Coleralne Grammar School Annual Report and Audlted Flnancial Statements For the year ended 31st March 2024 Charily Registration Numb¢r: NIC 103870 Company Registration Number. Nl 628384 Coleraine Grammar School Flnanclal Statements Y•ar •nd•d 31st March 2024 Conténts Pages Legal and adminislratiV8 Infonnation Gov8mors' Report (Including Directors, Report and Strategic Report) 2to9 Independent auditorfs report to th8 members 10 Income and expenditure account 15 Balance sheet 16 Statement of cash flows 17 Notes to the financlal statements 19to36 Colftraine Grammar School Pag• 1 Legal and administratlve inforniatlon H•admastor Dr.J. Carnjlhers Chalrporson of th• Board of Gov•mors Mr W Ollver Board of Oov•rnorn Mrs A Curry Mfs H Hamillon Dr J Kerr Mr A Linnegan Mr H Montgomery Mr G Montgomery Mr F Mullan Mr W Oliver Rev Dr l Thompson Mrs C Ferguson Mr G Hutchinson Mr R Archibald Mr R Cochrane Mr J Gibson Mrs K Gilpin Mr N Llnn8gan Mrs J Ste￿rt Ms J Rlchmond Mrs L M¢Lean Mr A Pepin Mrs L Somerrfllle Or O Murdock Mr G McGaughey MAKerr SKr•tary Mr A Llnnegan Charlty numb•r 103870 Cornp￿ numbor N1628384 R•gI81•r￿ offlc• 23-33 Ca3tlerock Road Coleraine Co. Londonderry, BT513LA Audttor GMCG Belfast Chartered Accour)tants and Stslutory Audltor Alfred House. 19 Alfred Street 8elfast, BT2 8EQ Bankern Danske 8ank North 8uslness Centre Ballymena Co. Anlrlm, BT43 7AA Page 2 Coleraine Grammar School Governors, report (Includlng Dlrectors, Report and Strategic Report) Yearended 31 March 2024 The Governors present thelr report and Ilnanclal siatemènts for Ihe year and8d 31 March 2024. The financial slatemenls have been prepared In aCc￿dance wlth the accounti￿ policies Sel oul In noies to the flnanclal slalements gnd applicable accounting standards. Accounting and Reportin9 by Chwities: Statement of Recommended Pfacllce applicable to charities preparlng their accounls in accordance with Ihe Financial Reporting Standard applicable In the UK and Republic of Ireland issued In October 2019. the Flnancial Rèpt)rting Standard sp￿ICable in Ihe United Klngdom arKI Republic of Ireland (FRS 102). the School's Memorandum, the Charitie3 Acl (Northem Ireland) 2008, Charities Act (Northern Ireland) 2013, The Charilies (Accounts and Reports) Regulatlons (Northern Ireland) 2015. Companles Act 2006 and UK Generally Accepted Practlce. REFERENCE AND ADMINISTRATIVE DETAILS R•gl•t•r•d chaflty nam• Coleraine Grammar School Charfly r•glstrallon number Company numb¢r Reg18ter•d offlc• H•admast•r 103870 N1628384 23-33 Castlerock Road, Coleraine, Co. Londonderry, BT511 BG Dr J. Carrulhers 8ocr•tary Audttor Mr A Llnnegan GMCG Belfasl. Charterèd Accountants & Staluiory Auditor, Alfred House, 19 Alfred Street. Belfast, 8T2 8EQ Danske Bank. N¢)rth Business Cenlre, Ballyfflona, Co. Antrim. BT43 7AA Bankorn Tfil8ta•8 of the eharlty The Governors, who 8re also the trustees and Ihe dlreetws for Ihe purpose of company law and who 8éré8d during the year and up to Ihe dale of $lonaturè of Ihe financlal statements, except where noled below, Ihose who resign8d durin9 the year or Ihoge who were appolnted or resigned after the year ond, were: Mrs A Curry Mr8 J Currle Mrs H Hamllton Dr J Kerr Mr A LInn￿An Mr H Montgomery Mr G Monlgomery Mr F Mullan Mr W Ollver Rev Dr l Thompson Mr D Workman (reslgned 30 September 2024) Mrs C Fefguson MrCR8a (resuned 31 August 2023) Mr J Klld8a {reslgned 28 Febnmry 2024) Mr8 H Burns (resoned 30 Sept8mb8r 2024) Mr J McLenaghan {resign8d 28 F&bruary 2024) Mr8 T Reid {resign8d 28 February 2024) Mr G Hutchlnson Mr R Archlbald Mr R Cochrane Mr J Glbs¢)n Mrs K Gllpln Mr N Linnegan Mr R Tottan Ms J Rlchmond (reslgrnd 28 February 2024J Dr M HinGh (reslgned 28 February 2024) Mrs L McLean (appolnted 28 February 2024) MrA Pepin {8ppoint9d 28 February 2024) Mrs L Somerville (appolnted 28 Februwy 2024) Dr D Murdock (appointed 28 February 2024) Mr G McGaugh8 (8ppolnled 28 February 2024) s J Stewart Mr A Kerr (appolnted 30 September 2024) Chalrperson (rnsigned 30 September 2024) Page 3 Coleralne Grammar School Governors, report (includlng Dlr•ctors' Report and Strategic R•port) (contlnu•d) Year ended 31 March 2024 PUBLIC BENEFIT STATEMENT The Board of Governors confirm that they have had ¢Jue regard for the guidance produced on Public Benefrt by the Charity Commlssion foi Northem Iraland, and are pleased to report that during 2023124 the School has ccnllnued lo provida Public Benofils through the teaching and facAllties we offer. OBJECTIVES AND ACTIVITIES Colerainé Grammar School was founded In 2015 from the reorganisat￿n Qf iwo loundlng Schools. Coleralne Academical Instltution and Coleraine Hlgh School and is a non4lenomlnatlonal co- educational day voluntary grammar school. The objeGlives for whlch the school is establlshed are.. To provlde for the educatSon, physical training, recreation and extrawcurricular activilies ol pupils and 81udenl8 aged 11-18 attendlng lh8 School Irrespectlve of social, religk)us ￿ cullural background who have academic aptilude. and vtho wlll benèfit from the hlgh academlc slandards and sp8¢iallst teachlng by carrytng on a ¢Oryedu¢atlonal voluntary grammar School arKI lo ensure that pupils develop Ihrough thelr work selfqlisciplln8, self•confidence and a respect for knowledge arKI that they are well prepared for the requlrements of lerthary level e(kJcation andlor employment, and for that purpose lo appoint such principals, professors, lecturers, and other teachers. as may be deemed necessary on such conditlons as the Governors shall from time lo time determlne, and for such purpose lo provlde halls. gymnasia, sports fields and playgrounds for the puplls of the School and fumish, equlp and malntaln the same. Our Ethos and Vlslon Our Governors are responslble for setling a slrategy for achievlng ihe set oblecllves. Thè viglon f¢r Coleraine Grammar Sthool is: A cartng. fespeclful and $upportlve envlronment where all pupll$ and 51aff aspi￿ to excellence In every area of school Ilfe. In our School we belleve that strong, mulually respecrful ralatlonships and a cohesive community are the foundatlons on whSch good 18arnlng and leachlng can flourlsh. Wg aim lo develop Independenl and self-motlvale(I puplls who have hlgh aspirations to achleve the* potentlal and make Informed de¢i¥ions aboul their health and wdl-beSng. We undertake to create an Incluslv8 Scfv)ol Identity and respectlul relallonshlps underpln our efforts to apply effectlve, re8toratlve, posltlve behaviour management. Leadershlp at all levels Ilslens to and communlcates ideas clearty lo all stakeh¢lders. Our Achlevomenl8 The academlc. cultsjral and 8PQrtlng achlevemenls and performance of ptsplls are reported to th8 Governors and tha whole school communlty. Cuff Sculum and Achl•v•mont8 The School'8 currSculum Is mad6 8vailable to prospective parents In writing, Sublecl Infommtion is avallable on the school's website to asslsi ￿1h SUb￿t choices in Years 10 and 12. The educatlonal aGhlevements of Ihe puplls are reported to Ihe Board of Governors arKI are made more wKlely gv8Mabl8 In Ihe School prospeclus. other rnlevant materlal Is made avallable vla the school webslle, Facebook, magazine and local press. STRATEGIC REPORT The des¢rlptlon under the headlngs 'Achlev?ment$ and performance" and °Financial revie￿ meet the company law requlrements for the Governors to present a strategc