Charity Registration No. NIC105565 DRUMREAGH PRESBYfERIAN CHURCH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
DRUMREAGH PRESBYTERIAN CHURCH CONTENTS Page Charity infomiation ststement of Trustees responsibilities Independent examinerfs report ststement of financi81 activities Balan sheet Notes to the financial statements 6-14
DRUMREAGH PRESBYfERIAN CHURCH LEGAL AND ADMINISTRATIVE INFORMATION Trustees Rev. Richard Murray Mr J Walker Mr W Futton Mr J Christie Mr C Nevin MrCTScott Mr T J Craig MrRJHenry Mr R Eakin Mr D McBride Mr James Gault Mr V¥llliam Scott Charity number NIC105565 Prlnclpal address 104 Bann Road Ballymoney Co. Antrim BT53 7NA Independent examiner Dr R I Peters Gallagher, OBE, FCA Moore (Nl) LLP 32 Lodge Road Coleraine Co Londonderry BT52 1NB Bankers Danske Bank 6 High Street Ballymoney Co. Antrim BT53 6AD Solicitors Thomas Taggart & Sons Ltd 27 Church Street Ballymoney County Antrim BT53 6HS
DRUMREAGH PRESBYfERIAN CHURCH STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Church Session is responsible for preparing the Trustees. Report and the Finanaal Statements in accordance with applicable law and regulations. The law applicable to charities in the Northem Ireland requires the Church Session to prepare financial statements for each financial year. Under that law the Church Session has prepared the financial statements in accordance with Generally Accepted Accounting Practice in the Unrted Kingdom (accounting standards issued by the Financial Reporting Council in the UK, including Charities SORP (FRS 102) "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 {FRS 102)" and promulgated by the Institute of Chartered Accountants in the United Kingdom and United Kingdom Law) Under that law the Church Session must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charity and of the statement of finanGial activities of the charity for that period. In preparing the financial ststements the Trustees are required to: select suitable accounting policies and then apply them consistently make judgements and estimates that are reasonable and prudent state whether the financial statements have been prepared in accordance with applicable Accounting Standards and identify the standards in question, subject to any material departures being disclosed and explained in the financial statements., and prepare the financial statements on the golng concem basis unless it is inappropriate to presume that the Funds will continue in operation. The Church Session is responsible for keeping accounting records that a sufficient to show and explain the Parish's transactions and disdose wth reasonable accuracy at any time the financial position of the Parish and enable them to ensure that the financial ststements comply with the Charities Act (Northem Ireland) 2008, the Charity (Accounts and Reports) Regulations (Northem Ireland) 2015 and the provision of the Constitution of the Presbyterian Church in Ireland. They are also responsible for safeguarding the assets of the Church and hence for taking reasonable steps for the prevents.on and detection of fraud and other tegularitIeS. Statement as to dlsclosure to our examiners In so far as the Trustees are aware at the timing of approving our Trustees, annual report: - there is no relevant audit information of which the charitable company's auditor is unaware; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant infonnation and to establish that the Church's independent examiner is aware of that infomation. Independent Examiners Dr R I Peters Gallagher, of, Moore (Nl) LLP, have indicated her ¥IlIngneSS to continue in office. and a resolution conceming her reappointment will be proposed at the Trustees meeting on 30th May 2024.
DRUMREAGH PRESBYTERIAN CHURCH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DRUMREAGH PRESBYTERIAN CHURCH I report on the accounts of the Church for the year ended 31 December 2023, which are set out on pages 4 to 14. Respective responsibilities of Trustees and examiner As the charity's trustees you are responsible for the preparation of the accounts in accordance with the Charities Act (Northem Ireland) 2008. It is my responsibility to. examine the accounts under section 65 of the Charities Act (li) follow the procedures laid dovffl in the general d1ctionS given by the Charity Commission for Northem Ireland under section 65(9}(b) of the Charities Act (iii) to state whether particular matters have come to my attention. Basls of Independent examinerfs report I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance wtth the general Directions given by the Chartty Commission for Northern Ireland under section 65{91(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any materi81 matters have come to our attents'on giving us cause to believe: 1. That accounting records were not kept in accordance with section 63 of the Charities Act 2. That the accounts do not accord wth those accounting records 3. That the accounts do not comply with the accounting requirements of the Charities Act 4. That there is further infomiats'on needed for a proper understanding of the accounts to be reached. Independent examinerfs statement Since your charily's gross income exeded £250.000 your examiner must be a member of a listed body. I can confirm that am are qualified to undertake the examination because l am registered as a member of Chartered Accountants Ireland which is one of the listed bodies. I have completed my examination and have no concems in respect of the matters (1) to (4) listed above and, in connection wilh following the Directions of the Charity Commission for Northem Ireland, I have found no matters that require drawing to your attention. 3 Px l-wr Dr R I Peters Gallagher, OBE, FCA Chartered Accountant Moore (Nl) LLP 32 Lodge Road Coleraine Co Londonderry BT52 1NB Dated: 15 October 2024
