BELFAST MASONIC WIDOWS, FUND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charity registration number: 102661
Belfast Masonic Widows. Fund Flnanclal Statements Year Endad 31 Dec•mber 2023 Contents Page Annual Report of th8 Trustees and General Committee Independent Examiner's Report Statement of Financial Aclivities Balance Sheet Slatement of Cash Flows Notes to the Financial Statements
Page 1 Belfast Masonic Widows. Fund Annual Report of the Trustees and General Comrnittee Y•ar Ended 31 December 2023 The Trustees and General Committee have pleasure in presenting their report and the unaudited financial statements 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) "Accountirig and Reporting by Charities. (FRS 102) in preparing the annual report and financial statements of the charily. The financial statements have been prepared in accordance with the accounting policies sel out in notes to the financial statements and comply with the Charit$ goveming document, the Charities Act (Northern Ireland) 2008, Charities Act (Northem Ireland) 2013, the Charities (Accounts and Reports) Regulatlons (Northern Ireland) 2015, Accouniing and Reporting by Charities: Statement of Recommended Practlce applicable to charilies preparfng their accounts in accordance with the Financial Reporting Stsndard applicable In the UK and Republic of Iraland issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and UK Generally Accepted Accounting Practice. Tru8te88 of the charfty The trustees who have serve(I during the year were as follows: Bro M Cleland Bro H Botiomley Bro S Nicholson Bro J Morrow Charlty r•f•rnnc• and admlnlstratlve detalls Charity registration number: 102661 Reglstered office.. 49 Main Street, Ballyclare, BT39 9AA Independent examlner GMCG, Chartered Accountants & Registered Audltor, 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: Investment managers: Objectlves and actlvltles The objects of the Fund shall be deemed to afford assistancè to needy, deserving, destitute, or indigent Freemasons or their families or the dependants of deceased Ffeemasons by grants of money or other such means as the General Committee may find best sulted to the needs of the applicants. Publlc beneflts The provisions of benefits to achleving the purpose of the Trust's objectlves as follows.. To provide and afford in necessitous circumstances, financial asslstance by means of grants of monies to eligible Freemasons or their families (wives. civil partners, sons. daughters, grandchildren) to include the dependants (widow, civil partner, mother. daughter5. sons. grandchildren) of deceased Freemasons for the relief of poverty and social exclusion., What the Trust does: The Trust affords asslsiance to needy Freemasons or their families or the dependanls of deceased Freemasons by grant of money or such other means as may be best suited to the needs of the applicants. Publlc beneflt slatement The Trustees and General Committee of Belfast Masonlc Wldows, 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 2023 Ihe charity has continued to provide Public Benefits Ihrough financial and olher means of assistance.
Page 2 Belfast Masonic Widows, Fund Annual Report of the Trustees and General Cornmittee (contlnu•d) Yoar Endad 31 Dacombor 2023 Achlevement8 and performance Total income for the year was £62,770 {2022.. £51.578). Investm8nts are held by Evelyn Brothers as discretionary nominees. There has been a gain of £2.514 (2022: £78.890 loss) on disposals and revaluation of investment assets. Total expenditure for the year amounted to £62.187 (2022: £65.630). The net income for the year amounted to £3.097 (2022: net expenditure £92.942). The Trustees and General Committee wlll report in (lue course on any changes to the investmenl strategy or asset structure as necessary, to contlnue their 'duty of care, and to fuSfi1 their obligations in respect of the underlying assets. Flnanclal rev1 (Includlng resorves pollcy) Raserves poll¢y 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 running costs which include management, administration and support costs. Free reserves are those unrestricled reserves not designated nor invested in fixed assets which are available for general use. As at 31 December 2023, the charity has total funds of £1.240,799 (2022.. £1,237,702) of which endowment funds are £1,071,335 {2022: £1,068,821) and unrestriGted furKls are £169,464 (2022: £168,881). Fundlng The Fund was not actively seeking subscriptions and donations, and funding was primarily from investment income. Plans for futuro perlod8 The Trustees and General Commiltee plan lo Continue 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 with Belfast Masonic Charity Fund remains under review. Structure, governance and managomont Governin document The lund which was eslablished in 1873. Is governed by a constitution, and is registered as a charity wilh The Charity Commlssion for Northern Ireland from 1 * June 2015. Recruitment a ointment induction and trainin The present General Committee has been involve(l in the charity for a number of years and so are familiar with its work. The General Committee regularly review the requirements of the charity and the possibility of a need for additional trustees or members of the management commillee. Any new trustees or members of the Management Committee would be elected by the General Committee. Appropriate training and induction is available to all trustees and members of the Management Committee, nis tional stwcture and related arties There are 3 trustees and a Management Commlttee. Jolnt Management Committee meetings are held with the Belfast Masonic Charity Fund. Risk mana emenl The Trustees and General Committee have assessed the major risks to whlch the charity Is exposed. In particular those related to the operations and finances of the charity. and are sat15fied that systems are in place to mltigale ari exposure to major rlsks. Where approprlate, systems or procedures have been established to mitigate the risks the charity faces. Intemal control rlsks are mlnimised by the implementation of procedures for aulhorisalion 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 ensu that they continue to meet the needs of the charity.
