REGISTERED CHARITY NUMBER: 1003788
REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
FOR
THE BERKSHIRE MASONIC CHARITY
THE BERKSHIRE MASONIC CHARITY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
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|Page|
|Report|of|the Trustees|1|to|5|
|Report of the Independent Auditors|6|to|9|
|Statement|of Financial|Activities|10|
|Statement of|Financial|Position|11|
|Notes|to the|Financial|Statements|12|to|20|
|Detailed|Statement|of Financial|Activities|21|to|22|
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THE BERKSHIRE MASONIC CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their report together with the audited financial statements of the Charity for the year ended 31 March 2021. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provision of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
OBJECTIVES AND ACTIVITIES Objectives and aims
The Charity's objectives are to distribute investment income for the relief of local distress and charitable need of a Masonic or non-Masonic nature.
Social investments
A wide variety of causes benefited from assistance provided by the Charity in the current year. In the main, they continue to be organisations and charities providing facilities for the disabled and disadvantaged members of the community. As in previous years, assistance to disadvantaged and disabled individuals from all types of background feature strongly in our grant programme.
The Trustees have considered the guidance in the Charity Commissions’ general guidance on public benefit when reviewing the aims and objectives of the Charity and in planning future activities. In particular, the Trustees consider how the Charity's grant making policies will contribute to the aims and objectives they have set.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Management Committee meets quarterly to consider grant applications recommended by the Petitions Committee. During the year the Charity made a total of 22 grants (2020: 50 grants) to different individuals and institutions totalling £32,133 (2020: £97,217). These grants covered a wide range of causes including community, educational, youth, elderly, disadvantaged and disabled.
To achieve its stated objectives, the charity is reliant on income from its investments as detailed in note 3.
Analysis of Grants
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Grants | to | individuals | Number - |
Total£ - |
Number 1 |
Total£ 1,704 |
| Grants | to | institutions | 22 | 32,133 | 49 | 95,513 |
| Total | 22 | 32,133 | 50 | 97,217 |
The availability of Masonic Charitable Foundation sourced funding for some grants and the fact that some events have not taken place means that the Charity has not seen a requirement to draw on uncapitalised reserves to date. However, as organisations restart their activities we anticipate that demand will rise at the same time as alternative funding streams come to an end.
Page 1
THE BERKSHIRE MASONIC CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
ACHIEVEMENT AND PERFORMANCE
Investment Performance Against Objectives Set
The capital values of the portfolios rose by just over 19% to £3,129,357 over the year and remain ahead of the high points that the charity experienced pre-pandemic. Of equal importance is that the forecast income has continued to recover. From a low point at the end of September 2020, the forecast income has now risen to over £70,000 as dividends have continued to be reinstated in many sectors. The forecast yield on the portfolios is currently 2.25%.
Whilst there is still some way to go in terms of income reinstatement, the current levels fall well within the scenarios modelled last year during the early stages of the pandemic.
The Trustees remain mindful of the volatility in markets and the continued levels of geopolitical uncertainty prevailing and view the longer-term progress and security of the portfolios as being of greater importance than shorter term outcomes. As a result, they also review longer term outcomes for the portfolios to ensure broader strategic outcomes are achieved. Over 5- and 7-year timeframes the investments continue to meet the longer term strategic objective set, even after recent volatility.
FINANCIAL REVIEW
Reserves policy
The Trustees, in conjunction with the Treasurer, regularly review the reserves policy to ensure that there are sufficient liquid cash reserves available to meet the anticipated grants to charities and other good causes, currently estimated to be approximately £70,000 per annum.
At the Statement of Financial Position date the charity had total reserves of £3,211,451, of which £3,129,357 would be realised in cash by disposing of the investments held. Total reserves include £3,112,500 of restricted funds and £98,951 of unrestricted funds. The level of grants made in the future will be tailored to reflect available liquid resources.
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. They have considered the effects of the Covid 19 pandemic particularly in respect of investment valuations and anticipated investment income. However, due to the nature of the charity's activities, whereby petitions granted are subject to quarterly review and are based upon expected investment income, the Trustees consider that the going concern basis will continue to be appropriate. Further details regarding the adoption of the going concern basis can be found in the accounting policies note to the financial statements.
