BELFAST MASONIC WIDOWS, FUND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Charity registration number: 102661
Belfast Masonlc dOwS, Fund Financial Ststements Yoar Ended 31 December 2022 Contgnts Pago Annual Report of the Trustees and General Committee Independent Examiner's Report Statement of Financial Activities Balance Sheet Ststement of Cash Flows Notes to the Financlal Ststements
Page 1 Belfast Masonic Widows, Fund Annual Report ofthe Trustees and General Committee Year Ended 31 Decemb8r 2022 The Trustees and General Committee have pleasure in presenting U)eir report and the unaudited financial statemenls of the charily for the year ended 31 December 2022. The Truste8s and General Committee have adopted the provlsk)ns of the Statement of Recommended Practice (SORP) "Accounling and Reporting by Charlties. (FRS 102) In preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance wilh the accounting pollcles set out in notes to the financial statements and comply wlth the charily's governing document, the Charities Acl (Northern Ireland) 2008, Charities Act (Northem Ireland) 2013, the Charities {Accounts and Reports) Regulations (Northern Ireland) 2015, Accounling 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 Republlc of Ireland Issued in Ociober 2019, the Financial Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102) and UK Generally Accepted Accounting Praclice. Tru8tw8 of th• 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 r•fer•n¢• and admlnlstratlv• d•talls Charity registration number: 102661 Registered office: 49 Main Slreel, 8allyclare, BT39 9AA Independent examlner GMCG, Chartered Accountants & Regislered Auditor, Alfred House, 19 Alfred Street, Belfast, BT2 8EQ Hewitt & Gilpin, 8 High Street, Holywood, 8T18 9AZ AIB, 11115 Donegall Square North, Belfast, BT1 SGB Evelyn Partners, The Ewart, 3 Bedford Street, Belfast, BT2 7EP Solicitor: Bankers: Investmenl managers: Objectlves and actlvltles The objects of Ihe Fund shall be deemed to afford asslstance to needy, deser¥lng, d8Slitute, or indigent Freemasons or thelr famllies 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 b•nefit8 The provision5 of benefits to achieving the purpose of the Trust's objectlves as follows: To provide and afford in necessitous circumstances. financial asslstance by means of grants of monles to eligible Freemasons or their families (wives, civil 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 to needy Freemasons or their families or the dependants of deceased Freemasons by grant of money or such other means as may be best sulted lo Ihe needs of the applicants. Publlc beneflt statement The Trustees and General Committee of 8elfasl Masonic Widows, 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 thai during 2022 the charity has continued to provide Public Benefits through financial and other means of assistance.
P8g8 2 Belfast Masonlc Widows. Fund Annual Report of the Trustees and Ggneral Committee (continu•d) Yoar Ended 31 Decèmber 2022 Achlevements and performance Total income for the year was £51,578 (2021: £56,987). Investments are held by Evelyn Partners as discretionary nominees. There has been a loss of £78,890 (2021: £76.423 gain) on disposals and revaluation of investment assets. Total expenditure for the year amounted to £65,630 (2021: £57,002). The net expenditure for the year amounted to £92,942 (2021: net income £76,408). The Trustees and General Committee will 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 the underlylng assets. Flnanclal r•vlw (Includlng rosérv•s polocy) Resorves pollGy It is the policy of the Gharity to mainlain 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 running costs which include management. administration and support costs. Free reserves are those unrestricted rèserves not designated nor invested in fixed assets which are available for general use. As at 31 December 2022, the charity has total funds of £1.237,702 (2021: £1,330,644) of which endowment funds are £1,068,821 (2021: £1,147,711) and unrestricled funds are £168,881 (2021.. £182,933). Funding The Fund was not actively seeking subscriptions and donations, and funding was primarily from investment income. Plans for futur• perlods The Trustees and General Committee plan to continue to provide financial assistance and support lo brethren or thelr families in need under Ihe terms of the rules of the Fund. The merger of the fund with Belfast Masonic Charity Fund remains under review. Structure, govarnanca and managemont The Trustees and General Committee have adopted the provlsions of the Statement of Recommended vemin docum The fund whlch was establlshed In 1873, Is governed by a constitution, and is registered as a charlty wllh The Charity Commission for Northern Ireland from 1 sl June 2015. Recruitment a ointment induction and trainin The present General Commitlee has been involved in the charity for a number of years and so are familiar with ils work. The General Committee regularly review the requirements of the charfty and the possibility of a need for additional trustees or members of the managemenl committee. Any new Irustees or members of the Management Commlttee would be elected by the General Committee. Appropriate training and inductlon is avallable to all trustees and members of the Management Commitlee. anisati nal ru an There are 3 trustees and a Management Committee. Joint Management Committee meetings are held wilh Ihe Belfast Masonic Charity Fund. Risk mana ement The Truslees and General Committee have assessed the major risks lo which the charily 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 appropriale, systems or procedures have been established to miligate the 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 Ihat they continue to meet Ihe needs of the charity.