report. Pag• 4 Coleralne Grammar School Goveinors, report (Includlng Dlrectors, Report and Strategic Report) (cDntlnuod} Year ended 31 March 2024 ACHIEVEMENTS AND PERFORMANCE The principal source of income Is by way of grant fundiTrJ from the Departmeni of Education whlch accounts for 95% of School income under the common funding formula, Addltlonal Income is generated through voluntary parental ￿nIributiOnS, logether with hire of accommodatlon. Tl Governor5 are coniinuing to deploy all nel incoming resources to investlng in educatlonal Purposes arKI Ihe physlcal Conditi￿ of tho School estsle, During the year. the works undertaken to address a health and safely issue regarding co-educational changlng faclliti68 ai ihe War Memorial Pavilion were completed during the year. FINANCIAL REVIEW R•sorv•$ poll¢y 1118 tho pollcy of the charltable company to malntssn free reser4es wthlch malch the needs of the School, both at the currenl twne and In Ihe for8se8able future. Thls provldes sufflcient funds to cover running cosls whlch Include manageméni, admlnistratlon and support costs. Free r8serv8s ar6 those urwestrlcted reserves nol deslgnated nor invested In flxed assets whlch are avallable for general use. Th8 Governors and Executlve Committee receive regular reports Induding Management A¢¢cwnts and over8ee rlsk mana9emenl. Total Income for the year was £7,351,002 (2023.. £6.736.876). Income from donatlons amounled lo £158.527 (2023: £317,019) and Income from charltable actlvltles amounted to £7.192,475 (2023., £6,419,857). Total expendlture for tho year whlch all related to expendlture on charllable activities amounted to £7,205,476 (2023.. £6,750,915). Expendilure predomlnantly consisted of slaff cost8, rent, raies, Insurance, Ilghl and heat, cleanlng, repairs and maintenance costs. Thls resulted In net Income for the yew of £145.526 (2023.. nel expenditure of £14.039). Nei assets at 31 March 2024 were £487,182 (2023.. £341.656} of which unreslricled general funds were in surplu6 by £218,392 (2023: surplus of £101,578), unrestrlcted designated fund8 were £Nil (2023., £Nil) and re3trtclad funds vmre £268,790 (2023.. £240,078). At 31 March 2024, free reserves 8r8 in surplus by £174,187 (2023: in Jurplu3 by £23,166). Flnanclal rlsk managwnent obJo¢llv•s and pollclos The School uses varlous Ilnanclal Instruments Including cash and varlous items such as Irade debtors and Irade credltors that aTlse directly from Its operations. The main purpose of thes8 is to raise finance for th8 School's operaiions. Page 5 Col8raine Grammar School Gov•rnors' roport (Includlng Dlrectors, Report and Strateglc Report) (contlnuedl Year endod 31 March 2024 FINANCIAL REVIEW (conllnugd) Flnanclal rhk manag•m•nt obJ•ctlv•s and polkles {contlnu•d) The exlslence of Ihese financial instruments exposes the School to a rbumber of financial risks, these are described in more detail below. The School does r#)t LLse derivative transactlons to mlnlmise exposure to Interest rates or foreSgn exchange. The rnaln rlsk arlslng from Ihe School's use of financlal inslrumenls Is Ilquidlty risk. The School seeks lo manage financlal risk by énsurlng sufficient 1squSdlty 1$ avallable to meet foreseeable needs. Short-tenm flaxibilty is achleved by manglng cash reserves. Tax status The School Is re￿stered as a charity for corporatlon lax purposes. Slte gecurlty On both campuses all visitots musl report to reception and are supplied wrfth visitors. passès, If necessary, and slgn In and out. Pupil$ mty not leave School unless accompa￿ed by a parenvcarer (Years 8 to 12) and supply a parenlavcarer note. The Lodge Road campus I￿lIdIngS cen be locked down. Investment 19 needed on the C8Sllerock Road campu5 to secure the perlmeter and buildlngs. and fundlng has been applied for to the Educallon Authorlly. The new bullding under the School Enhancement Prokramme will ba secure. PLANS FOR THE FUTURE In a dwfkull flscal envlronmenl, the Governors wlll strlve lo rnalnlaln the School's objectfve8 by wovldkng hl9h qualty teachlrva and learning re3uSlSng In hlgh achlwilng socially confidenl puplls. The SEP programme f (¢ontlnu•d Year ended 31 March 2024 STATEMENT OF GOVERNORS, REPSONSIBILines (conllnuodj state whether applicable UK Accounllng Standards have been followed, subject lo any material departures disdosed and explaSned In the financlal statements; prepare th8 finandal stalements on the going concern basis unless It is inappropriate to presume that the charitable Company will continue in operation. The Govemors afe responslble for keeping adequale accounting records Ihat dls¢lose wlth reasonable accuracy at any time the financial position of the charltable company and enable them lo ensure that the financial statements comply ￿ThIh the regulations of the Department of Education and the Companies Act 2006. They are also responsible for safewarding the assets of th& charitable company and hence for taking reasonable sleps for the prevenlron and detection of fraud and other kregularities. In so far as the Govemors are aw¥e'. there is relevant audlt Information of which the charit8ble ¢ompary's audllor Is unaware; and the Governors have taken all steps Ihal they ought to have laken t¢ make themselves aware of any relevant audil infomiation and to establlsh that the auditor Is aware of thal Inf￿rnatIOn. The Governors ar¢ respor)slble l¢r the maintenance and Iniogrily of Ihg corporate and financial information included on the ch8ri1abJe company's webslte. Legislalion In the Uniled Klngdom governlng Ihe preparatlon and dlssemlnation of financial slatemenls may differ Irom le￿SlatIon in other lurlsdictlons. AudStor GMCG Belfa8t are deemed to bo re-appolnled. Each of Ihe peTson$ who is a GoVerr￿1 at the dale of approval of this report rAnfirms that.. so far as they are aware, Ihere is no felevanl audil informalion of wthlch the School's auditor Is unaware,, and they have taken all sleps that they ought lo have laken a$ 8 governor to make themselves aware of any relevant audit infom)atlon and to estsblish Ihat the Schoofs auditor is aware of thal inforrnatfon. The Govern￿$. report, includin9 the Strateglc report was approved by the Board of Governors on . and Signed on b8half of the board by: Mr W Oliver Chalr Registered office: 23-33 Castlerock Road Coleralne Co. Londonderry BT513LA CHARTERRO I¢COU¥TANTI Pagg 10 Coleralne Grammar School Independ•ntAuditor's Report to the Governors of Coleralne Grammar School Yearend•d 31st March 2024 Oplnlon We have audited the flnancial slaternents of Coleralne Grammar School for the year ended 31stMarch2024, whlch comprise the Statement ol Flnanclal ActlvlUes IncludSng Income and expenditure account. 