Coleraine Grammar School Annual Report and Audited Financial Statements For the year ended 31st March 2023 Cliai'ity Regislralioii Niiiiibei-: NIC l OJ870 Coiiipaiiy Registratioii Nuiiibei-: Nl 6?8)84
Coleraine Grammar School Financial Statements Year ended 31st March 2023 Contents Pages Legal and administrative information Governors, Report (including Directors, Report and Strategic Report) 2to9 Independent auditor's report to the members 10 Income and expenditure account 15 Balance sheet 16 Statement of cash flows 17 Notes to the financial statements 18to35
Coleraine Grammar School Page 1 Legal and administrative information Headmaster Dr.J. Carruthers Chairperson of the Board of Governors Mr W Oliver Board of Governors Mrs A Curry Mrs J Currie Mrs H Hamilton Dr J Kerr Mr A Linnegan Mr H Montgomery Mr G Montgomery Mr F Mullan Mr W Oliver Rev Dr l Thompson Mr D Workman Mrs C Ferguson MrCRea Mr J Kildea Mrs H Burns Mr J McLenaghan Mrs T Reid Mr G Hutchinson Mr R Archibald Mr R Cochrane Mr J Gibson Mrs K Gilpin Mr N Linnegan Mr R Totten Mrs J Stewart Ms J Richmond Dr M Hinch Secretary Mr A Linnegan Charity number 103870 Company number N1628384 Registered office 23-33 Castlerock Road Coleraine Co. Londonderry BT51 3LA Auditor Jackson Andrews Chartered Accountants and Statutory Auditor Andras House 60 Great Victoria Street Belfast BT2 7ET Bankers Danske Bank North Business Centre Ballymena Co. Antrim BT43 7AA
Coleraine Grammar School Page 2 Governors, report (including Directors, Report and Strategic Report) Year ended 31 March 2023 The Governors present their report and financial statements for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and applicable accounting standards, Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in Ihe United Kingdom and Republic of Ireland (FRS 102}, the School's Memorandum, the Charities Act (Northern Ireland) 2008, Charities Act (Northern Ireland) 2013, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, Companies Act 2006 and UK Generally Accepted Practice. REFERENCE AND ADMINISTRATIVE DETAILS Registered charity name Charity registration number Company number Registered office Headmaster Coleraine Grammar School 103870 N1628384 23-33 Castlerock Road, Coleraine, Co. Londonderry, BT51 1 BG Dr J. Carrulhers Secretary Auditor MrA Linnegan Jackson Andrews, Chartered Accountants & Statutory Auditor, Andras House, 60 Great Victoria Street, Belfast, BT2 7ET Danske Bank, North Business Centre, Ballymena, Co. Antrim, BT43 7AA Bankers Trustees of the charity The Governors, who are also Ihe trustees and the directors for the purpose of company law and who served during the year and up to the date of signature of the financial statements were.. Mrs A Curry Mrs J Currie Mrs H Hamilton Dr J Kerr Mr A Linnegan Mr H Montgomery Mr G Montgomery Mr F Mullan Mr W Oliver Rev Dr l Thompson Mr D Workman Mrs C Ferguson MrCRea Mr J Kildea Mrs H Burns Mr J McLenaghan Mrs T Reid Mr G Hutchinson Mr R Archibald Mr R Cochrane Mr J Gibson Mrs K Gilpin Mr N Linnegan Mr R Tolten Mrs J Stewart Ms J Richmond Appointed 26 September 2022 Dr M Hinch Appointed 14 December 2022 Ms N Taggart Resigned 1 September 2022 Mrs P McDowell Resigned 4 October 2022 Chairperson
Page 3 Coleraine Grammar School Governors, report (including Directors, Report and Strategic Report) Icontinuedl Year ended 31 March 2023 PUBLIC BENEFIT STATEMENT The Board of Governors confirm that they have had due regard for the guidance produced on Public Benefit by the Charity Commission for Northern Ireland, and are pleased to report that during 2022123 the School has continued to provide Public Benefits through the teaching and facilities we offer. OBJECTIVES AND ACTIVITIES Coleraine Grammar School was founded in 2015 from the reorganisation of two founding Schools, Coleraine Academical Institution and Coleraine High School and is a non-denominational co- educational day voluntary grammar school. The objectives for which the school is established are.. To provide for the education. physical training, recreation and extra-curricular activities of pupils and students aged 11-18 attending the School irrespective of social. religious or cultural background who have academic aptitude, and who will benefit from the high academic standards and specialist teaching by carrying on a co-educational voluntary grammar School and to ensure that pupils develop through their work self-discipline, self-confidence and a respect for knowledge and that they are well prepared for the requirements of tertiary level education andlor employment, and for that purpose to appoint such principals, professors, lecturers, and other teachers, as may be deemed necessary on such conditions as the Governors shall from time to lime determine, and for such purpose to provide halls, gymnasia, sports fields and playgrounds for the pupils of the School and furnish, equip and maintain the same. Our Ethos and Vision Our Governors are responsible for setting a strategy for achieving the set objectives. The vision for Coleraine Grammar School is.. A caring, respectful and supportive environment where all pupils and staff aspire to excellence in every area of school life. In our School we believe that slrong. mutually respectful relationships and a cohesive community are the foundations on which good learning and teaching can flourish. We aim to develop independent and self-motivated pupils who have high aspirations to achieve their potential and make informed decisions about their health and well-being. We undertake to create an inclusive School identity and respectful relationships underpin our efforts to apply effective, restorative, positive behaviour management. Leadership at all levels listens to and communicates ideas clearly to all stakeholders. Our Achievements The academic, cultural and sporting achievements and performance of pupils are reported to the Governors and the whole school community. Curriculum and Achievements The School's curriculum is made available to prospective parents in writing. Subject information is available on the school's website to assist with subject choices in Years 10 and 12. The educational achievements of the pupils are reported to the Board of Governors and are made more widely available in the school prospectus. other relevant material is made available via the school website, Facebook, magazine and local press. STRATEGIC REPORT The description under the headings "Achievements and performance. and 'Financial review. meet the company law requirements for the Governors to present a strategic report.
