CORNWALL MASONIC CHARITABLE FOUIYDATION Charity No: 1178008 Report and Unaudited FinancAal Statements Year Ended 31 Deeember 2023
CORNWALL MASONIC CHARrrABLE FOUNDATION REPORT AND UNAUDITED FINANCIAL STATEMEiYrs FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS Page TSleeS Annual Report Statement of Trnstees, Responsibilities Independent Examin¢rs' Report Statem¢nt of Financial Activities Balance She¢t Notes to the Financial Statements 8-14
CORNWALL MASONIC CHAIUTABLE FOUNDATION TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their report along with th¢ financial statements of the Cornwall Masonic Charitable Foundation ('the Charity") for the y&ir ended 31 December 2023. Th¢ trustees have adopted the provisions of Accounting and R¢porting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in awordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effectiv¢ l January 2019). Objectives, aCtitieS and public benefit Objectives and aims The objects of the Charity are to receive donations from individual Masons, Lodges, Chapters and other Masonic Bodies, and to distribute such sums to Masonic and Non-masonic Chariti¢s whether or not registered under the Ch8rities Act, and to also off¢r hclp and assistance to poor and distressed Freemasons and th¢ir families who are kn need. The trnstees meet annually to consider th¢ grants to be made durlng th¢ forthcoming year and there is also an investment sub-committee that meets as and when required. The Cornwall Masonic Charitable Foundation (CMCF) was fonned in 2018 after the decision was taken by the Trustees to close the Cornwall M&sonic Benevolent Fund (CMBF} and thc Cornwall Masonkc Grand Charity (CMGC) whoge work had been superseded by the Introduction of the Relief Chest system under the auspic¢s of th¢ Freemasons Grand Charity in London, wh¢re donations to local festival fiu]d raising, would henceforth go direct from individuals and lodges to the Relief Chest, and not through the local charities. Aehievements and perforllll74nees The charity has been w¢ll supported by the Freemasons of Comwall, individually and through their respective lodges. During the year the Charity received donations of £21,950 {2022: £23,996). Public benefit The Truste¢s Consid they bave complied with th¢ir duty in Section 4 of Part l of the Charities Act 2006 which requires them to have due regard to guidance published by the Charity Commi%sion. In particular, the Charity believes that in supporting the Central Masonic Charittes in rotation through Festival Appeals it is reaching more than 200,000 Freemasons in England & Wales and a SilIar number of dependants as described above. Financial review and investment policy Total income for the year was £46,539 (2022: £58,125). There are no restrictions on the Charity's power to invest. The investment strategy is reviewed annually by the trustees and iak¢s into account the income requirements. Ihe risk profile and the investment manager's view of thc Tnarket prospects in the medium t¢rni. All the reserves of the charity are unrestricted in natur¢ and At is the Charity's policy to invest those funds in low and medium risk investments in a balanced portfolio; to seek an annual r¢turn of between 3010 and 4 /0 such as to meet as far as possiblc administrative and support costs; and to hold cash balances siifficient to cover thos¢ Costs and grants for the following two years. Page I
CORNWALL MASONIC CHAIUTABLE FOUNDATION TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTtNUED) StruCre? governance and mAllagement Th¢ Cornwall Masonic CharAtable Foundation is constituted as an Unincorporat association, is governed by the constitution adopted on l April 2017 as amended on 2 June 2021 and is a r¢gistered Charity No. 1178008. The Trustees are the persons that hold the following positions within the Province of Cornwall: The Provincial Grand Master The Deputy Provincial Grand M&8ter The Assistant Pmvincial Grand Masters The Provincial Grand Charity Steward Induction procedures are in place for newly appointed Trustees. Overall policy is deteTmined by the Trustees as a whole, with day to day management delegated to the Secrdary Mr A.J. Powell, and the administrator Mr l.B. Henwood. The financial transactions and bank reconciliations for th¢ Cornwall Masonic Charitable Foundation ar¢ completed by the Assistant Treasurer Mr P.R. Moore. Reserves policy Thc rcscrves policy is as follows:. To hold sufficient inve.