Friends of St. Colman's Bann Primary School Statement of Financial Activities Year ended 30 June 2023 2023 Unrestricted funds Total funds 2022 Total funds Note Income and endowments Donations and legacies Charitable activities 46 1,788 46 1,788 71 768 Total income 1,834 1.834 839 Expenditure Expenditure on charitable activities Total expenditure 404 404 728 404 404 728 Net Income and net movement in funds 1,430 1,430 111 Reconclllation of funds Total funds brought fomard Total funds carrled forward 856 856 745 2,286 2,286 856 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 7 to 11 form part of these financial statements. Friends of St. Colman's Bann Primary School Statement of Financial Position 30 June 2023 2023 2022 Note Current assets Cash at bank and in hand 2,286 856 Net current assets 2,286 856 Total assets less current liabilltles 2,286 856 Funds of the charity Unrestricted funds 2,286 856 Total charity funds 2,286 856 These financial statements were approved by the board of trustees and authorised for issue on 26 April 2024, and are signed on behalf of the board by: Mrs S Corbett Trustee Mrs A R Rodgers Trustee The notes on pages 7 to 11 form part of these financial statements. Friends of St. Colman's Bann Primary School Notes to the Financial Statements Year ended 30 June 2023 General information The charity is a public benefit entity and a registered charity in Northern Ireland and is unincorporated. The address of the principal office is 10 Drumnascamph Road, Gilford, Craigavon, BT63 6DU, Armagh. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, 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 (FRS 102} (Charities SORP (FRS 102)) and the Charities Act (Northern Ireland) 2008. Accounting policles Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the harity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expendtture declared by the donor orthrough the terms of an appeal and fall into one of￿0 sub-classes: restricted income funds or endowment funds. Friends of St. Colman's Bann Primary School Notes to the Financial Ststements (contlnuedj Year ended 30 June 2023 Accounting policies (conllnuedj Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,- it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is estsblished. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of ServI￿S is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent. in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events. non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims ft)r the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds forthe charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable and consistent basis. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Friends of St. Colman's Bann Primary School Notes to the Financial Statements (continued) Year ended 30 June 2023 Accounting policies (contlnued) Financial instruments (continued) Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can othetwise be measured reliably. the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value. unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Donations 46 46 71 71 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Fundraising income 1,788 1,788 768 768 Friends of St. Colman's Bann Primary School Notes to the Financial Statements (continued) Year ended 30 June 2023 Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Purchase of supplies for school Fundraising costs 183 221 183 221 175 553 175 553 404 404 728 728 Expendlture on charitable activities by activity type Activities undertaken Total funds directly 2023 Total fund 2022 Purchase of supplies for school Fundraising costs 183 221 183 221 175 553 404 404 728 Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. No trustee expenses have been incurred. Analysis of charitable funds Unrestricted funds At 1 July 2022 At 30 June 2023 Income Expenditure General funds 856 1,834 {404) 2,286 At 1 July 2021 At Income Expenditure 30 June 2022 General funds 745 839 (728) 856 10 Friends of St. Colman's Bann Primary School Notes to the Financial Ststements (continued) Year ended 30 June 2023 10. Analysis of net assets between funds Unrestricted Total Funds Funds 2023 Current assets 2.286 2,286 Unrestricted Total Funds Funds 2022 Current assets 856 856 11