BELFAST MASONIC CHARITY FUND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Charity registraiion number.. 101945
Belfast Masonic Charlty Fund Flnanclal Statement8 Year Ended 31 December 2022 Contents Page Annual Report of the Trustees and General Committee Independent Examiner's Report Statemenl of FlTrancial Activities Balance Sheel Statement of Cash Flows Notes to the Financial Statements
Page 1 Belfast Masonic Charity Fund Annual Report of the Trustees and General Commlttee Year Ended 31 Decomber 2022 The Trustees and General Committee have pleasure in presenting their report and unaudited financial statements of the charity for the year ended 31 December 2022. The Trustees and General Committee have adopted the provision5 of the Statement of Recommended Practice (SORP) °Accounting and Reporting by Charilies" (FRS 102) in preparing the annual port and financial stalements of th8 charity. The financial statements have been prepared in accordance with the accounting polici8S Set out in notes lo the financial statements and comply with the charity's govemlng document, Ihe Charities Act {Northern Ireland) 2008, Charities Act (Morthern Ireland) 2013, the Charities (Accounts and Reports) Regulations (Northern Ireland) 201 S, Accountlng and Reportlng by Charfties: Statement of Recommended Practice applicable to charities preparlng thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland Issued In October 2019, the Financial Reporting Standard applicable in the UK and Republlc of Ireland (FRS 102) and UK Generally Accepted Accounting Practice. Trustees of tho ¢harlty The trustees who have served durlng th8 year werè as follows: Bro M Cleland Bro H Bottomley Bro S Nicholson Bro J Morrow Charity rèf•r•n¢• and admlnlstratlvo dotalls Charity registraiion number,. 102661 Registered office: 49 Main Street, Ballyclare, BT39 9AA Independent examiner GMCG, Chartered Accountants & Registered Auditor, Alfred House, 19 Alfred Street, Belfast, BT2 8EQ Hewitt & Gilpin, 8 High Street, Holywood. BT18 9AZ Danske Bank. PO Box 183, Donegall Square Wesl. Belfasi. BT16JS Quilter Chevlot Limlted, Montgomery House, 29-33 Montgomery Street, Belfast, BT14NX Sollcllor: Bankers,. Investment managers; Objectlves and actlvltlés The objects of the Fund shall be deemed to afford assistance to needy, deser¥lng, destitute, or Indigent Freemasons or their families or Ihe d8pendants of deceased Freemasons by grant5 of money or other such means as Ihe General Commltlee may find best sulted to the needs of the applicants. Public benefits The provisions of benefits to achieving the purpose of Ihe Trust's objectives as follows: To provide and afford in necessitOUS Gircumstances. financlal assistance by means of grants of monies to eligible Freemason5 or their families (wives. civil partners, sons. daughters, grandchildren) to include the dependanls (widow, civil p8rtner, molher. daughters. sons, grandchildren) of deceased Freemasons for the relief of poverty and social exclusion" What the Trust does: The Trust affords assistance to needy Freemasons or thelr families or the dependants of deceased Freemasons by grant of money or such other means as may be best suiled lo the needs of the applicants. Publlc benefit statement The trustees of Belfasl Masonlc Charlty Fund confirm that they have had due regard for the guidance on Publlc Benefit by the Charity Commission for Northern Ireland and a pleased to report that during 2022 the charty has continued to provide Public Benefits through financial and other means of assistance.
