Charlty Reglstration No. NIC105565 DRUMREAGH PRESBYTERIAN CHURCH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
DRUMREAGH PRESBYTERIAN CHURCH CONTENTS Page Charity information statement of Trustees responsibililies Independent examlnerfs report Statement of financial activities Balance sheet Notes to the financlal statements 7-15
DRUMREAGH PRESBYTERIAN CHURCH LEGAL AND ADMINISTRATIVE INFORMATION Trustees Rev. Richard Murray Mr J Walker Mr W Fulton Mr J Christie Mr C Nevin Mr C T Scoll Mr T J Craig MrRJHenry Mr R Eakin Mr W Eakln Mr D McBride Mr James Gault Charity number NIC105565 Principal address 104 Bann Road Ballymoney Co. Anlrim BT53 7NA Independent examiner Dr R I Pelers Gallagher, OBE. FCA Moore {Nl) LLP 32 Lodge Road Col8raine Co Londonderry BT52 1NB Bankers Danske Bank 1-2 Broadway Ballymena Co. Antrim BT43 7PE
DRUMREAGH PRESBYTERIAN CHURCH STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees are responsible for preparing the Trustees Report and the accounls in accordance with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Acpted Accounling Practice). The law applicable lo charities In Northern Ireland requires Ihe Trustees to prepare accounts for each financial year which give a true and faif view of the stale of affairs ol the Church and of the incoming resources and application of resources of the Church for that year. In preparing these accounts, the Trustees are required to: select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charilies SORP: make judgements and estimate5 that are reasonable and prudent. slate whether applicable accounting slandards have been followed, subjecl to any material departures disclosed and explained in the accounts: and prepare the accounts on the going concern basis unless it is inappropriate to presume Ihat the charily will continue in operation. The Trustees are responsible for keeping suflicienl accourlting records that disclose with reasonable accuracy at any lime the financial position of the Church and enable them to ensure that the accounts comply with the Charities Act 2011, the Charily (Accounts and Repoilsl Regulalions 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Church and hence for taking reasonable steps for the preventlon and detection of fraud and other Irregularities. Statement as to disclosure to our examlners In so far as the Trustees are aware at the timing of approving our Trustees, annual report: there Is no relevanl audit information of which the charitable company's audltor is unaware- and the Trustees have taken all steps that they ought lo have taken lo make themselves aware of any relevant information and to establish Ihal the Church's independenl examiner is aware of that informalion. Independent Examlners Dr R I Peters Gallagher, of. Moore (Nl) LLP, have indicated her willingness to continue in office, and a resolution concerning her reappointment will be proposed at the Truste&s meeting on 7th June 2022.
DRUMREAGH PRESBYTERIAN CHURCH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DRUMREAGH PRESBYTERIAN CHURCH I report on the accounls of the Church for the year ended 31 December 2022, which are set oul on pages 4 to 15. Respective responslblllties of Trustees and examiner As Ihe charity's Iruslees you are responsible for the preparation of the accounls In accordance with Ihe Charities Acl (Nofthern Ireland) 2008. It Is my responsibility to.. examine the accounts under section 65 of Ihe Charities Act lil) follow the procedures laid down in the general directions given by the Charity Commission for Northem Ireland under section 65{9){b) of the Charities Act (lil) to stale whether particular matters have come lo my attention. Basls of Independent examlner's report I have examined your charity accounts as required under seclion 65 of the Charities Act and my examination was carried out In accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65{9){b) of the Charities Act. The examination included a review of the accountlng records kept by the charity and a comparison of the accounls presented wilh those records. 11 also included consideration of any unusual items or disclosures in Ihe accounis, and seeking explanations from you as charily truslees concerning any such matters. My role is to stale whelher any material matters have come to our allenlion giving us cause to believe: 1. That accounting records were nol kept in accordance wilh section 63 of the Charities Acl 2. That the accounts do nol accord wilh Ihose accounling records 3. That the accounts do nol comply with the accounting requirements of the Charilies Acl 4, Thal there is further information needed for a proper understanding of Ihe accounts to be reached. Independent examlner's statement Since your charily's gross income exceeded £250,000 your examlner musl be a member of a listed body. I can confirm that am are qualified lo undertake the examination because l am regislered as a member ol Chartered Accountants Ireland which is one of the listed bodies. I have completed my examination and have no concerns In respect of the matters (1) 1014) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland. I have found no matters that require drawing lo your attenlion. R.9. fkn lJ¥l Dr R I Peters Gallagher, OBE, FCA Chartered Accountant Moore INI) LLP 32 Lodge Road Coleraine Co Londonderry BT52 1 NB Dated,. 31 May 2023
