THE MASONIC PROVINCE OF MIDDLESEX CHARITABLE TRUST
REGISTERED CHARITY NUMBER 1064406
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30TH SEPTEMBER 2024
GEORGE HAY & COMPANY
Chartered Accountants 83 Cambridge Street Pimlico London SW1V 4PS
THE MASONIC PROVINCE OF MIDDLESEX CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| General Information | 1 |
| Annual Review and Report of the Trustees | 2 - 5 |
| Independent Examiner’s Report | 6 |
| Balance Sheet | 7 |
| Statement of Financial Activities | 8 |
| Notes to the Financial Statements | 9 - 12 |
THE MASONIC PROVINCE OF MIDDLESEX CHARITABLE TRUST
GENERAL INFORMATION
| REGISTERED | 1064406 |
|---|---|
| CHARITY NUMBER | |
| TRUSTEES | Peter Gledhill |
| Rajesh I Desai | |
| Warren Gell (Resigned on 5thAugust 2024) | |
| Donald. J. Campbell (Appointed on 3rdAugust 2024) | |
| David Yeaman (Resigned on 6thJune 2024) | |
| Cdr Michael Goldthorpe BEM RN | |
| Steven G Larkins (Appointed on 3rdAugust 2024) | |
| Correspondent Trustee | |
| Rajesh I Desai | |
| 1 Cromwell Hill | |
| Luton | |
| LU2 7PY | |
| SECRETARY | Rajesh I Desai |
| TREASURER | Donald. J. Campbell |
| BANKERS | Barclays Bank Plc |
| Wembley & Park Royal Branch | |
| Acorn House | |
| 36-38 Park Royal | |
| London NW10 7JA | |
| INVESTMENT | Walker Crips Investment Limited |
| MANAGERS | Old Change House |
| 128 Queen Victoria Street | |
| London EC4V 4BJ | |
| ACCOUNTANTS | George Hay & Company |
| Chartered Accountants | |
| 83 Cambridge Street | |
| Pimlico | |
| London SW1V 4PS | |
| SOLICITORS | Withers |
| 12 Gough Square | |
| London EC4A 3DC | |
| REGISTERED | Provincial Office |
| OFFICE | 148 London Road |
| Twickenham | |
| Middlesex TW1 1HD |
1
THE MASONIC PROVINCE OF MIDDLESEX CHARITABLE TRUST
REGISTERED CHARITY NUMBER 1064406
ANNUAL REVIEW AND REPORT OF THE TRUSTEES YEAR ENDED 30TH SEPTEMBER 2024
Governing instrument
The Charity was set up by means of a Trust Deed dated 19th August 1997. On 16th September 1997 the Charity obtained charitable status under the Charities Act 1993, and it is registered as a charity under number 1064406. The Trustees have absolute discretion as to the investment policy of the Charity under the terms of the Trust Deed.
Summary
During the year, 9 charities received grants. The amounts dispersed to applicants represented 50% (2023 - 57%) of the Trust’s income. The Trustees consider there is still sufficient resilience in the Trust's finances to sustain the distributions of grants to charitable causes. The Trust has continued to promote its working identity as Middlesex Masonic Charity (MMC) and to continue look for ways to make itself more accessible to applicants.
Brief Description of the MMC and its Objectives
The MMC exists to promote and support charitable giving to organisations primarily operating within the Province of Middlesex usually at the request of members of the Province.
The objects of the MMC are wide reaching as described by the terms of the original Trust Deed.
" ..... the furtherance and promotion of such exclusively charitable objects and purposes as the Trustees may in their absolute discretion think fit and in particular (but without restriction) the relief of need, poverty and distress and the advancement of education of Freemasons and " their families....
The Trustees expect that, in the main, the funds of the MMC will be used to support objects of Provincial Charity, be they non-Masonic charities operating in the former County of Middlesex area or charities enjoying special connections with Middlesex Freemasonry. It is expected that charities applying for grants will be registered with The Charity Commission although each case will be considered on its merits.
Public Benefit
During the year 100% of grants (2023 - 100%) were made to non-Masonic charities. In the Trustee's view, the wide diversity of these grants indicates to them they have complied with the requirements of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission.
