| ROYAL | MASONIC | BENEVOLENT INSTITUTION | |
|---|---|---|---|
| Contents | Page | ||
| Trustee's | Annual Report |
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| 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 |
| 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: |
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| Board/Committee | Purpose | Meetings per | ||||
| ear | ||||||
| Trustee Board | Main decision-making body with ultimate responsibility for the |
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| Charit | ||||||
| Audit and Risk | Identification and miti ation ofrisk, oversi ht ofexternal audit |
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| Charity Grants | Consideration ofapplications for grants from organisations |
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| reco nisedb the Charit Commission |
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| Finance | Ensuring adequate procedures are in place to manage all |
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| as ects offinancial lannin, controllin and re ortin . |
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| Fundraising | Supporting the masonic community's fund raising activities |
to | ||||
| su ort the Charit |
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| Investments | Maintaining investment strategies to meet the requirements |
of | ||||
| the Charit, a ointment and monitorin offund mana ers |
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| Masonic Support | Consideration of applications from individuals connected |
with | ||||
| the masonic communit for financial relief |
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| 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 |
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| Strategy | Development and implementation ofstrategies to support |
the | ||||
| Charity's objectives. In addition, the trustees hold an annual |
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| strate ic'awa da |
| vestment P |
vestment P |
olicy and P | erformance ( |
Continued) | ||||
|---|---|---|---|---|---|---|---|---|
| Asset | Class | Strategic | Benchmark | Actual 31" | ||||
| Allocation | March 2023 | |||||||
| Cash | P PP% | SONIA | 290% | |||||
| Fixed Income | 750% | FTSE UK World | Gov. Bond Index GBP | S.80% | ||||
| International | E uit | 54Sp | MSCI World | ex | UK NR GBP | 59.20% | ||
| U.K. E ui | 18.00% | MSCI UK E | uit | NR GBP | 18.10% | |||
| Eme in |
Market E uit | 12.50% | MSCI Emer | in | Markets E uit | NR GBP | 3.20% | |
| Alternative | Investments | 375% | HFRX Global | Hed e Fund GBP | 5.90% | |||
| Pro ert | 3.75% | IAUKDirectPro | ert TR |
1.90% | ||||
| 10000% | 1PPP% |
| The principal | risk | risk | s id | en | tified | and agreed actions to mitigate | are s | hown in the following table: |
|---|---|---|---|---|---|---|---|---|
| Risk | Cense uence |
INiti ation |
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| Significant | unexpected | Reputational damage, loss of |
Strong financial procedures, | |||||
| financial loss |
from | confidence with key stakeholders |
particularly budgetary planning and |
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| operations | and impact upon continuing | control. Oversight from the Finance |
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| financial sustainabilit |
Committee. | |||||||
| Inadequate | liquidity | to | Poor service to beneficiaries | and | Cash flow forecasting and liquidity |
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| meet financial | reputational damage. Withdrawal |
planning within the Investment |
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| commitments | of ke services from su liers |
Strate | ||||||
| Significant | long-term | loss | Impacts financial sustainability |
Appointment ofAsset Risk |
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| in the value | ofthe | and reputational damage with |
Consultants as expert investment |
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| investment | porffolio | donors | advisors, providing monthly |
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| performance reporting and analysis. |
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| Oversight from investment and |
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| ro e committees. |
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| Grants made | outside | the | Reputational damage, loss of |
Strong procedures and controls for |
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| Charity's Objects and |
confidence with key stakeholders |
processing grants. Oversight from |
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| 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 |
