REGISTERED CHARITY NUMBER: 289866
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 FOR
PROVINCIAL GRAND LODGE OF WEST KENT CHARITY FUND
Stones Accountancy Ltd Chartered Accountants
5 North Court Armstrong Road Maidstone Kent ME15 6JZ
PROVINCIAL GRAND LODGE OF WEST KENT CHARITY FUND
CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 October 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Actvites | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 10 |
| Detailed Statement of Financial Actvites | 11 |
PROVINCIAL GRAND LODGE OF WEST KENT CHARITY FUND
REPORT OF THE TRUSTEES
For The Year Ended 31 October 2022
The Trustees present their report with the financial statements of the Charity for the year ended 31 October 2022.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
289866
Principal address
Oakley House Bromley Common Bromley Kent BR2 8HA
Trustees
M S Vos Trustee R C Grove Trustee P B Woodman Trustee A P L Fermor Trustee P Sawyer Ex Officio – Provincial Grand TreasurerGrand Treasurer Independent examiner Stones Accountancy Ltd Chartered Accountants 5 North Court Armstrong Road Maidstone Kent ME15 6JZ
Investment Advisers
Quilter Cheviot Asset Management Limited One Kingsway London WC2B 6AN
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Provincial Grand Lodge of West Kent Charity Fund is constituted by Trust Deed.
Recruitment and appointment of new Trustees
The appointment of Trustees is governed by the Trust Deed of the Charity.
Induction and training of new Trustees
The Board of Trustees keeps the skill requirements for the Trustee Body under review. Training expenses are provided for new Trustees together with an induction pack comprising a copy of the governing Trust Deed, a copy of last year's annual report and accounts, copies of board minutes and a copy of the Charity Commission's guidance - "The Essential Trustee"
Organisational structure
The day-to-day management of the Charity is vested in the Provincial Grand Charity Committee appointed in accordance with the Trust Deed
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PROVINCIAL GRAND LODGE OF WEST KENT CHARITY FUND REPORT OF THE TRUSTEES For The Year Ended 31 October 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Charity Committee
Steve Rozier (Chair), David Stock, Tim Perrin, Wally Freeman, Kieron Lockyer, Martin Eggleton, Eric Lewis, Alan Short (Secretary), Peter Sawyer (Provincial Grand Treasurer)
Risk management
The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that the systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the Trust are to provide grants to any Masonic or other Charity and to deserving cases in the Province and the local community. The policy of the Charity Fund is to continue to raise funds necessary to enable it to meet its objectives.
Grant making policies
The Charity Committee has power to make grants to any Masonic or other Charity and to deserving cases in the Province. The total grants to any one recipient shall not normally exceed £10,000 in any twelve months and such grants shall be approved at the next meeting of Provincial Grand Lodge.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Investment income of £43,384 was received from assets managed by Quilter Cheviot and bank deposit interest, together with £11,046 from per capita donations, honours and voluntary donations. In addition, a legacy amount of £83,500 was received from the Estate of a very generous West Kent Mason. From these monies appropriate charitable donations totalling £43,366, were made to very worthy non-Masonic charities.
Investment performance
During the fiscal year world markets declined due mainly to the effects resulting from Russia’s invasion of Ukraine, so the portfolio of assets suffered with a negative annual performance of -14.20, against a benchmark of -11.10. Our investment strategy is medium risk, with the aim to achieve capital growth, as well as significant income to meet our charitable donations. In uncertain times negative performance will occur, however our portfolio is invested for the long term, so we have no doubt that a recovery will take place when a more stable environment returns. In the meantime, the annual yield from assets held achieved 3.35%. The Trustees are conscious of the current world markets situation and the detrimental effects on the portfolio, so a forthcoming meeting is scheduled with the investment managers, at which time the situation will be fully discussed.
FINANCIAL REVIEW
Reserves policy
It is the policy of the Charity to maintain funds at a level to be able to respond to appropriate applications, which arise from time to time. The Charity also aims to maintain approximately £1 million in an investment portfolio in order to provide sufficient annual income to enable it to make charitable grants to public charities and community projects and to support appeals for funds following any emergency, which may occur in the local or wider community.
Investment policy and objectives
The investment portfolio is managed by Quilter Cheviot Investment Managers with the aim of generating sustainable income that will support donations made.