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DRUMREAGH PRESBYTERIAN CHURCH BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Flxed a88et8 Tanglble assets 11 2,831.122 2.424,122 Current a889ts Deblor8 Cash at bank and In hand 12 38,786 233,267 36,552 189,120 272,043 225,672 Crodllord: amount8 falllng due wlthln one year 14 146,124) (95,416) Net current 0È8et8 226,919 130,267 Total 0880tJ 1088 ¢urront118blllllo• 3,067,041 2,564,379 Credltorn: amounts falllng duo after moia than one yoar 16 <344,625) 2,554,379 Nel a88ets 2.712,416 Incomg fund8 Re81rlcted fund8- general Reslrlcted lunds- deslgnaled Unrestrl¢l8d funds 2,263,063 10,000 439,363 79,340 2,476.039 2.712,416 2,564,379 Dromore Pre$byterlan Church h88 merged with Drumreagh Pie8byterlan Church and wa8 dlo8olved al 31110122. On 7111122 £122,726.72 was Iransferred to Drumreagh Presbyterlan Church- £25,601 of Ihl818 unr88lrl¢led fund8. É10.00018 to be held by Drumreagh for Ihe upkeep of Moody Grave. The remalnder 58 lo be tran8ferred lo Drumreagh Bulldlng Fund. The balance of £18,699.07 in Progre881ve Bulldlng Soclety Is to be held unt51 maturlty on 2718123. Thls gmount along wllh Interest recelved wlll be Iranslerred to Diumreagh Pre8bylerlan Chuch Bulldlng Fund. The Church A88el• Includlng th& Chur¢h, hall and land will conllnue to be held by Oromono Pre$byterfan Church. When the80 aro 801d, Ihe proceeds wlll be donated to DNmreagh Presbyleilan Church. The Ilnanclal statements were approved by the Trusteeg on 31 May 2023 Mr J Walker Truste• Tru81è8 -I,kn /L.
DRUMREAGH PRESBYTERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting pollclès Charlty Information Drumreagh Presbyterian Church is a unincorporated entily govemed by a Constitution. 1.1 Accountlng conventlon These accounls have been prepared in accordance wilh FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102.). "Accounting and Reporting by Chaiilies" the Statement of Recommended Practice for charities applying FRS 102, the Charilies Acl (Norlhern Ireland) 2008 and UK Generally Accepted Accounling Practice as il applies from 1 January 2015. The Church is a Public Benefil Enlity as defined by FRS 102. The financial slatements have departed from the Charities (Accounts and Reports) Regulations 2008 only to lh8 extent required lo provide a true and fair view. This departure has involved following the Stalement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred io in the Regulalions bul which has since been wilhdrawn. The financlal statements are prepared in sterling, which is the functional currency of the Church. Monetary amounts in these financial slalements are rounded lo the nearest £. The financial slatements have been prepared under Ihe historical cost convention, lfflodified to Includ6 the revaluation of freehold properlies and lo include investment properlies and certain financial instruments at fair valuel- The principal accounting policies adopled are sel oul below. 1.2 Going concern At the lime of approving the financial slatemenls. the Trustees have a reasonable expeclalion that the Church has adequate resources lo continue in operalional exislence loi Ihe foreseeable future. Thus the Tru51ees continue to adopt the going concern basis of accounting in preparing Ihe financi81 slatements. 1.3 Charitabl& funds Unrestricted funds are available for use al the discrelion of Ihe Twstees in furtherance of their charitablè objectives. Reslricled funds are subject to specific conditions by donors as lo how they may be used. The purposes and uses of the restricled funds are sel oul in the notes to the financial statements. Endowment funds are subject to speciflc condilions by donors that the capital musl be malnlained by the Church, 1,4 Income Income is recognised when the Church is legally enlilled lo it afler any performance conditions have been met, the amounts can be measured rellably, and il is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Church has been notified of the donation, unless performance condilions require deferfal of the amounl. Income lax recoverable in relation to donations received under GiftAid or deeds of covenanl is Tewgnised al the time of the donalion. Legacies are recognised on receipt or 01heiSe if the Church has been nolified of an impending dislribulion. the amounl is known, and receipt is expected. If Ihe amount is not known, the legacy is treated as 8 contingent asset. 1.5 Expenditure These accounts for the year ended 31 December 2022 for Drumreagh Presbyterian Church are prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
