# **The Buckinghamshire Masonic Centenary Fund** ## **Financial Statements** **For the Year Ended 31st March 2021** ## **The Buckinghamshire Masonic Centenary Fund** |**Index**|Page| |---|---| |Legal and administrative information|1| |Trustees' Report|2 / 3| |Report of the Independent examiner|4| |Statement of financial activities|5| |Balance Sheet|6| |Notes to the financial statements|7 / 8| ## **The Buckinghamshire Masonic Centenary Fund** ## **Legal and Administrative Information** Registered Charity number 1007193 Honorary Secretary's address C/O Buckinghamshire Provincial Office Masonic Centre Old School Windsor End Beaconsfield HP9 2JW Committee Officers H Douglas-Smith Chairman A Hough Honorary Secretary P A R Cole Honorary Treasurer Bankers Lloyds Plc Independent Examiner A Davies ACA F A Magee & Co 6 Pump Lane Hayes UB3 3NB Investment Advisors Craufurd Hale Wealth Management Limited Belmont Place Belmont Road Maidenhead SL6 6TB Page 1 ## **THE BUCKINGHAMSHIRE MASONIC CENTENARY FUND TRUSTEES’ REPORT** On behalf of my fellow Trustees, I submit my Annual Report of the Buckinghamshire Masonic Centenary Fund, together with the independently examined financial statements for the year ended 31st March 2021. ## **Principal Activities, Review of Activities and Investment Policy** The Buckinghamshire Masonic Centenary Fund makes grants, on behalf of all Buckinghamshire Freemasons, to non-Masonic charitable and other good causes with strong Buckinghamshire connections. ## **Covid-19 Pandemic** During the Covid pandemic, the charity, supported by a large number of members who volunteered to assist in various initiatives, demonstrated its core values of supporting both individuals and good causes across Buckinghamshire. A grant of £9,999 was successfully applied for and obtained from the National Lottery Community Fund to assist with providing hot meals on a daily basis to the vulnerable and homeless. The winning of this grant not only enabled the BMCF to continue its work, but also served as recognition by the National Lottery of the force for good that freemasonry provides to the wider community. ## **Organisation** During the year under review, in accordance with 15(b) of the Trust Deed, the Trustees elected V. W. Bro H Douglas-Smith as Chairman and trustee. Other Trustees are W. Bro. P B Blacklaw, W Bro Tony Robinson. W. Bro. A Hough continued as Secretary and W Bro. P. Cole as Honorary Treasurer. ## **Review of Financial Performance** The Fund remains in sound financial health. The investment performance and capital safety are monitored and reviewed in conjunction with our advisers, and our policy regarding the composition of our investment portfolio continues to be reviewed. During the year, we changed our advisers to Craufurd Hale Wealth Management Limited. The net gains on our investments in the year were £39,973. The cash balance stood at £37,739 at the year-end. Subscriptions received totalled £11,751 compared to £12,576 in 2020, with 117 lodges subscribing. On behalf of the Provincial Executive, I would like to thank all the Lodges for their participation. At the Annual General Meeting of the Fund at Marlow Masonic Centre, Marlow, Buckinghamshire, on Monday 26th October 2020, it was decided to keep the voluntary subscription at £3 per member. The Fund Committee is grateful for the continued support of the Provincial Executive. In accordance with the policy directed by the Trustees, the Fund Committee continues to target grants for maximum effectiveness by focusing donations upon new projects and facilities for the non-Masonic communities in our Province rather than contributing to routine or core expenditure. During the year, grants totalling £36,768 were paid to various worthy causes including 8 individual beneficiaries, providing PPE for local hospitals, and providing hot meals at a centre in Slough for the vulnerable and homeless for 5 days a week for the 10 weeks leading up to Christmas, which was funded by way of a £9,999 grant from the National Lottery. The Centenary Fund’s assistance to non-Masonic charitable endeavours in our local communities continues to attract favourable publicity through reports and photographs in the local press and in the Provincial newsletter, Concord. Reports are also now made on social media. Page 2 ## **THE BUCKINGHAMSHIRE MASONIC CENTENARY FUND TRUSTEES’ REPORT (continued)** To identify suitable non-Masonic causes and to generate additional funds, guidance for Lodges and individual Brethren on the Fund and its objectives is available from local Centre Representatives, Committee Members and on the Provincial Website: - www.buckspgl.org ## **The Buckinghamshire Community Foundation (BCF)** Our Provincial Executive and Trustees continue to work with the BCF, a Registered Charity, formed by the Buckinghamshire County Council and Central Government. One advantage of this partnership was to obtain matched funding from Central Government under the “Grassroots Grant Scheme”. £150,000 was donated by the BMCF which was matched, creating an endowment of £300,000 in a ring-fenced investment portfolio. The objectives of the BCF mirror those of the BMCF and both funds make grants from investment/interest income derived from endowment capital bases. The partnership between the BCF & the BMCF includes agreed parameters of the grants to be made from investment income and the sharing of publicity opportunities arising from such grants. ## **Reserve Policy** The policy of the Trustees is to disburse surplus unrestricted funds by way of grants at the earliest