8alarKe Sheet, Statement of Cash Flows and Notes lo lh8 financlal statements. IrKluding a 8umrnary of significant accounting pollcles. The finan¢lal reporting frarnework that has been applled In ther praparatlon Is applicable law and the Unlled Klngdom Accountlng Standards (Unlted KI￿Orn Generally Accepted AccThJntlng Practice>, including FRS 102 'The Financial Reporting Sland8r(J applicable in the UK 8nd Republic of Ireland". In our opinion: the financial stat8ment$ give 8 true and falr view of Ihe state of Ihe School's affalrs as at 31 st March 2024 and of Its Incomlng fesources and appllcation of resources, including its Income and expenditure, for Ihe year then ended: Ihe financial statements have been properly prepared In acMrdance with the standards of aceountlng set by the D6p8rtment of Education f¢r Voluntary Grammar Schools; the flnanclal siatements have been proporEy prepareil in accordance wllh United Kingdom Generally Accepted Accounting Practlce; lh8 fFnanclal 8talements have been prepared In accordancè with the requlrements of the Clynpanles Acl 2008; oper accounting record8 have been kepl by the School throughout Ihe relevant perlod; the School's vthole system of internal controls in Ihe relevant financial period, were such as to Comply with the obligations placed on the Board of Governors by lh6 D•partmenl of Education and we have nol Identlfied any SIgn￿lcan1 weaknesses; grants made by the Deparlmenl of Education and funds from other resourGes reported In the relevant flnanclal perlod. have been applied In acLofdance wllh the Financi* Memorandum and any other terms and requlrements attached to them; penslon deductions rnade by the School In Ihe relevant financlal pericyj, have been calculalgd correclly and have been pakl over as requlred., ar the infoimatlon glven In the Board of Govemorfs report Is ¢onststent wth the financlal slalements. Allrol H(>we tury Hou 40Cr¢rnl Bu•Deu Park U5BUXN 82GN 17 Mood￿111¢ Strr PQRTAWWN Ff28 DX 39w NR BElJkSTso 23PB Tel: +44(0)*89WJi li Vts: +44{oJ*89031 Orn Tel.. +44(0)¥89960 TJ ¥￿." +44(0)18 9260 16s6 Tel: +44(0)9838s3 98ot IILX: +4do)y8 3825 0293 cMLGtsatr•￿ uwxrfCM¢CCmpUrdied RqNot4105966rk Pago 11 Coleralne Grammar School Independent Audltorfs R•port to the Governors of Col•raine Gramrnar School (conilnu•dJ Yaar onded 31st March 2024 Baslg for oplnlon We conducted our audit In accordance wlth International Standards on Auditing (UK) {ISAs (UK)) and ap￿￿￿ble law. Our responsibllities under those slandards are further described in the Auditor's responslbllllles for audit of the financial statements seclion of our report. We are independent of the School in accordance wlth the ethScal requirements that are relevant to our audit of the financial 8talements In the UK. Induding the FRC'S Ethlcal Standard and have fulfflled our olher ethlcal responslblllties In accordance with these requirements. We believe that the audit 8vid8nc8 we have oblaln8d is Suff￿lent arKI appropriate to provlde a basls for our oplnion. Conclu81ons relatlng lo golng ¢on¢•rn In auditing the financial stal8rnents. we have concluded that Ihe Govemors, use of the going concem basis of accounting in the preparation of the financial 8￿teMentS is appropriale. Based on the work we have performed, we have nol identified any material uncertalnties ralating to ov6ntS Of ￿r￿IllIOnS that. Indlvklually or collectively, rnay cast 5ignrficant doubl on the School's abllity to contlnue as a going concem for a period of al least trwelve monlhs from when the finan¢lal statements aré authofised for issue. Our respon8lbllSlle8 and the responslbllllles of the Governors with respect to gomig concern are descrlbed In thè relèvant section3 of this report. oth•r Inforniatlon The School's Governors are responsible for the other inforrnalion. The other Informalion comprises the Inlormallon In the annual report other than the financlal slaternents and our audltor's report therein. Our oplnlon on the flnanclal stalements does nol cover the other Informatlon and, 8XCOPt lo the extent othenyise explicilly stalod In our roport, we do not express any form of assurance condusion thereon. Our responsiblllty to read the olher infomiatlon and, in dolng so, consSder whelher the other Infom)atlon Is materially Inconsistent wlth the flnan¢lal slatemenls or our knowledge obtained in the course of the audit, or othe￿iSe appears to be mat8rially misslated. If we Identlfy such fftalerial incons5siencles or apparent materbal mlsstatemenls, we are required to deiermlr* whether this glves rlse10 8 malerial misstatement in the financlal slalements themselves. If, based on the work we have perfomied, w6 eon¢lude that there Is a material mlsstatement of Ihls other informatlon; we are required to report that fact. We have nothlng to rnport In thls regard. Oplnlon• on oth•r mattern prMcrlb¢d by Iho CompanlM Act 2006 In oplnlon, based on the work underlaken In Ihg coufse of the audll: the informalion gfven In the Governors, report incorporating the slrateglc report and the dlrectors, report for Ihe financial year for whlch the financial statements are prepared 1$ conslstent ￿th Ihe financial stalements,. and the strategtc report and Ihe direciors, report have been prepared In acttffdanco with applicable legal faqulrements. Page 12 Coleralne Grammar School Independent Audltor's R•port to the Governors of Coleralne Grammar School {con(Inu•dJ Year onded 31st March 2024 Mattèrn on whlch wo ar• raquliod to r•port by •xc•ptlon In the light of the knowledg8 and urlerstsndlng of the chari18ble company and its envkonment obtained in the course of the audlt, we have not Identified maierial misstatements in the strateglc report and the dir•cior3' repwl. We have nothing to rep(xt In respect of the following matters In Telatlon to whlch the Crjnpanies Act 2006 fequlrès us to report lo you If, In our oplnlon: 8dequ8te accountlng records have rM)t been kept, or ralums adequate for our audll have T￿t been recelved from branches not vlslted by us,. or the financlal slatements are not In agreement wlth Ihe a¢￿untIng records and retums; or certaln disclosures of dlrectors, remuneralion speclfi8d by law are not made: or we have not recelved aw Informatlon and explanallons we require for our audlt: or Ihe dlrector8 w￿e not entllled to prepare the financlal statements in accordance with the small companies, regime and take advantage of the smell cornpanles, exempllons In preparing tho dlrectOfS' report. R•8pon81bllltl•8 af Gov•rnor8 As explalne(I more fully In the Statement of Governors. Responslbililies, the Governors who are also Ihe dlreclors ol the School for the purpose of company law, are responBlble for Ihe preparatk)n of the finar￿la1 slatements and for belng satisfièd that they give a Irue and f8lr vlew, and for 8uch Internal control aB the Govwnor8 determine is necessary to enable the Preparation of financlal statemenls that are free from materlal mlsslatement. whether due lo fraud or error. In preparlng Ihe financial Slatements, the Governors are fesponslble for assessiffj the School's abillly to continue as a gowig concern, dlsclosing. as applicabb. maiters related to going concern and uslng the going concern basis of accounling unless the GoverrKXS intend to cease operations or have no r6allstic alternallve but to do so. Audltor'6 r•6pon$lbllltl•s for th• audlt of tho flnanclal stat•mont8 Our objectives to obtain reasonable assurance about whelher the Ilnanclal statements a6 a who18 are free from material misstatemenl, whether due to fraud or eTror. arHI Io issue an audilor's report thal IrKludes our opinlon. Reasonable assurance is a high level of assurance, but is rK•t a guaranlee Ihat an audit conducted in accordance wlth ISAS (UK) wlll 81ways delecl a ma¢erlal mis8latemenl when il exlsls. Mlsstatements can arise from fraud or error and are ¢onsldered fflaterialll, indivklually or in Ihe aggreoate, they could reasonably be expected to influence the economlc deoislons of users taken on the basis of th8s8 financial