This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

4 |

THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST

| |

;

Contents Pages | Charity Information 1-2 Trustees’ Report | 3-5 Independent Examiner’s Report 6 Statement of Financial Activities 7 Balance Sheet 8 Statement in Changes in Funds 9 Notes to the Financial Statements 10-13 | |

t |

----- Start of picture text -----
|
----- End of picture text -----

THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST

‘ i ' b i i \ i f ! f } f , ; fl i f f i i f

}

‘

CHARITY INFORMATION

Public Address 16 Exorna Lane Castlerock Coleraine BT51 4UA

Bankers

AIB (NI) 78 Wellington Street Ballymena Co. Antrim BT43 6AF

Solicitors Carson McDowell LLP Solicitors Murray House Murray Street Belfast BT1 6DN Martin King French and Ingram 52 Catherine Street Limavady Co. Londonderry BT49 9DB.

b ‘ ; i ! Independent Examiner H !

Moore (N.I.) LLP 32 Lodge Road Coleraine Co Londonderry BT52 1NB

Page | 1

;

' f |

| THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST | CHARITYINFORMATION (CONT’D) i Trustees

Mr. W.A. Linnegan Representative of the Institution Mr. W. Oliver Representative of the Institution k Mr. D. Rankin Representative of the Institution ; Mr. J. Smyth Representative of the Institution ; Mr. R. Orr Representative of the Institution Mr. D. Workman Representative of the Institution — resigned 20/03/2024 : Dr. J. Kerr Representative of the Institution f Mr. G. Montgomery Representative of the Institution t Mr. D. Grills Appointed by DE | Mr. R. Archibald Representative of the Institution i Ms. J. Millar Representative of the Hon. The Irish Society (Ex-officio) ' i Mr. A. Kerr Representative of the Institution — elected 20/03/2024 f Mr. J Shiels Representative of the Institution — elected 17/09/2024 | f | t {) t \ |) | ' t Page| 2 } | i) f |

t THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST } i ITRUSTEES’ REPORT | ‘ In submitting our Report to accompany the Annual Statement of Accounts up to 31st March 2025, we wish to } ! acknowledge the dedicated service given by all the Trustees. } Objectives and activities | |} Theleased Trust on a ownspeppercornthe assetsrent and to Coleraineproperty previously Grammar School occupiedandbytheColeraine DepartmentAcademical of Education.Institution The solewhichbeneficiaryare now }1. i 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. i During the year under review, the Trustees continued to engage with the Department of Education and Coleraine | 4 Grammar School. The Trustees, having previously invested considerable cash resources with Capital Trust, i | Lodge Road, Coleraine continue to meet their fiscal responsibilities on behalf of the Trust through regular review | t of the portfolio. The property at 23A Queens Park, Coleraine was sold in June 2024. i Financial i review | The net expenditure in the Statement of Financial Activities before other recognised gains for the year ended 31° I i March 2025 was £137,563 (2024: £21,896 net income). i| \ Ih } The Trustees endeavour to maintain sufficient funds to ensure that the Charity will be able to continue with its I ] activities and, in the event of a drop in income, give consideration to ways in which additional funds may be raised. } |Structure, Governance and Management i | i| Under the Scheme of Management (as amended) the Board of Trustees shall consist of not less than 10 and no j more than 12 members made up as follows: ( il The nominated representative of The Honourable The Irish Society. iI li AtOne memberleast 8 and appointednot more thanby the10, Dept.who ofshall Education.be former pupils, having attended the Institution for at least 5 years, to Ii) i be appointed by the Trustees. | i The Scheme was formally amended in September 2017. | |)i Public benefit |iI 1 The public benefits 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 \ i their having access to the land and buildings owned by The Coleraine Academical Institution Endowment Trust. i | 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 i } educational outcomes which in turn enables them to improve their professional career prospects, but this is iy | considered to be incidental and necessary, and it is outweighed by the benefit that improved educational outcomes i ] for individuals will contribute to their local community and society. | ] Future plans ] In March 2023 the Dept. of Education announced that a building contract had been awarded to provide additional | i classroom facilities on the Castlerock Road with work to begin in the summer of 2023. i f The Trustees continue to share with the Board of Governors their frustration at the lack of progress in having this | | building contract completed and all defects eliminated. The Board has brought their dissatisfaction to the attention i j of the Dept. of Education and the Trustees fully support this action. I \ The Trustees continue to give thought to financially assisting the Grammar School on a number of fronts, namely IW i the provision of rowing steps, the refurbishment of the CAl War Memorial Pavilion and the provision of an alli i weather playing surface. None of these projects would be considered under any DE Funding but are considered 1 | essential for the School to provide its full range of activities and opportunities on one site. I \ Following the sale of the property in Queens Park, the Trustees gave the school a further grant of £250,000 i) ft towards the School Sports Appeal. This now brings to £310,000 in total donated to improving sporting facilities 1 i fF i|Page | 3 | i|

THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST

if i i }

TRUSTEES’ REPORT (CONT’D)

and in addition the Trust have given an undertaking to advance such monies as are necessary, (not to exceed if £250,000) to ensure timely completion of the hockey pitch. H Subsequent to the year end, the Trust advanced an interest free loan of £150,000 to ensure that the school was H able to meet its contractual obligations. The loan to be reviewed in March 2026.

Risk

The Trustees are aware of their responsibilities and monitor risks regularly. h iPage | 4 i

THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST ‘ | } i eee ee ee eee i ] bTRUSTEES’ REPORT (CONT’D) I | | ; 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. W H Charity law requires the Trustees to prepare the financial statements for each financial year. Under that law the i | Trustees appointed to prepare the financial statements in accordance with United Kingdom Generally Accepted } i 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 i ! “Accounting and Reporting by Charities”. Under law the Trustees must not approve the financial statements unless | i 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: | | i - select suitable accounting policies and then apply them consistently; |} - make judgements and accounting estimates that are reasonable and prudent; } | - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the ] company will continue in business. i ; The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the i | 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 statements comply with the relevant legislation. The Trustees are also i ! responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and fi } 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 : i | 444 . ] Mr W. Oliver } } Hon. Secretary I | 14th September 2025 |il ‘| | ] | ! | Page|5 } | } k

i I

\ t i } } i } 1 I t I b | | i | | ] i ! | } i | l | : i ( f } j

THE i COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST I SS ee q INDEPENDENT EXAMINER’S REPORT ENDOWMENT TRUST | TO THE BOARD OF TRUSTEES OF THE COLERAINE ACADEMICAL INSTITUTION \ } | report on the accounts of the charity for the year ended 31 March 2025, which are set out on pages 6 to 12. t | Respective responsibilities of Trustees and examiner i | 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 | | (i) examine the accounts under section 65 of the Charities Act } } (ii) follow the procedures laid down in the general directions given by the Charity Commission for Northern Ireland i under section 65(9)(b) of the Charities Act 1 } (iii) state whether particular matters have come to our attention. I Basis of independent examiner’s report t \ | have examined your charity accounts as required under section 65 of the Charities Act and my examination was I | carried out in accordance with the general directions given by the Charity Commission for Northern Ireland under b 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 i i | j and seeking explanations from you as charity Trustees concerning any such matters. | i My role is to state whether any material matters have come to our attention giving us cause to believe: k 1. That accounting records were not kept in accordance with section 63 of the Charities Act j 2. That the accounts do not accord with those accounting records ] f 3. That the accounts do not comply with the accounting requirements of the Charities Act i i 4. That there is further information needed for a proper understanding of the accounts to be reached. ! i Independent examiner’s statement | | | 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 Charity Commission for Northern Ireland, we have found no matters i i that require drawing to your attention. | } l | | Dr RI Peters Gallagher OBE, FCA : | Moore (N.I.) LLP i | k 32 Lodge Road ( Coleraine f | Co Londonderry } i BT52 1NB j } 14" September 2025 | i |i | |Page | 6

THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT

TRUST

1 ] | \ | | i ! 1 } | 1 |i i 1 | \ I }fi |

}		STATEMENTOFFINANCIALACTIVITIES	STATEMENTOFFINANCIALACTIVITIES	STATEMENTOFFINANCIALACTIVITIES	STATEMENTOFFINANCIALACTIVITIES
			FORTHEYEAR	YEARENDED3157	3157MARCH2025
} i ;		Income	Notes	Unrestricted Funds 2025 £	Restricted Funds 2025 é£		Total 2025 £
		Donations and legacies
					i :		Voluntary contributions Incomefrom charitable activities Sundry income Investmentincome Bank interest TotalIncome Expenditure on charitable activities:
'			Expenditure - General revenue Total Expenditure	3	258,612 258,612		- -
t ;	Net(expenditure) fortheyear		(178,804)		-	(178,804)	(8,605)
		Gain/(loss) on investment assets		41,241		,	41,241
				i		Netmovementinfunds Reconciliation offunds Totalfunds broughtforward Total funds carried forward

i| | i i The notes on pages 9 — 12 form part of these financial statements and should be read in conjunction therewith. |] W i i t Page |7 i f :

4 i | THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST \ | BALANCE SHEET AS AT 318’ MARCH 2025 | \ | 2025 2024 | | Notes £ £ I i Fixed assets | Tangible assets 4 23,114,166 23,278,934 | ih Investments 5 702,164 660,923 i | 23,816,330 23,939,857 / Cash at bank and in hand 45,463 59,500 I | Current assets y | } ! 45,463 59,500 | } i Creditors: amounts falling due within one year 7 2,400 2,400 } \ Net current assets 43,063 57,100 i ; ; | CapitalNet assetsand reserves 23,859,393 23,996,956 ] Unrestricted Funds 8 23,859,393 23,996,956 } | 23,859,393 23,996,956 i |q | | : The financial statements were approved by the Trustees 14‘ September 2025. | { Signed on behalf of the Board: ! ; i ; i \ i ‘ Tih tj i Mr } | | ChairpersW A Linyfegan || | i) } h i | 1} | |The notes on pages 9 — 12 form part of these financial statement and should be read in conjunction therewith. 1 i iil | | ) Page | 8 ; ! ;

THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST

| ; | |

} |

----- Start of picture text -----
|
----- End of picture text -----

----- Start of picture text -----
STATEMENT OF CHANGES IN FUNDS
FOR THE YEAR ENDED 315 MARCH 2025
Unrestricted Restricted Endowment
Funds Funds Funds Total
£ £ £ £
Balance as at 1S April 2023 23,975,060 - - 23,975,060
Year ended 31% March 2024
Net income for the year 21,896 - - 21,896
Balance as at 31st March 2024 23,996,956 - - 23,996,956
Year ended 31st March 2025
Net (expenditure) for the year (137,563) - - (137,563)
Balance as at 31st March 2025 23,859,393 - - 23,859,393
----- End of picture text -----*

----- Start of picture text -----
The notes on pages 9 — 12 form part of these financial statement and should be read in conjunction therewith.
----- End of picture text -----

