 March 2025 |
| This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| Approved by order of the board of trustees on |
| Independent Examiner's Report to the Trustees of |
| Assumption School Trust |
| I report on the accounts of the company for the year ended 31 March 2025, which are set out on pages 1 to 11 . |
| Respective responsibilities of charity trustees and examiner |
| As the charity trustees (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 requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, 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 Act 2008 |
| - state whether particular matters have come to my attention. |
| Basis of independent examiner's 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 Northern Ireland under section 65(9)(b) of the Charities Act 2008. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration 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: |
| 1. That accounting records were not kept in accordance with section 386 of the Companies Act 2006 |
| 2. That the accounts do not accord with those accounting records |
| 3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities 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 |
| 4. That there is further information needed for a proper understanding of the accounts to be reached. |
| Independent examiner's statement |
| I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. |
| Seamus McLernon FCA |
| M.B.McGrady & Co |
| Chartered Accountants |
| Suite 2B |
| Cadogan House |
| 322 Lisburn Road |
| Belfast |
| Co. Antrim |
| BT9 6GH |
| 30 December 2025 |
| Assumption School Trust |
| Statement of Financial Activities |
| for the Year Ended 31 March 2025 |
| 31/3/25 | 31/3/24 |
| Unrestricted | Endowment | Total | Total |
| fund | fund | funds | funds |
| Notes | £ | £ | £ | £ |
| EXPENDITURE ON |
| Charitable activities | 2 |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 3,047,661 |
| Assumption School Trust (Registered number: NI659012) |
| Balance Sheet |
| 31 March 2025 |
| 31/3/25 | 31/3/24 |
| Unrestricted | Endowment | Total | Total |
| fund | fund | funds | funds |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 8 |
| Unrestricted funds | 47,661 |
| Endowment funds | 3,000,000 |
| TOTAL FUNDS | 3,047,661 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial 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 2006 relating to financial statements, so far as applicable to the charitable company. |
| Assumption School Trust (Registered number: NI659012) |
| Balance Sheet - continued |
| 31 March 2025 |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| Assumption School Trust |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2025 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing 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. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| 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 nature and purpose of each fund is included in the notes to the financial statements. |
| 2. | CHARITABLE ACTIVITIES COSTS |
| Direct | Support |
| Costs | costs | Totals |
| £ | £ | £ |
| Charitable | 1,037 | 528 | 1,565 |
| Assumption School Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 3. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 31/3/25 | 31/3/24 |
| £ | £ |
| Other assurance services | 528 | 528 |
| 4. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. |
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted | Endowment | Total |
| fund | fund | funds |
| £ | £ | £ |
| EXPENDITURE ON |
| Charitable activities |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 48,826 | 3,000,000 |
| TOTAL FUNDS CARRIED FORWARD | 47,661 | 3,000,000 | 3,047,661 |
| 6. | TANGIBLE FIXED ASSETS |
| Freehold |
| property |
| £ |
| COST |
| At 1 April 2024 and 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Included in cost or valuation of land and buildings is freehold land of £3,000,000 (2024 - £3,000,000) which is not depreciated. |
| Assumption School Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/3/25 | 31/3/24 |
| £ | £ |
| Accruals and deferred income |
| 8. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1/4/24 | in funds | 31/3/25 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 47,661 | (1,565 | ) | 46,096 |
| Endowment funds |
| Endowment fund | 3,000,000 | - | 3,000,000 |
| TOTAL FUNDS | (1,565 | ) | 3,046,096 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | - | (1,565 | ) | (1,565 | ) |
| TOTAL FUNDS | ( |
) | (1,565 | ) |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1/4/23 | in funds | 31/3/24 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 48,826 | (1,165 | ) | 47,661 |
| Endowment funds |
| Endowment fund | 3,000,000 | - | 3,000,000 |
| TOTAL FUNDS | 3,048,826 | (1,165 | ) | 3,047,661 |
| Assumption School Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 8. | MOVEMENT IN FUNDS - continued |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | - | (1,165 | ) | (1,165 | ) |
| TOTAL FUNDS | - | (1,165 | ) | (1,165 | ) |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net |
| movement | At |
| At 1/4/23 | in funds | 31/3/25 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 48,826 | (2,730 | ) | 46,096 |
| Endowment funds |
| Endowment fund | 3,000,000 | - | 3,000,000 |
| TOTAL FUNDS | 3,048,826 | (2,730 | ) | 3,046,096 |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | - | (2,730 | ) | (2,730 | ) |
| TOTAL FUNDS | - | (2,730 | ) | (2,730 | ) |
| Assumption School Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 9. | RELATED PARTY DISCLOSURES |