Provincial Grand Lodge of Hertfordshire Benevolent Fund Reglstered Charity No. 230714 Report and Accounts 30 April 2024
Provincial Grand Lodge of Hertfordshlre Benfrvolent Fund Report and accounts Contents Pagè Legal and Adminkthtive Information Trustses Report Independent Examiners, Report statemont of Financial Activib'es 24 Balance Shoet Notes fomiing part ofthese financial statements 8-10
Provlncial Grand Lodge of Hertfordshlre Benevolent Fund Rogtstorod Chorlty No. 230714 Legal and Admlnistratlve Information Trustse8 T J Hedderson A DAlkins J D Han180n S Cooper K Dunnett Aowel Ch8lmwi other Senlor staff to whom the dty to day manag•mwrt of the charfty Is delo94tgd by tho Trust8eS R H Phillips Treasurer R T Johnston Se• M Frnncis Charity Steward Examlne P G Trowell and N Phillip8 Prfnclpal Office Fleet House, 10 Parkway, P(4tstB Wor*J, St Albans, Hertfordshlre AL3 6PA Bank&r8 National Westmin8tèr Bank plc, PO Box 237. 72174 High Street. Walford, Hertfordshire WD12BP Inve8tmgnt Broko Charles Stanley & Company Llmlted. 3 Statkin Square, Cambrk1ge CB12GB
Provlnclal Grand Lodge of Hertfordshlre Benevolent Fund Report of the Trustees for the yèar eftded 30 Aprll 2024 The Trustees present their report akK)g with the financial statements ofthe charity for th6 year ended 30 April 2024. The financial ststements have been prepared in a¢cordance with the 8ccounttng pollcies Sgt out on pa9e 8 and compty with the ChaS trust deed, the Charities Act 2011 and the Ststement of Recommended Practi applicablé to charities preparlng their accounts In accordanGe with the Financial Reportlng Stsndard applicable In th& UK and Republic of Ireland (FRS 1021 8tructur•i govgman¢• and managomont The Provtncial Grand Lodge of Hertfordshire Benevolent Fund is constituted under a trust deed daw 2 November 1946 as aMendj by a resolution dated 2 September 2009 and a declaratlon and 15 a registered charity (No. 230714) The Trustees who have $erv8d during Ihe year and since the year end are Set on page 1 The Provinckl Grand Lctyty of Hertfordshire nomlnates the trustee8 in general meeting. The existrng trustees, by deed, apwjlnt the persons so nominaled. Appropriate training Is given. The Trustees meet as necessary and constder proposals for donations and grants whtch Ihey approve as thgy deem apprOpte. Flnan¢lal revlew and Inveglm•nt policy Genernl Fund The Chaiity received a dongtion In 1946 from The Provinci81 Grand Lodge of HertfDrdshire for charitable objects ouulned below and, following a mèrger with Hertfoftlshire Old People's Establlshment ('HOPE') on 11 February 2010, reoived a tranth of assets tot8llkng £619,693. Income rs dorived from annual donations from masons in tho Province of Herttordshlre. donations and from interest and dividends on tho chariV8 invesknents. Income for th6 year amounted to £69,755 {2023.'£66,088) and 8fter deductlng grants and donatbns of £67,6go (2023'.£21,3401,' costs of £1,994 12023.'£3.3241', and also adding 8 net gain on Investments of £43,160 (2023.'kiss £63,705) £43,231 was added to reserv {2023:£22,281 deducted) In 1985 the chatlty receNed a bequest of £10,000 from Donald Forrester to b6 held in perpettjlty and Invested by the charlty. Income from the investment is to bè pL9ced annually on the charity list of the Master of E15tr08 Lodge No.3092 In his name. This 8mounted to £2,09812023."£1,841) In Ilne wlth income fr)r the year. Wth a surplus on revalulng Investments of £3,455 (2tr23:surplus £9,378), th8 year end reserve was £78.099123,.£74,s44). Foodbank8 In 2023 an appeal was made to masonic unli8 In Hertfordshire for contrii )uilons towards a donaOn to foodbanks in the provln¢6 and £35,381 was received and dlstributed in that year. A further £1,180 was rerrived In the cUrnt year, and thts has Ilkewise been distnbuled. . Invogtmgnt pollcy There arè no re81ri¢tions on the chadty's powèr to Invest