Page 3 B•lfast Magonlc Vvldows. Fund Annual Report of tho Trn8t•és and General Commlttee Icofttlnued) Yèar Endèd 31 Dècember 2023 SIrtUr•. goveman¢• and mf4nag•ment (contlnued) ie Thére are 3 Iru8te8s and a Manau8rngnt Commlttee. Jolnt Management Commlttee meetlngs are held wllh the Bella81 Masonlc Charlty Fund. Rlsk m The Trustees and General Commlttee have assessed the major rlsks to whlch the charlty Is exposed. In partrcular those related to the operaiions and ljnances of the charlty, and are satisfied Ihat systamJ5 are In place lo mStlg8te an exposure to major rlsk8. VKfftere appn>prlale, systems or procedures have been establlshed to mlllgale the r18ks Ihe charlty faces. Internal control risks are mlnlmlsed by the Implemenlallon ol procedures lor author18alion of 811 Irara¢ll0n8 and pr*cts. Procedures aré in place to ensurè ¢ompllance with heallh and Safety of offK6r8. volunteers and appllcants. These procedures are perlodlcally reviewed at least annually to 8nsure that they contlnua to meei the needs ol the charlty. Trusl•es' and Gon•r•l CommlttO0'8 reopon8lbllltl6a It 18 the re8ponBlbllty ol the Honorary Trea$ui•r. at th? beh68t of the Trusteas, to preparé financlal 81aiemant8 In 8c¢ordance wlth ?pp51c9ble law and Uniled Klngdorn Afxountlng Sl8nd8rds (United Klngdom Generally Accepted Accounllng Pracllce). The law appllcable to eharltles In Northem Ireland requlres the Iru8tee8 to prepare financlal slatemenls for èach finan¢lal year whlch glve a Ifue ands falr vlew of Ihe state ol affalr8 01 Ihe charlty and of ihe In¢oming resource8 and appllcatlon of re80urc88 of Ihe charlty fu perlod. In preparlng Ihese financial stalement8, the trustees aro roqulrad to., 8eleGI 8ultable accoun(Ing poll¢les and then oppty them ¢on¥lstentty; ob8eNe the molhods and prlndpl88 In Ihe Charllles SORP 2019 {FRS 1021; make Judgements and estimate8 that are feasonablo and prudent; state whether oppllcable accounllng stsnd?S have been followed, subjecl to any material dep8rture8 disdojed and oxplalned In the financlal 8tatemen18: and prepare the finandal staiements on the golng concern basls unless 11 ts InapprOal6 to pre8um8 thal the cttarty wlll ¢ontinue In operatlon. The Truslees and General Commlttee are re8ponslble for keeplng kyoper accounling records thai dlsclosè with reasonable accura¢y al any lime ihe financlal poslllon of Ihe charlty and enable Ihem to en$ure that the finandal 8tatements ¢omWy wllh the ¢h8rwes Act (Northern Ireland) 2008. Ihe Charftle8 {Ac¢ounts and Report8) Regulatlon8 (Northem Ireland) 201 S And th8 provl8lon$ ol the trust deed. Th8y are also responslNe lor Safeguarding the a88et8 of Ihe charity and h8n¢e for taklng reasonable 8teP8 for the prevention and deleGtIDn of fraud and other Irregularltles. The Tw8tees and G¢n¢ral Committee are responslble lor tho malntenance and Inte9rlty ol Ihe charlty and flnancS8l Informatlon Included on th• chafty's web31te. Leglslatlon In Ihe United Kingdom wvwnlng the pffjparatlon d188emlnallon of financlal statemenls m8y diffor from leglslatlon In otherlurlsdltlions. On behalf of the Tw8lee8 and General Comltt H Botlomley Truste0
