Charity Registration No. 1175246 Company Registration No. 11020585 We-st"°Lancashire Freemasons, Charity Company Limited By Guarantee Annual Report and Accounts 2023-2024 *ADIFVK# 21112r2024 COWANIES H¢XJSE
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Helping those in need
West Lancashire Freemasons, Charity Company Limited By Guarantee Financial Statements for the year ended 31 March 2023 Contents Pages Professional Advlsers Truste*s' Annual Report Ilndudlng Ixrectorf Report) 2to6 Independent Audltor's Ileport 7108 Statement of Hnandal Actlvides Balance Sheet io Stattmem ofcash Flows li Notes to the Flnancial Statements 12to19
Professional Advisers ReGI¢t¢ thorlty name West Lancashire Freema50ns' Charity Company Limited By Guarantee Char5ty numb•r 1175246 Company number 11020585 Prindpal address and Re8isterÈd Office West Lancashire Freemasons, Charity 2 Paramouni Business Park Wilson Road Huyton Liverpool L36 6AW Auditor JS. Audit knrnited James House StonecTOSS Business Park Warrington Cheshire WA3 3JD Bankers HSBC Bank plc 99-101 Lord Street Liverpool L2 6PG Inveslment Mwrs Rathbone Investment Management Port Of VerpoOl Building Pier Head verpool L3 INW Sollcltors 8rowne Jacobson LLP Mowbray House Castle Meadow Road Noth"ngham NG2 IBJ WLFC Annual Report and AccntS 2024
Trustees, Annual Report (Including Directors, Report) The trustee5 have pleasure in presenting their annual report and fi.nancial statements for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out in note I to the a¢counts and comply with the Charity's memorandurn and arricles of a55(xiation, the Companies Act 20CkS and ~Accounting and Reporting by Charities: ststement of Recommended Pratlftè applicable to charities preparing their accounts in accordance with the Financial Reporting Standard pplicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting periods commenang from l January 20191. Finanaal Review Cornplete details of the income and expènditure are shown in the statement of fi"nanoal acrivilies on Page 9 and in thè notes to the accounts. The reserves Of the Charity ai 31 March 2024 totalled £18.99m12023- £17.67ml. Total income and endowments in the year arnounted to £814,399 compared with £726,096 in the pretÈding year. Included in the total were Ia(leS of £467139 12023 £6.4191. and investment income and interest receivable of É524.74312023- £480.4391. Grants paid were E381.05912023- £456,3011. During the year the Charity made 8rant5 to non-masonic activities. Further information is given under 'Charitable Athvities, in note 6 to the accounts. Charitable Support Costs were £ 90.55212023- £88,276). During the year. net realised investment gain5 were £91,67712023 - £170,069) ,' and on the revaluation of the investment portfolio at the year end, net unrealised investment gains were £964,928 12023 losses of £1.508.9751. The overall result for the year wa5 an increase in funds of £1.323.58412023- deuease of £1.229.3471. Legal Status The charity is registered 35 a company limiied by guarantee INO.. 110205851 and as a tharÉty INO.. 11752461. Objects and Artivities The Charity has the following objects and actrwttes= Ill The relièf of Freerna50ns of the Masonit Provincè of West Lancashire. their widows. children and any dependants of Freemasons ol the Province who are in conditions of need. hardship or distress. Investment policy and performance The Chartty conts.nued its policy of adopting a prudent investrneni Strate which gives a balanced portfolio. The investment manager5 engaged durin8 the reportin8 year werè Rathbone Investment Managemènt. were advised to maximize the total retum on the portfolio within the constraints of a medium risk strateBV. The investment brief is broadly defined. At 31 March 2024, the investment portfolio stood at £17,925,716. The trustees monitor the investment performance on a quarterty basis. The portfolio valuatr.on at 31 March 2024 was £971.717 higher than the value ai 31 March 2023. This increase espeoally reflected unrealizeij gains in the last quarter of the year with a strong rally supporting leadin8 developed market equitie5 together with better-than- experted earnin report5. The trustees have at all times arted in accordance with the trustees. duties in relation to bnvestments under the Trustees Act 2000. Cash funds are maintained at a level sufficient for short- term requirements with a reserve placed on short term deposit at the m05t advanta8eou5 rate of return available at the time of investment. 121 To promote the e(lucation of children under the age of 25 who are in need of financial assistance and are resident in the Province. 131 The provision of financial assistance to Masonic charitable funds or institutions or other charitable Trnsb'tvtions as the trustees shall from time to time deude. The Charity has referred to the Charity Commission's eneral guidance on Public eenefft when reviewtll8 its aims and objectives and has ensured th* the 8rant making policie5 and acbvbties of the West Lanca5hire Freemasons. Charity tornply with the requirements. WLFC Annual Report and k¢ounts 2024
