| Contents | Page | ||
| Trustees' | Annual Report |
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| Strategic | Report | ||
| Statement | ofTrustees' | Responsibilities | |
| Auditor's Report |
10 | ||
| Statement | of Financial | Activities | 13 |
| Balance Sheet | 14 | ||
| Statement | ofCash Flows | 15 | |
| Notes to the Financial | Statements | 16 |
| Executive | Executive | ||||
|---|---|---|---|---|---|
| The Executive during the year to 31"March 2023 |
were: | ||||
| Les Hutchinson, Chief Executive |
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| Charles Angus, Group Finance |
Director | ||||
| Brenda Nurse, Company Secretary |
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| Auditor | |||||
| Knox Cropper LLP, Chartered Accountants, 65 Leadenhall |
Street, London, EC3A 2AD | ||||
| Bankers | |||||
| Barclays Bank Pic, Level 28, 1 Churchill | Place, Canary | Wharf, London, | E145HP | ||
| Investment Advisors |
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| Asset Risk Consultants Limited, 7 New |
Street, St. | Peter | Port, Guernsey, | GY1 2PF | |
| Investment Managers |
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| Royal London Asset Management Ltd., |
55Gracechurch | Street, London, | EC3V OUF | ||
| Solicitors | |||||
| Stone King LLP, Boundary House, 91 Charterhouse |
Street, | London, EC1M 6HR |
| 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 committees ofthe MCF address the specific needs ofthe Charity as part oftheir for the MCF. The trustee board and the main committees meet as follows: |
company. Trustees and roles and responsibilities |
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| Board/Committee | Purpose | Meetings per | ||
| ear | ||||
| Trustee Board | Main decision-making body with ultimate responsibility for |
the | ||
| Chari | ||||
| Audit and Risk | Identification and miti ation ofrisk, oversi ht ofexternal audit |
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| Chadity Grants | Consideration ofapplications for grants from organisations |
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| rec nised b the Chari Commission |
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| Finance | Ensuring adequate procedures are in place to manage all as ects offinancial lannin, controllin and re ortin . |
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| Fundraising | Supporting the masonic community's fund raising activities |
to | ||
| su ort the Charit |
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| Investments | Maintaining investment strategies to meet the requirements the Chari, a ointment and monitorin offund mana ers |
of | ||
| Masonic Support | Consideration ofapplications from individuals connected with |
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| the masonic communi for financial relief |
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| Property (RMTGB onl |
Development and execution ofstrategies to optimise the returns from the Chari 's ro e ortfolio |
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| Remuneration | Determination ofexecutiveand staff a 8 benefits |
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| Strategy | Development and implementation ofstrategies to support the Charity's objectives. In addition, the trustees hold an annual |
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| strat ic'awa da |
| The principal risks identified |
The principal risks identified |
and agreed actions to mitigate | are | shown in the following table: |
|---|---|---|---|---|
| Risk | Consequence | Miti ation |
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| Significant unexpected financial loss from operations |
Reputational damage, loss of confidence with key stakeholders and impact upon continuing |
Strong financial procedures, particularly budgetary planning and control. Oversight from the Finance |
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| financial sustainabili |
Committee. | |||
| Inadequate liquidity to meet financial commitments |
Poor service to beneficiaries and reputational damage. Withdrawal of ke services from su liers |
Cash flow forecasting and liquidity planning within the Investment Strate |
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| Significant long-term in the value ofthe investment portfolio |
loss | Impacts financial sustainability and reputational damage with donors |
Appointment ofAsset Risk Consultants as expert investment advisors, providing monthly |
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| performance reporting and analysis. |
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| Oversight from investment and |
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| ro ert committees. |
