CITY OF BELFAST LOYAL ORANGE WIDOWS FUND FINANCIAL STATEMENTS 31 DECEMBER 2024
Aaron Bowman ACA 1 Weavers Meadow Lurgan Road Banbridge BT32 4RL
CITY OF BELFAST LOYAL ORANGE WIDOWS FUND FINANCIAL STEMENTS YEAR ENDED 31.12.2024
| CONTENTS | PAGE |
|---|---|
| Members of the board and professional advisers | 1 |
| Trustees Annual Report | 2 |
| Independent examiner’s report to the trustees | 4 |
| Statement of financial activities | 5 |
| Balance Sheet | 6 |
| Notes to the financial statements | 7 |
| Detailed statement of financial activities | 11 |
Draft Accounts 19.02.2025
CITY OF BELFAST LOYAL ORANGE WIDOWS FUND MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS
| Registered Charity Name | City of Belfast Loyal Orange Widows Fund |
|---|---|
| Charity Number | XN45872 |
| Trustees | J McCrea JP |
| T Wright | |
| S Beattie | |
| S Baxter | |
| J Patterson | |
| W Hughes | |
| R Walker | |
| M Bishop | |
| Independent Examiner | A Bowman ACA |
| 1 Weavers Meadow | |
| Lurgan Road | |
| Banbridge | |
| BT32 4RL | |
| Bankers | Ulster Bank Ltd |
| 11-16 Donegall Square East | |
| Belfast | |
| BT1 5UB |
Draft Accounts 19.02.2025
Page 1
CITY OF BELFAST LOYAL ORANGE WIDOWS FUND TRUSTEES ANNUAL REPORT YEAR ENDED 31.12.2024
The trustees are pleased to present their report and the unaudited financial statements of the charity for the year ended 31.12.2024
The Trustees
Trustees who served for the charity during the financial year were:
J McCrea JP T Wright J Patterson S Beattie S Baxter S McAlister W Hughes R Walker M Bishop
Structure, Governance and Management
The fund is governed by the constitution and bye-laws
Objectives and Activities
The objective of the fund shall be to offer assistance to deserving widows of deceased Orangemen of Belfast by grants of money. The sphere of the funds operations shall be confined to Orange Lodges, Black Preceptories and Apprentice Boys of Derry Clubs working under the jurisdiction of the County Grand Orange Lodge of Belfast, City of Belfast Grand Black Chapter and Apprentice Boys of Derry Clubs in connection with the Fund either by donation or subscription.
Achievement and Performance / Financial Review
During 2024 the overall value of the fund remained static during the year with an increase of £5,908 (0.7%). During the year £135,000 was added to the investment portfolio with Evelyn Partners. The overall fund continues to be in an excellent financial state.
Plans for Future Periods
The trustees hope to continue to provide financial support to the beneficiaries at the same level as in the previous years
Draft Accounts 19.02.2025
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CITY OF BELFAST LOYAL ORANGE WIDOWS FUND TRUSTEES ANNUAL REPORT YEAR ENDED 31.12.2024
Responsibilities of the Trustees
The charity’s trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
The law applicable to charities in Northern Ireland requires the trustees to prepare financial statements for each 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:
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Observe the methods and policies and principles in the charities SORP;
-
Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements:
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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 (Northern Ireland) 1964. 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.
INDEPENDENT EXAMINER
Aaron Bowman ACA Ba(Hons) 1 Weavers Meadow Lurgan Road Banbridge Co Down
Signed on behalf of the trustees
J Patterson Treasurer
……………….. Draft Accounts 19.02.2025 Page 3
CITY OF BELFAST LOYAL ORANGE WIDOWS FUND
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF CITY OF BELFAST LOYAL ORANGE WIDOWS FUND YEAR ENDED 31.12.2024
Respective Responsibilities of Trustees and Independent Examiner
The charity’s trustees are responsible for the preparation of the accounts. It is my responsibility to state, on the basis of my examination, whether any particular matters have come to my attention.
Basis of Independent Examiners Statement
My Examination includes a review and comparison of accounting records presented within these statements. The procedures undertaken do not provide all the evidence required within an audit and as such no audit opinion on whether the accounts present a “true and fair view” will be presented.
Independent Examiners Statement
Within my examination no matters have been brought to my attention and as such I am satisfied that:
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Proper books of account are kept in accordance with section 27 of the Charities Act (Northern Ireland) 1964; and
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Accounts are prepared which agree with the books of account and comply with the accounting requirements of the act.
