FIRST DROMORE PRESBYTERIAN CHURCH STATEMENT OF FINANCIAL AcfiviTIES FOR YEAR ENDED 31 DECEMBER 2022 Note5 Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2022 Incorne and Endowments from: Donations and legacies Investment income Charitable activities Other 241,793 1,920 4,148 245,941 4,203 16,308 25,026 2,283 16,308 25,026 Total 243,713 45,482 2,283 291,478 Expenditure on: Raising funds Charitable activities Other 119.180 25,859 15,137 19.853 145,039 15,137 19,853 Net Income / lexpendlture) 119.180 60.849 180.029 Net 8ains/llossesl on investments Net movement In funds 124 533 115,367) Reconclllatlon of funds: Total funds brought forward Net movement in funds Transfers between funds Valuation on transition 55.696 124.533 119,1431 1,295,000 67,851 115,367) 21,426 277,311 2,283 12,2831 400,858 111,449 1,295,000 Net movement In funds 1,456.086 277,311 1807 307 FIRST DROMORE PRESBYfERIAN CHURCH BALANCE SHEET YEAR ENDED 31 DECEMBER 2022 Notes Unrestricted Funds Restricted Funds Endowment Total Funds Funds 2022 Fixed assets: Tangible assets Investments 1,295,000 1,295,000 Total fixed assets 1,295,000 1,295,000 Current assets: Debtors Current Investments Cash at bank and in hand 161,086 73,910 277,311 -512,307 Total current assets 161,086 73,910 277,311 512,307 Llabllities: Creditors: Amounts falling due within one year Net current assets or Ilablllties 1,456,086 73,910 277,311 1,807,307 Total assets less current Ilabilitles Creditors.. Amounts falling due after more than one year Provisions for liabilities Total net assets or liabilities 1,456,086 73,910 277,311 1.807,307 William John Wilkinson 16105/2023 Alan Poots 16/05/2023 FIRST DROMORE PRESBYfERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 I. ACCOUNTING POLICIES Ba515 of preparlng the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 1021 'Accounting and Reporting by Charities: 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 1021 (effective l January 20191, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act (Northern Ireland) 2008. The financial statements have been prepared under the historic cost convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expendlture Liabilites are recognised as expenditure as soon as there is a legal or constructive obllgation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be reliably measured. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs Cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tan8lble flxed assets All assets are initially recorded at cost. The Trustees will conduct a repairment review when events or circumstances indicate that the carrying amount of fixed assets may not be recoverable. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property Fixture5 and fittings Measured at fair value IO% on cost Land is not depreciated. FIRST DROMORE PRESBYfERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 I. ACCOUNTING POUCIES- continued Taxation First Dromore Presbyterian Church is recognised as a charity for the purposes of applicable taxation legislation and therefore is not subject to tax on its charitable activities. The charity is not registered for VAT and resources expended therefore include irrecoverable input VAT. Fund accountln8 Funds are classified as either restricted or unrestricted funds, defined as follows: Restricted funds are subject to specific requirements as to their use which may be declared by the donor with their authroity or created through the legal process, but still within the wider objects of the charity. Endowment funds are funds which have been given on the condition that the original capital fund is not reduced, but the income from there is used for the purpose defined in accordance with the object of the charity- Investments Fixed asset investments are stated at market value at the balance sheet date. Unrealised gains and losses represent the difference between the market value at the be8innin8 and end of the financial year, or, if purchased in the year, the difference between the cost and market value at the end of the year. Realised gains and losses represent the difference between proceeds on disposal and the market value at