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| Grants made outside Charity's Objects and operating guidelines |
the | Reputational damage, loss of confidence with key stakeholders and potential trustee liability |
Strong procedures and controls for processing grants. Oversight from Masonic Support and Charity Grants |
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| committees | ||||
| Cyberattack on ITsystems |
All key operations are |
UGLE and IT network providers |
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| compromised | have strong security procedures in |
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| place covering access, protection, | ||||
| backups and disaster recovery | ||||
| facilities. Mandatory cybersecurity |
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| trainin in lace for all staff |
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| Data protection breach Fraud |
Reputational damage and si nificant financial enalties Financial loss, reputational |
Data protection policy, ITsecurity and HR policies in lace Financial procedures, segregation of |
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| damage, adverse impact upon staff |
duties, authority limits, ITsecurity, increased awareness amon st staff |
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| Unavailability ofoffice accommodation |
Operations compromised |
UGLE Business Continuity Plan |
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| Loss ofpaper records from fire/flooding |
Breach of legal obligations, adverse impact upon operations, |
Reduced reliance on paper records with increased use of IT. |
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| otential financial enalties |
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| Lack ofcompliance with |
Breach of legal obligations, | HR procedures and staff handbook. |
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| employment legislation |
potential financial penalties, |
Induction processes for new staff. |
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| breakdown ofstaff morale and |
Ongoing management training and |
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| adverse impact upon service |
Personal Development Review |
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| rovision | ||||
| Undue reliance on key | Operational breakdown, adverse |
HR procedures: organisational and |
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| persons | impact upon staff morale, poor | succession planning. |
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| service to beneficiaries and |
Comprehensive documentation of |
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| otential re utational dame e |
rocedures and controls |
| Note | 2023 | 2022 | ||
|---|---|---|---|---|
| F'000 | E'000 | |||
| INCOME | ||||
| Donations and legacies |
666 | 881 | ||
| Investment income |
2 | 5 | ||
| Total income | 668 | 886 | ||
| EXPENDITURE | ||||
| Cost ofgenerating funds |
(1) | (26) | ||
| Investment management |
costs | 0 | (18) | |
| Charitable activities |
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| Masonic grants | (1,235) | (1,386) | ||
| Non-Masonic grants |
(7) | (506) | ||
| 1,242 | 1,892 | |||
| Total expenditure | 1,243 | 1,936 | ||
| Net gains on investments | 0 | 2 | ||
| Net income/(expenditure) | (575) | (1,048) | ||
| Transfers between funds |
0 | 0 | ||
| NET MOVEINENT IN FUNDS |
575 | 1,048 | ||
| Total funds brought forward |
719 | 1,767 | ||
| Total funds carried forward | 144 | 719 |
| THE GRAND CHARITY | THE GRAND CHARITY | |||||
|---|---|---|---|---|---|---|
| BALANCE SHEET as at 31 March 2023 | Note | March | 2023 | March | 2022 | |
| Company Number 01487345 |
f'000 | F'000 | ||||
| CURRENT ASSETS | ||||||
| Debtors | 321 | 521 | ||||
| Cash at bank snd in hand | 2 | 742 | ||||
| 323 | 1,263 | |||||
| CURRENT LIABILITIES | ||||||
| Creditors falling due within one year |
10 | (173) | (493) | |||
| NET CURRENT ASSETS | 150 | 770 | ||||
| Creditors falling due after one year | 10 | (6) | (51) | |||
| Total net assets | 719 | |||||
| CHARITABLE FUNDS | ||||||
| Unrestricted funds |
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| General reserves | 144 | 719 | ||||
| Total charitable funds |
144 | 719 | ||||
| The financial statements were approved |
and authorised | for issue by the Trustee Board on | 14th | |||
| September 2023 and signed on their behalf by: | ||||||
| Sir Paul Williams, OBE, DL | Clive Emerson | |||||
| Chairman | Treasurer |
| STATEIjjIENT OF CASH FLOW | S | YEAR | ENDED 31 | MARCH 2023 | |||
| 2023 | 2022 | ||||||
| E'000 | t."000 | ||||||
| Operating Activities |