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DRUMREAGH PRESBYfERIAN CHURCH BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets 11 2,800,198 2,831,122 Current assets Debtors Cash at bank and in hand 12 43,903 109.405 38,786 233,257 153,308 272,043 Creditors: amounts falling due within one year 13 3,486 46,124 Net current assets 149.822 225,919 Total assets less current liabilities 2,950,020 3,057.041 Credltors: amounts falling due after more than one year 15 {344,625) Net assets 2.950,020 2,712,416 The funds of the Church Restricted income funds - general Restricted income funds - designated Unrestricted funds 16 17 2,854.014 9,000 87,006 2,263,063 10,000 439,353 2,950.020 2,712,416 Dromore Presbyterian Church has merged with Drumreagh Presbyterian Church and was dlssolved at 31110122. On 7111122 £122,726.72 was transferred to Drumreagh Presbyterian Church - £25,601 of this is unrestricted funds. £10,000 is to be held by Drumreagh for the upkeep of Moody Grave. The remainder was transferred to Drumreagh Building Fund. The balance of £18,699.07 in Progressive Building Society from Dromone Presbyterian Church was transferred along with interest received of £124.29 to Drumreagh Presbyterian Church Building Fund in the year ended 311121 23. The Church Assets including the Church, hall and land Vre held by Dromone Presbyterian Church. When these were sold, the proceeds of £130.000 vRre donated to Drumreagh Presbyterian Church in year ended 311121 23. financial statements were approved by the Trustees on er 2024 Rev. Richard Murray Trustee MrRJHenry Trustee
DRUMREAGH PRESBYfERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity inforniation Drumreagh Presbyterian Church is a unincorporated entity govemed by a Constitution. 1.1 Accounting convention These accounts have been prepared In accordance with FRS 102 'The Financial Reporting Slandard applicable in the UK and Republic of Ireland. ('FRS 102°), °Accounting and Reporting by Charities" the Statement of Recommended practi for charities applying FRS 102, the Charities Act {Northem Ireland) 2008 and UK Generally Accepted Accounting Practice as rt applies from 1 January 2015. The Church is a Public Benefrt Entity as defined by FRS 102. The financial ststements have departed from the Chartties (Accounts and Reports> Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Ststement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in steding, which is the functional currency of the Church. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been ppared under the historical cost convention, Imodified to include the revaluation of freehold properties and to include investment properties and rtain financial instruments at fair value]. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the Church has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectsves. Restricted funds are subject to specific condstsons by donors or grantors as to how they may be used. The purposes and uses of the restricted fvnds are set out in the notes to the finanaal statements. Endowment funds are subject to specffic conditions by donors that the capitsl must be maintsined by the Church. 1.4 Income Income is recognised when the Church is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it 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 perf0rrnan conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacie5 are recognised on receipt or othetwrse if the Church has been notifjed of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 1.5 Expenditure These accounts for the year ended 31 December 2023 for Drumreagh Presbyterian Church are prepared in accordance with FRS 102, The Financial Reporttng Stsndard applicable in the UK and Republic of Ireland.
DRUMREAGH PRESBYfERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 AGGounting policies (Continued) 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequent5y measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases= Freehold land and buildings Fixtures and fittings 20A reducing balance 4% - 20% dUcIng balance The gain or loss arising on the disposal of an asset is determined as the differen beeen the sale proceeds and the carying value of the asset, and is recognised in the statement of financial activities. 1.7 Impalrment of fixed assets At each reporting end date, the Church reviews the carying amounts of its tangible assets to detennine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to detemiine the extent of the Impaimient loss (if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tem Ilquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in Guent liabilities. 1.9 Financial instruments The Church has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Church's balance sheet when the Church becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, Vlryth the net amounts presented in the financial ststem8nts, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
