THE RUSPINI FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charity Number: 1176327
THE RUSPINI FUND Contents Page Trustee's Annual Report Statement of Trustee's Responsibilities 11 Auditorfs Report 12 ststement of Financial Activities 15 Balance Sheet 16 statement of Cash Flows 17 Notes to the Financial Statements 18 Page 2 of 21
THE RUSPINI FUND TRUSTEE'S ANNUAL REPORT The Trustee is pleased to submit its report for the year ended 31" March 2024. Reference and Administrative Informatlon Name and Registered Office The nam8 of the charily is The Ruspini Fund (the "Charity,) and its principal office is located at 60 Great Queen Street, London. WC2B 5AZ. Trustees The Trustee who served during the whole of the year was.. The Masonic Charitable Foundation ('MCF') (Corporate Trustee, Registered Charity No. 1164703, Company Number 09751838) The trust88s of the MCF who served during the year were: John Boyington, CBE (Resigned 31 JI July 20231 Sin8ad Brophy {Resigned 3111 July 20231 Simon Duckworth, OBE, DL (Resigned 3151 July 20231 Clive Emerson {Appoinled Treasurer 1 August 2023) Dr Simon Fellerman Edward Goodchild (Appolnted 1st August 20231 Alan Graham, MBE Antony Harvey (Resigned 31 July 2023) Christopher Head Michael Heenan (Treasurer) (Resigned 3111 July 2023) Jame5 Long, TD (President) (Appointed Chairman 151 January 2024> Charlotte Miller (Appointed co-optee 1 $1 August 2023) Stephen Robinson arie Shenton (Appointed 1 $1 August 2023) David Southern Bruce Walker Andrew Wauchope (Resigned 3111 July 20231 Sir Paul Williams, OBE. KStJ, DL (Deputy President and Chaimian to 319t December 2023) Howard Wilson Page 3 of 21
THE RUSPINI FUND TRUSTEE'S ANNUAL REPORT Ex8cutlva The Executive during the year to 31st March 2024 were.. Les Hutchinson. Chief Executive Charlas Angus, Group Finance Director Brenda Nurse, Company Secretary Auditor Knox Cropper LLP, Chartered Accountants, 65 Leadenhall Street, London, EC3A 2AD Bankers National Weslmlnster Bank Plc. Bloomsbury Parfs Branch, 214 High Holbom, London. WC1V 7BX Investment Advlsors Asset Risk Consultants Limited, 7 New Street, St. Peter Port, Guemsey, GY12PF Invostment Managers CCLA. Senator House, 85 Queen Victoria Street, London, EC4V 4ET Sarasln & Partners LLP, Juxon House, 100 St. Paul's Churchyard, London, EC4M 8BU Royal London Asset Management Ltd.. 55 Gracechurch Street, London, EC3V OUF Thesis Unit Trust Management Lld, Exchange Building, St John's Street. Chich8ster, West Sussex P019 1UP Waverton Inv8Stm8nt Management Ltd.. 16 8abma8s Street, St. James, London, SW1Y 6AH Sollcltors stone King LLP, Boundary House, 91 Charterhouse Street, London, EC1 M 6HR Page 4 of 21
THE RUSPINI FUND TRUSTEE'S ANNUAL REPORT Structure, Governance and Management Organlsatlon The Charity is govemed under the t8mis of Charity Commission Schemes dated 28th December 1990, March 2016 and 1. April 2016. The Charity was formally delinked from its previous parent, the Royal Masonic Trusl for Girls and Boys I'RMTGB'I, and was re-registered with the Charity Commission under its new charity number 1176327 on 18th December 2017. As the MCF is the sole Trustee of the Charity. the MCF exercises Control over the Charity. and will consolidate th8 Charity's results in its group accounts. Details of the processes for the appointmenl, Induction and training of the MCF'S trustees are given in thè annual report and accounts of that company. Gov•mance and Management All governance and management capabllitles a provided by the MCF and details of the relevant commitl88s and processes are prowded in the annual report and accounts of that Cornpany. Trustees and committees of the MCF addr8S8 the specific needs of the Charity as part of their roles and r8sponsibiliti8S for the MCF. The trustee board and the main committees meet as follows.. BoardlCommltt80 Purpo80 Mootings por ear Trustee Board Main decision-making body with ultimat8 responsibility for the Charit Identification and miti ation of risk, overs ht of external audit Consideration of applications for grants from organisations reco nised b the Charil Commission Ensuring adequate procedures ar8 in place to manage all as ects of financial lannin controllin and re ortin Supporting the masonic community's fund raising activities to su ort the Charil Maintaining investment strategies to meel the requirements of the Charit ointment and monitorin of fund mana ers Consideration of applications from individuals Gonnecled with the masonic communil for financial relief Development and execulion of strategies lo optimise the retums from the Charit ro art ortfolio Determinalion of executive and staff & benefits Development and imp18mentalion of slrategies to support the Charity's objectives. In addition, the trustees hold an annual strale ic 'awa da Audit and Risk Charity Grants Finance Fundraising Investments Masonic Support Property (RMTGB onl Remuneration Strategy The Charity does not employ any staff, with serwices being provided by staff employ8d by the MCF. Page 5 of 21
