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COMPANY REGISTRATION NUMBER: NI683577
CHARITY REGISTRATION NUMBER: 108560
ST RONAN'S COLLEGE FOUNDATION
Company Limited by Guarantee
UNAUDITED FINANCIAL STATEMENTS
31 March 2024
ST RONAN'S COLLEGE FOUNDATION
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
PAGE
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
3
Statement of financial activities (including income and expenditure account)
4
Statement of financial position
5
Statement of cash flows
6
Notes to the financial statements
7
ST RONAN'S COLLEGE FOUNDATION
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)
YEAR ENDED 31 MARCH 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024 .
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name
St Ronan's College Foundation
Charity registration number
108560
Company registration number
NI683577
Principal office and registered
St Ronan's College
office
Francis Street
Lurgan
Co.Armagh
BT66 6DL
United Kingdom
THE TRUSTEES
Mr C Loughran
Mr P McAliskey
Ms M McIntyre
Independent examiner
Mr Peter Gogarty
23 Church Place,
Lurgan,
Co. Armagh.
N. Ireland
BT66 6EY
STRUCTURE, GOVERNANCE AND MANAGEMENT
St Ronan's College Foundation was incorporated under the Companies Act 2006 as a private company limited by guarantee on 4th November 2021.
St Ronan's College Foundation was registered as a charity by the Charity Commission of Northern Ireland in February 2022.
Three trustees were appointed to manage the Foundation and fulfil the roles of chairperson, secretary, and treasurer.
In accordance with the Constitution the trustees must retire at the AGM and being eligible, offer themselves for re-election.
OBJECTIVES AND ACTIVITIES
St Ronan's College Foundation has been established for the advancement of education amongst the wider St Ronan's College community and its pupils, by providing and assisting in the provision of facilities and services to meet educational, developmental, and other charitable needs, so that they can achieve their full potential.
The Foundation made several applications to charitable trusts and businesses seeking support for a range of facilities which would enhance the facilities available to the St Ronan's College community.
STRATEGIC REPORT
The following sections for achievements and performance and financial review form the strategic report of the charity.
ACHIEVEMENTS AND PERFORMANCE
The Foundation Trustees were delighted to receive several donations from individuals and organisations in support of the charity's aims.
The Foundation developed links with and introduced new business partners to the school, some of which have become involved in and committed to current and planned pupil development programmes.
FINANCIAL REVIEW
During the financial year the Foundation raised £20,483 (2023:£110,035) and incurred expenditure of £2,847 (2023:£11,357).
At the end of the financial year the Foundation had assets of £119,914 (2023:£102,232) and liabilities of £3,600 (2023:£3,554).
The trustees' annual report and the strategic report were approved on 21 January 2025 and signed on behalf of the board of trustees by:
Mr C Loughran
Mr P McAliskey
Director
Director
Ms M McIntyre
Director
ST RONAN'S COLLEGE FOUNDATION
COMPANY LIMITED BY GUARANTEE
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST RONAN'S COLLEGE FOUNDATION
YEAR ENDED 31 MARCH 2024
I report to the trustees on my examination of the financial statements of St Ronan's College Foundation ('the charity') for the year ended 31 March 2024.
RESPONSIBILITIES AND BASIS OF REPORT
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of Charities Act (Northern Ireland) 2008 (the ‘2008 Act’) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination.
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the 2008 Act. INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Mr Peter Gogarty Independent Examiner
23 Church Place, Lurgan, Co. Armagh. N. Ireland BT66 6EY
21 Jan 25
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 24
Period from 4 Nov 21 to 31 Mar 23
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
8,255
8,255
27,970
Charitable activities
6
12,228
12,228
48,881
Other income
7
33,184
--------
----
--------
---------
Total income
20,483
20,483
110,035
--------
----
--------
---------
Expenditure
Expenditure on raising funds:
Costs of raising donations and legacies
8
9,886
Expenditure on charitable activities
9
2,847
2,847
1,471
--------
----
--------
---------
Total expenditure
2,847
2,847
11,357
--------
----
--------
---------
--------
----
--------
---------
Net income and net movement in funds
17,636
17,636
98,678
--------
----
--------
---------
Reconciliation of funds
Total funds brought forward
65,494
33,184
98,678
--------
--------
---------
---------
Total funds carried forward
83,130
33,184
116,314
98,678
--------
--------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
ST RONAN'S COLLEGE FOUNDATION
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
CURRENT ASSETS
Debtors
13
110
17,859
Cash at bank and in hand
119,804
84,373
---------
---------
119,914
102,232
CREDITORS: amounts falling due within one year
14
3,600
3,554
---------
---------
NET CURRENT ASSETS
116,314
98,678
---------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
116,314
98,678
---------
--------
NET ASSETS
116,314
98,678
---------
--------
FUNDS OF THE CHARITY
Restricted funds
33,184
33,184
Unrestricted funds
83,130
65,494
---------
--------
Total charity funds
15
116,314
98,678
---------
--------
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.