%tments with the aim that thcy will produce, at a minimum, a notional 4 % annual return in ordeT to meet the charity's annual running costs. Based on annual charitable expenditure of approximately £30,000 the ch(lrity aims to hold investments of at least £750,000. In addition to hold sufficient reserves held in cash at bank in sufficient to rneet at least two years- worth of gross cxpcndtture. Based on annual charitable expenditur¢ of approximately £30,0(K) the charity aims to hold cash at bank of ai Icast £60,000. As at 31 December 2023 the charity held investments of £779,929 {2022: £759,209) and cash at bank of £95,732 {2022.. £95,302). Free reserves were £872,979 (2022.. £852,314). The tSte¢S ar¢ of the view that these reserves are sutyicient to meet the objectiv¢s of the charity and also ensure it is able to continu¢ in op¢ration. Risk management The Trustees have revi¢w¢d the major strategic and operational risks which the Charity faces and ¢onfirni that systems have been established to enable regular reports to be produced so that the necessary steps can be tak¢n to lessen those risks. The mhin areas of risk id¢ntifi¢d were:_ Significant long-temi loss in the va]u¢ of the investment portfolio.. this has been mitigated by the ¢ontinucd engagement of brokers and by giving them appropriate instructions. The possibility of donations to inappropriate charitable purposes.. this has been mitigated by care1 scrutiny by the TnteeS of likely recipients. General operational risks." these have been mitigated by close control and supervision of the day-to-day opeTations of the Charity by the executive members and the adoption of best practice to all aspects of th¢ Charity's activiti¢s. Page 2
CORNWALL MASONIC CHARIT ABLE FOUNDATION TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED) Referenee and administration details The Charity number is 1178008. The address of its principal office and details of the Charity's advisers ar¢ set out below, as is a list of the tnteeS who Serv during th¢ year. LEGAI. AND ADMINISTRATIVE INFORMATION The Trustees during the year ended 31 Dcccmber 2023 were: Mr D G Leaity, President Mr A J Powell, appoint 4 April 2023. Se¢retary and Treasurer from 6 February 2023 Mr M B Pritchard. seetary and Treasurer until 6 Febn]ary 2023 Mr D G Maskell Mr G N Bennett Mr L J Sleep, appointed 6 February 2023 Principal Office 7A New Bridg¢ Street, TrLWO, Cornwall, TRI 2AA Independent Ex2mlner Matthew Webb, Azets Audit Services, Unit A, Woodlands Court, Truro Business Park, Truro, Cornwall, TR4 9NH Banker8 Lloyds Bank Plc, 7 Boscawen Stre¢t, Truro, Cornwall, TRI 2QT Brokers Brewin Dolphin, 24 Lemon Street, TrLWO, TRI 2LS. Page 3
CORNWALL MASONIC CHARITABLE FOUNDATION TRUSTEES ANNUAL REPORT FOR THE YEAR EF4DED 31 DECEMBER 2023 (CONTINUED) STATEMENT OF TRUSTEES RESPONSIBILITIES The tnjstees are responsible for preparing the Trustees, Annual Report and the fillancial stateinents in accordance with applicable law and Utiited Kingdom A¢¢ouThting Stsndards (United Kingdo Generally Accepted Accounting Practiee). The law applicable to ChItIeS in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the 8tate of affairs of the Charity and of the incoming re8ourees and application of resources, including the income and expenditure, of the charity for that ye8r. In preparing these financial statements, the trSteeS aTe required to= sele¢t suitable accounting polieies and then apply them consistently,. observe tlie methods and principles in the Charities SORP (FRS 102); make judgement8 and estimates ihat are reasonable and prndent. prepare the financial stateinents on the going concern basis unless it is inappropriale to preswnc that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reLsonable accuracy at any tiinc thc financial position of thc charity and cnablc th¢m to cnsurc that th¢ fiiw)eial slat¥ments comply with the Charities Act 2011, the Charity {Ac¢ounts and Reports) Regulations 2008 and the provisions of tbe trust deed. They arc also responsible for 8afeguarding the a8sets ol the charity hence for Lthing Teasondble steps for the pr¥v¥nlion and d¥t¥Llion DI Iraud an(i other irtegularities. Report of the trustees, approved by OTder of the board of trustees on. Iq-L!:.ZO£l.and signed on the board's behalf by.. BY ORDER OF THE COMMIrfEE 'ty - President A.J. Powell- Secretary Page 4
