Charity registration number: 104483 Upper Clonaneese Congregation of the Presbyterian Church in Ireland Annual Report and Financial Stat¢ments for the Year Ended 31 December 2022 Upper Clonaneese Congregation of the Presbyterian Church in Ireland Contents (continued) Reference and Administrative Details T￿Stees, Report 2to3 Statement of Trustees, Respon5ibilitie5 Independent Examinefs Report StaterneTht of Financial Activities 6t07 Balance She¢t Notes to the Financial Ststements 9t017 Upper Clonalle￿e Congregation of the Presbyterian Church in Ireland Reference alld Administrative Details Tn￿tee$ Mr Noel Condy Mr Ralph Jones Rev Jackie Spence Mr Nigel Mcmullan Dr Evan ShaTkey Mr Andrew Condy Mr Nigel Condy Mr Michael Jones 104483 Cbarity R¢gistratlon Number Printipal Offiee 4 Clontyclevin Road Dungannon Thomas Oliver and Associatss Limited Certified Public Accountant l Moyga5hel Mills Park Dungannon Independent Examiner Page I Upper Clonaneese Congregation of the Presbyterian Church in Ireland Trustees, Report The ttustees present the annual report together with the fmanriaI statements of the charity for the year ended 31 December 2022. Objectives and aetfvities Objects and alniv The Church provides benefit to its members and the general public by making known the Christian Gospel of the Lord Jesus Christ through the advancement of religion. Public benef The congregation meets for worship every Sunday and visitors are welcome to join. The Sa￿ent of the Lord's Supper is observed on several occ&8ions during the year and all those who have been baptised and who have made a profession of faith in the Lord Jesus Christ are admitted to the Lord's Supp¢r. The cx>ngregation holds regular bible study meetings and h&8 a wide range of oiwisations including:" - Sunday School -youth Club - Creche - Juntor Christian Endeavour - Young People's Christian Endeavour - Young Adult's Christian Endeavour - Senior Christiall Endeavour - PW ￿resbYterian Women) - Ladies Keep Fit Classes - Mcns's football and t￿MIS table. - Connect The t￿￿tee$ ¢onfm that they have complied the requirements of the Charities Act (Northern Irel8nd) 2008 to have due regard to the public benefit guidance published by the CEwity Commission for Northem Ireland. Financial review Within our balance sheet there is a b8nk loan amount of £ 284.958 owing. which had to tsken out by the Church due to banking procedures. which has resulted in a negative balance sheet. This loan relates to a bLEilding which is held by Clonannese Development Group (N1653030) with a Net Book Value of £ 646.945. Donation5 where made in previous years to Clonaneese Development Group to facilitate the construction of the building. Clonaneese Dev¢loprnent Group is controlled by Upper Clonaneese Congregation of the Presbyterian Church in Ireland trustees. Structure? governance and management Financlal instrum¢Dts Objecth?es andpollclaf The charity's activities expose it to a number of financial risk5 including credit risK cash flow risk and liquidity risk. The use of fmancial derivatives is governed by the charity's policies approved by the board of trustee5, which provide written prinGiple5 on the use of financial derivatives to manage these risks. The chaTity does t Use d￿1VatiVe fmancial instruments for speculative purposes. Page 2 Upper Clonaneese Congregation of the Presbyterian Church in Ireland Trustees, Report (continued) Credit risk The charity's prit]cipal fmancial assets are bank balances and Cas￿ trade and other receivables, and investments. The charity's credit risk 15 primarily attributable to its trade receivables. The amounts presented in the balance heet are net of allowances for doubtful receivables. An allowdnce for impainnent 15 made where there is an identified loss event whith, b&8ed on previous expertence. is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative fman¢ial instnunents is lirnited because the counteTparties are banks with high credit-rntings assigned by international credit-rating agencies. The charity has no significant concenlTation of credit risk, ￿7th exposure spread over a large number of counterparties and customers. Liquldtty rifk In order to maintain liquidity to ensure that suificient fLmds are available for ongoing operdtions and future developments, the charity use5 a mixture of long-tern] and short-tenn debt finance. Further details regarding liquidity risk can be foulld in the Statement of accounting w)licies