These financial statements were approved by the board of trustees and authorised for issue on 21 Jan 25 , and are signed on behalf of the board by:
Mr C Loughran
Mr P McAliskey
Director
Director
Ms M McIntyre
Director
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
98,678
Adjustments for:
Interest payable and similar charges
447
21
Accrued expenses
2,400
1,200
Changes in:
Trade and other debtors
17,749
( 17,859)
Trade and other creditors
( 2,354)
2,354
--------
--------
Cash generated from operations
35,878
84,394
Interest paid
( 447)
( 21)
--------
--------
Net cash from operating activities
35,431
84,373
--------
--------
NET INCREASE IN CASH AND CASH EQUIVALENTS
35,431
84,373
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
84,373
---------
--------
CASH AND CASH EQUIVALENTS AT END OF YEAR
119,804
84,373
---------
--------
ST RONAN'S COLLEGE FOUNDATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. 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.
2. 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 (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. 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 two sub-classes: restricted income funds or endowment funds.
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 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. 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.
4. LIMITED BY GUARANTEE
St Ronan's College Foundation is a company limited by guarantee and accordingly does not have a share capital.
5. DONATIONS AND LEGACIES
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
DONATIONS
Donations
6,415
6,415
26,000
26,000
SRC Staff Donations
1,840
1,840
1,970
1,970
-------
-------
--------
--------
8,255
8,255
27,970
27,970
-------
-------
--------
--------
6. CHARITABLE ACTIVITIES
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Other income from charitable activities - Breakfast
14
14
6,726
6,726
Other income from charitable activities - GAA debate
3,702
3,702
Other income from charitable activities - Marathon
12,214
12,214
24,355
24,355
Other income from charitable activities - Cow Clap
12,480
12,480
Other income from charitable activities - Alumni Reunion
318
318
Other income from charitable activities - Table quiz
1,300
1,300
--------
--------
--------
--------
12,228
12,228
48,881
48,881
--------
--------
--------
--------
7. OTHER INCOME
Restricted Funds
Total Funds 2024
Restricted Funds
Total Funds 2023
£
£
£
£
Other income - Smurfit Kappa donations
33,184
33,184
----
----
--------
--------
8. COSTS OF RAISING DONATIONS AND LEGACIES
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Costs of raising donations and legacies - Purchases
9,886
9,886
----
----
-------
-------
9. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
Support costs
Total funds 2024
Total fund 2023
£
£
£
Governance costs
2,847
2,847
1,471
-------
-------
-------
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
3,600
1,200
Other creditors
2,354
-------
-------
3,600
3,554
-------
-------
15. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
At 1 April 2023
Income
Expenditure
At 31 March 2024
£
£
£
£
General funds
65,494
20,483
(2,847)
83,130
--------
--------
-------
--------
At 4 November 2021
Income
Expenditure
At 31 March 2023
£
£
£
£
General funds
76,851
(11,357)
65,494
----
--------
--------
--------
Restricted funds
At 1 April 2023
Income
Expenditure
At 31 March 2024
£
£
£
£
Restricted Fund 1 - Smurfit Kappa donations
33,184
33,184
--------
----
----
--------
At 4 November 2021
Income
Expenditure
At 31 March 2023
£
£
£
£
Restricted Fund 1 - Smurfit Kappa donations
33,184
33,184
----
--------
----
--------
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Current assets
86,730
33,184
119,914
Creditors less than 1 year
(3,600)
(3,600)
--------
--------
---------
Net assets
83,130
33,184
116,314
--------
--------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Current assets
69,048
33,184
102,232
Creditors less than 1 year
(3,554)
(3,554)
--------
--------
---------
Net assets
65,494
33,184
98,678
--------
--------
---------
17. ANALYSIS OF CHANGES IN NET DEBT
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
84,373
35,431
119,804
--------
--------
---------