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|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|
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|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 nisedb
the Charit
Commission|||||
|Finance||Ensuring
adequate
procedures
are in place to manage
all|||||
|||as ects offinancial
lannin,
controllin
and re 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
of applications
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|||||
|||strate
ic'awa
da|||||
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|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%|
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|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|
|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||||||of ke
services from su
liers||Strate|
|Significant|long-term||||loss|Impacts financial
sustainability||Appointment
ofAsset Risk|
|in the value|ofthe|||||and reputational
damage
with||Consultants
as expert investment|
|investment|porffolio|||||donors||advisors,
providing
monthly|
|||||||||performance
reporting
and analysis.|
|||||||||Oversight
from investment
and|
|||||||||ro e
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
cybersecuiity|
|||||||||trainin
in
laceforall
staff|
|Data protection|||breach|||Reputational
damage and||Data protection
policy,
IT security|
|||||||si nificant financial
enalties||and HR
olicies in
lace|
|Fraud||||||Financial loss, reputational||Financial procedures,
segregation
of|
|||||||damage,
adverse
impact upon||duties, authority
limits, ITsecurity,|
|||||||staff||increased awareness
amon
st staff|
|Unavailability||of|office|||Operations
compromised||UGLE Business Continuity
Plan|
|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.|
|||||||otential financial
enalties|||
|Lack ofcompliance||||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 beneficiadies
and||Comprehensive
documentation
of|
|||||||otential
re utational
dama|e|rocedures
and controls|
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|||||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||||
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|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||||||
|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:||||||
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|||||||2023|2022|
|---|---|---|---|---|---|---|---|
|||||||k'000|R'000|
|Operating
Activities||||||||
|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||||||||
|Net movement
in funds as per the Statement||||of||||
|Financial Activities||||||2,667|4,979|
|Adjustments
for:||||||||
|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|
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|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||||
||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||||
||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|
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|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||||
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|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|
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|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|
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