ids. Company Registration No. N1045083 (Northern Ireland) chartered accountants THE COLERAINE OLD BOYS, ROWING ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1 BG
THE COLERAINE OLD BOYS. ROWING ASSOCIATION ids. chartered accountants CONTENTS Page Legal and administrative information Trustees, report Independent examinerfs report Statement of financial activities 8alance sheet Notes to the financial statements 8-13
THE COLERAINE OLD BOYS, ROWING ASSOCIATION ids. chartered accountonts LEGAL AND ADMINISTRATIVE INFORMATION Trustees C McBurney R Cochrane M Mcmullan J Gibson K Dalzell AAnderson C Campbell (Appointed 27 Decemb6r 2023} Secretary C McBurney Charlty number NIC104834 Company number N1045083 Reglstered offlce 135 Ballymena Road DOAGH Ballyclare BT39 OTN Independent examiner IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1BG Bankers Santander 21 Prescot Street LONDON E18AD
THE COLERAINE OLD BOYS, ROWING ASSOCIATION ids. chartered accountants TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 JUNE 2024 The Trustees, who are also direclors for the purposes of company law, have pleasure in presenting their report and accounts for the year ended 30 June 2024. The accounts have been prepared in accordance with the accounting policies set out in note lo the accounts and comply wilh the company's governing document, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Pfaclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effecbve 1 January 20151" ObJectiV8s and actlvlties Summary of objectives as set oul in goveming document The Cornpany's objects are lo promote the physical education, development, health and wellbeing of pupils at Coleraine Grammar School, and olher persons who have had or have a connection with Coleraine Grammar School or its legacy schools by the organisation andlor provision of equipment, facilities, funding and advice for rowing. Explanat of aims including changes il s8eks (o n7ake through ils ac¢ivities The strategic aims ofthe Coleraine Old Boys Rowing Association are. To provide and equip premises and Centres required for the purposes of the Company., To publish and distribute materials relating to the work of the Company., and To raise funds for the objectives of the Company by public subscription and appeals provided the Company shall not undertake any form of permanent trading. Explanation of main objectives for the year and strategies for achieving them & details of signifant activities for achieving objectives The main objective for the year was to continue with our long-term fundraising campaign for new equlpment. A total of £15.668 was raised during the year from grants, donations and fundraising. Major milestones were achieved in purchasing a Janousek eight along with a set of 8 sweep oars and 4 pairs of sculling blades for the school Rowing club. statement of compliance wilh Chan"ty Commission guidance The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the company should undertake. Explanation of significanl use of volunteers in its chantable or income generating activities The Directors of the charity are all volunteers in their roles and give freely their time in attending and preparing for Board meetings as well as supporting Coleraine Old Boys Rowing Associats'on in the objectives it pursues. In addition certain fundraising events such as barbeques or table quizzes are only possible with the SUPF)Ort of volunteers from our members. Achievements and performance Review of chan'table activilies explaining perfom7ance ag8inst objectives The slalement of financial aclivities for the year is set out on page 6 of the financial statements. Given the Straightroard nalure of the company, the company's Directors are of the opinion that analysis using KPI'S is not necessary for an understanding of the development, performance or position of the company.
THE COLERAINE OLD BOYS, ROWING ASSOCIATION ids. chartered accountants TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT> FOR THE YEAR ENDED 30 JUNE 2024 Review of fundraising activities During the year to 30 June 2024 Coleraine Old Boys Rowing Association raised an amount of £15,688 from grants. donations, fundraising, membership fee5. our annual dinner and merchandise sales. Revi8w of investment perf0rrnan against objectives Due to the nature and size of the company no investment objective has been set by the directors. Flnancial review Details of results for the year are set out on page 6 in the Statement of Financial Activities. Policy on reserves The Charity's policy 15 to retain a level of free reserves, being funds not raised far a specific fundraising target, and should represent al least 12 months adminislration costs. Al this level, the Trustees are of the view that the company would be able to continue ils activities in the event of a significant drop in funding. The level of unrestricted reserves held at the year ended 30 June 2024 is £1,000. The Charity will continu8 to monitor compliance with this policy on a regular basis and the Board will review the appropriateness of the policy annually. Funds in deficit No funds are in deficit. Principle funding sources are from annual membership fees and donations. Expenditure on the charity's annual dinner and printing cost of fundraising materials and an annual newsletter has helped lo support key objectives by raising the profile of the need to develop a Boat Replacement Strategy and the specific targets t lo raise funds to purchase new rowing boats for Coleraine Grammar School. Investment policy and objectives Due to the nature and size of the company no investment objective has been sel by the directors. The Trustees have overall responsibility for ensuring that there is an appropriate system of internal controls and that it complies with relevant laws and regulations. Imiere appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for aulhorisation of all transactions. Exp18nation of aims and key objectives and details of planned activities Coleraine Old Boys Rowing Association aims and key objectives for the forthcoming year is to continue the current long-tem fundraising campaign with the aim of purchasing new capital equipment for the school rowing club. Having purchased an eight this year, we will aim to purchase an entry level coxed quad next year. It is also planned lo hold the organisation's annual dinner and rowing race in December. Structure governance and management Natu of goveming document and170W the chanty is constituted The Coleraine Old Boys Rowing Association is a charitable company limited by guarantee. It is governed by ils Memorandum and Articles ofAssociation.
