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 v￿here 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.