THE RUSPINI FUND TRUSTEE'S ANNUAL REPORT Objectives and Activities The objects of the Charlty Th8 r81ief of need. hardship or distress of persons who are children (including adopted children, step children orother children of the family) of Freemasons underthe United Grand Lodge ofAncient Free and Accepted Masons of England, or fomier pupils of any school of the Royal Masonic Institution for Gids. Of the Royal Masonic Institution for Boys. or former pupils of the Royal Masonic School for Girls. The main activitles The Charity awards grants in accordance with its objects and continues to support the children of the family of Freemasons who are in distressed circumstances. In planning the activities lor the year the Truste8 kept in mind the Charity Commission's guidance on public b8nefit. Th• assistanc• of voluntoer8 The Trustge acknowledges th8 assistance of many lodge and provlnclal almoners who as volunteers provide an invaluable service in bringing potential b8n8ficiaries to their attention. Achievements and Performance During tha year the Trust88 awarded 8 grants In support of 7 beneficiaries (2023: 3) amounting to £8k (2023: £19k). The number of grants remains lower than prior years owing lo Ihe impact of COVID-19. which meant that f8w8r opportunitles aros8 to support potentlal beneficiari8S. Amongst those that benefited from the Fund were: The disabled granddaughter of a Fr88mason who benefilled from adaptatlons and storag8 facilities for her mobility scooter: and The granddaughter of a Freemason vtho required specialist educational assessments,. and The four children of a Freemason from a single parent family, who received laptop computers and other equipment to assist with their education. In addition a Christmas grant was awarded to a fonner Royal Masonic School pupil who is an older person and has a low income. In all cases support was provided as quickly as possible in order to relieve financial hardship and improve Ihe Ilves of those concerned. Page 6 of 21
THE RUSPINI FUND TRUSTEE'S ANNUAL REPORT Financial Review Review of the Yaar Income for the year amounted to £32k (2023: £30k) and awards were made of £8k12023: £19kl. The fund's resources increased from investment gains of £163k (2023: £62k loss). Net assets as at 31. March 2024 were £1,415k {2023.' £1,234k). R•sorves Policy In accordance with the trust deed both the capital funds and the income generated are unrestricted and are available for distribution each year to further the airns of the charity. The reserves are held to meet present and future commitments of the Charity and enablè grants to be made to future beneficiaries in accordance with th8 objects. The Trust8e is satisf that reserves are sufficient to m88t that n88d. Investmont Policy and Performance The MCF global investment strategy seeks to protect the ¢apit81 value of investments that are r8quired to fund operations for a thre8-year lim8 horizon {the Cash Reserve.) and lo inv8St all remaining funds for long tem) growth. on a total return basis. with an overall objective of making a retum of RPI plus 3.50A net of all expenses. The Cash Reserve Is promded by Royal London Ass8t Managemenl ('RLAM°} and utilises three of their funds. which provide a mix of instruments, including cash instruments, Treasury Bills, cov8red (secured) bonds, corporate bonds, Supranationals and mortgage-back8d s8CUrities. The performance objectives of the three funds are: Short Term Money Market Fund: Short Term Fixed Income Fund: Short Term Flxed Income Enhanced Plus Fund.. SONIA SONIA plus 0.50% gr05s of fees SONIA plus 1.00% gross of fees The MCF sponsored the launch of the Masonic Charitable Foundation Investment Fund CAIF. which took place on 1" October 2018. This is 8 unil trust yth a highly efficient lax wrapper in which the MCF and all its subsidiary charities own their shares in the form of unils. Units will be sold as required in order to lop up the Cash Reserv8 on a quarterly basis. The investment strategy is directed for'steady Growth which is a medium-high risk strategy. Risk is manag8d through diversification, with the funds split belween four different fund managers operating on multi assel mandates but utilising differing investment management styles. Th8 overall fund manager is Thesis Unit Trust Manag8m8nt Limited and the custodian in Northern Trust. The Strategic and actual asset allocations as at 3181 March 2024 are shown in the table overleaf.. Page 7 of 21