Page 3 Bglfast Masonlc Wldows, Fund Annual R?porl of tho Tte9$ and General C•)mmltt•e (¢onllnu8d) Year End•d 31 Dec•mbw 2022 sIrttl1•* gov•rnanc• and managonwnt (contInU anl ru urea There are 3 trustees and a Management Commllte8. JoSnl Management ComrnSttee meetlngs are held wllh the 8elfa8t Masonic Charlty Fund, The Trustees and Gener81 Comnitt08 have 88ses88d the malor rk8k8 to whith the ¢harity 15 exposed, in particular thos• relaled lo the opewallons and flnanGes of Ihe charlty. arNJ ale 8ali8fied Ihat Systems 8r8 In place to mitigate an ¢xposure to major rlsks. Where approprlale, systems or procedures h8va been est8Nished to mltigale the risks the ch8rty faces. Intemal control fSsks ai8 mlnlmlsed by the imp18m8ntation of procedures for au1[1$al>n of all transactlon$ and proJeGI8. Procedures are In place to ensure compllance wlth ha8llh and safety ol offKers. voluntews and appltcants. These procedures are peflodkally revlewe(l al least annually lo ensure thal thay conllnue to meet Ihe needB of the charty. Tru•l008' and G•tt•ral Commltts•'8 re4pon8lbllltlo• It Is the responsibilty of lh• HIorary Treasurer. at Ihe beh88t ol the Tru$tee$, 10 prepare financial stalement8 In accordance with appllcable law and United Klngdom Accountlng Slandards (Uniled Klngdom Generally Accept6d Accounting Practice), The law applkable to charltl•s On Northern Ireland r8qutre8 the Irustees lo prepare financlal statements for each finan¢l81 y•ar whlch g6ve 8 true and8 lalr vlew of the stale of affalr8 of Ihè charity aThJ of Ihe incomlng r•SOUf¢es and appll¢atioft of r¢source8 of the charlty for that perfod. In prgparlng th98e Ilnanclal staternents, thé tru8t608 are requlred lo.. selecl ¥ultabh ac¢ountlng polldes arrfl then appty Ihem consi$tentty' ob¥eNe the rnethods and PTinclfv In Ihe Charille$ SORP 2019 (FRS 102); mthe ludgements and estimates that are ffjasonabla and prudent, 8taie whether appllcable 8ccounting standards have been followed, subject to any material d8perture8 dlsclosed and explained In Ihe finan¢lal st8ièmontS,' and prapare Ihe ffinandal Statements on thè goiNJ conrn b8$i8 un1858 It Is inapproprlate to presumfr th81 the charfty wlll contlnue In op&ration. The Trustee8 and General Commlltee are responsible for koepln9 proper accounting iecords that dlsclos6 wllh reasonable accuracy al any ilmo Ihe financi81 poslllgn ot Ihe charlty and enable them to ensure that the finandal 8tatemenls comply with the Charltles Acl (Northern Ireland) 21x18. the Clwltles (Accounts and Reports) Regulatlons (frlorthem Ireland) 2015 and the provlfiions of the trusl d•8d. They are al80 re$ponslble for safeguardlng Ihe assets ol the charlty and he lor laking r6a8onablg step8 lor the preventlon and detectlon of fraud and other irre9ularltles. The Trustees and General Commlttee are responsibl8 ft>r the maintenan¢• and Inlegrlty of the ¢harlty and Ilnanclal Infom)atlon hKluded on the charlty'8 Wobslto. Leglslatlon in the Unlted Klngdom goveming the preparation di8semlnatlon of finan¢lal stalements may dlffer from leglslatlon In olher Jurisdlcllon$, On behalf of the Tw8lees and General Committeo H Bottomley Tfustee
Page 4 Belfast Masonic Widows, Fund Independent Exarnlnor's report to tho Trustees of Belfast Masonic Widows, Fund Year Ended 31 December 2022 I report on the accounts of the charity for the year ended 315t December 2022 which are set out on pages 5 to17. Respectlve responglbllltles of trustees and examln•r As the charity's trustees you are responslble for the preparalion of the accounts in accordance with Ihe Charities Act (Northern Ireland) 2008. 