Page 4 Coleraine Grammar School Governors, report (including Directors, Report and Strategic Report) {continuedl Year ended 31 March 2023 ACHIEVEMENTS AND PERFORMANCE The principal source of income is by way of grant funding from the Department of Education which accounts for 950/0 of School income under the common funding formula. Additional income is generated through voluntary parental contributions, together with hire of accommodation. The Governors are continuing io deploy all net incoming resources to investing in educational purposes and the physical condition of the School estate. During the year, the works undertaken to address a health and safety issue regarding co-educational changing facilities at the War Memorial Pavilion were completed during the year. FINANCIAL REVIEW Reserves policy It is the policy of the charitable company to maintain free reseNes which match the needs of the School, both at the current time and in the foreseeable future. This provides sufficient funds to cover running costs which include management, administration and support costs. Free reserves are those unrestricted reserves not designated nor invested in fixed assets which are available for general use. The Governors and Executive Committee receive regular reports including Management Accounts and oversee risk management. Total income for the year was £6,736,876 (2022. £6.882,452). Income from donations amounted to £317,019 12022.. £136,152) and income from charitable activities amounled to £6,419,857 {2022.' £6,745.940). Total expenditure for the year which all related to expenditure on charitable activities amounted to £6,750,915 (2022.. £6,835,247). Expenditure predominantly consisted of staff costs, rent, rates, insurance. light and heat, cleaning, repairs and maintenance costs. This resulted in net expenditure for the year of £14,03912022.' net income of £47,205). Net assets at 31 March 2023 were £341,656 {2022'. £355,695} of which unrestricted funds general funds were in surplus by £101,578 (2022.. surplus of £138,982), unrestricted designated funds were £Nil 12022.. £159,525) and restricted funds were £240,078 (2022.. £57,188). At 31 March 2023, free reserves are in Surplus by £23,166 (2022.. in surplus by £97,218}. The school has faced an underfunding of Ihe split site operation which has led to the position in unrestricted reserves as set out in these accounts. There has been recognition of this by the Education Authority with the school's underfunding claims to the Educalion Authority now being settled. Futhermore. this has set a precedent in that split site costs will continue to be fully recoverable until such times as the school has been located onto a single site. The school also notes the willingness of the Education Authority to provide emergency funding should the governors deem it be required. Financial risk management objectives and policies The School uses various financial instruments including cash and various items such as trade deblors and trade creditors that arise directly from its operations. The main purpose of these is to raise finance for the School's operations.
Page 5 Coleraine Grammar School Governors, report (including Directors, Report and Strategic Report) Icontinuedl Year ended 31 March 2023 FINANCIAL REVIEW (continued) Financial risk management objectives and policies (continued) The existence of these financial instruments exposes the School to a number of financial risks, these are described in more detail below. The School does not use derivative transactions to minimise exposure to interest rates or foreign exchange. The main risk arising from the School's use of financial instruments is liquidity risk. The School seeks to manage financial risk by ensuring sufficient liquidily is available to meet foreseeable needs. Short-term flexibility is achieved by manging cash reserves. Tax status The School is registered as a charity for corporation tax purposes. Site security On both campuses all visitors must report to reception and are supplied wilh visitors, passes, if necessary. and sign in and out. Pupils may not leave School unless accompanied by a parenucarer (Years 8 to 12) and supply a parentallcarer note. The Lodge Road campus buildings can be locked down. Investment is needed on the Castlerock Road campus to secure the perimeter and buildings, and funding has been applied for to the Education Authority. The new building under the School Enhancement Programme will be secure. PLANS FOR THE FUTURE In a difficult fiscal environment. the Governors will strive to maintain the School's objectives by providing high quality teaching and learning resulting in high achieving socially confident pupils. The SEP programme for the provision of a single site school has progressed within the last year wth a contractor now appoinled and work due to Commence over the summer of 2023 with an expected handover date to the school of June 2024. However, the Department of Education is still unable to fund the appropriate sporting facilities for girls and in the current economic climate this is likely to continue Accordingly, the school has continued with the £1,000,000 fundraising campaign to assist with the transformational change to the sport facilities on the single site going forward. These works comprise but are not limited to the provision of a hockey pitch and completion of works on the War Memorial Pavilion. During Ihe year. good progress has been made with pledge funds totalling c£500.000 being raised. STRUCTURE, GOVERNANCE AND MANAGEMENT Governin Document The School is a charitable private company limited by guarantee and not having a share capital. whose registered office is situated in Northern Ireland. The Company was incorporated on 18th December 2014 and is recognised as a charity by The Charity Commission for Northern Ireland (charity reference number NIC 103870). The charitable company's objects and powers are established under its Articles of Association and it is governed under its Articles of Association. Coleraine Grammar School. a Voluntary Grammar School, was established lo provide high quality education for boys and girls. The Board of Governors have ultimate responsibility for its governance.
Page 6 Coleraine Grammar School Governors, report (including Directors, Report and Strategic Report) Icontinuedl Year ended 31 March 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) The Board of Governors determine the strategic direction and policies, oversee the managemenl and ensure that the School achieves its aims and objectives. In his delegated role, the Headmaster is responsible for implementing the School's development plan, the internal organisation. management and discipline of the School. Recruitmenl a ointment induclion and trainin The Members are the Governors of the School. Vvhere any person is appointed as a Governor of the School they automalically become a Member. Where any person ceases to be a Governor of the School they automatically cease to be a Member. The Board of Governors shall consist of up to a maximum of 27 voting Governors, the Principal of the School and any Governors who may be co opted under Article 122 of the 1989 Order and where appropriate Governors required to be co opted under Article 139 of that Order. Vlfftere there are 27 voting members of the Board of Governors of the School, then of those members.. a maximum of 12 shall be appointed as Representative Governors., a maximum of 9 shall be appointed by Ihe Department of Education as Department Governors., subject to Article 13(3A) of the 1986 Order, a maximum of 3 shall be elected by parents of pupils attending the School from amongst parents of such pupils as Parent Governors- subject to Article 13{41 of the 1686 Order, a maximum of 3 shall be elected by the leaching staff at the School from amongst such teaching staff as Teacher Governors. The process of election to the Board of Governors shall be determined in accordance with the provisions of the Scheme of Management. Representative Governors shall hold office for 3 years frorn the date on which they take up office and shall remain in office until their successors are appointed. Parent Governors, Teacher Governors and Department Governors shall hold office for 4 years from the date on which they take up office and shall remain in office until their successors are appointed. Vvhere an elected Parenl Governor or Teacher Governor ceases to hold office before the end of their 4 years term of office, any person elected to replace them shall hold office only for the remainder of that term. Any Governor leaving office may be reappointed unless they are disqualified or otherwise ineligible. A co-opted Governor who has been co-opted under Article 122 and Article 139 of the 1989 Order shall hold office for such period as the Board of Governors may determine but in any event shall not exceed a maximum of 4 years. A vacancy occurring among the Governors or Governors co-opted under Article 139 of the 1989 Order shall be filled as soon as practicable by a person nominated, elected, chosen or co-opted by the persons or body entitled to nominate, elect, choose or co-opt them and that person shall hold office on the same terms as those who vacated the posl. Where a person co-opted under Article 122 of the 1989 Order ceases to be a Governor. the Board of Governors may co-opl another person in their place and that person shall hold office on the same terms as the person so replaced. The Governors shall elect annually out of their number a President and one Vice-President of the Board of Governors, who shall continue in office until their successors are elected, and shall respectively be eligible for re-election. The Principal, Teaching Governors and Parent Governors elected by the teaching staff and parents are excluded from the office of president or Vice-President.
