REGISTERED CHARITY NUMBER: 256553
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
FOR
HORNCASTLE MASONIC BENEVOLENT FUND
Dexter & Sharpe Chartered Certified Accountants Rollestone House 20-22 Bridge Street Horncastle Lincolnshire LN9 5HZ
HORNCASTLE MASONIC BENEVOLENT FUND
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 13 |
| Detailed Statement of Financial Activities | 14 |
HORNCASTLE MASONIC BENEVOLENT FUND
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2025
| TRUSTEES | S G Pickwell |
|---|---|
| R M Freeman | |
| E C Phipps | |
| P Tasker | |
| G W Storr | |
| M W Frost (Treasurer) | |
| B Webster (Chairman) | |
| A Reavill | |
| C Moore | |
| M Hannay | |
| M Driffill | |
| PRINCIPAL ADDRESS | The Masonic Hall |
| 25 Banks Street | |
| Horncastle | |
| Lincolnshire | |
| LN9 5BW | |
| REGISTERED CHARITY NUMBER | 256553 |
| INDEPENDENT EXAMINER | Dexter & Sharpe |
| Chartered Certified Accountants | |
| Rollestone House | |
| 20-22 Bridge Street | |
| Horncastle | |
| Lincolnshire | |
| LN9 5HZ | |
| BANKERS | Lloyds Bank plc |
| High Street | |
| Horncastle | |
| Lincolnshire | |
| LN9 5HX |
Page 1
HORNCASTLE MASONIC BENEVOLENT FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025
The trustees present their report with the financial statements of the charity for the year ended 30 June 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and activities for the public benefit
The charity's objects are to provide for the relief of such poor and distressed brother masons or their widows and children or for the benefit of such masonic charities or other charitable institutions, societies and objects.
The charity owns and maintains the Masonic Hall on Banks Street in Horncastle, which is used primarily for the purpose of masonic activities. Lodges that use the premises contribute to the administration and upkeep of the building.
The trustees continued to attract charitable income throughout the year and to dispense benefit in accordance with the objects of the charity, thereby achieving its strategic priorities.
Public benefit
The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives, in planning future activities and in its funding for the year.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
The benefits of the charity's work are through the provision of financial support and assistance to masons and their families in times of need and in the support of other charitable causes where funds permit.
FINANCIAL REVIEW
Financial review
The charity's work is entirely reliant on voluntary donations, rental income from the use of its main asset and investment returns. Funds available are sufficient to permit the charity to continue in operation in the long term.
Investment powers
The trust deed authorises the trustees to make and hold investments using the general funds of the charity. No restrictions regarding investments are made in the deed. Details of the investments held are detailed in the notes to the accounts.
Reserves policy
It is the policy of the charity to maintain unrestricted funds at a level that equates to at least 12 months' unrestricted expenditure. This provides sufficient funds to cover management, administration and support costs. Unrestricted funds are maintained as a minimum at this level throughout the year.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Charity constitution
The charity is constituted by a declaration of trust dated 10 June 1968, as varied by scheme dated 28 August 1997 and amended on 13 December 2005 and 7 February 2007.
Recruitment and appointment of new trustees
The trustees are named on page 1. Appointment of trustees is governed by the trust deed of the charity. The board of trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee.
Page 2
HORNCASTLE MASONIC BENEVOLENT FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management
The trustees actively review the major risks that the charity faces on a regular basis, and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the charity, and confirm that they have established systems to mitigate the significant risks.
Financial instruments - fair value of assets and liabilities
The main risk to the charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. Due to quantitative easing and market sentiment favouring lower-risk investments, the yield on bonds has been abnormally low, giving rise to a significant downside risk of a fall in capital values when interest rates return to normal levels. Equity valuations are less extended than those in fixed income markets and so, whilst share prices would undoubtedly be affected, the extent and duration of any move to ease quantitative easing would be less. The charity is partly reliant on dividend yield to finance its work, and this leads to a greater exposure in relation to fixed income assets.
The default rate on fixed interest securities due to corporate failures is expected to improve with a strengthening economy. The high current demand for high quality corporate bond and government stock continues to depress the yield.
Liquidity risk is anticipated to be low, as all assets are traded and the commitment to intervention be central banks and market regulators has continued to provide for orderly trading in the markets and so their ability to buy and sell quoted equities and stock is anticipated to continue. The charity's investments are entirely traded in markets with good liquidity and high trading volumes. The charity has no investment holdings in markets subject to exchange controls or trading restrictions.
The charity manages these investment risks by offering an investment policy that has a negligible exposure to fixed income investments and provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The charity does not make use of derivatives and similar complex financial instruments, as it takes the view that investments are held for their longer term yield total return and historic studies of quoted financial instruments have shown that volatility in any particular five year period will be corrected.