FUTURE PLANS
While the value of the Charity's investments have recovered from the previous year, the economic consequences of the pandemic continue to impact on investment income. The Charity will continue to review the level of grant making in line with anticipated income after taking account of the charity's overheads.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The Charity is controlled by its governing document, a deed of trust dated 24 July 1991, and constitutes an unincorporated charity.
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THE BERKSHIRE MASONIC CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
On a recommendation of the Provincial Grand Master for Berkshire and in accordance with the Trust Deed, the name of a new Trustee is placed before the annual meeting of The Provincial Grand Lodge of Berkshire for election by the members of the Province.
Organisational structure
The Charity is run on a day to day basis by the management committee. The administration and secretarial duties of the Charity are coordinated from the principal office at Sindlesham, to which all enquiries should be made.
The petitions committee make recommendations to the management committee as to the recipients and the quantum of grants.
The members serving on the committees are:
Management Committee Richard Olliver (Chairman) Guy Barlow Tim Lee Matthew Walker Richard Lloyd (Treasurer) John Palmer (Trust Secretary) Richard Grayson (Applications Secretary) Neil Coleman Jeremy Whitmore David Jarvis Gerry Preston Edward Hands Paul Thomsett
Petitions Committee Sean Kulan (Chairman) James Edmundson Roger Goodchild Rodney Aldridge Michael Hennessy
Investment Advisor
Nicholas McGregor
The Trustees thank the present committee members and those retiring for their dedicated voluntary service to the Charity. The Trustees review the appointment of officers and committee members in October each year.
Page 3
THE BERKSHIRE MASONIC CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1003788
Principal address Mole Road Sindlesham Wokingham Berkshire RG41 5DB
Trustees G J Barlow TP Lee MC Walker I B Johnson (deceased 22.1.21)
Secretariat John Palmer (Trust Secretary) Richard Grayson (Applications Secretary)
Auditors
Vale & West Accountancy Services Limited Chartered Accountants Statutory Auditors Victoria House 26 Queen Victoria Street Reading Berkshire RGI 1TG
Investment Advisers Canaccord Genuity 41 Lothbury London EC2R 7AE
Investec 2 Gresham Street London EC2V 7QP
Bankers Lloyds Bank Plc 1-2 Market Place Reading Berkshire RG1 2EQ
Page 4
THE BERKSHIRE MASONIC CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standard (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgement and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business;
-
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ey by order ofthe board oftrustees on 27Sqzbember2° 1 and signed on its behalf by:
T P Lee - Trustee
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BERKSHIRE MASONIC CHARITY
Opinion
We have audited the financial statements of The Berkshire Masonic Charity (the 'charity') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Statement of Financial Position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2021 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 15 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concem basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BERKSHIRE MASONIC CHARITY
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts andReports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees’ Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BERKSHIRE MASONIC CHARITY
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment,and health and safety legislation;
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we assessed the extent of compliance with the laws and regulations identified above through makingenquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remainedalert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, theirknowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
-
performed analytical procedures to identify any unusual or unexpected relationships; - assessed whether judgements and assumptions made in determining the accounting estimates wereindicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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enquiring of management as to actual and potential litigation and claims
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BERKSHIRE MASONIC CHARITY
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance wlaws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as theymay involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, forthis report, or for the opinions we have formed.