Page 4 Belfast Masonic Wldow8' Fund Independent Exarnlnerfs report to the Trustees of Belfast Masonlc Wldows, Fund Year Endod 31 December 2023 I report on the accounts of the charity for the year ended 31 St December 2023 which are set out on pages 5 to 17. Respective responslblliti of trustees and oxaminer As the charity's trustees you are responsible for the preparation of the accounls in accordance with the Charities Act (Northern Ireland) 2008. It is my responsibility to- examine the accounts under section 65 of the Charities Acl. follow the procedures laid down In the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act.. and slate whether particular matters have come to my attenlion. 8a818 of Independent examlner's report I have examined your charity accounts as required under seclion 65 of the Charities Act and my examination was carried out In accordance wlth the general Directions given by the Charity Commission for Norther Ireland under section 65(9)(b) of the Charltles Acl. My examlnatlon Included a review of the accounting records kept by the charity and a comparison of Ihe accounts presenled with those records. It also induded ¢onsiderallon of any unusual items or disclosures in the accounts and seekin9 explanations from you as charity trustees concerning any such matters, My role is lo state whelher any material matters have come to my attention giving me cause to belleve: 1. That accounling records were not kept in accordance with section 63 of the Charities Act 2. That Ihe accounts do not accord with those accounting records 3. That Ihe accounts do nol comply with the accounling requirements of the Charities Act 4. Thal there is further information needed for a proper understsnding of the accounts lo be reached, Ind•p•nd¢nt examlner'8 8tatement I have completed my examination and have no concerns in respect of the matters (1) to (4) lisled above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention, B.J. Friar (Inde ent Examiner) Chartered Accounta ts Ireland Alfred House 19 Alfred Street Belfast BT2 8EQ For and on behalf of GMCG Chartered Accountants & Statutory Auditors Date: hff)A OC/)414I-
Page 5 Belfast Masonic Widows. Fund Statement of Financial Activities Year Ended 31 Dember 2023 Unrestrlcted Endowment funds funds 2023 Total 2022 Total Noto Income and endowments from: Donaiions and legacies Investments 7,248 55,522 7,248 55,522 12,052 39,526 Total Income and 0ndowmt8 62.770 62,770 51,578 Expendlture on: Investment management costs Charltable activitles Other 7,843 $2,$44 1,800 8,609 55,221 1,800 52,$44 1.800 Total axpandltura 62.187 62,187 65.630 Net Incomo 1 (•xwndltura) bore galns l (loss> on Investments 583 {14,052) Net gain l(loss) on investments 2,514 2,514 (78,890) N•t In¢om• l(•xpendltur•) 583 2,514 3,097 (92,942) Transfer botween funds Net movement In funds 14116 583 2,514 3.097 (92.942) Reconclllatlon of funds: Total funds brought forward 14115 168,881 1,068,821 1,237,702 1,330.844 Total funds carrled forward 14115 169,464 1,071,335 1,240.799 1,237,702 All income and expenditure derive from continuing activities.