Provinclal Grand Lodge of Hertfordshire Benevolont Fund Roport of the TnMtee8 for the year endod 30 Aprtl 2024 Almg, objectlves , athllles and aehlevements The Charitable oblects are expressed in the Trust Deed. The Trustees have referred to the Charity Commi8sion'6 general guidance on Public Bènefi't when reviewing Its aims and objectives and have ensured that tts gtsnt maklng pollcies and activltles Mpty the requirements. Under current guldelines, to benefit the publk, the Charity has the folbwlng activlty - Making financial granls to (1) Distressed brother masons and wdows and the ¢hiklren of the same,. (2) Masonic charities., and {31 Other charitable instituliorts, s¢x4gties an(1 objects as the TTUStees, in their absolute dlscretion, think fit The Truste65 keep undw review the Investment p)licles of the Fund In conhJnctk)n wlth the Fund's stockbrokers, and their objectlve conttnues to be that of maintainlng a wlde rangè of m8naged funds to provtde a reasonable return, yet at the sam8 tsme preserving the Benevolent Fund's capital base. Durfng the year ended 30 April 2024 the Ben8vol8nt Fund made donatpjns to 13 (2023.'17) charft8ble b(K146s. including those in the current year to two foodbanks, totalling £1,180 {2023'. £55,792) well as awardKig a number of gpnts tr>talling £7,20012023.. £2.750} to reli8ve distress. ObJ8etlv• and str4tegle8 for future yea Thé objective and slrategie$ for future yoars ar8 not expecled to be different from those of the current year whlch are explain9d above. Ro#•Yvos poIIcy The Trustees, objective 18 to maintsin resepM In unrestrfct8(I furKls at a level which 11 enabb the Charitsb obiecuves of the Ben@volent Fund to be achieved by investing such funds to generate an Income whtch will Ix)th enable charitabl6 donation$ to be mad8 at the presènt level for the foreseeablè future, and to cover suptM)rt and governance costs. Post balanco shaot evènts There are no slgniffeant txjst balan sheet events. Rlsk managenwnt The Trustees conshyer that the rnaior risks to whth the chaiity is èXFosed concem the ¥8curity of its assets. In this respect the Trusteas are satisf that the assets of the charity ao approprfately managed. Tnwleos rnsponslbilitios In rnlatlon to the flnan¢lal 8tal•monts The trustees are responsib16 for preparing the Trustees. Rewrt and the Finan¢ial Statements in accordance with 8PPlicable law and United Kingdom aco)unling standards (Untted lfjngdom Generally Accépbj AUnting Practtce). The law applicabte to charitles In England and Wales requlr63 the Trust*s lo Prepa financial 8tatéments for each ancIal year which gNe a true and fair view ofthe state of affair8 of the charity and the incoming resou$ and appllcations of resources in that period. In preparing these financial ststements tho Trusts65 are required to.. select Suitable aocounting polides and thèn appty them ¢onsthtty,' ob$eTve the methods and principlas in the Charities. SORP; makejudgements and eslimates that 8re reasonable and prudent