----- Start of picture text -----
Page | 9
----- End of picture text -----

----- Start of picture text -----
i
----- End of picture text -----

i] \ | THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST i NOTES TO THE FINANCIAL STATEMENTS : | FOR YEAR ENDED 318? MARCH 2025 | |1. STATEMENT OF ACCOUNTING POLICIES | A summary of the accounting policies, which have been applied consistently, is set out below. I | (a) Basis of preparation F The financial statements have been prepared in accordance with “Accounting and Reporting by i ' Charities: Statement of Recommended Practice applicable to charities preparing their accounts in I 102) (effective 1 January 2019)”. i } accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS } i | ' Theunder ColeraineFRS 102. Academical Institution Endowment Trust meets the definition of a public benefit entity |i | The principal accounting policies adopted are set out below. \ | It | (b) Going concern | ; AtCharity the timehas ofadequate approvingresources the financialto continue statements, thein operational Trusteesexistence have afor reasonable the foreseeable expectationfuture. thatThus, the [i i the Trustees continue to adopt the going concern basis of accounting in preparing the financial | statements. | j\11 | (c) Income recognition i \ Income is recognised when the charity has entitlement to the funds, any performance conditions | i attached to the item(s) of income have been met, it is probable that the income will be received, and I the amount can be measured reliably. i | (d) InterestInterestInterest receivableonon funds held on deposit is included when receivable and the amount can be measured ]| i reliably by the Charity; this is normally upon notification of the the interest paid or payable by the Bank. Unrestricted funds are general funds that are available for use at the Trustees’ discretion in i i (e) Fund Accounting Accounting | i i furtherance of the objectives of the objectives of objectives of of the charity. charity. | | Designated funds are unrestricted funds set aside by the Trustees out of unrestricted general funds i i for specific purposes. The designated funds for fixed assets is that part of unrestricted funds that ] | represents fixed assets held. fixed assets held. assets held. held. ;[[|]] is restricted to that area that area area or purpose. purpose. 1 | Restricted funds are those given for use in a particular area or for specific purposes, the use of funds are those given for use in a particular area or for specific purposes, the use of are those given for use in a particular area or for specific purposes, the use of those given for use in a particular area or for specific purposes, the use of given for use in a particular area or for specific purposes, the use of for use in a particular area or for specific purposes, the use of use in a particular area or for specific purposes, the use of in a particular area or for specific purposes, the use of a particular area or for specific purposes, the use of particular area or for specific purposes, the use of area or for specific purposes, the use of or for specific purposes, the use of for specific purposes, the use of specific purposes, the use of purposes, the use of the use of use of of which | i i | (f) Expenditure and and irrecoverable VAT VAT } } Expenditure is recognised once there there is a a legal or constructive obligation obligation to make make a payment to a payment to a to a a third i i party, it is probable that settlement that settlement settlement will be required, and the amount of the amount of the of the the obligation can be measured measured i i reliably. | i|| (g) Tangible fixed assets fixed assets assets i[[|]] i|| Investment property is carried carried at market value. market value. value. y ! (h) Investments i ] Investments are included at market value value at the the balance sheet date. f | Page| 10 |

\1j\11 | (c) Income recognition i \ Income is recognised when the charity has entitlement to the funds, any performance conditions | i attached to the item(s) of income have been met, it is probable that the income will be received, and I the amount can be measured reliably. i | (d) InterestInterestInterest receivableonon funds held on deposit is included when receivable and the amount can be measured |]| i reliably by the Charity; this is normally upon notification of the the interest paid or payable by the Bank. Unrestricted funds are general funds that are available for use at the Trustees’ discretion in i i (e) Fund Accounting Accounting | i | i i furtherance of the objectives of the objectives of objectives of of the charity. charity. | | Designated funds are unrestricted funds set aside by the Trustees out of unrestricted general funds i i for specific purposes. The designated funds for fixed assets is that part of unrestricted funds that ] | represents fixed assets held. fixed assets held. assets held. held. ;[[|]] is restricted to that area that area area or purpose. purpose. 1 | Restricted funds are those given for use in a particular area or for specific purposes, the use of funds are those given for use in a particular area or for specific purposes, the use of are those given for use in a particular area or for specific purposes, the use of those given for use in a particular area or for specific purposes, the use of given for use in a particular area or for specific purposes, the use of for use in a particular area or for specific purposes, the use of use in a particular area or for specific purposes, the use of in a particular area or for specific purposes, the use of a particular area or for specific purposes, the use of particular area or for specific purposes, the use of area or for specific purposes, the use of or for specific purposes, the use of for specific purposes, the use of specific purposes, the use of purposes, the use of the use of use of of which | i i | (f) Expenditure and and irrecoverable VAT VAT } } Expenditure is recognised once there there is a a legal or constructive obligation obligation to make make a payment to a payment to a to a a third i i party, it is probable that settlement that settlement settlement will be required, and the amount of the amount of the of the the obligation can be measured measured i i reliably. | i|| (g) Tangible fixed assets fixed assets assets i[[|]] i|| Investment property is carried carried at market value. market value. value. y ! (h) Investments i ] Investments are included at market value value at the the balance sheet date. f

