ROYAL MASONIC TRUST FOR GIRLS AND BOYS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charlty Number: 285836
ROYAL MASONIC TRUST FOR GIRLS AND BOYS Contents Page Trustee's Annual Report Statement of Trustee's Responsibilities Auditorfs Report statement of Financial Actlvlties 12 Balance Sheet 13 Notes to the Financial Statements 14 Page2of 15
ROYAL MASONIC TRUST FOR GIRLS AND BOYS TRUSTEE'S ANNUAL REPORT The trustee is pleased to submit its r8POrt for the year ended 31st March 2024. Reference and Administrative Infonnation Name and Registered Offlce The name of the charity is the Royal Masonic Trust for Girls and Boys (the 'Ch8ritl') and it has its registered office at 60 Great Queen Street, London. WC2B 5AZ. Trusta•s The trustee who served durfng the whole of the year was.. The Masonic Charitable Foundalion {'MCF ) (Corporate Trustee, Registered Charlty No. 1164703, Company Number 09751836) The trustees of the MCF who SeTrd during the yearwere: John Boyinglon, CBE (Resigned 31•t July 2023) Sinead Brophy (Resigned 31 Sl July 2023) Simon D'O. Duckworth, OBE, DL (Resigned 3111 July 2023) Clive Emerson (Appointed TreaSur 111 August 2023) Dr Simon Fellerman Edward Goodchild (Appointed 1" August 2023) Alan P. Graham, MBE Antony D.G. Harvey (Resigned 3111 July 2023) Christopher Head Michael R. Heenan {Treasurer) (Resigned 3181 July 2023) James M. Long, TD {President) (Appoint8d Chairman 181 January 2024) Charlotte Miller (Appointed co-optee 1 $1 August 2023) Stephen Robinson Marie Shenlon (Appointed 111 August 2022) David Southem Bruce G. Walker Andrew G. Wauchop8 (Resigned 3161 July 2023) Sir Paul Williams, OBE, KStJ, DL (Deputy President and Chairman lo 31 December 2023) Howard G. Wilson Page 3of15
ROYAL MASONIC TRUST FOR GIRLS AND BOYS TRUSTEES ANNUAL REPORT Executive Th8 Executive during the year to 3151 March 2024 were.. Les Hutchin50n, Chief Executive Chades 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 Churchill Place, Canary Wharf, London, E14 5HP Natlonal Westmlnster Bank Plc, Bloomsbury Parr's Branch, 214 Hlgh Holbom, London. WC1V 7BX Sollcltorn Ston8 King LLP, Boundary House, 91 Charterhouse Stwt, London, EC1M 6HR Page4of15
ROYAL MASONIC TRUST FOR GIRLS AND BOYS TRUSTEES ANNUAL REPORT Structure, Governance and Management Organlsatlon Tha Charity was established by trust deed on 8th September 1982 by the trustees of the Royal Masonlc Inslitulion for Girls and the Royal Masonic Institution for Boys. At a meeting held on 18th February 2016, the trustees approved a deed of amendment and reinstatement and an arnended trust deed altering the nstilutional and govemance arrangements ofthe charity to reflect changes in trustèes and membership with effect from 1 $1 April 2016. The assets and liabilities from the Charily were transferred to a subsidiary wmpany of the sarne name (charity number 1170336 and company nurnber 01705033: hereafter the'RMTGB Companl,) wilh eff8Ct from 1" February 2017 following a resolution from the trustee8 made on 15 December 2016. From Ihat point, the Charity has ceased its charitable activitl8s and exists solely to receive income from donations and legacies that are passed onto the RMTGB Company. As the sole trustee, the MCF exercises control over the Charity, and will consolidate the Charity's results In its group accounts. Details of the processes for the appointment, induction and training of the MCF'S trustees are given in the annual report and accounts of that company. Governance and Managem•nt All govemance and management capabilities are provid6d by the MCF end details of the relevant committees and processes are provid8d in tha annual report and accounts of that company. Trustees and committees of the MCF address the specific needs of ihe Charity as part of their roles and responsibilitie8 for th8 MCF. The trust88 board and the main committee5 meet as follows.. Boardlcommlttoo Purpo80 Moetlng• er Trustee Board Main decision-making body with ultimate responsibllity for the Charit Identification and miti ation of risk. oversi ht of external audit Consideration of applications for grants from organisations reco nised b the Chari Commission Ensuring adequate ProdureS are in place to manage all aspects of financial lannin controllin and re ortin Supporting the masonic community's fund raising activlties to su ort the Chari Maintaining investment stral8gi8S to maet the requirements of the Charit ointment and monitorin of fund mana ers Consideration of applications from individuals connected with the masonic communil for financial relief Development ané execution of strategi8S to oplirnise the returns from the Cha ortfolio Delermlnation of executive and slaff & benefits Development and implementation of strategies to support the Charity's objectives. In addition, the trustees hold an annual strat8 ic 'awa da Audit and Risk Charity Grants Flnance Fundraising Investments Ma60nic Support Property (RMTGB onl Remuneration Strategy Page sof 15
