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¥D0W￿￿NT 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 therev￿th.
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. C￿dItorS 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