----- Start of picture text -----
_ cnc Eee
----- End of picture text -----

| THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST H NOTES TO THE FINANCIAL STATEMENTS : FOR YEAR ENDED 31S" MARCH 2025 (CONT’D) H] (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. } (j) Debtors i 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. f (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 account. | maturity of three months or less from the date of acquisition or opening of the deposit or similar | (1) Creditors and provisions i| pastCreditors eventand thatprovisions will probablyare resultrecognisedin the transferwhere ofthefundscharity to ahas thirda partypresent andobligation the amountresulting due tofrom settlea | the obligation can be measured or estimated reliably. Creditors and provisions are normally t recognised at their settlement amount after allowing for any trade discounts due. | i (m) Financial instruments i The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial i 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 subsequently measured at amortised cost using the effective interest method. ! (n) Taxation | No provision is required for taxation as the Trust is defined as a charity for taxation purposes.

|i : ; } } | 4 i } i) \ | | i t | y | i | |f q

----- Start of picture text -----
Page| 11 |
----- End of picture text -----

| THE COLERAINE ACADEMICAL INSTITUTION ENDOWMENT TRUST } NOTES TO THE FINANCIAL STATEMENTS ] FOR YEAR ENDED 315" MARCH 2025 (CONT’D) || 2. TRUSTEES : None of the Trustees received any remuneration for their services to the charity (2024: £nil), neither were they 4 reimbursed expenses during the year (2024: £nil). | 3. EXPENDITURE ! 2025 2024 | Pension 4,722£ 4,722£ i Insurance 1,161 14134 i Bank Charges 330 344 Independent Examination Fee 2,400 2,640 { Charityarity D Donationi 250,000: = 4. TANGIBLE FIXED ASSETS i Investment Fixtures, | Property fittings and equipment Total Cost £ £ £ ; At 18 April 2024 23,249,934 29,000 23,278,934 ) AdditionsRevaluation -- -- .- | Disposals (164,768) - (164,768)

ih, i ! |i | } 1 fi ] ii i } | t i | i\ j ] } I i } i) | | , } | i i|

| 4 } i !

} \ ||

3.EXPENDITURE
3. EXPENDITURE Pension Insurance Bank ChargesCharges Independent ExaminationExamination Fee			2025 £ 4,722£ 1,161 330 2,400	2024 £ 4,722£ 14134 344 2,640
arity Donationi Charityarity D i			: 250,000:	=
4. TANGIBLE FIXED ASSETS
		Investment Property	Fixtures, fittings andand equipment	Total
Cost		£	£	£
At 18 April 2024April 20242024 AdditionsRevaluation Revaluation Disposals At 31st March 2025		23,249,934 - -- (164,768) 23,085,166	29,000 - -- - 29,000	23,278,934 - .- (164,768) 23,114,166
Depreciation
At 1%April 2024 Charge fortheyear At 31stMarch2025		: - -	- - -	- - -
NetbookValue At31stMarch 2025 At31stMarch 2024		23,085,166 23,249,934	29,000 29,000	23,114,166 23,278,934
	Page	12

]

reTHE COLERAINE ACADEMICAL INSTITUTIONene ENDOWMENT TRUSTa

i| 4

i i

| : i i

iW : I i

NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 315" MARCH 2025 (CONT’D)

5. INVESTMENTS
Market value	E
At 1% April 2024	660,923
Net gain on revaluation	41,241
At31stMarch2025	702,164
6. FINANCIAL INSTRUMENTS
	2025	2024
Investments measured atfairvalue	£ 702,164 a	£ 660,923 a,

f 1 Market value E | At 1% April 2024 660,923 i | Net gain on revaluation 41,241 At 31st March 2025 702,164 j ‘ 4 6. FINANCIAL INSTRUMENTS ; 2025 2024 | £ £ } | Investments measured at fair value a702,164 a,660,923 }i 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | 2025 2024 i i i / Accruals 2,400 2,400 | : — ei} 8. RESERVES i 1 ijUnrestricted Restricted ] Funds Funds Total i £ £ £ ! At 1st April 2024 23,996,956 - 23,996,956 I | Net movement in funds (137,563) - (137,563) | At 31st March 2025 23,859,393 - 23,859,393

9. RELATED PARTY DISCLOSURE

| i |

The Charity donated £250,000 (2024 - £Nil) during the year to Coleraine Grammar School.

ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

| }

2025-03-31-accounts