2024-03-31-annual-report

DUNGIVEN CHURCH TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their report and accounts for the year ended 31 March 2024. GOVERNING DOCUMENT th Dungiven Church Trust was established under a Deed of Trust dated 14 April 1970. TRUSTEES The following trustees have held office since l April 2023: Victor Carson th resigned 10 July 2023 Ian Evans Matthew Poston William Turner 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 Street, Dungiven. The Charity Trustees are responsible for the preparation of the accounts in accordance with the Charities Act (Northern Ireland) 2008. The Trustees are also responsible for maintaining proper accounting records 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 parish of Dungiven, Co Londonderry, 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 carried out with a view to the promotion of the Christian religion in Co. Londonderry by means of a concrete manifestation of Christian charity in the local area. PUBLIC BENEFIT The Trust makes donations to or for the benefit of five named churches in the East Londonderry region. As the beneficiary churches are themselves established for the advancement 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 charitable acts of individual Christians. RESULTS AND RESERVES POLICY The Trust's receipts for the year consisted of rental income and investment income totalling £4,895 (2023 £4,804). Property and general administrative expenses incurred totalled £1,307 (2023 £1,320). As part of their financial management of the Trust's assets, the Trustees invested £150,000 with M&G Investments on 25th March 2019. the intention being to gain a better return than that from bank or cash deposits over the medium to long tern]. The long tern] objective for the funds is to assist the Trust with future development of its propety. The M&G investment earned income for the year of £2,970 (2023-£2,884) and had a fund valuation of £150,133 at 31" March 2024. (£146,650 at 31" March 2023) The Trustees have made payments to the beneficiary churches during the year of £1,180 and the surplus of £2,324 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 £2,408 will be paid to Dungiven Parish Church after year end in accordance with the ternis of the Trust. PLANS FOR THE FUTURE The Trustees intend to develop the land at Main Street, 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 Trustees .Graham Semple (Chainnan) Date: Ji Page I