ROYAL MASONIC BENEVOLENT INSTITUTION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charlty Numbar: 207360 ROYAL MASONIC BENEVOLENT INSTITUTION Contents Page Trustee's Annual Report Statement of Trustee's Responsibilities Auditorfs Report 12 Statement of Financial Activities 15 Balance Sheet 16 Statement of Cash Flows 17 Notes to the Flnancial Staternents 18 Page 2 of 22 ROYAL MASONIC BENEVOLENT INSTITUTION TRUSTEE'S ANNUAL REPORT The Trustee is pleased to submit its ￿pOrt for the year ended 31° March 2024. Reference and Adminlstratlve Information Name and Reg15tsrgd Office The nam8 of the ¢harily is Ihe Royal Masonic Benevolent Institution {the "Charity.) and its principal offi is located at 60 Great Queen Streel, London, WC28 5A2. Trustees The Trustee who Served durlng the whole of the year was: Th8 Masonic Charilable Foundation {"MCF') (Corporat8 Trustee, Registered Charity No. 1164703, Company Number 09751836) The trustees of the MCF who Served during th8 year were: John Boyington, CBE (Resigned 3181 July 2023) Sinead Brophy {Resigned 3111 July 20231 Simon Duckworth, OBE, DL (Resigned 3181 July 2023) Clive Emerson (Appointed Treasurer 151 August 2023) Dr Simon Fellemian Edward Goodchilrj (Appointed 101 August 2023) Alan Graham. MBE Antony Harvey {Resignod 31" July 20231 Christopher Haad Michael Heenan (Treasurer) (Resigned 31 sl July 2023) James Long, TD {Presidentl (Appointed Chairman 111 January 2024) Ch8rf0tt8 Miller {Appoinled COwOPtee 1 &1 August 20231 Stephen Robinson Marie Shènton (Appointed 1 at August 2023) David Southern Bruce Walk8r Andrew Wauchope (Resigned 3181 July 2023) Sir Paul Williams, OBE, KStJ, DL (Deputy President and Chairrnan to 31" December 2023) Howard Wilson Page 3 of 22 ROYAL MASONIC BENEVOLENT INSTITUTION TRUSTEE'S ANNUAL REPORT Executive The Executive during the year to 3181 March 2024 were.. Les Hutchinson, Chief Executive Charles Angus, Group Finance Director Brenda Nurse. Company Secretary Auditor Knox Cropper LLP, Chartered Accountants, 65 Leadenhall Street. London, EC3A 2AD Bankers Barclays Bank Plc. Level 28, 1 Churchlll Place, Canary Wharf. London, E14 5HP Investment Advl8ors Asset Risk Consultanls Limlted, 7 New Street, St. Peter Port, Guemsey, GY12PF Inve8tment Managers CCLA, S8nator Hou88, 85 Queen Victoria Street. London, EC4V 4ET Sarasin & Partners LLP. Juxon House, 100 St. Paul's Churchyard. London. EC4M 88U Royal London Asset Management Ltd., 55 Grac8church Street, London, EC3V OUF Thesis Unit Trust Management Ltd, Exchange Building, St John's Street, Chichester, W8St Sussex P019 1UP Waverlon Investment Management Ltd., 16 8abmaes Stre8t, St. James. London, SW1Y 6AH Sollcltors Stone King LLP. Boundary House. 91 Charterhouse Street, London. EC1 M 6HR Page 4 of 22 ROYAL MASONIC BENEVOLENT INSTITUTION TRUSTEE'S ANNUAL REPORT Structure, Governance and Management Organlsatlon The Charity is governed und8r the lerms ofa Charity Commission Scheme dated 181 November 2017when it was transferred from the RMBICC to the MCF. On the same date the Transferred Beneficiaries Fund was transferred from The Grand Charity to the Charity. As the MCF is the sole trustee of the Charity, the MCF 8X8rcises control over the Charity, and will con801idate the Charily's results in ils group accounts. Details of the processes for the appointment, induction and training of the MCF'S trustees are given in the annual report and acwunts of that company. Govomance and Managamgnt All governanc8 and management capabilities are provided by the MCF and details of the relevant commillees and processes are provided in the annual r8POrt and accounts of that company. Trustees and committees of the MCF addr8SS the specifi¢ needs of the Charity as part of their roles and responsibilities for the MCF. The trustee board and the main committees m881 as follows.. Boardlcommltteo Purpo•o M00tlngs por ear Trustee Board Main decision-making body with ullirnate responsibility for the Charil Identification and mit. ation of risk, oversi ht of external audit Consider8tion of applications for grants from organisations reco nised b the Charit Commission Ensuring adequale procedures are in place lo 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 lo meet the requirements of the Charit ointment and monitorin of fund