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| compromised | ("UGLE")and IT network providers |
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| have strong security procedures in |
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| place covering access, protection, | ||||||||
| backups and disaster recovery | ||||||||
| facilities. Mandatory cybersecuiity |
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| trainin in laceforall staff |
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| Data protection | breach | Reputational damage and |
Data protection policy, IT security |
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| si nificant financial enalties |
and HR olicies in lace |
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| Fraud | Financial loss, reputational | Financial procedures, segregation of |
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| damage, adverse impact upon |
duties, authority limits, ITsecurity, |
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| staff | increased awareness amon st staff |
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| Unavailability | of | office | Operations compromised |
UGLE Business Continuity Plan |
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| accommodation | ||||||||
| Loss ofpaper | records | Breach of legal obligations, | Reduced reliance on paper records | |||||
| from fire/flooding | adverse impact upon operations, |
with increased use of IT. |
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| otential financial enalties |
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| Lack ofcompliance | with | Breach of legal obligations, | HR procedures and staff handbook. |
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| employment | legislation | potential financial penalties, |
Induction processes for new staff. | |||||
| breakdown of staff morale and |
Ongoing management training and |
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| adverse impact upon service |
Personal Development Review |
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| rovision | ||||||||
| Undue reliance on key |
Operational breakdown, adverse |
HR procedures: organisational and |
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| persons | impact upon staff morale, poor | succession planning. |
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| service to beneficiadies and |
Comprehensive documentation of |
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| otential re utational dama |
e | rocedures and controls |
| Note | 2023 | 2022 | ||||
|---|---|---|---|---|---|---|
| f'000 | 6'000 | |||||
| INCOME | ||||||
| Donations and legacies |
3,427 | 3,318 | ||||
| Investment income |
633 | 412 | ||||
| Total income | 4,060 | 3,730 | ||||
| EXPENDITURE | ||||||
| Cost ofgenerating | funds | (29) | (135) | |||
| Investment management |
costs | (151) | (155) | |||
| Cost ofgenerating | funds | 180 | 290 | |||
| Charitable activities |
(96) | (98) | ||||
| Total expenditure | 276 | 388 | ||||
| Net (losses)/gains on |
investments | 4 | (1,117) | 1,637 | ||
| NET MOVEMENT IN |
FUNDS | 2,667 | 4,979 | |||
| Total funds brought forward |
24,817 | 19,838 | ||||
| Total funds carried | forward | 27,484 | 24,817 | |||
| All income and expenditure | derive from continuing | activities |
| ROYAL MASONIC | BENEVOLENT INSTITU | BENEVOLENT INSTITU | TION | ||
|---|---|---|---|---|---|
| BALANCE SHEET | as at 31 March 2023 | Note | March 2023 | March 2022 | |
| L"000 | L"000 | ||||
| FIXEDASSETS | |||||
| Investments | 23,506 | 22,726 | |||
| 23,506 | 22,726 | ||||
| CURRENT ASSETS | |||||
| Debtors | 1,933 | 1,071 | |||
| Investments | 2,062 | 943 | |||
| Cash at bank and in hand | 6 | 77 | |||
| 4,001 | 2,091 | ||||
| CURRENT LIABILITIES | |||||
| Creditors falling due within one year | (23) | ||||
| NET CURRENT ASSETS | 3,978 | 2,091 | |||
| Total net assets | 27484 | 24,817 | |||
| CHARITABLE FUNDS | |||||
| Unrestricted funds |
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| General reserves | 7, 8 | 26,948 | 24,103 | ||
| Designated reserves |
7, 8 | 536 | 714 | ||
| Total charitable funds |
27,484 | 24,817 | |||
| The financial statements | were approved | and authorised | for issue by the Trustee Board on | 14th | |
| September 2023and signed on their behalf by: |
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| k'000 | R'000 | ||||||
| Operating Activities |
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| Net cash provided by/(used |
in) Operating | Activities | A | 1,796 | 2436 | ||
| Cash flows from investing | activities | ||||||
| Dividends, interest and rents |
from investments | 633 | 412 | ||||
| Proceeds from the sale of investments | 0 | 1,000 | |||||
| Purchase of investments | (2,500) | (3,825) | |||||
| Net cash provided by/(used |
in) Investing | Activities | 1,867 | 2,413 | |||
