The Friends of Loreto College Coleralng Annual Report and Unauditsd Flnancial Statsments for the financial year ended 31 March 2024 Quarter Chartered Accountant8 st Anne's Houge 15 Church Streèt Cathedral Quarter Belfast BT1 1PG Charlty Number: 103054
The Friends of Loreto College Coleralne CONTENTS Page Reference and Administrative Information Trustees, Report Independent Examinerfs Report Financial Statements Notes to the Flnancial Statements Supplementary Infomation relating to the Financial Statements 10-12
The Friends of Loroto College Coleraine REFERENCE AND ADMINISTRATIVE INFORMATION Trustaes Daniel Henry Paul Mullan (Resigned 24 April 2023) Sarah Egan (Resigned 24 April 2023) Michael James Susan Kelly Belinda Toner Stephen Gallagher (Appointed 24 April 2023) Frances Pepin (Appointed 24 April 2023) Sinead McNicholl (Appoinled 24 April 2023) Charfty Number in Northern Ireland 103054 Independent Examiner Quarter Chartered Accountants St Anne's House 15 Church Street Cathedral Quarter Belfast BT11PG Bankers Ulster Bank 11-16 Donegal Square east Belfast BT15UB
The Friends of Loreto College Coleraine TRUSTEES, REPORT for the financial year ended 31 March 2024 The trustees present their Trustees, Report and the unaudited financial ststements for the financial year ènded 31 March 2024. Thè financial statements are prepared in accordance with the Charlti8s Act (Northèm Ireland) 2008, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Irelan(r' and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their finanoal ststements in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). The Trustees, Report contains the information required to be provided in the Trustees, Annual Report under the Statement of Recommended Practice (SORP) guidelines. The trustees of the company are also charity trustees forthe purpose of charity law and under the company's constitution are known as members of the board of trustees. In this reFK)rt the trustees of The Friends of Loreto College Coleraine present a summary of its purpose, govemance. activities, achievements and finances for the financial year 31 March 2024 The trustees who served during Ihe period are as follows: Trustees Michael James Susan Kelly Belinda Ton8r Daniel Henry Paul Mullan {R8signed 24 April 2023) Sarah Egan (Resigned 24 Aprll 2023) Stephen Gallagher (Appointed 24 April 2023) Sinead McNicholl (Appointed 24 April 2023) Frances Pepin (Appointed 24 April 2023) Objectives and Activities Frlends of Loreto is a committee of liké-mlnded past pupils, parents and teachers who want to maintain and promote the Loreto ethos and academic eXllen for present pupils and those to com8. It was formed In June 2014 and propedy conslituted as a Charity In February 2015. It has now officially gained HMRC charitable status and can claim Gift Aid on donations. The primary aim of the tharity was to get in touch with past pupils and parents of current puplls and then to engage with Ihe local Gommunity and businesses to highlight the great achlevements of the school and to raise awareness of its ongoing projects. Friends of Loreto have pro-actively used social media to reach out across the world and connect with friends far and wide. The Facebook pa9e has proved a very popular medium and cuThently has 3,600 people following it. The charity also has Linked-in and Twitter accounts. All these along with a database of email contacts allow us to raise the positive profile ofthe school and keep people informed about what is happening to pupils past and present. There are updates on events planned, successful sporting achievements, musical successes, and career information. Alumni can use it to connecl with old friends and to keep abreast of current school news. The secondary aim of the charity was to raise funds to support the school in lis continuous commitsnent to leaming and to ensure that every Loreto student is encouraged to develop their individual talents. The board decided to raise funds through organising activities, events. community projects and sponsorships. The initial focus was to try to ralse enough funds to maintsin the Convent which had been recentty vacated by the Loreto Nuns and which they were in the process of transferring to the school. The Education Authority did not want to take ownership of the building but th8 historic and emotional ties to the beautiful, listed building meant that the Board needed to tske action and to try and save it. Thls project remains a central foujs for the charity with plans to enhance the heatlng system, roof. and windows as well as a commitment to raise fvnds to support other sthool projects. Reseryes Policy