mana ers Consideration of applications from individuals connected with the masonic communit for financial relief Development and execution of strategies to oplimise the retum5 from the Charit ro ert ortfolio Determination of ex8CUtive and staff & benefits Development and implementation of strategies to support the Charity's objectives. In addition. the trustees hold an annual strate ic'awa da Audit and Risk Charity Grants Finance Fundraising Investments Masonic Support Property {RMTGB onl Remuneration Strategy The Charity d08s not employ any staff, with servlces being provided by staff employed by the MCF. Page 5 of 22 ROYAL MASONIC BENEVOLENT INSTITUTION TRUSTEE'S ANNUAL REPORT Objectives and Activities The objects of the Charity The objects of the Charity shall be to relieve the need, suffering and distress of the beneficiaries and for that purpose". To support beneficiaries who are in need of financial assistance from tha Charity. b) To provide beneficiaries with accommodation in residential care facililies or sheltered accommodalion, and make 8v8i18ble such care as may be required. To provide Other such b8n8fits to b8n8fician8s as thè trustee shall from time to time think fit. The maln actlvltl&s The main activity of the Charity for the year was the collection of donations and legacies in support of the RMBICC. All donations and legacies received are controlled by the MCF, which provides an annual support grant to the RMBICC. The purpose of the Transf8rr8d 88n8ficiari8s Fund is the r81i8f of poverty for named beneficiaries of the Royal Masonic Benevolent Institution. This pool has been closed to new entrants for many years. The fund, amounting to £9.77 M, was transferred from The Grand Charity on 181 November 2017. Following aciuarial calculations of ihe remaining liability, LO.43 M of the fund has been designaied for this purpose and the remainder transferred to the general fund of the Charity. Publlc beneflt The Trustee has referred to the Charity Commission's general guidance on public benefit when reviewing Its alms and objectives and has ensured that its grant-making policies and activities comply with the requirements. Achlevements and Perforniance During the year, 70 grants al a valu8 of £68k (net of rev8rsals) w8r8 paid to 70 recipients. Page 6 of 22 ROYAL MASONIC BENEVOLENT INSTITUTION TRUSTEE'S ANNUAL REPORT Financial Review Review of the Year Income for the year amounted to £1.57 M (2023.. £4.06 M}. Festival income of £0.08 M was 49% lower than prior year as the last remaining festival attached to the Charity comes to its conclusion. The Charty 15 most grateful for the sterling efforts made by organising committees ané generous donalions of time and money by Br6thren. Lègacies are by nature variable, and income from this source for the current year of £0.64 M was 800k lower than the prior year. Total expenditure of £0.29 M was 7% tt￿her than prior year. Investment gains of £2.84 M were made (2023 losses.. £1.12 M) due to the strong surge in wodd stock market5 ovèr the last quarter ofthe year and the oulperfomiance of the CAIF. The net surplus for the y8ar of £4.11 M (2023.. £2.67 M) was transferred to reserves. Reserves Pollcy The designated reserve will fund the ongoing grant commitments to the nam8d b8n8ficiari8s of the Charily until their demise. Any 8xc8ss funds following the death of the last beneficiary will then be transferred to the general fund. The general fund will be used in the future to contribute to the annual support grant provided by the MCF to the RMBICC. Investment Pollcy and Performance The MCF global investment strategy seeks to protect the capital valu8 of inv8Stmenls that are required to fund operations for 8 three-year time horizon Ith8 "Cash Reserve.) 