Provlnclal Grand Lodge of Hertfordshlre Benevolent Fund Report of tho Trustees for the year endod 30 Aprll 2024 state *thether appllcable a¢counting standards have been followed, sufy'ect to any maledal deparhjres dlsclosed and explained in the financial statements. prepare the financk81 ststements on the golng concern basis unless it is Inappropriats to presume that the chartty will continue in business. Thè Trustees are responsible for keeping proper acUntIng records that dtSGk)se wlth reasonable aUraCY at any time the financial position of the charity and enable them to ensure that the financial StateMts compty with the Ch8ribes Act 2011, the Charlty (Aceounts and Rep)rts) Regulauons 2008 and thé provlsions of thè Trust Deed. They are also re$pon$lble for safeguarding the assets ot the ¢hartty and hence for taking reasonable steps for the prevention of fraud and oiher irregular88. Dl8¢losurn of Infonnatlon to gxamlner8 The Trustees WI are In office on the date these financial stst&ments have trAen aF)proved have confimied that as far as they a aware all revant information has been communlcated to the ex8miners. Each of the Trustees have (firn1ed that they have taken all steps they ought to have taken as Trustees In order to make themsefves aware of any eVant Inf0MtIOn and to establish at rt has been communicated to the examiners. Approved by the Trustees and signed on their behalf by.. T J H6ddwson, Chalrnian {Date} 3o'sJ 2•LY
Provlnclal Grand Lodge of Hertfordshire Benevolent Fund Indopondont Examlners, Report To tho Trust•es of The Provlncial Grand Lodge of Hertfordshirg Bengvolont Fund We have examined the financial statements of The ProvÉn¢lal Grand Lodge of Hertford5hire Benevolent Fund for the year ended 30 April 2024 set out on page8 6 to 10. Respgcuve ro8pon$lblliti•s of TTUStg08 and Examin•r8 The charity's Twstees are regponsible for the preparation of the accounts. The charitvs Trustees Mnsider that an audit is not required for this year under 8eclion 14412) of th¢ Charibes A¢t 2011 nhe 2011 Acy) and that an independent examlnab'on 1$ needed. It is our responsibilty to examlne the accounts under $edon 145 of the 2011 Act to follow the precedure8 lasd down in the gèneral directbns glven by the Charity Commissioners {under Éeclton 145 {5){b) of the 2011 Act), and to state whether patticular matters have com6 to our attention Basify of Indopondont gxamlngr8' 8tatement Our examination was carrte(i out in accordance with general directions gfven by the Charity Commtsston. An 6xamlnab.on inclLrdes a revlew of the 8CCOUllting records kept by the charity and a comparS8on of th8 accounts presented vthh those records. It g1s0 indudes con8iderntion of any unu8ual itS or disdowres in the ac(x)unts, arKI 56eking explanations from the Tru8tees con*rnlng such matters. The procedure8 undertaken do not provide all the eVKIen that would be required in an audit, and consequently no opinion is given as to whether the ao¢ounts present a Yrue and fairf vknv and the report is Ilmlted to those matters s61 out In the statement below. Indgp9ndent examlner8' 8tatfrmont In connection wth our examination, no matter has come to our attention 1 which give¥ u$ reasonabl6 cause to believe that in any material respeGts the ra]uirements.' to keep OuntIng renIS in acwrdan¢e s8Ction 130 of the 2011 Act.. and to Ppare accounts whl¢h aord with the accounllng rewrd$ and compty wlth the accounting requirements ofthe 2011 Act and wtth the methods and principles of the Statement of R0Mmended Pr8clice and Reportina by Charities have not been mét, or 2 to which, in our opinlon, attention should be drawn to engble a proper underslandiThJ of the a¢f>)unts to be reach&J P G Trowell N Phlllips (Date)
