The Friends of Loreto College Coleraine Annual Report and Unaudited Financial Statements for the financial year ended 31 March 2023 Quarter Chartered Accountants St Anne's House 15 ChurGh Street Cathedral Quarter Belfast BT1 1PG Charity Number.. 103054
The Friends of Loreto College Coleraine CONTENTS Page Reference and Administrative Information Trustees, Report Independent Examiner's Report Financial Statements Notes to the Financial Statements Supplementary Information relating to the Financial Statements 10-12
The Friends of Loreto College Coleraine REFERENCE AND ADMINISTRATIVE INFORMATION Trustees Daniel Henry Paul Mullan Sarah Egan Michael James Susan Kelly Belinda Toner Charity Number In Northern Ireland 103054 Independent Examiner Quarter Chartered Accountants Sl Anne's House 15 Church Street Cathedral Quarter Beifasl BT1 1PG Bank8rs Ulster Bank 11-16 Donegal Square egst Bella>t BT1 SUB
The Friends of Loreto College Coleraine TRUSTEES, REPORT for the financial year ended 31 March 2023 The tr$t=_$ present their Trustees, Report and the unaudited financial slalemenls for the financial year ended 31 Marih 2023. The financial slalenients are prepared in akncordancé wlh the Charities Act (Northem Ireland) 2008, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and Accounting and Rtporting by Charilies.. Slalemenl of R-commendeo Pra¢lic& applicable lo charities preparing their financial slalèmenls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Trustees, Report contains the information required lo be provided in the Trustees, Annual Report under the Slalemenl of Rtriominendfrd Practice ISORPI guidelines. The Iruslees of the company are also diarily trustees for the purpos• of charity law and under the company's c.onslilulion are known as members of the board of Irusle#s. In this report thè trustees of The Friends of Lorelo College CDleraine present a summary of its purpose. governanee, aclivilie>, achiev¥menls and finances for the financial year 31 March 2023 The Iruslves who servéd during the period are as follows.. Trustees Michael James Susan Kelly Belinda Toner Daniel Henry Paul ML,Ilan Sarah Egan Objectives and Activitles Friends of Lorelo is a committee of like-minded pa81 pupils, parents and teachers who want lo maintain and promote the Lorelo ethos and academic exrellence for present pupils and those to come. 11 was formed in June 2014 and propedy consliliil4d as a Gharity in February 2015. It has now officielly gained HMRC charitable status 8nd can Claim Gift Aid on donations. The primary aim of the charity was to gel in touch with past pupils and parents of current pupils and then lo engage with the loral community and busine95es lo highlight the great a¢hievemer)Is of the school and lo raise awareness of Its Dngoing projects Friends ol Lortrlo have pro-actively used social media lo reach out a¢roEs the world and connect with friends far and wide. The Facebook page has proved a very popular medium and currently h8s 3,600 people following it. The charity also has Linked-in and Twiller accounts All thes# along with a database of email contacts allow us lo raise the positive profile of the school and k.eep people informed about what is happening lo pupi15 past and present. There are updalr5 on events pl8nD.ed, SLICi¥5sful sporting achievements, musical SLiccesses, and career information. Alumni can use il lo connect with old friends and to k.eep abreast of current school news. The secgnd3ry aim of the charity was to raise funds lo support the school in ils conlinLIOLlS commitment lo learning and lo en.sure that every Lorelo sludenl is encouraged lo develop their individual talents. The board dec".,"ded to raiRe funds through organising aclivilies, events. community projects and sponsorships. The initial focus was to try to raise enough funds lo maintain the Convent which had been recently vacated by the Lorelo Nuns and which they were in the process of transferring to the school. The Eoucalion Authority did not want lo lake owner>hip of the building bLiI the historic and emotional lies to the beautiful, listed building meant that the Board ne¥dAd to laK"e a¢lion aiid lo try and save it. This project remains a cenlial fOS for the charily with plans lo enhan Ilie healing system. roof. and windows as well as a commitment lo raise funds lo support olher school projects Reserves Policy Reserves are held for the benefit of Lorelo College Coler8ine. Thé re<•rves are being set aside for the funding 3nd renovalion eh'pendilure, together with school activites. The policy is oviewed on an annual baois by the Trustees.
