Charity Registration Number: NIC 108344 THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
THE COLEIL41NE ACADEMICAL INSTITUTION ENDOWMENT TRUST Contents Pages Charity Information Trustees. Report Independent Examinerfs Report Statement of Financlal Activities Balance Sheet Statement in Changes in Funds Notes to the Financial Ststements 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 LLP Solicitors Murray House Murray Street Belfast BT16DN Martin King French and Ingrarn 52 Catherine Street Limavady Co. Londonde BT49 9DB. Independent Examiner Moore (N.I.) LLP 32 Lodge Road Coleraine Co Londonde BT52 1NB Pagell
THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST CHARITY INFORMATION (CONT'D) Trustees Mr. W.A. Linnegan Mr. W. Oliver Mr. D. Ranknn 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 Institution Representative of the Institution Representative of the Institution Representative of the Institution Representative of the Institution Representative of the Institution Representative of the Institution Representative of the Institution Appointed by DE Representative of the Institution Representative of the Hon. The Irish Society (Ex-offiao) Page12
THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST TRUSTEES, REPORT In submitting our Report to accompany Ihe Annual Statement of Accounts up to 315t March 2024, we wish to acknowledge the dedicated service given by all the Trustees. Objectives and activities The Trust owns the assets and property previously occupied by Coleraine Academical Institution which are now leased on a peppercom rent to Coleraine Grammar School and the Department of Education. The 501e beneficiary of the Trust is Coleraine Grammar School and the Trust's aim is to assist in the furthering of the education of students attending that school and in the provision of facilities not funded by the Department of Education. 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 Iheir fiscal responsibilities 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 Gonsiderable cash injection for projects in the foreseeab18 future. Flnancial review The net income in the Statement of Financial Activities before other recognised gains for the year ended 318t March 2024 was £21.896 (2023: £79,920 net expenditure). 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 considerats'on 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 Honourdble The lrfsh Society. One member appointed by the Dept. of Education. At least 8 and not more than 10. who shall be former pupils. having attended the Institution for at least 5 years, to be appointed by the Trustees. The Scheme was formally amended in September 2017. Public benefit The public benefrts include improved educational outcomes for the Beneficiaries through their receiving additional financial assistance to support their education and improved educational outcomes for the Beneficiaries through their having access to the land and buildings owned by The Coleraine Academical Instff(ution 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 Trust may achieve better educational outcomes which in tum enables them to improve their professional ¢areer prospects. but thi5 is considered to be incidental and necessary, and it is outweighed by the benefrt 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 additional classroom facilities on the Casuerock 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 activities and opportunities on one site. Risk The Trustees are aware of their responsibilities and monitor risks regularly. Pqge13
THE COLERAtNE ACADEMICAL INSTITtrTION EI¥D0WNT 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 with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard FRS 102, the Financial Reporting Stsndard Applicable in the UK and Republic of Ireland (FRS102) and with the Statement of Recommended Practice 'Ac¢ounting and Reporting by Charities". Under law the Trustees must not approve the financial ststements 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 required to: select suitable accounting policies and then apply them consistently: make judgements and arKounting estimates that a reasonable and prudent., prepar8 the financial statements on the going con¢ern basis unless it is inappropriate to presume that the company will ntinUe in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose viith reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial ststements 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 irrègularities. 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 goveming the preparation and dissemination of the financial statements may drffer from legislation in other jurisdictions. By order of the Board Mr W. Oliver Hon. Secretary 121h September 2024 Page14
THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES OF THE COLERAINE ACADEMICAL INSTITUTION ENDOWMEKf TRUST I report on the accounts of th8 charity for the year ended 31 March 2024. 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 responsibilty to: (l) examine the accounts under section 65 of the Charities Act (li) follow the procedures laid down in the general directions given by the Charity Commission for Northern Ireland under section 65191{b) of the Charities Act (iii) state whether particular matters have Come to our attention. Basis of independent examinerfs report I have examined your charity accounts as required under section 65 of the Chartties Act and my 8xamlnation was carried out in a¢cordance 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 state whether any material matters have corne to our attention giving us cause to believe: That accounting records were not kept in accordance with section 63 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 Charrties Act That there is further infonnation needed for a proper understanding of the accounts to be reached. Independent examinerfs statement I have completed our examination and have no concerns in respect of the matters (1) to (4) listed above and. in connection with following the Directions of the Chanty 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 Londondery BT52 1NB 12th September 2024 Pdge15
THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024 Unrestricted Restricted Funds Funds 2024 2024 Total Total 2024 2023 Notes Income Donations and legacies Voluntary contr¢butions Income from charitable activities Sundry inGom8 Investment income Bank interest Total Income 46 132 132 60 10 116 232 232 Expenditure Expenditure on charitable activltles: Expenditure- General revenue Total Expendltur¢ 8.837 8,837 68,495 8,837 Net (expenditure) for the year (8,605) (8,605) (68,379) Gainl(lo$s) on investment assets 30,501 30,501 (11.541) Net movement in lunds 21,896 21.896 {79,920) Reconciliation of funds Total funds brought forward Total funds carried forward 23.975,060 23.996,956 23.975,060 23.996.956 24,054,980 23.975 060 The notes on pages 9- 12 fonn part of these financial statements and should be read in conjunctton therewith. P4ge16
THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST BALANCE SHEET AS AT 31- MARCH 2024 2024 2023 Notes Fixed assets Tangible assets Investments 23,278,934 660,923 23,939,857 23,278,934 630 422 23,909,356 Current assets Cash at bank and in hand 59.500 59.500 67,864 67,864 Creditors: amounts falling due within one year Net current assets 2,400 57,100 2.160 65,704 Net assets 23.996.956 23,975,060 Capital and reserves Unrestricted Funds 23,996,956 23,996,956 23,975,060 23,975,060 The financial staternents were approved by the Trustees 12th September 2024. Signed on ehalf of the Board: Mrw Chai ne erso The notes on pages 9- 12 fomi part of these financial statement and shoukl be read in conjunction therewtth. Page17
THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST STATEMENT OF CHANGES IN FUNDS FOR THE YEAR ENDED 31ST MARCH 2024 Unrestricted Restrithd Endowment Funds Funds Fund$ Total Balan as at 1st April 2022 24,054,980 24,054,980 Year ended 31st March 2023 Net (expendrture) for the year Balance as at 31st March 2023 9.920 23 975,060 79,920 23.975.060 Year ended 31st March 2024 Net income for the year Balance as at 31st March 2024 21,896 23.996,956 21,896 23,996,956 The notes on pages 9- 12 form part of these financial statement and should be read in conjunction therevth. Page18
THE COLEIL4INE ACADEMICAL INSTITifTION ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2024 STATEMENT OF ACCOUNTING POLICIES A summary of the accounting policies. which have been applied ¢onsistently, is set out below. (a) Basis of preparation The finanGial ststements have been prepared in accordanc8 viith 'AcGounting and Reporting by Charities: Statement of Re¢ommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 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 benefit 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 resources to conts'nue 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 recognltion Income is recognised vthen the charity has entitlement to the funds, any perfomiance conditions attached to the item{s) of income have been met, it is probable that the income will be received and the amount can be measured llabty. (d) Interest re¢elvable Interest on funds held on deposit is Included when receivable and tha amount can be measured reliably by the Charty", this is normalty upon notffication of the interest paid or payable by the Bank. (e) Fund Accounting Unrestricted funds are general funds that are available for use at the Tnjstees, discretion in furtherance of the objectNes of the charity. Designated funds are unrestrt¢ted funds set aside by Ihe Trustees out of unrestricted general funds for specific purposes. The designated funds for fixed assets is that part of unrestricted funds that represents fLxed assets held. Restricted funds are those grven for use in a particular area or for specrfic purposes. the use of which is restrtcted 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 will be required and the amount of the obligation can be measured reliably. {g) Tangible fixed assets Investrnent property is carried at market value. (h) Investments Investrnents are included at market value at the balance sheet date. Page19
THE COLERAINE ACADEMtCAL INSTITUTION ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31ST MARCH 2024 (CONT'D) (i) Grants Capital grants are included as incoming resourGes sn the year in which they are received in accordance with SORP °Accounting and Reporttng by Charities.. Revenue grants are credited to revenue as they are receNed. (i) Debtors Trade and other debtors are stated 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 tenn highly liquid investments with a short maturity of three months or less from the date of acquisition 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 sU11 in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. CdItorS and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. (m) Financial Instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequent measured at amortised cost using the effectNe interest method. (n) Taxatlon No provision is required for taxation 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 31- MARCH 2024 (CONT'D) 2, TRUSTEES None of the Trustees received any remuneration for their setvices to the charity (2023: £nil), neither were they reimbursed expenses during the year (2023: £nil). 3. EXPENDITURE 2024 2023 Pension Insurance Bank Charges Independent Examination Fee Charity Donation 4,722 1,131 5.424 1.109 260 2,220 60,000 2.640 4. TANGIBLE FIXED ASSErs Investment Property Fixtures, fittings and equipment Total Cost At 1 8¢ April 2023 Additions Revaluation Disposals At 3111 March 2024 23.249,934 29,000 23,278,934 23.249,934 29,000 23.278.934 Depre¢iatlon At 1¥t April 2023 Charge for the year At 318t March 2024 Net book Value At 31st March 2024 23.249.934 29,000 23,278 934 At 31st March 2023 23 249.934 23,278.934 Page 111
THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31ST MARCH 2024 (CONT'D) 5. INVESTMENTS Market value At 1" April 2023 Net gain on revaluation At 315t March 2024 630.422 30,501 660,923 6. FINANCIAL INSTRUMENTS 2024 2023 Investments measured at fair value 660.923 630.422 7. CREDITORS: AMOUNTS FALLING DUE THIN ONE YEAR 2024 2023 Accruals 2.400 2,160 8. RESERVES Unrestricted Funds Restricted Funds Total At 1 st April 2023 Net movement in funds At 31 st March 2024 23,975,060 21,896 23,996,956 23,975,060 21.896 23,996,956 9. RELATED PARTY DISCLOSURE The Charity donated £Nil (2023 - £60,000) during the year to Coleraine Grammar School. 10. ULTIMATE CONTROLLING PARTY There is no uftimate controlling party. Page112