BELFAST MASONIC CHARITY FUND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Charity registration number: 101945
Belfast Masonlc Charity Fund Flnanclal Statements Year Ended 31 December 2024 Contents Page Annual Report of the Trustees and General Committee Independent Examlner's Report Statement of Financial Activities Balance Sheet Stalement of Cash Flows Notes to the Financial Statements
Belfast Masonic Charlty Fund Pag8 1 Annual Report of the Trustees and G8noral Committee Year Ended 31 December 2024 The Trustees and General Committee have pleasure in presenting thelr report and unaudited financial statements of the charity for the year ended 31 December 2024. The Trustees and General Committee have adopted the provislons of the Stalement of Recommended Practice (SORP) 'Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial ststements of the charity. The financial statements have been prepared in accor(lance with the accounting policies set out in notes to the financlal statements and comply with the charlty's goveming document. the Charities Act (Northern Ireland) 2008, Charities Act (Northern Ireland) 2013, the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, Accounting 8nd Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in acoordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019. the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and UK Generally Accepted Accounting Practice. Trustees of the charlty The trustees who have served during the year were as follows: Bro M Cleland Bro H Bottomley Bro S Nicholson Bro J Morrow Charlty reference and admlnlstratlve detall8 Charity registration number.. 102661 Registered office: 49 Main Street, Ballyclare, BT39 gAA Independent examiner GMCG, Chartered Accountants & Registered Audltor, Alfred House, 19 Alfred Street. Belfast, BT2 8EQ Hewitt & Gllpin, 8 Hlgh Street, Holywood, 8T18 9AZ Danske Bank, PO Box 183, Donegall Square West. Belfast, BT16JS Quilter Cheviot Llmited, Montgomery House, 29-33 Montgomery Street, Belfasl, BT14NX Sollcltor.. Bankers: Investment managers: Objectlveg and actlvltlos The objects of the Fund shall be deemed lo afford assistance to needy, deservlng. destrtute, or irKligent Freemasons or Iheir families or the dependants of deceased Freemason8 by granls of money or other such means as the General Committee may find best suited to the needs of the applicants. Publlc b¢noflts The provlslons of benefits to achieving the purpose of the Trust's objectives as follows: To provide and afford in necessitous circumstances, financial assistance by means of grants of monies to eligible Freemasons or their families (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 Trusl affords assistance to needy Freemasons or their families or the dependants of deceased Freemasons by grant of money or such other means as may be best suiled to the needs of Ihe applicants. Publlc benafit ststomont The trustees of Belfast Masonic Charity Fund confirm that they have had due regard for the guidance on Public Benefit by the Charity Commission for Northern Ireland and are pleased to report that during 2024 the charity has contlnued to provide Public Benafils through financial and other means of assistance.
Belfast Masonic Charty Fund Page 2 Annual Report of the Trusteos and Gèneral Committee (contlnued) Year Ended 31 Decèmber 2024 Achlevements and performance Total income for the year was £108.149 (2023: £68,241). Total expenditure for the year am¢)unted to £69,549 (2023: £70,427). Investments are held by Quilter Cheviot as discretionary nominees. There has been a gain of £21.703 (2023., £19.241 gain) on disposals and revaluation of investment assets. The net income for the year amounted to £60,303 (2023: net Income £17,05S). The Trustees and General Commlttee sincerely thank the donors for their past support and will report in due course on any changes to the investmenl strategy or asset structure as necessary, to continue their 'duty of care, and to fulfil Iheir obligations In respect of the underlying assets. The Trustees and General Commlttee consider that the charity Is in a satisfactory posilion lo carry on its charitable activities. Flnanclal revlew (Includlng roserv08 pollcy) Reserves pollcy It is the policy of the charlty to maintain free reserves which matches the needs of the fund, both at the current time and in the foreseeable future. Thls provides sufficient funds to cover running costs whlch include management, administration and support COSts. Free reserves are those unrestricted reserves not designated nor invested in fixed assets which are avallable for general use. As at 31 December 2024 the charity has total funds of £395,533 (2023: £335,230) which are all unrestricted fijnds, Fundlng The principal funding is from subscriptions, donations and investments. Plans for futur• perlods The Trustees and General Committee plan to continue to provlde 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 with Belfast Masonic Widows Fund remalns under review. Structure, govornanco and management Governin docum nl The fund whlch was established in 1862, is governed by a constitution, and Is registered as a charity wlth The Charity Commission for Norlhern Ireland from 22nd September 2015. Recruitment a ointment ind ction and trainin The present General Committee has been involved in the charlty for a number of years and so are familiar with its work. The General Commillee regularly review the requirements of the ch8rity and the possibility of a need for additional trustees or members of the management committee. Any new trustees or members of the Management Commltlee would b9 elected by the General Committee. Appropriate training and inductlon is available lo all trustees and membgrs of the Managemenl Committee. anisational struc re and related arties There are 4 trustees and a Management Committee. Jolnt Management Committee meetings are held with the Belfast Masonlc Widows, Fund.
