Charity Registration Number: NIC 108344
THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31ST MARCH 2023

THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST
Contents
Pages
Charity Information
Trustees, Report
Independent Examinerfs Report
Statement of Financial Activities
Balance Sheet
Statement in Changes in Funds
Notes to the Financial Statements
9-12

THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST
CHARITY INFORMATION
Public Address
16 Exoma Lane
Castlerock
Coleraine
BT514UA
Bankers
AIB {NI)
78 Wellington Street
Ballymena
Co. Antrim
BT43 6AF
Solicitors
Carson McDowell
Solicitors
Murray House
Murray Street
Belfast
BT16DN
Martin King French and Ingram
52 Catherine Street
Limavady
Co. Londonde
BT49 9DB.
Independent Ex8miner
Moore (N.I.) LLP
32 Lodge Road
Coleraine
Co Londonderry
BT52 1 NB
Pagell

THE COLERAtNE ACADEMICAL INSTITUTION ENDOWMENT TRUST
CHARITY INFORMATION (CONT'D)
Trustees
Mr. W.A. Linnegan
Mr. W. Oliver
Mr. A. Taggart
Mr. D. Rankin
Mr. J. Smyth
Mr. R. Orr
Mr. D. Workman
Dr. J. Kerr
Mr. G. Montgomery
Mr. D. Grills
Mr. R. Archibald
Ms. J. Millar
Representative of the Instttution
Representative of the Institution
Representative of the Institution (resigned 22nd April 2023)
Representative of the Institution
Representative of the Institution
Representative of the Institution
Representative of the Institution
Representative of the Institution
Representalive of the Institution
Appointed by DE
Representstive of the Institution
Representative of the Hon. The Irish Soclety {Ex-officio)
Puse12

THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST
TRUSTEES, REPORT
In submitting our Report to accompany the Annual Statement of Accounts up to 31st March 2023, we wish to
acknowledge the dedicated service given by all the Trustees.
Objectives and activities
During the year under review, the Trustees continued to engage with the Department of Education and Coleraine
Grammar School. The Trustees, having previously invested considerable cash resources with Capital Trust,
Lodge Road, Coleraine continue to meet their fiscal responsibililies on behalf of the Trust through regular review
of the portfolio. The property at 23A Queens Park. Coleraine remains on the open market with R. Benson. & Co.,
the likelihood being that the Grammar School would be in need of considerable cash injection for projects in the
foreseeable future.
Financial review
The net expenditure in the Ststement of Financial Activities before other recognised gains for the year ended 3151
March 2023 was {£79,920) (2022: £13,583 net income).
The Trustees endeavour to maintain sufficient funds to ensure that the Charity will be able to continue with its
activities and, in the event of a drop in income. give consideration to ways in which additional funds may be raised.
Structure, Govemance and Management
Under the Scheme of Management (as amended) the Board of Trustees shall consist of not less than 10 and no
more than 12 members made up as follows:
The nominated representative of The Honourable The Irish Society.
One member appointed by the Dept. of Education.
At least 8 and not more than 10, who shall be former pupils, having attended tha Institution for at le2St 5 years, to
be appointed by the Trustees.
The Scheme was formally amended in September 2017.
Publlc benefit
The public benefits include improved educational outcomes for the Beneficiaries through their receiving additional
financial assistance to support their education and improved educalj'onal outcomes for the Beneficiaries through
their having access to the land and buildings owned by The Coleraine Academical Institution Endowment Trust.
These can be identified through a review of the educational attainment data for the Beneficiaries. The only private
benefit we can identify is that pupils of Coleraine Grammar School who benefit from the Twst may achieve better
educational outcomes which in tum enables Ihem to improve their professional career prospects. but this is
considered to be incidental and necessary and it is outweighed by the benefit that improved educational outcomes
for individuals will contribute to their local communty and society.
Future plans
In March 2023 the Dept. of Education announced that a building contract had been awarded to provide addttional
classroom facilities on the Casllerock Road with work to begin in the summer of 2023.
The Trustees continue to give thought to financially assisting the Grammar School on a number of fronts, namely
the provision of rowing steps, the refurbishment of the CAI War Memorial Pavilion and the provision of an all-
weather playing surface. None of these projects would be considered under any DE Funding, but are considered
essential for the School to provide its full range of activilies and opportunities on one site.
Risk
The Trustees are aware of their responsibilities and monttor risks regularfy.