Vale & West Accountancy Services Limited
Chartered Accountants Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Victoria House 26 Queen Victoria Street Reading Berkshire RG11TG
Date: MA NQ\T A see
Page 9
THE BERKSHIRE MASONIC CHARITY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
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||||||||
|---|---|---|---|---|---|---|
|31.3.21|31.3.20|
|Unrestricted|Restricted|Total|Total|
|fund|fund|funds|funds|
|Notes|£|£|£|£|
|INCOMING|RESOURCES FROM|
|Donations and|legacies|2|-|650|650|4,453|
|Investment|income|3|70,960|-|70,960|91,938|
|Total|70,960|650|71,610|96,391|
|RESOURCES EXPENDED ON|
|Raising funds|4|-|24,605|24,605|19,109|
|Charitable|activities|5|
|Grants|to|institutions|32,133|-|32,133|97,217|
|Other|3,950|-|3,950|4,614|
|Total|36,083|24,605|60,688|120,940|
|Net gains/(losses)|on|investments|-|529,539|§29,539|(319,159)|
|NET|INCOMEKEXPENDITURE)|34,877|505,584|540,461|(343,708)|
|RECONCILIATION|OF FUNDS|
|Total funds|brought forward|64,074|2,606,916|2,670,990|3,014,698|
|TOTAL FUNDS CARRIED FORWARD|98,951|3,112,500|3,211,451|2,670,990|
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The notes form part of these financial statements
Page 10
THE BERKSHIRE MASONIC CHARITY
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||||||
|---|---|---|---|---|
|STATEMENT|OF|FINANCIAL|POSITION|
|31|MARCH|2021|
|Notes|31.3.21£|31.3.20£|
|FIXED ASSETS|
|Investments|8|3,129,357|2,622,896|
|CURRENT ASSETS|
|Debtors|9|-|1,583|
|Cash|at bank|10|90,642|54,453|
|90,642|56,036|
|CREDITORS|
|Amounts falling due within one year|li|(8,548)|(7,942)|
|NET CURRENT ASSETS|82,094|48,094|
|TOTAL|ASSETS|LESS CURRENT|
|LIABILITIES|3,211,451|2,670,990|
|NET ASSETS|3,211,451|2,670,990|
|FUNDS|13|
|Unrestricted|funds|98,951|64,074|
|Restricted|funds|3,112,500|2,606,916|
|TOTAL FUNDS|3,211,451|2,670,990|
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The financial statements were approved by the Board of Trustees and authorized for issue on nit ben 2°21. andwere signed on its behalf by:
T P Lee - Trustee
G J Barlow - Trustee
The notes form part of these financial statements
Page 11
THE BERKSHIRE MASONIC CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The charity is an unincorporated charity registered in England and Wales. The address of the principal office can be found in the Trustees Report.
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 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of[Ireland’,][and][the][Charities][Act][2011.] The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.
The financial statements are presented in Pound Sterling (£), which is also the functional currency of the charity.
Income recognition policies
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.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donations.
Investment income comprises dividend income and fixed interest receivable from listed investments and interest receivable on deposits.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation 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 measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Taxation
The charity is exempt from taxation on its charitable activities.
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THE BERKSHIRE MASONIC CHARITY
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021
- ACCOUNTING POLICIES- continued
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposedby donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use ofeach restricted fund is set out in the notes to the financial statements.
Investments
Investments are a form of basic instruments and are initially recognised at their transaction valueand subsequently measured at their fair value as at the year end date using readily available market information. They include cash held by the investment brokers for subsequent investment. The statement of financial activities include the net gains and losses arising on revaluations and disposals throughout the year.
Cash at Bank
Cash at bank includes cash and short term highly liquid investments with a short maturity ofthree months or less from the date of acquisition or opening of the deposit or similar account.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past eventthat will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Going Concern
At the reporting date the charity held £90,642 in cash and had net current assets of £82,094together with listed investments valued at £3,129,357.
The trustees have reviewed the charity's position carefully. including the charity's grant making activities and have concluded they will be able to match future grants to available funds. They consider that the reserves held by way of investments are adequate for the foreseeable future.
Accordingly, the trustees consider it appropriate to continue to adopt the going concern basisin preparing its financial statements.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
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THE BERKSHIRE MASONIC CHARITY
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021
L ACCOUNTING POLICIES - continued
Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amount reported for assets and liabilities as at the reporting date and the amounts reported for income and expenditure during the year. However, the nature of theestimation means that actual outcomes could differ from those estimates.
The following are the charity's key sources of estimation uncertainty:
Fixed asset investments
Investments are carried at fair value with changes in fair value being recognised in the statement of financial activities. Fair values are based on valuations provided by independent managers which include market prices and readily available market information for each investment but may refer to market prices for similar investments where there is no active market for the investment held by the charity.
Accruals
The charity makes an estimate of accruals at the reporting date based on invoices received after the reporting date, work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.
2.
DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 31.3.21 | 31.3.20 | |
| £ | £ | |
| Donations | 595 | 2,621 |
| Gift aid | 55 | 332 |
| Legacies | - | 1,500 |
| 650 | 4,453 |
During the year and in preceding years, the Charity has benefited from the use of office space at its registered address. This benefit is not reflected in the statement of financial activities.