ROYAL MASONIC TRUST FOR GIRLS AND BOYS TRUSTEE'S ANNUAL REPORT Governance and Managoment (continuod) The Charity does not employ any staff, with services being provlded by staff employed by the MCF. Objectives and Activities Objects The objects of the Charity shall be for the relief of povety and the advanc8m8nt of education by.. the a5sislanc8 of such chlldren (including adopted children. step-children and children of the farnilyl of any age of Freemasons under the United Grand Lodge of Ancient Free and Accepted Masons of England as the trustees consider from tim8 to tim8 are in n88d of assistance. if and to the extent to which the resources of th8 Charity ar8 not US8d for the foregoing purpose, assisting any child or children of any age whether or not the child or children of a Freemason. These objects are now served by the RMTGB Company. In planning the Charity's objectives for the year, th8 trust88 has had regard to the guidance on public benefit issued by the Charity Commission. Flnanclal Revlew Revlew of the Year Income of £0.90 M (2023.. £0.37 Ml was received during the year from festlvals and18gacles. £.0.90 M was transf8rr8d to the RMTGB Company leaving £ nil in the bank account at the year end. Reserves Pollcy Following the transfer of accumulated reserves to the RMTGB Company in Febwary 2017, the Charity ceased its charitable activiti8s. The policy is to transfer any ongoing residual income from donations and legacies directly to the RMTGB Company immediately following receipt. Page6of15
ROYAL MASONIC TRUST FOR GIRLS AND BOYS TRUSTEE'S ANNUAL REPORT Principal Risks and Mitigation The principal risks identified and agreed actions to mitigate are shown in the following tabl8- Risk Signfficant unexpected financial loss from operations Conso uen¢e Reputational damage, loss of confidence with key slakeholders and impact upon Gontinuing financial suslainabilit Poor service lo beneflciaries and reputational damage. Withdrawal ofke services from su liers Impacts financial sustainability and reputational damage with donors Mltl ation Strong financial procedures. particularly budgetary planning and control. Oversight from the Finance Committ88. Cash flow foro¢asting and liquidity planning within the Investment strate Appointment of Asset Risk Consultants as expert investment advlsors, providing monthly performance reporting and analysis. Oversight from investment and prop8rty committees. Strong procedures and controls for processing grants. Oversight from Masonic Support and Charity Grants committ8es United Grand Lodge of England ( UGLE") and IT network provlders have strong Security procedures in place covering a¢¢esB, protection. backups and disaster recovery facilitles. M8ndatory cybersecurity trainin in lace for 811 staff Data protection policy. IT security and HR olicies in lace Financial procedures, segregation of duties, authority limits, IT security, Increased awareness amon st staff UGLE Business Continuity Plan Inadequate liquidity to meet financial commitments Significant long-témi loss in the value of the inv8Stment portfollo Grants made outside the Charily's Objects and operating guidelines Reputational damage. loss of confidence wlth key stakeholders and potential Iwstee liability Cyberatteck on IT systems All k8y operatlons are compromised Data protection breach Reputatlonel damage and nificant financial enalti88 Financial loss. reputational damage, adverse impact upon staff Fraud Unavailability of offlce accommodation Loss of paper rordS from firelflooding Operations compromised Breach of legal obligations, adverse impact upon operations, tential financial en811ies Breach of legal obligations, pot8ntial financial penalties, breakdown of staff morale and adverse impact upon service rovision Operational breakdown. adverse Impact upon staff morale, poor semce to beneficiaries and tential re utational dama R8duced lianCe on paper records with increased use of IT. Lack of compliance wSth 8mployment legislation HR procedures and staff handbook. Induction processes for new staff. Ongoing management training and Personal Development Review HR procedur8s.' organisational arKI succession planning. Comprehensive documentation of roCedU5 and controls Undue reliance on key persons Risks are actively monitored by the Ex8cuts've and the senior leadership team, and formally reviewed by the audit and risk committee at Iheir biannual meetings. Pag8 7of15