The Friends of Loreto College Coleraine TRUSTEES, REPORT for the financial year ended 31 March 2024 Reserves are held for the benefit of Loreto College Coleraine. The res8Nes are being set aside for thè funding and renovation expenditure. together with s¢hty)l activities. The policy is reviewed on an annual basis by the Trustees. Achlevements and Perforniance No organised events were organised during the year. Post year end a Golf Day took place in Limavady. Thank-yQU The trustees are very gratefijl for all the support given to them over this financial year and look forward to resuming events in the year to come. Results and Dividends At the end of the financial year the company has assets of £4.249 (2023- £4,389) and liabilities of £0.00 (2023- £0.00). The nel assets of the company have deGreased by £140. In accordan with the Artides of Association, the dlrectors retire by rotstion and, belng eligible. offer themselves for re-election. Compllance with Sector-wide Legislatlon and Standards The rnpanY 8ngag8s prfractively with legislation, stsndards and codes which are developed for the sector. The Friénds of Loreto College Coleraine subscribes to and is compliant with the followlng: Th8 Charliles SORP (FRS 102) Approved by the Board of Trustee8 On 20 January 2025 and slgned on its behalf by: Stephen Gallagher Trustse Slnead MCNIC Trustee
The Friends of Loreto College Coleralne INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES OF THE FRIENDS OF LORETO COLLEGE COLERAINE We have examined the financial statements of the company for the financial year ended 31 March 2024, whlch comprise the Financial Statements and the related notes. This report is made solely tothe company's members. as a body, in accordance wlth the Charities Act (Northem Ireland) 2008. Our work has been undertaken so thal we might compile the financial statements that we have been engaged to compile, report to the Board of Trustees that we have done so, and state those matters that we have agreed to state to Ihem in this reporl and for no other purpose. To the fijllest 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 ourwork, orforthis report. Respective responsibilities of trustees and examiner The companys trustee5 are responsible for the preparation of the financial statements in accordance wilh the requirements ofthe Charities Act (Northern Ireland) 2008. The company's trustees considerthat an audit is not required for this financial year under the Charities Act (Northem Ireland) 2008 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 hav8 come to our attention. Basis of Independent examlnerfg 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 North8m Ireland under seclion 85(9)(b} of the Charities Act. An examination includes 8 revlew of the accounting records kept by the company and a comparison of the Ilnancial statements présented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seéklng explanations from the trustees conmIng any suth matters. The pro¢edures undertaken do not provide all the evidence that would be required in an audit and consequently no opinlon is given as to whèther the accounts present a 'true and fairf view and the report is limited to those matters set out in the statement below. In conne¢tlon 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 63 of the Charities Act the financial statements do not accord with those accounting records the financial ststements have not been prepared in accordan¢e with the Statement of Recommended Practice applicable to charities preparing their accounts in accordanc8 With the Financial Reportlng Standard 8ppli¢able In the UK and Republic of Ireland {FRS102} there is furth6r infonnation needed for a proper understanding of the accounts to be reached. Independent examinefs statement We have no concems 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. QUARTER CHARTERED ACCOUNTANTS St Anne's House 15 Church Street Cathedral auarter Belfast BT11PG Date: 20 January 2025
The Friends of Loreto College Coleraine FINANCIAL STATEMENTS for the financ4al year ended 31 March 2024 Unrestrlcted Restrictsd Fund$ Funds 2024 2024 Total Total 2024 2023 Notes Recelpts and Payments Account Receipts Activltl8s for generating funds Income from Other Events Other receipts: other income 120 Total rncolpts 120 Payments Cost of genoratlng funds: Costs of Other Events 140 140 128 Charltable Activities: Replacement Curtains 4.917 Total payments 140 140 5,045 Net recolptsl{payments) for the financial year Balances brought foThvard at 1 April 2023 (140) 2,389 {140) 4,389 (4.925) 9.314 2,000 Balances carried forward at 31 March 2024 2,249 2,000 4,389 4,389 statement of Assets and Liabilities Cash funds Bank and cash 2,249 2,000 4.249 4.389 Current Ilabllltles Approved by the Board of Trustses and authorlsed for IUe on 20 January 2025 and signed on Its behalf by stephen G Trustee Ilagher Sinèad McNlcholl Trustee The not&s on pages 810 9 fomi part of the financial statements