8nd to invest all remaining funds for long term growth, on a total return basis, with an overall objective of making a r8tum of CPI plus 3.5% net of all exp8nses. The Cash Reserve is provided by Royal London Asset Manag8m8nt I'RLAM.) and utilises three of their funds. which provid8 a mix of instruments, including cash instruments, Treasury Bi115, covered (secured) bonds. corporate bonds. Supranalionals and mortgage-backed s8curities. The performance oblecllves of the thr88 funds are: Short Term Money Market Fund: Short Term Fixed Income Fund: Short Tem Fixed Income Enhanced Plus Fund.. SONIA SONIA plus 0.500/0 gross of fees SONIA plus 1.00% gross offees The MCF sponsored the launch of the Masonic Charitable Foundation Investment Fund CAIF, which took place on 111 October 2018. This is a unit trust with a highly efficient tax wrapper in which the MCF and all its subsidiary charities own Iheir shares in the form of units. Unit5 will be sold as required in order to top up the Cash Reserve on a quarterly basis. The investment strategy is directed for'steady Growth., which is a medium-high risk strategy. Risk is managed through diversification, with the funds split be￿een four different fund managers operating on multi asset mandates but utilising differing investment management styles. The overall fund manager is Thesis Unit Trust Manag8ment Limltad and the custodian in Northem Trust. The strategi¢ and actual asset allocations as at 3151 March 2024 are shovm in the table overleaf.. Page 7 of 22 ROYAL MASONIC BENEVOLENT INSTITUTION TRUSTEE'S ANNUAL REPORT Investment Policy and Parfornianco (Continuod) Asset Class Strategic Allocation 0.00% 7.50% 54.50% 18.00% 12.50% 3.75% 3.75% 100.00% Benchmark Actual 31. March 2024 2.44% 5.67Yo 68.85% 12.69¥0 2.85Vo Cash Fixed Income International E U.K. E ui Eme Market E uit Alternative Investmenls Pro ert SONIA FTSE UK World Gov. Bond Index GBP MSCI World ex UK NR GBP MSCI UK E uit NR GBP MSCI Emer Markets E HFRX Global Hed e Fund GBP IA UK Direct Pro uit NR GBP 1.15Vo 100.00% In order to balance prop8rty 6xposur8 across all the MCF subsidiariès. the Charity also mad8 a dlrect investmenl into the CCLA property fund. Performance under the new arrangements is shown in the following lable.. MCF CAIF RLAM Money Markgt RLAM Short Torni Flxed Income RLAM Short Temi Fixed Income Enhanc•d £Nil 4apital Prot8Ction CCLA Property Fund Fund at 31•1 March 2024 IniJeslft).ent approaph £23.27 M Sleady Growth Multi- Asset £5.74 M Capital Protection £Nil Capital Protection £0.66 M Inrnme & long-t8rm Capital Growth MSCIIAREF UK olher balanced ro ARC Charity GBP Steady Growth 0.50% 1.10 9.70% 6.20% Benchmark Composite SONIA SONIA SONIA P88r Group ARC Charity GBP Sleady Growth None None Non8 Return for the ear Benchmark return for Peer rou retum for ear return ar benchmark ar er rou 16.20% 5.31% 4.97% 4.30¥0 2.58Vo 2.42% 1.70Yo 5.69% 4.97% 4.300 2.600 2.42% 1.70% 6.65% 4.970 4.300 2.31tsh 2.420h 1.70% ar ar 9.700 26.900 25.400/ 11.900/0 11.900 stock markets had a very strong run in the final quarter of the financial y8ar, resulting 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 22 ROYAL MASONIC BENEVOLENT INSTITUTION TRUSTEE'S ANNUAL REPORT Principal Risks and Mitigation The principal risks identified and agreed actions to mitigate are shown in the following table- Risk Significant unexpected financial loss from operations Conse uence Repulalional damage, los$ of confidence wrth key $lakeholder8 and impact upon conlinuing financial suslainabilil Poor service to beneficiarles and repulalional damage. Withdrawal of ke services from su liers Impacts flnancial suslainabilily and pulational damage with donor3 Mltl atlon Strong financial procedures, particularfy budgetary planning and control. Oversight from the Flnance Committee. Inadequate liquidity lo meet financial commilmenls Significant long-lerm1088 in the value of the investment portfollo Cash flow forecasting and liquidity planning within the Investment Strategy Appointment of Asset Risk Consultan18 88 expert investment advisors. providing monthly perfomiance reporting and analysis. Oversight from investment and ro commillees. Strong procedures and controls for processing grants. Oversight from Masonic ort and Charil Grants Gommillee¥ UGLE manage and monitor ne¢work$, servers and backup systems, and has deployed appropriate def6n¢e me¢hanlsm$ e.g. lirewalls. antivirus elc. Third party hosted systems lappllcalions have relevant controls and security regimes. Information Systems are only 8cces5ed via the VPN network andlor multi- factor aulhenlicalion protocols, Grants made outside the Charity's Objects and eralin uid8lines Cyberallack on IT system¥ Repulalional damage, loss of confidence with key slakehold8rs and olenlial Iruslee liabilit Operational disruption resulting