ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2024 Year to 31 Mar 23 Year to 31 Mar 24 Unrestricted Restricted funds funds Total funds Total funds Noto Income and endowments Donations and legacies Charitable activities Other income 8,255 12,228 8,255 12,228 27,970 45,179 33,184 106,333 Total income 20,483 20,483 Expenditure Expenditure on raising funds.. Costs of raising donations and legacies Expenditure on charitable activities Total expenditure 9,886 1,221 11,107 2,847 2,847 2,847 2,847 Net income and not movement in funds 17,636 17,636 95,226 Reconclllation of funds Total funds brought fomard Total funds carried forward 65,494 33,184 33,184 98,678 116,314 3,452 98,678 83,130 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 9 to 15 forni part of these financlal statements. ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL POSITION 31 MARCH 2024 2024 2023 CURRENT ASSETS Debtors Cash at bank and in hand 13 110 119,804 119,914 17,859 84,373 102,232 CREDITORS: amounts falling due within one year NET CURRENT ASSETS 14 3,600 116,314 3,554 98,678 98,678 TOTAL ASSETS LESS CURRENT LIABILITIES 116,314 NET ASSETS 116,314 98,678 FUNDS OF THE CHARITY Restricted funds Unrestricted funds 33,184 83,130 116,314 33,184 65,494 98,678 Total charity funds 15 For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The statement of financial position continues on the following page. The notes on pages 9 to 15 form part of these flnancial statements. ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL POSITION (contlnuedj 31 MARCH 2024 These financial statements were approved by the board of trustees and authorised for issue on 21Bt January 2025, and are signed on behalf of the board by: Colin Loughran Patrick McAliskey Mr C Loughran Director Mr P McAliskey Director Marianne Mclntyre Ms M Mclntyre Director The notes on pages 9 to 15 fomi part of these financlal 8tatements. ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net income 17,636 95,226 Adjustments for.. Interest payable and similar charges Accrued expenses 447 2,400 21 1,200 Changes in.. Trade and other debtors Trade and other creditors 17,749 (2,354) 35,878 (14,157) 2,104 84,394 Cash generated from operations Interest paid Net cash from operating activities (447) 35,431 (21) 84,373 NET INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR 35,431 84,373 119,804 84,373 84,373 The notes on pages 9 to 15 forni part of thesè flnancial 8tatement8. ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is St Ronan's College, Francis Street, Lurgan, Co.Armagh, BT66 6DL, United Kingdom. STATEMENT 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 charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. ACCOUNTING POLICIES Basis of pr6paratlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The￿ are no material uncertainties about the charity's ability to continue. Judgements and key sources 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 circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes- restricted income funds or endowment funds. ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {contlnuedJ YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (eontlnue(l) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted seNice. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned be￿een the activities they contribute to on a reasonable, justifiable and consistent basis. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (contlnued) YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued) Financlal instruments (contlnued) Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. LIMITED BY GUARANTEE St Ronan's College Foundation is a company limited by guarantee and accordingly does not have a share capital. ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (contlnued) YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 DONATIONS Donations SRC Staff Donations 6,415 1,840 8,255 6,415 1,840 8,255 26,000 1,970 26,000 1,970 27,970 27,970 CHARITABLE ACTIVITIES Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Other income from charitable activities Breakfast Other income from charitable activities Marathon Other income from charitable activities - Cow Clap Other income from charitable activities Alumni Reunion Other income from charitable activities Table quiz 14 14 6,726 6,726 12,214 12,214 24,355 24,355 12,480 12,480 318 318 1,300 1,300 12,228 12,228 45,179 45,179 OTHER INCOME Restricted Totsl Funds Funds 2024 Restricted Total Funds Funds 2023 Other income donations Smurfit Kappa 33,184 33,184 COSTS OF RAISING DONATIONS AND LEGACIES Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Costs of raising donations and legacies Purchases 9,886 9,886 ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (contlnued) YEAR ENDED 31 MARCH 2024 EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Total funds 2024 Total fund 2023 Support costs Goveman¢e costs 2,847 2,847 1,221 10. INDEPENDENT EXAMINATION FEES Period from Year to 4 Nov 21 to 31 Mar 24 31 Mar 23 Fees payable to the independent examiner for.. Independent examination of the financial statements 2,400 1,200 11. STAFF COSTS There were no employees during the year. 12. TRUSTEE REMUNERATION AND EXPENSES No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 13. DEBTORS 2024 2023 Trade debtors 110 17,859 14. CREDITORS: amounts falling due within one year 2024 2023 Accruals and deferred income Other creditors 3,600 1,200 2,354 3,600 3,554 ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (contlnued) YEAR ENDED 31 MARCH 2024 15. ANALYSIS OF CHARITABLE FUNDS Unrestrlcted funds At 1 April 2023 At Income Expenditure 31 Mar 2024 General funds 65,494 20,483 (2,847) 83,130 At1 April 2022 At Income Expenditure 31 Mar 2023 General funds 3,452 73,149 (11,107) 65,494 Restricted funds At 1 April 2023 At Income Expenditure 31 Mar 2024 Restricted Fund 1 Smurfit Kappa donations 33,184 33,184 At1 April 2022 At Income Expenditure 31 Mar 2023 Restricted Fund 1- Smurfit Kappa donations 33,184 33,184 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Restricted Total Fund8 Funds 2024 Current assets Creditors less than 1 year Net assets 86,730 (3,600) 83,130 33,184 119,914 (3,600) 116,314 33,184 Unrestricted Funds Restricted Total Funds Funds 2023 Current assets Creditors less than 1 year Net assets 69,048 (3,554) 65,494 33,184 102,232 {3,554) 98,678 33,184 ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (contlnued) YEAR ENDED 31 MARCH 2024 17. ANALYSIS OF CHANGES IN NET DEBT At At 1 Apr 2023 Cash flows 31 Mar 2024 119,804 Cash at bank and in hand 84,373 35,431