The Friends of Loreto College Coleraine TRUSTEES, REPORT for the financial y¥ar elidéd 31 March 2023 Achievèments and Performan¢e No organised events were organised during the year... Thank-you The trustees are very grateful for all the support given lo them over this finan¢ial year and look forward to resvming eweiils in the year lo come. Results and Dividends Al Ilie end of the financial year the company has asoels of £4,3e9 (2022- £9,314) and liabilities of £O.0012022- £0.00). The net assyls ol the company have de¢rea5ed by £4,925. In 3ccordance with the Articles of Associab"on, the directors retire by rotation and, being eligible, offer themselves for re-eieclion. Compliance with Seetor-wide Leglslatlon and Standards The Gonipany engages pro-8clively with legislation, standards and codes which are developed for the $ecl¢r. The Friends of Lorelo College Coleraine subscribes lo and is compliant with the following.. The Charities SORP IFRS 1021 Approved by the Board of Trustees on 26 January 2024 and signed on its behalf by: Michael James Trusjee Paul Mulla Trustee
The Friends of Loreto College Coleraine INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES OF THE FRIENDS OF LORETO COLLEGE COLERAINE We have e.'iamiDed the financial slalemenls of the company for the financial year ended 31 March 2023, which coiiiprise the Financial Slaletnenls and the related notes. This report is made solely to the o)mpany's mémbers, as a body, in acccirdance with the charities Act (Northem Ireland) 2008. Our work has been undértaken so Ihal wè might compile the financial slalemenls that we have been engaged to compile, report lo the Board of Trustees that we have done so, and slate those mallers Iliat we have agreed lo slate lo them in this report and for no other purpose. To the fullest extent peimilled by law, we do not accept or assume responsibility lo anyone oll)er than the conipany and the company's menibers, as a body, for our work, tsr forthis report. Respective responsibilities of trustees 3nd examiner Thè company's Iruslers are r¥sponsible lor the preparation of the financial statements in accordance wilh the reouifvmenls of the Ch8ri1ies A¢.1 (Northern Ireland) 2008. The company's Iruslers consider that an aLidil 15 not requirvd for this financial year under the Charities Act (Northem Ireland) 2008 and that 8n independent examination is required. 11 is our responsibility lo.. arriine the financial sl4l¥menls under <rC.Iion 65 of the Charities Act., follow the protsdur¥S laid down by Ilie general Direclions given by the Charity Commission for Northem Ireland under s=clion 64I9jjbl of the Charities Act, and slate whether particular m8llers have come lo our attention. Basis of independent examiner's report We have r xamined your cornpany financial slalemenls as required under section 65 of the Charities Act and our xaminalion was carried out in accordance with the genèral Directions given by the Charity Commission for Norlhern Ireland under section 6519llbl of the Charities Act. An èyamination includes a review of the accounting records Kept by the company and a comparison of the financial statements preoented with those records. 11 also includes consideration of any unusual items or disclosures in the financial statements and s•eAing explanalions from the Iruslees concorning any siich mallers. The procedures undertaken do not provide all the evidence that would be required in an audit and ¢onsèquenily no opinion is given as to whether the accounts present a 'lrue and fairf view and the report is limited lo tho<e matters set out in the statement below. In cDnDeclion with our e¥aminaliori, no maller has come to our attention which giv&s us cause to believe that in, any material rfrspect.. accounting records were not k.epl in accordan with section 63 of the Charities Act the financ.ial slalemenls do not accord with those accounting records the financial slalemenls have not been