THE COLERAINE ACADEMtCAL INSTITUTION ENDOWMENT TRUST
TRUSTEES. REPORT (CONT'D}
Statement of Trustees, responsibilities in respect of the Annual Report and the Financial Statements
The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with
applicable law and regulations.
Charity law requires the Trustees to prepare the financial statements for each financial year. Under that law the
Trustees appointed to prepare the financial statements in accordance wtth United Kingdom Generally Accepted
Accounting Practice, including Financial Reporting Standard FRS 102, the Financial Reporting Standard
Applicable in the UK and Republic of Ireland (FRS102) and with the Statement of Recommended Practice
"Accounting and Reporting by Charities". Under law the Trustees 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 trust and of the net income for that
year. In preparing these financial statements, the Trustees are ￿qUIred to-
select suitable accounting policies and then apply them consistently.,
make judgements and accounting estimates that are reasonable and prudent.,
p￿pare the financial statements on the going concem basis unless it is inappropriate to presume that the
company will continue in busin&ss.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the
company s transactions and disclose with reasonable accuracy at any time the financial position of the trust and
enable them to ensure that the financial staternents comply with the relevant legislation. The Trustees are also
responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included
on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of the
financial statements may differ from legislation in other jurisdictions.
By order of the Board
Mr W. Oliver
Hon. Secretary
15th September 2023
Pag£14

THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE BOARD OF TRUSTEES OF THE COLERAINE ACADEMICAL INSTITUTION
ENDOWMENT TRUST
I report on the accounts of the charity for the year ended 31 March 2023, which are set out on pages 6 to 12.
Respective responsibilities of Trustees and examiner
As the charity's Trustees you are responsible for the preparation of the accounts in accordance with the Charities
Act (Northern Ireland} 2008.
It is my responsibility to:
(i) examine the accounts under section 65 of the Charities Act
(li) follow the procedures laid down in the general directions given by the Charity Commissionfor Northern Ireland
under section 65{9)(b) of the Charities Act
(iii) state whether particular matters have come to our attention.
Basis of independent examiner's report
I have examined your charity accounts as required under section 65 of the Charities Act and my examination was
carried out in accordance with the general directions given by the Charity Commission for Northem Ireland under
section 65(9>{b) of the Charities Act.
The examination included a review of the accounting records kept by the charity and a comparison of the accounts
presented with those records. It also included consideration of any unusual items or disclosures in the accounts.
and seeking explanations from you as charity Trustees concerning any such matters.
My role is to stste whether any material matters have come to our attention giving us cause to believe:
That accounting ￿e0rdS were not kept In accordance with s&ction 83 of the Charities Act
That the accounts do not accord with those accounting records
That the accounts do not comply with the accounting requirements of the Charities Act
That there is further information needed for a proper understanding of the accounts to be reached.
Independent examinevs statement
I have completed our examination and have no concems in respect of the matters (1) to (4) listed above and. in
connection with following the Directions of the Charity Commission for Northern Ireland. we have found no matters
that require drawing to your attention.
Dr R I Peters Gallagher OBE, FCA
Moore (N.I.) LLP
32 Lodge Road
Coleraine
Co Londonderry
BT52 1NB
15th September 2023
Page15

THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST MARCH 2023
Unrestricted
Funds
2023
RestriGted
Funds
2023
Total
Total
2023
2022
Income
Donations and legacies
Voluntary contributions
Income from charitable actlvlties
Sundry income
Investment income
Bank interest
Total Income
46
60
60
276
10
116
10
116
322
Expenditure
Expenditure on charitable activtties:
Expenditure - General revenue
Total Expenditure
68,495
68.495
68,495
11,538
Net (expenditure) for the year
(68,379)
(68,379)
(11,216)
Gainl(loss) on Investment assets
111,541)
(11,541)
24.799
Net movement in fvnds
(79.920)
(79,920)
13,583
Reconciliation of funds
Total funds brought forward
Total funds carried forward
24,054,980
23,975,060
24,054,980
23,975,060
24,041,397
24.054,980
The notes on pages 9- 12 forn part of these financial statements and should be read in o)njun¢tion therewith.
Page16

THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST
BALANCE SHEEf AS AT 31- MARCH 2023
2023
2022
Notes
Fixed assets
Tangible assets
Investments
23.278.934
630,422
23.909,356
23,262,400
541.963
23,804.363
Current assets
Cash at bank and in hand
67,864
67,864
252.417
252,417
Creditors.. amounts falling due within one year
Net current assets
2,160
65,704
1,800
250,617
Net assets
23,975.060
24,054,980
Capital and reserves
Unrestricted Funds
23,975,060
23,975,060
24,054,980
24,054,980
The financial stslements were approved by the Trustees 151h September 2023.
Signed on behalf of the Board:
Mrw,
Chai
ne
an
perso
The notes on pages 9- 12 fomi part of these financial statement and should be read in conjunction therewith.
Page17

THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST
STATEMENT OF CHANGES IN FUNDS
FOR THE YEAR ENDED 31ST MARCH 2023
Unrestricted Restrirted Endowment
Funds
Funds
Funds
Total
Balance as at 1st April 2021
24,041,397
24,041,397
Year ended 3181 March 2022
Net income for the year
Balance as at 31st March 2022
13,583
24,054,980
13,583
24,054.980
Year ended 31st March 2023
Net (expenditure} for the year
Balance as at 31st March 2023
79,920
23,975.060
79,920
23 975 060
The notes on pages 9- 12 fonn part of these financial statemenl and should be read in conjunction therewith.
Page18