Page 7 Coleraine Grammar School Governors, report {including Directors, Report and Strategic Report) Icontinuedl Year ended 31 March 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Powers of Ihe Board of Governors The Board of Governors shall manage the School in accordance with its Articles of Association and the Scheme of Management. The Board of Governors has the following powers in the administration of the School.. to make rules consistent with the Articles and the Companies Acts to govem proceedings at their meetings and at meetings of committees., to make regulations consistent with the Articles and the Companies Acts to govern the administration of the School and the use of its seal.. to establish procedures to assist the resolution of disputes within the School., to exercise any powers of the School which are not reserved to a general meeting. Proceedin s of Board of Governors The Board of Governors shall meet as often as the conduct of business may require, being not less than once in each School term. The President or Chairman may call a meeting of the Board of Governors. A quorum at a meeling of the Board of Governors is one-third of Governors. The Honorary Secretary lif any) must call a meeting of the Board of Governors if requested to do so by the President or Chairm8n. Questions arising at a meeting shall be decided by a majority of votes. In the case of an equality of votes, the person who is chairing the meeting shall have a second or casting vole. No decision can be made by a meeting of the Governors unless a quorum is present at the time the decision is purported to be made. 'Present' includes being present by suitable electronic means agreed by the Governors in which a participant or participants may communicate with all the other participants. A resolulion in writing or in electronic form agreed by a simple majority of all the Governors entitled to receive notice of a Board of Governors meeting or of a Committee and to vole upon the resolution shall be as valid and effectual as if it had been passed at a meeting of the Governors or (as the case may be) a Committee duly convened and held provided that.. a copy of the resolution is sent or submitted to all the Governors eligible to vote., and a simple majority of Governors has signified its agreement to the resolution in an authenticated document or documents which are received at the registered office. The Board of Governors may establish such Committees, including but not limited to Executive and Audit Committees, as it considers necessary and may subject to the bulletin points below {paragraphs (17.2) and (17.3) of the Articles of Associalionl delegate to such a Committee such of its functions as it considers desirable except functions prohibited under the Scheme of Management and the Articles. The financial functions of the Board of Governors may not be delegated lo a Committee, other than the Finance and Audit Committee of the Board of Governors., and The functions to be delegated to a Committee under this Article shall not, unless the Board of Governors otherwise delermines, include the power to take decisions on behalf of or in the name of Ihe Board of Governorg Without the approval of the Board of Governors. Membershi of a Committee Subject to the following provisions of the Articles of Association, a Committee shall be determined by the Board of Governors and may include persons who are not members of the Board of Governors. Any Committee established, apart from a Committee established to consider appeals against staff dismissal and a Committee for the appointment of staff, other than the Principal, shall include not less than 3 voting members of the Board of Governors. The Executive and Audit Committees shall consist entirely of members of the Board of Governors. the majority of whom shall be voting members of the Board of Governors. The Principal and school bursar shall be non-voting members oflhe Executive and Audit Committee.
Page 8 Coleraine Grammar School Governors, report (including Directors, Report and Strategic Report) Icontinuedl Year ended 31 March 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT (contiTnued) Membershi of a Committee continued A Committee, which is established to undertake functions of the Board of Governors in relation to the appointment of staff, shall.. In the case of appointments to teacher posts of one or more year's duration, consist ol not less than 2 voting members of the Board of Governors and, subject to Ihe provisions of the Scheme of Management, the Principal of the School,. and other members of the teaching staff as may be considered appropriate from time to time-, In the case of appointments to senior teaching posts and the post of Bursar, consist of not less than 3 voting members of the Board of Governors and subject to the provisions of the Scheme of Management, the Principal of the school and the other members of the teaching staff as may be considered appropriate from time to time., In the case of non-teaching appointments of 1 year's duration or more, consist of not less than 2 members of the Board of Governors, and the school. bursar. A Committee established by the Board of Governors shall meet as often as the conduct of its business may require and shall operate in accordance with the provisions set out in Ihe Scheme of Management in relation to such Committees. Community Links The School is actively involved in a successful Shared Education Programme with Loreto College. There are curricular, pastoral and transition links with primary schools. Sixth Form pupils have mentored pupils in primary schools and a Special School. Pupils have mentored in Literacy and Numeracy in Coleraine College. A total of 40 Sixth Form pupils have mentored in primary schools. P6 pupils attend Coleraine Grammar School taster days in MaylJune each year. Excellent relationships exist with feeder primary schools with well supported Open Evenings and the School being over-subscribed with first preferences in 2022. The local business community are highly supportive to the Careers Department and the wider school. There are very good relationships between external bodies and agencies. Coleraine Grammar School is an active member of the Area Learning Partnership Principal, Co-ordinator, Careers and SEN groups including the likes of Coleraine Business Enterprise Agency, Coleraine Business Education Partners, NISCA (Careers), SENTINUS, Young Enterprise and Rotary International. STATEMENT OF GOVERNORS, REPSONSIBILITIES The Governors, who are also the directors of Coleraine Grammar School for the purpose of company law, are responsible for preparing the Governors, Report {including the Strategic Report) and the financial statemenls in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice}. Company law requires the Governors to prepare financial statements for each financial year. Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that period. In preparing Ihese financial statements, the Governors are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2019 {FRS 102)., make judgements and estimates that are reasonable and prudent.,
Coleraine Grammar School Page 9 Governors, report (includlng Directors, Report and Strategic Report) (contlnuedl Year ended 31 March 2023 STATEMENT OF GOVERNORS, REPSONSIBILITIES (conllnuedj slate whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explalned in Ihe financlal slatemenls., prepare the financial statements on the going concern basis unless it is inappropriale lo presume that the charitable company will continue in operation. The Governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime the financial position of the charitable company and enable Ihern to ensure that the financial statements comply with the regulations ol the Department of Education and the Companies Act 2006. They are also responsible lor safgguarding the assets of the ¢harilable company and hence for taking reasonable steps for the prevention and detection ol fraud and other irregularities. In so far as the Governors are aware: there is no re18vanl audit information ol whlch the charitable company's auditor is unaware; and the Governors have laken all steps that they ought lo have taken lo make themselves awar8 of any relevant audlt information and to establish that Ihe auditor is aware ol that informalien. The Governors are responsible lor the mainlgnance and integrity of the corporate and Ilnancial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination ol financial statements may differ from legislation in olher jurisdictions. Audltor Jackson Andrews are deemed lo be re-appointed. Each ol the persons who is a Governor at the dale of approval ol this report conllrms that: so lar as they are aware, there is no relevant audit inlormation ol whlch the School's auditor is unaware., and they have taken all steps that they ought lo have taken as a governor to make themselves aware of any relevant audit information and to establish that the School's auditor is aware of that information. The Governors, report. including the Strategic report was approved by the Board ol Goveinors on é <2'0'&' J.. and signed on behalf ol the board by: Mr W Oliver Chair Registered ofliee: 23-33 Casllerock Road Coleraine Co. Londonderry BT51 3LA
