ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2025 2025 Restricted funds Total funds Total funds 2024 Unrestricted funds Note Income and endowments Donations and legacies Charitable activities 3,619 863 25,000 5,000 30,000 28,619 5,863 8,255 12,228 20,483 Total income 4,482 34,482 Expenditure Expenditure on charitable activities other expenditure Total expenditure 2,999 43,511 46,510 2,999 44,397 47,396 2,847 886 886 2,847 Net {exp6nditure)lincome {42,028) 29,114 {12,914) 17,636 Redesignation of Funds (25,000) 25,000 Net movement in funds (67,028) 54,114 (12,914} 17,636 Reconciliation of funds Total funds brought fotward Total funds carrled forward 83,130 16,102 33,184 87,298 116,314 103,400 98,678 116,314 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 pagos 7 to 13 fomi part of these flnancial statements. ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL POSITION 31 MARCH 2025 2025 2024 Note CURRENT ASSETS Debtors Cash at bank and in hand 12 110 119,804 119,914 109,326 109,326 CREDITORS: amounts falling due within one year NET CURRENT ASSETS 13 5,926 103,400 103,400 103,400 3,600 116,314 116,314 116,314 TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS OF THE CHARITY Restricted funds Unrestricted funds 87,298 16,102 103,400 33,184 83,130 116,314 Total charity funds 14 For the year ending 31 March 2025 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 ststements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 3 December 2025, and are signed on behalf of the board by: Mr C Lough Director Mr P McAliskey Director Ms M Mclntyre Director The notes on pages 7 to 13 fom) part of these financial statements. ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2025 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net (expenditure)lincome (12,914) 17,636 Adjustments for.. Interest payable and similar charges Accrued expenses 359 2,326 447 2,400 Changes in.. Trade and other debtors Trade and other creditors 110 17,749 (2,354) 35,878 Cash generated from operations (10,119) Interest paid Net cash (used in)Ifrom operating activities (359) (10,478) {447) 35,431 NET {DECREASE)IINCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR (10,478) 119,804 35,431 84,373 119,804 109,326 The notes on pages 7 to 13 form part of these financial statements. ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 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, 71 North Circular Road, Lurgan, Co.Armagh, BT67 9GQ, United Kingdom. STATEMENT OF COMPLIANCE These financial statements 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 IFRS 102) {Charities SORP {FRS 102)) and the Companies Act 2006. ACCOUNTING POLICIES Basis of preparation 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 There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty 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 sub-classes.. restricted income funds or endowment funds. ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (continued) 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 estsblished. 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 service. 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 between 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 (continued) YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (continued) Financial Instruments {confynued) 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 othemise 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 (continued) YEAR ENDED 31 MARCH 2025 DONATIONS AND LEGACIES Unrestricted Funds Restricted Totsl Funds Funds 2025 DONATIONS Donations SRC Staff Donations 1,654 1,965 3,619 25,000 26,654 1,965 28,619 25,000 Unrestricted Funds Restricted Total Funds Funds 2024 DONATIONS Donations SRC Staff Donations 6,415 1,840 8,255 6,415 1,840 8,255 CHARITABLE ACTIVITIES Unrestricted Funds Restricted Total Funds Funds 2025 Other income from charitable activities - Breakfast Other income from charitable activities - Marathon Other income from charitable activities- Grant 863 863 5,000 5,863 5,000 5,000 863 Unrestricted Funds Restricted Total Funds Funds 2024 Other income from charitable activities - Breakfast Other income from charitable activities Marathon Other income from charitable activities - Grant 14 12,214 14 12,214 12,228 12,228 EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Total funds 2025 Total fund 2024 Support costs Governance costs 2,999 2,999 2,847 10 ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2025 OTHER EXPENDITURE Unrestricted Funds Restricted Total Funds Funds 2025 Grant Allocations & Disbursements 43,511 886 44,397 Unrestricted Funds Restricted Total Funds Funds 2024 Grant Allocations & Disbursements INDEPENDENT EXAMINATION FEES 2025 2024 Fees payable to the independent examiner for: Independent examination of the financial statements 2,640 2,400 10. STAFF COSTS There were no employees during the year. 11. TRUSTEE REMUNERATION AND EXPENSES No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 12. DEBTORS 2025 2024 Trade debtors 110 13. CREDITORS: amounts falling due within one year 2025 2024 Accruals and deferred income 5,926 3,600 ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2025 14. ANALYSIS OF CHARITABLE FUNDS Unrestricted funds At 1 April 2024 At Transfers 31 March 2025 Income Expenditure General funds 83,130 4,482 (46,510) {25,000) 16,102 At 1 April 2023 At Transfers 31 March 2024 Income Expenditure General funds 65,494 20,483 (2,847) 83,130 Restricted funds At 1 April 2024 At Transfers 31 March 2025 Income Expenditure Restricted Fund 33,184 30,000 (886) 25,000 87,298 At 1 April 2023 At Transfers 31 March 2024 Income Expenditure Restricted Fund 33,184 33,184 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Restricted Total Funds Funds 2025 Current assets Creditors less than 1 year Net assets 21,142 (5,040) 16,102 88,184 (886) 87,298 109,326 (5,926) 103,400 Unrestricted Funds Restricted Funds Total 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 12 ST RONAN'S COLLEGE FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (contlnued) YEAR ENDED 31 MARCH 2025 16. ANALYSIS OF CHANGES IN NET DEBT At 1 Apr 2024 Cash flows At 31 Mar 2025 Cash at bank and in hand 119,804 (10,478) 109,326 13