in financial, reputational, legal and regulatory damage. MCF'S Information Security Group {ISGI have variou3 digital & IT procedures and policies in place, Cyber awareness and Irainin ro ramme mandalo for all 81aff. Data protection policy. IT security and HR olicies in lac8 Financial procedures, segfegalion of dulles, authority limits, IT security. increased awareness amon sl staff MCF Buslne88 Conlinully Plan Data protection breach RepLrtational damage and significant financial enalti6s Financial loss, repulalional darnage, adverse impact upon staff Fraud Unavailability of office accommod81ion Loss of paper records from flrelfloooing Operations compromis8d Breach of legal obligations. adverse impact upon operations. potential financial enalties Breach of legal obligations, polenlial financial penalties, breakdown of staff morale and adverse impact on service rovlsion Operational b￿akdOWn, adverse impact upon staff morale, poor seNice to benefi¢iarie5 and potential ulalional dama Reduced reliance on paper records wllh increased use of IT. Lack of compllance with employment legislation HR procedures and staff handbook. Induction processes for new staff. Ongoing management training and Personal Oevelo ment Review HR procedure5.' organisational and succession planning. Comprehensive documentation of procedures and controls Undue reliance on key persons Risks are actively monitored by th8 Executive and the senior leadership team, and formally reviewed by thè audit and risk ¢ommillee at their quarterly meetings. Pag8 9 of 22 ROYAL MASONIC BENEVOLENT INSTITUTION TRUSTEE'S ANNUAL REPORT Plans for Future Periods The Charity will ￿ntInUe to receive donations ar¥J legacies and pass them through to the MCF which will apply them in accordance with its charitab18 obj8CtiV8s, including SUPPOrt of th8 RIABICC. Page 10of22 ROYAL MASONIC BENEVOLENT INSTITUTION STATEMENT OF TRUSTEE'S RESPONSIBILITIES Statement of Responsibilities The Trustee is responsible for preparing the trustee's report and financial statements in accordance with applicable law and United Kingdom Accountlng Standards (U.K. 'GAAP°). The law applicable to charities in England and Wales, the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2W8 and Ihe provisions of the trust deed require Ihe trustee to prepare financial stalements for each financial year which give a true and fair view of the state of affairs of the Charity and of th8 income and expenditure of the Charity for that year. In preparing these financial ststements, the Trustee is required to: select sultable accountlng policles and then apply them consistenlly., obs6rv8 the methods and principles in Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial statem8nls in ac¢ordanc8 with the Financial R8POrting Standard applicabl8 in the United Kingdom and Republic of Ireland (FRS102)' make judgements and estimates that are reasonable and prudent. state whether Unlted Klngdom accounting standards have been followed, subject to any material departures disclosed and explained in th8 financial statements; an¢J prepare the financial slatemenls on the going concern ba8is unless it is inappropriate to presurne that the charity will continu8 to Operate. The Trustee is responsible for keeping adequate accounting racords that disclose with reasonable accuracy at any time the financial position of the Charity and enable it lo ensure that the financial stat8ments comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. It is also responsible for safeguarding the assets of the Charity and for taking reasonable 5tep5 for the prevention and detection of fraud and olher irregularities. Audltor A resolution proposing that Knox Cropper LLP be reappointed as auditor will be put to Ihe members. Approval by Trustee Thi port. was approved by the Trustee on 12th September 2024 and signed on its behalf by Long, T President and Chairman, MCF Page11 of22 ROYAL MASONIC BENEVOLENT INSTITUTION REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEE OF THE ROYAL MASONIC BENEVOLENT INSTITUTION We have audited the financial statements of the Royal Masonic Benevolenl Institution (the °CharitK) for the year ended 31 March 2024 which comprise th8 Statem8nt of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statemenls. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unite(i Kingdom A¢¢ounling Standards, including Financial Reporting Standard 102 The Financial Reporting Standard appliGable In the UK and RepubliG of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. giv8 a true and fair view of tho stata of the Charitys affairs a8 at 31 March 2024 and of its incoming resources and applicalion of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared In accordance wlth the Charltles Act 2011. Bul8 of oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISA5 (UK)) and applicable law. Our responsibilities under thos9 stsndards are further described in th8 Auditor's re5ponsibiiitie5 for the audit of the financial statements 56¥tion of our r6port. Wv ar6 independent of the charity in accordan¢8 with th8 ethiral r8quir8m8nts that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibillties in accordance wth these requirements. We believe that the audit evidence we have obtained is sufficient and approprsate to provide a basis for our opinion. Conclu8lon8 rolatlng to golng concorn In auditlng the financial statements, we have concluded thal the Truslee's use of the going concarn basls of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not Ident￿le￿ any material uncertainties relating to events or conditions that, indiwdually or collectively, may cast signrficant doubt on the charity's ability to continue as a going concern for a period of at least twelv8 months from when the financial stalements are authorised for issue. Our responsibilities and the ￿SponSibl11t1eS of the Trustee with ￿SpeCt to going concèrn are descrfbed in the relevant S8Ctions of this report. Other inforniatlon The Other infomialion comprises the information included in the annual ￿pOrt, othèr than the financlal statements and our audito¢s report th8reon. Th8 Trust68 is r8sponsibl8 for the Other information. Page 12of22 ROYAL MASONIC BENEVOLENT INSTITUTION REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEE OF THE ROYAL MASONIC BENEVOLENT INSTITUTION Our opinion on the financial slalem8nts does not cover the other information and we do nol exprass any form of assurance conclusion thereon. Our responsibility is to read the oth8r infomation and, in doing so. consider whether the other information Is malerially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsislenci8s or apparent material misstatements, we are required to delemiine whether Ihere is a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other infomiation, we are required to report that facl. We have nothing to report in this regard. Matters on whlch we arn rnqulrod to report by oxc•ptlon We havè nothing to report in respect of the following matters In rel8tlon to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the infomiatlon glven in the financial statements is inconsistent in any material respect with the Trust88's report,. or sufficient accounting records have nol been kept., or the financial statements ar8 nol in ag￿ement with the accounting records,. or W8 have not received all the information and explanations we require for our audit. Re8ponslbllltl•8 of Tru•te• As explained more fully in the Trustee's R88ponsibllities Statement set out on pag8 11, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they giv8 a tru8 and fair view, and for such inlemal control as the trustee delermines is necessary to enable the preparation of financial slalements that are fr88 from material misstatement, whelher due to fraud or error, In preparing the financial statements, the Trustee is responsible for ass8ssing th8 Charity's ability to continue as a going concern. disclosing, as applicable, matters related to going conc8m and using the going concern basis of a¢¢ounling unless the trustee either intends to liquidate the company or to ￿a50 operations, or has no realistic altemative but to do so. AudltoVs re8ponslbllltle8 for tho audlt of the flnanclal 8tatomont• W6 have been appointed as auditor und8r section 144 of the Charities Act 2011 and report in accordance with the Act and relevanl regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are freefrom material misstatamenl, whether due tofraud orerror, and to issue an auditor's ￿pOrtIhat includes our opinion. Reasonable assuran￿ is a high