Application Process
It is expected that Charities needing assistance will be supported by Lodges, Chapters or individuals but they may apply directly. An application form is available from the Correspondent Trustee, Rajesh Desai, and completed applications should be returned to him. The MMC will also accept applications made on the Universal Application Form, available from the Provincial website.
All submissions must be made by completing the necessary application form and providing additional information, including two year's audited financial statements, supporting quotations or invoices for proposed expenditure and relevant literature needed to enable the Trustees to reach a decision.
MMC will also consider applications for assistance from Freemasons in distress or their families or dependants. However, these petitions should be submitted in the first instance to the Provincial Grand Almoner who will report with recommendations directly to the Trustees.
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THE MASONIC PROVINCE OF MIDDLESEX CHARITABLE TRUST
ANNUAL REVIEW AND REPORT OF THE TRUSTEES YEAR ENDED 30TH SEPTEMBER 2024 (continued)
Investigation and Recommendations
The Trustees seek reports on applications where necessary from suitably qualified Representatives. The Representatives' reports make recommendations in such cases after having satisfied themselves regarding the merits of each application for assistance within the terms of the Trust Deed. All applications are submitted to the Trustees for consideration. The decision of the Trustees is final, and no correspondence or discussion will be entertained.
Trustee Meetings
The Trustees will consider applications through the year so if an urgent matter arises it may receive more immediate attention. The Trustees continue to make extensive use of email communications and electronic meetings to consider applications.
Applications by individuals to MMC received from the Provincial Grand Almoner will be considered when submitted by him.
Trustees
The first Trustees were appointed by the R.W. Provincial Grand Master and subsequent Trustees are appointed by resolution of the Trustees, subject to approval in writing by the R.W. Provincial Grand Master.
The Trustees who served during the year to 30th September 2024 were:
P. Gledhill (Chairman)
R. I. Desai (Correspondent Trustee)
W. Gell (Treasurer) (Resigned 5[th] August 2024)
D. J. Campbell (Treasurer) (Appointed 3[rd] August 2024)
D. Yeaman (Resigned 6[th] June 2024) Cdr M. Goldthorpe BEM RN S. G. Larkins (Appointed on 3[rd] August 2024)
Policy on Reserves
The Trustees, being cognisant of the requirements of the Charity Commissioners, are satisfied that the level of reserves held in freely available funds (i.e., those not tied up in designated funds) are sufficient to ensure the uninterrupted running of the Trust for at least one year at the current level of activity, should the income level fall or unexpected costs arise.
Risk Management and Investment Powers
The Trustees retain Walker Crips Investment Management Limited as their professional investment advisers. The focus of investment is medium to low risk in a balanced portfolio, but the Trustees are advised quarterly, or more frequently if appropriate, of opportunities to review investments.
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THE MASONIC PROVINCE OF MIDDLESEX CHARITABLE TRUST
ANNUAL REVIEW AND REPORT OF THE TRUSTEES YEAR ENDED 30TH SEPTEMBER 2024 (continued)
Statement of Trustees' Responsibilities
The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The Trustees must not approve the financial statements unless they are satisfied that they 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 these financial statements, the Trustees are required to: -
a) select suitable accounting policies and apply them consistently;
b) observe the methods and principles in the Charities SORP;
c) make judgments and accounting estimates that are reasonable and prudent;
d) state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, The Charities (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.
Financial Statements
This financial year has been important in terms of politics as we have had a General Election in the UK and the US. There have been cuts to interest rates throughout the world. Economies are robust and growing, albeit slowly. The year-on-year comparison in portfolio values reveals an increase of £102,774 to £2,078,372, a rise of 5.2%.
Income from investments increased by £986 to £85,705, a rise of 1.16%.
The Trustees take the Investment Managers advice to continue their policy of diversification into Funds and Trusts from individual stocks.
The distribution of all the income was in accordance with the Trust deed requirements with grants of £43,659 being made against the combined income of £87,595, all the grants being for non-Masonic charities.
The level of reserves at the year-end was £2,167,229 (2023: £2,027,484).
A summary of the movement in the investment portfolio appears in Note 2 to these financial statements and a summary of the movement in reserves in the Statement of Financial Activities.