Trustees, Annual Report (Including Directors, Report) Reserves policy The Charitvs reserve policy FS to maintain an adequate level to support its activities. taking account of the risks to which it is exposed and existing and projected levels of income and expenditure. All triJ5tees Bave freefy of their time and no remuneration was paid during the year. The day to day managernent of the Charity is the responsibility of the Chief Executive. The Chief Financial Officer has particular responsibility for the proper control of all financial matters. The trustees recogni5ed the effect of the Covid-19 pandemic on societies and economies the world over. Also the war in thè Ukrainè. inflationary pressures. and the situation in the Middle East add to the uncertainty of future income levels. However a recovery in the investment portfolio was noted in thè final quarter of the yeaf. The evidence of resilient economic perforrnance conirasts with ongoing geopolitical risk and continuing high levels of interest rates. These factors are being monitored and the portfolio positioned according taking the agre Trustees risk profile into account. The Principal Officers have a team of volunteers whose fvnctions indude receiving and checking applican.ons for assistance- assessing and approving grant5 where appropriate- Ceivng and recording donats'on5 and making payments.. controlling finances- meetin8 statutory requirements- marketing and public relation5', dealing with investment managers. auditor5. solicitors and suppliers as well as fund raisers within the Province and lod8e alrnoners who deal d1CtlY with the applicants,. general administration.. planning and reporting. Structure• governance and management The governance and management of the Charity durin8 the vear allowed the number of trustees to be not le55 than five and not more then seven. Trustees apkk)int able and willing candidates to be a trustee. As the Charitvs volunteers are not remunerated for their services but incur costs in travelling to their work, all volunteers may claim a contribution towards these costs based on the HMRC mileage allowance. Each term of office is for four years. Trustees ¢8n be rtr appointed for one further term of four years. All the team members have happily and generously given their tirne in sÈrvitÈ to chartty and the Trustees wish to record their apprecialion and gratiiude to all volunteers who work at Huyton. On appointment new trustees SiBn a trusteè dedaratt.on and a confidentiality agreement and receive a copy of the xheme document- the Charitys rules and re8ulations- past annual reports and accounts,. minutes of trustee mèèts"n8s and guidance publlcations produced by the Charity Comrnis$10ft. New trustees are encouraged to meet with the Chief Executive and hi5 team and gain an understanding of the processes involved in running the Charity. Risk management Risk policy involves the trustees in thè maintènance of sound business practices in order to avoid unnecessary risk. Our view is that risk management works most effectively when it is applied by all staff involved in running the Charity and it is an established pracknce to keep all our volunteers informed of and involved in administration matter5. The trustees meet quarterly with additional meetings called when necessary. At the meetings the trustees considef matters. relating to Brant makin8 policy. investment strategy. major acquisitions. Major grants, business planning and receive reports relating to the administratr'on of the Charity. It is the policy to regularly rwew the risks to which the Charity is exposed and the adÈqLtacy of financial controls and to establish systems to mitigate those risks. The Charity has undertaken a full risk assessment as required by The CharffJ"es A¢t. In all areas the Charity was considered at low or very low risk. confirming that systems and PrOdUreS to rnana8e those risks are in place. 3 WLFC Annual Report and Accounts 2024
Trustees, Annual Report (Including Directors, Report) Grant making poli¢v Applitat"ons are received through local Freemasons. Masonic groups or direct at the Charity's office_ Suttessful applrcations need to meet established criteria and supporting evidence is require(l. Requesis for assistance which fall outside the norm may still qualify for help at the tru5tee5' discrefjon. The Charity is keen to make the public aware of the assis- tan¢e which can be provided by the Charity. Because the Charity does not seek to rèise donations from the general blTrc but instead relies on donation5 rnade by Freemasons, our role a5 a public benefartor is not always understood. It is hoped that the level of 8rants made and our involvement and 5UPPOrt for rÈlarivèly high profi.le projects will attract wider recognition. Examples of the type of grants given are shown on the CharlS website: www.westlancsfreemasons.org.uVwlfc-home. The Charbty re8ulady rewews the types of requests it receives and amends qualification requirements and increases resources where they help to meet the Charity's objectives. Fundraising The (harity relies heawly on donations from Freemasons In the Province of West Lancashire. The Charity continues to ise awareness of its work within the Province and in doln8 so. it is hoped that those Freemason5 will contfnue to give generously to help the Charity support needy individuals and other worthy tausÈs. A consistent approach to assessing applitations and making grants is adopted by the Charity. For individual applicants in financial distress the Charity uses an application form similar to that used by the Masonit Charitable Foundation and requires si8ht of supportin evidence of financial income. Savin and need. Relief is afforded to an applicant by reference