in the financial ststements. The a1￿Ual re]xJrt was approved by the trustees of the charity on 17 October 2023 and si8ned on its behalf by.. ie Spen¢e Trustee Dr Evan Sharkey Trustee Pag¢ 3 Upper Clollaneese Congregation of the Presbyterian Church in Ireland Statement of Trustees, Responsibilities The trnstees are responsible for prepaTing the trLTStee5' report and the financial statements in accordance with the unit￿ Kingdom Accounting Standards (United Kingdom G¢nerdlly Accepted Accounting Practice) and applirable law and regulations. The law applicable to charities requires the trustees to prepare fin8ncial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the Gharity for that period. In preparing these fitwicial ststements, the trustees are required to: Select suitsble 8cLxiiintin8 policies and then apply them consistentlyi observ¢ the methods and principles in the Charities SORP. make judgements and estimates that are T¢asonabl¢ and prudenL' State whether applicable accounting standard8 have been follow&1 subject to any material departure5 disc105ed and explained in the financial statements. and prepare the fuwicial statements on the going concern basis unless it is inappropriate to presume that the charity will continue iti business. The trustees are responsible for keeping proper accounting records that disclose with Teasonable accura￿ at any time the fllwicial position of the charity and enable them to ensure that the financial Statements ￿mplY with the Charities Act (Northern Ireland) 2008, the applicable Charities (Accounts and Reports) Regulations. 2nd the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detedion of fraud and other iTregularitiu. The trjstees are reswnsible for the maintenance and integrity of the con)orate and financial inforniation included on the charitable company's website. Legislation governing the preparation and di55emination of finan¢ia] 5tat¢ments may diff¢r from legislation in other jurisdidions. Approved by the trustees of the charity on 17 2023 and signed on its behalf by: e Spence Trustee Dr Evan Sharkey Trustee Page 4 Upper Clonaneese Congregation of the Presbyterian Church in Ireland Independent Examiner's Report to the trustees of Upper Clollaneese Congregation of the Presbyterian Church in Ireland report to the t￿SteeS OD my examination of the accounts of Upper Clonaneese cOn￿gatiOn of the Presbyterian Church in Ireland for the year ended 31 December 2022. Responsibilities abd basi5 of report As the charity's trustees of Upper Clonaneese Congregation of the Pr¢sbyt¢rian Church in ITeland you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act (Northern Ireland) 2008. It is my responsibility to - examine the accouttts under section 65 of the Charities Act follow the procedures laid in the generdl Directions given by the Commission under section 65(9)0)) of the Charities Act - state whether particular matters have come to my attention Basis of independent examiner's report I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general directions given by the Charities Commission for Northern Ireland under sertion 65 (9)(b) of the CbaTities ACL My examination included the review of the accounting records kept by the charity and a comparison of the accounts presented with those record%. It also included consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as charity trn5tees concerning any such matters. My role is to state whether any matertal matters have come to my attentions gtving me cause to believe'.- l That accounting records were not kept in accordance with section 63 of the Chariti&s Act 2 That the accounts do not accord with those accounting ￿ordS 3 That th¢ accounts do not comply with the acc4)unting requirements of the Charities Act 4 That ther¢ is further infomiation needed for a proper understanding of the accounts to be reach¢d. Independent examiner's Statement I have complet¢d my examination and have no ¢oncems in respect of the matters (l) to (4) listed above and. in connection with the follo￿￿n8 Directions of the Charity Commission for Northern Irelan￿ I have found no matters that require drawing to your attention. omas Oliver aJ)d A5so¢iates Limited Certified Publtc Accountant l Moyg2shel ￿l11S Park Dungannon 17 October 2023 Page 5 Upper Clonaneese Congregation of the Presbyterian Church in Ireland Statement of Financial Activities for the Year Ended 31 December 2022 Unrestricted fujjds Restricted nds Endolvmellt