A Bowman ACA Ba(Hons) 1 Weavers Meadow Lurgan Road Banbridge
……………..
Draft Account 19.02.2025
Page 4
CITY OF BELFAST LOYAL ORANGE WIDOWS FUND STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31.12.2024
| Note Incoming Resources Incoming resources from generating funds: Voluntary income 2 Activities for generating funds 3 Investment income 4 Other Incoming resources 5 Total Incoming Resources Resources Expended Cost of generating funds: Costs of generating voluntary income 6 Investment management costs 7 Governance Costs 8 Other resources expended 9 Total Resources Expended Net Incoming Resources Before Transfers Transfer between funds Net Incoming Resources Before Other Recognised Gains and Losses Other Gains and Losses Gain / Loss on investment assets 11 Net Movement In Funds Reconciliation Of Funds Total funds brought forward Total Funds Carried Forward |
Total Fund Total Fund 2024 2023 £ £ 8,293 110,455 4,252 0 26,055 25,209 0 97 38,600 135,761 (1,059) (40) (5,380) (1,293) (3,657) (3,619) (32,400) (29,500) (42,496) (34,452) (3,896) 101,309 - - (3,896) 101,309 9,804 (4,872) 5,908 96,437 818,621 722,184 824,529 818,621 |
|---|---|
Draft Accounts 19.02.2025 Page 5
CITY OF BELFAST LOYAL ORANGE WIDOWS FUND BALANCE SHEET YEAR ENDED 31.12.2024
| Total Fund | Total Fund | ||
|---|---|---|---|
| 2024 | 2023 | ||
| Note | £ | £ | |
| Fixed Assets | |||
| Investments | 11 | 798,705 | 653,901 |
| Current Assets | |||
| S/Term Investment | 12 | - | - |
| Cash at bank | 27,074 | 165,970 | |
| 27,074 | 165,970 | ||
| Creditor: Amounts falling due within one yr. | 13 | (1,250) | (1,250) |
| Net Current Assets | 25,824 | 164,720 | |
| Total Assets less Current Liabilities | 824,529 | 818,621 | |
| Net Assets | 824,529 | 818,621 | |
| Funds | |||
| Unrestrictive income funds | 14 | 824,529 | 818,621 |
| Total Funds | 824,529 | 818,621 |
These financial statements were approved by the members of the committee on the …………… and are signed on their behalf
Trustee ………………….. Trustee ………………….. Treasurer ……………………
Draft Accounts 19.02.2025 Page 6
CITY OF BELFAST LOYAL ORANGE WIDOWS FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31.12.2024
1. Accounting Policies
Basis of accounting
The financial statement have been prepared under the historical cost convention, except for the investments which are included at market value and the revaluation of certain fixed assets, and in accordance with the applicable United Kingdom accounting standards, the Statement of Recommended Practice “Accounting and Reporting by Charities” issued in March 2005 (SORP 2005) and the Charities Act (Northern Ireland) 1964
Incoming resources
Subscriptions and income from investments are dealt with on a cash receipts basis.
Resources expended
Payments to widows are dealt with on a cash payments basis. Other outgoings are dealt with on as accruals basis.
Fixed assets
Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the gain or loss taken to the Statement of Financial Activities.
