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|MASONIC SAMARITAN
FUND|||
|---|---|---|
|Contents||Page|
|Trustees'
Annual
Report|||
|Strategic Report|||
|Statement ofTrustees Responsibilities||13|
|Auditor's
Report||14|
|Consolidated
Statement of Financial Activities||18|
|Balance Sheets||19|
|Consolidated
Statement ofCash Flows||20|
|Notes to the Financial Statements||21|
|The following
pages do not form part ofthe statutory accounts|||
|Annex A —Grants made to Charitable|Institutions|31|
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|All governance|and|management
capabilities
are provided
by the MCF and|details|of the|relevant|
|---|---|---|---|---|---|
|committees
and processes are provided
in the annual
report and accounts ofthat|||company. Trustees and|||
|committees
ofthe MCF address the specific needs ofthe Charity as part oftheir roles and||||responsibilities||
|for the MCF. The|trustee board and the main committees
meet as follows:|||||
|Board/Committee||Purpose||Meetings per||
||||||ar|
|Trustee Board||Main decision-making
body with ultimate
responsibility
for|the|||
|||Charit||||
|Audit and Risk||Identification
and miti
ation of risk, oversi
ht ofexternal
audit||||
|Charity Grants||Consideration
ofapplications
for grants from organisations||||
|||re
nised b
the Chari
Commission||||
|Finance||Ensuring
adequate
procedures
are in place to manage
all||||
|||as
cts offinancial
lannin,
controllin
and re
rtin .||||
|Fundraising||Supporting
the masonic community's
fund raising activities|to|||
|||su
rt the Charit||||
|Investments||Maintaining
investment
strategies to meet the requirements|of|||
|||the Chari, a
ointment
and rnonitorin
offund mana
ers||||
|Masonic Support||Consideration
ofapplications
from individuals
connected
with||||
|||the masonic communi
for financial
relief||||
|Property (RMTGB
onl||Development
and execution ofstrategies to optimise the returns
from the Chari
's
ro e
orffolio||||
|Remuneration||Determination
ofexecutive and staff
a
&benefits||||
|Strategy||Development
and implementation
ofstrategies
to support the||||
|||Charity's
objectives.
In addition,
the trustees
hold an annual||||
|||strate
ic'awa
da
.||||
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|The principal|risk|risk|s id|en|tified|and agreed actions to mitigate|are s|hown
in the following table:||
|---|---|---|---|---|---|---|---|---|---|
||Risk|||||Conse
uence||Miti ation||
|Significant|unexpected|||||Reputational
damage,
loss of||Strong financial procedures,||
|financial loss||from||||confidence
with key stakeholders||particularly
budgetary
planning
and||
|operations||||||and impact upon continuing||control. Oversight
from the Finance||
|||||||financial
sustainabili||Committee.||
|Inadequate|liquidity|||to||Poor service to beneficiaries|and|Cash flow forecasting
and liquidity||
|meet financial||||||reputational
damage. Withdrawal||planning
within the Investment||
|commitments||||||ofk
services from sup
liers||Strate||
|Significant|long-term||||loss|Impacts financial
sustainability||Appointment
ofAsset Risk||
|in the value|ofthe|||||and reputational
damage
with||Consultants
as expert investment||
|investment|porffolio|||||donors||advisors,
providing
monthly||
|||||||||performance
reporting
and analysis.||
|||||||||Oversight
from investment
and||
|||||||||ro ert
committees.||
|Grants made||outside|||the|Reputational
damage,
loss of||Strong procedures
and controls for||
|Charity's
Objects and||||||confidence
with key stakeholders||processing
grants. Oversight
from||
|operating
guidelines||||||and potential trustee