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THE BERKSHIRE MASONIC CHARITY
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021
| 3. | INVESTMENTINCOME | ||
|---|---|---|---|
| 313.21 | 31.3.20 | ||
| £ | £ | ||
| Dividendsand fixed interestreceivable | 70,944 | 91,818 | |
| Deposit account interest | 16 | 12¢ | |
| 70,960 | 91,938 | ||
| 4, | RAISING FUNDS | ||
| Investment management costs | |||
| 31.3.21 | 31.3.20 | ||
| £ | £ | ||
| Stockbrokers' fees | 24,605 | 19,109 | |
| 5. | CHARITABLE ACTIVITIES COSTS | ||
| 31.3.21 | 31.3.20 | ||
| £ | £ | ||
| Activities undertaken directly: | |||
| Petitions granted (Note 6) | 32,133 | 92,217 | |
| Secretarial expenses | - | 60 | |
| Sundryexpenses | 23 | 177 | |
| Insurance | 1,583 | 1,583 | |
| Bankcharges | (260) | 196 | |
| 33.479 | 99,233 | ||
| Governance: | |||
| Auditors’ remuneration | 2,604 | 2,598 | |
| 36,083 | 101,831 |
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continued...
THE BERKSHIRE MASONIC CHARITY
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021
6. GRANTS PAYABLE
| 313.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| Grantsto individuals | - | 1,704 |
| Grantsto institutions | 32,133 | 95,513 |
| 32,133 | 97,217 | |
| The total Grants paid to institutions duringtheyearwas as follows: | ||
| 31.3.21 | 31.3.20 | |
| £ | £ | |
| ASDFamilyHelp | - | 3,000 |
| BeFreeYoungCarers | 2,000 | - |
| Berkshire Community Foundation | 2,500 | - |
| Berkshire Festival 2023 | 5,000 | 5,000 |
| Berkshire SchoolsAward Scheme | - | 5,000 |
| Berkshire Scouts Association | - | 4,700 |
| Home StartBracknell Forest | - | 2,500 |
| Launchpad | 5,000 | - |
| Reading Christian Network | - | 4,000 |
| Reading Family Aid | 3,000 | - |
| ReadingFamilyAidand Royal BerkshireHospital | - | 6,000 |
| SSNAP (Supportforthe SickNewbornAnd theirParents) | - | 2,000 |
| ThamesHospice | - | 20,000 |
| ThePanto Project -Windsor | - | 7,000 |
| TheWays andMeans Trust | - | 2,000 |
| Young People and Children First | 2,090 | - |
| YoungPeopleWithDementia(Berkshire) | - | 3,000 |
| Othergrants (individually less than £2,000) | 12,543 | 31,313 |
| 32,133 | 95,513 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no Trustees’ remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees’ expenses
There were no Trustees’ expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
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THE BERKSHIRE MASONIC CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
8. FIXED ASSET INVESTMENTS
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|||||||||
|---|---|---|---|---|---|---|---|
|31.3.21|313.20|
|£|£|
|Listed|investments|3,057,280|2,557,286|
|Cash|or cash equivalents|72,077|65,610|
|3,129,357|2,622,896|
|Additional|information|as|follows:|Listed|
|investments|
|£|
|Cost|or valuation|
|At|||April|2020|2,557,286|
|Additions|1,146,735|
|Disposals|(1,176,280)|
|Revaluations|344,107|
|Realised Gains|185,432|
|At31|March 2021|3,057,280|
|Carrying|amount|
|At|31|March|2021|3,057,280|
|At|31|March 2020|2,557,286|
|Investments|(neither|listed|nor|unlisted)|were|as|follows:|
|31.3.2]|31.3.20|
|£|£|
|Cash with|brokers|72,077|65,610|
----- End of picture text -----
Investments in listed securities are shown on the balance sheet at their fair value. Profits and losses onsale of investments and movements in fair value are taken to the Statement of Financial Activities.
Page 17
continued...
THE BERKSHIRE MASONIC CHARITY
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021
----- Start of picture text -----
||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|9.|DEBTORS: AMOUNTS|FALLING DUE WITHIN ONE|YEAR|
|31.3.21|31.3.20|
|£|£|
|Prepayments|-|1,583|
|10.|CASH AT BANK|
|31.3.21|31.3.20|
|£|£|
|Bank current account|90,075|48,312|
|Bank deposit account|40|40|
|Masonic Charitable|Foundation|527|6,101|
|Total|90,642|54,453|
|Cash|held|in|the|Grand|Relief|Chest|is|administered|by|the|Masonic|Charitable|Foundation|and|
|monies|in|this|scheme|are|invested|in|interest|earning|accounts.|
|11.|CREDITORS:|AMOUNTS FALLING|DUE WITHIN ONE YEAR|
|313.21|31.3.20|
|£|£|
|Accrued|expenses|8,548|7,942|
|12.|ANALYSIS OF NET ASSETS BETWEE]|FUNDS|
----- End of picture text -----
Cash held in the Grand Relief Chest is administered by the Masonic Charitable Foundation and all monies in this scheme are invested in interest earning accounts.