Belfast Masonic Charty Fund Page 3 Annual Roport of the Trustees and Gèneral Committee (contlnued) Year Ended 31 Decembor 2024 Structure, governance and managèment (contlnued) Risk mana ement The Trustees and General Commitlee 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 malor risks. Where appropriate, systems or procedures have been establlshed to mitigate the risks the charity faces. Internal control risks are minimised by the Implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compllance with heallh 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. Tru8teos' and General Commlltee's re8pon$lbllltles The Trustees are responsible for preparing the Trustees, Annual Report and the flnancial statements in awordance with applicable law and United Kingdom Accounting Standards (Llnited Kingdom Generally Accepted Accounting Practice). The law applicable to Charilies In Northem Ireland requlres the Twstees to prepare financial statements for each financial year which give a true and fair vlew of the state of affalrs of the charity and of the Incomlng 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 prlnciples In the Charltles SORP 2019 (FRS 102) 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 slatements,. prepare the financlal statements on the going concern basis unless it is inappropriate to presume that the charity 11 continue in operation. The Trustees and General Committee are responsible for keeping proper accounllng records whlch disclose wilh reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply wlth 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 safe9uarding the assets of the charity and hence for taklng reasonable steps for the preventlon and detection of fraud and other irregularities.
Belfast Masonic Charity Fund Paye 4 Annual Report of the Trustees and General Committee l¢ontlnued) Year End 31 December 2024 The Trustees and Gener81 Comrniltee are responsible for the rnalnlenance and integrity of tha charity and financial information included on the charity's websle. Legislalion in the United Kingdom governing the preparation dissemination of financial staternents may differ from legislation in other lurisdictions. On behalf ol the Trustees and General Committee 6W4 orrow iuslee Date Joffj4 >J>f
Belfast Masonic Charity Fund Page 5 Independent Examiner's report to tho Trustees of Belfast Masonic Charity Fund Year Ended 31 December 2024 I report on the accounts of Ihe charity for the year ended 31 St December 2024 which 8re set out on pages 6 to 16. Respectlve responslbllitles of trustees and examlner As the charlty's Irustees you are responsible for the preparation of Ihe accounts in accordance with the Charilies Act (Northern Ireland) 2008. 11 is my responsibility to: examine Ihe accounts under section 65 of the Charities Act,. follow the procedures laid down In the general Directions given by the Charity Commission for Northern Ireland under section 6519)(b) of the Charilies Act; and slate whether particular matters have come to my attention. Baslg of Ind•pendenl examlnerfs r•port I have examined your charity accounts as requlred under section 65 of the Charities Act and my examlnation was carried out In accordance wlth the general Directions glven by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charlties Act. My examination included a review of the accountlng records kept by the charity and a comparlson of the accounts presented with those records. It also included consideratlon of any unusual items or disclosures in Ihe accounts and seeking explanations from you as charity trustees concernlng any such matters. My role is to state whether any materlal matters have come to my attenllon glvlng me cause to believe.. 1. That accounllng records were not kept In accordance wlth section 63 of the Charllies Acl 2, That the accounts do not accord with those accounling records 3. That the accounls do not comply with the accounting reouiremenis of the Charlties Act 4. Thal the is further information needed for a proper understanding of the accounts to be reached. Independent •xamlnerfs statem•nt I have completed my examination and have no concerns In respect of the matters (1) to (4) Ilsted above and, in connectlon with following the DtreclN)ns of the Charity Commission for Northern Ireland. I have found no matters that require drawing to your attention. B.J, Friar (Indepe Chartered Accounta t Examiner) land Alfred House 19 Alfred Street Belfast BT2 8EQ For and on behalf of GMCG Chartered Accountants & Statutory Auditors Date.. 1 tl&1
Belfast Masonlc Charity Fund Page 6 Statement of Flnancial Activitles Year ended 31 December 2024 Unrèstrlcted funds 2024 Total 2023 Total Note Income from: Donations and legacies Investments Other 97,946 9,063 1,140 97.946 9,063 81,164 7,077 Total Income 108,149 108,149 68.241 Expendlture on: Inveslment management costs Charitable activities Other 2,023 65,726 1.800 2,023 65,726 1,800 1,992 66,635 1,800 Total expendlture 69,549 69,549 70,427 Net In¢offlel(expondlture) bofore galn8 on Investmenls 38,600 38,600 (2,186) Net gains on Investments 10 21,703 21,703 19,241 Not Incomo 60,303 80,303 17,055 Net mov•m•nt In fundg 15 60,303 60,303 17,055 R¢¢onclllatlon of funds: Total funds brought forward 15 335,230 335,230 318,175 Total funds carrl•d forward 15 395,533 395,533 335,230 All income and expenditure defive from continulng activltles.
