2023-03-31-annual-report

DUN IVEN HURCH TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their Teport and accounts for the year ended 31 March 2023. GOVERIYING DOCUMENT Dungiven Church Tn￿ was established under a Deed of Trust dated 14th April 1970. TRUSTEES The following trustees havc held office sincc l April 2022: Victor Carson Ian Evans Matthew Poston William Tumer David Robinson William Riley Graham Semple Alan Miller May Thompson TRUSTEES, RESPONSIBILITIES The Trustees are responsible for the upkeep and maintenance of the land at Main StreeL Dungiven. The Charity Trustees are responsible for the preparntion of the acwunts in accordance with the Charities Act (Northern Ireland) 2008. The Trustses are also responsible for maintaining proper a¢CA)unting re￿rdS which disclose with reasonable accuracy the income and expenditure for the year. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. PRINCIPAL ACTIVITIES The Trust manages the property entrusted to it by the Church of Ireland in the p8rish of Dungiven, Co ￿nd0nderry, using the excess proceeds to provide financial support to the churches named in its founding Trust Deed. as well as needy members of the congregations of those Churches. These activities are Ca￿led out with a view to the promotion of the Christian religion in Co. Londonderry by means of a concrete maniftststion of Christian charity in the local area. PUBLIC BENEFIT The Trust makes donations to or for the benefit of five named churches in the Easl tx)ndonderry region. As the beneficiary hurches are themselves established for the ￿vanceMent of the Christian religion. the benefit to the public is an increased ability of the churches to spread the religion in that region. The benefits of the Christian religion include spiritual benefits for worshippers as well as material benefits for recipients of charitsble acts of individual Christians. RESULTS AND RESERVES POLICY The Trust's receipts for the year consisted of rentsl income and investment income totalling £4,804 (2022 - £4,510). Property and general administrative expenses incurred totalled £1.320 {2022 £843). As part of their financial management of the Trust's &8sety the Trustees invested £150.000 with M&G Investments on 25th March 2019. the intention being to gain a better return than that frorn bank or de￿Sits over the medium to long tenn. The long tenn objective for the funds is to assist the Trust with future development of its property. The M&G investment earned income for the year of £2,884 (2022-£2,590) and had a fund valuation of £146,650 at 31" March 2023. (£154,988 at 31. March 2022) The Trustees have made payments to the beneficiary d)urches during the year of £1,160 and the surplus of £2.467 in the previous year has been paid to Dungiven Parish Church in the current year. The balance of net income for the current year of £2,324 will be paid to Dungiven Parish Church after year end in accordance with the ternis of the Trust. PLANS FOR THE FtrruRE The Trustees intend to develop the land at Main StreeL Dungiven to replace the property which was destroyed. The Trustees consider a fair value of the land to be £45.000. On behalf of the Tn￿CeS Graham Semple (ChaiTm8n) Date: 1010712023 Page I