11 is my responsibility to: examine the accounts under section 65 of the Charilles Act,. follow the procedures laid down In the general Directions given by the Charity Commission for Northern Ireland under sectlon 65(9)(b) of the Charities Act,. and state whether particular matters h8ve come to my attenlion. Basls of Ind•pond•nt •xamln•r's r•port I have examined your charity accounts as requlred under section 65 of the Charilies Act and my examination was carried out in accordance with the general Directions given by the Charily Commission for Northern Ireland under section 65(9)(b) of the Charities Act. My examinatlon Included a review of the accountlng records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounls and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any materlal matters have come to my attention giving me cause to belleve: 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 accounls do not comply wlth the accounting requlrements of the Charlties Act 4. That there Is further Information needed for a proper understanding of the accounts to be reached. Independent oxamlnerfs slatoment I have completed my examination and have no concerns in respect of the matters (1) to (41 listed above and, in connection with following the Directions of the Charity Commission f r Northern Ireland, I have found no matters that require drawing to your altention. 8.J. Friar (Independen xamlner) Chartered Accountants Irelan Alfred House 19 Alfred Streel Belfast BT2 8EQ For arKI on behalf of GMCG Chartered Accountsnts & Statutory Auditors Dale: Oc•fJAJth %ly
Page 5 Belfast Masonlc Wldows, Fund Statemont of Flnanclal Activities Yèar Ended 31 December 2022 Unrestrlctod Endowment funds funds 2022 Total 2021 Total Note Income and endowment8 from: Donalions and legacies Investments 12.052 39,526 12,052 39,526 1.837 55,150 Total Income and ondowments 51,578 51,578 56,987 Expendlture on: Investment management costs Charitable activities Other 8.609 55.221 1,800 8,609 65,221 1,800 8,449 46.753 1,800 Total expendllur• 65,630 65,630 57,002 Nèt Income l {•xpènditur•) before galn81 (108808) on Inve8tmont8 (14,052) (14,052) (15) Net gain l(loss) on investments (78,8901 (78,890) 76,423 N•t Incom• l{•xp•nditur•) (14,052) {78,890) (92,942) 76,408 Tran8f•r b•tw••n fund8 Net movement In funds 14115 <14,052) {78,890) (92,942) 76,408 Reconclllatlon of funds: Total funds broughl forward 14115 182,933 1,147,711 1,330.644 1,254,236 Total funds carrlad forward 14115 168,881 1,068,821 1,237,702 1,330.844 All income and expenditure derive from continuing activilies,
Page 8 Belfast Ma80nlc Wldow8' Fund Balancè She•t 31 D•¢•mb•r 2022 2022 2021 Not• Flxed assets Investments 11 1,166A59 1,247,118 1,168,409 1.247.118 Curr•nl lets Deblors Ca8h ai bank and In hand 12 11,169 69,274 5.440 85,486 80M43 90,928 Cr•dltorn'. amounts falllng due wlthln on• year 13 19,2001 (7,400) Net currènt a88•t8 71,243 83.526 Not auots 1,237,702 1.330,644 Charlty Fund• Endowment funds Pecm8n8rt endowm8nt Unr•$trlctsd funds 14 14 168,621 168081 1,147.711 182,933 Total charfty fund• 1,237,7Q2 1,330.644 Th8 finafial statemenis were approved and authorlged for I$$t by the Tfu81ee8 and GeneTal Committee ?w Trust•• Truste
Page 7 Belfast Masonlc Wldows, Fund ststernont of Cash Fl¢)ws Year Ended 31 December 2022 2022 2021 Noto Cash flow from 0ratIng actlvltle$ 17 (57,507) (57,642) Net cash flow from operatlng actlvltlas (57.507) {57,642) Cash flow from Inv¢$tlng a¢tlvltl¢$ Payments to acquire investments Payments to acquire investment property Recelpts from sales of investments Renial income Dividends and fixed interest received (167,059) {2,391) 171,219 1,000 38,526 {105,769) 120,622 1,000 54,150 Not cash flow from investing actlvltles 41,295 70,003 Not (d•creas•) I Increas• in cash and cash wulvalonts (16,212) 12,361 Cash and cash •qulval•nt$ at 1 January 2022 85,486 73,125 Cash and cash •qulvalonts at 31 December 2022 69,274 85,486
Page 8 Belfast Masonlc Wldows, Fund Notss to the Financial Statements Year Ended 31 Decembor 2022 Summary of slgnlflcant accounting policies (a) General Informatlon and bas18 of proparatlon Belfast Masonic Widows, Fund was established in 1873, is governed by a constitution dated April 1986, and is recognised as a charity by The Chartty Commission for Northern Ire18nd. The address of the registered office is given in the charity informatlon on page 1 of these financial statements. The nature of the charity's operations and principal actfvities are deeme(I 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 suited io the needs of the applicants. The charily constitutes a public benefit entity as defined by FRS 