OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

ROYAL MASONIC BENEVOLENT INSTITUTION
Contents Page
Trustee's Annual
Report
Statement ofTrustee's Responsibilities
Auditor's Report 12
Statement of Financial Activities 15
Balance Sheet 16
Statement ofCash Flows 17
Notes to the Financial Statements 18

or the MCF. The trus tee 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 of risk
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 ectsoffinancial
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
orffolio		 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
strata
ic'awa
da '.

MCF CAIF RLAM RLAM RLAM RLAM RLAM RLAM RLAM CCLA
Short Term Cash Plus Enhanced Property
Fund at 31"March 2021 E16.33 M E0.38 M E1.27 M E0.29 M E0.63 M
Investment approach Sieady Capital Capital Capital Income &
Growth Protection Protection Protection long-term
Multi-Asset Capital
Growth
Benchmark Composite SONIA SONIA SONIA MSCI/AREF
UK other
balanced
ro ert
Peer Group ARC None None None ARC
Charity Charity
GBP GBP
Steady Steady
Growth Growth
Return for the ear 2790% 0.17% 1 38% 2.63% 300%
Benchmark return for ear 26.00% 0 Q6'/ P P6% Q 06'/ 5PP%
Peer rou return for ear 24 50% N/A N/A N/A N/A
3 ear return 24 70% 0.57% 0 96% 1 50% 12.50%
3 ear benchmark 20.80% P 41% P 41% 0.41% 41P
3 ear eer rou 19 10o/ N/A N/A N/A N/A
Worldwide
stock-markets		 have recovered
strongly since		 the collapse in March 2020, where the CAIF fell
to a low point ofE88.36 per unit on 23"March. As at 31"March 2021, the CAIF was valued
at E117.58
per unit.

The principal risks identified risks identified risks identified risks identified risks identified and agreed actions to mitigate are shown
in the following
table:
Risk Consequence 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		 planning
within the Investment
commitments ofke
services from su
liers		 Strate
Significant long-term loss Impacts financial
sustainability		 Appointment
ofAsset Risk
in the value of the and reputational
damage
with		 Consultants
as expert investment
investment portfolio donors advisors,
providing
monthly
performance
reporting
and analysis.
Oversight
from investment
and
ro ert
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
lace for all staff
Data protection breach Reputational
damage
and		 Data protection
policy, ITsecurity
si nificant financial
enalties		 and HR
oliciesin
lace
Fraud Financial loss, reputational Financial procedures,
segregation		 of
damage, adverse
impact upon		 duties,
authority
limits, IT security,
staff increased
awareness
amon
st staff
Unavailability of office Operations
compromised		 UGLE Business Continuity
Plan
accommodation
Loss of paper records Breach of legal obligations, Reduced reliance on paper records
from fire/flooding adverse
impact upon operations,		 with increased
use of IT.
otential financial
enalties
Lack of compliance with Breach of legal obligations, HR procedures
and staff handbook.
employment legislation potential
financial penalties,		 Induction
processes for new staff.
breakdown
of staff 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
dama e		 rocedures
and controls

Note 2021 2020
8'000 8'000
INCOME
Donations
and legacies		 1,953 2,552
Investment
income		 338 307
Total income 2,291 2,859
Cost ofgenerating funds (106) (176)
Investment
management		 costs (123) (112)
Cost ofgenerating funds 229 288
Charitable
activities		 (126) (105)
Total expenditure 355 393
Net gains/(losses)
on		 investments 2,985 (1,053)
NET MOVEMENT
IN		 FUNDS 4,921 1 413
Total funds brought forward 14,917 13,504
Total funds carried forward 19,838 14,917
All income and expenditure derive from continuing activities

BALANCE SHEET as at 31 March 2021 Note March 2021 March 2020
f.'000 E'000
FIXEDASSETS
Investments 16,955 12.332
16,955 12,332
CURRENT ASSETS
Debtors 887 559
Investments 1,945 1,920
Cash at bank and in hand 54 243
2,886 2,722
CURRENT LIABILITIES
Creditors falling due within one year (3) (137)
NET CURRENT ASSETS 2,883 2585
Total net assets 19,838 14917
CHARITABLE FUNDS
Unrestricted
funds
General reserves 7, 8 18,935 13,934
Designated
reserves		 7, 8 903 983
Total charitable funds 19,838 14,917