The Friends of Loreto College Coleraine NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2024 GENERAL INFORMATION The Friends of Loreto College Coleraine is a charity Incorporated in Northem Ireland. The registered office of the company is Loreto Toner, Castlerock Road. Coleraine, BT51 3JZ whith is also the prlncipal place of buslnéss of the company The financial stateménts have been presented in Pound Sterling (£) which is also the functional currency of th8 company. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have be8n applied consistentty in dealing with items which a Considered material in relation to the charity's financial statements. Basls of preparation The financial statements have been prepared on the going concern basis under the historical cost convention, modified to include certain it6ms at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice {SORP) 'Accountlng and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland FRS 102" As pemiitted by the Companies Act 2006. the company has varied the standard formats in that act for the Statement of Financial A¢tivitl6s and the Balance Sheet. Departures from the standard formats are to comply with the requirements of the Charities SORP and are In compliance with section 4.7. 10.6 and 15.2 of that SORP. Statement of compliance The financial Statements of the company for the financial year ended 31 March 2024 have been prepared on the going concern basis and in a¢cordanc8 wlth th8 Statement of Recommended Practi (SORP)'Accounting and Reporting by Charitl8s preparing their accounts in aCrdants with the Finandal Reporting Standard appllcable in the UK and Republi¢ of Ireland FRS 102" In¢oming Resources Voluntsry in¢ome or capital is induded in the Statement of Financial ANItIeS when th8 company is legally entitled to it, its financial value Can be quantified with reasonable certainty and there is reasonable certainty of its ultimate reipt. Entitlement to legacies is considered established when the company has been notlfied of a distributlon to be made by the executors. Income received In advance of due performance under a contract is accounted for as deferred income until eamed. Grants for activities are recognised as income when the related conditions for legal entitlement have been met. All other in¢ome Is account8d for on an accruals basis. Resources Expended All resour¢e$ expendéd are accounted for on an accruals basis. Charitable activities indude costs of services and grants. support costs and depredatlon on related assets. Costs of generating funds similarly indude fundr8i8ing 8Ctivlties. Non-staff costs not attributed lo one category of 8¢tivity are allo¢ated or apportloned pro- rata to the staffing of the relevant sènilce. Finance, HR, IT and administrative staff costs are direcuy attributable to individual activlties by objective. Govemance costs are those associated with constitutional and statutory requirements. Cash at bank and in hand Cash at bank and in hand comprises ¢a$h on deposit at banks requiring less than three months, notice of withdrawal. Taxatlon and deferred taxation No current or d8ferred taxation arises as the company has been granted charltable exemption. Irrecoverable valued added tax is expensed as incurred. Deferred tsx is recognised in respect of all timing differences that have originated but not reversed at the balan sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future. or a right to pay less tax in the future. Timlng differénces are temporary dIfferenS beeen the company's taxable proffts and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the rIodS in which the timing differen are expe¢ted to réverse, based on tax rates and laws that have been enacted or substsntivety enacted by the balance sheet date.
The Friends of Loreto College Coleraine NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 March 2024 ANALYSIS OF PAYMENTS AND RELATED INCOME FOR CHARITABLE ACTIVITIES 2024 2023 Replacement of school curtains 4,917 SUPPORT PAYMENTS RESERVES 2024 2023 At 1 April 2023 (Deficit)ISurplus for the financial year 4.389 {140} 9.314 {4,925) At 31 March 2024 4,249 4,389 FUNDS ANALYSIS OF NET ASSETS BY FUND Current assets Total Restricted trust funds 2,000 2,000 Unrestrided general funds 2.249 2,249 4,249 4,249 POST-BALANCE SHEET EVENTS There have bean no signrficant events affecting the Charity since the financial yearond.
THE FRIENDS OF LORETO COLLEGE COLERAINE SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024 10
The Friends of Loreto College Coleraine SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS OPERATING STATEMENT for the finanoal year 8nd8d 31 March 2024 2024 2023 Schedule Income 120 Charitable activities and other expenses (140} (5.045) Net Ideficitysurplus (140) (4.925) The supplementary infomiation does r1 fom part of the fjnancial ststements 11
The Friends of Loreto College Coleraine. SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS SCHEDULE 1 . CHARITABLE ACTIVITIES AND OTHER EXPENSES for the financial year ended 31 March 2024 2024 2023 Expenses Insurance Replacement Curtains 140 128 4.917 140 5.045 The supplementsry infomation does not form part of the financial statements 12