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., ppare 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 reSoUrS 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 rneasud 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 AcADE1CAL 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 rneasUd 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