to iheir income measured against the Joseph Rowniree Foundation Minimum Income Standard and by reference to the applicanvs Capital Posbtion. The trustees are rnindful that the Fundraising Re8ulator ha5 recently expressed concern5 re8arding- how or8anisations collect or soliclt funds relationship5 Wlth donors methods of working with others to raise money management of contact preferences and complaint5 handling Maximum grant levels are reviewed by the trustees on at least an annual basis. In addiDon to providing grants to help meet living costs the Charity has also helped with the cost of essential repairs to homes and has prowded assistance in financial emer8encies. The trustees therefore wish to set t how the Charity raises funds and addresses these issues. The Charity doe5 not solicit or receive donations from the general public.. the funds It receives come purely from Free- masons. The Charity acts indirectly through the umbrella OTgani5ation for freemasons in West Lanc3shire. The Ma- 50nic Province of West Lancashire Ithe Provincel. to solicit funds. Charitable activities The majority of our workload durin8 the year related to handling applications for assistance from indivlduals in financial distress and the Charity was pleased to 8ive much needed financial support to Freema50n5 and dependants in need, including those afferted by the pandemit lockdown. One of the basit tenèts of Freemasonry is charity. To that end the Pron.. sends sentor masons annually to all lodges who may speak on the work of thè Charity organises annual collections across the Province encourage5 lodges of masons to make 8ifts to the Chaflty Distributes promotional literature to masonic halls Grants to non-masonic causes in the year totalled £156.486 12022123- É166.4371. The general public is not approached. WLFC Annual Report and Accounts 2024
Trustees, Annual Report (Including Directors, Report) Performance The Charity ha5 a strategic plan which is gèared towards= Ensuring prudent financial management Allocatin8 resource to meet demand Increasing awarene55 of the charity and its activities within both the Masonic and non- Masonic communities Raising the skills of its volunteers Increasing its funds Future Plans Non-masonic giwng has for many years beert a major ujnstituent of the Charity's work. The CharitVs policy is to seek to make a number of awards each year, of between £I0.c and £25.Cth in each instance . with the aim of making a signthcant impact on community organisations in West Lancashire and. hopefully. increasing and improving the profile of Freemasonry in general. www.westlancsfreèmasons.org.uk. the charivs The principal objective of the Charity Is and will continue to website. provides informaD"on on the charity and help thè reli of Freemasons and their connections. and to for applicants and those raising and dispersing funds on this end the Board will Continually review the upper level of its behalf. The ¢haritVs promotional liierature. masonic grant5 payable. application forms and guidance notes have been updated. A range of leaflets tan bÈ d¢)wnloaded from the website covering the work of ihe charity.. inviting applications for finarbryal a5SiStan¢e- describing how donations can be made,. how le8atiÈs tan bè arranged anLI how Gift Aid can swell the value of dona15ons. Trustees The trustees who served the charity during the period were as follows.- Vi51tors to the webslte can ¢heck state bÈr*efft entitlements and download application forms and guidance notes for grants for charitable causes in the community. D. J. Parkinson I Chairman I B. L Crossley (Deputy Chairman. resigned 31 Marth 20241 C. J. Rowling J. D. Gibbon D. C. W. Fairdou8h IresiRned 12 FebnJary 20241 l. T. Sandefson P. H. Bèines Best business practi is employed in running the charity. Strate&'c and business plans are in force- a risk register is in use and health and Safety wews are carried out on a regular basis. All applications are handled confidentially and all team members are required to 8n a confidentiality agreement. Both B.K. Crossley and D.C.W. Fairlough left at the completion of their respectivè terms of offitè. WLFC Annual Report and Accounts 2024
Trustees, Annual Report (Including Directors, Report) Statement of trusttt< responsibilities The trustees, who are also directors of the Charity for the purpose5 of company law. are responsible for preparing thè Trustees, Report and the financial statements in accordan with applicable law and United Kingdorn Accounting Standards Iunited Kingdom Generally Accepted Accounting Prarticel. Company law requires the trvstees to prepare finan¢ial statements for each financial year which Bive a true and fair view of the state of affairs of the Charity and of the incoming resourtÈs and 8pplicalSon of sources. including the income and expenditure, of the Charily for that year. In Preparing these financial statements. the trustees are required to: 5elert suitable accounting poliue5 and then apply them con515tently observe the methods and prin¢rplès in the Charities SORP make judgements and estimates that arÈ reasonable and prudent State whether applicable accounting standards have been followed. subject to any maierial departures disclosed and èxplained in the finanaal statements.. and prepare the financial 5talements on Ihe 80ing concem basis unless it is inappropriatè to pre5urne thal the Charity will continue ils operations The tru5tee5 are re5pon5ible for keeping aduaIe accounting records that dtsclose with reasonable accuraty at any time the finantial position of the Charity and enable them to ensure that the finanoal siatements cornply with the Companies Art 2006. They are also responsible for safeguardin8 the assets of the Charity and hence for takin8 reasonable steps for the prevention and detection of fraud and other hrre8ulari*ÈS. The trustees are responsible for the Maintenance and integrity of the charsty and financial information in¢luded on ihe CharitV5 websitè. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may diffei from legislation in other jurisdictions. Auditor JS. Audit Limited Is deemed to be re-appointed under se¢tsn 487121 efthe Companies Act 2(Y)6. Dlsdosure of Information to audftor Each of the trustees has confirmed that there is no information of whith they are aware which is relevant to the audit, but of which the auditor is unaware. They have further tonfirmed that they have taken appropriate steps to identify such relevant inforrnation and lo establish that the auditor is aware of suth informaifon. Small company provisions This report has been prepared in accordance with the special provisions relatlng to srnall companies within Part 15 of the Companies Act 2C4J6. Approved by the Trustees on 20th November 2024 D. J. P#rkinson Chairman H. D. Lloyd Chief Executive Offior WLFC Annual Report and Accounts 2024
Independent Auditor's Report to the Members Of West Lancashire Freemasons, Charity Opinion We have audited the financial statements ol West Lancashlre Fieemasons. Charity Ithe 'cha¥itVI loi the year ended 31 March 2023 which comprise the Statennt of Financial Activities. the 8alarKe SheeL the siaternent of Cash Fbws and ootes to the financial staterrents, including significant accounting policies. The financial repts framework that has been applied in their preparation is appl¢uble law and United Kingdom Accounting Standards, Includi FinarKial RerKJrriNa Standard 102 The Finonciol Reportinissondard opplicoble the UK ond Republic of Irelond Ivnlted Kingdom Generally Accepted Accrwnting Practicel. rnaterial irOn$1$teThCVès or apparent mate¥ial misstatements, we are required to determine whether there is a materkil misstatement in the financial statements a material misstatement of the other infr)rmaty'on. . based on the work we have perforrned, we conclude that ttrre is a material misstatement of this other informatlon. we are required to rep)rt thatlact. We have nothingto report in this regard. Opinions on other rnattets prtsuibed by thecompanies Act 2006 In ourOpnn. based on the work unéertaken in the course of Dur audlt.. the information 8iven in the tru5tee5' report, which includes the Irectors, report prepared for the purposes of company law. for the financial year for which the financial ststements are prepared is consient with the financ1 statements,. and tlirettors. report included within the trustees. report has Len prepared accordance with apPIable legal eQUirnents. lo ouroplnn. financial statements.. give a true and lair view of the State ol the tharitable compans affairs as at 31 March 2024 and of its incorniTr8 resource5 and application of ¥e5011Tces. forthe yearthen ended.. have been properly prepared in accordarKe with united Kingdom Generally Accepted AccountinB Practice.. and have been prepèred ifi accordance with the QuIreMents of the Companies Act MatteF5 on whkh we are requJredto report bye¥ctptSon In the light of the knowd@e and understanding of the cornpany and its environfflent obtained ¢n the course of the audiL we have not identified material misstatements In the irustses, report. We have nothing to rewrt in respect ot the following rnatter5 in latiOn to which the Companies Aci 2006 requires us to report to you if, in our opinion.. adequate 3ccountinz records have fiot been kepL o¥ returns a@uate for our audrt ha not been reteiveo frorn branche5 notV151ted by us- or the finaficial statements are not in agreement with the accountinK recoids and returns- or certain éisclosus of trustees, remuneratoon specified by law are not rnade.. or we have not receNed all the information and explènations we require forour audil.. or the trustees were rt erttytled to prepare the financial statements in accordance with the smèll companies. regime and take advantage of the srnall companies, exemptions in preparing the trustees. rert and from the requirernent to prepare strategK report. Basls for oplnlon We conducted our audr( in 3ttordarKe with International 5tandard5 on Auditing IUKI IISAS IUKII and applicable law. (Jjr $PDnsibIlthe$ under those standards a further descrilJed in the Avditorfs responsibiiifresf the oudit of the finonclol stotements setton of report. We are independent of the charity in accordance with the ethical requ1ments that are levant to our audit of the finarKki1 statements In the UK. Including the FRCS Ethtcal Standard. and we have fuffilled our other ethical responsibilities in accordance with these requiremerts. We believe that the audit evidence we have obtsineLI is gJffioent and ppropriate to provide a ba5isfor ouropinD. Concluslons reling tC*8dng contern In audknng the fi.nancial statements. we have corKluded that th? trustees. use of the going corKern basls of accountifil in the preparation of the financial ststements is appropriate. Based on the work we have performed. we