REGI8TEReD CHARITY MUMBER.. 283137 Report of the Trusttes and Flnanclal Statements for the Year Ended 31st March 2024 for The Masons Company Charltable Trust
The Magons Company Charftablo Tru8t Contonts of Flnanclal Statemènts for the year ended 31st March 2024 Pag8 Report of the Trustèes Ito3 Independent EXamIr8 Repori statement of Financlal Acllvilfes Balance Shegt Note5 to the Financlal Statements 7t010
THE MASON MPA CHARIT BL TRUST Annu IRe ort for th ear ended 31 March 2 The MaBons Company Charitable Trust Is a Reglslered Charlly No. 263137. The Trustees during the year to 31st March 2023 were'.- Mr Mr P Hynard Mrs H.K.W. Pryke Mr W.J.Gloyn Mr M.E.Macdonald Mr C.D.Bryce Rt.Rev.J.M.R.B8ker Mr D.W.Neill Mr R.A. Williams Mr M.J. Low Mr B Grundy Mrs C Wallbridge Mr S Pike Chairman, Appointed 22nd March 2021 Deputy Chairman Appointed 5th July 2022 Deputy Chairman, Reslgned 25 October 2023 Appointed 9 October 2018. Appointed 261h March 2019 Resigned Sept8mb8r 2023 Appointed 8 October 2019 Resigned 3, September 2023 Appointed 51tt July 2022 Appolnted 3Fd October 2023 Id Appointed 3 October 2023 Appointed 3td October 2023 The Trustees are appointed by The Court of A55iStants of The Worshipful Company of Masons, and the Trust ts administ8red by Mis8 Jolanla Glas and the treasurer Mr Mark Macdonald clo Mercers, Hall, 6 Fredrick's Place, London, EC2R 8AB. Th8 basic accountlng is done by Miss Jolanta Glass and the production of the final accounts by Mr Mark Macdonald with advice {where necessary) from Grenfell James Associates Limited of 3 The Courtyard, Timothys Bridge Road, Stratford Upon Avon, Warwickshire, CV37 9NP. The stockbrokers to the Trust are J.M.Finn & Co Ltd at 25, Copthall Av8nue, London EC2R 7AH, whose Partner responsible for the Trust's portfolio is Mr Mark Pow811. They also manage investments on behalf of The Worshipful Company of Masons. If an occa8ion arises when legal *Jvice ts required, on an ad hoc basis this would be soughl from Rooks Rider Solicitors. Challoner House, 19 Clerkenwell Close, London, EC1R ORR. Structure, Gov6rnanc8 and Alanagom•nt Under present procedures il ig ijnderslood that new Injstees nomally serve for a perlod of five years, with a possible exteiisiL)i I foi J furthei Feriod of two y8ais. The Trustee$ continue to monitor their exposure lo risk. For example, ri8k has been mitigated using internet banking arrangements by ensuring that The Chairman of the Trust, four other Trustees and the Administrator can separately view account detail$ at any lime.
Oblectlv8$ and Actlvltles The objects of the Trusl are'.- (l) the relief of poverty (11> the advancement of edu¢ation {iii) tho advancement of religlon and (Iv) Such other legally charitable purposes as the Tru8tses shall from lime to time by deed executed with their unanimous ¢on$ent declare. The Trustees meet fomi8lly four times a year and consult infomially as often as nece888ry. They discharge their duties by monitorfng their investm8nl portfolio and arranging for the income to b8 donated to charitiès and other organisations and events supporting Natur81 Stone and Crty of London interest6. The Trustees are mindful of the requlrément to ensure that the Charity has objectives that are applted for publlc benefit. The trust makes urants to approprfate tdIeS that care and foster many of Britain's most historic building3 which are GonstruGted of stone as well as organisalions that care for thé people who carry out maintenance of such buildings. In today's sociely, the public ha8 a clear wish to preserve such buildings and create new one8, bul this 16 under threat through lack of funding to support the training of stonemasons. The Charitable Trust seeks to hélp allevlate this problem. The Trust88S therefore have no hesitation in claiming that the publi recelves benefit from ils activities. The Trustees are also endeavourlng lo fund stone relaled projects that involve young P8ople of sch¢)ol age and whlch are likely lo encourage them to lake an int6r8sI in stone. stone carving and our Country's building heritage p8rhaps leadlng them Into progre88ing a career in stonemasonry or stone carving, AchSovemènts and Performan¢e The Tru8t ma(Je grants of £39,305 in the financial year 2023-241£30,858 for 2022- 23). Religious buildings were beneficiaries of £9,500, the Lord Mayor of London's Charity Appeal was supported by a grant of £1,000. In addition, as a resutt of promoting our sGhools oulre8ch project, grants w8r8 made of £3,000 to support Schools and organisations that encourag6 young people to become involved In stone carving. A number of specific day and half day se8sion8 were run and more are planned. Further grants Wlthin the compass of the Trust Deed of £25.805 were made during the Course of the year. Efforts continuèd lo incréase the Income of The Trust by encouraging members of The Livery Company lo make regular donation5. Flnanclal Review The TrLL8t Funds are invested in trustee Securities on the advice of J M Finn & Co Ltd, Stockbrokérs, who also manage the investments of The Worshipful Company of Masons. Inveslment income for the year tolalled £16.482 against £16,580 the prévious year.