slalements. Irregularilies, inGludirvJ fraud, are Instances ol non-compliance wilh laws and re￿lationS. We deslgn procedure3 in Ilne wilh our responsibilities. outlinod above, to delect malerlal mlsstalements In respecl of Irregularfties, including fraud. Th& specific woc8dur8s for Ihls en9agement and the extent to whlch these are ￿Pable ol delecting irregularllies. Includlng fraud Is det811od below: Pago 13 Coleralne Grammar School Independent Audltor's Report to the Govemors of Coleraine Grarnmar School (¢onllnu•dJ Year ended 31st March 2024 Audttor's r•spon$lbllhle8 for the audlt ol Iho flnanclal Staternents {contlnu¢d) Extent to whlch the audil was eonsldèrad capabl• of d•tectlng Irregularltle8, 5ncludlng fraud We Identify and assess Ihe risks of maierlal mlsst8lemenl of the financial statements. whether due to fraud or error. and then deslgn and perform Ihe audlt procedures responsive to those risks, includin9 obtslning aLKlit evidence that Is suffi¢lent and approprlale lo provide a basls for our opinion. In Identlfylng and assasslng rlsks of materlal ml8slatem8nt In respect of Irrégularilles, Includlng fraud and non-comploance wSth laws and iegulatlons, we consld8red Ihe followlng.. The nature of the induslry and séctor, control environment charlty's flnandol results and posltlon: Results of our enqulrles of management about thelr own identificatlon and assessment of the rlsks of irregularilies., Any matters we identified having obialned and fevlewed the charty's documentallon of their pollcEes and procedures relating lo: Identlfylng, evaluallng and comptying with laws and regjlations and wheiher Ihey were aware of any instances of non-compliance; Detecting and respondirvJ lo the risk5 of fraud and whether Ihey have knowledge of any actual, 8uspected or alleged fraud,, and The Intemal controls established 10 mltlgate risk$ of fraud or non-compliance wllh laws and regulatir)ns,' The matlers discussed among the audll engag8menl team regarding how and where fraud mlghi occur In the financlal slalements and potenllal Sndlcators of fraud. As 8 result of these procedures, we considered Ihe Ihat Ihe particular areas Sn Ihe Ilnancial statements that were susceptible to mlsstatemenl were relaled to management bias in accounting eslimales and judgements; recognillon, da$5ifi¢ation and completoness of income. In common with all audiis under ISAS {UKI, we are also iequlred lo perform specific procedures to respond to the risk of management override. We also obtained an understandlng of Ihe legal arKI regulatory framoworks that the Sctrthl operates in, foGusir6 on provisions of those laws and regulalions thal had a dlrecl affect on the determlnalion of materlal amounts and dtsclosures in the financial statements. The key laws and regulallons we considered In this conlext Induded Charlty legislation and Companies Act 2006 appllcable to Northem Ireland. School's goveming dO(￿Men1, employmenl law, health and safety and tax legislallon. In addition, we consid•r¢d provision$ of other laws and regulallons Ihat do not have a dlrect effect or• Ihe financlal statements but compliance with which may be fundamental to lh6 School's abllbty to opwal8 or to avoid a malgrlal penalty. Pagg 14 Coleraine Grammar School Independent Audltor's Report to the Governors of Col•ralne Grammar School (¢onUnu•dJ Y•ar•nded 31st March 2024 Audlt rnspons• to rlsks Id6ntlfi¢d: Our procedures lo res￿)nd to rlsks Idenlified indude Ihe following: RevIew1￿ th8 flnanclal statements disclosures and tesfjng to Supp￿tIng documentation to assess compllance with provlsions of relevant laws and regulalions desfxlbed as having a direct effect orb the financial statements,. Enquiring of management con¢eming actual and potential liligation and daims; Performin9 analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misslalements due to fraud; Readlng minutes of meellngs of those charged with governance., In addresslng the risk of fr￿d through management override of controls, testing the approprfateness of journal entr168 and olher adjustments Including those relatlng to revenue recognlllon; assesslng whether the judgemenis made in making accounting estlmales are indlcalivÉ of potenllal blas- and evaluating Ihe rationale of any slgnificant transacllons that are large, unusual or outside the normal course of the School's activlties. We also communkaled relevant identified laws and regulalions and potentlal fraud rlsk8 to 811 en989ernent teams members and remalned alert to any indlcatlons of fr8ud or r￿n-cOmPlianC8 with law$ and regulatlons throughout the audlt. Owlng lo Ihe Inherent Ilmllatlons ol an audll, Ihere Is an unavoldable rlsk that we may not have detected some material misstatements In Ihe fina￿181 statements even though we have properly planned and perfomied our audlt in accordance wlth audilhg standards. In addition. as with any audit, thero remalns a hlgher risk of non-detection of Srregularlties. as Ihey rnay Involve colluslon. forgery, Intentional om￿510ns, mlsr8presentalions, or Ihe ovefride of Internal controls. We are not responsible for prevenling non4ompllanc8 2nd cannot be expecled lo delecl non-complianc8 wllh all laws and regulations. A further des¢ripiSon of our re8pon65blllt168 is available on the Flnanclal Reporting Council's webslle at t ;Ilvnvw.Irc uditorsr . Thls descrlplion forms part of our audltor's reporl. Page 16 Coleralne Grammar School Independent Audltofs Report to the Governors of Coleraine Grammar School (¢ontlnu•d) Year •ndod 31st March 2024 U•• of wr r•port Thls report Ss made solely 10 the Sch¢)ol's Governors, as a tsody. Our audit work has been undertaken so Ihal might state to the School's Govemors those matters w8 ar8 required to slate to them Sn an auditor's roport and for no othef purpose. To the fullesl extent permitte(I by law, we do not accepl or assume respon￿bIlIty lo anyone olher Ihan the School ar￿ the School's Govemors as a body, for our audlt work. for this report, or for the opinions we have fomied. gol Moo for and on b CA (S•nbor siatutory Audit¢r) If of GMCG Belfa81 Chartered Accountant• 8talutory Audltor Chartered Accountants & Slaiutory Audllor Alffed House 19 Alfred Street Belfast BT2 8EQ Oated: IE."17' Pag• 16 Coleralne Grammar School Statement of Financial Activities Includlng Income and Expendlture Account Forthe year ended 31 March 2024 2024 unmtr1c1￿ Rostrlct•d Funds Funds 2023 Note Total Total Incom• and •ndowments from: Donations arKI Legacles Charftable activltles 125,200 7,192,475 33.327 158,527 7,192,475 317,019 6A19,657 Total Incom• 7,317,675 33,327 7,351,002 6,736.876 Expendlture on: Charitable acllvltles (7,200,861 > 14,615) (7.205,476) (6,750,915) Tolal •xpondlture (7,200,861) (4,615) (7,205.476> (6,760,915> N•t In¢om• l (•xpondltur•) 116,814 28,712 145,528 {14,Q39) Transfer8 bthve•n funds Net mov•mont In lund8 116,814 28,712 14S,526 (14.039) R•conclllatlon ol funds: Funds balances at 1 Aprll 2023 101,578 240,078 341,656 355,695 Fund balanc•• at 31 Mar¢h 2024 218,392 288,790 487,182 341.656 The Statement of Financial Activities includes all gains and losses arising during Ihe year. All income and expendilure derive from continuing activities. Page 17 Coleraine Grammar School Balance Sheet As at 31 March 2024 2024 2023 Note Flxed assats Tanglble agsets 12 44,206 78.412 Cuffont a880ts Slock Debtors Cash at bank and in hand 13 14 15 5.000 1,786,126 445.352 13,428 64g,661 650,895 2,236M78 1,313,784 Cr•dltor8: amounts falllng du• wlthln on• y•ar Noi ¢urr•nt a88¢t8 16 11,793,S02) {1.050.540) 263.244 442,976 Total a$8•1s1•88 ¢urr¢ne Ilabllltles 487,182 341,656 Cmdltorn: amounts falllng du• after more than on¢ y¢ar 17 N•1 a8s•t8 487,182 341,65e Charhy Funds Restrlcted funds Ufftstrlcted funds: Deslgnated funds General funds 20 268,790 240,078 20 218,382 487,182 487,182 101,578 Total unrestrlcled lunds 101,578 341,856 Total eharlly funds These financial statements have been prepared In accordance with thé Special provisions for srnall companles under Part 15 of Ihe Companies Act 2006. These financial statements were approvod by Ihe Board of Govamors and authorised for Issue on , and 8ra slgned on behall of the board by.. Mr W Olfver Chalrpenson of the Board ol Governors Dale: -..l.i.