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|Contents|||Page|
|Trustees'|Annual
Report|||
|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|
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|Executive|Executive|||||
|---|---|---|---|---|---|
|The Executive
during the year to 31"March 2023||were:||||
|Les Hutchinson,
Chief Executive||||||
|Charles Angus,
Group Finance|Director|||||
|Brenda Nurse,
Company Secretary||||||
|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||||||
|Asset Risk Consultants
Limited, 7 New|Street, St.|Peter|Port, Guernsey,||GY1 2PF|
|Investment
Managers||||||
|Royal London Asset Management
Ltd.,|55Gracechurch||Street, London,||EC3V OUF|
|Solicitors||||||
|Stone King LLP, Boundary
House, 91 Charterhouse||Street,||London, EC1M 6HR||
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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
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|||
|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||||
|Chadity Grants|Consideration
ofapplications
for grants from organisations||||
||rec
nised b
the Chari
Commission||||
|Finance|Ensuring adequate
procedures
are in place to manage
all
as ects offinancial
lannin,
controllin
and re ortin
.||||
|Fundraising|Supporting
the masonic community's
fund raising activities|to|||
||su
ort the Charit||||
|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||||
||the masonic communi
for financial
relief||||
|Property (RMTGB
onl|Development
and execution ofstrategies
to optimise the returns
from the Chari
's
ro e
ortfolio||||
|Remuneration|Determination
ofexecutiveand
staff
a
8 benefits||||
|Strategy|Development
and implementation
ofstrategies to support the
Charity's
objectives.
In addition,
the trustees
hold an annual||||
||strat
ic'awa
da||||
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|The principal
risks identified|The principal
risks identified|and agreed actions to mitigate|are|shown
in the following table:|
|---|---|---|---|---|
|Risk||Consequence||Miti
ation|
|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|
|||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|
|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|
|||||performance
reporting
and analysis.|
|||||Oversight
from investment
and|
|||||ro ert
committees.|
|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|
|||||committees|
|Cyberattack
on ITsystems||All key operations
are||UGLE and IT network
providers|
|||compromised||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
Fraud||Reputational
damage and
si nificant financial
enalties
Financial
loss, reputational||Data protection
policy, ITsecurity
and HR policies
in
lace
Financial procedures,
segregation
of|
|||damage,
adverse
impact upon
staff||duties, authority
limits, ITsecurity,
increased awareness
amon
st staff|
|Unavailability
ofoffice
accommodation||Operations
compromised||UGLE Business
Continuity
Plan|
|Loss ofpaper records
from fire/flooding||Breach of legal obligations,
adverse impact upon operations,||Reduced reliance on paper records
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
dame
e||rocedures and controls|
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|||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|||||
|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|
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|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|||||||
|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||||
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|---|---|---|---|---|---|---|---|
||STATEIjjIENT OF CASH FLOW|S|||YEAR|ENDED 31|MARCH 2023|
|||||||2023|2022|
|||||||E'000|t."000|
||Operating
Activities|||||||
||Net cash provided
by/(used
in) Operating|||Activities|A|742|5,316|
||Cash flows from investing
activities|||||||
||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|||||||
||Net movement
in Funds as per the Statement|||of||||
||Financial Activities|||||(575)|(1,048)|
||Adjustments
for:|||||||
||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|
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|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|
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|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
&||||||||
||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||
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|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|||||
||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|
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