Page 2 Belfast Masonic Charity Fund Annual Report of the Trustees and General Commlttee (contlnued) Yoar Ended 31 Decembor 2022 Achlevement8 and performance Total income for the year was £81,077 (2021: £22,359). Totsl expenditure for the year amounted to £60,929 (2021: £46,4g7). Investments are held by Qullter Cheviol as discretionary nominees. There has been a loss of £30,738 (2021: gain £33.656) on disposals and revaluation of investment assets. The net expenditu for the year amounted to £10,590 (2021: net income £9,518). The Trustees and General Committee sincerely thank the donors for their past support and wlll report in due course on any changes to the investment strategy or asset slructure as necessary, to continue their 'duty of care. and to fulfil their obligations in respect of the underlylng assets. The Trustees and General Committee consider that the charty is in a satisfactory position to carry on its charitable acts'vities. Flnanclal rev1 (Includlng ragervu pollcy) Rosorves pollcy It is the policy of the charity to maintain free reserves which matches Ihe needs of the furKI. both at the current time an(1 in the foreseeable future. This provides sufficient funds to cover running cosls whlch include management, administration and support costs. Free reserves are those unrestricted resepies not designated nor invested in fixed assels which are available for general use. As at 31 December 2022 the charity has total funds of £318,175 (2021: £328,765) which are all unrestricted funds. Fundlng The principal funding is from subscriptions, donations and investments. Plans for futurè periods The Trustees and General Commlttee plan to continue to provlde financial assistance and support to brethren or thelr families in need under the terms of Ihe rules of the Fund. The merger of the fund with Belfast Masonic Wldows Fund remalns under review. Structure• govarnanco and management Governin cumen The fund which was established In 1862, Is governed by a constitution, and is registered as a charity with The Charity Commission for Northem Ireland from 221 Seplember 2015. Recruitment a ointment induction and tralnln The present General Committee has been involved in the charity for a number of years and so are familiar with its vrfork, The General Committee regularly review the requlrements of Ihe charlty and the possibility of a need for additional trustees or members of the managemenl committee. Any new trustees or members of the Management Committee would be elected by the General Committee. Appropriate training and induction Is available to all Irustees and members of Ihe Mana9ement Committee. anisational structure and related rties There are 3 trustees and a Management Committee. Joint Management Committee meetings are held with the Belfast Masonic Widows. Fund.
Page 3 Belfast Masonlc Charlty Fund Annual Report of the Trustees and General Committee (continued) Year Ended 31 December 2022 Structure, governance and management (contlnued) Risk mana ement The Trustees and General Commlttee have assesse(I the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate an exposure to major risks. Where appropriate, systems or proce(luS have been established to mitigale Ihe risks the charily faces. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are In place to ensure compliance with health and safety of officers, volunteers and applicants. These procedures are periodically reviewed at least annually to ensure that they continue to meet the needs of the charity. Tru8lees' and General Commltt••'8 résponslblllt108 The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable 18w and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo Charities in Northern Ireland requires the Trustees to prepare financial statements for each financial year which glve 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 consislently: obseNe the methods and principles in Ihe Charities SORP 2019 (FRS 102) make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basls unless It Is Inapproprlale to presume that the charty will continue in operation, The Trustees and General Committee are ffjsponsible for keeping proper accounting records which disclose with reasonable auraCY al any tlme the financial position of Ihe charity and which enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008, the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention arKI detection of fraud and other irregularities.
Page 4 Belfast ljlasonlc Charlty Fund Annual Report of the Truste08 and General Commltt•e (contlnued) Year Endèd 310èc•mb6r 2022 Th8 Truslees and General Commtitee are responsble for the malnt¢nance and inlegrity of the charity and financial inlormalion incIled on the charity's websile. Legi818lion In the United KiNddom govemlng the preparatlon disseminalion of finalbal statements may differ from gIslatIon in oiher jurisdiclions. On b8half ol th8 Trustees and G8neral Commlttee Fl Botlomley Trusteè D8t•'.
Page 5 Belfast Masonlc Charty Fund Independent Examiner's report to the Trustees of Belfast Masonoc Charlty Fund Year End•d 31 December 2022 I report on the accounts of the Gharity for Ihe year ended 31 St December 2022 which are set out on pages 6 to 16. Re8pectlve responslbilities of trustees and oxam5nor As the charity's trustees you are responsible for the preparation of the accounts in accordance with the Charities Act (Northern Ireland) 2008. It is my responsibilty to.. examlne the accounts under section 65 of the Charities Act; follow the procedures laid dovffl in the general Directions given by the Charity Commission for Northern Ireland under section 65{9Mb) of the Charities Act., and slate whether particular matters have come to my attention. Basls of Independent examlnerfs raport I have examlned your charlty accounts as requlred under section 65 of the Charlties Act and my examlnation was carrled out in accordance wlth the general Directions given by the Charlty Commission for Northern Ireland under sectlon 65{9)(b) of the Charities Act. My examinalion Included a review of the accounting records kept by the charity and a comparison of the accounts presenled with those records. 