Provln¢lal Grand Lodge of Hertfordshlro Benovolent Fund Statsment ol Financial Aetivltl for the year ended 30 Aprll 2024 Unrnstrfcted Deslgnattd Fund5 Notss Gonotal Forro8tsr Foodbanko Fund Legacy 2024 2023 Incon Donatlons and legacte8 Investrnenl irKome 12,983 56,772 1,180 14.163 58,870 47.377 55,913 T¢*al In¢om• 2,098 103 73,033 90 Expgnditur9 Expondlture on dlab acllvitlos Donallons and grants Govemance costs Total •xpondliur• 67,690 1.994 70,968 58,542 Not In¢omlngl(outgolng) rnsour Other reco9nise(I galns and losses Net galnsl{108sesl on investments Not Incomel(oxpgndlturnl and n•t move in for yg4r Totsl fund$ bjought foThvard Total fw1¥ ¢aTrfgd foTward 71 71 4f,424 3,455 43,231 1,570,189 181341 3,455 46,686 1644.813 0 1691499 (12,903) 1657716 78,099 The statement of fln8ncial actlvllies in¢ludes all g8lns and10$8es recogrkisod In fhe year
Provlndal Grand Lodge of Herlford$hlre Benev¢)lent Fund Balance Sheet as at 30 Aprfl 2024 Unrnstiicted Ileslgnated Nots• General Forrestsr Fund Legacy Total 2024 Totsl 2023 Flxed assets Investments 1.552.898 74.154 1.827.052 1.575,755 Cuirnnt a$5èts Debtors Cash at bank and in hand 10 11 4,371 $6,131 1,813,400 4,371 3,630 80,197 1,693,597 1,846,854 Crndltors: anwunts falllng dug wlthln 12 12,0981 {2,098) (1.841) Totsl assets loss ¢urrnnt Ilab1111188 1.613400 78 099 1691499 1.644.813 Totsl Funds 13 1.613400 78 099 1,691,499 Th8 finan¢lal statnentS on pago$ 8 to 10 were approvod and authori for18sue by the TN6tees on %v arKI 51gMd on Its behalf by: T J HgJder¥on (Cl)olmw>
PTovlncial Grand Lodge of Hertford3hire Benevolent Fund Notè8 fornilng part of the flnancial statoments for the year ended 30 April 2024 I Prlnclpal ac¢ountlng poll¢le8 The princlpal accountlng poltaes adopted, judgements and key sources of estimath and uncertainty in the preparation of the financial statements are as foll(Ms'. Basls ofprnparatlon The financial Statements have been prepar8d in 8CeOrtl8nce with Accounting and R8Wrtlng by Charitle8'. Statement of Recommended Practice applicab to charttie8 pr6paring their 8ccounts In ac¢ordance with the Financial Reporting Standard applicable in the UK and Republic of [land IFRS 102>. {Charities SORP (FRS 102)). Donation3 and l89a¢S Includg lodg¢ ¢ontrfbution$ wht¢h reprg$ent the annual donatN$ by Hgrtford$hire Mason8 collected vla their respect Lodga. Invgslment in¢omo Inv88tment irKomè is aCted for in the pertod in whlch th8 Charity is Bntiued to receipt. l>onatlon8 rocolv6d DongtiOll8 recolved include income tax recovered under the gift aid scheme. Income tsx recovered und&r the gKt aid 8cheme 18 accounted for on a receipts ba818. Exponditure És recorded on an a¢cwals basi$ 8fKI Includ68 VAT which cannot b& r0Vered. Th18 13 reported as part of the expendilure to whi¢h it 1818$. Charftablg a¢tlvltles Don8tion8 are 8pproved by the Truslee8 and arè accounlod for when they are paid.. donations from the Forrester legacy aro made in COrdanCe wtth his bequesL Investments Investments are Included al cbslng wlce8 as advised by the fund'a Stockbker$ at the Balan&e Sheet date. Any gain or l¢)ss on r8valuatlon and disposal8 1$ taken to the Statement of Financial