Approved by order of the board of trustees on 22 October 2025 and signed on its behalf by:
.............................................................................. B Webster - Chairman
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HORNCASTLE MASONIC BENEVOLENT FUND
Independent examiner's report to the trustees of Horncastle Masonic Benevolent Fund
I report to the charity trustees on my examination of the accounts of Horncastle Masonic Benevolent Fund (the Trust) for the year ended 30 June 2025.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all 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 confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Tristran Russell BA(Hons) FCCA
Dexter & Sharpe Chartered Certified Accountants Rollestone House 20-22 Bridge Street Horncastle Lincolnshire LN9 5HZ
Date: 22 October 2025
Page 4
HORNCASTLE MASONIC BENEVOLENT FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025
| 2025 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3,172 Charitable activities Rent 23,487 Investment income 2 9,813 Total 36,472 EXPENDITURE ON Raising funds 37,950 Charitable activities Rent 2,565 Total 40,515 Net gains/(losses) on investments (6,074) NET INCOME/(EXPENDITURE) (10,117) RECONCILIATION OF FUNDS Total funds brought forward 973,650 TOTAL FUNDS CARRIED FORWARD 963,533 |
2024 Total funds £ 3,332 20,887 9,416 |
|---|---|
| 33,635 | |
| 38,698 1,510 |
|
| 40,208 | |
| 9,345 | |
| 2,772 970,878 |
|
| 973,650 |
The notes form part of these financial statements
Page 5
HORNCASTLE MASONIC BENEVOLENT FUND
BALANCE SHEET
30 JUNE 2025
| Notes FIXED ASSETS Tangible assets 4 Investments Investments 5 Investment property 6 CURRENT ASSETS Debtors 7 Cash at bank CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds Revaluation Reserve TOTAL FUNDS |
2025 Unrestricted funds £ 641,552 131,584 175,000 948,136 8,418 8,309 16,727 (1,330) 15,397 963,533 963,533 287,339 676,194 963,533 |
2024 Total funds £ 649,967 133,997 175,000 958,964 8,418 7,553 15,971 (1,285) 14,686 973,650 973,650 290,656 682,994 973,650 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 22 October 2025 and were signed on its behalf by:
............................................. B Webster - Chairman
The notes form part of these financial statements
Page 6
HORNCASTLE MASONIC BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting 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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the statement of financial activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Donations are recognised when they have been communicated in writing with notification of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants payable are payments to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside the control of the charity.
Costs of raising funds
The costs of generating funds consist of investment management costs and repairs, maintenance and running costs of the charity's property asset.
Charitable activities
The expenditure on charitable activities includes grants made to masonic and non-masonic charities and individuals, as shown in the notes to the accounts.
Governance costs
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to preparation and examination of statutory accounts, trustee meetings and legal fees.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 1% on cost Fixtures and fittings - 15% on reducing balance
All assets costing more than £500 are capitalised and valued at historical cost, with the exception of freehold buildings which are stated at a revalued amount.
Taxation
The charity is exempt from tax on its charitable activities.
continued...
Page 7
HORNCASTLE MASONIC BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Donated services and facilities
Donated services and facilities are included in the statement of financial activities when received, at the value of the gift to the charity, provided the value of the gift can be measured reliably.
Donated services and facilities that are consumed immediately are recognised as income with an equivalent amount recognised as an expense under the appropriate heading in the statement of financial activities.
Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value at as the balance sheet date, using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The charity does not acquire or use put options, derivatives or other complex financial instrument.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub sectors.
Realised gains and losses
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities.
Tax reclaims on donations and gifts
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation, unless the donor or the terms of the appeal have specified otherwise.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Rents received | 6,054 | 5,742 |
| Income from listed investments | 3,661 | 3,596 |
| Deposit account interest | 98 | 78 |
| 9,813 | 9,416 |
continued...
Page 8
HORNCASTLE MASONIC BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2025 nor for the year ended 30 June 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2025 nor for the year ended 30 June 2024.
4. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |||
|---|---|---|---|
| COST At 1 July 2024 and 30 June 2025 DEPRECIATION At 1 July 2024 Charge for year At 30 June 2025 NET BOOK VALUE At 30 June 2025 At 30 June 2024 |
Freehold property £ 680,000 |
Fixtures and fittings £ 102,111 |
Totals £ 782,111 132,144 8,415 140,559 641,552 649,967 |
| 40,800 6,800 47,600 |
91,344 1,615 92,959 |
||
| 632,400 639,200 |
9,152 10,767 |
Freehold land and buildings were revalued as at the 30 June 2014 (previously 30 June 2009) by Robert Bell (FRICS) of Robert Bell and Company, an external firm of valuers, on a market value basis.
5. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | FIXED ASSET INVESTMENTS | FIXED ASSET INVESTMENTS | |
|---|---|---|---|
| Cash and Listed settlements investments pending £ £ MARKET VALUE At 1 July 2024 133,237 760 Additions - 3,661 Revaluations (6,074) - At 30 June 2025 127,163 4,421 NET BOOK VALUE At 30 June 2025 127,163 4,421 At 30 June 2024 133,237 760 |
Totals £ 133,997 3,661 (6,074) 131,584 131,584 133,997 |
||
| 127,163 | 4,421 | ||
| 133,237 | 760 |
There were no investment assets outside the UK.
continued...
Page 9
HORNCASTLE MASONIC BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025
5. FIXED ASSET INVESTMENTS - continued
All investments are carried at their fair value. Investment in fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
6. INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| FAIR VALUE At 1 July 2024 and 30 June 2025 NET BOOK VALUE At 30 June 2025 At 30 June 2024 |
£ 175,000 |
| 175,000 | |
| 175,000 |
Investment properties were valued as at the 30 June 2019 by Robert Bell (FRICS) of Robert Bell and Company, an external firm of valuers, on a market value basis, being the amount for which an asset could be exchanged between knowledgeable and willing parties in an arm's length transaction.
7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Other debtors | 8,418 | 8,418 |
continued...
Page 10
HORNCASTLE MASONIC BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors MOVEMENT IN FUNDS Unrestricted funds Administration fund Charity fund Capital fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds Administration fund 29,061 Charity fund 3,172 Capital fund 4,239 TOTAL FUNDS 36,472 |
At 1.7.24 £ (1,150) 20,779 271,027 290,656 Resources expended £ (31,531) (2,100) (84) (33,715) |
2025 2024 £ £ 1,330 1,285 Net movement At in funds 30.6.25 £ £ (2,470) (3,620) 1,072 21,851 (1,919) 269,108 (3,317) 287,339 Gains and Movement losses in funds £ £ - (2,470) - 1,072 (6,074) (1,919) (6,074) (3,317) |
|---|---|---|
9. MOVEMENT IN FUNDS
Comparatives for movement in funds
| Unrestricted funds Administration fund Charity fund Capital fund TOTAL FUNDS |
At 1.7.23 £ 4,659 18,957 257,468 281,084 |
Net movement in funds £ (5,809) 1,822 13,559 9,572 |
At 30.6.24 £ (1,150) 20,779 271,027 290,656 |
|---|---|---|---|
continued...
Page 11
HORNCASTLE MASONIC BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| Administration fund | 26,089 | (31,898) | - | (5,809) |
| Charity fund | 3,332 | (1,510) | - | 1,822 |
| Capital fund | 4,214 | - | 9,345 | 13,559 |
| TOTAL FUNDS | 33,635 | (33,408) | 9,345 | 9,572 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds Administration fund Charity fund Capital fund TOTAL FUNDS |
At 1.7.23 £ 4,659 18,957 257,468 281,084 |
Net movement in funds £ (8,279) 2,894 11,640 6,255 |
At 30.6.25 £ (3,620) 21,851 269,108 287,339 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | Movement | |
|---|---|---|---|---|---|
| resources | expended | losses | in funds | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| Administration fund | 55,150 | (63,429) | - | (8,279) | |
| Charity fund | 6,504 | (3,610) | - | 2,894 | |
| Capital fund | 8,453 | (84) | 3,271 | 11,640 | |
| TOTAL FUNDS | 70,107 | (67,123) | 3,271 | 6,255 |
continued...
Page 12
HORNCASTLE MASONIC BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2025.
Page 13
HORNCASTLE MASONIC BENEVOLENT FUND
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations from individuals | 3,172 | 3,332 |
| Investment income | ||
| Rents received | 6,054 | 5,742 |
| Income from listed investments | 3,661 | 3,596 |
| Deposit account interest | 98 | 78 |
| 9,813 | 9,416 | |
| Charitable activities | ||
| Income from rent of Masonic Hall | 23,007 | 20,347 |
| Income from rent of car park | 480 | 540 |
| 23,487 | 20,887 | |
| Total incoming resources | 36,472 | 33,635 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Expenditure on Masonic Hall | 37,866 | 38,223 |
| Expenditure on car park | 84 | - |
| 37,950 | 38,223 | |
| Charitable activities | ||
| Grants to institutions | 2,100 | 1,510 |
| Support costs | ||
| Governance costs | ||
| Independent examination | 465 | 475 |
| Total resources expended | 40,515 | 40,208 |
| Net expenditure before gains and losses | (4,043) | (6,573) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | (6,074) | 9,345 |
| Net (expenditure)/income | (10,117) | 2,772 |
This page does not form part of the statutory financial statements
Page 14