Friends t. Colman's ann Primary School Statoment of Financial Activities Year ended 30 June 2024 2024 Unrestricted funds Total fund8 Totsl funds 2023 Income and endowments Donatlons and legacies Charitable activities 1,806 1,806 1,806 1,806 1,788 1,834 Total incomo Expendlture Expp,nditure on charitable activities Total expènditure 1,400 1,400 1,400 404 1,400 404 Not Income and nRt movement in funds 406 406 1,430 Re¢on¢iliatlon of funds Total funds brought forward Tolal funds carried forward 2,286 2,286 2,692 856 2,692 2,286 The statement of financial activities includes all gains and losses re.cognised in the year. All income and expenditure is derived from continuing aGtivities. The notes on pagos 7 to 11 fomi part of tliese financial statèments. Friends of St. Colman's Bann Primary School Statement of Financial Position 30 June 2024 2024 2023 Note Current assets Cash at bank and in hand 2,692 2,286 Net current assets 2,692 2,692 2,286 2,286 Total assets less current Ilabllltles Funds of the charity Unrestricted funds 2,692 2,692 2,286 2,288 Total charity funilt3 The Inancial 8tatemenls were approved by the board of trustees and authorised for issue on and ara siqned on behalf of the board by.. C Glover Truste.e B TaTrant Trustse Thè notès on pages 7 to 11 forffl part of thgsa flnanclal statements. Friends of St. Colman's ann Prima School Notss to the Financial Statements Year ended 30 June 2024 General infomiatSon The charity is a public benefit entity and a register@d charity in Northern Ireland and is unincorporated. The address ofthe principal office is 10 Drumnascamph Road, Gilford, Cralgavon, BT63 6DU, Armagh. statement of compliance These finanrial statements have been prepared in compliance with FRS 102, 'Tlie Flnancial Reporting 8landard applicable in the UK and the Republic Jf Ireland,, the Statement of Recornmended Pract'ice 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. Accountlng pollci68 Bas￿ of preparatlon The financial st8tements have been prepared on the historical cost basis, as modrfied by the revaluatlon of certain financial assets and liabilities and Investment properties measured at fair value through income or expenditur8. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no Tnateri81 uncertainties about the charity's ability lo continue. Fund accouiiting Unrestricted funds are available for use at the discr8tion of the trustees to fijrther any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for a particular ￿tUre project or commitment. Restricted fuipds are subjected to restrictions on their expe.nditure declared by the dcnor or through the terms of an appeal and fall into one of sub-classes: restricted income funds or endowment funds. Friends of St. Colman's Bann rimary School Notes to the Financial Staternents (oontlnuad) Year ended 30 June 2024 Accounting policies (ctsntlnued) Incomlng re8ources All inr.oming ￿sOUrCeS are included in the statement of financial activities when entitlement has passed to the charily., it is probable that the economic benefits associated with the transaction will flow to Ihe tr.harity and the amount can be reliabEy measured. The following specific policies are applied lo particular categories of income: income from donations or grallts is recognised when there is evidence of entitlement to the gift, receipt is probable, and its amount can be measured reliably. Ipg8cy income is recognised when receipt is probable, and entitl8ment is established. income f'rom donated goods is measured at the fair value of the goods unless this 18 iirpractical to measure reliabSy, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities 8nd services are recognised in the accounts when receiv8d if the value can be reliably measured. No amounts are included for the contribution of qeneral volunteers. income from contracts for th@ supply of serVi￿S is recognised with the delivery of the contracted service. This is classified as unrestrÈcled funds unless there 18 8 contractual quirement for it to be spent on a particular purpose and relumed if unspent. in whlch case it may be regarded as restricted. Resourc05 expended xpendit.ure is recognised on an accruals basis as a liability is incurred. Expenditure iricludes aiiy VATwhich cannot be fully reco)vered, an(J is classified under hoadings of the statement of financial activities lo which it relates= expenditure on raising funds includes the costs of. all fundraising