THE RUSPINI FUND TRUSTEE'S ANNUAL REPORT Inv•stm•nt Pollcy and Perfomiance (continued) Asset Class Strateglc Allocation 0.00% 7.50% 54.500 18.00% 12.500h 3.75% 3.75% 100.00% Benchmark Actual 31•t March 2024 2.44¥0 5.67% 68.85% 12.69Yo 2.85¥0 6.35Yo 1.15% 100.00% Cash Fixed Incom8 Intemational E U.K. E Emer Market E ui Alternalive Investments Pro ert SONIA FTSE UK World Gov. Bond Index GBP MSCI Wodd 8x UK NR GBP MSCI UK E uit NR GBP MSCI Eme Markets E ui HFRX Global Hed e Fund GBP IA UK Direct Pro uit NR GBP Performance under the new arrangements is shown in the following table.. MCF CAIF RLAM Money Market RLAM Short Torni Flxod Income RLAM Short Torm Flxed Incom• Enhancod £ Nil Capital Pmlficlion CCLA Propgrty Fund Fund at 311t March 2024 Investment approach £1.37M Steady Growlh Multi- Asset £Nil Capital Proledion £Nil Capital Protection £Nil Income & long-lem Capital Growth MSCIIAREF UK other balanced ro ert ARC Charity GBP Steady Growth 0.50Vo 1.10 9.70% 6.20Yo 2.20 11.90% Benchmark Composite SONIA SONIA SONIA Peer Group ARC Charily GBP Steady Growih None None None Relum for the ear Benchmark return for Peer rou return for ear retum ear benchmark ear eer rou 16.20% 14.70% 9.70¢ 26.90% 25.40% 11.90% 5.31% 4.97% 4.300/0 2.58% 2.42% 1.70% 5.69% 4.97% 4.30% 6.65% 4.97¥0 4.30% 2.31Yo 2.42% 1.70Yo ar ear 2.42¥0 1.70% stock markets had a very strong run in the final quarter of the financial year, sUlting in an increase in the valuation of the MCF CAIF from its opening value of £126.25 to close at £146.47 per unit. Page 8 of 21
THE RUSPINI FUND TRUSTEE'S ANNUAL REPORT Principal Risks and Mitigation The principal risks identrfied and agreed a¢tions to mitigate are shown in the foll¢)wing table: Rlsk Significant unexpecled financial loss from operations Conso u¢nGQ Repulallonal damage, loss of ¢onfiden¢e with k&y stakeholders and impact upon continuing financial suslalnabilil Poor service lo beneficiaries and repulalional damage. Withdrawal of ke services from su liers Impact3 financial suslainabilily and reputational damage with donors Miti ation Strong financial procedures, particularly budgetary planning and control. Over¥ight from the Finance Committee. Inadequate liquidity to meet tinandal commitments Signrficanl long-term loss in the valua of the investment portfollo Cash flow forecasting and liquidity plannlng within the Investment Strategy Appointment of Asset Risk Consultants as expert investment advisors. provlding monlhly performance reporting and analysis. Oversight from investment and ro ert committee¥. Strong procedureg and controls for processing grants. Oversight from Masonic ort and Charil Grants committees UGLE manage and monitor networks, servers and backup systems, and has deployed approprlale defence mechanisms e.g. flrewalls. antivirus elc. Third party hosted systems lapplicallons have relevanl Controls and security regimes. Informaln systems are only accessed via the VPN network andlor multi- fa¢tor aulhenlicalion protocols. Grant8 made outside the Charity's Objects and eralin uidelines cYber81k on IT systems Repulalional damage,10s5 of onfidence with key stakeholders and olenlial Iruslee liabilit Op8ralional disruption resulting in financial, reputational, legal and regulatory damage. MCF'S Infomialion Security Group {ISGI have various digital & IT procedures 8nd policie5 in place. Cyber awareness and Irainin ro ramme mandalo for all staff. Data prolecllon policy, IT Securily and HR olicie5 in lace Financial procedures, Segregation of duties, authority limits, IT security, increased awarenes8 amon sl staff MCF Business Conllnully Plan Data protection breach RepulalSonal damage and significant financial enallies Financial loss, repulallonal damage, adverse impact upon Staff Fraud Unavailabilily of office accommodation Loss of paper records from fireffjoodlng Operations compromi880 Breach of legal obligations, adverse impact upon operations, potential financial enallies Breach of legal obligations, potential financial penalties, breakdown of staff morale and adverse impact on service rovision Operational breakdown, adverse impact upon staff morale, poor service lo beneficiaries and potential re utalional dama Reduced reliance on paper records with increa8ed use of IT. Lack of compliance with employrnent legislati)n HR procedures and staff handbook. Induction processes for new Staff. Ongolng management training and Personal Develo ment Review HR procedures.. organisational and succession planning. Comprehensive documentation of procedures and controls Undue reliance on key persons Risks are actively monitored by the Executive and ihe senior leadership team. and fomally reviewed by the audit and risk committee at their quarterly meetings. Page 9 of 21
