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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|
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|I|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 '.|||||
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||||||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%|
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|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||
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|||Note|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|
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|||||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||
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|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|
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|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|
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