ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2023 Year Ended 31 Mar 23 Unrestricted Restricted funds funds Totsl funds Income and endowments Donations and legacies Charitable activities Other income 27,970 45.179 27,970 45.179 33,184 106.333 33.184 Total income 73.149 33,184 Expendlturn Expenditure on ralslng funds: Costs of raising donalions and legacies Expenditure on charitable activities Total expendltur• 9,886 1.221 9.886 1,221 11.107 11.107 Net Income and not movement In ndS 62,042 33,184 95,226 Reconciliatlon of funds Oponing Funds 1 April 2022 Total funds carrfad forward 18 3.452 3,452 65,494 33,184 98,678 The statement of financlal activities Includes au galns and losses recognised in the year. All income and expendtiure derive from conlinuing activities. The note8 on page8 10 to 16 forni part of these flnanclal 8tatemants.
ST RONAN'S COLLEGE FOUNDATION COMPANY UMITED BY GUARANTEE STATEMENT OF FINANCIAL posmoN 31 MARCH 2023 31 Mar 23 CURRENT ASSErs Debtors Cash at bank and in hand 13 17.859 84,373 102.232 CREDITORS: amounts falllng due wlthin ono year NEf CURRENT A88ETS 14 3,554 98.678 98,678 98,678 TOTALASSETS LESS CURRENT UABILMES NET ASSETS FUNDS OF THE CHARITY Restricted funds Unrestricted funds 33.184 65.494 Total charity fvnds 15 98,678 For the year ending 31 March 2023 the tharity wa5 enti¥ed to exemption from audit under section 477 of the Companiès Act 20[ relating lo small companies. Directors, responsibiffties: The members have not required the company to obtain an audil its financial statements for the period in question in accordance with section 476; The directors acknowledge their responsibilities for complying wtth the requirements of the Act %Mth respect to accounkng records arKI the preparalion of statements. These financial statements have been prepared in accordance vath the provisi13 applicable to companies subject to the small companies, regme. The statement of financial position continues on the following page. note8 on page8 10 to 16 fomi part of the8e finanelal slateme
ST RONAN'S COLLEGE FOUNDATION COMPANY UMITED BY GUARANTEE STATEMEpif OF FINANCIAL POSMON 31 MARCH 2023 These financial stalements were approved by the board of trustees arKI authorised for issue on 3 Aug 23. and are s19rd on behalf of Ihe board ty: Mr C Loughran Director Mr P MrskeY Ms M Mclntyre Director Th• rtote8 on page• 10 to 15 form of Ilwfje fln•Ill statwnonts.
ST RONAN'S COLLEGE FOUNDATION COMPANY UMITED BY GUARANTEE STATEMEPlf OF CASH FLOWS YEAR ENDED 31 MARCH 2023 31 laar 23 CASH FLOWS FROM OPERATIIIG ACTivmES Net income 95,228 Adjustments tr. Interest payable and similar charge8 Accrued expenses 21 1,200 Changes In.. Trade and other debtors Trade and other crediiorn (14,157) 2.104 Cash genefated from operatlon8 84,394 Int•r•8t pald Nel ¢ash from operatlng athltss (21) 84,373 NEf INCREASE IM CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 84,373 CA8H AND CASH EQUIVALEPITS AT END OF PERIOD 84,373 Tho nots8 •)n pag•s 10 to 16 lomi part of tha8• flnanelal 8tstsm•nts.
ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023 GENERAL INFORMATION The charity is a public benefit entity and a private company limited by guarantee. registered in Northem Ireland and a registered charity in Northern Ireland. The address of the registered office is St Ronan's College, Francis Street. Lurgan. Co. Amiagh, BT66 6DL, United Kingdom. STATEMEKf OF COMPLIANCE These financial ststements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable to chaiities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS 102)) and the Companies Act 2006. ACCOUNTING POLICIES Basls of preparntlon The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investrnent properties ffasured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the fijnctional currency of the entity. Going concern There are no material uncertainties about the charity's ability to conts'nue. Judgements and key sour5 of estimation uncertalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the circumstsnces. Fund accounting Unrestricted funds are available for use at the discrelion of the trustees to further any of the charity's purposes. Designated fijnds are unrestrthd funds earnrked by the trustees for particular future project or commitmenL Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the ternis of an appeal and fall into one of iwo sub<lasses: restricted income funds or endowment funds. 10
ST RONAN'S COLLEGE FOUNDATION COMPANY UMITED BY GUARAp¥fEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023 ACCOUNTING POUCIES (conth All incoming re%)urces are included in the statement of financial acaivitses when enlitlement has passed to the charsty,. it ts probable that the economic beneffts associated Imlh the transaction will flow lo the charity and the amounl can be reliably meawred. The following specific policies are applied to particular categories of income: Income from donalions or gfants is recognlsed vthen there is evidence of entillement to Ihe gift, receipt is probable and ts amount can be measured reliabty. legacy income is recognised when re¢xp is prob and entillemenl is established. incwne from donated goods is nasured at the fair value of the goods unless this is impractical to measure reliabty, in case the value * derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts vkn received rf the vdue can be reliabty measured. No amounts are induded for the income from contracts ts the Supply of seNices is recognised with the delNery of the eontracted service. Thts is ckssified as unrestrid funds unkss there is a contractual requirement for it lo be spent on a part¥ purpose and rrned rf unspenL in Ithich case it may be regarded as restricted. Expenditure is recognised an a¢<1$ basis as a liabifty is incurred. Expenditure Indudes any VAT which cannot be fulty recwed. and As classffied under headr of the statement of finarKial activities to which it rektes: expendilure on raising fijnds indudes the costs of all fundraising aGtivitw, events, non- charitable trading actsvrties. and the sale of donated goods. expenditure on charitable activibts indudes all costs irurred by a charity in urKlertaking actbvities that further its charilable aims for ts benefft of ts beneficiaries, induding those support costs and costs relating to the gOVanCe of the charity apportioned to charitable activilies. other exPenAre includes all expendiiure that is neilherrekled to raiswvJ ndS forthe tharty nor part of its experKltbJre on chwitsble acbvibes. All costs are allocated to exp&ire Categori refiecting use of the resource. Direct costs attributable to a single acbvity are allocated direcity to that activity. Shared costs are apportioned beiween the activities thffy contrilxrte to on a reasonable, justifAble and colstent basls. Flnanc541 in8lrum•nt8 A financial asset or a financial liablty is recognised onty when ts dprity becomes a party to contractual provisions of the instrument 11