THE RUSPINI FUND TRUSTEE'S ANNUAL REPORT Plans for Future Periods Following the fomiatlon of the MCF on 1 April 2016 and the subsequent Scheme from the Charity Commission appointing MCF as the sole Trustee from that dale. th& chaimian of the MCF Masonic SupF)Ort commlttee and the MCF chief 8X8CUtiV8 officer have acted, under authority delegated by th8 Trust88. to utilise the Ruspini Fund to complement th8 core Masonic Support actiwties of the MCF. In the future it is planned to continu8 to use the Ruspini Fund to meet the objects set out at pag8 6 and in particular to provide immediate relief and support to the children of th8 family of Freemasons who are in distressed circumstances, but that fall outside ofth8 general remit of the MCF Masonic Support committee. Page 10 of21
THE RUSPINI FUND STATEMENT OF TRUSTEE'S RESPONSIBILITIES Statement of Responsibilities The Truste8 is sponSible for preparing th8 trustee's report and financial statements in accordanc8 With applicable law and United Kingdom Accounting Standards IU.K. 'GAAP"). The law applicable to charities in England and Wales, the Charities Act 2011, th8 Charty (Accounts and Reports) Regulations 2008 and the provisions of the trust deed require the trustee to prepare financial statements for each financial year which give a true and fair wew of the state of affairs of the Charity and of the income and 8XP8nditure of the Charity for that year. In preparing these financial stat8ments, the Trustee is requirad to.. select suitable accounting policies and then apply tham consistently. observe th8 m8thods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their financial statements in 8ccordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS1021; make judgements and estimates that are reasonable and prudent., state whether United Kingdom accounting standards have been followed, subject to any materlal d8partures disclosed and explained in the financial statements: and prepare the financial statements on Ihe going ¢on¢em basis unless It is inappropriate lo presume that the charity will continue to operate. The Tru8188 is responsible for keeping ad8quate accounting records that disclose with réasonable accuracy at any time the financial position of the Charity and enable it to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 11 is also responsible for safeguarding th8 assets of Ihe Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularitl8S. Audltor A resolulion proposing that Knox Cropper LLP be reappointed as auditor will be put to the members. Approval by Trustee This ort, was approved by the Trustee on 12th September 2024 and signed on its behaff by Long, President and Chairman. MCF Page11 of21
THE RUSPINI FUND REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEE OF THE RUSPINI FUND We have audited the financial statements of the Ruspinl Fund (the "Charit> for the year ended 31 March 2024 which comprise Ihe Statement of Financial Activities. the Balance Sheet, the Statement of Cash Flows and notes lo the financial statements, including a summary of significant accounting policies. Th8 financial reporting framework that has been applied in their preparation is applicable18w and United lQngdom Accounting Standards, including Financial Reporting Stsndard 102 The Financial Reporting standard applicab18 in the UK and Republic of Ireland (Unitad Kingdom Generally Accepted Accounting Practic8). In our opinion the financial statements.. give a true and fair wew of the st8te of the Charitvs affairs as at 31 March 2024 and of its incoming resources and appllcallon of resources for the year then erided; have been properly prepar8d in accordance with United Kingdom Generally Accepted Accountlno Praclice., and have been prepared In accordance with the Charities Act 2011. 8a818 of oplnlon We cor)ducted our audit In accordance with Intemational Standards on Auditing {UK) {ISAs (UK)) and 8pplicab18 law. Our responsibilities under those standards are further desGribed in the Auditor's responsibilities for the audit of the financial statements section of our reporl. We are indep¥ridenl of Ihe charily in accordance with the ethical requirements that are relevant to our audit of th8 financial statements in th8 UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wlth these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basi5 for our opinion. Conclu•ion8 r•latlng to golng concern In auditing the financial statements, we have concluded that the Trustee's use of the going concern basls of accounling in the preparation of the financial stal8menls is appropriate. Based on the work we have perfomied, we have not identified any materi81 uncertainties relating to events or conditions that, individually or collectively, may ¢ast significant doubt on the charity's ability to continue as a going ¢onc8rn for a period of at least twelve months from when Ihe financial statemerbts are authorised for issue. Our responsibilities and the responsibilities of the Trustee wth respect to going concern are describ8d In the relevant sections of this report. other Infomiation The other infomiation comprises th8 information included in the annual report, other than th8 financial statements and our auditor's report thereon. The Trustee is r8sponsible for the other infomation. Page 12of 21