102. Statement of Com liance The financial statements have been prepared in accordance wlth applicable accounting standards, Accounting and Reporting by Charities: Statemenl of Recommended Practice applicable to charities preparing their accounts In accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland issued In October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102>, the Charities 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 concern basls under the historical c08t convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £. The signrficant accounting policies applied in the preparation of these financial statements are sei out below. The8e policies have been conslstently applied to all years presented unless otherwlse stated. (b) Fund8 Unrestricted funds are available for use al the discretion of the trustees in furtherance of the genera objectives of the charity and 1¢h have not been designated for other purposes. Endowment funds represent those assets whlch must be held permanently by the charity, principally as fixed asset investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capilal gains or losses arlslng on the Investments form part of th8 fund.
Page 9 Belfast Masonlc Wldows, Fund Notes to the Financlal Statements (contlnued) Year Ended 31 December 2022 Summary of slgnlflcant accounting pollcies (contlnued) (c) Income r•cognlt5on All income is included in the Statement of Financial Activilies (SOFA) when Ihe charity is legally entitled to the income afler 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 statements for volunleer tlme in line with the SORP (FRS 102). Further detail is given in the Trustees, Annual Report. For legacies, entitlement is the earlier of the charity being notified of an impendlng distribution or the legacy being received. At this point income is recognised. On occasion legacles will be notified to the charity however it is not possible to measure the amount expecled to be dlstributed, On these occasions, the legacy is treated as a contingent asset and disclosed. Investment income Is earned Ihrough hol¢Jing assets for investment purposes such as shares. It includes dividends and interest. Where il is nol practicable to identify investment management costs incurred withtn a scheme wlth reasonable accuracy the investment income is reported net of these costs. It Is included when the amount can be measured reliably. Interest income is recognlsed using the effective interest method and (Jlvldend income is reco9nised as the charity's right to receive payment is established. (d) Exp•ndltuio roGOgnltlon All expenditure is accounted for on an accruals basis and has been classifled under headlngs that aggregate all costs related to Ihe category. Expenditure is recognised where there is a legal or construclive obligation to make payments to third parties, it is probable that the setllement will be roquired and the amount of the obligation can be measured reliably. It Is categorised under the followin9 headings.. Expenditure on charitable activities includes activities undertaken dlrectly and related support cosls,. and Other expenditure represents those items not falling into Ihe categories above. Grants payable to third parties are wlthln the charitable objectives. (e) Support cost8 allocatlon Support cosls are those that assist the work of Ihe charity but do not directly represent charitable activities and include office costs, govemance cosls and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. {fj Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, Ihey are measured at fair value wlth changes recognised in 'net gains l (losses) on investments. in the SOFA if Ihe shares are publicly traded or their fair value can otherwise be measured rellably. Other investments are measured at cost less impairment. Investment properties ar8 measured al fair value at each reporting date with changes in fair value recognised in 'net gains l (losses) on investments, in Ihe SOFA. Current asset investrnents are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equlvalents with a malurity of less than one year.
