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Company registration number: 00177297
The British Co-Masonic Trust Limited
Company limited by guarantee
Unaudited filleted financial statements
31 December 2023
The British Co-Masonic Trust Limited
Company limited by guarantee
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
The British Co-Masonic Trust Limited
Company limited by guarantee
Directors and other information
Directors
Mr Brian Robert Roberts
Mr Jean-Marie Felix Diomar
Mr Colin Anthony Bleach
Mrs Lourdes Alawo
Mrs Sally Ann Roberts
Secretary Mr Colin Anthony Bleach
Company number 00177297
Registered office Hexagon House
37/39 Surbiton Hill Road
Surbiton
Surrey
KT6 4TS
Business address Hexagon House
37/39 Surbiton Hill Road
Surbiton
Surrey
KT6 4TS
Accountant Reza Samii
5 Calico Row
Plantation Wharf
London
SW11 3YH
Bankers Lloyds TSB Bank Plc
1 City Road East
Manchester
M15 4PU
The British Co-Masonic Trust Limited
Company limited by guarantee
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of The British Co-Masonic Trust Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of The British Co-Masonic Trust Limited for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
My work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Reza Samii
Chartered Accountant
5 Calico Row
Plantation Wharf
London
SW11 3YH
17 September 2024
The British Co-Masonic Trust Limited
Company limited by guarantee
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 7 331,753 331,753
Investments 8 26,997 27,431
_______ _______
358,750 359,184
Current assets
Debtors 9 2,089 6,671
Cash at bank and in hand 80,437 76,027
_______ _______
82,526 82,698
Creditors: amounts falling due
within one year 10 ( 310,906) ( 311,384)
_______ _______
Net current liabilities ( 228,380) ( 228,686)
_______ _______
Total assets less current liabilities 130,370 130,498
_______ _______
Net assets 130,370 130,498
_______ _______
Capital and reserves
Profit and loss account 130,370 130,498
_______ _______
Members funds 130,370 130,498
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
Mr Brian Robert Roberts Mr Colin Anthony Bleach
Director Director
Company registration number: 00177297
The British Co-Masonic Trust Limited
Company limited by guarantee
Statement of changes in equity
Year ended 31 December 2023
Profit and loss account Total
£ £
At 1 January 2022 126,539 126,539
(Loss)/profit for the year 3,959 3,959
_______ _______
Total comprehensive income for the year 3,959 3,959
_______ _______
At 31 December 2022 and 1 January 2023 130,498 130,498
(Loss)/profit for the year ( 128) ( 128)
_______ _______
Total comprehensive income for the year ( 128) ( 128)
_______ _______
At 31 December 2023 130,370 130,370
_______ _______
The British Co-Masonic Trust Limited
Company limited by guarantee
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by guarantee, registered in United Kingdom. The address of the registered office is The British Co-Masonic Trust Limited, Hexagon House, 37/39 Surbiton Hill Road, Surbiton, Surrey, KT6 4TS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Investment Property - Investment properties are not depreciated.
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
4. Limited by guarantee
The company is limited by guarantee and upon winding up each director could be required to contribute £1.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
6. Tax on loss/profit
There is no corporation tax charge for the year due to excess management charges of £923,660 as at 1st January 2023.
7. Tangible assets
Investment property Total
£ £
Cost
At 1 January 2023 and 31 December 2023 331,753 331,753
_______ _______
Depreciation
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 331,753 331,753
_______ _______
At 31 December 2022 331,753 331,753
_______ _______
8. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 January 2023 27,431 27,431
Additions 286 286
Revaluations ( 720) ( 720)
_______ _______
At 31 December 2023 26,997 26,997
_______ _______
Impairment
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 26,997 26,997
_______ _______
At 31 December 2022 27,431 27,431
_______ _______
Investments represent quoted shares at market values.
9. Debtors
2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 4,524
Other debtors 2,089 2,147
_______ _______
2,089 6,671
_______ _______
Included in "Other debtors" is a sum of £1,308 due from International Order of Freemasonry for Men and Women (IOFMW).
10. Creditors: amounts falling due within one year
2023 2022
£ £
Other Loans - related party 309,995 309,995
Amounts owed to group undertakings and undertakings in which the company has a participating interest ( 51) 487
Other creditors 962 902
_______ _______
310,906 311,384
_______ _______
11. Related party transactions
1. In October 2013 the company received a loan of £309,995 from International Order of Freemasonry for Men and Women (IOFMW), an unincorporated body whose management team includes Mr Roberts, the director. This loan which was used to acquire a property is unsecured and repayable on written demand but subject to any tenancy agreement in place.During the year this company charged IOFMW a provision fee of £500 towards management of the property. The balance due from IOFMW as at 31st December 2023 amounted to £1,308 (2022: £1,366).