BELFAST MASONIC CHARITY FUND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charity registration number.. 101945
Page 1 Belfast Ma80nlc Charlty Fund Annual Report of the Trustees and General Committee Year Ended 31 December 2023 The Truslees and General Committee have pleasure in presenting their report and unaudited financial statemenls of the charity for the year ended 31 December 2023. The Trustees and General Committee have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Chariti8s" (FRS 102) in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply wilh the charity's governing document, the Charities Act (Northern Ireland) 2008. Charities Act (Northern Ireland) 2013. the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland issued In October 2019, Ihe Financlal Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102) and UK Generally Accepled Accounting Practice. TrustO08 of the charlty The trustees who have served durlng the year were as follows.. Bro M Cleland Bro H Bollomley Bro S Nicholson Bro J Morrow Charfty refor•nco and admlnlstratlve detalls Charity registration number.. 102661 Reglstered office.. 49 Main Street. Ballyclare, BT39 9AA Independent examiner GMCG, Chartered Accountants & Registered Audltor, Alfred House, 19 Alfred Street, Belfast, BT2 8EQ Hewitt & Gllpin, 8 High Street, Holywood, BT18 9AZ Danske Bank, PO Box 183, Doneg811 Square West, Belf8St, BT16JS Quilter Cheviot Limited, Monlgomery House, 29-33 Montgomery Street, Belfast, BT14NX Solicitor: Bankers: Investment managers: Objectlves and actlvltles The objects of the Fund shall be deemed lo afford assistance to needy. deservlng, deslltute. or Indlgent Freemasons or their 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. Publlc bonlt$ The provisions of benefits to achieving the purpose of the Trust's objectives as follows: To provide and afford in necessilous circumstances, financial assistance by means of grants of monies to eliglble Freemasons or thelr famllies {wives, civll partners, sons, daughters, grandchildren) to Include the dependants (widow, civil partner, mother, daughters, sons, grandchildren) of deceased Freemasons for the relief of poverty and social exclusion; What the Trust does: The Trust affords assistance lo needy Freemasons or their families or the dependants of deceased Freemasons by grant of money or such other means as may be best suited lo Ihe needs of the applicants. Publlc beneflt statement The trustees of Belfast Masonic Charity FurKI confimi that they have had due regard for the guidance on Public Benefrt by the Charily Commission for Northern Ireland and are pleased to report that durlng 2023 the charity has coniinued to provide Public Benefits through financial and othar means of assistance.
Page 2 B•lfast Ma8onlc Charlty Fund Annual Report of the Trustees and General Commlttee (contSnued) Year Ended 31 December 2023 Achlevaments and performance Total income for the year was £68.241 (2022: £81.077). Total expenditure for the year amounted to £70,427 (2022.. £60.929). Investments are held by Quilter Cheviot as discretionary nominees. There has been a gain of £19,241 (2022: loss £30,738) on disposals and revaluation of investment assets. The net income for the year amounted to £17,055 (2022.. net experKliture £10,590). 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 structure as necessary, to continue Iheir 'duty of care, and to fulfil their obligations in respect of Ihe underlying assets. The Trustees and General Committee consider that the charity is in a satisfactory position lo cary on its charitable aciivities. Flnanclal r•vi•w (includlng r•s•rves policy) Reserv pollcy It Is the policy of the charity to maintain free reserves which matches the needs of the fund. both at the current time and in the foreseeable future. This provides sufficient funds to cover runnlng costs which include management, administralion and support costs. Free resenfes are those unrestricted reserves not designated nor Invested in fixed assets which are available for general use. As at 31 December 2023 the charlty has total funds of £335,230 (2022., £318,175) whlch are all unrasiricted funds. Fundlng The principal funding is from subscriptions, donations and investments. Plans for future perlods The Trustees and General Cornmittee plan to corbtinue to provide financial assistance and support to brethren or their families in need under the terms of the rules of the Fund. The merger of the fund wilh Belfast Masonic Widows Fund remains under review. Structure, governancè and managomoni Governin documenl The funcl which was established In 1862, is governed by a constilution, and is registered as a charity wllh The Charlty Commlssion for Northern Ireland from 22141 September 2015, Recruitmenl a in menl induction and inin The present General Committee has been involved in the charity for a number of years and so are familiar with its work. The General Committee regularly review the requiremenls of Ihe charity and ihe possibility of need for additional trustees or members of the management committee. Any new truslees or members of the Management Committee would be elected by the General Committee. Appropriate training and induction is available lo all truslees and members of the Management Committee. anlsational structure and rel ted artles There are 3 Irustees and a Managemenl Committee. Joint Management Commlttee meetlngs a held with the Belfast Masonic Widows, Fund.