Page 10 Coleraine Grammar School Independent Auditor's Report to the Governors of Coleraine Grammar School Year ended 31st March 2023 Opinion We have audited the financial statements of Coleraine Grammar School for the year ended 31stMarch 2023, which comprise the Statement of Financial Activities including income and expenditure account, Balance Sheet. Statement of Cash Flows and Notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" In our opinion.. the financial statements give a true and fair view of the state of the School's affairs as at 31 st March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., the financial statements have been properly prepared in accordance with the standards of accountin9 set by the Department of Education for Voluntary Grammar Schools.. the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. the financial stalements have been prepared in a¢¢ordance with the requirements of the Companies Act 2006., proper accounting records have been kept by the School throughout the relevant period-, the School's whole system of internal controls in Ihe relevant financial period. were such as to comply with the obligations placed on the Board of Governors by the Department of Education and we have not identified any significant weaknesses. grants made by the Department of Education and funds from other resources reported in the relevant financial period, have been applied in accordance with the Financial Memorandum and any other terms and requirements attached to them; pension deductions made by the School in the relevant financial period, have been calculated correctly and have been paid over as required., and the information given in the Board of Governor's report is consistent with the financial statements. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UKI} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report We are independent of the School in accordance with the ethical requirements that are relevant to our audit of the financial slatements in the UK. including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that Ihe Governors. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the School's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue.
Page11 Coleraine Grammar School Independent Auditor's Report to the Governors of Coleraine Grammar School (continued) Year ended 31st March 2023 Conclusions relating to going concern (continued) Our responsibilities and the responsibilities of Ihe Governors with respect to going concern are described in the relevant sections of this report. other information The School's Governors are responsible for Ihe other information. The other information comprises any information other than the financial statements and our auditor's report thereon. Our opinion on the financial slatements does not cover the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misslated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this olher information,. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audil.. the information given in the Governors, report incorporating the strategi¢ report and the directors, report for the financial year for which the financial slatements are prepared is consistent with the financial statements., and the strategic report and the directors, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of Ihe audit, we have not identified material misstalements in Ihe strategic report and the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visiled by us., or the financial statements are not in agreement with the accounting records and returns- or certain disclosures ot directors, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of governors As explained more fully in the Slatemenl of Governors, Responsibilities, the Governors who are also the directors of the School for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Page 12 Coleraine Grammar School Independent Auditor's Report to the Governors of Coleraine Grammar School (continued) Year ended 31st March 2023 Responsibilities of governors (continued) In preparing the financial statements, the Governors are responsible for assessing the School's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Governors intend to cease operations or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exisls. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The specific procedures for this engagement and the extent lo which these are capable of detecting irregularities. including fraud is detailed below-. Extent to which the audit was considered capable of detecting irregularities, including fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform the audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following.. Audit response to risks identified: the nature of the industry and sector, control environment and charity's financial results and position.. current COVID-19 environment-, results of our enquiries of management about their own identification and assessment of the risks of irregularities. any matters we identified having obtained and reviewed the charity's documentation of their policies and procedures relating to.. identifying. evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., and the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations., the matters discussed among Ihe audit engagemenl team regarding how and where fraud might occur in the financial statements and polential indicators of fraud. As a result of these procedures, we considered the that the particular areas in the financial statements that were susceptible to misstatement were related to management bias in accounting estimates and judgements,. recognition, classification and completeness of income. In common with all audits under
Page 13 Coleraine Grammar School Independent Auditor's Report to the Governors of Coleraine Grammar School (conlinued) Year ended 31st March 2023 Auditoff s responsibilities for the audit of the financial statements (continued) ISAS {UKI, we are also required to perform specific procedures lo respond to the risk of management override. We also obtained an understanding of the legal and regulalory frameworks that the School operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included Charity legislation and Companies Act 2006 applicable to Northern Ireland, School's governing document. employment law, health and safety and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the School's ability to operate or to avoid a material penalty. Our procedures to respond to risks identified include the following.. identifyin9 and assessing the design effectiveness of Controls management has in place to prevent and detect fraud., reviewing the financial statements disclosures and testing to supporting documenlation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements., enquiring of management concerning actual and potential litigation and claims., performing analytical procedures to identify any unusu81 or unexpected relationships that may indicate risk of material misstatements due to fraud., reading minutes of meelings of those charged with governance.. obtaining an understanding of provisions and holding discussions with management to undersÉand the basis of recognition. and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments including those relating to revenue recognition., assessing whether the judgements made in making accounting estimates are indicative of potential bias., and evaluating the rationale of any significant transactions that are large, unusual or outside the normal course of the School's activities. We also communicated relevant identified laws and regulations and potential fraud risks lo all engagement teams members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Because of the inherent limitalions of an audit, there is a rtsk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all law5 and regulations.