THE COLERAINE OLD BOYS, ROWING ASSOCIATION ids. chartered accountants TRUSTEES. REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 JUNE 2024 List of members The Trustees, who are also the directors for the purpose of company law, and who served during the year were.. A Humphrey (Resigned 27 December 2023) C McBurney R Cochrane M Mcmullan J Gibson K Dalzell AAnderson C Campbell (Appointed 27 December 2023) Melhods, policias and procedures for GlIMent, 8ppointm8nt, induction and Iraining of new trustees The directors of the company are also charity trustees for the purposes of charity law. At every Annual General Meeting. one-third of the Directors who are subject to retirement by rotation or, if their number is not three or a multiple of three, the nurnber nearest to one-third shall retire from office. The Directors lo retire by rotation shall be those who have been longest in office Sin their last appointment or reappointment, but as between persons who became or were lasl reappointed directors on the same day those to retire shall (unless they otherwise agree among themselves) be determined by lot. If the Company, at the meeting at which a director retires by rotation, does not fill the vacancy the retiring director shall, if willing to act. be deemed to have been reappointed unless at the meeting it is resolved not lo fill the vacancy or unless a resolution for the reappointment of the director is put to the meeting and losl. No person other than a director retiring by rotation shall be apF)oinled or reappointed a director at any general meeting unless he is recommended by the Directors., or not less than fourteen nor more than Ihirty-five Clear days before the date appointed for the meeting, notice executed by a member qualified to vote at the meeting has been given to the Company of the intention lo propose that person for appointment or reappointment stating Ihe particulars which would, if he were so appointed or reappointed be required to be included in the Company's register of directors together with notice executed by that person of hi5 willingness to be appointed or reappointed. All members have to be approved by the Directors of the Charity. Organisalional stnicturn and how decisions are made Coleralne Old Boys Rowing Association has a Board of Directors of a minimum of four members who meet at least three times per year and are responsible for the well being and management ofthe Coleraine Old Boys Rowing Association on a day to day basis. At present the Committee has seven members from a variety of professional backgrounds. Any significant decisions regarding th& Charity are made al Board meetings. Relationship betweon charity and related parties The charity has no related parties. The Tru'stees, report was approved by the Board of Truslees. C Mc8urney Director Dated,, 25 November 2024
THE COLERAINE OLD BOYS, ROWING ASSOCIATION ids. chartered accountants INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE COLERAINE OLD BOYS, ROWING ASSOCIATION I report to the Trustees on my examination of the financial statements of The Colerain8 Old Boys, Rowing Association (the company) for the year ended 30 June 2024. Responsiblllties and basls of report As the Trustees of the company land also its directors for the purposes of company law). you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied rnyself that the financial statements of the company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's finar7cial statements carried out under section 65 of the Charities Act {Northern Ireland) 2008 (the 2008 Act) In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 65{9)(bl of the 2008 Act. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the company as required by section 386 of the Companies Act 2006. the financial statements do not accord with those records., or the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a Irue and fair view, which is ncrt a matter considered as part of an independenl examination. or the financial stalements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concerns and have corne across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. s QL.L..& tl LL IDS Chartered Accountanls LLP 23125 Queen Street COLERAINE Co Londonderry BT52 18G 25 November 2024
THE COLERAINE OLD BOYS. ROWING ASSOCIATION ids. chartered accountants STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted Restricted funds funds 2024 2024 Total Un restrlcted Restrlcted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Charitable activilies 6,161 6,161 9,507 9,812 9,812 4,721 9,507 4.721 Totsl Income 9.507 8,161 15.668 4,721 9,812 14,533 Expendlture on: Charitable activities Other material expenditure 2,385 2,385 685 685 32,754 32,754 10,916 10,916 Total expendlture 2.385 32,754 35,139 685 10,916 11,601 Net incomellexpendlturel 7,122 126,5931 (19,471) 4,038 11,1041 2,932 Transfers beeen funds (7,122) 7,122 14,036} 4,036 Net movement In funds 119,471) (19,471} 2,932 2.932 Recon¢lllation of funds: Fund balan$ at 1 July 2023 1,000 26,737 27,737 1,000 23,805 24,805 Fund balances at 30 June 2024 1,000 7,266 8,266 1,000 26,737 27,737 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE COLERAINE OLD BOYS. ROWING ASSOCIATION ids. hartered accountants BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Notes Current assets Debtors Cash at bank and in hand 4,919 22,818 8.266 8.266 27,737 Net current assets 8,266 27,737 Net assets 8,266 27,737 The funds of the company Restricted income funds Unrestricted funds 7,266 1,000 26,737 1,000 8,266 27.737 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006. for the year ended 30 June 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial slalements have been prepared in accordance th the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 25 November 2024 C M¢Bumey Dlrector J Gibson Director Company registration number N1045083 {Northern Ireland)
