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2023-02-28-accounts

Charity Registration Number: 208177

OLDMASONIANS' BENEVOLENT AND GRANT FUND ACCOUNTS AND TRUSTEES' REPORT FOR THE YEAR ENDED 28 FEBRUARY 2023

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 GJ Hart TD EG 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 Independent examiner Stephen Simmons Accountancy Services Investment advisors Charles Stanley & Company Limited Investment nominee Pershing Securities Limited

1

OLDMASONIANS' BENEVOLENT AND GRANT FUND

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 28 FEBRUARY 2023

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 to eligible applicants of £7,500 (2022:£5,800). There were donations to outside charities of £15,000 (2022: nil).

Financial Review

The FTSE All- Share index at 28 February 2023 was 4,305 and on 28 February 2022 was 4,200 an increase of 2.5% (2022: increase of 13.5%). The value of the fund's investments at market value on 28 February 2023 was £587,816 (2022:£607,433). After allowing for the reduction in size of the portfolio by £2,798 (2022:reduction of £12,190), the market value , premonies invested was £590,614 (2022:£619,262), a decrease of 4.6% (2022:increase of 6.9%)

The dividend and interest yield on the book cost of £426,217( 2022: £429,184) was 6.86% (2022:6.06%) as compared to the FTSE All-Share Indices which showed an average yield of 3.49% (2022:3.89%)

The net assets of the Charity on 28 February 2023 were £563,142 (2022:£550,314) which represented an increase of 2.33% (2022:increase of 3.15%)

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 Section16(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.

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 safekeeping.

2

OLDMASONIANS' BENEVOLENT AND GRANT FUND

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 28 FEBRUARY 2023

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

EG Meek Trustee

3

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 2023, 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 any one 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:

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:

14 August 2023

Stephen Simmons

Accountancy Services

6 Leigh Road

Bristol

BS8 2DA

4

OLD MASONIANS' BENEVOLENT AND GRANT FUND

RECEIPTS AND PAYMENTS ACCOUNT

FOR THE YEAR ENDED 28 FEBRUARY 2023

Receipts:
Dividends
Interest
Total receipts
Payments:
Charitable donations
Accountancy
Insurance
Professional fees
Total payments
Net of receipts/(payments)
Other recognized 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		 £
29,138
124		 Unrestricted
Funds
2023
£
£
25,835
193
29,262
5,800
540
159
6,786
(30,038)
(776)
(4,055)
12,828
12,828
550,314
563.142		 £
25,835
193		 £
25,835
193		 Unrestricted
Funds
2022
£
26,028
(13,285)
22,500
570
96
6,872		 5,800
540
159
6,786

13,604
(776)
12,828		 12,743
(4,055)
12,828
550,314		 16,798
533,516
563.142 550,314

Cash balances brought forward are £121,130, movement in cash balances are £15,795, with total cash balances carried forward of £136,925

5

OLD MASONIANS' BENEVOLENT AND GRANT FUND

STATEMENT OF ASSETS AND LIABILITIES

AS AT 28 FEBRUARY 2023

2023 2022
£ £ £ £
Fixed assets
Investments at cost 426,217 429,164
Investments at Market Value: £587,816
2022: £607,433
Current assets
Cash at bank and in hand 136,925 121,130
Net current assets 136,925 121,130
Net assets 563.142 550,314
Represented by:
Unrestricted funds 563.142 550,314
Total Funds 563,142 550,314

Approved by the committee of Trustees on

and signed on their behalf by

EG Meek Trustee

6