| Change in cash and cash equivalents |
in the reporting | ||||||
| period | (71) | 23 | |||||
| Cash and cash equivalents at the beginning |
ofthe reporting | ||||||
| period | 77 | 54 | |||||
| Cash and cash equivalents | at the end | of | the reporting | ||||
| period | B | 77 | |||||
| Notes on the cash flow statement | |||||||
| Reconciliation ofnet income/(expenditure) | to net | ||||||
| cash flow from operating activities |
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| Net movement in funds as per the Statement |
of | ||||||
| Financial Activities | 2,667 | 4,979 | |||||
| Adjustments for: |
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| Dividends, interest and rents |
from investments | (633) | (412) | ||||
| Other movements in investments |
601 | (1,944) | |||||
| (Increase) in debtors | (862) | (184) | |||||
| Increase/(decrease) in creditors |
23 | (3) | |||||
| Net cash provided by/(used |
in) Operating | Activities | 1,796 | 2,436 | |||
| Analysis ofcash and cash | equivalents | ||||||
| Cash at bank and in hand | 77 | ||||||
| Total cash and cash equivalents | 77 |
| NOTES TO THE FINANCIAL STATEMENTS | NOTES TO THE FINANCIAL STATEMENTS | NOTES TO THE FINANCIAL STATEMENTS | ||
|---|---|---|---|---|
| YEAR ENDED 31 MARCH 2023 | ||||
| 2. | DONATIONS AND LEGACIES |
2023 | 2022 | |
| E'000 | 6'000 | |||
| Festivals | 164 | 555 | ||
| Other donations | 36 | 33 | ||
| Legacies | 3,227 | 2,730 | ||
| 3,427 | 3,318 | |||
| 3. | CHARITABLE ACTIVITIES | 2023 | 2022 | |
| E'000 | L'000 | |||
| Transferred Beneficiades |
Fund | |||
| 96 | 98 | |||
| 4. | INVESTMENTS | March 2023 | March 2022 | |
| F'000 | F'000 | |||
| Fixed Asset Investments: | ||||
| - Managed Funds |
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| MCF CAIF | 22,840 | 21,969 | ||
| CCLA Property Fund |
666 | 757 | ||
| 23506 | 22.726 | |||
| Current Asset Investments | ||||
| - RLAM Cash Reserve funds | 2,062 | 943 | ||
| 2,062 | 943 | |||
| 25,568 | 23,669 | |||
| MOVEMENTS IN INVESTMENTS |
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| Listed | ||||
| Balance at 1 April 2022 | 23,669 | 18,900 | ||
| Additions | 2,500 | 3,825 | ||
| Disposals | 0 | (1,000) | ||
| Investment income reinvested |
633 | 412 | ||
| Management fees charged to the fund |
(117) | (105) | ||
| Gains/(losses) | (1,117) | 1,637 | ||
| Balance at 31 March 2023 | 25,568 | 23669 |
| INVESTMENTS | INVESTMENTS | INVESTMENTS | (Continued) | (Continued) | March 2023 | March 2023 | March | 2022 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| F'000 | E'000 | |||||||||||
| RECONCILIATION | TO SOFA | |||||||||||
| (Losses)/gains | on listed investments | (1,117) | 1,637 | |||||||||
| 1,117 | 1,637 | |||||||||||
| DEBTORS | March 2023 | March | 2022 | |||||||||
| E'000 | E'000 | |||||||||||
| Amounts owed by group undertakings |
0 | 136 | ||||||||||
| Other debtors | 1,933 | 935 | ||||||||||
| 1,933 | 1 071 | |||||||||||
| CREDITORS | March 2023 | March | 2022 | |||||||||
| E'000 | f'000 | |||||||||||
| Falling due | within | one year | ||||||||||
| Grants payable | 10 | |||||||||||
| Amounts owed to group undertakings |
13 | |||||||||||
| 23 | ||||||||||||
| MOVEMENT | IN | FUNDS | Balance at | Income | Expenditure | Gains/ | Transfers | Balance at | ||||
| 1 April | (losses) | 31 | March | |||||||||
| 2022 | 2023 | |||||||||||
| E'000 | f'000 | E'000 | L'000 | E'000 | E'000 | |||||||
| Unrestricted | funds | |||||||||||
| General reserves | 24,103 | 4,060 | (276) | (1,117) | 178 | 26,948 | ||||||
| Designated | reserves | 714 | 0 | 0 | 0 | (178) | 536 | |||||
| Totalfunds | 24,817 | 4,060 | 276 | 1,117 | 0 | 27,484 | ||||||
| Prior year | Balance at | Income | Expenditure | Gains/ | Transfers | Balance at | ||||||
| 1 April | (losses) | 31 | March | |||||||||
| 2021 | 2022 | |||||||||||
| L"000 | 8'000 | F'000 | F.'000 | f'000 | L'000 | |||||||
| Unrestricted | funds | |||||||||||
| General reserves | 18,935 | 3,730 | (388) | 1,637 | 189 | 24,103 | ||||||
| Designated | reserves | 903 | 0 | 0 | 0 | (189) | 714 | |||||
| Total funds | 19838 | 3,730 | 388 | 1,637 | 0 | 24,817 |
| YE | AR ENDED 31 MARCH 2023 | AR ENDED 31 MARCH 2023 | ||||
|---|---|---|---|---|---|---|
| 8. | ASSETSAND LIABILITIES | Investments | Current | Current | Fund | |
| Assets | Liabilities | Total | ||||
| f'000 | f'000 | f'000 | f'000 | |||
| Unrestricted | funds | |||||
| General reserves | 23,506 | 3,465 | (23) | 26,948 | ||
| Designated | reserves | 0 | 536 | 0 | 536 | |
| Totalfunds | 23,506 | 4,001 | (23) | 27,484 | ||
| Prior year | Investments | Current | Current | Fund | ||
| Assets | Liabilities | Total | ||||
| f'000 | f'000 | f'000 | f'000 | |||
| Unrestricted | funds | |||||
| General reserves | 22,726 | 1,377 | 0 | 24,103 | ||
| Designated | reserves | 0 | 714 | 0 | 714 | |
| Total funds | 22,726 | 2,091 | 0 | 24,817 |