activities, events, non- charitable trading activil'ies, and the sale of donatsd good&*. expenditure on charitable activlties includes 811 costs incurred by a charity in uiidertaking activities that further its Charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable dctivities. other expenditure includ&s all expenditure that is neither related to raislng funds for the charity nor part of its expenditure on charitable activities. All costs are allo&qted to expenditure categories refte¢ting the use of the resource. Dlrect costs attributable to a single activity are 811ocated directly to that activity. Shared costs are apportioned betsveen the activities they contribute to on a fftasonable, justifiable and consistent basis. Financlal Instruments A financial asset or a financial liability is recognised only when the charlty becomes a paty to the contractual provisions of the instrument. Baslc financial instruments are initially recognised at the amounl receivable or payable including any relat'ed transaction costs, Friends of t. Colman's ann Primary School Notes to the Financial Statements (continued) Year ended 30 June 2024 Accounting pollcles (¢ontlnued) Flnaiiclal instruments (contlnuedj Current assets and current liabilities are subsequently measured atthe cash orother consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortlsed cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the invesfment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently me.asured at co8t less impairment. Oth8r financial instruments, including derivatives, are initially rècognised at fair v8lue, unless payment for an asset is de.ferred beyond normal business I'erms or financed at a rate of interest that is not a market Trte, in which case the asset is measured at the present value of the future payments dlscouiited at a market rat6 of interest for a similar debt instrument. Other financial instnjments are Subsequently measured at fair value, with any changes recognised in the statement of financial activiti@s, with the exceptioii of hedging instruments in a designated hedging relationship. Finailcial assets that are measured at cost or amortised cost are reviewed for obj8ctiv& evidence of impaiiTnent at the end of.éach reporting date. If t'hore is objective eviden￿ of impairmdnt, an impairment loss is récognised urider the appropriate heading in the strAtement of financial activities in which thp inilial gain was recogni8ed. For all equity instruments regardle86 of significance, ond other financial assets Ihat are individualty significant, these are. assessed individually for impairment. Other financial assets are either assessed indivldually or grouped on the basis tsf similar credit risk characteristics. Any reVe￿alS of impairment are recognised immediately, to the extent that the reverssl does not result in a carrying amount ol the financial asset that exceeds what the carrying amount would have, been had the impairment not previously been recognised. Donatlons and legacles Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donatirjns 46 Charltable a¢tivitle8 Ui)restricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Fundrai￿Ving incoine 1,806 1,806 1,788 1,78G Friends of St. Colman's Bann Primary School Notss to the Financial Statsments (Continu Year ended 30 June 2024 Expenditure on charltable activities by fund type Unrestricted Total Funds Unrestricted Total Fund9 Funds 2024 Funds 2023 Purchase of supplies for school Fundraising Costs 1,240 160 1,240 160 183 221 183 221 1,400 1,400 404 404 Expeftditure on charftable act¥vlt16s by activlty typo Activities undertaken Total funds directly 2024 Total fvnd 2023 Purchase of supplies for school Fundraising costs 1,240 160 1,240 160 183 221 1,400 1,400 Tru.$tee remuneratlon and expenses No remuneration or other benefits from @.mployment with the charity or a related entity were re￿1veLl by the trustees. No trustee expenses hav@ beeii incurred. Analysis of r.haritable funds Unrestricted funds At 1 July 2023 At Income Expendilur8 30 Jun 2024 General funds 2,286 1,806 (1,400) 2,S92 At 1 July 2022 At Income Expenditure 30 June 2023 General funds 1,834 1404) 2,286 10 Friends of St. Col an's Bann Prima School Notes the Financial Statements (contlnuèd) Year ended 30 June 2024 10. Analysis of net as8Qt8 between funds Unrestricted Total Funds Funds 2024 Current assets 2,892 2,692 Unrestricted Total Funds Funds 2023 Current assets 2,286 2,286 11