Inveslmenl aims and objecllves providèd to J M Finn & Co Ltd hav8 an overall objective to seek a comblned return from income and capital adopting a medium risk portfolio wilh no specified minimum p8rGentage of low risk investments. In order lo meet the objeclive the Trustees have selected 8 discretionary managed Portfolio serylce. The truslegs hav8 also agreed to use 70% FTSE All-share Index130OA FfsE UK Gilts Index Ilotal retum) as a comparator. The Charity mainlains sufficlont reserves in cash to cary out our Gharilable giving during the year. We hold a wide varieiy of eqully investments Ihal can be called upon if nec85sary. The Charitabl8 Trust owns the Freehold Inter881 in a block of flat8 al Haven Green, Ealing and its share of the ground rent incomè was £15,000 during the year. In addition a licence is in place for a lel8communication mast on the roof of Ihe building, generating addrtional annual income of £2,100. From lime to time lease extensions are granted that Tesult in premium8 being re(xiv8d by the Trust. Overall income includlng that from Bank Deposits, Renls and various Livery Company donations was £45,534 (£37,936 in 2022-20231 Plans for Future Perlod8 The Trustees, as well as Gontinulng their current policy of grants, intend to continue Increasing support for educational projects Ihal introduce young people lo stone masonry particularly through the school's outreach program with taster days run by cathodrals and other educational organisation8. The Trusteés continue lo support Ihe Livery Company's involvement with The Weald and Downlancl Museum, and are expanding the commilm&nl at The Ironbridgo Museum. On behalf of the Trustees Date
Theworshl f I Com Thg M8Bon¥ C of Pna8011 Charltabl Tru Ind•p•nd•nt •xbmlnè¥s Report to the Trustsès of The 141ason8 CoMnY Ch•rlt•blo Trust Ithtr TrLIStI We rgport on the accoun15 01 the Trusl for the year ended 318t M8rch 2024. whlch aro sel out on pageB 5 to9. Rtspecttvo rnsponslbllltl•s of trustW8 and gxamlngr The charilV6 Iruslees, are responslble for the prep8falion of Iho 8¢counts. Thg ¢haritS Iiu5t8es ¢onsid&r ihal an audll is not required for this year und8f tion 14412} ol th8 Charities Act 2011 Ithe 2011 Acll and Ih818n Independent examination is n¢eded. 11 Is our re5pon$ibllity to-. ex8mine th8 B¢¢ounts under sectloh 145 of the 2011 Act. lo lollow th8 procodures laid down In Ihè general Directlons glven by the Ch8rity Gomml&8ion under se¢lion 1451Sllbl of the A¢l,' and lo stole whether p8rticular m8¢t8r$ h8V8 comfy to our attenllon. Basls ol Indop&ndgnt Examlnars Report Our ex8mSn3lion was carri&d out ifi accordance with the generd Directions given by the ChatY Commlsslon. An gxaminalion Indudes a revlew of thè ac¢ovnling records kepl by the chaflty 8nd a comparison ol Ihe accounts presented wlh Ihtrs? records. It also Includes conslcleiation of any unusual ilems or dlsclosures in Ihtr accounts, and $¢eking explanatlons ffom you a8 tru8188s concefnlng any suctt matters. The procedures undertaken do not provide all the evidence that would be rquired in On audit, and con8equently no oplnlon18 glvtrn 36 lo whether Ihg aCnIG preBgnt a'lru& 8nd fair vio%¢' and the ffjport Is Itd lo those matt¥rs $81 IAJI Int 61alomonl bèlow. Indopondent Examlntrrs Stat•m9nt In connection wilh our examination, no matter has come to OUT attention. 