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| Net cash provided by/(used in) Operating |
Activities | A | 742 | 5,316 | |||
| Cash flows from investing activities |
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| Dividends and interest from investments |
5 | ||||||
| Proceeds from the sale ofinvestments | 4,681 | ||||||
| Net cash provided by/(used in) Investing |
Activities | 4,686 | |||||
| Change in cash and cash equivalents |
in | the reporting | |||||
| period | (740) | (630) | |||||
| Cash and cash equivalents at the beginning |
ofthe reporting | ||||||
| period | 742 | 1,372 | |||||
| Cash and cash equivalents at the end |
of | the reporting | |||||
| period | B | 742 | |||||
| Notes on the cash flow statement | |||||||
| A | Reconciliation ofnet income/(expenditure) |
to net | |||||
| cash flow from operating activities |
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| Net movement in Funds as per the Statement |
of | ||||||
| Financial Activities | (575) | (1,048) | |||||
| Adjustments for: |
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| Dividends, interest and rents from investments |
(2) | (5) | |||||
| Other movements in investments |
0 | (3) | |||||
| Decrease/(Increase) in debtors |
200 | (50) | |||||
| (Decrease) in creditors | (365) | (4,210) | |||||
| Net cash provided by/(used in) Operating |
Activities | 742 | 5,316 | ||||
| B | Analysis ofcash and cash equivalents | ||||||
| Cash at bank and in hand | 742 | ||||||
| Total cash and cash equivalents | 742 |
| YE | AR ENDED 31 MARCH 2023 | AR ENDED 31 MARCH 2023 | AR ENDED 31 MARCH 2023 | |||
|---|---|---|---|---|---|---|
| 4. | INVESTMENT MANAGEMENT | COSTS | 2023 | 2022 | ||
| L"000 | E'000 | |||||
| Investment fund |
management | 13 | ||||
| Support costs | 5 | |||||
| 0 | 18 | |||||
| 5. | CHARITABLE ACTIVITIES | 2023 | 2022 | |||
| L"000 | 2'000 | |||||
| Masonic | ||||||
| Poverty relief | 1,235 | 1,075 | ||||
| Support Costs | 0 | 311 | ||||
| 1,235 | 1 386 | |||||
| Non-Masonic | ||||||
| Covid-19 Emergency | Grants | 58 | ||||
| Disaster Relief | 97 | |||||
| Isolation in Later |
Life | 273 | ||||
| Other Charitable | Purposes | 11 | ||||
| Support Costs | 67 | |||||
| 506 |
| YE | AR ENDED 31 MARCH 2 | AR ENDED 31 MARCH 2 | 023 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 6. | SUPPORT COSTS:2022 | Cost of | Investment | Masonic | Non- | Total | Basi~ | ||
| Generating | Management | Masonic | 2022 | for | |||||
| Funds | Allocatio | ||||||||
| F'000 | F'000 | F'000 | L"000 | E'000 | |||||
| Relief Chest - Fundraising | 0 | 0 | 7 | (a) | |||||
| Fundraising | 0 | 0 | 8 | (a) | |||||
| Legacies | 0 | 0 | 4 | (a) | |||||
| Masonic Support | - Grants | 58 | 0 | 58 | (a) | ||||
| Masonic Support | —Advice &Support | 57 | 0 | 57 | (a) | ||||
| Masonic Support | - Provincial & |
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| Volunteers | 0 | 0 | 17 | 0 | 17 | (a) | |||
| Relief Chest - Charitable | 0 | 0 | 10 | 1 | 11 | (a)— | |||
| Charity Grants | 0 | 0 | 0 | 40 | 40 | (a) | |||
| Strategic &Impact Executive |
0 6 |
0 0 |
2 31 |
0 5 |
2 42 |
(b)(c)- | |||
| Finance | 3 | 6 | 33 | 5 | 47 | (c) | |||
| Digital &Technology | 0 | 0 | 26 | 4 | 30 | (b) | |||
| Human Resources | 0 | 0 | 12 | 2 | 14 | (b) | |||
| Communications | 0 | 0 | 41 | 6 | 47 | (b) | |||
| Governance | 0 | 0 | 8 | 1 | 9 | (b) | |||
| Property management | 0 | 0 | 29 | 4 | 33 | (b) | |||
| Administration and Support |
0 | 0 | 18 | 3 | 21 | (b) | |||
| Facilities &Admin | - Ruspini | House | 0 | 0 | 0 | 0 | 0 | (b)., | |
| Other | (2) | (1) | (31) | (4) | (38) | ||||
| 26 | 5 | 311 | 67 | 409 |
| NOTES TO THE FINANCIAL STATEMENTS | NOTES TO THE FINANCIAL STATEMENTS | NOTES TO THE FINANCIAL STATEMENTS | NOTES TO THE FINANCIAL STATEMENTS | ||
|---|---|---|---|---|---|
| YEAR ENDED 31 MARCH 2023 | |||||
| 8. | INVESTIIENTS | March 2023 | March 2022 | ||
| f'000 | E'000 | ||||
| Current Asset | Investments | ||||
| - Managed Funds |
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| RLAM | |||||
| MOVEMENTS | IN | INVESTMENTS | |||
| Balance at 1 April | 2021 | 0 | 4,678 | ||
| Disposals | 0 | (4,681) | |||
| Investment income reinvested |
0 | 1 | |||
| Gains/(losses) | 0 | 2 | |||
| Balance at 31 | March 2022 | 0 | 0 | ||
| RECONCILIATION | TO SOFA | ||||
| Gains/(losses) | on investments | ||||
| 9. | DEBTORS | March 2023 | March 2022 | ||
| E'000 | F'000 | ||||
| Other debtors | 321 | 190 | |||
| Amounts owed |
by | group undertakings | 0 | 331 | |
| 321 | 521 | ||||
| 10. | CREDITORS | March 2023 | March 2022 | ||
| E'000 | F000 | ||||
| Falling due within | one year | ||||
| Grants payable | 173 | 493 | |||
| 173 | 493 | ||||
| Falling due after more than one year | |||||
| Grants payable | 51 | ||||
| 51 |