DRUMREAGH PRESBYfERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) Basic financial liabilities Basic financial liabiltties, including creditors arKI bank loans are initially recognised at transaction price unless the arpngement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments a subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired Sn the ordinary cours8 of operations from suppliers. Amounts payable a dassified as current liabilities rf payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Church's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits Temiination benefits are recognised immediately as an expense when the Church is demonstrably committed to temiinate the employment of an employee or to provide temiinats'on benefits. Critical accounting estlmatss and judgements In the application of the Church's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that a considered to be relevant. Actual SU$ may differ from these estimates. The estimates and underlying assumptions are revIevd on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the Vision affects both current and future periods. InGome from charitable actlvltles Restricted funds 2023 Restricted funds 2022 Charitable rental income 700 700 Income from investments Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Interest receivable 1,032 1.116 494 315 809
DRUMREAGH PRESBYfERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donations and legaGies Unrestricted Restricted funds funds general Total 2023 Total 2022 Donations and gifts Other 163.439 163,439 160,248 134,765 186,697 160,248 163,439 160,248 323,687 321,462 For the year ended 31 December 2022 134,765 186,697 321,462 Other income Unrestrlcted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Released from endowment funds Net gain on disposal of tangible fixed assets Other income 1,000 1.000 176,237 21.381 176,237 22,314 933 24 9,438 9,462 933 198,618 199,551 24 9,438 9,462
DRUMREAGH PRESBYfERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activities 2023 2022 Staff costs Depreciation and impaiment Rental propety expenses Missions and other groups Repairs and maintenance Insuranc8 Heat and Light Admin costs stationery and printing Rates Financial charges General expenses Other charitable expenditure 87,928 82,237 490 43.371 9.227 6,081 15,417 3,962 2,345 2,533 18,932 30,114 3,636 69,002 82,110 2,763 45,286 26,508 5,621 13,312 5,589 3,183 2.045 17,148 24,558 306,273 297,123 306,273 297,123 Analysls by fund Unrestricted funds Restricted funds - designated Restricted funds - general 168,501 1,000 136.772 306,273 For the year ended 31 December 2022 Unrestricted fijnds Restricted funds - general 139,721 157,402 297,123 Trustees None of the Trustees (or any persons connected with them). other than Rev. Richard Murray, received any remuneration or benefits from the Church during the year. Employees The average monthly number of employees during the year was: 2023 Number 2022 Number 10-
DRUMREAGH PRESBYTERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Employees (Continued) Employment costs 2023 2022 Wages and salaries 87,928 69,002 There were no employees whose annual remuneration wps more than £60.000. Drumreagh Presbyterian Church has one employee vthich is the Music Coordinator. Staff costs include the cost of the Music Coordinator, the ministers, wages and caretaker costs. Although the wages of are paid by Dnjmreagh Presbyterian Church, the minister of the church is an employee of the Presbyterian Church in Ireland, and is therefore not reflected in the employee numbers of Drumreagh Presbyterian Church. 10 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 11 Tanglble flxed assets Ffeehold land Fixture5 and and buildings fittings Total Cost At 1 January 2023 Additions Disposals 2,890,272 29,254 (8,082) 235,934 3,126,206 30,142 59,396 {8,082) At 31 December 2023 2,911,444 266,076 3,177,520 Depreclation and Impairnient At 1 January 2023 Depreciation charged in the year 208,244 52,609 86,841 29,628 295,085 82,237 At 31 December 2023 260,853 116,469 377,322 Carrying amount At 31 December 2023 2.650,591 149,607 2,800,198 At 31 December 2022 2,682,028 149,094 2,831,122 12 Debtors 2023 2022 Amounts falling due Wbthin one year.. Trade debtors 43,903 38,786 11
DRUMREAGH PRESBYTERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Restricted funds - designated These are restricted funds which are material to the Church's activities. At 1 January 2023 Incoming resources Resources expended At31 December 2023 10,000 {1,000) 9,000 Previous yèar: At 1 January 2022 Incoming resources Resources expended At31 December 2022 10.000 10,000 18 Analysis of net assets between funds Unrestrl¢ted funds Restricted funds designated 2023 Restrfcted funds Total 2023 2023 2023 Fund balances at 31 December 2023 are represented by: Tangible assets Current assetsl(liabilities) 2,800,198 53,816 2,800,198 149,822 87,006 9,000 87,006 9,000 2.854,014 2.950.020 Unrestricted funds Restrlcted funds designated 2022 Restrlcted funds Total 2022 2022 2022 Fund balances at 31 December 2022 are represented by: Tangible assets Current assetsl{liabilities) Long term liabilities 2,831,122 1223,434} (344.625) 2,831.122 225,919 1344,6251 439,353 10,000 439.353 10,000 2,263.063 2,712,416 13-
DRUMREAGH PRESBYTERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Unrestricted funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted fvnds by the trustees for specffic purposes:. - £10,000 held by Drumreagh for the upkeep of Moody Grave. At 1 January 2023 Incoming resources Resources expended Transfers At31 December 2023 General ftjnds 439.353 165,404 1168,501) (349,250) 87,006 Previous year: At 1 January 2022 Incoming resources Resources expended Transfers At31 December 2022 General funds 2,475,039 160.884 (139.721) (2,056,849) 439,353 20 Analysls of changes in net fundsl(debt) At 1 January 2023 Cash flows At 31 De¢ember 2023 Cash at bank and in hand 233,257 (123,852) 109.405 Loans falling due within one year Loans falling due after more than one year 138,292 (344,625) 38,292 344,625 (149,660) 259,065 109,405 14-