Page 3 Belfast Masonic Charity Fund Annual Report of the Trustees and General Committee (continued) Year Endod 31 Docombor 2023 Structure, governancè and managem¢nt (¢ontlnu¢d) 'sk man ment The Trustees and General Commlttee have assessed 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 procedu5 have been established to mitigate the risks the charity laces. Intemal control risks are minimised by Ihe implementation of procedures for authorisation of all Iransactions 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. Truste88' and General Committ80's responslbllltles The Trustees are responslble for preparing the Trustees, Annual Report and the financial statements In accordance wlth appllcable law and United KIn10M Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Northem Ireland requires the Trustees to prepare financial statements for each financial year which give a true and falr view of the stste of affairs of the charity and of the Incoming resources and application of resources of the charlty for that period. In preparing these financial statements, the trustees are required lo: select suitable accounting policies and then apply them consislently., observe the methods and prlnciples In the Charlties SORP 2019 (FRS 102) make judgements and estimates thal are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explalned In the financial st8tements,' prepare the financial statements on the going concern basis unless it is inapproprlate to presume that the charity will continue in operation. The Trustees and General Committee are responsible for keeping proper accounting records which disclose wlth reasonable accuracy at any time the financial posit40n of the charity and which enable them lo ensure that the financial staternents 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 and detection of fraud and other irregularities.
Pa9e 4 Belfast Masonlc Charlty Fund Annual Report of tho Tru8t•88 and General Commlttee (contInU1 Year Ended 31 Dacember 2023 The Trustees and General CoTrmlttee are restgIble lof the malntenanc8 and Integrity of Ihe charity and financial Informgtion Indudeé on the charity's website. Legislatlon In the Unlted Kkngdom governlng lh• preparatk)n dissemination ol financial statemgnls may dlffer from leglslalion in other jurisdktions. On behalf of th& Truste8S and G8n•ral Comm5tte8 H Bottoni•y Truslee Oale.
Page 5 B•lfast Ma8onlc Charty Fund Independent Exarnlner's report to the Trustees of Belfast Masonlc Charlty Fund Year Ended 31 Dec•mr 2023 I report on the accounts of the charity for the year ended 31 St December 2023 which are set out on pages 6 10 16. Respoctlvo responsibilities of truste•8 and examlner 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 responsibility to- examlne the accounts under section 65 of the Charltles Act; follow the procedures laid down In the general Directions given by the Charlty Commisslon for Northern Ireland under section 65(9)(b) of the Charitie5 Acl: and state whether particular matters have come to my attention. 8a818 of Independent examlnerfs report I have examined your charity accounts as required under section 65 of the Charitie8 Act and my examlnalion was carried oul In accordance wlth the general Directions given by the Charity Cornmission for Northern Ireland under section 65(9)(b) of the Charlties Acl. My examlnatlon Induded a revlew of the accountlng records kept by the charity and a comparison of the accounts presented wlth those records. It also included conslderation 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 matters have come to my attention giving me cause to believe: 1, That accounting records were not kept in accordance with section 63 of the Charities Act 2. That the accounts do not accord with those accounting records 3. That the accounts do not comply wilh the accounting requirements of the Charities Act 4. That there Is further Information needed for a proper understanding of the accounts to be reached. Ind•p•ndent •xamlner'8 stat•m•nt I have completed my examination and have no concerns in respect of the matters (1) 10 (4) Ilsted abov8 and, in connection with following the Directions of the Charity Commisy'on for Northern Ireland, I have found no matters that require drawing to your attention. B.J. Friar {Indep Chartered Accoun t Examiner) Ireland Alfred House 19 Alfred Street Belfast BT2 8EQ For and on behalf of GMCG Chartered Accountants & Slatutory Audrtors Date:
Page 6 Belfast Masonlc Charity Fund stat•m•nt of Flnanclal Actlvltles Year ended 31 Dec8mb•r 2023 Unrostrlcted funds 2023 Total 2022 Total Noto Income from: Donations and legacies Investments Other 61,164 7.077 61,164 7,077 73,875 7,202 Total Income 68,241 68,241 81,077 Exp•ndlture on: Investment managemenl costs Charrtable aciniities Other 1,992 66,635 1,800 1,992 66,635 1,800 2,119 57,010 1.800 Total expendlturo 70,427 70,427 60,929 Net Incomel(expendfture) bofora galn81(1088•6) on Investments 12,186) (2.186) 20,148 Net gainsl{losse8> on Investments 19,241 19,241 {30,738) Not Incomel(expond5tur•) 17.055 17,055 (10,590) Net movemant In funds 14 17,055 17,055 {10,590) Reconclllatlon of funds: Total funds brought forward 14 318,175 318,175 328,785 Total funds carrled loard 14 335,230 335,230 318,175 All income and expendlture derive from ¢ontinuing activities.
