ids. Charlty Reglstratlon No. 103054 (Northern Ireland} ¢hartered accountants THE FRIENDS OF LORETO COLLEGE COLERAINE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1 BG
THE FRIENDS OF LORETO COLLEGE COLERAINE ids. chartered accountants CONTENTS Page Legal and administrative information Trustees report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 7-10
THE FRIENDS OF LORETO COLLEGE COLERAINE ids. chartered accountants LEGAL AND ADMINISTRATIVE INFORMATION Trustees DJHenry M James S Kelly B Toner S Gallagher F Pepin S McNicholl Charity number 103054 Independent examiner IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1 BG Bankers Ulster Bank Ltd 11116 Donegall Square East BELFAST BT1 SUB
THE FRIENDS OF LORETO COLLEGE COLERAINE ids. chartered accountants TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and financial slatements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)" Oblectlves and activltles Friends of Loreto is a committee of like-minded past pupils, parents and teachers who want to maintain and promote the Loreto ethos and academic excellence for present pupils and those to come. 11 was formed in June 2014 and properly constituted as a Charity in February 2015. 11 has now officially gained HMRC charitable status and can claim GiftAid on donations. The primary aim of the charity was to get in touch wilh past pupils and parents of current pupils and then to engage with the local community and businesses to highlight the great achievements of the school and to raise awareness of the ongoing projects. Friends of Loreto have pro-actively used social media to reach out across the world and connecl with friends far and wide. The Facebook page has proved a very popular medium and currently 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 of the 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 connect with old friends and to keep abreast of current school news. The second aim of the charity was to raise funds to support the school in its continuous commitment to learning and to ensure that every Loreto student is encouraged to develop their individual talents. The board deoded to raise funds through organising activities, events, community projects and sponsorships. The initial focus was to try to raise enough funds to maintain the Convent which has been recently vacated by the Loreto Nuns and which they were in the process of transferring to the school. The Education Authority did not want to lake ownership of the building but the historic and emotional lies to the beautiful, listed building meant that the Board needed to take action and to try and save it. This project, which is currently 'on hold, pending legal due diligence, remains the central focus for the charity with plans lo enhance the heating system, roof, and windows as well as a commitment to raise funds to support other school projects. Achievements and performance Significant activities and achievements against objectives During the year the committee organised a very successful Golf Day al the Radisson Roe Park Golf Club This event attracted an entry of over 100 past pupils and friends and was a great opportunity for many old friendships to be renewed. The Friends have been able to contribute towards the costs of a Gaelic Performance Officer in the school. This person assists in the development and supervision of a vast number of sporting initiatives within the school. As part of their role, they also help with the various school teams who represent the school in the local ccmpetitions and leagues. Financial review ReseNes policy Reserves are held for the benefit of Loreto College Coleraine. The reseNes are being set aside for the funding and renovation expenditure, together with school activities. The policy is reviewed on an annual basis by the Trustees.