11 also included consideration of any unusual items or disclosures in the accounts and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matiers have come to my attention giving me cause to believe.. I, That accounting records were not kept In accordance wllh section 63 of the Charities Act 2. That the accounts do not accord with those accounting records 3, That the accounts do not comply with the accounling requirements of the Charities Act 4. That there is further information needed for a proper understandlng of the accounts to be reached, Independent examlnerfs Statement I have completed my examination and have no concerns In respect of the matlers {1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attenlion. B.J. Friar {Inde Chartered Accounta nt Examlner) Irelan Alfred House 19 Alfred Street Belfast BT2 8EQ For and on behalf of GMCG Chartered Accountants & Stalutory Auditors Date: ILtTr oc<4/Jrf 341
Page 6 Belfast Masonlc Charlty Fund Statement of Flnancial Actlvlties Year ended 31 December 2022 Unrestrlcted funds 2022 Total 2021 Total Nota Income from: Donations and legacies Investments Other 73,875 7,202 73,875 7,202 16,524 5,835 Total Income 81,077 81,077 22,359 Expendlture on: Investment management costs Charitable activlties Other 2,119 57,010 1,800 2,119 57,010 1,800 2,057 42,640 1.800 Total exp¢ndltur• eo,929 60,929 46.497 Net Incomel{expendfturel befor• galng1(1088o8) on invostments 20,148 20,148 (24,138) Net gainsl{losses) on Invesiments 130,738) 130,738) 33.656 Not (axpondlture) Ilncom• 110,590) 110,590) 9,518 Net movement In fund8 14 {10,590) (10,690) 9,518 Reconclllatlon of fund8: Total funds brought forward 14 328,765 328,765 319,427 Total funds carrl•d forward 14 318,175 318,175 328,765 All income and expenditure derfve from contlnulng activities,
Pag? 7 Bellast Masonlc Charfty Fund Balance Sheet 31 December 2022 2022 2021 Nole Flx•d a•8et8 Investm6nts 11 283,704 301,822 263,704 301,822 Cun•nt a88•ts Debtors Cash at bank and In hand 500 71.721 500 36,663 72,221 37,163 Cr•dltord: amounts falllng du• wlthln one y•ar 13 117.750) 110,2201 Net curr•nl •s••t• 54,471 26,943 N•1 •8801• 318.176 328.766 Charlty Fund• Unr8strlcted lunds 14 318.176 328,765 Total charfty lund• 318,176 328,768 The fina on. al 61 ments were approved and aulhor18ed for issu8 by the Trusteès and General Commit18• . and ar• slgned on Ih•if b•h8lf by.. I:J O_L_ S Nlciiol Tru81ee
Page 8 Belfast Masonlc Charlty Fund Stat•m•nt of Cash Flows Year Ended 31 December 2022 2022 2021 Note Cash flow from operatlng actlvltlas 16 20,476 (23,896) Not cash flow from operating activit1•$ 20,476 (23,896) Cash flow from Investlng actlvltles Payments to acquire investm8nts Proceeds from disposal of Investments Interest received on deposits Dividends and fixed interest received (56,790) 64,170 127 7,075 (34.260) 36,059 79 5,756 Net Cash flow from Investlng actOvltlo9 14,S82 7,634 Net Increa801(decreasa) In cash and cash equlval•nt8 35,058 (16,262) Cash and ¢a8h oqulvalonts at l January 2022 36,663 52,925 Cash and Gash equlvalents at 31 December 2022 71,721 36,663
Pag8 9 B•lfast Masonlc Charity Fund Notes to the Financial Statements Year Ended 31 Docembor 2022 1 Summary of signlficant accountlng pollcl (a) General Infomiation and basls of preparatlon Belfast Masonic Charlty Fund was founded In 1862, is governed by a constitution dated October 1996, and is recognlsed as a charity by The Charily Commission for Northern Ireland. The address of the registered office Is glven in the charlty information on page 1 of Ihese financial stslements. The nature of the charity's operatlons and principal activilies are deemed to be affording assistance to needy, deserving, destitute, or Indlgent Freemasons or thelr families or the dependants of deceased Freemasons by grants of money or other such means as the General Committee may find best suited to the needs of the applicants. The charity constitutes a public benefit entity as defined by FRS 102. Statement of Com liance The financial statements have been prepared in accordance with applicable accounting standards, Accounting and Reporting by Charities: Stalement of Recommended Practice applicable io charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard appllcable in the United Klngdom and Republic of Ireland (FRS 102), Ihe Charities Act (Northern Ireland) 2008. Charilies Act (Northern Ireland) 2013, The Charities (Accounts and Reports) Regulations (Northem Ireland) 2015 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a goin9 concern basls under the historical cost convention, modified to indude certain items at fair value. The financial statements are prepared in sterling which is Ihe funclional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. (b) Funds Unreslricted funds are available for use at the discretion of the trustees In furtherance of the general objeclives of the charity and which have not been designated for other purposes, (c) Incom• r•¢ognltion All incomlng resources are Induded in the Stalement of Financial Activities (SOFA) when the charity is legally entitled to the Income after any performance conditions have been met, the amount can be measured reliably and it Is probable that the Income will be received. No amount Is Induded In the financial statements for volunleer time in 1Sne with the SORP (FRS 102). Further detail 15 given in the Trustees, Annual Report. For legacies, enlitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. Al Ihis point income is recognised. On occasion legacies will be nolified to the charlty however It Is nol possible to measure the amount expected to be distribuled. On these occasions, the legacy is treated as a conlingent assel and disclosed. Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Interest income is recognised using the effectlve Inlerest method and divldend Income is recognised as ihe charity's right to receive payment is established.