prepared in accordan with the Slalemenl of Recommended Practice applicable lo charities preparing their accoui)Is in arcordance with tlie Financial Reporting Standard applicable in the UK and Rppublic of Ireland IFRS1021 there is further inforinalion ne¥dèd for a proper understanding of the accounts lo be reached. Indepeiident examIneS statement We have no concerns and have come across no other mallers in connection with the examination to which attention should bè drawn in this report in order lo enable a proper understanding of the financial statements lo be reached. QUARTER CHARTERED ACCOUNTANTS Sl Anne's HoLise 15 Church Street Cathedral Quarter Belfest 8T1 1PG Date.. 26 Janiiary 2024
The Friends of Lorelo College Coleraine FINANCIAL STATEMENTS for thè finanoal yèar endrd 31 March 2023 Unrestricted Restrlcted Funds Funds 2023 2023 Total Total 2023 2022 Notes Receipts and Payments Account Receipts Activities for generating funds Income Ironi Olh¥r Events Other receipts: Other income 120 120 40 Total receipts 120 120 40 Payments Cost of generatin9 funds: Co<ls of Other Events 128 128 123 Charitable Activities.. Replacement Curtains 4.917 4,917 Totsl payments 5.045 5,045 123 Net recelplsllpaymentsl for the financial year Balgn¢es brought forward at 1 April 2022 14,9251 7,314 (4.9251 9,314 1831 9.397 2,000 Balances carried forward at 31 March 2023 2,389 2,000 4,389 9.314 Statement of Assets and Liabilities Cash funds Bank and ca51) 2,389 2.000 4,389 9,314 Current Ilabilitles Approved by the Board of Trustees and authorlsed for Issue on 26 January 2024 and slgned on its behalf by Michael James stee Paul Mullan Trustee The noltrs on Pai3èS 8 to 9 loim part of the finan51 Sialeii)¥iils
The Friends of Loreto College Coleraine
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2023
GENERAL INFORMATION
The Friends of Loreto Collège Coleraine is 8 ¢harily incorporated in Nortl)ern Ireland. The registered office of
the company is Lorèto Toner, caslleroc.rf Road, Coleraine, BT51 3JZ which is also the principal plaRe of
bLisiness of the company The financial slalements have been prvsknled in Pound Sterling 1£) which is also the
fvnclional CLirrency of the company.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following acrounling policies have byen applied consislenlly in dealing with items which are considered
material in relation lo the charity's financial slatemeDIs.
Basis of preparatlon
The financial stalÈmenls have been prepared on the going concern ba
The Friends of Loreto College Coleraine NOTES TO THE FINANCIAL STATEMENTS continued for th¥ financial ear end¥d 31 Mai'ch 2023 ANALYSIS OF PAYMENTS AND RELATED INCOME FOR CHARITABLE ACTIVITIES 2023 2022 Rep1amernt of s¢hool curtains 4,917 SUPPORT PAYMENTS RESERVES 2023 2022 Al 1 April 2022 (Deficilllsurplus for the financial year 9,314 14,9251 9,397 1831 At 31 March 2023 4,389 9,314 FUNDS ANALYSIS OF NET ASSETS BY FUND Current assets Totsl Reslricled trust funds 2,000 2,000 Unreslricted general funds 2,389 4,389 4,389 POST-BALANCE SHEET EVENTS There have been no significant events affecling the Charity since the financial year-end.
THE FRIENDS OF LORETO COLLEGE COLERAINE SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023 10
The Friends of Loreto College Coleraine SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS OPERATING STATEMENT for Ikie fin8noal ye3r ended 31 March 2023 2023 Schedule Income 120 40 Charitable activities and other expenses 15,045) 11231 Net Ideficitllsurplus 14,925} 1831 The supplémentary inlomialion does not form pert of the financial slalemenls 11
The Friends of Loreto College Coleraine SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS SCHEDULE 1 CHARITABLE ACTIVITIES AND OTHER EXPENSES for tlie financial yrar ended 31 March 2023 2023 2022 Expenses Insuranre Replai cment Curtains 128 4,917 122 5,045 122 The siippleiiienlary infoi'inalion does not form part of the financial slalemrnls 12