THE RUSPINI FUND REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEE OF THE RUSPINI FUND Our opinion on the financial statements does not cover Ihe other information and we do not 8xpress any form of assurance conclusion thereon. Our responsibility is lo read Ihe other infomation and, in doing so, consider whether the oth8r infomation is materially inconsistent with the financial statements or our knowledg8 obtained in the audit or otherwise appears to ba materially misstated. If we identlfy such material inconsistencies or appar8nt materi81 misstatements, we are required to determine whether there is a matèrial misstatement in Ihe financial statements themsèlves. If, based on the work we have perfom8d, we conclude that there Is a rnaterial misststement of this other infomiation, a required to report that fact. W8 hav8 nothing to report in this regard. Matters on whlch w• aro roqulrad to r•port by oXCOPtlon We have nothing to report In r8spect of the following matters in relation to whlch the Charities (Arxounts and Reports) Regulations 2008 require us to report lo you if, in our opinion.. the information given in the financial st8tement5 is inconsistent in any material respect with the Trustee's report,. or sufficient 8¢counts'ng records have not been kept; or the financial statement5 are not in agreement with the accounting records. or have not received all the infomialion and explanations we require for our audlt. Rgspon8lbilitlo8 of Tru8t•e As explained more lully in the Trustee's Responsibilities Statement 68t out on page 11, the Trustee is responsible for the preparation of the financlal statements and for being satisfied that they give a true and fair vlew, and for such internal control as the Trust88 determines is necessary to enable the preparatlon of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the Trustee is responsible for assessing the Charity's ability to continue a5 a going concern, disclosing, as applicable, matters related to going concern and using th8 going concern basis of accounting unless the Trustee either intends to Iuld81e the company or to cease oper81ions, or has no realistic altematiV8 but to do so. Audltor's re8ponslbllltle8 for tho audlt of the flnancial 8tatomon18 We hav8 been appointed as auditor under section 144 of the Charities Act 2011 and report In accordance with the Act and relevant regulations made or having effect ther8under. Our objectives are to obtain rea50n8ble assurance about vthether the financial st8tements as a whole are free from material misstatement, whèther due to fraud or 8rror, and to Issue an auditorfs report that includes our opinion. Reasonab18 assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordan with ISAS (UK) will always detect a material misstatement when it &xists. Misslalements can arise from fraud or error and are considered material if, indiwdually or in the aggregate. they could reasonably be expected to influence the economic decisions of users laken on the basis of Ihese financial statements. Page 13of 21
THE RUSPINI FUND REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEE OF THE RUSPINI FUND Irregularities, including fraud, are instances of non-Gomplianc8 Wlth laws and regulations. We design proceduras in line with our responsibilities, outlined above, to delect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is éetailed below-. The Charity is required to comply with charity law and, based on our knowledge of Its actiwties, we identified that th8 legal requirement lo accurately account for any restricted funds was of key significance. We gain8d an understanding of how the charity complied with its legal and regulatory framework, including the requirèment to properly account for any r8Stricted funds, through discussions with management and a review of the documented policies, procedures and controls. The audit team, which is experienced in the audit of Charities, considered the charitys susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of manag8m8nt override. Our approach was to check that all restricted income was properly identified and separately accounted for and to ensure that only valid and appropriate expenditure was charged