-..R&J L¥ The notes on pages 18 10 35 form part of Ihese accounts. Company reglslration number: N1628384 Pag• 18 Coleraine Grammar School Staloment of Cash Flows For th• y•ar ended 31st March 2024 2024 2023 Not• 23 Cash generated from operations Net ¢a8h from operating activities (198,414) (198,414 19fj.603 195,603 Cash flows from Inv•gtlng actlvltl•s Purchase of tangible assets Net cash u¥ed in invesling activilies (73,530) (73.530) Cash flow8 from flnan¢lng activiti•s Payment of obligatlons under finance leases Net cash from financkng actlvltles (2,796 (2.796 (18.778) (16,778) Not (d•cr•a89) I Incroase In Cash and cash •qulvalanl8 Cash and ca8h equlvalents at b•glnnlng of year Cash and ￿8h oqulval•nt8 at •nd of y•ar (201,210) 646,562 445,352 105,295 541.267 15 646,562 Analy•ls ol cash Jnd ¢Mh oqulval•nls Cash at bank and In hand Bank overdrafts 445,352 650,695 (4,133) 646.562 446,352 Pago 19 Coleraine Grammar School Notes to thé Flnanclal Ststèments Y•ar •nd•d 31st March 2024 Accountlng pollcles 1.1 General Informatlon and basls of pr•paratton Coleralné Grammar School is a Voluntary Grammar School and is a private company Ilmlled by guarantee, reglslered In Northern Ireland. The School's registered address is 23-33 Casllerock Road. Coleralne. Co. Londonderry, BT51 3LA. The princlpal acllvitles of the school are glven on page 3. The charltsble company consti￿te$ 8 publlc benefit enuty as defined by FRS 102. The financlal statements heve been prepared In acLordance wlth appllcable accounllng standards, A¢￿untIng and Reportlng by Charllies: Stalemenl of Recommended Praclice appllcable to chwilles preparing ihelr acc(yJnts in accordance with thè Flnanclal Reportlng Star￿ard applicable in the UK and Republlc of Ireland Issued In October 2019, the Flnanclal Reporting Standard applicable in the Unlted Klngdom and Republlc of Ireland (FRS 102), the Charltles Act (Northern Ireland) 2008. Charllles Acl (Northern Ireland) 2013. The CharStles {Accounls and Reports) Regulatkns (Northern IrelaTrJ) 2015, Companles Acl 2006 and UK Generally Accepled Practice. The financial Statements have been prepared on a going concern basis under the hlstorical c051 conventlon. The finar￿181 statéménts are prepared in sterling vthlch Is the functional currency of the charity and rounded to the nearest one pound, Th• •igMificant accounting policies are sel out below. The dlrectors conskler Ihat these ac¢ountlng polkleg a￿ sultable, have been consistenlly applled and are 8UPPOrted by reasonable and prudent ludgement and estimates. 1.2 Golng conc•m The financlal Statemenls have been prepared on 8 golng concern basis as the Governors beliave the school will ¢ontlnu8 to be adequately funded by tho EdU￿tIon Authority ￿ allow the $Ghool to contlnue to operale for Ihe foreseeable future. 1.3 Fund• Unre51riGted funds are available for use at the dlscretlon of the Governors In furlherane• of thelr charftable obleclives unless Ihe funds have been designated for other purposes. Deslgnated funds eomprlse unrèstricted funds whiGh have been 6et aslde ai the dlscxelion of Ihe Governors for spec5fic'kvposes. Pag¢ 20 Coleraine Grammar School Notes to the Flnan¢lal Statsments l¢onllnu•d) Y•ar ended 31st March 2024 Accountlng poll¢lo8 (Gondnuod) 1.3 Fund8 (wnilnu Restricted furKls are subjecl to specrflc conditions by donors as lo how they may be used. The purposes and uses of Ihe restricted funds are set oul In the notes lo the financial statements. 1.4 Income Income is recognised when the School Is legally enlilled to it after any performance condilions have b8èn met, the amounts can be measured rellably. and It is probabl8 Ihal inwme wlll be received. The princlpal source of Income comprises Ihe School's budget shar8 of grants as determined by the Department of Edu¢aiion In iespecl of deleoat¢d Items of expenditure. Olher income includes capltal fee income, volunw conlributlons, school m8al Sncome and amongst others. rental income from the hire of facllltles. The School has applied the regulalions and guidelines issued by Ihe Department of Education so a8 to distinguish the dally operatlon of Ihe School frorn the Income and expenditure of a capltal nature. For donatlons to be recognised the charity will have been nollfied of the amounts and the seltlemenl dale in wrlting. If there are condillons allached to Ihe donation and this fequlres level of performance before enlStlement can be oblalned then incame is deferred until those condillons are fully met or the luifilmenl of those conditions is wlthln the control of the charity and It Is probable that they wlll be fulfilled, Voluniary Income Is recefved by way of grants. donations and 91ft8 and is induded In full In the Slatement of Financial Actlvlties (SOFA) when ieceivable. No amount Is Included In the linanclal 8ial8ments for volunteer time In Ilng wilh the SORP (FRS 102). The charlty receives govemment grants, see Note 4 for more information and to the amounl and source of Ih6s8 grants. Incorne from government and olher granls are recognised at lalr value en the charity ha$ enlitlement after any performance condi1Sons have been mei, It Is probable thal Ihe income will be received and the amount can be measured rellably. If entiuemeni Is not met then these amounts are deferréd. Granls and contracts, Including capital grants, have been included as Income fforn charllable acllvltles In furtherance of Ihe charlly's objects where these amount to a conlracl for $ervl¢es, bul Included as donallons where the money 13 given In response to an appeal or wlth Qfealer freedom of use. Investment Income Indudes i￿ere51 earr￿1 on ca8h held on deposil and Is recognSsed on an accruals basls. Other Income Indudes galns on disposal of fixed assets. 