Page 10 8•lfast Masonic Charity Fund Notes to the Flnanclal Statements (conllnued) Year Endod 31 Docombor2022 1 Summary of slgnlflcant accountlng pollcles (contlnued) (d) Expendlture recognltlon All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make paymenls to third parties, it is probable that the setuement will be required and the amount of the obligatlon can be measured reliably. It is categorised under the following headings: Investment management costs,, Expenditure on charitable aclivities includes direct charltable grants and related support costs". and Other expenditure represents those items not falling into the categorles above. Grants payable to third parties are wlthln the charitable objectives. The grant payments are recognlsed on the date of they are paid to the recipient. (e) Support costs allocatlon Support costs are those that assist the work of the charity bul do nol directly represent charitable activities and include office costs, governance costs and admlnistrative payroll cosls. They are incurred directly in support of expenditure on the objecls of the charity. (fj Tanglblo Ilx•d assots Tanglble fixed assets are stated at cost less accumulated depreciation. Cosl includes costs directly attrlbutable lo maklng the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated lo write off the cost. less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: Office equlpment 33 113 % Straight line (g) Investments Investments are recognised Inltially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net galns l (losses) on Investments, In the SOFA if the shares are publicly traded or their fair value can otherwlse be measured reliably. (hl Debtors and crodltors rerAlvabl• I payable wlthln ono ar Debtors and creditors with no slaled interest rate and receivable or payable within one year are recorded al Iransaction price. Any losses arisin9 from impairmenl are recognised In expenditure. (l) Leases Rentals payable and receivable under operating leases are charged to the SOFA on a straight line basis over the period of the lease.
Page11 Belfast Masonlc Charty Fund Notss to the Financial Staternents {contlnu•d) Year Ended 31 December 2022 1 Summary of Slgnlflcant a¢countlng pollcles (contlnuedj U) Tax The charlty Is a reglstered charity, and as such is entitled to rtain tax exemptions on income and gains from Invesiments, and surpluses on any trading activities carried out in the furtherance of the charity's prlmary objectlves. if Ihese gains and surpluses are applied solely for charitable purposes. The charlty Is not reglstered for VAT and. accordingly, all their expenditure is inclusive of any VAT incurred. (k) Golng concarn The financlal statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered Ihe level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expendlture is sufficient with the lev81 of reserves for the charity to be able to continue as a going concern. Incomo from donatlons and l¢gacl•8 2022 2021 Subscriptions and donations Bequests 38,875 35,000 16,524 73,875 18,524 Income from donations VRS £73,875 (2021- £16,524) and was attributable to unrestrtcted funds. Income from Invostments 2022 2021 Dlvldends and fixed interesl Interest- deposits 7,075 127 5,756 79 7,202 5,835 Income from investments was £7,202 {2021- £5,835) and was attributable to unrestricted funds. Investment manag¢m¢nt costs 2022 2021 Investmenl manager fees 2,119 2,057 £2,119 {2021- £2,057) of the above costs were altrlbutable to unrestricted funds.
