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**Grand Secretary's Discretionary Fund** 

**Registered Charity No. 210165** 

## **Report of the Trustee** 

The Grand Secretary's Discretionary Fund, is a registered charity constituted by the Will of Robert Arthur Card dated 29 January 1948. In accordance with the Will, part of the investment is to be held in endowment with the income available for charitable use by the Grand Secretary of the United Grand Lodge of England at his discretion. The remaining part is to be held in an unrestricted income fund for charitable use by the Grand Secretary at his discretion. 

The sole Trustee and the professional advisers who acted during the year are shown on page 2. 

## **Aims and Objects of the Grand Secretary's Discretionary Fund** 

The United Grand Lodge of England Grand Secretary's Discretionary Fund provides minor and emergency grants and donations, not necessarily to those with a direct Masonic connection. Grants and donations are made at the discretion of the Grand Secretary for such charitable purposes as he might consider proper for the public benefit. 

## **Investments** 

The portfolio has as its Investment Objective a balanced return from income and capital growth and the risk profile is 100% of the portfolio geared towards medium risk investment. The only investment restriction is ideally a maximum of 5% of the portfolio held in cash. 

## **Reserves** 

The Trustee reviews opportunities for charitable expenditure as they become available for consideration. It is the intention of the Grand Secretary to actively seek suitable charitable causes to ensure the unrestricted funds are put to good use. 

## **Financial review** 

The Statement of Financial Activities, the Balance Sheet and the related notes are set out on pages 5 to 8. 

Income/Donations for the year ended 31 December 2020 is £431,276 _(2019 £114,666)._ Investment gains amounted to £48,095 _(2019 £100,575)_ made up of unrealised gains of £68,437 _(2019_ £70,675) and realised losses of £20,343 _(2019 gains_ £29,900). The total net assets of the fund as at 31 December 2020 was £1,713,216 _(2019 £1,272,375)_ an increase of £440,841 as a result of transfer the Letchworth's Memorial Fund investment portfolio to Grand Secretary Discretionary Fund 

## **Charitable Activities** 

Grants amounting to £29,389 _(2019_ £70,318) were paid in the year. The Trustee reviews opportunities for charitable expenditure from correspondence, personal contact and educational activities. In exercising my powers I, as Trustee, have taken due regard to the guidance on public benefit published by the Charity Commission. 


**Dr. David R Staples Grand Secretary** 

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||**Note **|**Un restricted **|**Endowment **|**Total **|**_Total _**|
|---|---|---|---|---|---|
|||||**2020 **|**_2019 _**|
|||£|£|£|£|
|**Income and endowments from: **||||||
|Donationsandlegacies||401,318||401,318|80,271|
|Investments||29,958||29,958|_34,395 _|
|**Total **||431,276||431,276|_114,666 _|
|**Expenditure on: **||||||
|Raisingfunds||9,144||9,144|_7,403 _|
|Charitableactivities|3|29,386||29,386|_70,317 _|
|**Total **||38,530||38,530|_77,720 _|
|Netgains/(losses)oninvestments|4|29,529|18,566|48,095|_100,575 _|
|**Net income/(expenditure) **||422,275|18,566|440,841|_137,521 _|
|**Net movements of funds **||422,275|18,566|440,841|_137,521 _|
|**Reconciliation of funds: **||||||
|Totalfundsbroughtforward||765,467|506,908|1,272,375|_1,134,854 _|
|**Total funds carried forward **||1,187,742|525,474|1,713,216|_1,272,375_|





## **The Grand Secretary's Discretionary Fund** 

## **BALANCE SHEET** 

**for the period ending 31 December 2020** 

|**Fixed assets:**<br>Investments<br>**Current assets:**<br>Debtors<br>Cash at bank<br>Total current assets<br>**Liabilities:**<br>Creditors:Amounts falling due within<br>one year<br>**Total net assets**<br>**The funds of the charity:**<br>Endowment Fund<br>Unrestricted Fund<br>**Total charity funds**<br>**Note**<br>4<br>5<br>5|**2020**<br>£<br>1,602,563<br>84,800<br>25,853<br>110,653<br>**1,713,216**<br>525,474<br>1,187,742<br>**1,713,216**|**_2019_**<br>£<br>1,136,788|
|---|---|---|
|||_17,048_<br>_136,284_|
|||_153,332_<br>_(17,745)_|
|||**_1,272,375_**<br>_506,908_<br>_765,467_|
|||**_1,272,375_**|




**Dr D R ST AP LES Grand Secretary** 

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|**INVESTMENTS **|||
|---|---|---|
||**2020 **|**_2019 _**|
||£|£|
|MarketValueat1January2019|1,136,788|1,009,233|
|Netinvestmentinto portfolio|417,680|26,980|
|Netgains/(losses)oninvestments|48,095|100,575|
|MarketValueat31December2020|1,602,563|_1,136,788_|
|Investmentsatmarketvalue comprise:|||
|UKBonds|213,850|230,354|
|OverseasBonds|112,991||
|UKequities|554,348|625,177|
|OverseasequitiesandAlternatives|675,730|251,041|
|Sub-total|1,556,919|1,106,572|
|Cash|45,644|30,216|
|MarketValueat31December2020|1,602,563|_1,136,788 _|
|Historicalcostat31December2020|1,188,286|835,074|



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