111 whlch gNes u5 feasonable cause lo bèllevo th31 In any m8leiial re$pect the rgqulrèmenl$'. lo keep accounting feeords in a¢cord8nce with se¢titsn 130 of the 2011 Act., and lu Prepa accounts whtch accord wllh the accounting record8 and comply with the 8c¢ounllno reqLfir8menl8 of the 2011 Aci. have not been mot. 121 to whlch, In our opinion, attentlon shtruld be drawn In older lo en8blo a proper undernlanding of the accounts lo be reachèd. Wg have no concems and hHv8 come across no othèr matteTS In Comacllon with the examlnallon to vthich attention Should be d in this report In order lo enabl8 a prop understandlng of the accounts to be reached. P Woodwar(J FCA 2 Flrs Close 81edington Oxon OX7 BUA D Rees Thakes 33 The Slreel Manuden CM23 1DF 1511074 29
Tho Masons Company Charltablo Trust Stat•ment of Flnan¢lal Acllvltlo5 lor thè year ended 3181 hlarch 2024 2024 Total fund 2023 Total fund8 Notes INCOMING RESOURCÉS Incomlng Yegour¢os from gonorated funds Voluntary inoome Investment Income 28,518 34,116 20,740 42.710 T¢)tal Incomlng re50urco8 62,634 63.450 RESOURCES EXPENDED Char5tablè octlvltles Maift Fund other resources expended 39,305 8,754 30,858 8.254 Totsl re50urcos expended 48,059 39,112 Nèt Incomlng resourcès before other cognlsed galns and IoBbes 14,575 24,338 oth•r 9aln$llosses Nel galnsl(1088es) on investment propety Nel gainsl{losses) on investments 19,544 1 106.454} Net movement In funds 34,119 82,116) RECONCILIATION OF FUNDS Totsl fund$ brought forward 599,640 681,756 TOTAL FUNDS CARRIED FORWARD 633,759 599.640 These notes form part of the flnanclal stalemenls
The Masons Company charttab Trust Balance Sheet A¥ at 31st MarGh 2024 2024 Total fund 2023 Total fund Notes FIXED A8SET8 Investment pfopèrty Investments 100 597.767 597,867 100 556,463 556,563 CURRENT ASSETS Debtors 9,412 3,879 Cash al bank 32,580 45,003 41,992 CREDITORS Amounts falllng due wlthln one ar 6,100> 1 5,8051 NEf CURRENT ASSETS 35,892 43,077 TOTAL ASSETS LESS NET CURRENT LIABILITIES 633,759 599,640 NET ASSETS 633,759 599,640 FUNDS Unrestricted funds Restricted funds 633,759 599,640 TOTAL FUNDS 633,759 599,640 The financial slatements were approved by the Board of Trustees on ... signed on its behalf by: Trustee Th8se notes fonn part of the financlal statements
Th• Masons COMnY Chirltab Tnmt Notss to th• Flnanclal Statèments for th• yr ended 31st Maich 2024 1 ACCOUNTING POLICIES Accountlhg Convention These accounts have been prepared under the hlslorical cost convèntion with Stems recognlsed al cost or transaction value unless otherwise staled in the relevant nolelsl to these accounts. Th8 a¢¢our)Is havè been prèparéd in accordan¢8 with Ihè Statèment of Recommered Prxlice.. Accounting and Reporting by Charities preparing their accounts in accordanGe with the Financlal