liability||Masonic Support and Charity Grants||
|||||||||committees||
|Cyberattack|on||ITsystems|||All key operations are||United Grand Lodge of England||
|||||||compromised||("UGLE")and ITnetwork
providers||
|||||||||have strong security procedures|in|
|||||||||place covering access, protection,||
|||||||||backups and disaster recovery||
|||||||||facilities. Mandatory
cybersecurity||
|||||||||trainin
in
lace for all staff||
|Data protection|||breach|||Reputational
damage
and||Data protection
policy, ITsecurity||
|||||||s
nificant financial
enalties||and HR
olicies in
lace||
|Fraud||||||Financial loss, reputational||Financial procedures,
segregation|of|
|||||||damage, adverse impact upon||duties, authority
limits, ITsecurity,||
|||||||staff||increased awareness
amon
st staff||
|Unavailability||of|office|||Operations
compromised||UGLE Business Continuity
Plan||
|accommodation||||||||||
|Loss of paper||records||||Breach oflegal obligations,||Reduced reliance on paper records||
|from fire/flooding||||||adverse
impact upon operations,||with increased use of IT.||
|||||||otential financial
enalties||||
|Lack ofcompliance||||with||Breach of legal obligations,||HR procedures
and staff handbook.||
|employment|legislation|||||potential
financial
penalties,||Induction
processes for new staff.||
|||||||breakdown
ofstaff morale and||Ongoing
management
training
and||
|||||||adverse
impact upon service||Personal
Development
Review||
|||||||rovision||||
|Undue reliance on key||||||Operational
breakdown,
adverse||HR procedures:
organisational
and||
|persons||||||impact upon staff morale, poor||succession
planning.||
|||||||service to beneficiaries
and||Comprehensive
documentation
of||
|||||||otential re utational
dama e||rocedures
and controls||
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|own|in the fo|in the fo|llowing|table|:||||||
|---|---|---|---|---|---|---|---|---|---|---|
||Asset||Class||Strategic|||Benchmark||Actual 31"|
||||||Allocation|||||March 2023|
|Cash|||||0.00%|SONIA||||2.90%|
|Fixed|Income||||7.50%|FTSE UK World||Gov. Bond Index GBP||880%|
|International|||E ui||54.50%|MSCI World|ex|UK NR GBP||59.20%|
|U.K.|E
ui||||18.00%|MSCI UK E|ui|NR GBP||18.10%|
|Eme|i|Market E||ui|12.50%|MSCI Eme|in|Markets E ui|NR GBP|3.20%|
|Alternative||Investments|||3.75%|HFRX Global|Hed e Fund GBP|||590%|
|Pro ert|||||3.75%|IA UK Direct|Pro e
TR|||1.90%|
||||||1PO PP|||||100.0%|
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|(Including a Consolidated|Income and Expenditure|Account)|||
|---|---|---|---|---|
|||Note|2023|2022|
||||6'000|F'000|
|INCOME|||||
|Donations
and legacies|||669|420|
|Investment
income|||469|288|
|Total income|||1,138|708|
|EXPENDITURE|||||
|Cost ofgenerating
funds|||(18)|(82)|
|Investment
management|costs||(118)|(121)|
||||136|203|
|Charitable
activities|||||
|Masonic grants|||(10,814)|(11,768)|
|Non-Masonic
grants|||(288)|(490)|
||||11,102|12,258|
|Total expenditure|||11,238|12,461|
|Net gains/(losses)
on investments|||(147)|912|
|NET MOVEMENT
IN FUNDS|||10,247|10,841|
|Total funds brought forward|||26,738|37,579|
|Total funds carried forward|||16,491|26,738|
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|BALANCESHEET||||||
|---|---|---|---|---|---|
|as at 31 March 2023|Note|March 2023||March 2022||
|Company
Number 6876310||Group|Company|Group|Company|
|||E'000|E'000|F'000|E'000|
|CURRENT ASSETS||||||
|Debtors|9|204|203|117|116|
|Investments|8|18,047|18,047|26,467|26,467|
|Cash at bank and in hand||635|634|3,429|3,428|
|||18,886|18,884|30,013|30,011|
|CURRENT LIABILITIES||||||
|Creditors falling due within one year|10|(1,966)|(1,966)|(2,945)|(2,945)|