Page 12 Belfast Masonic Charity Fund Notes to the Flnanclal Statements (contlnued) Yoar Ended 31 Docombor 2022 Analysls of •xpendlture on charftabl• actlvltles Activities undertaken directly Support costs Total 2022 Charltable actlvltles 2022 Flnanclal assistance to needy Freemasons and their families 41,915 15,095 57,010 £56.710 (2021- £42.640 of the above costs were attributable to unrestricted funds. Activities undertaken directly Support costs Total 2021 Charitable activlties 2021 Flnanclal assistance to needy Freemasons and their families 31,729 10,911 42,640 £42.640 {2021- £73,039) of the above costs yre attributable to unrestricted funds. Governanco c08t8 2022 2021 Independent examiner's fees 1,800 1,800 Analy819 of grants 2022 2021 Grants to indivlduals Financial assistance to needy Freemasons and their families 41.915 31,729 Analysls of 8UPPOrt costs 2022 2021 Support costs Office rent Office administralion costs Other 1.000 8,100 5,995 1,000 6,150 3,761 15,095 10,911
Pag8 13 Belfast Masonlc Charlty Fund Notes to tho Financial Statements (contlnued) Year Ended 31 December 2022 Net {expendlture) I Income for the year Net {8xpendilure) l income is stated after charging l (crediting): 2022 2021 Operating lease rentals 818 652 Realised (gain)Iloss on disposal of investments (3,701) {2,979) Unrealised (galn)Iloss on fair value movement of Investments 34,439 (30,677) 10 Tru8tee8' and key management personnel ramunoratlon and expens The truslees neither received nor waived any remuneration during Ihe year (2021 . £NII). The key management personnel are considered to be the trustees and management committee. The total amount of employee beneflts received by key management personnel is £Nil (2021 £Nil). The relmbursement of Committee members, expenses was as folloyrfs., 2022 2021 Travel Office costs Research 500 8,100 765 500 6,150 9,365 7.450
Page 14 Belfast Masonlc Charlty Fund Notes to thè Financial Statements {contlnued) Year Ended 31 December 2022 11 Flxed ass Investments Llst•d Investments Total Valuatlon At 1 January 2022 Additions Disposals Revaluation 301,822 56,790 (60.469) {34,439) 301.822 56,790 160,469) 134,439) At 31 December 2022 263,704 263,704 Impalrnient At 1 January 2022 and 31 D•cemb•r 2022 Carrylng amount: At 31 December 2022 263,704 263,704 At 31 December 2021 301,822 301,822 Investments at fair value compromise: 2022 2021 Equities Alternatlve Investments Fixed interest securities 176,046 32,096 55,562 216.472 40,569 44,781 263.704 301.822 The falr value of Ilsted Investments is detennined by reference to the quoted price for identical assets in an active markel at the balance sheet date. Other investments are measured at estimated market value.
Page 15 Belfast Masonlc Charlty Fund Notes to the Financial Statements (continued) Year Endod 31 December 2022 12 Debtors 2022 2021 Other debtors 500 13 Credltors: amounts falling du• within on• year 2022 2021 Accruals and deferred income Other credilors 7,700 10,050 5,900 4,320 17.750 10,220 14 Fund roconciliallon UntrIcted fund• Balance at 1 January 2022 Balan¢• at 31 De¢•mb•r 2022 Income Expenditure Losses Unrestricted 328,765 81.077 (60,929) (30.738) 318,175 Balance al 1 January 2021 Balance at 31 December 2021 Income Expenditure Gains Unrestricted 319,247 22,359 (46,497) 33,656 328,765
Page 16 Belfast Masonlc Charlty Fund Not to th• Flnanclal Statoments (continued) Yoar Ended 31 December 2022 15 Analy8ls of net assets between funds Net current asset8 As at 31 December 2022 Flxed assots Total Unre8trlcted Fund8 263,704 54,471 54,471 318,175 Total Funds 263,704 318,175 Net current assets As at 31 December 2021 Fixed assets Total Unrestricted Funds 301,822 301,822 26,943 328,765 328,765 Total Funds 26,943 16 Reconclllatlon ol net {oxpendlture) I Incomè to nét cash flow from op6ratlng actlviti08 2022 2021 Net (expenditure) l inrne for year (10,590) 9,518 Divid8nd8 and fixed interest received Interest receivable Lossl(gain) on inveslment8 Increase in creditors 17,075) (127) 30,738 7,530 (5,756) (79) (33,656) 6,077 Net cash flow from operatlng activitles 20,476 (23,896) 17 Related party transactlons Belfast Masonlc Wldows, Fund is deemed to be a related paty as it also under the control of the truslees. At the year-end Belfast Masonic Charlty Fund owed Belfast Masonic Widows, Fund £10,050 (2021 - £4,320). 18 Ethlcal Standard In common with many other charities of our size and nalure we use our independent examiner to prepare and submil returns to the tax authorilies and assist with the preparation of the financial statements.