to restricted funds. This included reviewing joumal adjustments and unusual transaclions. A further description of our re8ponsibilities for the audit of the financial statements is located on th8 Financial Reporting Council's website at: www.frc.or auditor5res onslblliti This description fomis part of our auditor's r8POrt. Use of the audlt r•port This report is made solely lo the Charity's trustee, as a body, In accordance wlth Part 4 of the Charities (Accounts and Report5) Regulations 2008. Our audit work has been und8rtaken, so thel we might slate to the Charity's trustee those matters we are required lo state to them In an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's trustee as a body, for our audit work, for this reporl or for the opinions we have formed. y< LLn Knox Cropper LLP Statutory Auditor 65 Leadenhall Street London EC3A 2AD 134h ?¢) Knox Cropper LLP is eligible for appointment as auditor of the charity by virtue of its 81igibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Page 14of 21
THE RUSPINI FUND STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 Note 2024 £'ooo 2023 £'ooo INCOME t)onations and legacies Investment income 32 29 Total incom• 32 30 EXPENDITURE Investment management costs (6) (6) Cost of ganorntlng funds Charltablo actlvltle8 (8) (19) Total •xp•ndltur• Net gainsl(Ios88sI on investments 14 25 163 (62) NET MOVEMENT IN FUNDS 181 57 Total funds brought forward Total funds carrl•d fomard 1,234 1,291 1,234 All income and expenditure derive from continuing activities and all gainsllosses are included in the statement of financial activiti88 The notes on pages 18 10 21 form part of these financial stat8ments Page 15of 21
THE RUSPINI FUND BALANCE SHEET as at 31 March 2024 Note March 2024 March 2023 £'ooo £'ooo FIXED ASSETS Investments 1,370 1,181 1.181 CURRENT ASSETS Investments 51 63 51 63 CURRENT LIABILITIES Creditors falling due within one year {6) {10) NET CURRENT ASSETS 45 53 Total net a880ts 1.234 CHARITABLE FUNDS Unre8trlcted fund8 General reserves 1.415 1,234 Total charltablo funds 1,415 The flnancial statements were approved and authorised for issue by the Tru8t88 Board on 12th September 2024 and signed on their behalf by.. Ja g,TD Clive Em8n8oh President and Chairman Tr8asurer The notes on pages 18 to 21 fomi part of these flnancSal statements Page 16 of21
THE RUSPINI FUND STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 2024 £'ooo 2023 £'ooo Oporating Activities Net cash provlded byl(used In) Opèratlng Activities Cash fl¢Ms from investing activiti08 Dimdends, Interest and rents from investments Proceeds from Ihe sale of investments 71 32 29 100 Net cash provldod byl{u8od In) Investlng Actlvltles Chango in cash and cash equlvalents in the reporting poriod Cash and cash equivalents at th8 beginning of the reporting period Cash and cash equlvalonts at the end of tho reportlng parlod 32 129 {12) 58 63 51 63 Not08 on tho cash fl(Y•V Statement Reconclllatlon of not Incomol(expendltur•l to net cash flow from oporating activiti9• Net movement in funds as per the Siatement of Financial Adivities 181 (57) Adjustrnents for.. Dlvidends. interest and rents from Investm8nts Other movements in investments (Decrease) in creditors (32) (189) (4) (29) 39 (24) Net cash provlded byllusèd in) Oporating Activitle8 Analy818 of cash and cash equlvalonts Cash held by investment managèrs 71 51 63 Total ca8h and cash oqulvalents 51 63 Pag817of21
THE RUSPINI FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES la> Statement of compllanco The financlal statem8nts of the Ruspini Fund (the 'Charity') have b88n prepared in accordance with applicable UK accounting standards, induding Financial Reporting Slandard 102 "The FinancAal Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102°). Additionally, they comply with the Stalement of Recommended Practice "Accounting and Reporting by Charities. (FRS 102 second edition) publish6d in 2019 {Ihe "SORP'I in all material respects. The Charity meets the dafinilion of a public benefit entity under FRS 102. {b) Basls of proparation The financial statements have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of investments, on a basis consistent with previous years. The functional currency of the Charity is considered to be Pounds Sterling because that is the curr8ncy of tho primary economic environmenl in which the Charity operates. (c) Golng concern The Trustee has assess8d whether the use of the going concern assumption is appropriate In preparing these financial slalements. The Trustee has made this assessment in respect to a period of one year from th8 dale of approval of these fin8ncial statements. The Trustee has concluded that there are no material uncertainties related to evenls or