Bolfast Masonic Charity Fund Page 7 Balanc¢ Sheet 31 Docemb•r 2024 2024 2023 Not• Flx•d as8•t8 Investments 12 292,412 269,31Q 292,412 269.310 Current assets Oebtors Cash at bank and in hand 13 758 109,593 500 82,720 110,351 83.220 Cr•dltors: amounts lalllng du• wlthln one y•aT N•t curront a$8•t8 14 17.230) (17.300) 103,121 65,920 N•t a88•t8 395.533 335,230 Charlty Fund& Unrestricted lund8 15 396,533 335.230 Total ch•rlty fund• 395,533 335.230 Thefi on... cial slaternents were approved and aulhorised for issue by the Trustees and Gener81 Committee and a swned on their behalf by: J Mofrow Trustee S Nich Trnsiee
Belfast Masonic Charity Fund Page 8 statomont of Cash Flows Year Ended 31 December 2024 2024 2023 Note Cash flow from operatlng activltles 17 19,209 (9,713) Net cash flow from operatlng actlvltles 19,209 (9,713) Cash flow from Investlng actlvltles Payments to acquire investments Proceeds from disposal of investmenls Interest received on deposits Dlvldends and fixed Interest received 129,119) 27,720 231 8,832 (28,2g6) 41,931 192 6,885 Not cash flow from Invostlng actlvltles 7,664 20,712 Not Increa80 In cash and cash •qulval•nts 26,873 10,999 Cash and cash equlvalents at l January 2024 82,720 71,721 Cash and cash equlval¢nts at 31 D•cembor 2024 109,593 82,720
Belfast Masonic Charty Fund Page 9 Notes to the Flnancial Statements Year Ended 31 Dec•rnber 2024 1 Summary of signlflcant accourtlng policles (a) General 5nformatlon and basls of pr•paratlon Belfast Masonlc Charity Fund was founded in 1862. is governed by a constitulion 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 charily information on page 1 of these financial statements. The nature of the charity's operalions and principal activities are deemed to be affording assistance 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 sulted to the needs of the appllcants. The charity constitutes a public ben&fit entity as defined by FRS 102. iement of Com liance The financial statements have been prepared in accordan wlth applicable accounting standards. Accounting and Reporting by Charities". Statemenl of Recommended Practice applicable to charities preparin9 thelr accounts in accord8nce with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reportlng SlarKlard applicable In the United Kingdom and Republlc of Ireland (FRS 102). the Charitles Act (Northern Ireland) 2008, Charities Act (Northern Ireland) 2013, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concem basis under the historical cost conventlon, modified lo include certaln items al fair value, The financlal stalements are prepared in sterling whlch Is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these flnancial statements are set out below. These policles have been consistently applied to all years pr88enied unless otherwise stated. (b> Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectlves of the charity and which have not been designated for other purposes. (c) Incomo recognltlon All incoming resources are included In the Ststement of Financlal Activltles (SOFA) when the charity is legally entitled to the income after any performance conditions have been mel, the amount can be measured reliably an4J it Is probable that the income will be received. No amount is included in the financial statements for volunteer time In line wilh the SORP (FRS 102). Further detail is glven in the Trustees, Annual Report, For legacles. entitlement is the earlier of the charity being notified of an impending dlstribulion or Ihe legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it Is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and dlsclosed. Investment income is earned through holding assets for investment purposes such as shares. It includes divSdends and interest, Interest income is recognised using the effective interest method and divldend income is recognis8(l as the charity's rlght to receive payment is established.
Page 10 Belfast Masonic Charity Fund Notes to the Financlal Statements (ContInu) Year Ended 31 December 2024 1 Summary of slgnlflcant accountlng policles (contlnued) Id) Expendlture recognltlon All expenditure is account8d for on an accruals basis and has been classified under headings that aggregate all costs lated to the category. Expenditure Is recognised where there is a legal or conslructive obligatlon to make payments to Ihird parties, It is probable thal the settlement will be required and the amounl of the obligalion can be measured reliably. It is calegorised under the followlng headings.. Investment management costs., Expenditure on charitable activities includes direct charitable grants and related support costs., and Other expenditure preSentS those Items not falling into the categories above. Grants payable to thlrd parties are within the charltable objectives. The grant payments are recognised on the date of they are pald to the recipienl. {•) Support ¢08t8 allocatlon Support costs are those that assist the work of the charlly but do not direclly represent charltable aciivities and Include offSce costs. governance costs and administrative payroll costs. They are Incurred directly in support of expendilure on the objects of the charity. (fj Tanglbl• flx•d as8et8 Tangible fixed assets are stated at cost less accumulated depreciatlon. Cost Includes costs directly attributable to maklng the asset capable of operating as intended. Depreciation Is provlded on all tangible fixed assets. at rates calculated to write off the cost, 18SS estimated residual value. of each asset on a systematic basls over Its expected useful Ilfe as follows: Office equlpment 33 113 % Straight line (g) Inve8tm¢nts Investments are recognised initially at fail value which is rK)rmally the Iransaction prlce excluding transaction costs. Subsequently. they are measured at lair value with changes r8cognised In 'net gains l (losses) on investments, in the SOFA if the shares are publlcly traded or their fair value can otherwise be measured reliably. (h) Debtors and credltors re¢elvable I payable wlthln one year Debtors and creditors with no slated interest rate and receivable or payable wilhln one year are recorded at transaction prSce. Any losses arislng from impaim18nt are recognised in expenditure. (l) Lease6 Rentals payable and receivable under operating leases are charged to Ihe SOFA on a stralght line basis over the period of Ihe lease.
Page 11 Belfast Masonic Charity Fund Notes to the Flnancial Statements (contlnuedl Year Ended 31 December 2024 1 Summary of slgniflcant accountlng pollcles (¢ontlnued) U) Tax The charity is a registered charity, and as such is entitled to certain tax exemptions on income and gains from investments. and surpluses on any trading activities carried out in the furtherance of the charlty's primary objectives. If these gains and surpluses are applied solely for charitable purposes. The charity is not registered for VAT and, accordlngly, all their expenditure is Inclusive of any VAT incurred. (k) Golng ¢on¢ern The financial ststements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have consklered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient wlth the level of resep4es for the charity to be able to contlnue as a going concern. Income from donatlons and legacla• 2024 2023 Subscriptions and donatlons 97,946 61,164 Income from donations was £97,946 (2023: £61,164) and was attributable to unrestricted funds. Income from 5nvg8tm¢nt8 2024 2023 Dividends and fixed Interest Int8resl- deposlts 8,832 231 6,885 192 9,063 7,077 Income from investrnents was £9,063 (2023.. £7,077) and was attribulable to unrestricled funds. Oth•r Income 2024 2023 Sundry Other income was £1,140 {2023: £NII) and was attributable to unrestrlcted funds.