Page 6 Belfast Masonlc Wldow8' Fund Balance Shoot 31 December 2023 2023 2022 Noi• Flx¢d as80ts Investrnents 11 1.181,911 1,166,459 1,161.911 1.186,459 Curront 488èts Debtors Cash at bank and In hand 12 11,225 78.663 11.169 69.274 89,888 80,443 Credltorn: •mounl• lalllng du• whhln Oh• y•ar 13 (11,000> 19.200) Net curient a•8•t• 78088 71.243 1.240.799 1.237,702 Charlty Fund8 Endowrnent funds Permanenl endowment Unro$iA¢ied lund$ 14 14 1.071,336 169,464 1,068,821 168,881 Tolal ¢harfty fund8 1,240,799 1,237,702 The nandel 8talernents wer& approved and authorlsed foT1&8ue by Ihe Trustees and General Commrtteè .Zo)g&tr._and afe Signed on Iheir bohalf by. H Boltomley Tw61oe rrusl
Page 7 Belfast Masonic Widows. Fund statement of Cash Flows Yoar Endod 31 DKember 2023 2023 2022 Note Cash flow from op•ratlng actlvltlos 17 {53,195) (57,5071 Not cash flow from operatlng actlvltle8 (53,195) (57.507) Cash flow from Investlng actlvltle8 Payments to acquire investments Payments to acquire Investment property Receipts from sales of investments Rental income Dlvidends and fixed Interest recelved (34,038) (73,071) 114,171 18,100 37,422 {167,059) (2,391) 171,219 1,000 38,526 Not ¢a$h flow from Inv•$tlng actlvltles 62-584 41,295 Nat Incrwe IldKr•as•) In cash and cash equlvalents 9.389 (16,212) Cash and cash •qulvalen18 at 1 January 2023 69,274 85,486 Cash and cash •qulvalent8 at 31 D8c•mb•r 2023 78,663 69,274
Page 8 Belfast Masonlc Wldows, Fund Notes to tho Financial Statoments Year Ended 31 December 2023 Summary of slgnfflcant accountlng pollcles (a) General Informatlon and basls of preparation Belfast Masonic Widows. Fund was established in 1873, Is governed by a constitution dated April 1986, and is recognised as a charity by The Charity Commlsslon for Northern Ireland. The address of the registered office is given in Ihe charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are deemed to be affording assistance to needy, desenrfing, deslitute, or indigent Freemasons or thelr famllles or the dependants of deceased Ffeemasons by granls of money or other such means as the General Committee may find best suited lo the needs of the applicants. The charity conslltutes a public benefit entity as defined by FRS 102. liance The financial statements have been prepared in accordance wlth applicable accountlng standards. Accounling and Reporting by Charities: Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance wlth the Flnancial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the Unlted Kingdom and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2008. Charities Act (Northern Ireland) 2013, The Charilies (Accounts and Reports) RegLtlatlons (Northem Ireland) 2015 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historlcal cost convention, modified to include certain items at fair value. The financial statements are prepared In sterllng which Is the funcllonal currency of the charlty and rounded to the nearest £. The significant accounting policies applied in the preparation of Ihese flnanclal statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. (b) Funds Unrestricted ndS are avallable for use at the discretion of the trustees in furtherance of the general objectives of the charity and whlch have not been designated for other purposes. Endowment funds represent those assets which 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 capital gains or losse5 arising on the investments form part of the fund.
Page 9 Balfast Masonlc Wldow8' Fund Notes to the Financial Staternents (continu) Year Ended 31 December 2023 Summary of $19nlflcant accountlng po15cles (contlnueo) (c) Income recognltlon All income is included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. No amount is included in the financial statements for volunteer time In lin8 wilh the SORP (FRS 102). Further detail is given in the Trustees, Annual Report. For legacles, entitlement is the earlier of the charity belng notified of an impending dislrlbution or the legacy belng received. Al this point income is recognised. On occasion legacies will be notified to the charlty 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 disclosed. Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and inlerest. Where it Is not practicable lo identify investment management costs incurred within a scheme wilh reasonable accuracy the inveslment income is reported net of these costs. It is induded when the amount can be measured reliably. Inlerest income is recognised uslng the effective interest method and dividend Income Is recognised as the charlty's right to recelve payment is established. (d) Exponditure r•cognltlon All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive oblatIon to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings: Expenditure on charitable activities includes actlvitles undertaken directly and related support costs; and Other expendilure represents those Ilems nol falllng Into the categorles above. Grants payable to third parties are within the charltable objectives. (e) Support costs allocatlon Support costs are those that assist the work of the charity but do rbot directly represent charitable actlvltles and Include office costs, governance costs and administralive payroll costs. They are incurred dlrectly In support ol expenditure on the objects of the charity. {fj Investmonts Inveslments are recognised initially at fair value which is normally the transactlon price excluding transaction costs. Subsequenlly, they are measured at fair value with changes recognised in 'net gains l (losses) on investments, in the SOFA rf the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. Investment properties are measured al fair value at each reportlng date wlth changes in fair value recognised in 'net gains l (losses) on investments, tn the SOFA. Current asset Investments are short term highly Ilquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.