1.5 Expandlture Expendlture Is recognised on &uuals basls. once there Is s legAI or constructlve obligatlon to makg a payment to a Ihlrd paty. It Is probable thai settlement wlll be reoutred and the arnount of Ihe obllgatlon can be measured reliably. The Departmenl of EducalSon fund Voluntwy Grammar schools dlrectty for the amount of VAT Incurred on allowable expenditure. The cost of VAT incufred on canleen and capital expenditure is not allowable arKI canrnt be re¢ovefed from the Department of Educallon. Expendlture on the running of Ihe S¢hool Is Slated net of VAT Qosls. Expendilur8 on capltal ilems and canteen funds Indude thg Cost of VAT Page 21 Coleralne Grammar School Notss to the Financial Staternènts (￿n￿lU0￿j Year ended 31st March 2024 Accountlng pollci•s {corttlnu 1.4 Exp•ndftur• (condnu•d) Incurred by the Schod. It Is categorlsed und6r the followir¥J headlrys.. Costs of raising funds includes Ihe costs associated with attractlng voluntwy income," Expenditure on charftab18 aGlivltles includes those cosls Incurred by the School In the dellvery of Ils actlvltles and servlces for ils beneficlaries. It Incltsdes both CA)sts that can be allocated dlrectly to such acllvitles and tho88 costs of an Indlrect nature necessary lo support them; and Other expendlture represents those items nol falling into the categorles above. Irrecoverable VAT Is charged as an expense againsi th8 actlvlty for whiGh expenditure arose. Governance costs Include those costs assoclaied wlth meetlng the constitutlonal and statutory requiremenls ol thè School and Include the audlt fees. professlonal advice for Governors, cost of Boafd of Govermrs. meeiin9S and cosls linked to the strategic management of Ihe School. AII c05tS are allocated belween the expendlture catego￿8 of the SOFA on a basls designed lo refiect the use of the resource. Costs r61aiing to a partlcular actlvlty are allocaled dlreclly. others are apportloned on an approprlate basls e.g. Slaff lime and floor space as set out In Note 7. Support costs are those that asslst the work of the School but do not dir6¢iiy represenl charitable actfvllles and Inckjde oftke costs and ￿Vernance costs. They are Incurred dlrectly in support Df experKlitwe on Ihe objects of the School. Where support CQ$ls Gannot b8 dlrecuy attrlbuled to particular headings they have been allocated to cosl of ralslng fvnds and expenditure on Charitable activltles on a basls conslslant with Ihe use of the resour&8s for example. staff lime and floor space. The analy8is of these co$1$ is included In Note S. 1.6 Tanglbl• flx•d a8••t$ Tanglble flxe(l a8881B are initially mgasured al cost, and subsequently measured al cost or valuatlon net of accumulated depre¢lalion and any impairmenl losses, D•pr•datlon Depre¢latlon Is recognised so as to wrll6 off th8 cosi or valuation of an asset, less Ils residual value, over Ihe useful economic lrfe of thal assel as lollows.. Bulldlngs Plant and equiprnenl Fixturos & rrttlNJs 20•h stralghl line 33% straighl line 33Y• stralghl INie The galn or loss arlsing on the dl4)L)sal of an assel Is delermlned as the difference betsveen Iho sale proceeds and the ¢arryln9 value of Ihe asset at date of dlsposal and is recognlsed In net irKomel(expenditure) for lh8 y88r. 1.7 Impalmi•nt of Ilxed a*s•ts At each r?portlng date, Ihe School reviews the Carrying amounts of Its tangitrfe assels to det8rmino whelh8r thor8 is any indicalion that those assets have suffered an impairment loss. If any such Indicatlon exlsls, th? recoverable amount of the assel Is eslimated in order to d&temilne the extènt of the impairment loss (rf any). Pw22 Coleralne Grammar School Notes to the Flnanclal Statements (¢onUnv•41) Y•ar end•d 31st March 2024 Accountlng pollcle8 (conllnuedj 1.8 Stock Slocks are slated at the lowar of cost and 83timalgd selllng piico less cosl lo complete and sell. Cost comprises dired materials and, where appllcable, direct labour costs and those ovefheads that have been incurred in bringing the stocks to Ik£ir present locatlon and condltlon. Items held for distribution al no or normal consideration are measured at the lower of replacpment cost and cost. Net ￿alISable value, Is the estimated selling price less all eslirnated costs of completion and cosls lo be incurred In markellng, selling arKI ¢lslrStyJlion. 1.9 D•btorn and cr•dltors r•celvable I payable wlthln onè yéar Debtors and credltors wlth no slated inlerest rale and receivable or payable within one year are recorded at transacilon prlce. Any Ios88s arlsing from Impairnient are recognised in expendlture. 1.10 Cash and cash equlvalènls Cash and cash equivalenls indude cash in hand, deposits held at call wlth banks, other short- terni liquid Investrnenls with origlnal maturities of threè months or less and bank Qverdrafts. Bank overdrafts are shown wlthln Credltor5: amounts fallir¥J due wllhln on8 yaar. 1.11 Fonanclal Instrum•nt• The School has elected lo ap￿Y the provlsions ol Section 11 'Basic Financial Instruments" and Sect￿n 12 "other FlnanGlal Instrumen13 Issues" ol FRS 102 lo all of118 flnanclal instruments. Flnanclal Instruments are reco9ni88d in the School's balance sheei when ihe School becomes 8 paty io tho contractual provlsions of the instrument. Flnanclal assets 8nd liabllitles are offsel, with the net amounls prèsent8d in the financlal slatemenls, wher) there is a legally enforceable Tighl to set off Ihe fecognSsed amounts and there Is an Intentlon lo setue on a net basis or to realise Ihe asset and to sellle the Ilabilily simultaneously. Basle flnanclal assets Ba$lc financlal assets, whlch Include deblors and cash and bank balances are Inltlally measured at transactlon prlce Indudlng transaction costs and are subsequently carrled at amortlsed cost uslng th8 effectlve Interest melhod unless the arrangements constltutes 8 financing transaciion, whera the transaction Is measured at the present value of the future recelpts dlscounted at a mathel rate of Interest. Flnanclal assels classmed as recelvable wlthln one year are not amortls8d. Baslc fln•nclal Ilabllhles Baslc financlal Ilabllilies. Includlng creditors arKI bank loans 8re Inlllally recognlsed at tr8nsac16on prlce unless Ihe arrangement conslllutes a flnanclng iransacllon. where the debt Instrument Is measured at the present value of the fvture payments dlscounted at a market rate of Inler83t. Flnancl81118bllltt8s ClasS￿led as payable wilhin one year are not amortised. Trad8 credltors are obligallons to pay for g<)ocls or sorvlces thai have been acquired In the ordinary course of operatlons from suppllers. Amounts payable are dassified as curr8nt liabllities il paymenl is due within one year or less. If not. they are presenled as non4uNenl liablllties. Trade credltors are recognlsed Inltially al transaction pr￿e and 5ubsequ8ntly measured al amortised cost using Iha effective Interest rate metlK)d. Llerecognlllon of Ilabllllles Financial liabilities are d8recognised when lh8 School's contractual obllgatlons explr¢ or are discharge for the year so as io produce a con51anl periodi¢ rate of Inleresl on ihe remalnlng balance of the Ilablllly. Rentals payable under operatlng leases, Includlng any lease IrKentives recelved, are charged as an expense on a straight-line basls over the term ol the relevantlgase, Pagè 24 Coleralne Grammar School Nol•S to th• Flnanclal Ststsm•nts (Gorrflnu•¢ Year andod 31st March 2024 Judgements and key 3ourc•g ot estlmatlon unc•rtalnty The preparation of the financlal statèments requires Governors to make judgements, estimates ar￿ assumpllons thal affect the amounts rewt8d. These esllmates and judggmenls are contlnually feviewed and are based on experknce and other factors, including exp8clallons of fulure evenls that are belleved to be reasonable under the clrcumslances. Tkv)se that hav8 had Ihe most significant effect on the amounts recognised in the financial st8tem8nt$ and that have a slgnSficant risk of causing a materlal adjustment to the carrying amounts of assets and liabillties within Ihe next financial year are: depreclation meihod, asset Useful lives and residual