Page 14 Coleraine Grammar School Independent Auditor's Report to the Governors of Coleraine Gramrnar School (continued) Year ended 31st March 2023 Auditor's responsibilities tor the audil of the financial slatements (continued) As part of an audit in accordance with ISAS IUKI, we exercise professional judgement and maintain professional sceplicism throughout the audit. We also-. identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk ol not detecting a material misslatemenl resulting from fraud is higher than lor one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order lo design audit procedures that are appropriate in the circumstances, bul not lor the purpose of expressing an opinion the effectiveness of the School's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the School Governors. Conclude on the approprialene55 01 the School Governors, use ol the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainly exists related to events or conditions that may cast significant doubt on the School's ability lo continue as a going concern. If we conclude that material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, il such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our auditor's report. However, future events or conditions may cause the School lo cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and liming ol the audit and significant audit findings. including significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the School's Governor5, as a body. Our audit work has been undertaken so that we might state lo the School's Governors those matters we are required to slate to them in an auditor's report and lor no other purpose. To the fullest exlenl permitted by law, we do not accept or assurne responsibility lo anyone other than the School and the School's Governors as a body, for our audit work, for this report, or for the opinions we have formed. Bryan Friar FCA (Senior Statutory Auditor) For and on behalf ol Jackson Andrews Chartered Accountants & Statutory Auditor Andras House 60 Great Victoria Street Belfast BT2 7ET Date-
Page 15 Coleraine Grammar School Statement of Financial Activities Including Income and Expenditure Account For the year ended 31 March 2023 2023 2022 Unrestricted Restricted Funds Funds Note Total Total Income and endowments from: Donations and Legacies Charitable activities 126,846 6,419,857 190,173 317,019 6,419,857 136,512 6,745,940 Total income 6,546.703 190,173 6,736,876 6,882,452 Expenditure on: Charitable activities (6,743,632) (7,283) (6,750,915) 16,835,247) Total expenditure 16,743,632) (7,283) 16,750,915) 16,835,247) Net lexpenditurellincome (196,929) 182,890 (14.039) 47,205 Transfers between funds Net movement in funds 1196,929} 182.890 114,0391 47,205 Reconciliation of funds: Funds balances at 1 April 2022 298.507 57,188 355,695 308,490 Fund balances at 31 March 2023 101,578 240,078 341,656 355,695 Tlie Stateinent of Fiiiaiicial Activities iiicllides all gains aiid losses arising diiring tlie yeai-. All incoine and expeiiditure dei'ive froni coiitiiiuii)g activilies.
Coleraine Grammar School Pag216 Balance Sheet As at 31 March 2023 2023 2022 Note Fixed assets Tangible assels 12 78,412 41,764 Current asset5 Stock Debtors Cash al bank and in hand 13 14 15 13,428 649,661 650,695 13,413 571,859 541,267 1,126,539 1,313,784 Credilors: amounts lalllng due wlthln one year Net current assets 16 {1,050,540) 1809,8121 316,727 263,244 341,656 Total assets less current liabilities 358,491 Credilor5: amounts lalling due after more than one year Net assets 17 12,7961 355,695 341,656 Charity Funds Reslricled lunds Unrestricted funds: Designated funds General lunds 20 240,078 57,188 20 20 159,525 138,982 101,578 Total unreslricled funds 101,578 341,656 298,507 Total charity funds 355,695 These financial slalements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006. These financial statements were approved by the Board of Governors and aulhorised for issue on &7o'@42.3and are signed on behalf of the board by: Mr W Ollver Chairperson of the Board of Governors Date: The notes on pages 18 to 35 form part ol these accounts. Company regislralion number: N1628384
Page 17 Coleraine Grammar School Statement of Cash Flows For the year ended 31st March 2023 2023 2022 Note 23 Cash generated from operations Nel cash from operating activities 195,603 195,603 194,723 194.723 Cash flows from investing activities Purchase of tangible assets Net cash used in investing activities (73,530) (73,530) {27,2841 (27,284) Cash flows from financing activities Payment of obligations under finance leases Net cash from financing activities 116,7781 {16,7781 (16,779) (16,779} Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 105,295 541.267 150,660 390,607 15 646,562 541,267 Analysis of cash and cash equivalents Cash at bank and in hand Bank overdrafts 650,695 {4,1331 646,562 541,267 541,267
Page18 Coleraine Grammar School Notes to the Financial Statements Year ended 31st March 2023 Accounting policies 1.1 General information and basis of preparation Coleraine Grammar School is a Voluntary Grammar School and is a privale company limited by guarantee, registered in Northern Ireland. The School's registered address is 23-33 Casllerock Road. Coleraine, Co. Londonderry, BT51 3LA. The principal activities of the school are given on page 3. The charitable company constitutes a public benefit entity as defined by FRS 102. Statement of Com liance The financial statements have been prepared in accordance with applicable accounting standards, 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021, the Charities Act (Northern Ireland) 2008, Charities Act (Northern Ireland) 2013, The Charities (Accounts and Reports} Regulation5 (Northern Ireland) 2015, Companies Act 2006 and UK Generally Accepted Practice. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest one pound. The significant accounting policies are set out below. The directors consider that these accounting policies are suitable, have been consistently applied and are supported by reasonable and prudent judgement and estimates. 1.2 Going concern The financial statements have been prepared on a going concern basis as the Governors believe the school will continue to be adequately funded by the Education Authority to allow the school to continue to operate for Ihe foreseeable future. 1.3 Funds Unrestricled funds are available for use at the discretion of the Governors in furtherance of their charitable objectives unless the funds have been designated for other purposes. Designaled funds comprise unrestricted funds which have been set aside at the discretion of the Governors for specific purposes.