Inde endent Examiner's Re ort to the Trustees of Cornwall Masonic Charitable Foundation ster¢d Chari Number 1178008 I r¢port to the trustees on my exarnination of the financial statements of Cornwall Masonic Charitabl¢ Foundation (the Charity) for the year ended 31 December 2023 which are set out on page5 6 to 14. R¢sponsibRlities and basis of report As the trustees of the Charity you arc 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 statemenL8 Caled out undcr section 145 of the Act and in carying out my ¢xamination I have followeil 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 confimi that no material matters have come to my attention in connection with the examination giving m¢ Cause to believe that in any material respect: l. accounting record.8 weTe not kept in r¢spcct of the Charity as Tequired by section 130 of the Act. 2. the financial statements do not accord with those records; or 3. the financial statements do not comply with the applicable requiTements concerning the form and content of accounts set out in the CharEtkes (Accounts and Reports) Regulations 2008 other than any requircmcnt that the accounts give a 'true and fair view, which is not a matter consider¢d as part of an independent exan)ination. I have no concerns and have com¢ across no other rnatters in connection with the examination to which attention should be drawn in this rqx)rt in order to enable a proper understanding of the financial statements to be reached. Matthew Webb BA (Hons) BFP FCA Institute of Chartered Accountants in Englana & Wales Azets Audit Servi¢¢s Unit A, Woodlands Court Truro Business Park TRURO Cornwall TR4 9NH Page 5
CORNWALL MASONIC CHARtrABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2023 Note UDrestrirted Funds Funds 2023 2022 Income and endowments Donations (unrestrided) Donations (ffstricted) Investment income {unrestricted) 17.079 4,877 24,583 23,996 34,129 Total income 46,539 58,125 Expenditure lhnations (unrestrirtcd) Donations (restricted) Charitable expenditure (unrcstiict¢d) 16,3(X) 4,873 33,007 22,764 30,308 Total expenditure 54.180 53,072 Net (deficil)lincome (7.641) 5,053 Changes in fair value of investments (unrestricted) 28,306 (115,219) Net n)ovement in funds 20,665 (110.166) Total funds brought forward (unrestricted) 852,314 962,480 Total funds earried fonvard (unrestrieted} Total fullds carried forward (restricted) 872,975 852.314 Total funds carrRed forward 872,979 852,314 The notes on pages 8 to 13 forni an inlegral part of these accounts. Page 6
CORNWALL IIL4SONIC CHARITABLE FOUTr4DATIO BALANCE SHIET AT 31 DECELVIBER 2023 Unrestrieted Funds Funds Note 2023 2022 Fixed Assets lllvestments 779,929 759.209 Current Assets Cash &t bank and in hand io 95,732 158 95,302 151 Debtors 95,890 95.453 Creditors.. Amounts falling due within one year 12 (2,840) (2,348) Net Current Assets 93.050 93,105 Total Asset5 less Current Llabilitles 872,979 852,314 Fullds of the Charity Reserves (restricted) Reserves {unrestritted) 13 14 872,975 852,314 872,979 852,314 and signed on its behalf by.. res ent The notes on pages 8 to 13 fomi an integral part of these accounts. Page 7
