2023-03-31-accounts - The Ruspini Fund

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Contents			Page
Trustee's	Annual Report
Statement	ofTrustee's	Responsibilities
Auditor's	Report
Statement	of Financial	Activities	15
Balance Sheet			16
Statement	ofCash Flows		17
Notes to the Financial		Statements	18

All governance and	management capabilities are provided by the MCF 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
					ear
Trustee Board	Main decision-making body with ultimate responsibility for the
	Charit
Audit and Risk	Identification and miti ation ofrisk, oversi ht ofexternal audit
Charity Grants	Consideration ofapplications for grants from organisations
	reco nised b the Charit Commission
Finance	Ensuring adequate procedures are in place to manage all
	as ectsofffnancial lannin, controllin andre ortin .
Fundraising	Supporting the masonic community's fund raising activities		to
	su ort the Charit
Investments	Maintaining investment strategies to meet the requirements		of
	the Charit, a ointment and monitorin offund mana ers
Masonic Support	Consideration ofapplications from individuals connected	with
	the masonic communit for financial relief
Property (RMTGB onl	Development and execution ofstrategies to optimise the from the Charit 's ro e ortfolio	returns
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 '.

					MCF	MCF	CAIF	CAIF	RLAM	RLAM	RLAM	RLAM	RLAM	RLAM	CCLA
									Money		Short	Term	Short	Term
									Market		Fixed		Fixed
											Income		Income
Fund at 31"March				2023	f1.1S		M		f Nil		F Nil		Enhanced f Nil		f Nil
Investment		approach			Steady				Capital		Capital		Capital		Income 8
					Growth			Multi-	Protection		Protection		Protection		long-term
					Asset										Capital
															Growth
Benchmark					Composite				SONIA		SONIA		SONIA		MSCI/AREF
															UK other
															balanced
															ro ert
Peer Group					ARC	Charity			None		None		None		ARC
					GBP	Steady									Charity
					Growth										GBP
															Steady
															Growth
Return	for the		ear			I1		001	2	27%		2 13%		090%	11.40 %
Benchmark		return		for ear			1	PP %	2.23%			2.23'Yo		2.23%	10.60 %
Peer	rou	return		for ear			4.10 'Yo			N/A		N/A		N/A	41P%
3 veer	return					39 60o/n			0	79%		1 04'Yo		0.83%	880%
3 ear	benchmark					37.70%			0.80%			P BP%		P SP%	630%
3 ear	eer		rou			26.40%				N/A		N/A		N/A	26.40%

The princip	al	risk	risk	s id	en	tified	and agreed actions to mitigate	ar	e	sho	wn in the following table:
		Risk					Cense 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 sustainabilit				Committee.
Inadequate		liquidity			to		Poor service to beneficiaries	and			Cash flow forecasting and liquidity
meet financial							reputational damage. Withdrawal			of	planning within the Investment
commitments							ke services from su liers				Strate
Significant		long-term				loss	Impacts financial sustainability		and		Appointment ofAsset Risk
in the value		ofthe					reputational damage with donors				Consultants as expert investment
investment		porffolio									advisors, providing monthly
											performance reporting and
											analysis. Oversight from
											investment and property
											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		IT systems			All key operations are				United Grand Lodge of England
							compromised				("UGLE")and IT network providers
											have strong security procedures	in
											place covering access, protection,
											backups and disaster recovery
											facilities. Mandatory cybersecurity
											trainin in laceforall staf
Data protection				breach			Reputational damage and				Data protection policy, ITsecurity
							si nificant financial enalties				and HR olicies in lace
Fraud							Financial loss, reputational				Financial procedures, segregation
							damage, adverse impact upon		staff		of duties, authority limits, IT
											security, increased awareness
											amon ststaf
Unavailability			of	office			Operations compromised				UGLE Business Continuity Plan
accommodation
Loss ofpaper			records				Breach of legal obligations,				Reduced reliance on paper records
from fireN	coding						adverse impact upon operations,				with increased use of IT.
							otential financial enalties
Lack ofcompliance					with		Breach of legal obligations,				HR procedures and staff
employment		legislation					potential financial penalties,				handbook. Induction processes	for
							breakdown ofstaff morale and				new staff. Ongoing management
							adverse impact upon service				training and Personal Development
							rovision				Review
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