Reportlng Standard applicable In th9 UK and R8publlc of Ifeland IFRS 1021 Issued on 16 July 2014, the Financlal Reportlng Standard appllcable Ihg ijnlted Kingdom and Republlc of Ireland IFRS 1021 and with the Charities Act 2011. Incomlng resourc0• Thes8 are included in thè Statem8nt of Flnancial Activities ISOFAI when.. the charity bocome8 enlilled lo the resouK&s', il Is more Ilkely than not that the trste8$ wlll receive the resourGes,' and thè monetary v81ue c8n be measured with sufficlenl reliablllly. Re8our¢e• •xpendgd Liabllities are fecogni8ed where11 is more likely lttan not that Iherg Is a legal or conslruclive obligallon coinmittifig the cliarity to p8y out re8OLtrces and the amount of the obllgallon can be Measur wlth reasonable cortainty. Support COBts have been allocated beiween governance costs and other support. Governanc8 ¢081s compilse all costs involving publiG accountablllty of thè charity and ils complianco wllh regulation and gryjd practice. Imièstment Property Investment proFerty has been valued using the Cost Model as Fair Value cannot be measured rellably without undue cost or èffort on an on-going basis Invootment8 Fixed asset Investments in quoted shares, traded bDnds and similar inveslments are valued al initially al cost 8nd subsequently al fair value ltheir morkel valug) al the year end. The same treatment18 applied lo unllsted investments unless fair value Cannot be measured reliably ift which case it18 moa$ured al ¢08t less imp3irmenL T4xatlon The company is exempl from lax on ils chart18ble aclivllies. Fund accountlng runds can be Jsed in accordance wilh the chariloblè object4ves al Ilie di{¥110(4 ul U b utileeb These noles form part of the financial stal6ments
The Masons Company Ch•rltable Trust Notes to th¢ Flnan¢lal Statoments for thg y¢¥t gndgd 3181 DJlarGh 2024 2 Analyo1¥ of In¢ome 2024 2023 Donatl¢ns Donations Gift Aid 24.831 14.593 6.147 28.518 Income from Investments Rents re¢gived Inveslmonl income 17,100 17,016 34.116 17,100 25,610 42,710 Total Income An8ty81s of exp•ndltur¢ 2024 2023 Admini8tration support cost6 Bank charge8 8,689 65 8,180 74 3 TRANSACTIONS WITH TRUSTEES AND RELATED PARTIES Trustèe remuneratlon and benèfits None of the trustees have been pald any MneratIOn or recefved any other benefits from an employment with their charity or 8 related enllty Trustè•s' èxpènB• No Irvst6&È expenses hav6 begn Incurred. Tran8a¢tion8 With relJtsd part19S There have been no related party Iransa¢llons in the fOPOrting peTl¢JJ. Th9$6 notsB lorm part of Ihe financlal Statements
The Masons Company Charllable Trust Not to the Flnancial Ststemonts for th¢ year endèd 31st Plarch 2024 4 INVESTMENT PROPERTY 2024 2023 C08t 100 100 Nel bwk value 100 1¢)0 6 INVESTMENTS MARKET VALUE At 31st March 2023 Additions Olsposals Profivllossl on dl$posals RevaluatK)n 556,463 137,553 1121,0801 7,3891 32,220 Al 31st MarGh 2024 597.767 NET BOOK VALUE Al 31st March 2024 597,767 Al 31$1 March 2023 556,463 6 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accrued Income 9,412 3,879 7 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accruals for granis payable Other credltors 6,1¢)0 5,805 6,100 5,805 These notes forn part of the financial statements