level of assuranc8. but is not a guarantee that an audit conducted in accordance with ISAS (UK> will always d8tect a material misstatement when it exists. Misstatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inffluen￿ the economic decisions of users taken on the basis of thes8 financial statements. Page 13of22 ROYAL MASONIC BENEVOLENT INSTITUTION REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS AND TRUSTEE OF THE ROYAL MASONIC BENEVOLENT INSTITUTION Irre9ularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misststements in respect of irregularities, including fraud. The exient to which our procedures are capable of detecting irregularitl8S. including fraud is detailed below.. The Charity is reqUI￿d to complywith charity law and, based on our kno￿edge of its activities, we id8ntifi8d that the legal requirement lo accurately account for any restri¢led funds was of key significance. We galned an understanding of how the charity complied with its legal and regulatory framework, including the requir8m8nt to properly account for any restricted funds, through dlscussions wlth management and a review of the documented policies, procedures and controls. The audit team, which is èxp8ri6nc8d in the audit of charities, considered the charitls susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of manag8m8nt OV8rride. Our approach was to check that all restricted income was properly identlfied and separately accounl8d for and to ensure that only valid and appropriate expenditure was charged to restricted funds. This included reviewing journal adjustments and unusual transactions. A further description of our responsibilities for the audit of the financial statements is located on the Financial R8POrting Council's website at: www.frc.o auditorsres on5ibilitie . This description forms part of our auditor's report. U8• of tho audlt roport This report is made solaly to the Charity's trustee, as a body. in 8c¢ordance wlth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken, so that we might state to the Charily's trustee those matters we are required to stale to them In an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Iruslee as a body, for our a￿j11 work, for this report or for th8 opinions we have fomied. ltr G•pr LUP Knox Cropper LLP Statutory Auditor 65 Leadenhall Street London EC3A 2AD ¥24 SefknLr 2¢) 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 14 of22 ROYAL MASONIC BENEVOLENT INSTITUTION STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 Note 2024 £'ooo 2023 £'ooo INCOME Donations and legacies Investment income 763 804 3.427 633 Total income 1.567 4.080 EXPENDITURE Cost of g8nerating funds Investment management costs (27) (199) (29) (151) Cost of genoratlng funds 226 180 Charltablo actlvltl•• (681 {961 Total oxpendlturn Net gainsl{lossgsl on investments NET MOVEMENT IN FUNDS 294 276 2,840 {1 1171 4,113 2.667 Totsl funds brought foNMrd 27,484 24,817 Total fund8 carrl•d forward All income and exp8nditur8 derlve from contlnulng activities The notes on pages 18 to 22 form part of these flnancial statements Page 15of 22 ROYAL MASONIC BENEVOLENT INSTITUTION BALANCE SHEET as at 31 March 2024 Note March 2024 £'ooo March 2023 £'ooo FIXED ASSETS Investments 23,935 23,506 23,935 23,506 CURRENT ASSETS Debtors Investments Cash at bank and In hand 664 5.738 1.272 1,933 2,062 7,674 4.001 CURRENT LIABILITIES Creditor5 falling due within one year NET CURRENT ASSETS 112) (23) 7.662 3,978 Total net a88ats CHARITABLE FUNDS Unr•slrlclod funds G8n8ral res8rves Designaled r8S8rves 31,167 430 26,948 536 Total charltable funds 31,597 27,484 The financSal statements were approved an(J authorised for issue by the Trustee Board on 12th September 2024 and signed on their behalf by.. ((,, Jame ong, TD Clive Emersorf President and Chaimian Treasurer Thg notes on pages 18 to 22 form part of these financial statements Page 16 of22 ROYAL MASONIC BENEVOLENT INSTITUTION STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 2024 £'ooo 2023 £'ooo Operating Activities Net cash providod byllusod in) Oparatlng Activities 1,042 Cash flows from invosting activiti08 Dividends, inlerest and rents from investm8nts Proceeds from Ihe sale of investments Purchase of investments 804 3,600 14,180) 633 (2.500) Net cash providad byl