REGISTERED CHARITY NUMBER: 289866
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 FOR
PROVINCIAL GRAND LODGE OF WEST KENT CHARITY FUND
5 North Court Armstrong Road Maidstone Kent ME15 6JZ
Stones Accountancy Ltd Chartered Accountants
PROVINCIAL GRAND LODGE OF WEST KENT CHARITY FUND
CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 October 2023
| 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 2023
The Trustees present their report with the financial statements of the Charity for the year ended 31 October 2023.
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 Senator House 85 Queen Victoria Street London WCV4 4AB
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.
Inducton 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"
Organisatonal 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 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Charity Commitee
Steve Rozier (Chair), David Stock (Secretary), Tim Perrin, Kieron Lockyer, Martin Eggleton, Eric Lewis, Wally Freeman, 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
Objectves 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 actvites
Investment income of £47,692 was received from assets managed by Quilter Cheviot and bank deposit interest, together with £11,459 from per capita donations, honours and voluntary donations. A total of £80,957 was donated in support of worthy charities, with an additional £10,151 being incurred for investment management and governance costs.
Investment performance
During the fiscal year world markets remained somewhat volatile resulting in the portfolio of assets suffering a negative annual performance of -2.20. 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 a satisfactory level of 3.35%. The Trustees are conscious of the effects of global unrest on financial markets and will shortly be meeting with the investment managers, to discuss world financial markets and future investment strategy for the portfolio.
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 objectves
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 2023
Statement of Trustees' Responsibilites
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:
- select suitable accounting policies and then apply them consistently;
•
•
•
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
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 _____ 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 2023 set out on pages five to ten.
Respectve responsibilites 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:
-
examine the accounts under Section 145 of the 2011 Act
-
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
-
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:
-
(1) which gives me reasonable cause to believe that, in any material respect, the requirements
-
to keep accounting records in accordance with Section 130 of the 2011 Act; and
-
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: ________
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PROVINCIAL GRAND LODGE OF WEST KENT CHARITY FUND
STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 October 2023
| 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 Provincial Charitable Donatons Governance costs 5 Total resources expended NET INCOMING/(OUTGOING) RESOURCES Realised gains/(losses) on fxed asset investments Net income/(expenditure) Unrealised gains/losses on investment assets Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.10.23 £ 11,459 47,692 59,151 8,369 80,957 1,782 91,108 (31,957) (7,398) (39,355) (54,715) (94,070) 1,401,479 1,307,409 |
31.10.22 £ 94,546 43,384 |
|---|---|---|
| 137,930 9,036 43,366 1,404 |
||
| 53,806 | ||
| 84,124 79,505 |
||
| 163,629 (272,506) |
||
| (108,877) 1,510,356 |
||
| 1,401,479 |
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 2023
| 31.10.23 | 31.10.22 | ||
|---|---|---|---|
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Investments | 8 | 1,125,353 | 1,196,196 |
| CURRENT ASSETS | |||
| Debtors | 15,328 | 18,146 | |
| Grand Charity Relief Chest | 9 | 63,815 | 61,048 |
| Cash at bank and in hand | 104,113 | 127,289 | |
| 183,256 | 206,483 | ||
| CREDITORS | |||
| Amounts falling due within one year | 10 | 1,200 | 1,200 |
| NET CURRENT ASSETS | 182,056 | 205,283 | |
| TOTAL NET ASSET | 1,307,409 | 1,401,479 | |
| TOTAL FUNDS | 11 | 1,307,409 | 1,401,479 |
The financial statements were approved by the Board of Trustees on ______ and were signed on its behalf by:
............................................. R C Grove - Trustee
............................................. 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 2023
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 preparaton
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.
Exempton from preparing a cash fow 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).
Taxaton
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 2023
| 2. | VOLUNTARY INCOME | ||
|---|---|---|---|
| 31.10.23 | 31.10.22 | ||
| £ | £ | ||
| Donatons and legacies | 1,843 | 84,730 | |
| Per Capita Contributons | 9,616 | 9,816 | |
| 11,459 | 94,546 | ||
| 3. | INVESTMENT INCOME | ||
| 31.10.23 | 31.10.22 | ||
| £ | £ | ||
| Dividend Received | 45,348 | 43,196 | |
| Deposit account interest | 411 | 30 | |
| Other Interest Receivable | 1,933 | 158 | |
| 47,692 | 43,384 | ||
| 4. | INVESTMENT MANAGEMENT COSTS | ||
| 31.10.23 | 31.10.22 | ||
| £ | £ | ||
| Support costs | 8,369 | 9,036 | |
| 5. | GOVERNANCE COSTS | ||
| 31.10.23 | 31.10.22 | ||
| £ | £ | ||
| Independent Examiner’s fee | 1,782 | 1,404 | |
| 1,782 | 1,404 |
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PROVINCIAL GRAND LODGE OF WEST KENT CHARITY FUND
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For The Year Ended 31 October 2023
6. Taxaton
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 2023 nor for the year ended 31 October 2022.
Trustees' expenses
There were no Trustees' expenses paid for the year ended 31 October 2023 nor for the year ended 31 October 2022.
8. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 November 2022 | 1,196,196 |
| Additons | 118,472 |
| Disposals | (134,600) |
| Revaluatons | (54,715) |
| At 31 October 2023 | 1,125,353 |
| NET BOOK VALUE | |
| At 31 October 2023 | 1,125,353 |
| At 31 October 2022 | 1,196,196 |
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 2023
9. GRAND CHARITY RELIEF CHEST
During the year, donations to the Provincial Grand Charity Relief Chest were made and expended as follows:-
| 31.10.23 Opening balance 61,048 Receipts: Annual Festval Prostate Initatve 1,964 Gif Aid 365 2,329 Donatons: Provincial Charitable Donatons 1,495 1,495 Interest received: 1,933 Closing balance 63,815 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.10.23 £ Other creditors 1,200 |
31.10.22 55,781 2,026 2,642 419 5,087 - - 180 61,048 31.10.22 £ 1,200 |
|---|---|
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
11. MOVEMENT IN FUNDS
| Balance 01.11.22 Net movement in funds £ £ Total funds General fund 1,329,675 (61,070) Legacy fund 71,804 (33,000) TOTAL FUNDS 1,401,479 (94,070) |
Balance 31.10.23 £ 1,268,605 38,804 |
|---|---|
| 1,307,409 |
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PROVINCIAL GRAND LODGE OF WEST KENT CHARITY FUND
DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 October 2023
| 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 Provincial Charitable Donatons Almoners Fund Grants Prostate Cancer initatve Legacy 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 |
31.10.23 £ - 268 1,575 9,616 11,459 45,348 411 1,933 47,692 59,151 - 41,602 800 5,555 33,000 - 80,957 1,782 8,369 91,108 (31,957) (7,398) (54,715) (94,070) 1,401,479 1,307,409 |
31.10.22 £ 83,500 130 1,100 9,816 94,546 43,196 30 158 43,384 137,930 181 25,112 2,132 4,245 11,696 - 43,366 1,404 9,036 53,806 84,124 79,505 (272,506) (108,877) 1,510,356 1,401,479 |
|---|---|---|
This page does not form part of the statutory financial statements
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