Page 10 Belfast Masonlc Widows, Fund Notes to the Flnanclal Statements (contlnued) Year Ended 31 December 2022 Summary of slgnlflcant ac¢ountlng pollcles (contlnuedi (g) Debtors and credltors rgcelvable I payable wlthln one year Debtors and creditors with no stated interesl rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. (h) Impalrmant Assets not measured al fair value are reviewed for any indication that the asset may be impalred at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unil. is estimated and compared to the carrylng amount. Where Ihe carrying amount exceeds its recoverable amount, an Impalrment loss Is recognised in the SOFA unless the asset is carried at a revalued amount where the impairment loss Is a revaluation decrease. (l) Lease8 Rentals payable and recelvable under operallng leases ar& charged to the SOFA on a straight line basis over the period of the lease. U) Tax The charlty Is a reglstered charlty, and as suoh is entitled to certaln tax exemptions on incom8 and galns from Investments, and surpluses on any tradlng actlvitles carried out in the furtherance of the charlty's primary objectives, if thes8 gains and surplus88 are applied solely for charitable purpose8. The charity Is not registered for VAT and, accordingly, all their expenditure is inclusive of any VAT incurred. (k) Golng concern The financial statements have been prepared on a going concern basis as the Irustees believe that no material uncertainties exist. The trustees have considered the level of fudS held and the expected level of income and expenditure for 12 monlhs from authorising these financial slatements. The budgeted Income and expenditure is sufficient with Ihe level of reserves for the charity to be able to continue as a golng concern.
Pag811 Belfast Masonie Widows, Fund Notes to the Financial Statements (contlnued) Year Endod 31 D•comb8r 2022 Income from donatlon8 and legaclos 2022 2021 Subscriptions and donations Bequests 7,052 6,000 1,837 12,052 1,837 Income from donations was £12.052 (2021- £1.837) and was attributable to unrestricted funds. Inme from Investm•nt8 2022 2021 Dividends and fixed interest Rental income 38,526 1,000 54,150 1,000 39,526 55,150 Income from investments was £39,526 (2021- £55,150) and was attributable to unrestricted funds. Investment management costs 2022 2021 Investment manager fees 8,609 8,449 £8,609 (2021- £8,449) of the above costs were attrlbutable to unrestricted funds.
Page 12 Bèlfast Masonic Widows, Fund Notes to the Flnanclal Statements (contlnued) Year Ended 31 Decernber 2022 Analysis of expondfture on charltablo actlvltlo8 Charltable actSvltl08 2022 Activities undertaken directly Support costs Total Financial assistance to n8edy Freemasoris and their famlli8S 31,917 23,304 55,221 Charitable activities 2021 Activities undertaken directly Support costs Total Financial assistance to needy Freemasons and thelr families 30.573 16,180 46,753 £55,221 (2021- £46,753) of the above costs were attributable lo unrestricted funds Analy818 of support costs 2022 2021 Support costs Office admlnistration costs Other 8,100 15,204 6,150 10,030 Total 23,304 16,180 Govornanco costs 2022 2021 Independent examiner 1,800 1,800 Analysls of grants 2022 2021 Grants to indlvlduals Financial assistance to needy Freemasons and theiT families 31,917 30.573
Page 13 Belfast Masonlc Wldows, Fund Not08 to tho Financial Statements (contlnuedl Year Ended 31 December 2022 Net Income l (oxpenditurn) for the year Net Income l {expenditure) is stated after charging l {credlting)'. 2022 2021 Realised lossl(gain) on disposal of investments 3,084 (3,7701 Unrealised lossl(gain) on falr value movement of investments 75,806 (72.653) 10 Truste, and key management porsonnol ramuneratlon and •xpens•s The trustees neither received nor waived any remuneration during the year (2021.. £Nil). The key management personnel are considered to be the trustees and management committee. The total amount of employee benefits received by key management personnel is £Nil (2021- £Nil), The reimbursement of Commiltee members, expenses was as follows.. 2022 2021 Travel Office administration costs Research 900 8,100 765 6,150 9,765 7.850