CORNWALL MASONIC CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 l. Accounting Policies 1.1 Basis of Preparation of Accounts The financial slalements of thc charityj whieh is a public benefit entity under FRS 102, have been prepared in accordance with lh¢ Cbarilies SORP (FRS102) 'A¢¢ounting and Rewrting by Charities.. Statemcnl of Recommended Practice applicable to charities preparins theiT accollnts in accordance with the Financial Reporting Standard applicable in the UK and R¢public of Ireland (FRS 102) {effcclive l January 2019), Financial Reportittg Standard 102 'Th¢ Financial Reporting Standard applicable in the UK and RcpubliG of Ireland, and the Charities Act 2011. The financial statements have bcen prcpared under the historical cost Conventi with the exception of investments that are measured al fair value. The fllkancial stalements are prepared in stcrling which is the functional curyency of tlle charity. Munetary amoullts in thesc finaEkcial statements rounded lo the nearest pound sterling. 1.2 Ing Collcern The financial statements have been prepared on tbe going eonccmbasis. The trustces hav¢ considercd a period of twelve months from the date of approval of the financial btatements and have a rclsonablc expectation that the charity has adequate resources to continue in operntional existeDce for the foreseeable future. The trublees are ofthe view that there are no material uncertainties that may create signifiuani doubt over the charity's ability to continue as a going concero. 1.3 Cb&rilable funds Unrestricted funds are available for use at the th'scretion of the trustecs in furtherance of their bltable objectives. Restsicted funds are subject to specifie conditions by donors as to how they may be used. The putposes and uses of the restricted fi]rkds are set out in thc notes to the financial statemcnls. 1.4 Income Illcome COllLprises money received from its principal sources. namely the rec¢ipt of subscriptions, donations, investment in¢omc and bank interest. Subscriptions and donations arc recognised when receivablc. Legacies are includcd when the charity is advised by the personal representativc of an cstale thal payment will be made. All income received during the year was deriv¢d in the UJJited kn"ngdom. 1.5 Investffjellt Income Investment income is accounled lor using the accrual method. Dividend incomc is r¢¢ognised when thc right to receive payrn¢nt is established. lllterest income is recognised Using the effective interest method. 1.6 Expenditure Expenses are rrcognised on an accruals basis. Donations are charged in the whcn paid or accrued when a liability is establÉshed. Costs of generating funds comprise costs for the ninning of thc Charity itself as an organisation and the cost of promotional items. G0vennCe costs are those associated with the Charity's constttutional and Statutory requirements and Éts strategic management responsibiLitie8. Page 8
CORNWALL MASONIC CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1.7 Fixed Asset Investmellts Invcstments arc measured at fair value. All gains and losses are recognised in the Statement of FinanciaE Activities. 1.8 Fi]Janci81 instruments Financial assets and liabilities arc recognised in the company's statement of fll]ancial position when thc company b¢¢oD]es paty to the contractual provisions of the iDStnllnent. Financial assets and liabilities are ¢la8sified into specified categories. The classification depends on the naturc and puwose of the financial assel or liability and is deterniined at the time of recognition. Basic financial assets, which include otherreceivablcs, cash alld bank balances, are initially measured at transaction price including transaction ¢osts and are subsequently carricd at amortis¢d cost using the effective intcrest method, unless the arrallgement constitute a fUling transaction, where the transaction is llleasure at the present valu¢ of the tUre receipts discounted at a maTket ralc ot interest. Basic financial liabilitics, which include trade and otherpayabl¢s are initially measured at transaction price, unl¢sb the arrangement constitutes a financing transaction, whcre the debi insttent is measured at the pr¢scnl valuc of tbe future pairynents discounted al a market rdte of interest. Financial liabilities are derecognised whe& and only when, th¢ CIlty'S obligations are discharged. cancelled, or they expir¢. Tax#tio The charity is exempt from lax on its C11tble activities. 2023 2022 Donations Donaiions and subscriptions (unrcstricted) Donations and subs¢riptions (restricted) Office conlribulions- Provincial Grand Lodge of Cornwall 10,164 4.877 6.915 17,396 6,600 21,956 23,996 2023 2022 Investment illcome (unrestricted) Illcome froTn investments Bank Interest 23,810 773 34,084 45 24,583 34,129 Page 9
CORNWALL MASONIC CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS (CON'fiNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 5. Ch&rit*ble donations {unrestricted) During the year the Fund made donations to local Charities and Bodies as follows: 2023 2022 Cornwall Blood Bikcs Merlin MS Centre Cornwall Community Foundation Comwall Air Ambulance Lifelile8 Macmillan Cancer Care Marie Curie Children's Hospice SW Cornwall Hospice c.are National Coastwatch I,0 1,000 1,000 1,000 1.000 ,000 1,000 1,000 1,000 1,000 1,000 1,000 1.000 1,000 1,000 1,000 1,000 Nare Point Penzance Poluran Ports¢atho Charlcslown GweDnap Head Boscastle Cape Cornwall 350 350 350 350 300 300 3(K) 300 Fowey Penlee Bude Port Isaac Padstow Sennen Lizard Si Ives Falmouth 350 350 350 350 300 300 300 300 300 PMS InlcTnalional - T¢ddies for Loving Care Georgia's Voice Oasis Centre Royal Cornwall Hospital SSAFA The Arnied Forccs Charity Jusl Breath Cornwall WILD - Young Parents Chestnut ApFKal Disability CoTnwall 2,495 500 500 500 1.000 500 500 1,000 500 1.000 1,070 Page 10
CORNWALL MASONIC CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 5. Charltable donations (ullrestricted) (continued) 2023 2022 YMCA Penzanace Emergency grant donations Porthtowan Surf Lifesaving Club Haylc Day Centre Funcral Costs 500 500 5(X> 1,51X> 2,999 16,300 22,764 6. Charitable donations (restricted) 2023 2022 PMS Intcrnattonal - Teddies for LL)ving Care 4,873 4,873 2023 2022 7. Charitsble expenditure Staff costs (notc 8) Rent and rates 9,571 6.764 4,362 1,756 75 8,461 6,727 2,950 1,627 75 Heat and light Telephone and intern¢t Computer coats Hire of equipment Buffet and drinks 250 168 600 600 Independent examiner's remuneration Portfolio management fees Miscellaneous 2,310 7,270 49 1,953 7,747 33,007 30,308 Pagell
CORNWALL MASONIC CHARITABLE FOUNDATION P40TES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECELIIBER 2023 2023 2022 8. Staff Costs and Trustees, RemunerAtioD Salaries 9,571 8.461 The average number of employees during the period was: No employee received remulleration amounting to moTe than £60,000 in cÉther period. There werc no trustees, remuneration or other benefits for the year Cllded 31 De¢embcr 2023 nor for the Feriod elldcd 31 Decembcr 2022. Therc were no trnstees, expenses paid for th¢ year cnded 31 December 2023 nor for the pertod cnded 31 December 2022. 2023 2022 9. Investments Fair value at beginning of year Additions 712,997 99,757 (95,942) 28,306 824,862 108,955 (105,601) (115,219} Disposals Change in lair value Fair value al end of year 745,118 712,997 Fair value of tnvestments (as above) 745,118 712,997 Cash held in portfolio 34,811 46,212 Total Investments 779,929 759,209 Investments at markct value wmpri8ed.' 2023 2022 (21 %)/(22/0) (12/0)1(150/o) (37/o)1 (31 /0) UK Fixed irLterest securitics UK Equities Overseas Equities and Funds Other illvestments Cath 167,352 90,250 289,330 198,186 34,811 165,437 111,514 238,153 197.893 46,212 (5 /Tr) 1 (6/0) 779,929 759,209 Thcrc were no individual inveslmenls represertting in excess of SQ/0 of the investment portfolio at 31 December 2023 or 31 December 2022. Page 12
CORNWALL MASONIC CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDLD 31 DECEMBER 2023 2023 2022 10.cash at ballk and in hand Instant Access Account 94,314 1.418 91,558 3,744 Treasurers Account 95,732 95,302 2023 2022 11. Debtors Due within one year.'- Prepayments 158 151 2023 2022 12. Creditors Duc within one year:_ Accruals and deferred income 2,840 2,348 13. Restricted funds The income fi]nds of ihe ¢harity include restricted fiuLds comprising the following unexpendcd balances of donations and grants held on trust for gpecific purposes. Movement in fillLds Balance at I Incoming Resources Resources Expcnsed December 2023 Balance at 31 January 2023 PMS International _ Teddies for Loving Care 4,873 4,877 Page 13
CORNWALL MASONIC CHARITABLE FOUNDATION r40TES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14. Unrestricted reserves Unrestricted reserves comprise £872,975 {2022.. £852,314) which the trustces are fr¢e lo use inaccordallce with the ¢Iritable objects. 15. RelyAted parties There were no related party transactions durillg the year. Page 14