Page 7 Bolfast Ma8onlc Charlty Fund Balanco Sh•et 31 Decembèr 2023 2023 2022 Not• Flx•d a88ets Investments 11 269,310 263.704 269,310 283,704 Cunpnt JS8¢ts Deblors Cash at bank and In hand 12 500 82,720 500 71.721 03.220 72,221 Credltorn: amouTrts falllng duo wllhln on• y•ar 13 117JOO) (17.760) N•t ¢urr•nt Aats•t8 80,920 64,471 336,230 318,176 charlty Fund$ Unr8slriciéd funds 14 335,230 318,175 Total ¢harlty 33&230 318,176 The financ. on... ments were approved and outhl$ed lor Issue by the T¢u$t¢o8 and Genefal ConYn5ttee and are sl9ned on iholr bthall by: H Bottoml•y Tfugtee )ai• Tru$te8
Page 8 Belfast Masonlc Charlty Fund Statement of Cash Flows Year Ended 31 December 2023 2023 2022 Noto Cash flow from operating actlvltl 16 (9.713) 20,476 Net cash flow from operatlng actlvltles (9,713) 20,476 Cash flow from Investing actlvltlos Payments to acquire investments Proceeds from disposal of investments Interest received on deposits Dividends and fixed interest received {28,296) 41,931 192 6,885 (56,790) 64,170 127 7,075 Not 8h flow from inv08tlng actlvltlog 20,712 14,582 Net 5ncrease In cash and cash oqulvalents 10,999 35,058 Cash and cash oqulval•nts at 1 January 2023 71.721 36,663 Cash and cash oqulvalents at 31 December 2023 82,720 71,721
Page 9 Bèlfast Masonlc Charlty Fund Notes to the Financial Statements Yoar Ended 31 December 2023 1 Summary of 8lgnlflGant accountlng po15cles (a) General Informatlon and bas18 of preparatlon 8elfast Masonic Charity Fund was founded in 1862. is governed by a conslitution dated October 1996, and is recognised as a charity by The Charity Commission for Northern Ireland. The address of the registered office is given in the charity information on page 1 of Ihese financial statements. The nature of the charity's operations and principal activities are deemed to be affording assistanc8 to needy, deserving. destitute. or indigent Freemasons or their 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 charlty constitutes a public benefit entity as (lefined by FRS 102. tat liance The financial statements have been prepared in accordance wilh applicable accounting standards, Accounting and Reporting by Charilies,. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Reptjblic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), Ihe Charities Act (Northern Irelarid) 2008, Charities Act (Northem Ireland) 2013, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a golng concem b881s under the historical cost convention, modified to include certain items at fair value, The financial slatements are prepared In sterling whlch Is the functional currency of Ihe charlty and rounded lo the nearest £. The significant accounting policies applied in the preparatlon of these financial statemenls are set out below. These policies have been consistently applied to all years presented unless otherwise stated. (b) Funds Unrestricied funds are available for use at the discretion of the trusteas in furtherance of the general oblectlves of the charity and which have not been designated for other purposes. (cl Income recognltlon All incoming resources are included in the Statement of Financlal Activities (SOFA) when the Gharity Is legally entiiled to tha incom8 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 Included in the financial stslements for volunteer time in line wilh the SORP (FRS 102). Further detall Is glven in the Trustees, Annual Report, For legacies, entitlement Is the earller of the charlty belng notified of an impendirbg distrlbution or the legacy being received. At this point income is recognlsed. On occasion legacies will be nolified to the charity however it is not possible to measure Ihe amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Interesl income is recognised using the effective interest method and dividerKJ income is recognised as the charity's right to receive paymenl is established.