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PROVINCIAL GRAND LODGE OF WEST KENT CHARITY FUND REPORT OF THE TRUSTEES
For The Year Ended 31 October 2022
Statement of Trustees' Responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:
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•
•
•
•
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The annual report was approved by the Trustees of the Charity on 3[rd] February 2023 and signed on its behalf by:
.............................................................
P Sawyer – Provincial Grand Treasurer
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PROVINCIAL GRAND LODGE OF WEST KENT
CHARITY FUND
I report on the accounts for the year ended 31 October 2022 set out on pages five to ten.
Respective responsibilities of Trustees and Examiner
The Charity's Trustees are responsible for the preparation of the accounts. The Charity's Trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.
It is my responsibility to:
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examine the accounts under Section 145 of the 2011 Act
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to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and
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to state whether particular matters have come to my attention.
Basis of the independent examiner's report
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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as 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 given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that, in any material respect, the requirements
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to keep accounting records in accordance with Section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Peter O'Donnell FCA Stones Accountancy Ltd Chartered Accountants 5 North Court Armstrong Road Maidstone Kent ME15 6JZ
Date: 3rd February 2023
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PROVINCIAL GRAND LODGE OF WEST KENT CHARITY FUND
STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 October 2022
| Notes INCOMING RESOURCES Incoming resources from generated funds Voluntary income 2 Investment income 3 Total incoming resources RESOURCES EXPENDED Costs of generatng funds Investment Management costs 4 Charitable actvites Other Charitable Donatons West Kent Emergency fnd grants Governance costs 5 Total resources expended NET INCOMING/(OUTGOING) RESOURCES Realised gains/(losses) on fxed asset investments Net income/(expenditure) |
31.10.22 £ 94,546 43,384 137,930 9,036 43,366 - 1,404 53,806 84,124 79,505 163,629 |
31.10.21 £ 9,860 40,816 |
|---|---|---|
| 50,676 9,066 37,034 17,900 1,335 |
||
| 65,335 | ||
| (14,659) 62,108 |
||
| 47,449 |
Unrealised gains/losses on investment assets
(272,506) 177,681
Net movement in funds
(108,877) 225,130
RECONCILIATION OF FUNDS
Total funds brought forward
The notes form part of these financial statements
1,510,356 1,285,226
Page 5
1,401,479 1,510,356
TOTAL FUNDS CARRIED FORWARD
The notes form part of these financial statements
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PROVINCIAL GRAND LODGE OF WEST KENT CHARITY FUND
BALANCE SHEET At 31 October 2022
FIXED ASSETS Investments
31.10.22 31.10.21 Notes £ £ 8 1,196,196 1,398,227
CURRENT ASSETS
Debtors
18,146 11,905 Grand Charity Relief Chest 9
61,048 55,781 Cash at bank and in hand
127,289 51,540
206,483 119,226
CREDITORS
Amounts falling due within one year 10
1,200 7,097
The notes form part of these financial statements
Page 6
NET CURRENT ASSETS
205,283 112,129
TOTAL NET ASSET
1,401,479 1,510,356
The notes form part of these financial statements
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TOTAL FUNDS 11
1,401,479
1,510,356
The financial statements were approved by the Board of Trustees on 3[rd] February 2023 and were signed on its behalf by:
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R C Grove - Trustee
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P B Woodman - Trustee
The notes form part of these financial statements
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PROVINCIAL GRAND LODGE OF WEST KENT CHARITY FUND
NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 October 2022
1. ACCOUNTING POLICIES
Statement of compliance
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Provincial Grand Lodge of West Kent meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Exemption from preparing a cash flow statement
The Charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Going concern
The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources Expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs 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 offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure.
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow-moving stocks. Cost is determined using the first-in, first-out (FIFO).
Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
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PROVINCIAL GRAND LODGE OF WEST KENT CHARITY FUND
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For The Year Ended 31 October 2022
2. VOLUNTARY INCOME
| 2. | VOLUNTARY INCOME | ||
|---|---|---|---|
| 31.10.22 | 31.10.21 | ||
| £ | £ | ||
| Donatons and legacies | 84,730 | - | |
| Per Capita Contributons | 9,816 | 9,860 | |
| 94,546 | 9,860 | ||
| 3. | INVESTMENT INCOME | ||
| 31.10.22 | 31.10.21 | ||
| £ | £ | ||
| Dividend Received | 43,196 | 40,795 | |
| Deposit account interest | 30 | 3 | |
| Other Interest Receivable | 158 | 18 | |
| 43,384 | 40,816 | ||
| 4. | INVESTMENT MANAGEMENT COSTS | ||
| 31.10.22 | 31.10.21 | ||
| £ | £ | ||
| Support costs | 9,036 | 9,066 | |
| 5. | GOVERNANCE COSTS | ||
| 31.10.22 | 31.10.21 | ||
| £ | £ | ||
| Independent Examiner’s fee | 1,404 | 1,335 | |
| 1,404 | 1,335 |
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PROVINCIAL GRAND LODGE OF WEST KENT CHARITY FUND
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For The Year Ended 31 October 2022
6. Taxation
The Charity is a registered charity and is therefore exempt from taxation.
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no Trustees' remuneration or other benefits for the year ended 31 October 2022 nor for the year ended 31 October 2021.
Trustees' expenses
There were no Trustees' expenses paid for the year ended 31 October 2022 nor for the year ended 31 October 2021.
8. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 November 2021 | 1,398,227 |
| Additons | 329,693 |
| Disposals | (259,216) |
| Revaluatons | (272,508) |
| At 31 October 2022 | 1,196,196 |
| NET BOOK VALUE | |
| At 31 October 2022 | 1,196,196 |
| At 31 October 2021 | 1,398,227 |
There were no investment assets outside the UK.
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PROVINCIAL GRAND LODGE OF WEST KENT CHARITY FUND
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For The Year Ended 31 October 2022
9. GRAND CHARITY RELIEF CHEST
During the year, donations to the Provincial Grand Charity Relief Chest were made and expended as follows:-
| 31.10.22 Opening balance 55,781 Receipts: Annual Festval 2,026 Prostate Initatve 2,642 Gif Aid 419 5,087 Donatons: West Kent Emergency Fund - - Interest received: 180 Closing balance 61,048 |
31.10.21 54,352 - 2,411 - 2,411 (1,000) (1,000) 18 55,781 |
|---|---|
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.22 31.10.21
£ £
Other creditors
1,200 7,097
11.
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MOVEMENT IN FUNDS
| Balance |
Net | movement | Balance | |
|---|---|---|---|---|
| 01.11.21 | in funds | 31.10.22 | ||
| £ | £ | £ | ||
| Total funds | ||||
| General fund | 1,510,356 | (180,681) | 1,329,675 | |
| Legacy fund | - | 71,804 | 71,804 | |
| TOTAL FUNDS | 1,510,356 | (108,877) | 1,401,479 |
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PROVINCIAL GRAND LODGE OF WEST KENT CHARITY FUND
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 October 2022 INCOMING RESOURCES Voluntary income Legacies received Donatons Craf Honours Per Capita Contributons Investment income Dividend Received Deposit account interest Other Interest Receivable Total incoming resources RESOURCES EXPENDED Charitable actvites Wheelchair Maintenance Community Fund Grants PGM's Discretonary Grants Almoners Fund Grants Prostate Cancer initatve Other Provincial Grants West Kent Emergency fund grants Other donatons Annual Masonic Donatons Independent Examiners Fee Investment Management Costs Total resources expended Net income/(expenditure) before gains / losses Realised Gains/(Losses) on Investments Unrealised Gains/(losses) on Investments Net movement in Funds Funds brought forward Funds carried forward |
31.10.22 £ 83,500 130 1,100 9,816 94,546 43,196 30 158 43,384 137,930 181 12,939 - 2,132 4,245 12,173 - 11,696 - 43,366 1,404 9,036 53,806 84,124 79,505 (272,506) (108,877) 1,510,356 1,401,479 |
31.10.21 £ - - - 9,860 9,860 40,795 3 18 40,816 50,676 - 8,692 - 750 3,950 17,250 17,900 6,392 - 54,934 1,335 9,066 65,335 (14,659) 62,108 177,681 225,130 1,285,226 1,510,356 |
|---|---|---|
This page does not form part of the statutory financial statements
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