Page 10 Belfast Masonlc Wldows, Fund Notes to the Financial Statements (contlnu¢d) Year Ended 31 December 2023 Summary of Significant accountlng policies (continued) {g> Debtor8 and credltors recelvable I payable wlthln one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impainnent are recognised in expenditure. (h) Impairment Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheel dale. If such indication exists, the recoverable amount of the asset, or the asset's cash generatlng unll. Is estimated and compared lo the carrying amount. Where the carrying amount exceeds Its recoverable amount, an impairmenl loss is recognised in the SOFA unless the asset is carried at a revalued amount where the impairmenl loss is a revaluation decreas8. (l) Lea8e8 Renials payable and receivable under operatlng leases are charged to the SOFA on a straight lin8 basis over the period of the lease. 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 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 ¢onc•rn The financial statements have been prepared on a going concern basls as Ihe truslees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expendrture for 12 months from authorising these financlal statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Page11 Belfast Masonic Widows, Fund Notes to the Financial Ststements (¢ontlnu¢d Y•ar Endèd 31 Daeember 2023 Income from donations and legacios 2023 2022 Subscriptions and donations Bequests 7,248 7,052 5.000 7,248 12,052 Income from donations was £7.248 (2022 - £12,052) and was attributable to unrestrlcted fun(Is. Income from Inveslments 2023 2022 Dividends and fixed interest Rental income 37,422 18,100 38,526 1,000 55,522 39,526 Income from investments was £55.522 (2022 - £39,526) and was allributable to unrestricted funds. Investment management co8t8 2023 2022 Investment manager fees 7,843 8,609 £7,843 (2022 - £8.609) of the above costs were attributable to unrestricted funds.
Page 12 Belfast Masonlc Wldows, Fund Notos to thé Flnanclal Statsm•nts (continued) Year Ended 31 Decomber 2023 Analys18 of expendlture on charltable actlvltle8 Charltable activfties 2023 Activities undertaken directly Support costs Total Financial assistance to needy Freemasons and their famllies 29,590 22,954 52,544 Charitable activities 2022 Activities undertaken directly Support costs Total Flnanclal asslstance to needy Freemasons and Iheir families 31,917 23,304 55,221 £52,544 {2022 - £55,221) of the above costs were attributable to unrestricted funds Analy81s of support costs 2023 2022 Support costs Office administration cosls Other 8,150 14,804 8,100 15,204 Tolal 22,954 23,304 Gov•mance co8t8 2023 2022 Independent examiner 1,800 1,800 Analysls of grants 2023 2022 Grants lo individuals Financial assistance to needy Freemasons and their families 29,590 31,917
Page 13 Belfast Masonic Widows. Fund Not8s to the Flnanclal Statements Icontlnu•d) Year Ended 31 December 2023 Not Income l {expendlture) for the year Net income l (expenditure) is stated after charging l (crediting): 2023 2022 Realised (gain)Iloss on disposal of investments (1,271) 4,330 Unrealised (gainyloss on fair value movement of investments (1,243) 74,560 10 Truste, and key managemont personnel r•munoratlon and axpens The Iruslees neither received nor waived any remuneratlon durlng Ihe year (2022: £Nil). The key management personnel are considered to be the truslees and management committee. The total amount of employee benefits received by key management personnel is £NII (2022 - £Nil}. The relmbursement of Commiiiee members, expenses was as follows: 2023 2022 Travel Office administralion costs Research 900 8,150 400 900 8,100 765 9,450 9,765
