THE ZETLAND AND HONG KONG LODGE No. 7665 CAPITAL ENDOWMENT FUND
TRUSTEES' REPORT FOR THE YEAR ENDING 31st OCTOBER, 2023
During the past year The Zetland and Hong Kong Lodge No. 7665 CAPITAL ENDOWMENT FUND has not been as active in fund raising, as in previous years, even though it continued with its now established custom of holding an event in Hong Kong for Hong Kong resident members. The surplus on the year was £5,505.37 and the net worth of the fund rose to £49,886.34 as at the end of the financial year, up from £45,732.97 at the end of the previous financial year. The increase was largely due to a generous donation from a Hong Kong resident member, whose stated aim was to push the fund’s net worth up to the £50,000 figure, which had been its long term ambition. Regrettably owing to the fall in the value of the fund’s investment in M & G Charifund, the fund’s overall net has worth dropped below this magic figure.
Continuing the Charity’s policy of only distributing income, the fund made a further donation of £250 to Up ‘N Away, a small London based charity, which supports young people, mainly in the Borough of Haringey. Up until now the Fund’s income has been nominal, but with interest rates having risen, it hopes to be in a position next year of making a more substantial distribution.
The Trustees are pleased that the original target of £50,000 has more or less been achieved, but mindful of the need to make meaningful distributions in future, it will not ‘rest on its laurels’, but will endeavour to raise further funds in the coming year.
20[th] May, 2024
VICTOR I. FALK Secretary
CAPITAL EI\DOW |
CAPITAL EI\DOW |
MENTFTII{D |
MENTFTII{D |
|---|---|---|---|
| IncomeandExpenditure Accountforthe | yearending31stOctober.2023 zAX 2022 |
||
| lncome | |||
| SingleDonations | t | 3,300.00 |
5,500 |
| MonthlyDonations | 660.00 | 660 | |
| Donations fromAmazonSmile | 18.41 | 5 | |
| HMRCTaxRefunds | 1,388 | ||
| Bank lnterestatHSBC | 104.02 | 7 | |
| M&GCharifundDividend | 1,271.40 | 190 | |
| BanklnterestatRedwood BankLtd. | -463.54 | ru. | |
| TOTALINCOME Expenditure |
E5.817.37 | -7,W9_ | |
| Bank Charges | 62.00 | 52 | |
| Donationto Up'NAway | f 250.00 |
250 | |
| SURPLUSONYEAR | E5.505.37E7.677 | ||
| t Represented by:- BalancesatHSBC asat1.11.2022(2021) e9,826.60 Balance at RedwoodBank.1.11.2A21(2A20)20,906.37 |
17,378 2A,678 |
||
| lnvestmentinM& G Charufund at cost | 15,000.00 | ||
| Surplus onyear TOTAL ASSETS |
t | 5,505.37 7.677 51,238.34f" 45,733 |
|
| HSBC CurrentAccount31.10.2023QA24 t 1,531.07 HSBC BusinessMgt. AJC31.10.2A23Q022)3,337.36 |
1,927 7,900 |
||
| DepositAccount atRedwood BankLtd. | 16,369.91 | 20,906 | |
| lnvestment:M&G CHARIFUND | 30.000.00 | 15.000 | |
| TOTAL ASSETS | f | 51.238.34t | 45.733 |