Page 10 Belfast Masonic Charity Fund Notes to the Financial Statements (contlnued) Year Endèd 31 D•c•mbar 2023 1 Summary of slgnlflcant accountlng pollcl•s (contlnued) (d) Exp•ndlture recognitlon All expendilure 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 payments to thlrd parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. 11 is categorised under the following headings.. Investment management costs. Expenditure on charitable activities includes direct charitable grants and related support costs; and Olher expenditure represents those items not falling into lh8 categories above. Grants payable to third parties are wlthln the charitable objectives. The grant payments are recognised on the date of they are paid to the recipient, {e) Support Costs allo¢atlon Support costs are those that assist the work of the charlty but do not directly represent charltable activities and include office costs, governance costs and administralive payroll costs. They are incurred directly in support of expenditure on the objects of the charity. In Tanglble flxed assets Tangible fixed assets are stated at cost less accumulated depreciatlon. Cost Includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all langible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematlc basis over its expected useful life as follows: Office equipment 33 113 % Straight line (g) Investments Investments are recognised Initially at fair value which is nomially Ihe transaction price exduding transactlon costs. Subsequently. they are measured al fair value wlth changes recognised in 'net gains l (losses) on Investments, in the SOFA if the shares are publicly Iraded or their fair value can otherwise be measured reliably. (h) Debtors and credltorg recolvable I payable wlthln one yoar Debtors and creditors with no stated interest rate and recelvable or payable within one year are recorded ai transaction price. Any losses arising from impairment are recogniseil 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.
Pag8 11 Belfast Masonic Charity Fund Notes to the Financial Statements (contlnued) Yoar Ended 31 Docomber 2023 1 Summary of slgnlficant accounting polici08 (contlnued) ti) Tax The ch8rity is a registered charity. and as such is entitled lo certain tax exemptions on income and gains from investments, and surpluses on any trading activities carried out in the furtherance of the charity's primary objectives, if these gains and surpluses are applied solely for charitable purposes. The charity is not registered for VAT and, accordingly, all their expenditure is inclusive of any VAT incurred. {k) Golng concern The flnancial statements have been prepared on a golng concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financlal stalements. The budgeted income ar expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. Income from donatlon8 and legacles 2023 2022 Subscriplions and donations Bequests 61,164 38.875 35,000 61,164 73,875 Income from donations was £61,164 {2022 - £73,875) and was attril)utable to unrestricted funds. Income from Investments 2023 2022 Dlvldends and flxed Interesl Interest - deposits 6,885 192 7,075 127 7,077 7,202 Income from investments was £7,077 (2022 - £7,202) and was attributable to unrestricted funds. Investmont management costs 2023 2022 Investment manager fees 1,992 2,119 £1,992 (2022 - £2,119) of the above costs were attributable to unrestricted funds.