		2023	2022
		F'000	f'000
INCOME
Donations and legacies		1	1
Investment income		29	24
Total income		30	25
EXPENDITURE
Investment management	costs	(6)	(6)
Cost ofgenerating funds
Charitable activities		(19)	(22)
Total expenditure		25	28
Net gains/(losses) on investments		(62)	107
NET MOVEMENT IN FUNDS		57	104
Total funds brought forward		1,291	1,187
Total funds carried forward		1,234	1,291

THE RUSPINI FUND
BALANCE SHEET as at 31 March 2023	Note	March 2023	March 2022
		6'000	6'000
FIXEDASSETS
Investments		1,181	1,320
		1,181	1,320
CURRENT ASSETS
Debtors		0
Investments		63
		63
CURRENT LIABILITIES
Creditors falling due within one year		(10)	(34)
NET CURRENT ASSETS		53	29
Total net assets		1,234	1,291
CHARITABLE FUNDS
Unrestricted funds
General reserves		1,234	1,291
Total charitable funds		1,234	1,291

				2023	2022
				E'000	F'000
Operating	Activities
Net cash	provided by/(used in) Operating
Activities				(71)	(20)
Cash flows from investing activities
Dividends,	interest and rents from investments			29	24
Proceeds	from the sale of investments			100	0
Net cash	provided by/(used in) Investing		Activities	129	24
Change in cash and cash equivalents		in the
reporting	period			58
Cash and	cash equivalents at the beginning		ofthe
reporting	period
Cash and	cash equivalents at the end	ofthe
reporting	period			63
Notes on	the cash flow statement
Reconciliation ofnet income/(expenditure)			to net
cash flow from operating activities
Net movement in funds as per the Statement			of
Financial	Activities			(57)	104
Adjustments for:
Dividends,	interest and rents from investments			(29)	(24)
Other movements in investments				39	(124)
Decrease	in debtors			0	3
(Decrease)/increase in creditors				(24)	21
Net cash	provided by/(used in) Operating
Activities				71	20
Analysis	ofcash and cash equivalents
Cash held	by investment managers			63
Total cash and cash equivalents				63

YE	AR ENDED 31 MARCH 20	23
2.	INVESTMENT INCOME		2023	2022
			6000	L"000
	Income from investment porffolios		29	24
			29	24
3.	CHARITABLE ACTIVITIES		2023	2022
			F'000	E'000
	Care and welfare support		19	22
			19	22
4.	INVESTMENTS		March 2023	March 2022
			E'000	F'000
	Fixed Asset investments:
	- Managed Funds
	MCF CAIF		1,181	1,320
	Current Asset Investments
	-Cash and cash equivalents		63
			1,244	1,325
	MOVEMENTS IN INVESTMENTS
	Listed
	Balance at 31 March 2021		1,325	1,197
	Disposals		(100)	0
	Investment income reinvested		29	23
	Management fees charged	to the fund	(6)	(6)
	Gains/(losses)		(62)	107
	Changes in cash balances	held	58	4
	Balance at 31 March 2022		1,244	1,325
	RECONCILIATION TO SOFA
	Gains/(losses) on listed investments		(62)	107
				107

YE	AR ENDED 31 MARCH 2023	AR ENDED 31 MARCH 2023
5.	DEBTORS		March 2023	March 2022
			E'000	F000
	Amounts	owed by group undertakings
6.	CREDITORS		March 2023	March 2022
			F.'000	F'000
	Falling	due within one year
	Grants payable			5
	Amounts	owed to group undertakings		29
			10	34