values Donatlons and l•gacl•s Unr•strf¢tod R￿trIcted Tolal Funds Unrestricted Funds Funds 2024 Funds Restrlcted Toial Funds Ful￿$ 2023 Donallons and glfts 125,200 125.200 33,327 158.527 126.846 190,173 190,173 317,019 33,327 158,527 126,846 317,019 Charii•bl• actlvltl Unr•$irlct￿ Restrlcted Total Funds Unrestrlcted Funds Funds 2024 Funds Restricted Total Funds Funds 2023 School Recurrenl funding 5,562,674 Ear marked funding Excepte(I furKllng Music tuition & home econornlc fees Lettlng of facllllies Sundry Income DE grant Incom8 5,662,574 5,500,374 5,500,374 1,149,667 98,783 1.149,667 98,783 527,1 S9 53,853 527,159 53,853 30.167 58,764 87.129 205.401 30,157 58,764 87,129 205,401 30,656 61.778 63,539 182.498 30.656 61,778 63,539 182,498 7,192,475 7.192,475 6,419.857 6.419,857 Page 25 Col8ralne Grammar School Notes to tho Flnanclal Ststem•ntS (wnlinued) Year ended 31st March 2024 Charltablo actlvltl•$ •xpendltui• S¢hool Unrestrlcled Reslricied Total Funds Funds Funds 2024 Basls of allocation Costs dlrectly allocated to actlvltl Slaff Cost5 Dlrect Depreciation Dlrect Rent. rates and insurance Direct Light and heat Dir8ct Cleanlng. repatrs and maSnlenance Dlrect DE funded expense Direct Sports, games and equipmenl Direct Prlntlng, postage and stationery Direct Advertislng Dwect Pupll stat and class materials Direct Telephone Dlrect Hlre of eoulpm8nt Direct EX￿ fèes Oiré School prlzes and dlslflbullon Dlrect Travelllng expensès Dlrect Bank charges Direct Sundry expenses Dlrect Deficlt on canteen Direct Other Dlrect 5,473,439 34,206 121.917 311,229 485.504 205.401 64,487 81.938 3,285 76,189 10,278 8,630 120,799 6,110 77.197 936 84.272 26,059 12.545 7,184,421 5,473,439 34,206 121,917 311,229 485,504 205,401 64,487 81,938 3,285 76,189 10,278 8,630 120,799 110 77,197 936 68,887 26,059 12,545 4,615 4,615 7,189,036 Support Costs Governance (see nole 6) Cost 16,440 16,440 11440 16,440 Total 7,200.861 4,815 7,206,476 Total 2024 AnalyBI8 by fund Unrestricl8(1 Restrlcied 7.200,881 4,615 7,205,478 Page 26 Coleraine Grammar School Notes to tho Flnanclal Statements (coftllnu•d) Year onded 31st March 2024 Charltabl• actlvltles •xpenditur• l¢ondnu•dJ School Unreslrkied Restrlcted Tolal Funds Funds Funds 2023 8asls of allo¢atlon Cost• dlrè¢tly allo¢at•d to actlvitle8 Staff Costs Dlrect Depreciation Dlrect Rent. rates and Insurance Direcl Light and heat Direcl aeaning. repairs and maintenance Dlrecl DE funded expense Direct Sports, games and equipment Direct Prlntlng, poslage and 8tatlonery Direcl Advertlslng Direct Pupil stat and class m8ler1818 Dir8ct Telephone Dlreci Hlre ol equlprnenl Dlrect Exam fees Direcl School prlz08 and distrlbutlon Dlrect TravelliNJ expenses Oyect 8ank charges Dinct Sundry expenses Direct Deficlt on canteen Direct Other Dlrect 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 8.736 73.502 4.919.032 36,882 104,266 336,258 616,878 182.498 77,383 93,266 3,237 73,313 10.754 8,936 92,976 6,736 73,502 863 81,783 6,389 19,378 74,500 6,369 19,378 6.736.827 7.283 7,283 6,744,110 Support Costs Govemance (see note 6) 6.805 6,805 6,805 6,805 6,743,632 7,283 6,750,915 Tolal 2023 Analy818 by fund Unregtrlcted Restricted 6,743.632 7.283 6,750.915 Pay 27 Coleraine Grammar School Notes to the Flnanclal Statemenls {cortlnu•dJ Yaar •nd•d 31st March 2024 Gov•rnanc• costs UnMtrl¢tgd Re8trlct•d Total Fundg UnrestrKled Funds Fund8 2024 Funds Reslrfcted Total Funds Funds 2L)23 DSrectors' remuneralbon {380 note 9> Dlrectors, expenses Auditor's remunerauon Legal and professional 4995 4,995 2,995 2.995 6,920 11,915 6,920 3.810 3,810 11.915 6,805 6,805 N•t Incom• l {•xp•ndltur•) for th• y•ar Net income l (experKlllur8) for the year18 8tated after charglng l (crediting): 2024 2023 Depreciation of larvJible fwed assets Audltorfs femuneratlon Operatlng lease rental8 34,206 4,996 9,552 36,882 2,995 16,032 Audltor's r•mun•ratlon The audllor's remunerallon amounts lo an audlt fee of £4.995 (2023: £2,99S) and Olher seNices of £Nil (2023.. £Nil), Dlrnclors, ramun•ratlon and •xp•n*•s Three leachers on the Board of Governors are poid in accordance with the Department of Educallon's Teachers, Salary Regulations (Northern Ireland) 1993. Contributions are made to the Department of Educatlon's Teachers. penslon Scheme. None of the remainlng Governors were pald or received any other bgnefrts frorn employment with the Sch¢)ol In Ihe year (2023: £NII}. No Govemors fec*ived reimbursement of exp&nses during the year. Pagg 28 Coleraine Grammar School Notes to the Flnanclal Statements {wnthu•d) Year ended 31st March 2024 10. Slaff Go818 Number of employee8 The aver£ge monthly number of èmployees during the year vrds,. 2024 No. 72 2023 No. 71 T8achlng (incl￿1ng part-tlme teachèrs) Administration Eslates Laboratory, other technlclans and class assislants School rneals 11 101 97 2024 2023 Ernploymont ¢08ts Wag8s and salari8S Soclal securlly Costs Pension costs 4,050,344 443,210 1,014,420 5,507,974 3,680,006 392,619 875.810 4,948,435 Cafeterla staff costs have been Induded In the above ernploymerkt costs Schedule. l￿weVer cafelerta staff costs fonns part of the 'deficlt from canleen, figure rather Ihan In th? staff costs figure in charltable acllvltles. The rwmber of employe85 who recelved lotal employee beneflts (excludlng employer p&nsion costs) of more than £60,000 is as followg., 2024 2023 No. £60,001 - £70,000 £70.001 - £80.000 £80,001 - £90.000 £SYJ.l)01 - £100.000 Page 29 Coleralno Grammar School Notos to the Flnanclal Statemènts (¢onllnu•rf) Year ended 31st March 2024 11. Taxatlon As a charity, the company b8neffts from various exemptions afforded by tax legislation. It is therefore not liable tc corporalion tax or• income or galns falllng due wilhin thosé exemptlons. Recovery 18 made of tax deducted from receipts under gift ald. 12. Tanglble flxod as80ts Land and buildings Plant and equlpmeni Fixtures and fitlin Total Cost At 1st Aprll 2023 and as al 3111 March 2024 83.892 40,857 220,902 345,651 D￿recIatIOn At 1 sl April 2023 Charge for lh8 year At 31st March 2024 83.892 28,113 8,075 155,234 26.131 267.239 34208 83,892 38.188 181.365 301.445 Carrylng amount At 31st Nar¢h 2024 4,689 12.744 39,537 44,206 At 31 st Mard12023 85.6e8 78,412 Tho net book value of land 8nd bulldings comprlsed,. 2024 2023 Modular buildlng The Modular bullding Is on a finance lease. The school's bulldings are owned by Coleralne Academlcal Institutlon Trust ano The Education Authorfty arKI are leased to the school. A contracl VRS enlered Into for the provlslon of a sing1• slte school, the cost of whl¢h wlll be funded by the Department of Education. At the balance sheel date, the costs Incurred, and fundlng provided of £1.133,698 are included in debtors and crgditors resp¢Gtively, pending complelion of the contracl. Pagè 30 Coleraine Grammar School Notes to thè Financial Ststoments (conthiued) Yearendod 31st March 2024 1& Stock 2024 2023 Stock 6,000 5,000 13,428 13.428 14. Debtors 2024 2023 Prepayrnents and accru8d Income VAT r8¢ovorabl8 from DOE other debtors 651.881 648 1,133,698 1,786,127 5,078 31,686 812.897 849,661 16. Cuh and ¢a$h oqulvaloni8 Cash and cash equlvalents comprlse the followln9'. 