STATEMENT OF CASH FLOW S YEAR ENDED 31 MARCH 2021
2021 2020
6'000 6'000
Operating
Activities
Net cash provided
by/(used
in) Operating		 Activities A 874 1 730
Cash flows from investing
activities
Dividends,
interest and rents from investments		 337 307
Purchase
ofinvestments		 (1,400) (2,200)
Net cash provided
by/(used
in) Investing		 Activities 1 063 1 893
Change
in cash and cash equivalents		 in the reporting
period (189) (163)
Cash and cash equivalents
at the beginning		 ofthe
reporting
period		 243 406
Cash and cash equivalents
at the end		 of the reporting
period B 54 243
Notes on the cash flow statement
A Reconciliation
of net income/(expenditure)		 to net
cash flow from operating
activities
Net movement
in funds as per the Statement		 of
Financial
Activities		 4,921 1,413
Adjustments
for:
Dividends,
interest and rents from investments		 (337) (307)
Other movements
in investments		 (3,248) 814
(Increase)/decrease
in debtors		 (328) (206)
Increase/(decrease)
in creditors		 (134) 16
Net cash provided
by/(used
in) Operating		 Activities 874 1,730
B Analysis ofcash and cash equivalents
Cash held by investment
managers		 0 0
Cash at bank and
in hand		 54 243
Total cash and cash equivalents 54 243

YE AR ENDED 31 MARCH 2021 MARCH 2021 MARCH 2021
2. DONATIONS AND LEGACIES 2021 2020
6'000 6'000
Festivals 737 1,669
Other donations 31 54
Legacies 1,185 829
1,953 2 552
3. CHARITABLE ACTIVITIES 2021 2020
F'000 K'000
Transferred
Beneficiaries		 Fund 126 112
Support Costs 0 (7)
126 105
4. INVESTMENTS March 2021 March 2020
f'000 6.'000
Fixed Asset Investments:
Managed
Funds
MCF CAIF 16,325 12,332
COLA Property
Fund		 630 0
16,955 12,332
Current Asset Investments
- RLAM Cash Reserve funds 1,945 1,920
-Cash and cash equivalents 0 0
1,945 1,920
18,900 14,252
MOVEMENTS IN INVESTMENTS
Listed
Balance at 31 March 2020 14,252 12,866
Additions 1,400 2,200
Investment
income reinvested		 337 307
Management fees charged to the fund (74) (68)
Gains/(losses) 2,985 (1,053)
Changes
in cash balances		 held 0 0
Balance at 31 March 2021 18,900 14252

YEA R ENDED 31 MARCH 202 R ENDED 31 MARCH 202 R ENDED 31 MARCH 202 R ENDED 31 MARCH 202 R ENDED 31 MARCH 202 R ENDED 31 MARCH 202 1
4. INVESTMENTS (Continued) March 2021 March 2020
6'000 E'000
RECONCILIATION TO SOFA
Gains/(losses) on listed investments 2,985 (1,053)
2985 1 053
5. DEBTORS March 2021 March 2020
E'000 E'000
Amounts
owed		 by group undertakings 373 225
Prepayments and accrued income 1 1
Other debtors 513 333
887 559
6. CREDITORS March 2021 March 2020
6'000 E'000
Falling due within one year
Grants payable 4
Accruals and deferred income 0
Amounts
owed		 to group undertakings 133
137
7. MOVEMENT IN FUNDS Balance at Income Expenditure Gains/ Transfers Balance at
1 April (losses) 31 March
2020 2021
f'000 E'000 F'000 E'000 E'000 f'000
Unrestricted funds
General reserves 13,934 2,291 (355) 2,985 80 18,935
Designated reserves 983 0 0 0 (80) 903
Total funds 14,917 2,291 355 2,985 0 19,838
Prior year Balance at Income Expenditure Gains/ Transfers Balance at
1 April (losses) 31 March
2019 2020
E"000 E'000 F'000 E'000 E'000 E'000
Unrestricted funds
General reserves 11,694 2,859 (393) (1,053) 827 13,934
Designated reserves 1,810 0 0 0 (827) 983
Total funds 13,504 2,859 393 1,053 0 14,917

R ENDED 31 MARCH 2021 R ENDED 31 MARCH 2021 R ENDED 31 MARCH 2021
ASSETS AND LIABILITIES Investments Current Current Fund
f'000 Assets
f'000		 Liabilities
f'000		 Total
f'000
Unrestricted funds
General reserves
Designated
reserves		 16,955
0		 1,983
903		 (3)
0		 18,935
903
Total funds 16,955 2886 3 19,838
Prior year Investments Current Current Fund
Assets Liabilities Total
f'000 f'000 f'000 f'000
Unrestricted funds
General reserves
Designated
reserves		 12,332
0		 '1,739
983		 (137)
0		 13,934
983
Total funds 12332 C ILK 1491f