THE COLERAINE OLD BOYS. ROWING ASSOCIATION ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accountlng pollcles Charlty informatlon The Coleraine Old Boys, Rowing Association is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 135 Ballymena Road, DOAGH, Ballyclare, BT39 OTN. 1.1 Accounting convention The financial statements have been prepared in accordance with the company's goveming document. the Companies Act 2006 and Accounting and Reporting by Charities.. Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" (as amended for accounting periods commencing from 1 January 2016). The company is a PubliG Benefit Entity as defined by FRS 102. The company has taken advantage of the provislons in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Stalernent of Cash Flows. The financial statements are prepared in sterfing, which is the funclSonal currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the hislortcal cost convention. The principal accounting polcies adopted are set out below. 1.2 Golng concern The accounts have been prepared on the assumption that the company is able to carry on business as going concern. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors a5 to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to Specific conditions by donors that the Capilal must be maintained by the company. 1.4 Incoming resources Income is recognised when the company 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. Cash donations are recognised on receipt. Other donations are recognised once the company has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise ifth8 company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amounl is not known. the legacy is treated as contingent asset. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Where costs cannot be directly attributed to particular heading5 they have been allocated to activities on a basis consistent with the use of the resources. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities, Administration costs are those incurred in connection with administration of the charity and compliance with constitutional and stalulory requirements.
THE COLERAINE OLD BOYS, ROWING ASSOCIATION ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies (Contlnued) 1.5 Cash and cash equivalents Cash and cash equivalents include cash in hand. depos11s held al call with bank5, Other short-teryn liquid investments with original maturities of three months or less, and bank overdraft5. Bank overdrafts are shown within borrowings in current liabilities. Baslc financial assets Basic financial assets. which include debtors and cash and bank balances, are initially measured ai transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets dassified as receivable within one year are not amortised. Basic flnancial Ilabilities 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 al the present Value of the future payment5 discounted at a market rale of interest. Financial liabilities classified as payable within one year are not amortised. Income from donatlons and legacies Restrlcted funds 2024 Restrlcted funds 2023 Donations and gifts 6,161 9,812
THE COLERAINE OLD BOYS. ROWING ASSOCIATION ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Income from charitable activities Unrestrlcted funds 2024 Unrestrlcted funds 2023 Membershlp fees Sale of goods 4,358 4.038 Klt Sale of goods 1.708 Annual dinner Sale of goods 692 683 Glft aid Sale of goods 2,499 Boat purchase Sale of goods 245 Merchandlse Sale of goods 9,507 4.721 10-
ids. chartered accountant
THE COLERAINE OLD BOYS, ROWING ASSOCIATION ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Trustees None of the Trustees (or any persons connected wlh them) received 8ny remuneration during the year. Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Total Debtors 2024 2023 Amounts falling due wlthin one year: Prepayments and accrued income 4,919 Restrlcted funds The restricted funds of the charity comprtse the unexpended balances of donations and grants held on trusl subject to specific conditions by donors as to how they may be used, At 1 July 2023 Incomlng resourc&s Resources expended Transfers At 30 June 2024 Restricted funds 26,737 6,161 132,754) 7,122 7,266 Prevlous year". At l July 2022 Incomlng resources Resources expended Transfers At 30 June 2023 Restricted funds 23,805 9,812 {10,916) 4.036 26,737 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 July 2023 Incomlng resources Resources expended Transfers At 30 June 2024 Unrestricted lunds 1,000 9.507 12,385) (7,122> 1,000 12-
THE COLERAINE OLD BOYS, ROWING ASSOCIATION ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted funds (Continued) Prevlous year: At 1 July 2022 Incomlng Resources resources expended Transfers At 30 June 2023 Unrestricted funds 1,000 4,721 1685) 14.036) 1,000 10 Analys15 of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 30 June 2024: Current assetsl(liabilities) 1,000 7.266 8,266 1.000 7,266 8.266 UnrestrlGted funds 2023 Restrlcted funds 2023 Total 2023 At 30 June 2023: Current asselsl(liabilities) 1,000 26,737 27,737 1,000 26,737 27,737 11 Related party transactlons There were no disclosable related party transactions during the year {2023- none). 13-