THE COLERAINE ACADENUCAL INSTITUTION EI¥DOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR YEAR ENDED 31- MARCH 2023
STATEMENT OF ACCOUNMNG POLICIES
A summary of the accounting policies, which have been applied consistently. is set out below.
(a) Basls of preparation
The financial statements have been prepared in accordance with 'Accounting and Reporting by
Charities: Statement of Recommended Practi￿ applicable to charities preparing their accounts in
accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS
102) (effective 1 January 2019)".
The Coleraine Academical Institution Endowment Trust meets the definition of a public benefrt entity
under FRS 102.
The principal accounting policies adopted are set out below.
{b) Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the
Charity has adequate reSoUr￿S to continue in operational existence for the foreseeable future. Thus
the Trustees continue to adopt the going concem basis of accounting in preparing the financial
statements.
(c) Income recognition
Income is recognised when the charity has entitlement to the funds. any perforrnance conditions
attsched to the item(s) of income have been met, it is probable that the income will be received and
the amount can be rneasu￿d ￿lIablY.
(d) Interest receivable
Interest on funds held on deposit Is Included when receivable and the amount can be measured
reliably by the Charity: this is nomially upon notification of the interest paid or payable by the Bank.
(e) Fund Accounting
Unrestricted funds are general funds that are available for use at the Truste8s' discretion in
furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside by the Trustees out of unrestricted general funds
for specrfic purposes. The designated funds for fixed assets Is that part of unrestricted funds that
represents fixed assets held.
Restricted fvnds are those given for use in a particular area or for spectfic purposes. the use of which
is restricted to that area or purpose.
(fj Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third
party, it is probable that settlement wi51 be required and the amount of the obligation can be measured
reliably.
(g) Tangible fixed assets
Investmeni property is carrted at market value.
{hl Investments
Investments are included at market Value at the balance sheet date.
Page19

THE COLEIL4INE AcADE1￿CAL INSTITUTION ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
ST
FOR YEAR ENDED 31 MARCH 2023 (CONT'D)
(i) Grants
Capital grants are included as incoming resources in the year in which they are received in accordance
with SORP "Accounting and Reporting by Charities-.
Revenue grants are credited to revenue as they are received.
ti) Debtors
Trade and other debtors are ststed after all known bad debts have been written off and specific
provision has been made against all debts considered doubtful of collection. Prepayments are valued
at the amount prepaid net of any trade discounts due.
{k} Cash at bank and in hand
Cash at bank and cash in hand includes cash and Short term highly liquid investments with a short
maturity of three months or less from the date of acqui51tion or opening of the deposit or similar
account.
(l) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a
past event that will probably result in the transfer of funds to a third party and the amount due to settle
the obligation can be measured or estimated reliably. Creditors and provisions are normally
recognised at their settlement amount after allowing for any trade discounts due.
(m} Flnancial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial
instwments. Basic financial instruments are initially rewgnised at transaction value and subsequently
measured at their settlement value with the exception of bank loans which are subsequently
measured at amortised cost using the effective interest method.
(n) Taxation
No provision is required for Lqxation as the Trust is defined as a charity for taxation purposes.
Page 110

THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR YEAR ENDED 31ST MARCH 2023 (CONT'D)
2. TRUSTEES
None of the Trustees received any remuneration for their services to the charity (2022: £nil). neither were they
reimbursed expenses during the year {2022: £nil).
3. TANGIBLE FIXED ASSETS
Investment
Property
Fixtures.
frttings and
equipment
Total
Cost
At 1 $1 April 2022
Additions
Revaluation
Disposals
At 31S1 March 2023
23,233,400
16.534
29.000
23,262.400
16,534
23,249.934
29.000
23.278,934
Depreciation
At 1st April 2022
Charge for the year
At 31st March 2023
Net book Value
At 315t March 2023
23 249,934
23,278,934
At 3181 March 2022
23,233,400
29,000
23,262 400
4. INVESTMENTS
Market value
At 1 $1 April 2022
Addition
Net loss on revaluation
At 31$1 March 2023
541,963
100,000
11,541
630,422
5. FINANCIAL INSTRUMENTS
2023
2022
Investments rneasU￿d at fair value
630,422
541.963
Page | 11

THE COLERAINE ACADEMICAL INSTITUTION EI¥DOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
ST
FOR YEAR ENDED 31 MARCH 2023 (CONT'D)
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
2022
Accruals
2,160
1.800
7. RESERVES
Unrestricted
Funds
Restricted
Funds
Total
At 1st April 2022
Net movement in funds
At 31st March 2023
24.054,980
(79,920)
23,975.060
24,054,980
(79,920)
23,975,060
8. RELATED PARTY DISCLOSURE
The Charity donated £60.000 (2022 - £nil) during the year to Coleraine Grammar School.
9. ULTIMATE CONTROLLING PARTY
Thère is no ultimate controlling paty.
Pooe112