The Trustees have concluded that the charity has sufficient reserves to continue.
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THE MASONIC PROVINCE OF MIDDLESEX CHARITABLE TRUST
ANNUAL REVIEW AND REPORT OF THE TRUSTEES
YEAR ENDED 30TH SEPTEMBER 2024 (continued)
Grants
The Trust received recommendations and applications from a number of Brethren and Charities that resulted in the approval of the following Grants:
| £ | |
|---|---|
| Lifelites | 500 |
| Teddies For Loving Care | 500 |
| Prince Michael of Kent Court | 500 |
| Hillingdon Narrowboats Association | 2,000 |
| Marble Hill Playcentres | 1,500 |
| City University of London | 10,000 |
| The Royal National Orthopaedic Hospital Charity | 3,090 |
| Handicapped Children’s Action Group | 569 |
| London Air Ambulance | 25,000 |
| Total | 43,659 |
Approved by the Trustees on
… and signed on their behalf by:
………………………………… Peter Gledhill Chairman
5
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE MASONIC PROVINCE OF MIDDLESEX CHARITABLE TRUST
I report to the Trustees on the financial statements of The Masonic Province of Middlesex Charitable Trust (‘the charity’), for the year ended 30th September 2024 which comprise the Balance Sheet, the Statement of Financial Activities, and related notes.
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the trustees of the charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all 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 giving me cause to believe that in any material respect:
-
➢ accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
➢ the financial statements do not accord with those records; or
-
➢ the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
…………………………………… Marino Achilleos FCCA George Hay & Company Chartered Accountants 83 Cambridge Street Pimlico 28 July 2025 London SW1V 4PS Date: ………………………………
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THE MASONIC PROVINCE OF MIDDLESEX CHARITABLE TRUST
BALANCE SHEET AS AT 30TH SEPTEMBER 2024
| Notes 2024 2023 | Notes 2024 2023 | Notes 2024 2023 | Notes 2024 2023 | Notes 2024 2023 |
|---|---|---|---|---|
| £ | £ | £ | ||
| FIXED ASSETS | ||||
| Investments | 2 | 2,078,372 | 1,975,598 | |
| CURRENT ASSETS | ||||
| Cash at Bank | 95,683 | 58,516 | ||
| CURRENT LIABILITIES | ||||
| Sundry Creditors | 5 | (6,931) | (6,630) | |
| NET CURRENT ASSETS | 88,857 | 51,886 | ||
| NET ASSETS | 2,167,124 | 2,027,484 | ||
| ======== | ======== | |||
| REPRESENTED BY | ||||
| UNRESTRICTED FUNDS | 2,167,124 | 2,027,484 | ||
| ======== | ======== | |||
| Approved by the Trustees on | … and signed on their behalf by: |
………………………………… Peter Gledhill Chairman of Trustees
The notes on pages 9 to 12 form part of these financial statements.
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THE MASONIC PROVINCE OF MIDDLESEX CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH SEPTEMBER 2024
| Notes | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| INCOME | |||
| Donations and Legacies: | |||
| Donations from Lodges | 772 | 567 | |
| Bank Interest Receivable | 1,118 | 291 | |
| Investments: | |||
| Interest Income from Investments | 6,480 | 5,123 | |
| Dividend Income from Investments | 79,225 | 79,596 | |
| ---------- | ---------- | ||
| TOTAL INCOMING RESOURCES | 87,595 | 85,577 | |
| ---------- | ---------- | ||
| EXPENDITURE | |||
| Charitable Activities: | |||
| Grants Payable | 3 | (43,659) | (49,150) |
| Other Expenditure: | |||
| Administration Costs | (10) | (121) | |
| Broker’s Management Fees | (6,312) | (4,989) | |
| Independent Examiner’s Fee – Governance | Costs | (2,841) | (3,015) |
| ---------- | ---------- | ||
| TOTAL RESOURCES EXPENDED | 4 | (52,822) | (57,275) |
| ---------- | ---------- | ||
| NET INCOMING/(OUTGOING) RESOURCES | 34,773 | 28,302 | |
| Realised and Unrealised Gains / (Losses) | 104,867 | (20,671) | |
| ---------- | ---------- | ||
| Net Movement in Funds | 139,640 | 7,631 | |
| Balance Brought Forward | 2,027,484 | 2,019,853 | |
| -------------- | --------------- | ||
| Balance Carried Forward | 2,167,124 | 2,027,484 | |
| ======== | ========= |
The notes on pages 9 to 12 form part of these financial statements.