|NET CURRENT ASSETS||16,920|16,918|27,068|27,066|
|Creditors
falling due after one year|10|(429)|(429)|(330)|(330)|
|Total net assets||16,491|16,489|26,738|26,736|
|CHARITABLE FUNDS||||||
|Unrestricted
funds||||||
|General reserves||16,491|16,489|26,738|26,736|
|Total charitable
funds||16,491|16,489|26,738|26,736|
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||CONSOLIDATED STATEMENT
||O|F CASH||||
|---|---|---|---|---|---|---|---|
||FLOWS||||YEAR|ENDED 31|MARCH 2023|
|||||||2023|2022|
|||||||f."000|E'000|
||Operating
Activities|||||||
||Net cash provided
by/(used
in) Operating|||Activities|A|11,983|11,203|
||Cash flows from investing
activities|||||||
||Dividends,
interest and rents from investments|||||469|288|
||Proceeds from the sale ofinvestments|||||8,720|22,830|
||Purchase
ofinvestments|||||0|(10,740)|
||Net cash provided
by/(used
in) Investing||Activities|||9,189|12,378|
||Change
in cash and cash equivalents|in|the|||||
||reporting
period|||||(2,794)|1,175|
||Cash and cash equivalents
at the beginning|||ofthe||||
||reporting
period|||||3,429|2,254|
||Cash and cash equivalents
atthe end|of|the|||||
||reporting
period|||||635|3,429|
||Notes on the cash flow statement|||||||
|A|Reconciliation
ofnet income/(expenditure)|||to net||||
||cash flow from operating
activities|||||||
||Net movement
in funds
as per the Statement|||of||||
||Financial Activities|||||(10,247)|(10,841)|
||Adjustments
for:|||||||
||Dividends,
interest and rents from investments|||||(469)|(288)|
||Other movements
in investments|||||(300)|(1,156)|
||(Increase)/decrease
in debtors|||||(87)|70|
||(Decrease)/increase
in creditors|||||(880)|1,012|
||Net cash provided
by/(used
in) Operating|||Activities||11,983|11,203|
|B|Analysis ofcash and cash equivalents|||||||
||Cash at bank and in hand|||||635|3,429|
||Total cash and cash equivalents|||||635|3,429|
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|YEAR ENDED 31 MARCH|YEAR ENDED 31 MARCH|2023||||
|---|---|---|---|---|---|
|2.|DONATIONS
AND LEGACIES|||2023|2022|
|||||L'000|L'000|
||Festivals|||0|9|
||Other donations|||52|59|
||Legacies|||617|352|
|||||669|420|
|3.|INVESTMENT INCOME|||2023|2022|
|||||6'000|E'000|
||Interest on bank deposits|||1|1|
||Income from investment|portfolios||468|287|
|||||469|288|
|4.|INVESTMENT MANAGEMENT||COSTS|2023|2022|
|||||f'000|E'000|
||Investment
fund management|||88|98|
||Support costs|||30|23|
|||||118|121|
|5.|CHARITABLE ACTIVITIES|||2023|2022|
|||||E'000|L'000|
||Masonic|||||
||Care and welfare support
Sickness and illness
Support Costs|||6,670
2,575
1,569|6,475
3,731
1,562|
|||||10,814|11,768|
||Non-Ilasonic|||||
||Medical &Social Research Programme|||283|484|
||Support Costs|||5|6|
|||||288|490|
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|YE|AR ENDED 31 MARCH|2023||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||Non-||||
|6.|SUPPORT COSTS||Cost of|Investment|Masonic|Masonic|Total|Basis||
||||Generating|Management|||2023|for||
||||Funds|||||Allocation||
||||f'000|f'000|f'000|f'000|f'000|||
||Relief Chest - Fundraising||0|0|0|0|0|(a)||
||Fundraising||0|0|0|0|0|(a)||
||Legacies||18|0|0|0|18|(a)||
||Masonic Support - Grants||0|0|259|0|259|(a)||
||Masonic Support - Advice &Support||0|0|270|0|270|(a)||
||Masonic Support - Provincial|&Volunteers|0|0|89|0|89|(a)||
||Relief Chest - Charitable||0|0|48|0|48|(a)||
||Community
Support &Research||0|0|0|3|3|(a)||
||Strategic & Impact||0|0|35|0|35|(b)||
||Executive||0|0|140|0|140|(c)||
||Finance||0|30|129|0|159|(c)||
||Digital &Technology||0|0|131|0|131|(b)||
||Human
Resources||0|0|65|0|65|(b)||
