Charity Registration Number: 208177
OLD MASONIANS' BENEVOLENT AND GRANT FUND ACCOUNTS AND TRUSTEES' REPORT FOR THE YEAR ENDED 28 FEBRUARY 2022
OLD MASONIANS' BENEVOLENT AND GRANT FUND
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees' Annual Report | 2 to 3 |
| Independent Examiner's Report to the Trustees | 4 |
| Receipts and Payments Account | 5 |
| Statement of Assets and Liabilities | 6 |
OLD MASONIANS' BENEVOLENT AND GRANT FUND
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees Sir Richard Evans CBE G J Hart TD E G Meek A Foster T McArthur Green Charity name Old Masonians' Benevolent and Grant Fund Registered number 208177 Principal office 201 Grove Lane Camberwell London SE5 8BP Bankers Santander UK Plc National Westminster Bank Plc Independent examiner Simon Webber BA (Hons), DChA, FCA Kreston Reeves LLP 9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ Investment advisors Charles Stanley & Company Limited Investment nominee Pershing Securities Limited
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OLD MASONIANS' BENEVOLENT AND GRANT FUND
TRUSTEES' ANNUAL REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2022
Objectives and Activities
The objectives of the Fund are to assist former pupils of the Royal Masonic School for Boys by making grants or loans for whatever charitable purposes the Trustees consider appropriate.
Public benefit
The Trustees have complied with the Charities Act 2011 requiring them to have regard to the public benefit guidance published by the Charities Commission.
Achievements and performance
During the year The Old Masonians’ Benevolent Fund donated grants of 5,800 (2021: £Nil). This was due to no claimants under the existing trust rules coming forward during the year.
Financial Review
The FTSE All-Share index at 28 February 2022 was 4,200 and on 28 February 2021 was 3,702 an increase of 13.46% (2021: Increase of 0.76%). The value of the fund's investments at market value on 28 February 2022 was £607,433 (2021: £562,321). After allowing for the reduction in size of the portfolio by £12,190 (2021: reduction of £17,204), the market value; pre monies invested was £620,072 (2021: £579,525) a increase of 7.00% (2021: increase of 13.93%)
The dividend and interest yield on the book cost of £429,184 (2021: £441,374) was 5.96% (2021: 5.00%) as compared to the FTSE All-Share Indices which showed an average yield of 3.89% (2021: 3.77%)
The net assets of the Charity on 28 February 2022 were £550,314 (2021: £533,516) which represented an increase of 3.15% (2021: increase of 13.76%)
Investment powers and policy
There are no restrictions on the powers of investment of the Charity. All investments are in holdings quoted on the London Stock Exchange.
The Investment Objective is for a Balanced Portfolio to generate a combination of growth and income.
As provided by the Trustee Act 2000 Section 16(1)(a), all quoted investments are held on behalf of the Trustees in the name of the Investment Nominee.
Reserves policy
There are no restrictions in the Trust Deed relating to Reserves and the Trustees are not restricted in the use of either capital or income in furtherance of the objectives of the Fund.
Impact of recent 'Covid-19' pandemic
The trustees continue to consider the impact of the Covid-19 pandemic on the running of the charity and consider that it continue operating as a going concern.
Structure, Governance and Management
Governing document
The Benevolent and Grant Fund is constituted by Trust Deeds dated 7 April 1893 and 31 July 1923 to be applied amongst members of the Old Masonians' Association who are ex-pupils of the Royal Masonic Institution for Boys (subsequently known as the Royal Masonic School for Boys) for charitable purposes at the discretion of the Trustees. The Fund is approved by the Charity Commission and the Registered Number is 208177.
As provided by the Trustee Act 2000 Section 17(1), the Trust Deeds have been lodged with National Westminster Bank Plc, Oxted branch for safe keeping.
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OLD MASONIANS' BENEVOLENT AND GRANT FUND
TRUSTEES' ANNUAL REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2022
Organisation
The number of Trustees shall not be less than three. The names for new Trustees are to be recommended by the Committee of the Old Masonians' Association and appointed by the remaining Trustees.
Risk management
The Agreement with the Investment Advisors provides for advice to be based on medium risk, that is a mixture of UK Government or Investment Grade Bonds plus FTSE or equivalent Overseas Listed Investments.
The Trustees have considered the major risks to which the charity is exposed and review the systems to mitigate those risks on a regular basis. The Investment Advisors produce regular recommendations for consideration by the Trustees and undertake a comprehensive review of the investment portfolio at six monthly intervals.
Approved by the committee of Trustees on and signed on their behalf by
E G Meek Trustee
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OLD MASONIANS' BENEVOLENT AND GRANT FUND
INDEPENDENT EXAMINER'S REPORT
I report on the accounts of the Charitable Trust for the year ended 28 February 2022, which are set out on pages 5 and 6.
This report is solely to the trustees. My work has been undertaken so that I might state to the trustees those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the trustees for my work, for this report, or for the opinions I have formed.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements
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to keep proper accounting records in accordance with section 130 of the 2011 Act; and
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to prepare accounts which accord with those records have not been met; or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Simon Webber BA (Hons), DChA, FCA
Date 22 August 2022
Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester West Sussex PO20 7AJ
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OLD MASONIANS' BENEVOLENT AND GRANT FUND
RECEIPTS AND PAYMENTS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2022
| Receipts: Dividends Interest Total receipts Payments: Charitable donations Accountancy Insurance Professional fees Total payments Net of receipts/(payments) Other recognised gains Realised gain/(loss) on disposal of investments Total gain/(loss) on disposal of investment assets Net movement in funds Total funds brought forward Total funds carried forward |
£ 25,835 193 |
Unrestricted Unrestricted Funds Funds 2022 2021 £ £ £ 22,069 - 26,028 22,069 - 516 209 10,146 (13,285) (10,871) 12,743 11,198 (4,271) 4,055 (4,271) 16,798 6,927 533,516 526,589 550,314 533,516 |
Unrestricted Unrestricted Funds Funds 2022 2021 £ £ £ 22,069 - 26,028 22,069 - 516 209 10,146 (13,285) (10,871) 12,743 11,198 (4,271) 4,055 (4,271) 16,798 6,927 533,516 526,589 550,314 533,516 |
Unrestricted Unrestricted Funds Funds 2022 2021 £ £ £ 22,069 - 26,028 22,069 - 516 209 10,146 (13,285) (10,871) 12,743 11,198 (4,271) 4,055 (4,271) 16,798 6,927 533,516 526,589 550,314 533,516 |
|---|---|---|---|---|
| 5,800 540 159 6,786 |
||||
| 4,055 | ||||
| 12,743 4,055 |
||||
| 16,798 533,516 |
6,927 526,589 |
|||
| 550,314 | 533,516 |
Cash balances brought forward are £92,142, movement in cash balances are £28,988, with total cash balances carried forward of £121,130.
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OLD MASONIANS' BENEVOLENT AND GRANT FUND
STATEMENT OF ASSETS AND LIABILITIES
AS AT 28 FEBRUARY 2022
| Fixed assets Investments at cost Investments at Market Value: £607,433 2021: £562,321 Current assets Cash at bank and in hand Net current assets Net assets Represented by: Unrestricted funds Total Funds |
2022 £ £ 429,184 121,130 121,130 550,314 550,314 550,314 |
2021 £ £ 441,374 92,142 92,142 533,516 533,516 533,516 |
2021 £ £ 441,374 92,142 92,142 533,516 533,516 533,516 |
|---|---|---|---|
| 533,516 | |||
| 533,516 | |||
| 533,516 |
Approved by the committee of Trustees on and signed on their behalf by
E G Meek Trustee
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