have not identified any material uncertainties ting to events or conditions thaL indivHlualty or collectivety, may cast significant doubt on the chariws ability to ontinue as a going concern for a per)(1 of at least nM)nths from when the financial Matements are authorised for issue. Our responsibilities and the responsibilfftes of the trusree5 With resFert to going concern are descri in the relevant sectitins of this reporL Responsibiliiies of Trurtees As eXpIned more fvlty in the Statement of Tru5tees' Responsibilities, the trustees. who are alsts the directors of the charity for the purpose of cornpany LAW. are ie5w)nsiblÈ lor the preparation of the liman¢i¥l 5taternents aThd ft>r being sènsh.ed that they give a true and fair view, and for such internal control as the trUee$ determine is necessary to I enable the preparation of financial statements that are free from material misststement, whether due to fraud or error. Other irtformation The trustee5 are responstble for the other information. The other inlormation comprises the information included In the anntsal report. other than the linancial siatememts and our audrtorfs report thereon. Our opinion on the financial Siatemefits does not cover the other Inlormation and, except io the extent oiherwise explicitly ststed in our report. we do not express anyform of assurance CorluSIOn thereon. In preparing the financkal ststements. the trustees are responsible for assesgng the charivs ab"¢lity to continue as a going concern. disclosin& as applicable, matters related to going concern and using the goin8 concern basis of accounting tsnless the trustees either intend to liquidate the charitsble company of to cease operations. or have no realistic alternarive but to do so. In connethon wtfh our audft of the financial statements. sponsibility is to read the other information and, in doin8 so, consider whether the Other information is materially inconsistent with the financial statements or our kmwledge obtained ID the audit or otherwise appears to be materially mlsstated. If we Identify yjth 7 WLFC Annual Report and Accounts 2024
Independent Auditor's Report to the Members Of West Lancashire Freemasons, Charity Audiio¢$ resp¢IbIlIeS forthe wdlt of th¢fihalal #•temerfs Our objectives ère to obtain reasonable assurnnce about whether the There are inhErent limitations in our audit procedures described above. financial stètements as a whole a free from materlal misstaiemenL The more MoVed that laws and regulations are érorn ffinèntial transac- whether due to fraud o¥ error, and to issue an adorf$ report that tions. the less likety it is that we would become aware of non-ctsmpliance. Includes our opinion. Reasonable assurance is a high level of a55ur4nce. Audit standards also limit the audit procedure5 required to identTfy non- but is not a guarantee thai an audit condutted in accordarKe with IS45 compliance with laws and regubOD5 to enquiry of the directors and otl IUKI will always detett a material misstatement when it exists. er manageffnt and the in5Fection of regulatory legal correspond- Mi5Ststements can arSse from fraud or erro¥ and are considered materbal ee, rf aThv. individually or In the aggregate, they could 8$ofiab be expected to inffiuence the econcrnic decisions of users taken on the ba&s of these l financial statements. Material misstatsrnents that adse due to fraud can be harder to Lletect than ISe thar arise frorn error as they rnay involve deliberate conceal- ment orcouusion. Irregularities, Including Iroud. are instsres of non-comlae with laws and regulation5. We design protedures in line w¢th our responsibilities. A further descrfjpDon of our responsibilities Is available on the Financlal outlined aix)ve. to detect material misstatements in respect of Reporrir CourKil's websrte at.. httpS..//wW.frC.Org.uV irrEgulafities. including fraud. The extent to which our prdre5 are audrtorsreston5ibilitre5.This dexripts'on forms part of OUT auditorf5 report. Cable of detecting irregularities. inrluding fraud. is detaid bÈlow. its¢ of Report This report s made solely to the cornp3rf5 members, as a body, in ac- cordance with sectbon 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken $0 that we rnoht 51ale to the tompanrfs rnem- bers those mattors we are required to state to them in an auditors, port i and for other purpose. To the fullest extent permitted by law. we do )1 accept or assume resnSibIlity to anyone other than the company nd the compan$ members a5 a body for our avdit work, lor thi5 report. orfrjrthe opiftitsns we have fomied. Based on gur understanding of the charitable cornpany and sector. we identifred that rhe principal risks on non-compliarKe with laws and regulatr.ons related to. bJt were not lirnited to. the Companies Act 2CrfJ6. The Charities Act 2011 and Health and Safety gIslatiOn and we considered the extent to which non<ornpliance might have a material effett on the finarKlal statements. We also considered ihose law5 and regulztions that have a direct irnpart on the preparation of the finan¢o1 statements suchAs the Companies act 2CQ6. We evaluated wrwnagemenvs incentives and opportunroes for frnuduleffit manipulauon of the financial statements lincluding the risk of Chrillopher Moss BSC FCA ISeniorStatutoryAuditwl override of controls) and deterrnined that the principal risks were lor and behall of Js. Limlted related to management bia5 in