||Communications||0|0|182|0|182|(b)||
||Governance||0|0|53|0|53|(b)||
||Facilities &Administration||0|0|157|0|157|(b)||
||Administration
and Support||0|0|91|0|91|(b)||
||Facilities 8 Admin - Ruspini|House|0|0|0|0|0|(b)||
||Other||0|0|(80)|2|(78)||1|
||||18|30|1 569|5|1,622|||
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|SUPPORT COSTS:2022|||Cost of|Investment|Masonic|Non-
Masonic|Total|Basis|
|---|---|---|---|---|---|---|---|---|
||||Generating|Management|||2022|for|
||||Funds|||||Allocation|
||||E'000|L"000|8000|6'000|L'000||
|Relief Chest - Fundraising
Fundraising
Legacies
Masonic Support - Grants
Masonic Support - Advice 8 Support
Masonic Support - Provincial
&Volunteers
Relief Chest - Charitable
Community
Support &Research
Strategic &Impact
Executive
Finance|||14
15
16
0
0
0
0
0
0
24
13|0
0
0
0
0
0
0
0
0
0
25|0
0
0
278
276
84
48
0
12
152
158|0
0
0
0
0
0
0
3
0
0
0|14
15
16
278
276
84
46
3
12
176
196|(a)
(a)
(a)
(a)
(a)
(a)
(a)
(a)
(b)
(c)
(c)|
|Digital &Technology
Human Resources
Communications
Governance
Facilities &Administration
Administration
and Support
Facilities &Admin - Ruspini
Other|House||0
0
0
0
0
0
0
0|0
0
0
0
0
0
0
(2)|127
58
199
37
71
89
0
(27)|0
0
1
0
0
0
0
2|127
58
200
37
71
89
0
(27)|(b)
(b)
{b)
(b)
(b)
(b)
(b)|
||||82|23|1,562|6|1 673||
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|YE|AR ENDED 31 MARCH 2023|AR ENDED 31 MARCH 2023|||||
|---|---|---|---|---|---|---|
|8.|INVESTMENTS||March|2023|March|2022|
||||Group|Company|Group|Company|
||||f'000|f'000|f'000|f'000|
||Current Asset|Investments|||||
||-Managed
funds||||||
||RLAM Cash Reserve funds||18,047|18,047|26,467|26,467|
||||18,047|18,047|26,467|26,467|
||MOVEMENTS|IN INVESTMENTS|||||
||Balance at 1 April 2022||26,467|26,467|37,401|37,401|
||Additions||0|0|10,740|10,740|
||Disposals||(8,720)|(8,720)|(22,830)|(22,830)|
||Investment
income reinvested||468|468|287|287|
||Management|fees charged to the fund|(21)|(21)|(43)|(43)|
||Gains/(losses)||(147)|(147)|912|912|
||Balance at 31|March 2023|18,047|18,047|26,467|26,467|
||RECONCILIATION
TO SOFA||||||
||Gains/(losses)|on listed investments|(147)|(147)|912|912|
||||147|147|912|912|
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|9.|DEBTORS|||March 2023|March 2023|March 2022|March 2022|
|---|---|---|---|---|---|---|---|
|||||Group|Company|Group|Company|
|||||f'000|f'000|f'000|f'000|
||Amounts
owed by group undertakings|||2|0|1|1|
||Prepayments|and accrued income||2|2|4|3|
||Other debtors|||200|201|112|112|
|||||204|203|117|116|
|10.|CREDITORS|||March 2023||March 2022||
|||||Group|Company|Group|Company|
|||||f'000|f'000|f'000|f'000|
||Falling due within one year|||||||
||Grants payable|||1,395|1,395|2,133|2,133|
||Amounts
owed|to group undertakings||564|564|766|766|
||Accruals and deferred||income|7|7|46|46|
|||||1,966|1,966|2,945|2,945|
||Falling due after more than one year|||||||
||Grants payable|||429|429|330|330|
|||||429|429|330|330|
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|Street, London, WC2B 5AZ. The summary
of its results
March 2021 is shown as follows:|for the year and its net assets|as at 31|
|---|---|---|
||2023|2022|
||E'000|L'000|
|Gross income|109|9|
|Donation
to parent charity|108|15|
|Net movement
in funds||(6)|
|Total funds brought
forward||8|
|Total funds carried forward||2|
|Represented
by net assets as follows:|||
|Cash at bank and in hand|||
|Amounts
owed by group undertakings|||
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|Total listed above|250,000|1|
|---|---|---|
|Overall Total|250,000||
|Discounting
of long term grants (movement)|32,417||
|Per Accounts|282,417||