the start of the year or cost if purchased in the year. FIRST DROMORE PRESBYfERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 2. DONATIONS AND LEGACIES Unrestrlcted funds Restricted funds Endowment funds 2022 Total funds Free Will Offering Loose collections Harvest Graveyard Gift Aid previous years G8 & BB Enrolment Power Nl - Solar Panels BB Camp EA Youth Grant General Donations Dividends NIE Wayleave Use of Hall Rent- Manse Farm Book income Manse & Property Rent Manse Farm John Cochrane bequest 96,380 1,468 7,557 1,160 211 863 4,829 1,405 2.365 1,020 995 li 550 490 491 96,380 1.468 7,557 1,160 211 863 4,829 1,405 2,365 1,020 995 li 550 490 491 3,658 490 121,998 3,658 490 121,998 241,793 4.148 245,941 3. INVESTMENT INCOME Unrestrlcted funds Restrlcted funds Endowment funds 2022 Total funds Deposit account interest Bequest income 1.920 1,920 2,283 2,283 1,920 2.283 4,203 FIRST DROMORE PRESBYfERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 4. CHARITABLE AcfiviTIES Unrestrlcted fund5 Restrlrted funds Endowment funds 2022 Total funds Mission Collections Poppy Appeal Presbyterian Childrens Societv Macmillan Cancer Support Youth for Christ EMF 9,264 615 440 355 530 5,104 9,264 615 440 355 530 5,104 16,308 16,308 5. OTHER INCOME Unr￿trIcted funds Restrlcted funds Endowment fvnds 2022 Total funds Sunday School Fund Presbyterian Women Youth Group Fellowship Girls Brigade Boys Brigade Friendship Group POPS 399 392 399 392 4,6C 3,289 13,752 1,657 937 3,289 13,752 1.657 937 25,026 25,026 FIRST DROMORE PRESBYfERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 6. ANALYSIS OF EXPENDITURE ON CHARITABLE AcfiviTIES Unrestricted funds Restricted funds Endowment funds 2022 Total funds Raising Funds Charitable activities Other 119,180 25,859 15,137 19,853 145,039 15,137 19,853 119,180 60,849 180,029 7. TRUSTEES REMUNERATION AND BENEFITS During the year, one Trustee (Revjonathan McKanel has been paid remuneration in his capacity as a Minister of Religion. Such remuneration is common for similar churches and charitable organisations. The total amount paid was £42,551. There were no Trustees expense5 paid for the year ended 31 December 2022. . STAFF COSTS 2022 Wa8es and salaries Social security costs Other pension costs 6,450 6,450 The average number of persons employed bythe charrty during the year was as follows: Ministerial Administrative No employees received emoluments in excess of £60.000. FIRST DROMORE PRESBYfERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 9. TANGIBLE FIXED ASSETS Church bulldln8s and manse Flxtures and fittin85 Total Cost or Valuatlon Revaluation at 31 December 2022 1,215,000 80,000 1,295,000 Depreclatlon At 01 January 2022 Charge for the year On disposal At 31 December 2022 Net book value at 31 December 2022 1,215,000 80,000 1,295,CQO The interests in the properties owned and occupied by the charity were valued by external valuers, Shooter Property Services in April 2023 on the basis of fair value. Fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties on an arm's length basis in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, IFRS 1021 and the Charities SORP. The fixtures and fittings were valued by the Trustees on 31 December 2022, who are of the opinion that this is an appropriate valuation. Accordingly no depreciation has been charged in year ended 31 December 2022. FIRST DROMORE PRESBYfERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 10. MOVEMENT IN FUNDS Net movement In funds At31 December 2022 At 01 January 2022 Unrestricted funds 55,696 1.456,086 1,511,782 Restricted funds 67.851 73,910 141.761 Endowment funds 277,311 277,311 400.858 1,529,996 1,930,854 Net movement in funds, included in the above are as follows: Incomlng resources Resources expended Movement In funds Transfers Unrestricted funds 243,713 119.180 1,275,857 1,400,390 Restricted funds 45,482 60,849 21,426 6,059 Endowment funds 2,283 12,2831 291.478 180,029 1,295.000 1,406,449 FIRST DROMORE PRESBYfERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 11. RELATED PARTY DISCLOSURES There were no related party transactions requiring disclosure for the year ended 31 December 2022.