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|31.3.21|31.3.20|
|Unrestricted|Restricted|Total|Total|
|fund|fund|funds|funds|
|£|£|£|£|
|Investments|10,909|3,118,448|3,129,357|2,622,896|
|Current assets|90,642|-|90,642|56,036|
|Current|liabilities|(2,600)|(5,948)|(8,548)|(7,942)|
|98,951|3,112,500|3,211,451|2,670,990|
----- End of picture text -----
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continued...
THE BERKSHIRE MASONIC CHARITY
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021
13. MOVEMENTIN FUNDS
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Net|
|movement|At|
|At|1.4.20|in|funds|31.3.2}|
|£|£|£|
|Unrestricted|funds|
|General|fund|64,074|34,877|98,951|
|Restricted|funds|
|Restricted Funds|2,606,916|$05,584|3,112,500|
|TOTAL FUNDS|2,670,990|540,461|3,211,451|
|Net movement|in|funds,|included|in the|above are|as|follows:|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|70,960|(36,083)|-|34,877|
|Restricted|funds|
|Restricted Funds|650|(24,605)|§29,539|505,584|
|TOTAL FUNDS|71,610|(60,688)|529,539|540,461|
|Comparatives|for movement|in funds|
|Net|
|movement|At|
|At|1.4.19|in|funds|31.3.20|
|£|£|£|
|Unrestricted|funds|
|General|fund|73,967|(9,893)|64,074|
|Restricted|funds|
|Restricted Funds|2|940,731|(333,815)|2,606,916|
|TOTAL FUNDS|3|014,698|(343,708)|2,670,990|
----- End of picture text -----
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continued...
THE BERKSHIRE MASONIC CHARITY
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021
13. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gainsand|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|91,938|(101,831)|-|(9,893)|
|Restricted|funds|
|Restricted Funds|4,453|(19,109)|(319,159)|(333,815)|
|TOTAL FUNDS|96,391|(120,940)|(319,159)|(343,708)|
----- End of picture text -----
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
15. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES
In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements.
Page 20
THE BERKSHIRE MASONIC CHARITY
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES | |||
|---|---|---|---|
| FOR THE YEARENDED 31 MARCH 2021 | |||
| 31.3.21 | 31.3.20 | ||
| £ | £ | ||
| INCOMING RESOURCES | |||
| Donations and legacies | |||
| Donations | 595 | 2,621 | |
| Gift aid | 55 | 332 | |
| Legacies | - | 1,500 | |
| 650 | 4,453 | ||
| Investment income | |||
| Dividends and fixed interest receivable | 70,944 | — | 91,818 |
| Depositaccount interest | 16 | 120 | |
| 70,960 | 91,938 | ||
| Total incomingresources | 71,610 | 96,391 | |
| RESOURCES EXPENDED | |||
| Investment management costs | |||
| Stockbrokers’ fees | 24,605 | 19,109 | |
| Charitable activities | |||
| Secretarial expenses | 23 | 60 | |
| Bankcharges | (260) | 196 | |
| Grants to institutions | 32,133 | 97,217 | |
| 31,896 | 97,473 | ||
| Support costs | |||
| Management | |||
| Insurance | 1,583 | 1,583 | |
| Governance costs | |||
| Auditors’ remuneration | 2,604 | 2,598 | |
| Sundries | - | 177 | |
| 2,604 | 2,775 | ||
| Total resources expended | 60,688 | 120,940 | |
| Net income/(expenditure) before gains | |||
| andlosses | 10,922 | (24,549) |
This page does not form part of the statutory financial statements
Page 21
THE BERKSHIRE MASONIC CHARITY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| £3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| Realised recognised gains and losses | ||
| Realised (losses) /gainson fixed asset | ||
| investments | 185,432 | (1,871) |
| Netincome/(expenditure) | 196,354 | (26,420) |
This page does not form part of the statutory financial statements
Page 22