Page 19 Coleraine Grammar School Notes to the Financial Statements (continued) Year ended 31st March 2023 Accounting policies (corttinued) 1.3 Funds (continued) Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the School 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. The principal source of income comprises the School's budget share of grants as determined by the Department of Education in respect of delegated items of expenditure. Other income includes capital fee income, voluntary contributions, school meal income and amongst others, rental income from the hire of facilities. The School has applied the regulations and guidelines issued by the Department of Education so as to distinguish the daily operation of the School from the income and expenditure of a capitsl nature. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities (SOFA) when receivable. No amount is included in the financial statements for volunteer time in line with the SORP IFRS 102). The charity receives government grants, see Note 4 for more information and to the amount and source of these grants. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, It is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Grants and contracts, including capital grants, have been included as income from charitable activilies in furtherance of the charity's objects where these amount to a contract for services, but included as donations where the money is given in response to an appeal or with greater freedom of use. Investment income includes interest earned on cash held on deposit and is recognised on an accruals basis. Other income includes gain5 on disposal of fixed assels. 1.5 Expenditure Expenditure is recognised on accruals basis. once there is a legal or constructive obligation to make a payrnent to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. The Department of Education fund Voluntary Grammar schools directly for the amount of VAT incurred on allowable expenditure. The cost of VAT incurred on canteen and capital expenditure is not allowable and cannot be recovered from the Department of Education. Expenditure on the running of the School is stated net of VAT Costs. Expenditure on capital items and canteen funds include the cost of VAT
Coleraine Grammar School Page 20 Notes to the Financial Statements (continued) Year ended 31st March 2023 Accounting policies (continued) 1.4 Expenditure (continued) incurred by the School. It is categorised under the following headings.. Costs of raising funds includes the costs associated with attracting voluntary income.. Expenditure on charitable activities includes those costs incurred by the School in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated direclly to such activities and those cosls of an indirect nature necessary to support them,. and Other expenditure represents those items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the School and include the audit fees, professional advice for Governors, cost of Board of Governors, meetings and costs linked to the strategic management of the School. All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. staff time and floor space as set out in Note 7. Support costs are those that assist the work of the School but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure on the objects of the School vhere support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with the use of the resources for example, staff time and floor space. The analysis of these costs is included in Note 5. 1.6 Tangible fixed assets Tangible fixed assels are initially measured at cost, and subsequently measured at cost or valuation net of accumulated depreciation and any impairment losses. Depreciation Depreciation is recognised so as to write off the cost or valuation of an asset. less its residual value, over the useful economic life of that asset as follows.. Buildings Plant and equipment Fixtures & fittings 20 % slraight line 33 % straight line 33 % straight line The gain or loss arising on Ihe disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset at date of disposal and is recognised in net incomel(expenditure} for the year. 1.7 Impaimient of fixed assets At each reporting date, the School reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any}.
Page 21 Coleraine Grammar School Notes to the Financial Statements (continuèd) Year ended 31st March 2023 Accounting policies (continued) 1.8 Stock Stocks are stated at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or normal consideration are measured at Ihe lower of replacement C051 and cost. Net realisable value, is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.9 Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at Iransaction price. Any losses arising from impairment are recognised in expenditure. 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short- term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within Creditors- amounts falling due within one year. 1.11 Financial instruments The School has elected to apply the provisior¢s of Section 11 'Basic Financial Instruments and Section 12 'other Financial Instruments Issues" of FRS 102 to all of its financial instruments. Financial instruments are recognised in the School's balance sheet when the School becomes a paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and to settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangements constitutes a financing iransaclion, where the transaction is measured at the present value of the future receipts discounted at a market rate of inlerest. 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at Iransaction price and subsequently measured at amortised cost using the effective interest rate method. Derecognition of liabilities Financial liabilities are derecognised when the School's Contractual obligations expire or are discharged or cancelled.
Page 22 Coleraine Grammar School Notes to the Financial Statements fconlinued) Year ended 31st March 2023 Accounting policies (continued) 1.12 Taxation The School is not liable to taxation as the company is defined as a charity for taxation purposes. The cost of value added tax incurred by the School, has been included in the Income and Expenditure Account. 1.13 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the School is demonstrably committed lo terminate the employment of an employee or to provide termination benefits. 1.14 Retirement benefits The School contributes to the Department of Education Teachers. Superannuation Scheme al rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi-employer defined benefit pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the School. The scheme is fully backed by the Treasury. Given the circumstances therefore, the scheme is accounted for as a defined contribution scheme. The School also contributes to the multi-employer Northern Ireland Local Government Officers, Superannuation Committee (NILGOSC) defined benefit pension scheme. The Board is of the opinion that the contributions to the scheme should be treated as a defined contribution scheme, because. At present no future liability rests wtth the School above that of its normal annual contribulions-, and At present the contributions to the scheme are set at a common level for all employers in the scheme. Contributions to both schemes are charged in the Statement of Financial Activities as they become payable in accordance with the rules of the schemes. 1.15 Leases Leases are classified as finance leases whenever the terms of the lease transfer subslanlially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements The interest charged to net incomellexpenditure) for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability. Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight-line basis over the term of the relevant lease.