fwids Total 2022 Note Income and Endowments from: Donations and legaci¢s Other trading activities Investmcnt income Othcr income 67.438 70,513 3,030 164 7,206 137,951 3.030 338 9,184 174 1,978 Tota] income 69,590 80,913 150,503 Expenditure on: Charitable activities Other expenditure (1.224) (74.112 (1,224) (129,783) (55,671) Total expenditure (75.336) (55,671 131,007) Net (expenditt2re)/income (5.746) 25,242 19.496 Net movement in fimds (5.746) 25.242 19,496 Recontiliation of funds Total funds brought fonvard (224,455) 47,390 27,445 (149,620) Total funds carried forward 16 230,201) 72.632 Restricted nds 27,445 Endowment funds (130.124) Total 2021 Unrestricted funds Note Ineomt and Endowments from: Donations and legacies Other trading activitie5 Investsnent income Other inc4)me 61,151 70,773 5.250 iii 1,987 131.924 5,250 214 3,164 103 1.177 Total income 62,431 78.121 140,552 Expenditure oll: Charitable activities Other expendtttwe (1,476) (234.886 (1,476) (266,284) (31,398) Tota] expenditure 236.362) 31,398 267.760) Net (expenditure)/income Net movement in fimds 173.931) 46,723 127208) (173,931) 46,723 (127,208) ReconeUi8tion of funds Total funds brought fonvard Total funds carried forward 50,523) 224.454) 666 27,445 22.412) 16 47,389 149,620) All of the charity'5 activities dertve from continuing OP¢Tations during the above two perio¢l8. The notes on pages 9 to 17 form an integral part of these financial statements. Page 6 Upper Clonaneese Congregation of the Presbyterian Church in Ireland Statement of Financial Activities for the Year Ended 31 December 2022 (contillued) The fimds breakdowi for 2021 is shown in note 16. The notes on pages 9 to 17 fonn an integral part of these fManc1￿ ststements. Page 7 Upper Clonaneese Congregation of the Presbyterian Cbllrch in Ireland (Registration number: 104483) Balance Sheet as at 31 December 2022 2022 2021 Note Fixed assets Tangible &ssets 13 27.520 16,802 Current assets Cash at bank and in hand 14 127,314 130,212 Creditors: Amollnt$ falling due within olle year Net current ]iabilihes 15 (284,958) (296,634 (157,644 (166,422) Net liabilities (130,124 (149,620) Funds of the charity: EndoTrvmeDt funds 27,445 27,445 Restrieted income funds Restrithd funds 72.632 47.389 Unrestricted illcome fuJds Unrestricted funds 230,201) 224,454) (149,620) Total fund5 16 (130,124) The fLnancial statements on pages 6 to 17 were approved by the trnstees. and authorised for issue on 17 October 2023 and signed on their behalf by: Rev Trustee e Spenc¢ Dr Evan Sharkey Trustee The notss on pages 9 to 17 forni an intrgral part of these fina￿la1 statements. Page 8 Upper Clonaneese Congregation of the Presbyterian Church in Ireland Notes to the FinaDci21 Statements for the Year Ended 31 December 2022 l Accounthig policies ststement of compliance The financial statements have been prepared in ac¢ordance with the se£ond edition of the Charities Statement of Recommended Practice issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. Basts of prepgratlon Upper Clonaneese Congregation of the Presbytertan Church in treland meets the definition of a public benefit entity under FRS 102. Assets and liabilitie5 are initially recognised at historical cost or transaction value unless othenwise stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the charity's ability to Continue as a going Income and ¢DdowmeDts Voluntary incorne including donation5, gifts. legacie5 and grants that provide core fjmding or are of a general nature is recognised when the charity has entitlement to the tncome, it is probable that the tncome will be received and the amount can be measured with sufficient reliability. Donations andlegaci Donations and leg￿leS ￿e recognised on a rettivable b&8is when receipt is pmbable and the amount can be reliably measured. Grants receivable Grants are Teo)gnised when the tharity has an entidement to the funds and any wnditions linked to the grants have been met. Where perfonnance Lx)nditions are attached to the grdnt and are yet to be mel the income is recognised as a liability and included on the balance sheet &8 deferTed In￿)me to be rel￿ed. Investr￿nt incomt Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable 5ettlemenl is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregats similar costs to that category. Wher¢ costs ¢annot be directly attributed to particular headings they bave been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spenL and