Page 12 Belfast Masonlc Charty Fund Notes to tho Financlal Statements (contlnued) Year Ended 31 December 2024 Investmont management costs 2024 2023 Investmenl manager fees 2,023 1.992 £2.023 (2023: £1,992) of the above cosls were altrlbutable to unrestricted funds. Analy813 of expondltur• on charllable actlvltlos Activltles undertaken directly Support costs Total 2024 Charitable actlvitl08 2024 Flnancial asslstance to needy Freemasons and their families 48,215 17,511 65.726 £70,354 (2023: £66,635) of the above costs were attributable to unrestricted funds. Activities undertaken directly Support costs Total 2023 Charitable activities 2023 Flnancial asslstance to needy Freemasons and thelr families 48,530 18,105 86.635 £66,635 (2022: £56,710) of the above costs were attributable to unrestrlcted funds. Governanc• cost8 2024 2023 Independent examlner's fees 1,800 1,800 Analy818 of grants 2024 2023 nls to individ als Flnancial asslstance to needy Freemasons and their families 48,215 48,530
Page 13 Belfast Masonlc Charity Fund Notes to tho Financial Statements (contlnuod) Year Ended 31 December 2024 Analysls of support costs 2024 2023 Support costs Office rent Office administration costs Other 1,000 8,500 8,011 1,000 8,150 8,955 17,511 18,105 10 Not In¢om• for thè year Net income is stated after charging l (crediting>: 2024 2023 Operating lease rentals 800 818 Realised (gain)Iloss on dlsposal of Investments (2,980) (3,155) Unreallsed (galnyloss on fair value movemenl of investments {18,723) (16,086) 11 Trusteos, and key managem•nt p•r8onno1 remuneratlon and axp•n808 The trustees neither recelved nor walved any remuneration durlng the yéar (2023: £Nil>. The key management personnel are consldered to be the trustees and management committee. The total amouni of employee benefrts received by key management personnel is £NII {2023: £Nil).
Page 14 Belfast Masonic Charity Fund Not88 to the Financlal Statements (conllnued) Year Ended 31 Decèmber 2024 12 Flxed asset Invèstments Listed investments Total Valuatlon At 1 January 2024 Additions Disposals Revaluation 269,310 29,119 (24,741) 18,724 269,310 29,119 {24,741) 18,724 At 31 December 2024 292,412 292,412 Impalrnient At 1 January 2024 and 31 December 2024 Carrylng amount: At 31 December 2024 292,412 292,412 At 31 December 2023 269,310 269,310 Investments at fair value compromise: 2024 2023 Equities Altemative investments Fixed interest securities 190,452 28,67S 73,285 177,480 28,550 83,300 292,412 269,310 The fair value of Ilsted Investments is determlned by reference to the quoted price for identlcal assets in an actlve market at the balance sheet date. Other Investments are measured at estimated market value.
Page 15 Belfast Masonlc Charity Fund Notes to the Flnancial Statements (continued) Year Ended 31 December 2024 13 Debtor8 2024 2023 Other debtors 758 500 14 Credltor8: amounts falllng du• wlthln one year 2024 2023 Accruals and deferred income Other creditors 2,300 4,930 9,500 7,800 7,230 17,300 15 Fund roconclllatlon UnrestrlGted funds Balance al 1 January 2024 Balance at 31 Docember 2024 Income Expendlture Galns Unrestrlcte(I 335,230 108,149 (69,549) 21,703 395,633 Balance at 1 January 2022 Balance at 31 December 2022 Income Expenditure Losses Unrestricted 318,175 68,241 {70,427) 19,241 335,230
Page 16 Belfast Masonlc Charlty Fund Note8 to the Financial Staternents (contlnued) Year Ended 31 December 2024 16 Analys18 of net assats belween funds current a88018 A8 at 31 December 2024 Fixed assets Total Unrestrlctod Funds 292.412 103,121 103,121 395,533 Total Funds 292,412 395,533 Net current assets As at 310ecamber 2023 Flxed assets Total Unrestricted Funds 269.310 65.920 335,230 335,230 Total Funds 269,310 65.920 17 R•conclllatlon of net Incom• to net cash flow from op•ratlng actlvltl88 2024 2023 Net income for year 55,675 17,055 Dlvldends and fixed interesl received Interest receivable {Gain) on investments Decreasel(Increase) In debtors (Decrease) in creditors (8,832) (231) (21,703) 500 (6,200) (6,885) {192) (19.241) (450) Net cash flow from operating actlvlties 19,209 {9,713) 18 Related party tran8actlon8 Belfast Masonlc Widows. Fund Is deemed to be a related party as it also under the control of the trustees. At the year-end Belfast Masonic Charty Fund owed Belfast Masonic Widows, Fund £4,930 (2023.. £7.800). 19 Ethlcal Standard In common wlth many other charities of our size and nalure we use our Independent examiner to prepare and submit returns to the tax authorities and assist wlth the preparation of Ihe financlal staternents.