Page 23 Coleraine Grammar School Notes to the Financial Statements (continued) Year ended 31st March 2023 Judgements and key sources of estimation uncertainty The preparation of the financial statements requires Governors to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed lo be reasonable under the circumstances. Those that have had the most significant effect on the amounts recognised in the financial statements and that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are: depreciation method, asset useful lives and residual values Donations and legacies Unrestricted Restricted Total Funds Unreslricted Funds Funds 2023 Funds Restricted Total Funds Funds 2022 Donations and gifts 126,846 190,173 190.173 317,019 317,019 117,224 19,288 136,512 126,846 117,224 19,288 136,512 Charitable activities Unrestricted Restricted Total Funds Unrestricted Funds Funds 2023 Funds Restricted Total Funds Funds 2022 School Recurrent funding 5,500,374 Ear marked funding Excepted funding Music tuition & home economic fees Letting of facilities Sundry income DE grant income 5,500,374 5,473,743 5,473,743 527,159 53,853 527,159 53,853 829,340 73,245 829.340 73,245 30,656 61,778 63,539 182,498 30,656 61.778 63,539 182,498 6.419,857 23,675 97,929 28,577 219,431 23,675 97,929 28,577 219,431 6,419,857 6,745,940 6,745,940
Page 24 Coleraine Grammar School Notes to the Financial Statements (continued) Year ended 31st March 2023 Charitable activities expenditure School Unrestricted Restricted Total Funds Funds Funds 2023 Basis of allocalion Costs directly allocated to activities Staff Costs Direct Depreciation Direct Rent, rates and insurance Direcl Light and heat Direct Cleaning. repairs and mainlenance Direct DE funded expense Direct Sports, games and equipment Direct Printing, postage and stationery Direct Advertising Direct Pupil stat and class materials Direct Telephone Direct Hire of equipment Direct Exam fees Direct School prizes and distribution Direct Travelling expenses Direct Bank charges Direct Sundry expenses Direct Deficit on canteen Direct Other Direct 4,919,032 36.882 104,266 336,258 616,678 182,498 77,383 93,266 3,237 73,313 10,754 8,936 92,976 6.736 73.502 863 74,500 6,369 19.378 4,919,032 36,882 104,266 336.258 616,678 182,498 77,383 93.266 3,237 73,313 10,754 8,936 92,976 6,736 73,502 863 81.783 6,369 19,378 7.283 6,736,827 7,283 6,744,110 Support Costs Governance {see note 61 Cost 6,805 6,805 6,805 6,805 Total 6,743,632 7,283 6,750,915 Total 2023 Analysis by fund Unrestricted Restricted 6.743,632 7,283 6,750,915
Page 25 Coleraine Grammar School Notes to the Financial Statements (confinued) Year ended 31st March 2023 Charitable activities expenditure (continued) School Unrestricted Restricted Total Funds Funds Funds 2022 Basis of allocation Costs directly allocated to activities staff Costs Direct Depreciation Direct Rent, rates and insurance Direct Light and heat Direct Cleaning, repairs and maintenance Direct DE funded expense Direct Sports, games and equipment Direct Printing, postage and stationery Direct Advertising Direct Pupil stat and class materials Direct Telephone Direct Hire of equipment Direct Exam fees Direct School prizes and distribution Direct Travelling expenses Direct Bank charges Direct Sundry expenses Direct Deficit on canteen Direct Other Direct 4.838,183 44,547 98,891 296,446 881,209 219,431 66,756 62,732 5,966 57,787 9,657 11,304 52,729 2,288 61,632 518 49,114 35,980 24,913 4,838,183 44,547 98,891 296,446 881,209 219,431 66,756 62,732 5,966 57.787 9,657 11.304 52,729 2,288 61,632 518 49,114 35,980 24,913 6,820,083 6.820.083 Support Costs Governance (see note 61 Cost 15,164 15,164 15.164 15,164 Total 6.835,247 6,835,247 Total 2022 Analysis by fund Unrestricted Restricted 6,835,247 6.835,247
Page 26 Coleraine Grammar School Notes to the Financial Statements (continued) Year ended 31st March 2023 Governance costs Unrestricted Restricted Total Funds Unrestricted Funds Funds 2023 Funds Restricted Total Funds Funds 2022 Directors, remuneration (see note 9} Directors. expenses Audit remuneration Legal and professional 2,995 2,995 4,240 4,240 3,810 3,810 10,924 10,924 6,805 6,805 15.164 15,164 Net {expenditure} l income for the year Net (expenditure} l income for the year is slated after charging l (crediting).. 2023 2022 Depreciation of tangible fixed assets Auditor's remuneration Operating lease rentals 36,882 2,995 16,032 44,547 4,240 15,399 Auditor's remuneration The auditor's remuneration amounts to an audit fee of £2.995 (2022.. £4,240} and other services of £Nil (2022. £Nil). Directors, remuneration and expenses Three teachers on the Board of Governors are paid in accordance with the Department of Education's Teachers, Salary Regulations (Northern Ireland) 1993. Contributions are made to the Department of Education's Teachers, pension Scheme. None of the remaining Governors were paid or received any other benefits from employment with the School in the year {2022.' £Nill. No Governors received reimbursement of expenses during the year.
Page 27 Coleraine Grammar School Notes to the Financial Statements (continued) Year ended 31st March 2023 10. Staff costs Number of employees The average mtsnthly number of employees during the year was.. 2023 2022 Teaching (including part-time teachers} Administration Estates Laboratory, other technicians and class assistants School meals 71 72 11 97 98 2023 2022 Employment costs Wages and salaries Social security costs Pension costs 3,680.006 392,619 875,810 4,948,435 3,630,399 369.604 872,859 4,872,862 Cafeteria staff costs have been included in the above employment costs schedule, however cafeteria staff costs forms part of the 'deficit from canteen, figure rather than in the staff costs figure in charitable activities. The number of employees who received total employee benefits (excluding employer pension costs) of more than £60,000 is as follows.. 2023 No. 2022 £60,001 - £70,000 £70,001 - £80,000 £80,001 - £90.000 £90,001 - £100,000
Coleraine Grammar School Page 28 Notes to the Financial Statements (Continued) Year ended 31st March 2023 11. Taxation As a charity, the company benefits from various exemptions afforded by tax legislation. It is therefore not liable to corporation tax on income or gains falling due within those exemptions. Recovery is made of tax deducled from receipls under gift aid. 12. Tangible fixed assets Land and buildings Plant and equipment Fixtures and fittings Total Cost At 1 st April 2022 Additions 83,892 40,857 147,372 73,530 220,902 272,121 73,530 At 31st March 2023 83.892 40,857 345,651 Depreciation Al 1 st April 2022 Charge for the year At 31st March 2023 67,112 16,780 19,911 8.202 143,334 11,900 230,357 36,882 83,892 28.113 155,234 267,239 Carrying amount At 31st March 2023 12,744 20,946 65,668 78,412 At 31st March 2022 16,780 4.038 41,764 The net book value of land and buildings comprised.. 2023 2022 Modular building 16,780 16,780 The Modular building is on a finance lease. The school's buildings are owned by Coleraine Academical Institution Trusl and The Education Authority and are leased to the school.
Page 29 Coleraine Grammar School Notes to the Financial Statements (continued) Year ended 31st March 2023 13. Stock 2023 2022 Stock 13.428 13,413 13,428 13,413 14. Debtors 2023 2022 Prepayments and accrued income VAT recoverable from DOE Other debtors 5,078 31,686 612,897 2,926 48,298 520,635 649,661 571,859 15. Cash and cash equivalents Cash and cash equivalents comprise the following.. 2023 2022 Cash at bank and in hand Bank overdrafts 650.695 {4,1331 646,562 541,267 541,267 16. Creditors: amounts falling due within one year 2023 2022 Bank overdrafts Obligations under finance leases Trade creditors Other creditors Accruals and deferred income 4,133 2,796 16,778 95 542,244 250,695 639.227 404,384 1,050,540 809,812
Page 30 Coleraine Grammar School Notes to the Financial Statements (¢oniinued) Year ended 31st March 2023 17. Creditors: amounts falling due after more than one year 2023 2022 Obligations under finance leases 2,796 2,796 18. Lease commitments Finance leases Tolal future minimum lease payments due under finance leases.. 2023 2022 Not later than one year Later than one and not later than five years Later than five years 2,796 16,778 2,796 2,796 19,574 Operating leases Total future minimum lease payments under non-cancellable operating leases are as follows: 2023 2022 Not later than one year Later than one year and not later Ihan five years Later than five years 9,552 9,162 16,032 18,714 18,714 34,746 19. Retirement benefit schemes Defined benefit schemes (i) Teachers, Superannuation Scheme The School participates in a multi-employer defined benefit scheme, the Teachers, Superannuation Scheme for its teaching staff. As a result, it is not possible or appropriate to identify the assets and liabilities of the Scheme which are attributable lo the School. Therefore, the Scheme is accounted for as is if it is a defined contribution pension scheme. Contributions to both schemes are charged in the Statement of Financial Aclivities as they become payable in accordance with the rules of the schemes.