ST RONAN'S COLLEGE FOUNDATION COMPANY UMrrED BY GUARAKfEE NOTES TO THE FINANCIAL STATEMEKfs (con(•w8 YEAR ENDED 31 IA4RCH 2023 ACCOUNTING POUCIES Flnanclal Instnunents {e0ftth•4 Basic financial instruments are initialty recwised at ts aK)Unt receivable or payable including any felated transacti costs. Current assets and currenl liabilitses are subsequenty measured at the cash or other consideration Debl instruments are subsequty measured at aniortised cosL whe investments in shares are pubfth b3ded or their fair value can othere be measured liably. inveslrnent is subsequenty measured at frdir value with d)anges in fair value recognised in income and expendibjre. AJI th such investMts are subsequendy measured at cost less impairrnent. Other financial instfuments, including derivatsves, we initialty recogni8ed at fair value, unle&s payment for an asset is deferred tworKI norn1 business tern)s or financed at a rate of interest that is not a market rate. in vknich case the asset is measured at the present value of the future payments discounted at a market rate of tnterest for a similar debt irrstrument. Other firAncial instrum&ts are subsequenty measured atfair value. th any changes recognised in the ststement of fjnanckil actsvits. with the exceptson of hedging instruments in a designated hedgin9 relationship. Financial assets that are measured at cost or amortised a>st are revieEd for obiecbve evthnce of impaim)ent at the end of each reportirwj date. If there is obve evidence of impaimien( an impairment loss is recognised under the apwopriate headlng in the slateffrtnt of financial activitses in which the initial gain was recognised. For all equty instruments regardless of signrficarKe, and otherfinancial assets that are individually significant these are assessed individually for impaimient Other financial assets are either assessed individualty ar grouped on the basis of similar credit iisk characteristics. Any reversals of impaimHrt are recognised immedialety, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds thal the carrying amount would UMrrED BY GUARAKfEE st Ronan College Foundalion is a conw limited by guarantee and accordingty does not have a share capital. 12
ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (e•nVnu YEAR ENDED 31 MARCH 2023 DONATIONS AND LEGACIES Unrestricted Total Fund• Funds 2023 DONATIONS Donations SRC Staff Donatlons 26,000 1,970 27,970 26.000 1.970 27,970 CHARITABLE ACTIVITIES Unrestrlcted Total Fund8 Funds 2023 Oihw income from charitable actlvlties- Breakfast Other income from charitable activities- Marathon other income from Charitable activities- Cow Clap Other income from charitsble activities- Alumni Reunion Other income from charitable activitses- Table quiz 6,726 24.355 12.480 318 1,300 45,179 6,726 24,355 12.480 318 1.300 45,179 OTHER INCOME Restricted Totsl Fund8 Funds 2023 Other incoff* - Smurfft Kappa donations 33.184 33.184 COSTS OF RAISING DONATIONS AND LEGACIES Unrestricted Total Funds Funds 2023 Costs of rdising donations and legacie8- Purchases 9.886 9,886 EXPENDITURE ON CHARITABLE ACTMTIES BY ACTIVITY TYPE Total funds 2023 Support costs Govemance costs 1,221 1,221 13
ST RONAN'S COLLEGE FOUNDATION COMPANY UMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTSiwrf YEAR ENDED 31 MARCH 2023 10. INDEPENDENT EXAMINATION FEES Year Endod 31 Mar 23 Fees payable to the independent examiner for: Independent examination of the finanrAal slatemert8 1,200 11. STAFF COSTS There m no employees during the y•ar. 12. TRUSTEE REMUNERATION AND EXPEN8E8 No remunerallon or other bfftffts from employment wdh the tharlty or a related entity were received by the tru8lees. 13. DEBTOR8 31 Mar 23 Trade debtor8 17,859 14. CREDITOR8: amounts falllng *thln on• y••r 31 Mar 23 Accruals and deferred hKome Other ¢redltor8 1,200 2,354 3,554 15. ANALYSIS OF CHARITABLE FUNDS Unmtrlcted fund• At Irthme Expendliure 31 Mar 23 1 Aw 2022 General funds 3.452 73.149 (11,107) 65,494 14
ST RONAN'S COLLEGE FOUNDATION COMPANY UMrrED BY GUARAKfEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023 15. ANALYSIS OF CHARtrABLE FUNDS At 1 2022 IoMe ExperKliture 31 Mar 23 Restrfcted Fund 1- Smurfft Kappa donations 33,184 33.184 16. ANALYSIS OF NEf ASSEfS BEfWEEM FUNDS unrestr Restricted Totsl Fundg Funds Funds 2023 Current assets Creditors less than 1 year 69.048 {3,554) 65,494 33,184 102,232 (3,554) 98,678 33,184 17. ANALYSIS OF CHANGES IN NEf DEBT At 1 Apr2022 Cash flows 31 Mar 23 Cash ai bank and in haNI 84.373 84,373 18. OPENING FUNDS ON 1 AprH 2022 St Ronan's College FourKlalion regislered Imth the Charity Cornmission on 17 Febnjary 2022. At 1 April 2022 St Ronan's College hdd unrestricted funds in trust for the charity of £3.452. comprising donations of £3.702 less legal registrati(m costs of £250. 15