2. Voluntary Income.
| Total Fund | Total Fund | |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Donations | ||
| Donations towards service expenses | 0 | 386 |
| Subscriptions | 8,083 | 8,234 |
| In Memory Off ** | 0 | 99,277 |
| Other Income | ||
| Box | 210 | 257 |
| Twelfth Street Collection / East Belfast | 0 | 2,301 |
| 8,293 | 110,455 |
Draft Accounts 19.02.2025
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CITY OF BELFAST OYAL ORANGE WIDOWS FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31.12.2024
3. Incoming Resources From Activities For Generating Funds
| Total Fund | Total Fund | |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Sale of Badges | 4,252 | 0 |
| 4. Investment Income | ||
| Total Fund | Total Fund | |
| 2024 | 2023 | |
| £ | £ | |
| Income from UK Listed investments | 24,888 | 24,264 |
| Bank Interest receivable | 1,167 | 945 |
| 26,055 | 25,209 | |
| 5. Other Incoming Resources | ||
| Total Fund | Total Fund | |
| 2024 | 2023 | |
| £ | £ | |
| Bank Refund |
0 | 0 |
| Give as you Earn | 0 | 97 |
| 0 | 97 | |
| 6. Cost of Generating Voluntary Income | ||
| Total Fund | Total Fund | |
| 2024 | 2023 | |
| £ | £ | |
| Purchase of Badges | 999 | 0 |
| Donations / Service Exp | 60 | 40 |
| 1,059 | 40 | |
| 7. Investment Management Costs | ||
| Total Fund | Total Fund | |
| 2024 | 2023 | |
| £ | £ | |
| Investment management fees | 5,380 | 1,293 |
Draft Accounts 19.02.2025
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CITY OF BELFAST LOYAL ORANGE WIDOWS FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31.12.2024
8. Governance Costs
| 8. Governance Costs | ||
|---|---|---|
| Total Fund | Total Fund | |
| 2024 | 2023 | |
| £ | £ | |
| Accountancy Fee | 1,250 | 1,250 |
| Honoraria | 2,000 | 2,000 |
| Printing and Stationery | 299 | 171 |
| Bank Fees | 0 | 0 |
| Just Giving | 108 | 198 |
| 3,657 | 3,619 | |
| 9. Other Resources Expended | ||
| Total Fund | Total Fund | |
| 2024 | 2023 | |
| £ | £ | |
| Payments to widows | 32,400 | 29,500 |
| 10. Staff Costs and Emoluments | ||
| No Salaries or wages have been paid to employees, including the members | of the | |
| committee, during the year. | ||
| 11. Investments | ||
| Movement in market value | ||
| 2024 | 2023 | |
| £ | £ | |
| Market value at 01.01.2024 | 653,901 | 658,773 |
| Investment During year | 135,000 | |
| Net Gain / (loss) on revaluation in year | 9,804 | (4,872) |
| Market value at 31.12.2024 | 798,705 | 653,901 |
| Analysis of investments at 31.12.2024 between funds | ||
| Total Fund | Total Fund | |
| 2024 | 2023 | |
| £ | £ | |
| Listed investments | 798,705 | 653,901 |
Draft Accounts 19.02.2025
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CITY OF BELFAST LOYAL ORANGE WIDOWS FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31.12.2024
12. Short Term Investments:
There were no short term investments as at 31.12.2024
13. Creditors: Amounts falling due within one year
| 2024 | 2023 | |||
|---|---|---|---|---|
| Accruals | 1,250 | 1,250 | ||
| 1,250 | 1,250 | |||
| 14. Income Funds | ||||
| Balance at | Incoming | Gains and | Balance at | |
| 01.01.2024 | resourced | losses | 31.12.2024 | |
| £ | £ | £ | £ | |
| General Funds | 818,621 | (3,896) | 9,804 | 824,529 |
| 15. Analysis of Net Assets Between Funds | ||||
| Net Current | Total | |||
| Assets £ | Assets £ | |||
| Total Funds | ||||
| 25,824 | 824,529 |
Draft Accounts 19.02.2025
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CITY OF BELFAST LOYAL ORANGE WIDOWS FUND DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31.12.2024
Incoming Resources Voluntary Income Donations towards service expenses Annual subscriptions Personal subscriptions Special subscriptions Offertory subscriptions Box Twelfth street collection In Memory Off Activities For Generating Funds Sale of Badges Investment Income Income from UK listed investments Bank interest receivable Other Incoming Resources Give as You Earn / Payroll Giving Bank Refund Total Incoming Resources |
2024 £ 120 950 3,760 1,069 2,184 210 0 0 8,293 4,252 24,888 1,167 26,055 0 0 0 38,600 |
2023 £ 386 900 3,435 2,150 1,749 257 2,301 99,277 110,455 0 24,264 945 25,209 97 0 97 135,761 |
|---|---|---|
Draft Accounts 19.02.2025
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CITY OF BELFAST LOYAL ORANGE WIDOWS FUND DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31.12.2024
| Resources Expended Costs of Generating Voluntary Income Sevice Expenses / purchase badges Investment Management Costs Investment management fees Governance Costs Accountancy fees Honoraria Printing and Stationery Bank Fees Just Giving Other Resources Expended Payments to widows Total Resources Expended Net Incoming Resources For The Year |
2024 1,059 5,380 1,250 2,000 299 0 108 3,657 32,400 42,496 (3,896) |
2023 40 1,293 1,250 2,000 171 0 198 3,619 29,500 34,452 101,309 |
|---|---|---|
Draft Accounts 19.02.2025
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