Page 14 Belfast Masonlc Wldows, Fund Notes to tho Flnanclal Statemonts (continued) Yoar Ended 31 Decomber 2023 11 Flxed a88et Investments Imiestment Llsted Propety investments Total Valuatlon At 1 January 2023 Additions Diskh)sals Revaluatlon 238,231 73,071 928,228 1,166,459 34,038 107,109 {112,900) (112,900) 1,243 1,243 At 31 December 2023 311,302 850,609 1,161,911 Impalmiont At 1 January 2023 and 31 December 2023 Carrylng amount: At 31 D•cemb•r 2023 311,302 850,609 1,161,911 Al 31 December 2022 238.231 928,228 1,166,459 Investments at fair value compromise: 2023 2022 Equities Alternative investments Bonds $81,513 192,200 76,896 652,146 235,744 40.338 850,609 928,228 The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market al the balance sheet date. Investment property is measured at market value al each reporting date. 12 Debtors 2023 2022 Other debtors 11,225 11,169
Page 15 B•lfast Masonlc Wldows, Fund Notes to the Financial Activitles {contlnu8d) Year Ended 31 December 2023 13 Crnditor8: amounts falling duo within one yoar 2023 2022 AccNals 11,000 9.200 14 Fund r¢¢onclllatlon Unre8trl¢t•d funds Balance at 1 January 2023 Gains I Balance at Income Expenditure (losses) Transfers 310ecemb¢r 2023 Unrestricted 168,881 62,770 (62,187) 169,464 Balance at 1 January 2022 Gains I Income Expenditure (losses> Transfers Balance at 31 December 2022 Unrestrlcte 182,933 51,578 (65,630) 168,881 Unrestrtcted funds are available for use at the discretion of the trustees In furthèrance of the general objectlV8s of the charfty and whlch have nol been designated for other purposes. Endowment fund8 Balance al 1 January 2023 Gains I Balancè at (losses) Transfers 31 Decombèr 2023 Income Expenditure Endowment fund 1,068,821 2,514 1,071,335 Balar¢e at 1 Jarnjary 2022 Gains I Balance at (losses) Transfers 31 December 2022 Incom8 Expenditure Endowment fund 1,147.711 (78,890) 1,068,821 Endowment funds represent those assets which must be held permanently by the charity, principally as fixed asset investments,
Page 16 Belfast Masonlc Wldows. Fund Notss to the Financlal Actlvltles (continued) Year Ended 31 Decambar 2023 15 Analysls of not assets betwaon funds Unrestricted Endowment funds funds 2023 Total Fixed assets Cash Other current assets 90,576 78.663 225 1,071,335 1,161,911 78,663 225 Total 169.464 1.071.335 1.240.799 Unrestricted Endowrn8nt funds funds 2022 Total Fixed assets Cash Other current liabilities 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 16 Reconclllatlon of n•t •xpondltur• to n•t cash flow from oporatlng actlvltlos 2023 2022 Net incomel{expenditure) for year 3,097 (92,942) Dividends and fixed Interest received Rental income (Gain)ILoss on investments (Increase) In debtors Increase in creditors (37,422) (18,100) (2.514) (56) 1,800 {38.526) (1,000> 78,890 (5,729> 1,800 Net cash flow from operatlng actlvlties <53,195) {57,507)
Page 17 Belfast Masonlc Wldows, Fund Notes to the Financial Activities (contlnuod) Year Ended 31 December 2023 17 Related party transactlons Belfast Masonic Charity Fund is deemed to be a related party as It Is also under the control of the trustees. At the year4nd Belfasl Masonic Charily Fund owed Belfast Masonic Widows, Fund £7,800 (2022 £10,050). 18 Ethlcal Standard In common wtth many other charilles of our slze and nature we use our independent examiner to prepare and submlt retums lo the tax authoritles and assist with the preparation of the financial statements,