THE FRIENDS OF LORETO COLLEGE COLERAINE ids. chartered accountants TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 At the end of the financial year the company has assets of £8,946 {2024 £4,249) and liabilities of £nil (2024 - £nil}. The net assets of the company have increased by £4,697. The charity engages pro-aclively with legislation, standards and codes which are being developed for the sector. The Friends of Loreto College Coleraine subscribes to and its compliant with the following.. The Charities SORP IFRS 102) Structure, governance and management The Trustees who served during the year and up to the date of signature of the financial statements were.. DJHenry M James S Kelly B Toner S Gallagher F Pepin S McNicholl Thank-you The trustees are very grateful for all the support given to them over this financial year and loo forward to resuming events in the year to come. The Trustees report was approved by the Board of Trustees. S Gallagher F Pepin 29 January 2026
THE FRIENDS OF LORETO COLLEGE COLERAINE ids. chartered accountants INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FRIENDS OF LORETO COLLEGE COLERAINE I report to the Trustees on my examination of the financial statements of The Friends of Loreto College Coleraine (the Charity) for the year ended 31 March 2025. Responsibilities and basis of report As the Trustees of the Charity you are responsible for the preparation of the financial slatements in accordance with the requirements of the Charities Act 2011. I report in respect of my examination of the Charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the Charities Act 2011. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me Cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the Charities Act 2011. the financial statements do not accord with those records., or the financial statements do not comply with the applicable requirements concerning the form and content of financial statemenls set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination. I 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. IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1 BG 29 January 2026
THE FRIENDS OF LORETO COLLEGE COLERAINE ids. chartered accountants STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Notes Income from: Donations and legacies 19,510 19,510 Total income 19,510 19,510 Expenditure on: Raising funds Charitable activities 7,900 6,913 7,900 6,913 140 140 Total expendlture 14,813 14,813 140 140 Net incomel{expendlture} and movement In funds 4,697 4,697 {140) (1401 Reconclllatlon of funds: Fund balances at 1 April 2024 2,249 2,000 4,249 2,389 2.000 4,389 Fund balances at 31 March 2025 6,946 2,000 8,946 2,249 2,000 4,249
THE FRIENDS OF LORETO COLLEGE COLERAINE ids. chartered accountants BALANCE SHEET ASAT31 MARCH 2025 2025 2024 Notes Current assets Cash at bank and in hand 8,946 4,249 Net current assets 8,946 4,249 The funds of the Charity Restricted income funds Unrestricled funds 2,000 6,946 2,000 2,249 10 8,946 4,249 The financial statements were approved by the Trustees on 29 January 2026 S Gallagher F Pepin
THE FRIENDS OF LORETO COLLEGE COLERAINE ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity information The Friends of Lorelo College Coleraine is a Registered Charity (charity number 105758) The registered office is Loreto College, Castlerock Road, Coleraine, BT51 3JZ. 1.1 Basis of preparation The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act (Northern Ireland} 2008 and "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}" las amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Charitable funds Unreslricled funds are available for use at the discrelion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statemen15. 1.3 Income Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwlse if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent assel. 1.4 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. 1.5 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
THE FRIENDS OF LORETO COLLEGE COLERAINE ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies {Continued) Basic financial assets Basic financial assets, which include debtors and cash and bank balance5, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if paymenl is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. Critical accounting estimates and judgements In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects ¢Jnly that period. or in the period of the revision and future periods where the revision affects both current and future periods. Income from donations and legacies Unrestricted funds 2025 Unrestricted funds 2024 Income from Golf Day 19,510
THE FRIENDS OF LORETO COLLEGE COLERAINE ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on ralslng funds Unrestricted Unrestricted funds funds 2025 2024 Trading costs Contribution to GPO 7,900 Expenditure on charitable activities 2025 2024 Dlrect Costs Cost of Golf Day Cost of other events 6,760 153 140 6,913 140 Analysis by fund Unrestricted funds 6,913 140 Trustees None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. Employees There were no employees during Ihe year. Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 April At 31 March 2024 2025 2,000 2,000
THE FRIENDS OF LORETO COLLEGE COLERAINE ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Restrlcted funds {Continued) Previous year: At 1 April At 31 March 2023 2024 2,000 2,000 10 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been set aside out of unrestricted funds by the Irustees for specific purposes. At 1 April 2024 Incoming resources Resources At 31 March expended 2025 General funds 2,249 19,510 114,8131 6,946 Prevlous year: At 1 Aprll 2023 Incoming resources Resources At 31 March expended 2024 General funds 2,389 (1401 2,249 11 Analysls of net assets between funds Unrestricted funds 2025 Restricted funds 2025 Total 2025 At 31 March 2025: Current assetsl{liabilities) 6,946 2,000 8,946 6,946 2,000 8,946 Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Current assetsllliabilities) 2,249 2,000 4,249 2,249 2,000 4,249 12 Related party transactions There were no disclosable related party transactions during the year (2024- none). 10-