The Ma8on5 coMnY Chailtable Tru¥t Noto6 to thè Flnanclal Statsments for the yèar onded 318t MaY¢h 2024 8 MOVEhlENT IN FUNDS Net Incoming resouf Reali88d & unreall$ed gains Total gains At31.03.23 Al 31.03.24 Unreslrictett funds Accumulated Income Capllal account 58,195 541,444 14.575 14,575 19,545 72.770 560.989 19.545 Restricted lunds Total funds 599,639 14,575 10.545 34.120 633.759 These notes fomi part of the finanelal statements 10
The Ma¥on8 Company Charlt4bl¥ Trust D•tall•d Statemwnt of Flnanclal Actlvlt5è8 lor the yèar end•d Jlst March 2024 2024 2023 INCOMING RESOURCES Voluntary Incomè DonatSon5 Ctsurt & Llvery donations Court & Livery Glft Al Court & Livery- Non Gift Aid Other Glft Ai(1 (Livory Fines) 28,518 20.740 28.518 20.740 Investm¢nt Incon Rents recèived Phone mast Teiilal Investment Incomé ProliV{lossl on disposal of Investm8 Intorosl recelved 15.000 2.1 16,482 15.000 2.100 16,580 8.934 96 534 34.1 f6 Total Incomlng resour 62,634 63,450 RESOURCES ExpeNDED GhBrft•bl• octlvStl89 Assoclaled Companie¥ Jolnl Venture Flrnd ACF Competi15on wize$ Bullder's 8&nevcAent Inst. Clly of London Freeman's School Clly and Gulld8 01 London - Slon? caNing compgtilion King Edward's Wlllgy Lettering & Commemorallvè Arts Tn&51 Lettering & Cornmemoralivtr Arts Trust- Becket event Lord Mayorfs App&al Treloar Tru81 Master's Chavlty Portland Museum TN8t Royal BrS1ish Lèglon Royal Englneers Museum st Paul's CathedrBI Sh8rlff$' & ROrders. Fund ROYBI Navy. HMS Portland Royal Alr Force- 14 Squadron Sl Paul's Cathederal Foundallon Remember Me Sherlffs Ball prize- S Lomax travel èxps Livery Schools Dav8.Gullhall Sl PaLA's Cathedef41- fyirls, Voices 2.000 300 2,000 300 250 500 300 5tK) 500 500 1.000 soo 750 250 500 350 750 260 750 500 150 150 1,000 1,000 1.000 200 45n 5,000 Garrfed Forw8r(J 11.850 10.850 Th1$ page do88 not fom part of th8 814lirtory financlal stalementg
Thg IA&50ns Company Ch•rltablfr Trust Detall•d Statgmèftt ot Flnanclal Actl¥itles for Ihe year •ndod 31st March 2024 2024 2023 Brought F¢wMrd 11,850 10,850 Charltsbl* actlvlt109 Clergy Support Tru81 WAr Memorfals Trust We81mln8tèr Abbey Canterbury Calhgdral loan box C8nlerbury Cathedral- Becket pageant evonl Chri$l'$ Hospital Ironbridge Livery S¢hools Link Weald & Downham Mtsseum Sl Marylebgne Church- Changlng Lives Sl Peters of Eallng Portland Sculptur8 and Quary Trust Dlocese of London Sallsbury Cathedral - Rèsorallon of North ¢lolsler8 Sheriffs Bèll Prfze Livery Fare Becket Llvery Crats Farè Th6 Collgge of Arm8 P8ssog¢ 2000 15th Coy Annu81 Camp Josaphlne Crossland . Plaque Bll8t Hlll Gardèn of Remembrance Schools Oulrea¢h Days Canterbury Cathedral Sallsbury Cathedral Exelèr Calhedral 250 350 2,500 500 1.000 500 7,560 125 178 8,947 125 40 2,500 5,551 1,045 1.000 1.000 1.500 1,943 1,804 1,450 95 1.500 1,500 1.500 1.500 1.500 Oth•r r¢$ourG•$ •xpended Administration AdmlnlstratK•n Bank chargès Tot•1 ro¥ources èxpended 39,305 30,858 8,689 65 8,180 74 39.112 N•t Incon7e 14.575 24,338 Thi$ pag& do88 not form part of the stalulory flnanclal stalemenls 12