opportunity. ## **Internal Control & Risk Management** The Trustees are satisfied that the risks faced by the Charity are adequately addressed. The Officers of the Fund and the Fund Committee, with the guidance and assistance of our professional advisers, ensure that all current legal and financial commitments are met from incoming funds and that there is no long-term exposure more than known incoming funds. However, the Trustees consider that it is sensible for better controls to be adopted and in the current financial year an independent financial adviser/discretionary fund manager is to be appointed. ## **Public Benefit** The Trustees are aware of the Charity Commission’s guidance on public benefit and consider that the Charity’s objectives fall well within those guidelines. The Trustees have accepted the attached annual accounts for the year to 31st March 2021, which they recommend to the membership for approval and adoption at the 2021 Annual General Meeting of the Fund. Hugh Douglas-Smith Chairman of the Trustees. Date 25 October 2021 Page 3 ## **THE BUCKINGHAMSHIRE MASONIC CENTENARY FUND** ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE BUCKINGHAMSHIRE MASONIC CENTENARY FUND** I report to the trustees on my examination of the accounts of the above charity for the year ended 31st March 2021. ## **Responsibilities and basis of report** As the charity trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner’s statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: - accounting records were not kept in accordance with section 130 of the Act or - the accounts do not accord with the accounting records I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. A Davies ACA F A Magee & Co 6 Pump Lane Hayes Middlesex UB3 3 NB Date 25 October 2021 Page 4 ## **The Buckinghamshire Masonic Centenary Fund** ## **Statement of Financial Activities for the Year Ended 31st March 2021** |**Notes**
**Incoming Resources**
Donations
Lodge Subscriptions
Investment Income
**2**
**Total Incoming Resources**
**Resources Expended**
Charitable Expenditure
Grants Payable
**5**
Support Costs
**Total Resources Expended**
**Net Incoming Resources**
Net Profits (Losses) on Investment Assets
**Net Movement in Funds**
Balances Brought Forward
Fund Balances Carried Forward|**2021**
**Unrestricted**
**Funds**
£
10,109
11,751
20,977
42,837
£
36,768
597
37,365
5,472
-
5,472
7,342
12,814|**2021**
**Endowment**
**Funds**
£
-
-
-
-
£
-
597
597
(597)
39,973
39,376
667,546
706,922|**2021**
**Total**
**Funds**
£
10,109
11,751
20,977
42,837
£
36,768
1,194
37,962
4,875
39,973
44,848
674,888
719,736|**2020**
**Total**
**Funds**
£
21,000
12,506
28,057| |---|---|---|---|---| |||||61,563| |||||£
72,267
1,592| |||||73,859| |||||(12,296)
(77,900)| |||||(90,196)
765,084| |||||674,888| Page 5 ## **The Buckinghamshire Masonic Centenary Fund** ## **Balance Sheet as at 31st March 2021** |**Notes**
**Fixed Assets**
Investments
**3**
**Current Assets**
Short Term Deposits
Bank Balance
**Net Current Assets**
**Total Net Assets**
**Funds:**
**Capital Funds**
Endowment Fund
**4**
**Income Funds**
Unrestricted Funds
**4**
**Total Funds**
Approved on behalf of the Trustees|**2021**
**2020**
£
£
681,997
555,711
-
102,467
37,739
16,710
37,739
119,177
719,736
674,888
£
£
706,922
667,546
12,814
7,342
719,736
674,888
Hugh Douglas Smith
Date
25 October 2021|**2020**
£
555,711
102,467
16,710| |---|---|---| |||119,177| |||674,888| |||£
667,546
7,342| |||674,888| Page 6 **The Buckinghamshire Masonic Centenary Fund** ## **Notes to the Financial Statements for the Year Ended 31st March 2021** ## **1 Accounting policies** ## **Basis of Accounting** The accounts have been prepared in accordance with the 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 (FRS102) (effective 1 January 2015) and the requirements of the Charities Act 2011. ## **Lodge subscriptions and donations** Lodge subscriptions and donations are brought into account during the period in which they are received. ## **Investments** Investments are stated at market value and income is accounted for when received. The historical cost of the Investments at 31st March 2021 was £682,000 (2020 £463,757) ## **Grants payable** Grants payable are charged to expenditure when a commitment has been made to the recipient. ## **Fund accounting** Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects of the charity. The endowment fund represents those assets which must be held permanently by the charity, principally investments. Income arising from the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Capital gains and losses on the investments form part of the endowment fund. |**2**
**Investment Income**
Interest on Cash Deposits
Dividends and Fixed Interest Securities
**3**
**Investments**
Investments at market value comprised:
Novia
Equities
Fixed Income Securities
Alternatives|**2021**
£
329
20,648
20,977
**2021**
£
681,997
-
-
-
681,997|**2020**
£
333
27,724| |---|---|---| |||28,057| |||**2020**
£
-
351,418
126,664
77,629| |||555,711| Page 7 **The Buckinghamshire Masonic Centenary Fund** ## **Notes to the Financial Statements for the Year Ended 31st March 2021** |**4**
Analysis of fund balances between the net assets
Unrestricted
Funds
£
Investments
-
Net Current Assets
12,814
12,814
Represented by:
£
Realised amounts
12,814
Unrealised amounts
-
12,814
**5**
**Grants Paid**
Grants paid during the year totalled
£36,768|Permanent
Endowment
Funds
£
681,997
24,925
706,922
£
706,925
(3)
706,922|Total
Funds
£
681,997
37,739| |---|---|---| |||719,736| |||£
719,739
(3)| |||719,736| |||| ` Page 8