Pag8 12 Belfast Masonlc Charlty Fund Notes to the Financial Statements (¢ontlnued) Year Ended 31 December 2023 Analysls of expendlture on charltable actlvltlos Activities undertaken directly Support costs Total 2023 Charitabl6 actlvitles 2023 Financial assistance to needy Freemasons and their families 48.530 18,105 66,635 £66,635 (2022 - £56.710) of the above costs were attributable to unrestricted lunds, Activities undertaken directly Support osts Total 2022 Charitable activities 2022 Financial assistance to needy Freemasons and their families 41,915 14,795 56,710 £56,710 (2022 - £42,640 of the above costs were attributable to unrestricted funds. Governance co8t$ 2023 2022 Independent examlner's fees 1,800 1,800 Analy818 of grants 2023 2022 Grants lo individuals Financial assistance to needy Freemasons and their families 48,530 41,915 Analysls of support Costs 2023 2022 Support costs Offlce rent Office administration costs Other 1,000 8,150 8.955 1,000 8,100 5,695 18,105 14,795
Page 13 Belfast Masonic Charity Fund Notes to the Financial Staternents (contlnued) Year Ended 31 December 2023 Net Incomo I l•xp•ndlture) for the year Net income l (expenditure) is stated after charging l (crediting): 2023 2022 Operating lease rentsls 818 818 Realised (gain)Aoss on disposal of investments (3,1551 {3,701 } Unrealised (gainyloss on fair value movement of investments {16,086) 34,439 10 Trustoes. and key management personnel remuneratlon and expen808 The trustees neither received nor waive(l any remuneration during the year (2022: £Nil). The key management personnel are considered to be the trustees and managemenl committee. The total amount of employee benefits received by key management personnel is £Nil (2022 £Nil). The relmbursemenl of Committee members, expenses was as follows: 2023 2022 Travel Office costs Research 500 8,150 400 500 8,100 765 9,050 9,365
Page 14 Belfast Masonlc Charlty Fund Notes to tha Financial Ststamènts (continued) Year Ended 31 December 2023 11 Flxed asset Investments Llstod Investments Total Valuatlon At 1 January 2023 Additions Disposals Revaluation 263,704 28,296 (38,776) 16,086 263,704 28,296 {38,776) 16,086 At 31 December 2023 269,310 269,310 Impalrmont At 1 January 2023 and 31 December 2023 Carrylng amount: At 31 December 2023 269,310 269,310 At 31 December 2022 263,704 263,704 Investments at fair value compromise: 2023 2022 Equities Alternatlve Investments Fixed interest securities 177.460 28,550 63,300 176,048 32,098 55,562 269,310 263,704 The falr value of Ilsted Investments is determined by reference to the quoted price for identical assets in an active market at the balan sheet date. Other Inveslments are measured at estlrnated market value.
Page 15 Belfast Masonic Charlty Fund Not88 to tho Flnanclal Ststements (Gonllnued) Yoar Ended 31 D?cemb•r 2023 2 Debtors 2023 2022 Other debtors 500 500 13 Credltors: amounts falllng due wlthln ono year 2023 2022 Accruals and deferred income other creditors 9,500 7,800 7,700 10,050 17,300 17.750 14 Fund reconclllatlon Unrostrlctèd funds Balance at 1 January 2023 Balance at 31 December 2023 Income Expenditure Gains Unrestricted 318,175 88,241 (70,427) 19.241 335,230 Balance at 1 January 2022 Balance at 31 December 2022 Income Expendilure Losses Unrestricted 328,765 81,077 (60,929) (30,738) 318,175
Page 16 Bolfast Masonlc Charity Fund Notes to the Financlal Statements (contlnued) Year Ended 31 December 2023 15 Analysls of net assets betweèn funds Net current assets As at 31 December 2023 Flxod ass•ts Total Unrestrlcted Funds 269,310 65,920 335.230 Total Funds 269,310 65,920 335,230 Nel current assels As at 31 December 2022 Flxed assets Total Unreslricted Funds 263,704 263,704 54,471 318,175 Total Funds 54.471 318,175 18 Reconclllatlon of net {oxpendlturo) I Income to net cash flow from operatlng activltles 2023 2022 Nel income l {expenditure) for year 17,055 (10,590) Dlvldends and flxed interest recelved Interest receivable (Gain)Iloss on investments (Decrease)Ilncreas8 in creditors (6.885) (192) 119,241) (450) (7,075) {127) 30,738 7,530 Net cash flow from operating activities 19,713) 20,476 17 Related party transactlons Belfast Masonic Widows, Fund is deemed lo be a related party as it also under the control ol the trustees. At the ye8r-end Belfast Masonic Charity Fund owed Belfast Masonic Widows, Fund £7,800 (2022 - £10,050). 18 EthSGal Standard In common with many other charlties of our size and nature we use our independenl examiner to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements,