Chari Commission number.. 1186584 FARAOAY MASONIC BENEVOLENT FUND Forthe ear ended 31 December 2024 FARADAY MASONIC BENEVOLENT FUND Accounts for the ear ended 31 December 2024 CONTENTS PAGE Trustees, annual ￿pOrt Independent examiner's report Statement of financial activitie5 Balance sheet Notes to the accounts 8-11 FARADAY MASONIC BENEVOLENT FUND Trustees, annual re ort Year ended 31 December 2024 The Trustees present their report for the year ended 31 December 2024. Reference and administrative information Registered name and number: Faraday Masonic Benevolent Fund Principal address.. 4 Chambers st￿et Grantham Lincolnshire NG318DL 1186584 Trustees- MrA M Watson Mr P Chandler Mrj T Wright Mr DJ Pickup Mrw J S Cook (Appointed I'january 20241 Structure overnance and rnana ement The activities of the charity were transferred to a Charitable Incorporated Organisation on the I January 2020. Its charity number is 1186584. Trustee selection method- Each Craft Lodge respectively by resolution has the power to nomir)ate not more than one of its member5 to be appointed a trustee of the Benevolent Fund. The nominee is appointed by the continuing Trustee5. The charity does not have a share capital. The activities of the charity and its trading subsidiary, Faraday House Functions Limited. are such that there is no requirement for audit nor to prepare group accounts. An examination is performed as required under the trust deed. Ob ectives and artivities In addition to the distribution of its own available monies to charitable causes. the Faraday Masonic Benevolent Fund assumes Part of the charitable responsibilities of the Benevolent Funds of the five Masonic Lodges meeting at the Masonic Hall, Grantham namely; Doric, Granta. William Peters, Sir Isaac Newton and Meridian Daylight, including the making of charitable contributions to social and educational local community organisations, old age persons, thildren's and young persons, clubs and sickness relief organisations. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aim5 and objectives and in planning fvture activities. Achievements and erformance The Faraday Masonic Benevolent Fund has made charitable donations of £l,IXK) during the year under review. Financial review The Trustees aim to retain unrestricted current reserves sufficient to cover at least one year's operating costs. Si nature and Declaration Declaration: I declare. in my capacity of charity trustee, that: the Trustees have approved the report above- and have authorised me to sign it on their behalf. MrA M Watson Date: 19 March 2025 FARADAY MA50NIC BENEVOLENT FUND Inde endent Examinerfs re rt on the Accounts Year ended 31 December 2024 I report on the accounts of the charity for the year ended 31 December 2024 which are set out on pages 5 to 11. Res ective res nsibilities of Trustees and Examiner The charity's Trustees are responsible for the preparation of the account5. The charity's Trustees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 (the 2011 Actl and that an independent examination is needed. The charity commission number is 1186584. It is my responsibility to= examine the accounts under section 145 of the 2011 Act. follow the procedures laid down in the general Directions given by the Charity Commission under section 1451Sllbl of the 2011 Act- and state whether particular matters have come to my attention. Basis of Independent Examiner's statement My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accotjnts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you os Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is Eiven as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below. As part of my review l a150 examined the accounts and accounting records of Faraday House Function5 Limited. Independent Examiner's statement In connection with myexamination, no matter has come to my attention.. iii which gives me reasonable cause to believe that. in any material respect, the requirements: to keep accountin8 records in accordance with section 130 of the 2011 Act- and to prepare accounts which accord wrth the accounting records and comply with the accounting requirements of the 2011 Act. have not been met; or 121 to which. in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Rupert King FCA Rupert King & Company Limited 31 Westgate Grantham NG316LX Date.. JolS- FARADAY MASONIC BENEVOLENT FUND statement of Financial Artivities As at 31 December 2024 Contribution from Bèr 2024 2023 Note Sales Less.. Purchases Wages 16.785 17.4901 12.8081 14.984 16,2541 11,6931 6.487 7,037 Contribution Ir Sales Less.. Purchases Wages m Caterin 44.352 133.7591 14.9681 40,293 132.0311 15.5831 5.625 2.679 Con ion from Rental of Flat Rent5 received Les5.' Agent Costs Repairs to Flat 7.8(X) 17491 16781 7.800 17491 6,373 7,051 Other incomin resources Subscriptions from Lodges Faraday House Functsons Limited- Gift Aid Rotsm and facilities hire 200 Club Interest received Donations Investment income received Water incorne received from flat tenant 16,009 5.858 6.9LK) 16.117 11,852 5.700 403 474 592 260 367 soo 147 240 31,341 49￿26 35,723 52,490 rotal Incoming Resources Resources ex ended Stewards wage5 Pension costs Rate5 Water Insurance Equipment maintenance Repairs Ga5 and elettricitv Merchani card charges Cleaning materials Waste disposal Window CleBning Licences Telephone and computer charges Payroll support Name boards updates 18.683 41 383 1,120 3.235 2,(M)6 2.383 7.635 413 453 1.092 360 395 461 936 200 20.491 1,088 1,079 3.056 1.735 2.118 4,318 338 415 1.040 280 603 585 837 180 139,7961 10.030 138,1631 14,327 Surplus c/f FARADAY MASONIC BENEVOLE￿ FUND Statement of Financial Activities Year ended 31 December 2024 2024 2023 Note Surplus blf 10,030 14.327 Governance costs and Donations Printing Stationery and advertising Independent examination Accounts charge Donations 242 36 780 780 600 600 1.000 12.6221 12,4161 Net Surplu5 before Depreciation 7.408 11,911 Depreciation - furniture and equipment Movement in investment Roof repairs Replacement dishwasher New door and lintel Slate and Gutter repair5 11,6881 479 11.6881 1.263 3.624 2,045 1.165 3,960 13,6241 2.575 17,1701 4,316 Net incomingjloutgoingl resources Total Funds Brought Forward Total Funds Carried Forward 478,924 474,608 481,499 478,924 Surplus allocation.. General Fabric Fund-. Donation Interest 1.993 474 3816 500 108 2,575 4,316 FARADAY MASONIC BENEVOLENT FUND Balance Sheet As at 31 December 2024 2024 2023 Note Fixed assets Property 421,602 421.602 Furniture and equipment 5,215 6.903 Investments 21.742 448,559 21,263 449,768 Current assets Stock 2.537 1.118 17,266 5.921 176 3,159 4.651 14.433 3.519 Debtors and prepayments Deposit account Current accovnt Card bearing account Premium account Sumup account Cash in hand 200 Clvb account 6,748 1,027 1,796 1.849 1.180 1.929 38,587 37,182 Current liabilitie5 Creditors Creditors and accruals Pension PAYE & National Insuran Credit card 5.229 30 7,1(K) 41 369 516 387 5.646 8,026 Net current assets 32.941 29.156 Net assets 481.499 478,924 resented b General Unrestricted Fund 473,039 471.846 Re5tritted Fabric Furhd 8.460 7.078 481.499 478,924 The accounts were opproved by the Trurtees on 19 Mt7rch 2025 ond signed by MrA M Wotson. FARADAY MASONIC BENEVOLENT FUND Notes to the accounts Year ended 31 December 2024 Accountin olicies Basis of accountin The financial statements of the charity. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Firbancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20151,, Financial Reporting Standard 102 'The Financial Rewrting Standard applicable in the UK and Republic of Ireland. and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. Intomin resources Donations, legacies and similar incoming resources are included in the statement of financial activities ISOFAI when: the charity becomes entitled to the donation, legacy or similar income and any condition5 for receipt are met- the Trustees are reasonably certain they will receive it: and the Trustees are reasonably certain that the value can be reliably measured. Tax reclaims on donations and gifts Incoming resources from tax claims are included on the SOFA at the same time as the gift to which they relate. Incoming resources from fundraising These are reported gross in the SOFA. Investment inc(Hne Thi5 is included in the accounts when receivable. Ex nditure and liabilities Generally liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. Assets Tangible fixed assets for use by the charity These are generally capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or a reasonable value on receipt. Fixtures and furniture are depreciated at 15% on the reducing balan￿ basis. Computer equipment is depreciated at 33% on a straiEht line basis. Stocks Stocks are valued at the lower of cost and net reali5able value. Funds General Unrestricted Fund This fund can be used in accordance with the aims of the charity at the discretion of the Trustees. Restricted Fabric Fund There is a restricted fund, created for the upkeep of the fabric of the building, entitled the Fabric Fund. and must be spent accordingly, as authorised by the Trustees. io FARADAY MASONIC BENEVOLENT FUND Balance Sheet As at 31 December 20Z4 Fees for examinin Accounts 2024 2023 Independent Examinerfs fees for reporting on the Accounts £780 £780 Paid em lo ees 2024 2023 Bar Catering Stewards 2.808 4.968 18,683 1.693 5.583 20,491 £26,459 £27,767 Average nLbmber of full time ernployees in year The employees were employed in property maintenance and the Masonic Club. Trustee5' remuneratlon and e nses There were no expenses or remuneration paid to Trustees in this or the previous period. Fabric Fund In the year the 2(Kl Club Surplus for 2023 wa5 transferred from the General Unre5tticted Fund to the Restricted Fabric Fund. which transfer wa5 approved at the AGM in 2024. General Unrestricted Fund Restricted Fabri Furhd Balan￿ at l January 2024 471,846 7.078 200 Club 2023 Sufplus 18001 8rx) 2024 surplus 1,993 108 Donation to Fabric Fund 474 Balance at 31 December 2024 473,039 8,460 A proposal will be put to the Annual General Meeting to transfer the 2LKI club surplu5 tsf £845 to the Restricted Fabric Fund. li FARA AY MAWNIC BE NT FUND Balance Sheet at 31 December 24 d assets COIF Totsl Cost Balance at l January 2024 42L602 Its1,795 547,357 Addirions Balance at 31 December 2024 E 421,602 4.795 £ 20.(KiI £ 547,357 De reaation B31ance at I january 2024 Charge forthE year 97.892 98,852 Balance at 31 ikcernber 2024 99.580 £ 9( £ i(￿1.510 Movement in InVe￿M value Movement brought forward m￿eMentIn value for the year L263 479 1.263 479 Nei book value Balance at 21 December 2024 £ 421.EQ2 5.215 2L742 £ 448.559 Balance at l JaThuary 2024 £ 421.tQ2 6.9J3 21,263 £ 449,768 Debtors athd ents 2014 Prepayments FI8tTenant FJr3d3y House FtsnctKJn5 knmited L158 3,493 1.118 4.651 Crediiorsand acuuals 2014 Trade creditors Acciuals Pellsion PAYE & Natio%)al Insurance Credit card Enhanced 2(X) club prizes Faraday House Functions Umited 1.481 2.815 2J98 3.737 41 369 516 965 387 2(X) 733 5,646 8,026 Tradi Subsld The catering and bar reven￿ and expenses for3ny non-M3sonice¥ents are accounted through Faraday House Functions Limited. a subsidiary company knmited by Guaranree.The surplus made by thi5 iompany 15 remitted back to the Fund and is shown asGiftAid in Incomits8 Resour￿5.