accounting esomates and jUdgeftnts Chartered Arutants and the risk of fraud in wenue recognition. statutory Nuditor l Our procedures to respond to risks identitied included the fo1bwl= Reviewing the fi"naThcial statement dixlosvres and testing to supporting documentation to assess compliance with provisiofts of relevant laws and re8ulation5 described as h18 a dirett effect on the financial statements., Enquiring of management atr<)ut attual and wtential litigation and claims. their policies and procedures to pre¥ent and detect Iraud as well as whether they have any knowledge of any actual, suspected oralleged fraud.. Performing an35ytical procedures to identify any unusual or unexpected relation5hip5 that may im1ate risks of matefial misstaternent due tofraud,. Reading minutes of meetTng5 of those charyd wrthgovemae.' Obtaining an understonding of provisions and holdlng discussions wrth rnanageTnent to urK*rstand the basis of ecognitiofi or non-¢08n10n of provisions- and In addressirvd the fisk of fraud throuBh rn3na8ement override of controls-. testing the appropriateness of journ41 entries.. assessing whether the accounting e5trrnates. judgements and decision5 rnade by rnanagement are indicative (&f potential bias.. and evaluating the business rationale of any significani transacrions that are unusual or outside the normal course of imjsiness. James House Stonecross Business Park Yew Tree Way Warrington Cheshire WA3 3JD We also communicated relevant identifed laws and regvlatr)ns and potenfjal fraud lis to all engagement team members and Malne alert to any indication5 of fraud or non-cornplknce with tsws and regulations throughout the audit. WLFC Annual Report and Accounts 2024
Statement of Financial Activities Including Income And Expenditure Account for the Year Ended 31 March 2024 Unrestritted Funds 2023 14ote INCOME AND ENOOWMENts FROM: Donations and legac 289h56 245.657 Investments 524.743 480.439 TOTAL INCOME AND ENDOWMEPIYS 814399 726,096 EXPf14L¥TURE ON: Aaisingfunds Charirable athries 75A55 71.960 471ffi11 544,577 TOTAL EXPENDITURE 547,066 616.537 Net gains on disposal of investr7)ent assets 9177 170,069 Unrealised gainslllossesl on investments 964J28 11.508,9751 NETINCOMEIIEXPENDITUREII NET MOVEMEKf IN FU14DS 1,323.584 11.229.347) RECONCILIAT1014 OF FUNDS Total funds brou8hl forward 17fi67.113 18,89S,470 TOTAL FUNDS CARRIED FORWARD 18.991A161 17,667,123 The siatement of Finanaal Activities indudes all gains and losses recognised in the year. All of the above amounts relate to continuing aclivitie5. The Statement of Financial Actiwties also complies with the requirements for an income and expenditure account under the Companies Art 2(*J6. The notes on pages 12 to 19 form part of these financial statements WLFC Annual Report and Accounts 2024
Balance Sheet as at 31 March 2024 2024 2023 Note FIXED ASSErs Tangible Fixed Assets Investments 424.611 428,428 17.925.716 16,953,999 TOTAL FIXED ASSETS 18.350.327 17,382,427 CURRENT ASSETS Debtors io 69,690 31,081 Short term deposits 1.176 1.163 Cash at bank 644.010 378,887 734076 411,131 CREDITORS: Amounts f•lling due wilhin one fvtar li 194.142) 1126.4351 NEf CURRENT ASSErs 640,7Y4 284.696 TOTAL NEf ASSErs 18.991.061 17,667,123 FUNDS OF THE CHARITY Total unrestricted funds 18,991,061 17,667,123 These linan¢ial statements were approved and signed on 20th Nornber2024 on behalf of the trustees by- DJ. Parkinson Chairman P.H. Baines Trustee Chief Financial Officer The notes on pages 12 to 19 form part of these financial statements 10 WLFC Annual Report arKI Accounts 2024
Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 CASH FLOWS FROM OPERAnNG ACTNMES Ne¢ ¢ash pro¥lded byl lused In) operating adibfties 1324A951 1238J121 CASH FLOWS FROM INVESTIP4G ACTivmES Diwdends and interest from investments. 524.743 480A39 Purchase of equipment Proceeds from sale of invesrments 2.923.632 2.943,255 Purchase of investments 12.994,7051 13.121.8111 Net Eash pn)vkled byl (used Inl Inbwtlr* othitses 453.670 301.883 Chaw in ush and cash eqdvalents in reporti wiod 129.175 62,971 Cash and cash eouivèlefits atihe beginningof the reportin8 peric4J 1.193.493 1.130.522 Cash and (ash equivalents atthe end olthe reponlngperm lJ22.668 1.193A93 The notes on pages 12 to 19 form part of financial Statements WLFC Annual Report and Accounts 2024 li
Notes to the Financial Statements l. Accounting policies Charitable expenditure Direet tharitable athvity expenditure includes all expenditure incurred in the prO$10n of charitable sÈrwces. tO8ether with support costs. in pursuance of the charity'5 objectives. Charity Information West Lancashire Freemasons. Charity is a private company 1Smited by guarantee incorporated in England and Wales. The registered office is 2 Paramount Busine$5 Park. Wrlson Road. Huyton. Liverpool L36 GAW. Grants payable are payments made to third parties in the furtherance of the charitable objects. Fund5 are allocated in a¢¢ordance with the objethives set ¢)vt on pa8e 2. Attountlng convention The a¢¢ounts have Prepared accordance with the charity's memorandum and arricles of association, the Companies Act 2006 and -Accountin8 and Reporring by Charitses.. Statement of Recommended Practi applicable to chariries preparing their account5 in accordan with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021- as amended for ac¢ounting periods commenan8 from l January 2019. The irre¢ovefable