DRUMREAGH PRESBYTERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies (Continued) 1.6 Tangible fixed assets Tangible lixed assets are initially measured at cosl and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation Is recognised so as to wrile off the cost or valualion of assets less their resldual values over their useful lives on the following bases.. Freehold land and buildings Fixtures and filtings 2Yo reducing balance 4Yo - 20Yo reducing balance The gain or10ss arising on the dlsposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the stalemenl of financial aclivilies. 1.7 Impairment of fixed assets At each reporting end date, the Church reviews Ihe cariying amounts of ils tangible assets lo determine whether there is any indication thal Ihose assets have suffered an impairment loss. If any such Indication exists, the recoverable amount of the asset is estimated in order lo determine Ihe extenl of the Impairment loss lif any). 1.8 Cash and cash equlvalents Cash and cash equivalenls include cash in hand, deposits held at call with banks, other shorl-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabililies. 1.9 Flnanclal instruments The Church has elected to apply the provisions of Section 11 'Basic Financial Inslrumenls, and Section 12 'Olher Financial Instruments Issues, of FRS 102 lo all ol ils financial instruments. Flnancial Instruments are recognised in the Church's balance sheet when the Church becomes party to the contractual provisions of the instrument. Financial assets and liabllities are offset, wllh the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there Is an intention lo settle on a nel basis or to realise the asset and settle the liability simultaneously. Baslc financial assets Basic financial assels, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amorlised cost using the effective inleresl method unless the arrangement constilulés a linancing Iransaclion, where the transaction is measured at the present value of Ihe future receipls discounled al a mafkel rale of interest.. Financial assets classified as receivable within one yeaf are not amortised.
DRUMREAGH PRESBYTERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies (Continued) Baslc financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangemenl conslilules a financing transaclion, where the debt instrument is measured al the present value of the future payments discounted al a market rale ol inlerest. Financial liabilities classified 8$ payable wilhin one year are not amorliged. Debt instruments are subsequently carried at amortised cost. using the effective interest rale method. Trade credltors are obligations lo pay for goods or seNices thal have been acquired in the ordlnary course of operations from suppliers. Amounls payable are classified as current liabilities if payment is due within one year or les5. If not, they are presented as non-currenl liabilities. Trade crèditors are recognised initially al transaclion price and subsequerltly mea5UTed at amortised cosl using Ihe effective interest method. Derecognltlon of financlal Ilabllitles Financial liabilities are derecogni5ed when the Church's contractual obllgalions expire or are discharged or cancelled. 1.10 Employee beneflts Termination benefits are recognised immediately as an expense when the Church is demonslrably commilted to terminate the employment of an employee or to provide terminatbon benefits. Crltlcal accounting estimates and judgemenls In the application of the Church's accounting policies. the Truslees are required lo make judgements, eslimales and assumptions aboul the carrying amount ol assels an(1 liabilities that are not readily apparent from olher sources. The estimates and associaled assumptions are based on liislorical experience and olher factors that are considered lo be relevant. Actual results may differ from Ihese eslimales. The eslimates and underlyin9 assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in Ihe period in which Ihe estimate is revised where the revision affects only Iliat period, or in Ihe period of the revision and luture periods where the revision affecls both currenl and future periods. Charitable activitles Charltable Charltable Income Income Heading 1 Heading 1 2022 2021 Charilable rental income 700 700