2024 2023 Cash at bank and In hand Bank ¢)verdrafts 445.352 650,695 {4,133) 646,562 44S,352 16. Cr•dltor•: amounts falllng duè wlthln one year 2024 2023 Bank overdrafts Obllgallons under finance leases Other credllors Accwals and deferred Income 4,133 2,798 639,227 404,384 1.138.919 654.583 1,793,502 1,050,540 Page 31 Coleraine Grammar School Nots$ to th• Flnanclal Stst•ments (¢gnthiwLIJ Year ended 31st March 2024 17. Credllor8: •mount8 falllng du• aftor mor• than on• year 2024 2023 Obli9ation5 under finance leases 18. L•as• commltm•nts Flnanc6 l•a••s Tolal futuré mlnimum lease paymentG due under finance leasés: 2024 2023 Not lat81 than one year Later than one and not later than five years Later than five years 2,798 2,796 Operatlng l•a8e8 Total future mlnlmum lease payments under non-cancellable operallng leases are as follows: 2024 2023 Not laler Ihan one year Later than one year and not later than five years Later than five yews 5,997 3,165 9,552 9,162 9,162 18,714 19. R•tlremont ben•flt 8chem•s D•finod b•n•fit 8ch•m•8 (l) Teachers, Suporannuati¢)n Scheme The School participal88 in a mulli-8mployer defined b•n8fit scheme, Tea¢h8rs' Superannuallon Scheme for Its teachlng staff. A3 a resuli, it Is nol posslble or appropriate to identify the assels and liabilities of the Scheme whlch afè attriEwlable lo Ihe School. Therefore, the Scheme Is accounted for as 18 rf li is a dèfined contribullon pension scheme, Conlributions to both scheme$ are charged In the Slalemeni of Flnanclal Activities as they become payable in accordance wllh the rules of th8 schemes. Pago 32 Coleralne Grammar School Notès to the Flnanclal Statements (wrtlnu•d) Y•ar end•d 31st March 2024 19. R•tlr•m•nt b•n•fit seh•m•s {¢onllnu D•finad bénéfit #ch•m•8 (contIn￿d) (li) Northern Ireland Local Government Offlcers, Superannuatlon Commlttee Scheme The School 8130 coritributes to the multi*mployer Northern Ireland Local Government Officefs, Superannuation Comfflitlèe {NILGOSC) defined benéfit penslon scheme for Ils non-188chlng staff. Valuation.. A valuation of the fund ai 3141 M¥ch 2022 was undertaken (valued every thr88 years). At the valuslk)n date, Ihe Scheme showed a surplus of ass81s over liabllitles of £1,004.4 mllllon. Therefore, the assets were suffident lo cover 111% of the b8nèfils which had accrued to members after allowing for expected fulure increases in earnlrys, The School contribulion rales lor Ihe year commenclng 1 st Aprll 2024 wlll be 19.0% (2023124 - 19.0%). The Board Is of the oplnlon thal the contrlbutlons to the NILGOSC scheme should be treated as a defined conlrlbutlon scheme, because.. At present no future Ilablllty rests wllh the School above that of its normal annuBI eonirlbutions,. and li) At present the contrltNJtlons to Ihe scheme are set at a common level for 811 employers in th8 scheme. Contribulions to bolh pension schemes are charged in the Slalenienl of Flnancial Actlvltles 88 they become payable in 8ccordanc8 wilh the rules of the schemes. Coleraina Grammar School Pago 33 Notes to the Flnanclal Statements {contlnuedJ Year ended 31st March 2024 20. Fund reconclllatlon Unr•strlclod Funds Balanc• 1 Aprll 2023 Transfer between Funds Balan 31 March 2024 Incorne Exp•ndftur• Gen•ral Doslgnated: changlng rooms, IT syst•m and emergency Ilghtlng 101,578 7,317,675 (7,200,861) 218,392 101,578 7,317.675 (7,200,861) 218,392 88JanGe 1 April 2022 Transfer between Fund5 Balance 31 March 2023 Income Expendilure General Designated: changlng r¢X*m8, IT system and émergenty lighting 138,982 8,546,703 (6.660,484) 76,377 101,578 159,525 (83,148) (76,377) 298.507 6,546,703 {6,743.632) 101,578 Unmstricled fund$ - Funds which ar8 8xp8ndable al the dlscrélion of tho Charity in furtherance of tt8 objecbves. In Idltlon to expendllLwe on s￿1VIlle$ such funds may be held h order to flnance capital Investment and working capilal. Designated funds - Funds whlch have been set aside out of unrestricted knnds by ihe Govemors for Spec￿ wrposes. Pag• 34 Coleraine Grammar School Notas to the Flnanclal Stat•montS (conllmiodj Year ended 31st MarGh 2024 20. Fund raconclllatlon (wnllrnwdj Rostrlctèd Funds Balance 1 Aprll 2023 Transfer bebmeen Funds Balane• 31 March 2024 Income Expendlture Restricted 240,078 33.327 (4,61 S) 268,790 240,078 33,327 (4.615) 268,790 Restricted funds relates to a Governors. fund held of £3,900. specfft prSze funds recelved of £34,000 and fundraising for nfrw sports facllilles of £230.890. 8alance Transfer belween Funds Balance 31 March 2023 2022 Income Expendiluro Restrlcted 67,188 190,173 17.283) 240,078 57,188 190,173 17,283) 240,078 Restricled furK18 relates to a Governors, fund held ef £3,900, specific prlze funds recolved of £34,000 and fundralsing for now sports facOities of £202,178. 21. Tran•for8 Tran8fefs relate to deslgnated funds being sel aside from unrestrlcled fund8. 22. Analy819 of net assets between funds Unrestricted General Deslgnated Restricted Asat 31 March 2024 Tanglble flxed assets Current assetsl(Ilabllllles) 44,206 174,186 44,206 442.976 268.790 Toial 218.392 268,790 487,182 Page 35 Coleraine Grammar School Notss to th• Flnanclal Stat8monts (eondnued) Year ended 31st March 2024 22. Analy818 of net assets b•tween funds (￿lI￿U0 Unrestricted G•ner21 D851gnated Restricted As8t 31 March 2023 Tanglble fixed assets Current assetsl(liabiliti8s 78,412 23,166 78,412 263.244 240.078 Total 101.578 240,078 341,656 23. Cash generated from operatlon8 2024 2023 Net Income for the financlal year 145,626 (14,039) AdJuslm8nts tr.. Depreciatlon 34,206 36,882 Changes In.. Decreasel (Increase) In stocks (Increase) In debtors Increase In credltors 8,428 (1,136,466) 749,892 {198,414) (1S) (77,802) 250,577 195,603 Cash generated by operatlons 24. Analy818 of change8 In net debt At 1 Aprll 2023 Cash flows Non-rA8h Al 31 Mar¢h movements 2024 Lease Ilabllllies {2.7961 2,796 Total liabilities (2,7961 2,796 Cash at bank and In hand Bank overdrafts 650.695 (4,133) {205,343) 4.133 446,352 Cash and cash equivalenl8 646,562 <201.210) 445,352 Tolal nel debt 643.766 (198.414 44S,352 Pago 36 Coleralno Grammar School Notes to the Flnanclal Statemenls (¢ondnu•d) Year ended 31st March 2024 26. R•lat•d party Iran$actlon8 The key management personnel of the charlty. Ihe School, comprise the Boar(l of Governors and senior leadership team, The ￿muneratIon of key management personnel of th6 Sthool 1$ as ft)ll0￿￿. 2024 2023 Aggrogato compensatlo 746,571 704,475 There were no balances wllh related parti88 ouistsndlng 8131 March 2024 or 31 March 2023. 26. Funds r•c•lv•d as an agènt Coleralne Grammar School organlses a number of educational trips throughout lh8 ￿ar. In addition. they also admlnister funds on behalf of the Coleralne Area Leaming Partnership. These amunls have not boen reflecled Sn the Statement of Flnancial Acllvily. In a¢¢ordance with the Statement of Recommended Practlce applicabl8 to charSlles prep3rlng thelr accounts in accordance with the Financial Reporting Standards appli¢abl8 In the UK and RopublSc of Ireland (FRS 102). 27. Company 8tatU8 Coleralne Grammar School, is a charltable company Ilmlted by guarantee, not havSng a share capllal and consequanlly the Ilabllity of the Governors is lim¢led, subj'ect to an undertaking by each Governor lo conlrlbute to the net assets or Ilabilllle8 of thè Sch¢)ol on wlndlng up 8uch amthJniS as may be r8qulred not exceeding £1. 28. Ethlcal Standards In common wlth many olher organlsalions of our slze and nalure. we use our audllors lo prepare and asslst In Ihe preparatlon of the finand818tatem?nts.