element of VAT is induded with the item of expenses to which it relates as this cannot bè recovered by the charity. Expenses are allocated based on a detailed assessment of the relative activity- Tangible fixed assets Tangible fixed assets are measured at cost, net of depreciation and any impairment105ses. Individual assets costing £2,5 or more are capitalised at C05t. Depreciation is provided on a 5trai8ht line ba515 on tangible fixed a55ets which are written off over their useful economic life whi¢h is :. The charity is a Public 8enefit Entity as defined by FRS 102. The accounts are prepared in sterlin& which is the functional ¢urrenLy of the charity. Monetary amounts in these financial statements are rounded to the neaTe5t £. Long LeasÈhold Property Office equipment Computer equipment 125 years 5 years 4 years Flxed asset investments Investments are stated at markei value as at the balance sheet date. The siaiement of Financial Artiviries includes the net gains and losses arising on revaluation and disposals throughout the year. The accounts have been prepared under the historical Cost convention modified to indude certain financial instruments at fair value. The accountin8 policies adopted are set out below. Income and endowments Voluntary income including donations and gifts are recognised in the period in which they are received by the charity- Such income is only deferred when Ihe charity has to fulfil condibons before becomin8 entitled to it or where the donor has specified that Ihe income is to be expended in a future period. In accordance with this policy, legacles are induded when received by the charity- Realised gains and losses All gains and losses are taken to the Statement of Financial Activitres as they arise. Realised gains and losses on investments are calculated a5 the difference between the sales proceeds and opening market value or purchase Cost, if later. Unrealised Bains and 1055e5 are calculated as the difference between the market value at the year end and opening market value or purchase cost if later. Funds accountlng All funds hÈld by the charity are fvnds which Can be used in accordance with the charitable objects at thÈ discretion of the trustees. Expenditure on raising funds The costs tonsist of investment mana8ement fees. 12 WLFC Annual Report and Accounts 2024
Notes to the Financial Statements Taxation The charity benefits from various èxemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gairts falling wr(hin those exemptions. Recovery is made of tax duCted from income and from recèipts under Gift Aid. The charity is not able to recover Value Added Tax. Expenditure is recorded in the acc(yJnts indusive of VAT. as receivable within one year are not amortised. Bosicfinonclalllabilitfes Basbc financial liabilities, including ¢reditors and bank loans are inirially recognised at transa¢ifion price unle55 the arran8ement constitutes a financin¥ transaction. where the debt instrument Trs mÈasured at the present valuè of the future paymènts di%ounied at a market rate of interest. Financial liabiliti.ès classified as payablè within one year are not arnortised. Debt in5trument5 are sub5eqyently carried at amorti5ed cost. using the effertive interest rate method. Trade creditors are obligations io pay for @oods or servb¢es that have been acquired in the ordinary course of operations from suppliers. Amounts payable are ¢lassifi"ed as current liabilitfÈs if payment is duè within one year or les5. If not, they are presented a5 non-¢urrent liabilities. Trade creditor5 are recognised initially at transartion price and subsequently measured at amortisÈd cost using the effective interest method. Charltable funds Unre5trirted fund5 are available for use at the discretion of the Trustees in furtherance of their ¢haritable objectives unle55 the fvnd5 have been designated for other purpose5. Going concem At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable fvture. Thus the trustee5 continue to adopt the going concern basis in preparing the accounts. Derecoqnltion offinonclul Ilabllfties Financial liabilities are dereco8nised when the Charitrfs Contractual obligations expire or are di5tharged or cancelled. Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less and bank overdrafts. Critlcal accounting judgernents In the applitation of the Charitrfs accountfjng polic. the Tru5tee5 are required to rnake judgement5, estimate5 and assumption5 at)out the carryin8 amount of assets and liabilities that are not readily apparent from other sources. The e5tr'rnate5 and asso¢iated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these e5timate5. estimates and Flnancial instruments The Charity has eleued to apply the prowsions of section 11 "Basic Financial Instruments" and sethon 12 -other Financial Instrument Issues" of FRS 102 to all of its fi.nancial instruments. Financial instruments are recoanised in the Charitys balance sheet when the Charity becomes party to the contractual piovisions of the instrument. Financial assets and liabilities are offsei. with net amounts presented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to sèttle on a net basis or to realise the asset and settle the liability simultaneously. The estimates and underlying assumption5 are reviewed on an ongoing basi5. Revisions to accountin8 estimates are recognised in the period in which the estirnate is revised where the revision affects only that period. or in the period of the revision and hjture periods where the revision affects both current and future periods. Boslcfinondol ossets Basic fi.nancial assets. which indude debtor5 and cash and bank balantes, are initialty measured at transaction price including transaction costs and are subseguentty carried at amortised cost using the effective interest method unless the arrangement tonstitutes a finan¢in8 transaction. where the transaclion is measured at the present value of the future receipts discounted at the market rate of interest. Finan¢ial a$5ets classified The trustees do not consider there to be any critbcal estimate5 or judgements in relation to the preparation of these financial statefflen WLFCAnnual Report and Accounts 2024 13