Acttvities. Realised galns and losses on inveslmnts are calujlated as the diffeFBnce beljvèen the sale proc&¢ds and opening mathet value (or purGh8s9 date If later). Unrealised galns ond losses are cal¢ulaled as the differen* belvKen the markel value at the year end and th& opening market value lor purch88¢ dats rf later). Fundaccoundng The charsty ha8 a numbw of r88tricted inwmo fund8 to aLxount lor situatlon8 wttere a donor r¢quire8 that donations must be gpent on a specifrc purpose of where fund8 have been rai8ed for 8pecific Puose. Unrestricted in¢ome funds CC4np8e tho$e fiJnd$ whi¢h the Tru8tee8 are free to use for any pu068 in the fvrtherance of tha ¢harilable obl9]ve$. Dgtstls of tha nature of 8a¢h fund 18 set out in note 13. No cash fiow statsment has been prepared as the Charity qualifie$ for exemption under thg Charities SORP {FRS 1021 2 lTrvo8tm¢nt In¢om& 2024 2023 Dividend¥ ar inleffj5t- UK equitw and bonds Int6rest on cash deposils 57,440 1,430 58.870 55,402 511 55,913
Provlnclal Grand Lodgo of Hertfor¢lshlre B8nevolont Fvnd Notes fomiing part of the financlal statements for the yèar ended 30 Aprll 2024 3 Provln¢ial admlnl8tratlon charge During the year The Provincial Grand L(¥Jge of Hortfordshira made no admini8tralh)n ¢harg88 (2023'.nil) to the Benovolent Fund in re8P8Ct of costs Incuffed in the year. The were no pawj staff. Th8 charty relies on masons acting as volunteer8. 4 Donatlons and grants 2024 2023 Donatlons 13 separate donatkJns12023 - 17} 63,768 55,792 Grants Grants to brethren Grants mad8 In year 58,542 6 Govornanco co8t8 2024 2023 Investrrtent management fees 3,324 6 Ngt galn8 (losses) on Invgstment• 2024 2023 Reallséd gains {Ios888) Unreali8ed galng (Eo88es) cffi rovaluations in Ihe yeor (2,282) 54,327 7 Taxatlon The Benavoknt Fund is 4 tsgi8twed chaity aNI no provision ts ¢onspJorod ne¢ossary for taxation 8 Truste98 Remunoratlon The Trustees receNed no remuneraUon and no expense812023:nll) 9 InVlmont# 2024 2023 Market valu¢ at 1 May 2023 Aoquisilions net of di$posa18 Unrèali8ed galnsl{10s$88) on valuat)n6 in th• year Market value at 30 Aprll 2024 1,575,755 2,420 1,625.129 4,953 1.62 ,75 All investments at 30 April 2024 are listed UK securth8 There are 52 {2023.'521 individual invfrstments None of thos6 Inve51m6nts exceeds 10% of the total Investment market ¥alue$12023.'none) 10 D•btorts 2024 2023 Stod(brokers Provlncxal Grand Lodge of HertfordshEre 3.353 1,018 3,630
Provin¢lal Grand Lodge of Herttordshlre Benevol¢nt Fund Notes fornilng part of the flnanclal statements for the year ended 30 Aprll 2024 11 Cash at bank and in hand Included in cash at bank and in h8nd 1$ £7,071 (2023.. £6,056) held tn the M880nlc Charltable FOundaon'8 Relief Chest 12 Credltor¥: amounts lalllng dug wlthln one year 2023 E18tree Lodg6 No.3092 - Masle¢s Ilst 2,098 1,841 13 Fund• Ggnoral fund ¢omprise8 those funds which the tte0¥ are freg to use in a¢¢ordanr* with the charitable objects. Forro8tsr legacy comptises those fvnds bequeathed by Donald Forr88ter, the In¢ome from which is placed annu81ty M the ¢harity Itst of the Master ofth8 Elstre8 Lodge No. 3092. Balan¢e 01105123 Incomlng Resource8 Rasourc88 Expended Inv8slm8nt Profrt8 Batance 30104124 Unrestricted Fund8 General FurKI Unrestricted Designated Fund Forrester Fund untricted Designated Fund Foodbank6 Total Funds 1,570,169 89,755 (69,884) 43.180 1,613,400 74,e44 2.098 (2,098> 78,099 73,033 72,962 46,615 1,691,499 10