Thtr Ma8ong Comp&ny Gharltable TnJ¥t IIIVESTMENTS As at 31st PAar¢h 2023 8ook Cost Mark•t Valuatlon UK Guilt 7,UDts UK Tr&8sury 4.26% 07-0&2032 7,050 UK Treasury 4.25% 07-03-2036 15.980 UK Treasury 4.25% 07.09.2039 16.(180 UK Treasury 4.25°/& 07-12-2040 7,835 6,982 15,369 16,947 8,151 7.197 15.997 16,fYJ4 155 Ml Twentyfour Dynamic Bond 16,620 J8nu5 Henderson Fxd Inl Monthly lrtcome 14,222 15,796 15,080 14,838 refe ence Shaf 7000.00 Ec¢l8slp$tral In3urance Offlce 8.625% Non IRRD GB1 8,742 9.240 350 Dlag80 Ord GBP 0.28935185 6.692 10,239 150 CfcKla Irrtemational Ord GBP 10.023 7,353 575 Halm8 Ord 4.411 13,816 Flnance & Credit S 125 Lodon Stock Exchange Group Ord 6.875 M¥rc•ntll• Inveslmenl Trust plc Ord 10.298 14,610 11,863 16.744 884 NalkJn81 Grid Ord GBP 0.113953 9.210 Industri l En erin 110 Spirax-sarco Englneerlng 7,139 11,055 Ind strf81 Metals and Mini 160 Rio Tinto Ord 9,136 8,027 rial Su 330 Diploma PIG Ord 350 Expeiian plc Ord USD 0.10 4.555 10,(E7 12,283 12,089 Insur8nce 540 Prudential Ord GBP D.05 4,290 4.012 275 RELX PIC GBP 0.144 4,082 9.416 P8rsiinal floods 275 Llnilever PIC Ord CBP 0.031111 6,9B9 ',0,933 TOTAL Garfled Fornvard 184,483 222,347 This p8gè does not forn parl of the Slalthory fin8ncial stolemenls 13
Thè Ma¥on8 Compny Chgrltsblo Trt INVESTMENTS A8 at 31st Ilarch 2023 Book Co•t ValUOn TOTAL Urought Foard 184,483 222,347 8mi8 and 728 Glaxo Smfth Kline plc 10,944 12,439 Real E talè In Glm nt TFusI8 300 DeTht London GBP 3J.6136 1,440 Segro PIC 10.105 4,117 6.504 13,015 Relo110 fjOO WH Smllh plc 9.040 7,902 Taryel 5,150 Ir¥lem8llonal Consolmlatèd Airfine 8.857 9,103 h Am8rfca 4,900 JP Morgan American Inveslment Trust Ord G8P 0.05 1.080 Ishar83 Core S&P500 100 Inv88¢0 Markels111 plc 9,928 12,772 30,735 48,314 44,fj50 35,310 A3 exdudi an 5,315 Schroder Oriental Incomè Fund Ord GBP 0.01 810 HSBC ETFS ple MSCI Pacxfic ex Japan 7,S02 8,027 13,739 8,432 lob81 195 Vanguard Funds Ple FTSE All World 11,400 Fund8mlth LLP 15.029 20,093 19.78 22,021 4,325 Scoltish Mortgage Inve8tmenl Tfu$I ORD GBP 0.25 3,150 Impax Envin)nmental Marktts Ord 9,007 12,ggS 38.686 12,679 Infr 10,000 The Ren9wable5 Infra6lruclUW Group Ltd 8,531 Foresight Stslar Fund Lld MPV 3,280 31 Infraslructure NPV 7,450 Gresham House Energy Storage PIC 11,400 SDCL Enorgy Efficiency Inc Trust plo Ord GBPO.01 12.500 Triple Poinl Energy Eff InfrB Co PIC 12,250 Dlgital 9 Infrastweture 7,460 Greencoat UK Wlnd PLC Old GBP 0.01 12,045 9,101 6,369 9,699 13,955 12,520 12,S(M 8.317 10,080 7.200 10.709 3.114 6,737 8,583 2.744 10.377 9,780 Plcton Prop Inc Ltd NPV 8000 Home REIT Pl¢ Ord 0.01 B.850 Tritsx Blg Box Ord 0.01 4,407 8,020 11,375 6.377 3.044 13.912 TOTAL VALUE OF INVESTMENTS 461,946 597.767 This page doe6 1 form part oflh& 618ltstory finandal 61aiem8nts 14
The Masons Company Charltsble Trust 114VESTMENTS Ab at 318t Morch 2023 Book ¢t Mkrknt Valuatjon Thls p8ue d085 not lom part of Ihe sl8tutory financlal st816ment8 15