depreciation charges allocated on the portion of the asset's use. Otb¢r support costs are allocated based on the spread of staff costs. Page 9 Upper Clonaneese Congregation of the Presbyterian Church in Ireland Notes to the Financial Statements for the Year Ended 31 December 2022 (colltinued) Governance costs These include the costs attributable to the clwity's compliance with constitutional and statutory requirements, including audi¢ strategic management and trustees meetings and reimbursed expenses. Taxation The charity is Considered to pa55 the tests set out in Paragrdph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporntion tax purp)ses. Accordingly, the charity is potentially exempt frorn t&xation in respect of income or capitsl gains received within categories covered by Chapter 3 Part i i of the Cory)oration TLX Act 2010 or Section 256 of the Taxation of Chargeable Gain5 Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. Tangible rued assets Individual fixed &8sets costing £250.00 or more are initially recorded at cost. Depreciatioll and amortis4tlon Depreciation is provided on tangible fixed assets so as to ￿lte off the c05t or valuation. less any estimated residual value, over their expected use￿1 economÉc life as follows.. Cash and ¢4sh equivalents Cash and c&sh equivalents comprise wh on hand and call depostts, and other short-term highly liquid investments that are readily convertible to a Ialown amount of c&qh and are subject to an Insi￿lfiCant risk of hange in value. Borrowings Interest-bearin8 borrowings are initially re¢orded at fair value, net of transaction (¥ysts. Interest-bearing borrowings aTe subsequently carried at amortised cosL with the difference between the procee¢l%. net of transaction costs. and the amount due on redemption being recognised ￿ a charge to the Stat¢ment of Financial ActTvities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and 15 included in interest payable and similar charges. Bo￿0￿ingS are classified a5 current liabilities urJess the charity ha5 an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Fund strueture Unrestricted income funds are genera] fijnds that are available for at the trnstees discretion in furtherdnce of the objective5 of the charity. Restricted income fijnds are those donated for use in a particular area or for spe¢ifi¢ purposes, the use of whicb 15 restricted to that area or purpose. Page 10 Upper Clonaneese Congregation of the Presbyteriall Church in Ireland Notes to the Financial Statements for the Year Ended 31 December 2022 (continued) Financial instnullents Clo￿f￿￿tiOn Ftnancial assets and financial liabilities are recognised when the charity be￿m¢S a party to the contractual provision5 of the instiillnent. Financial liabilities and 4uity Inst￿Ments are ¢l&%sified according to the substance of the c4)ntra¢tual arrangernents entered into. An equity instnunent is any wntract that eviden¢es a residual interest in th¢ assets of the charity after deducting all of its liabiliti¢s. Recognition ond pneas4remenl All financial asset5 and liabilities are initially mwured at trdnsathion price (including transa￿lOn costs), except for those financial assets classified as at fair value through profit or loss, which are Initi￿lY measured at fair value (which 15 noM￿llY the tf8nsacti¢)n price excluding transaction costs), unless the aThngement constitutes a financing transaction. If an arrangement constitrjtes a fmancing transactlo￿ the financial asset or finan¢ial liability is measured at the present value of the future payments discounted at a market rate of interest for a sirnilar debt instrument. Financial assets and liabilities are only off5¢t in the statement of financial position when, and ot]ly when there exists a legally enforceable right to set off the recognised amounts and tbe Charity intends either to s¢ttl¢ on a net basis, or to realise the asset and settle the liability simultaneA)usIy. Financial assets att derecogntsed when and only when a) the wntrathal rights to the ¢ash flows from the financial asset expire or are Settle￿ b) th¢ Charity transfers to another paty substantiauy all of the risk5 and rewards of ownership of the finanGial assel or c) the Gharity, despite having retained some. but not a]1, significant risks and rewards of ownership, has transferred control of the &8set to another party. Financial liabilities are derecognised only when the obligation specified in the contract is disch￿ge