conditions that may cast significant doubt on the ability of the charity to continue as a going concem. Th8 Trustee is of the opinion that the Chanty will have sufficient resources lo meet its liabilities as they fall due. (d) Incomlng r•source8 Revenue is recognisad vthen the significant risks and rewards of ownership have been transferred, the amount of revenue can be measured reliably, it is probable that future economic benefits will flow to Ihe Charity and when the specific criteria relating to each of the Charity'5 venue channels have been met. a5 described b810w: Monetary donations are brought into account when received. Legacies are recognised where ther8 has been a granl of probate, the executors have identified that there are sufficienl assets in th8 estate after settlement of liabilities to pay the legacy and any conditions attached to the legacy are eilh8r in control of the Charity or have been met. Legacies subjecl lo the interest of a life tenant are not recognised during the lifetime of the life tenant. Dividends are reinvested in the CAIF on the date that they are declared. Page 18of 21
THE RUSPINI FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 (d) Resources expanded Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing th8 Charity to Ihat expendilure, it is probable that settlement will be required and the amount of any obligation can be measured reliably. All resources expended are recognised on an accruals basis, with the exc8Ption of grants a5 noted below. Grants are recognised as expenditure in the year in which the grant is formally approved by the Charity and has been communicated in writing to the recipient, except to the extent that il is subject to conditions that enable the Charity to revoke Ihe award. {e) Employea b•nefits All staff are employed by the parent eharity, The Masonic Charitable Foundation. No charge is made to the Charity in respect of staff providing services to the Charity. No remuneration is paid lo trustees and no expenses reimbursed. (f) Fund accounllng Unrestricted funds may be ulilised for any purpose in accordanc8 With the charitable objectives of the Charity. {g) Inve•tmgnt8 Investments are recognised initially at fair value which is normally Ihe transaction price excluding transaction costs. Subsequently, they ar8 stated at market value. All realised and unrealised gains and losses are recognised within the Statement of Financial Activities. Investments which the Charity holds for r8sale or pending their sale and cash or cash equivalents wilh a maturity dale of less than one year, which are held for investment purposes. are disclosed as current asset inv8Stm8nts. (i) Taxatlon The Charlty is an exempt charity wilhin the meaning of schedule 3 of the Charities Act 2011 and it is considered lo pass the test S8t out in paragraph 1, schedule 6 of the Finance Act 2010, and therefore it meets Ihe definition of a charity for U.K. Corporation Tax purposes. The Charity is unable to recover Valued Added Tax {VAT) incurred on expenditure. The amount of VAT that cannot be recovered is included within the underlying cost lo which it relates. Page 19of21
THE RUSPINI FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME 2024 £'ooo 2023 £'ooo Income from investment portfolios 32 29 32 29 3. CHARITABLE ACTIVITIES 2024 £'ooo 2023 £'t)00 Care and welfare support 19 19 INVESTMENTS March 2024 £'ooo March 2023 £'ooo Fixed Asset Investments.. Managed Funds MCF CAIF Current A8S8t Inv8Stments Cash and cash equivalents 1,370 1,181 51 63 MOVEMENTS IN INVESTMENTS Llsted 8alance at 31 March 2023 Disposals Investment Sncom8 r8lnvested Managem8nl fees Charged to the fund Gainsl(losses) Changes in cash balances held 1.244 1,325 (100) 29 (6) {62) 58 32 (6) 163 (12) Balance at 31 March 2024 1,421 1.244 RECONCILIATION TO SOFA Gainsl(losses) on listed investments 163 (62) 163 62 Page 20 of21
THE RUSPINI FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 CREDITORS March 2024 £'ooo March 2023 £'ooo Falllng duo wlthln one yoar Grants payable Amounts owed to group undertakings 10 RELATED PARTY TRANSACTIONS The investments ofthe Charity are incorporated within the investment funds held by the RMTGB, its prewous parent and now a fellow subsidiary. At the balance sheet date, the Charity was owed £Nil 12023.. £Nil) by the RMTGB. The MCF has borne 811 the administr8tive costs of supporting the Charity, as well as its fellow subsidiary charities. ULTIMATE CONTROLLING PARTY The ultimate controlling party is the Masonic Charitabl8 Foundation IRegi8ter8d Charity No. 1164703, Company Number 09751836). Consolidated accounts for the MCF, which include the accounts of the Charity, can be obtained from the registered office of the Charity. Page 21 of 21