Notes to the Financial Statements Donations and legacles 2024 2023 DonatTons General 192.977 178,181 Gift aided donations 39.632 48,846 Recoverable income tax 9,908 12.211 Legacies Le8acies 47,139 6.419 289.656 245,657 3. Income from investments 2024 2023 Income from listed investments 515,000 470.837 Bank interest receivable 9,743 9.602 524.743 480.439 14 WLFC Annual Report and kcounts 2024
Notes to the Financial Statements 4. Expenditure on raising funds 2021 2023 Inve5tmeni managers. fees 75.455 71.96Q Expenditure on charitable activitie5 2024 2023 Grants pald Freemasons, support 113.669 117,862 Widows, support 110.904 172.fyJ2 Other masonic support Non-masonic grants (note 61 156A86 166.437 381.059 456,301 Support cosls Rates & water 8,468 10.358 Heating. lighting and insurance 2.579 7,421 Telephone 2.846 3,695 Postage. stationery & printing 4.789 6,373 Travelling expenses 8.859 11,092 Cornputer expenses 35A09 30,273 Office maintenance and repairs Bank charges Other costs 9,995 5,027 &004 635 694 1,245 Depreciation Auditorfs remuneration 3,817 3,817 9.Z25 8.340 Promotions 2.867 90,552 88,276 471.611 544.577 WLFCAnnual Report and kcounts 2024 15
** Non Masonlc Grants Foodbanks Daddys wrth Angels Chesnui L¢)dge school and Specialist SEN College Great Arley Sthool- special needs library Happy Days Children's Charity Cerebral Pa15y United Football Club Grants under £I0.L including for medical Èquipment 30,J) 22,OC 20,107 15,842 11.8 10.0 46.737 156M6 Trustee remuneration and related party transactlons The Tru#ees received neither remuneration for their services nor reimbursemeni for travel expenses in the year12023 .. £nill. Key Management are all Volunteers and did not receive remuneration during the year 12023-. £nill. Vdunteers are reimbursed travel expenses during the year. No tfustee or other person related to the charity had any personal interest in any transxtion entered into by the charity during the year12023-.£nill. Tangible Flxed Assets Lthisehold Propertv Computer Equipment Totsl Equlpment At cost at start of year 477A192 29,746 61932 569.770 Additions during year At cost at end of year 477.092 29.746 62.932 569.770 Depreciation at Start of year Deprecialron during year 29.746 62.932 141J42 317 aA17 DeprecIaOn at end ofyeaT 29.746 61932 145.159 Net Book Value at 31st March 2024 424.611 424.611 Net Book Value at 31st March 2023 428A28 428A28 WLFCAnnual Report and Accounts 2024 16
Notes to the Financial Statements Investments Mthiement in value 2024 2023 Market Value ai 1st April 2023 16.953.999 17.636.025 Acquisition5 at cost 2,994,705 3,121,811 Disposal at opening book value {2,831,955} 12,773,186) Net galnslllossesl on revalualfons in the year ended 31 Mar¢h 2024 Net movement in cash held for investment 964,928 11,508,975) 1155.9611 478,324 Maiket value at 31 March 2024 17,925,716 16,953,999 Historical cost at 31 Marth 2024 15.124.795 13,974,300 Analysls ol investments at 31 Marth 2024 2024 2023 Llsted tftvestments Quoted Investments 17.268,234 16,140,556 Other Investments UK Cash held by Rathbone Investment Management as part of Portfolio 657N82 813.443 17.925.716 16.953.999 17 WLFC Annual Report and Accounts 2024
Notes to the Financial Statements 10. Debtors Amounts due within one year-. 2023 Income tax recoverable 29A90 19,582 Prepayments 2,700 Attrued Interest 8.799 Accrued Income 69.690 31.081 11. Creditors: Amounts falling due wlthin one year 2024 2023 Other creditors 14.604 4.694 Aecruals and deferred income 79,639 121,741 94.142 126.435 WLFC Annual Report and Accounts 2024 18
Notes to the Financial Statements 12. Reconciliation of Net Incomel(Expenditure) to Net Cash Flow from Operating Activities 2024 2023 Net Income/lExpenditure) for Ihe Reportin8 Period las per the Statement of Flnancial Athvitles) L323.938 11,229,347) Adjustments for.. Depreciation charges 3.817 3,817 IGain$llLosse5 on Investments 11.056.605) 1,338,906 Dividends and Interest from Investments 1524.7431 138.6091 132.2931 1480,4391 105,745 Ilncrea5elldecrea5e in debtors (Decreaselllncrease in creditors 22,406 Net Cash used in OperatinÉ Athitles 1324,4951 1238.9121 13. Analysls of Cash and Cash Equlvalents 2024 2023 Short term deposits 1.176 1,163 Cash at bank 664.010 378,887 665.186 380,050 Cash held as part of the investment portfolio 657,482 813,443 Total Cash and Cath Equlvalents 1.322.668 1.193,493 14. Company limited By Guardntee Wesi Lancashire Freemasons. Charity is incorporated under the Companres Aci as a company limited by 8uarantee. The liability of the members is limite(I to £1. 19 WLFC Annual Report and Accounts 2024
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