Coleraine Grammar School Page 31 Notes to the Financial Statements (continued) Year ended 31st March 2023 19. Retirement benefit schemes (contlnuedj Defined benefit schemes (continued) {ii) Northern Ireland Local Government Officers, Superannuation Committee Scheme The School also contributes to the multi-employer Northern Ireland Local Government Officers, Superannualion Committee (NILGOSC) defined benefit pension scheme for its non-teaching staff. Valuation.- A valuation of the fund at 31st March 2022 was undertaken (valued every three years). At the valuation date, the Scheme showed a surplus of assets over liabilities of £1,004.4 million. Therefore, the assets were sufficient to cover 111 % of the benefits which had accrued to members after allowing for expected future increases in earnings. The School contribution rates for the year commencing 1 st April 2023 will be 19.001012022123 - 19.50/0). The Board is of the opinion that the contributions to the NILGOSC scheme should be treated as a defined contribution scheme. because.. At present no future liability rests with the School above that of its normal annual contributions,. and At present the contributions to the scheme are set at a common level for all employers in the scheme. Contributions to both pension schemes are charged in the Statement of Financial Aclivilies as they become payable in accordance with the rules of the schemes.
Coleraine Grammar School Page 32 Notes to the Financial Statements (conttnuedj Year ended 31st March 2023 20. Fund reconciliation Unrestricted Funds Balance 1 April 2022 Transfer befween Funds Balance 31 March 2023 Income Expenditure General Designated.. changing rooms, IT system and emergency lighting 138,982 6,546,703 16,660,484} 76,377 101,578 159.525 {83,148) 176,377} 298,507 6.546,703 (6,743,632) 101,578 Balance 1 April 2021 Transfer between Funds Balance 31 March 2022 Income Expenditure General Designated.. changing rooms, IT system and emergency lighting {102,060) 6,863.164 (6,498.463) {123,659) 138,982 372,650 (336,784) 123.659 159,525 270,590 6.863,164 (6,835,247) 298,507 Unreslricted funds Funds which are expendable at the discretion of the Charity in furtherance of its objectives. In addition to expenditure on activities such funds may be held in order to finance capital investment and working capital. Designated funds - Funds which have been set aside out of unrestricted funds by the Governors for spectfic purposes.
Coleraine Grammar School Page 33 Notes to the Financial Statements (continued) Year ended 31st March 2023 20. Fund reconciliation (continued) Restricted Funds Balance 1 April 2022 Transfer between Funds Balance 31 March 2023 Income Expenditure Restricted 57,188 190,173 17,283} 240,078 57,188 190,173 17,2831 240,078 Restricted funds relates to a Governors, fund held of £3,900, specific prize funds received of £34,000 and fundraising for new sports facilities of £202,178. Balance 1 April 2021 Transfer between Funds Balance 31 March 2022 Income Expenditure Restricted 37,900 19.288 57,188 37,900 19,288 57,188 Restricted funds relates lo a Governors, fund held of £3,900. specific prize funds received of £34,000 and fundraising for new sports facilities of £19,288. 21. Transfers Transfers relate to designated funds being set aside from unrestricted funds. 22. Analysis of net assets between funds Unrestricted General Designated Restricted Asat 31 March 2023 Tangible fixed assets Current assetsl(liabililiesl 78.412 23.166 78,412 263,244 240,078 Total 101,578 240,078 341,656
Page 34 Coleraine Grammar School Notes to the Financial Statements {continued) Year ended 31st March 2023 22. Analysis of net assets between funds (continued) Unrestricted General Designated Restricted Asal 31 March 2022 Tangible fixed assets Current assets/(liabilities) Creditors due after more than one year 41,764 100,014 41,764 316,727 159,525 57,188 12,796) {2.796) Total 138,982 159.525 57,188 355,695 23. Cash generated from operations 2023 2022 Net lexpenditure}lincome for the financial year {14,039} 47,205 Adjustments for.. Depreciation 36,882 44,547 Changes in.. Increase in stocks Increase in debtors Increase in creditors (15) {7,123} (77,802) (227,584> 250,577 337,678 Cash generated by operations 195,603 194,723 24. Analysis of changes in net debt At 1 April 2022 Cash flows Non-cash At 31 March movements 2023 Lease liabilities (19,574) (19,574) 16,778 {2,796} Total liabililies 16,778 {2,796) Cash at bank and in hand Bank overdrafts 541.267 109.428 (4,133} 650,695 14,133) Cash and cash equivalenls 541,267 105,295 646,562 Total net debt 521,693 122,073 643.766
Coleraine Grammar School Page 35 Notes to the Financial Statements (continued) Year ended 31st March 2023 25. Related party transactions The key management personnel of the charity, the School, comprise the Board of Governors and senior leadership team. The remuneration of key management personnel of the School is as follows.. 2023 2022 Aggregate compensation 704,475 708,808 Transactions with related parties During the year. the School entered into the following transactions with related parties= 2023 2022 Purchase of goods Oliver Transport Services Ltd Redback Creations W. Oliver (Exornal Limited Northbrook Commercials Limited 400 3,138 106 2,445 770 143 1,434 2,347 6,089 There were no balances with related parties oulstanding al 31 March 2023 or 31 March 2022. 26. Funds received as an agent Coleraine Grammar School organises a number of educational trips throughout the year. In addition, they also administer funds on behalf of the Coleraine Area Learning Partnership These amounts have not been reflected in the Statement of Financial Activity, in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland {FRS 1021. 27. Company status Coleraine Grammar School, is a charitable company limited by guarantee, not having a share capital and consequently the liability of the Governors is limited. subject to an undertaking by each Governor to contribute to the net assets or liabilities of the School on winding up such amounts as may be required not exceeding £1. 28. Ethical Standards In common with many other organisations of our size and nature, we use our auditors to prepare and assist in the preparation of the financial statements.