DRUMREAGH PRESBYTERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Investments Unrestrlcled Restricted funds funds general 2022 Total Unrestrlcted Restricted funds funds general 2021 Total 2022 2022 2021 2021 Interest receivable 494 315 809 873 116 989 Donations and legacies Unrestricted Restricted funds funds general Total 2022 Total 2021 Donations and glfts other 134,765 134,765 186,697 126,818 167,426 186,697 134,76S 186,697 321,462 294,244 For the year ended 31 December 2021 126.818 167,426 294,244 Other Income Unrestrlcted Restrlcted funds funds general 2022 Total Unrestricted Reslricled funds funds general 2021 Total 2022 2022 2021 2021 other income 24 9,438 9.462 489 8,532 9,021 io-
DRUMREAGH PRESBYTERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTSICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Charitsble activitles 2022 2021 Slaff costs Depreciation and impairment Rental properly expenses Cleaning and catering Missions and other groups Repairs and maintenanca Insurance Heat and Light Admin costs Stationery and printing Rates Financlal charges General expenses 69,002 82.110 2.763 71,U80 55,810 282 294 39,163 2,226 5,413 5,194 4,543 2,332 1,812 4.026 7,041 45,286 26,508 5,621 13,312 5,589 3,183 2,045 17,146 24,558 297,123 199,216 297,123 199,216 Analysls by fund Unrestricted funds Restricted fund5 - general 139,721 157,402 297,123 For the year ended 31 December 2021 Unrestricted funds Reslricled funds - general 166,957 32,259 199,216 Trustees None of the Trustees lor any persons connected wilh them). other than Rev. Richard Murray, received any remuneration or benelils from the Church during the year. Employees The average monthly numbef of employees during the year was.. 2022 Number 2021 Number 11
DRUMREAGH PRESBYTERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Employees {Continued) Employment costs 2022 2021 Wages and salaries 69,002 71,080 There were no employees whose annual remuneration was mre than £60,000. Drumreagh Presbyterian Church has one employee which is the Music Coordinator. Staff cos15 include the cost of the Music Coordinator, the ministers, wages and caretaker costs. Although the wages of are paid by Drumreagh Presbyterian Church. the minister of the church is an employee ol the Presbylerian Church in Ireland, and is Iherefore not reflected in the employee numbers of Drumreagh Presbyterian Church. 10 Net gain51(lossesl on investments Total Unreslricled Restricted funds funds general 2021 Total 2022 2021 2021 Galnllloss) on sale of investments (37,675) (58,953) {96,628) The Presbyterian Mutual Society investment balance of £96,627.44 Ihat the church held was written off In 2021 due to the asset realisations from PMS not being completed as originally intended. 11 Tanglblè flxed assets Freeholdlond Flxturès and and bulldlngs flttlngs Total Cost At 1 January 2022 Addilions 2,506.331 383,941 130,767 105,168 2,637,098 489,109 At 31 December 2022 2,890,272 235,935 3,126,207 Depreciation and impairment Al 1 January 2022 Depreciation charged in the year 155,158 53,086 57,817 29,024 212.975 82,110 At 31 December 2022 208,244 86,841 295,085 Carrying amount At 31 December 2022 2,682,028 149,094 2,831,122 At 31 December 2021 2,351.172 72,950 2,424,122 12-
DRUMREAGH PRESBYTERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 12 Debtors 2022 2021 Amounts falling due within one year: Trade debtors 38,786 36,552 13 Loans and overdrafts 2022 2021 Bank overdrafts Bank loans 89,103 382,917 382,917 89,103 Payable wilhin one year Payable afler one year 38.292 344,625 89,103 14 Creditors: amounts falllng due within one year 2022 2021 Notes Bank loans and overdrafts Trade creditors 13 38,292 7,832 89,103 6,312 46,124 95,415 15 Creditors: amounts falling due after more than one year 2022 2021 Notes Bank loans 13 344,625 16 Designated funds The income funds of the charity include the following desbgnaled funds which have been set aside out of unrestricted funds by the Irustees for specific purposes:_ - £10,000 held by Drumreagh for the upkeep of Moody Grave. 13-
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DRUMREAGH PRESBYTERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 18 Analysls of changes in net debt At 1 January 2022 Cash flows At 31 December 2022 Cash at bank and in hand Bank overdrafls 189,120 {89,103) 44,137 89,103 233,257 100,017 133.240 233,257 Loans falling due within one year Loans falling due after more than one year (38,292) (344,625) {38,292) 1344,6251 100,017 (249,677> (149,660) 15-