All disclosures relate only to continuing operations.
All realised and unrealised gains or losses on the investments for the year are included, as noted above.
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THE MASONIC PROVINCE OF MIDDLESEX CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024
1. ACCOUNTING POLICIES
(a) Basis of Preparation
The accounts 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 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2019)”, Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the Charities Act 2011. The accounts have been prepared under historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes(s) to the accounts.
(b) Fund Accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.
(c) Incoming Resources
Donations and grants receivable are accounted for as soon as their amount and receipt are certain, which is usually on receipt.
Income from fixed interest investments are recorded on an accruals basis.
(d) Resources Expended
The Trust is not registered for VAT and accordingly all expenditure is shown gross, inclusive of VAT in the financial statements.
Expenditure is accounted for as incurred and accrued.
Grants payables are included at the earlier of the date of payment or when irrevocably notified to the recipient.
(e) Fixed Asset Investments
Investments held for long-term investment purposes are stated at market value as at the balance sheet date. The Statement of Financial Activities includes the realised and unrealised gains and losses arising on revaluation and disposals throughout the year.
Quoted stocks and shares are included at the balance sheet date at mid-market price, excluding dividends.
9
THE MASONIC PROVINCE OF MIDDLESEX CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024
1. ACCOUNTING POLICIES (continued)
(f) Investment Gains and Losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the carrying value at the year end and the opening market value (or purchase date if later).
(g)
Taxation
The Trust is exempt from corporation tax on its charitable activities.
(h)
Financial Instruments
The Trust 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 its settlement value.
2. FIXED ASSET INVESTMENTS
Movements on investments in the year were:
| Market value at 1st October 2023 Additions Disposals Movement in fair value Market value at 30th September 2024 |
2024 £ 2023 £ 1,975,598 1,999,385 241,529 84,296 (199,695) (106,083) 60,940 (2,000) 2,078,372 1,975,598 |
|---|---|
The total value of investments includes £12,841 (2023: £12,319) held in Walker Crips deposit accounts.
10
THE MASONIC PROVINCE OF MIDDLESEX CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024
| 3. DIRECT CHARITABLE EXPENDITURE Lifelites Teddies For Loving Care Prince Michael of Kent Court Hillingdon Narrowboats Association Marble Hill Playcentres City University of London The Royal National Orthopaedic Hospital Charity Handicapped Children’s Action Group London Air Ambulance Gordon Bourne Bursary Hampers Sufra NW London Salvation Army Harrow Hillingdon Brain Tumour Group Harrow Carers Dramatize Charity The Mulberry Centre Hounslow Animal Welfare Society 12th Enfield Scout Group Enfield Sea Scouts Richmond Borough MIND 2nd Uxbridge Scout Single Persons EME Music in Hospitals St Mark's Hospital London Hearts Shooting Star Children Middlesex Association for the Blind Shooting Star Children Vineyard Community SPEAR London |
2024 £ 500 500 500 2,000 1,500 10,000 3,090 569 25,000 43,659 |
2023 £ 2,000 3,250 1,000 10,000 800 4,500 1,000 750 750 500 500 500 500 500 1,500 250 2,800 3,000 10,000 2,800 1,000 250 250 375 375 |
|---|---|---|
| 49,150 |
4. RESOURCES EXPENDED
The Trustees received no remuneration or pension contributions, nor were they reimbursed for out-of-pocket expenses during this year or the previous year.
There were no employees on a full-time equivalent basis during this year or the previous year.
11
THE MASONIC PROVINCE OF MIDDLESEX CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024
5. SUNDRY CREDITORS
Creditors falling due within one year:
| Accrued expenses | 2024 £ 2023 £ 6,931 6,630 6,931 6,630 |
|---|---|
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