Page 14 Bolfast Masonic Widows. Fund Notes to the Flnanclal Statements (contlnued) Year Ended 31 December 2022 11 Fixed asset investments Investment Llsted Property inveslments Total Valuation At 1 January 2022 Additions Disposals Revaluation 235,840 1.011,278 1.247,118 2,391 167,059 169,450 (174,303) (174,303) (75.806) (75,806) At 31 D•c•mb•r 2022 238,231 928,228 1.166,459 Impalrment At 1 January 2022 and 31 December 2022 Carrylng amount: Al 31 December 2022 238,231 928,228 1,166,459 At 31 December 2021 235,840 1,011,278 1,247,118 Investments at fair value compromise: 2022 2021 Equlties Alternative investments Bonds 652,146 235,744 40,338 658.425 262.493 90.360 928,228 1,011,278 The fair value of listed investments is determined by reference lo the quoted prlce for Identical assets in an active market at the balance sheet date. Investment property Is measured at market value at each reporting date. 12 Debtor8 2022 2021 Other debtors 11,169 5,440
Page 15 Belfast Masonlc Wldows, Fund Notès to tha Financial Actlvltles (contSnued) Year Ended 31 Decembor 2022 13 Creditor8.' amounts falling due wSthln one yoar 2022 2021 Accruals 9,200 7,400 14 Fund reconclllatlon Unrestrl¢ted funds Balance at 1 January 2022 Gains I Balance at Income Expenditure (losses) Transfers 31 December 2022 Unrestricted 182,933 51,578 (65.630) 168,881 Balance at 1 January 2021 Gains I Incorne Expenditure (losses) Transfers Balance at 31 December 2021 Unr8Stricted 182.948 56.987 (57,002) 182.933 Unrestricted funds are avallable for use at the discretlon of the trustees In furtherance of the general objectives of the charity and which have not been designated for other purposes. Endowment fund8 Balance at 1 January 2022 Galns I Balance at (losses) Transfers 31 DeGemb•r 2022 Income Expenditure Endowment fund 1,147,711 (78,890) 1,068,821 Balance at 1 January 2021 Gains I (losses) Transfers 8alance at 31 December 2021 Income Expendlture Endowment fund 1.071,288 76,423 1,147,711 Endowment funds represent those assets which must be held permanently by the charity, principally as fixed asset investments.
Page 16 Beffast Masonic Wldows, Fund Notes to the Flnanclal Activitios (contlnuedl Year Endod 31 Decernber 2022 15 Analy818 of net assets between fund8 Unrestricted Endowment funds funds 2022 Total Flxed assets Cash Other current assets 97,638 69.274 1,969 1,068,821 1,166,459 69,274 1,969 Total 168.881 1,068,821 1,237,702 Unrestricted Endowment funds funds 2021 Total Fixed assets Cash Other current liabilities 99,407 85,486 (1.9601 1,147,711 1,247.118 85,486 (1,960) Total 182,933 1,147,711 1,330,844 16 Reconclllatlon of not expendltur• to net cash flow from oporatlng actlvltl•8 2022 2021 Net (expenditur8)fincome for year (92,942) 76,408 Dividends and fixed interest receSved Renlal Income Lossl(Gain) on investments (Increase) in debtors Increase in creditors (38,526) 11,0001 78,890 16,729) 1,800 (54,150) (1.0001 {76,423) (4.277) 1,800 Net cash flow from operating activities (57,507) {57,642)
Page 17 Belfast Masonic Widows, Fund Notes to the Flnanclal Actlvltles (contlnued) Year Ended 31 Decernber 2022 17 Related party transactlons Belfast Masonoc Charity Fund is deemed to be 8 related party as it is also under the control of the trustees. At the year4nd Belfast Masonic Charily Fund owed Belfast Masonic Widows, Fund £10,050 (2021 £4,320). EthleAI Standard In common with many other charities of our size and nature we use our independent examiner to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.