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Company No: 03142037 (England and Wales)

IPSWICH MASONIC TRUST COMPANY LIMITED

(A company limited by guarantee)

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

IPSWICH MASONIC TRUST COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

IPSWICH MASONIC TRUST COMPANY LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
IPSWICH MASONIC TRUST COMPANY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Dr John Anthony Elmore
Stephen Henry Newman
David Guy Devereux Pearsons
Howard John Wright
SECRETARY Thomas Auber
REGISTERED OFFICE Freemasons Hall
8-10 Soane Street
Ipswich
IP4 2BG
United Kingdom
COMPANY NUMBER 03142037 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
IPSWICH MASONIC TRUST COMPANY LIMITED

BALANCE SHEET

As at 31 December 2023
IPSWICH MASONIC TRUST COMPANY LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 215,000 215,000
215,000 215,000
Current assets
Cash at bank and in hand 9,737 9,252
9,737 9,252
Creditors: amounts falling due within one year 4 ( 734) ( 734)
Net current assets 9,003 8,518
Total assets less current liabilities 224,003 223,518
Provision for liabilities 5 ( 40,850) ( 40,850)
Net assets 183,153 182,668
Reserves
Revaluation reserve 174,150 174,150
Retained earnings 9,003 8,518
Total reserves 183,153 182,668

For the financial 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 financial statements of Ipswich Masonic Trust Company Limited (registered number: 03142037) were approved and authorised for issue by the Board of Directors on 27 September 2024. They were signed on its behalf by:

Dr John Anthony Elmore
Director
IPSWICH MASONIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
IPSWICH MASONIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ipswich Masonic Trust Company Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Freemasons Hall, 8-10 Soane Street, Ipswich, IP4 2BG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Investment property Total
£ £
Cost
At 01 January 2023 215,000 215,000
At 31 December 2023 215,000 215,000
Accumulated depreciation
At 01 January 2023 0 0
At 31 December 2023 0 0
Net book value
At 31 December 2023 215,000 215,000
At 31 December 2022 215,000 215,000

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in the reserves.

The investment property has been valued at £215,000 which in the opinion of the Directors is the fair value of the property.

4. Creditors: amounts falling due within one year

2023 2022
£ £
Other taxation and social security 409 409
Other creditors 325 325
734 734

5. Provision for liabilities

2023 2022
£ £
Deferred tax 40,850 40,850

The company has an investment property on its balance sheet. Deferred tax at 19% has been provided. Any change in future fair value will have deferred tax calculated on it and the amounts will be treated as a surplus or deficit through the profit and loss account.

6. Ultimate controlling party

The company is controlled by the directors.