ROYAL MASONIC TRUST FOR GIRLS AND BOYS STATEMENT OF TRUSTEE'S RESPONSIBILITIES Statement of Responsibilities The truslee is responsible for prep8ring the trustee's report and financial statements in accordance with applicable law and United Kingdom Accounting Standards {U.K. °GAAP'). The law applicable to charities in England and Wales. the Charilles Act 2011, the Charity (Accounts and Reports) Regulats'ons 2008 and the provisions of the trust deed require the trusteè to prapare financial statements for each finanGial year which give a twe and fair view of the state of affairs of the Charfty and of the income and expenditure of the Charity for that year. In preparing these flnanclal statements, the trustee is required to.. select suitable accounting pollcies and then apply them consistently., observe the methods and principles in Accounting and Reporting by Charlties.. Statement of Recommended Practice applicable to charities preparing their financial Statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102)', make judgements and estimales that are aSonabl8 and prudent; state whether United Kingdom accountlng standard8 have been followed, subject to any material departures disclosed and explained in the financial stalemenls., and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue lo operate. The tru8lee Is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial posltion of the Charity and enable il to ensure that th8 financial statements comply with the Charities Act 2011, the Charity {Accounts and Reports) Regulations 2008 and the provisions of the Irusl d88d. It is also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities. Audltor A resolution proposing that Knox Cropper LLP be re8ppoint8d as auditor will be put to the members. Approval by Trustee This r ort, was approved by the trustee on 12th September 2024 and signed on their behalf by . Long. T President and Chairman, MCF Page8of 15
ROYAL MASONIC TRUST FOR GIRLS AND BOYS REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEE OF THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS We have audited the financial statements of the Royal Masonic Trust for Girls and Boys (the 'Charit) for the year erKled 31 March 2024 which comprise the Ststement of Financial Activities, the Balance Sheet, statement of Cash Flows and notes to th8 financial statements, including a summary of significant accounting policies. The financial reporting framework that has b88n applied in Iheir preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland (United Kingdom Génerally Accepted Accounting Practice). In our opinion the financial statements= giv8 a true and fair view of the state of the Charitys affalrs as al 31 March 2024 and of its incomlng resources and application of resources for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting PractlC8', and have been prepared in accordance with the Charities Act 2011. Ba815 of oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audil of the financial stslements section of our report. We arg independent of the charity in accordance with the ethical r6quirem8nts that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we hav8 fulfllled our other ethical responsibiliti8s In accordance with these requirements. We b81ieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ConcluJlon8 rolatlng to golng concorn In auditing the financial statements, W6 have Goncluded that the trustee's use of the going concem basis of accounling in the preparation of the financial statement8 is appropriate. Based on the work we h8ve performed, wa have not identified any material uncertainties relating to events or conditions that, individually or collectlv8ly, may cast significant doubt on the charity's ability to Continue as a going concern for a period of at least e1ve months from when the financial slalements are authorised for issue. Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this r8POrt. Othor Inforniation The other information comprises the information included In the annual report, other Ihan the financial stalements and our auditor's report thereon. The trustee 18 responsible for the other information. Page 9 of 15
ROYAL MASONIC TRUST FOR GIRLS AND BOYS REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEE OF THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS Our opinion on the financial slatements does not Cover th8 Oth8r infomiation and we do not express any form of assurance Conclusion Ihereon. Our responsibility is to read the other infomialion and, in doing so. consid8r whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othefwise app8ars to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatem8nl in the financial statèments themselves. If, based on the work we have perfomied. we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Mattorn on whlch w• are requlrod to rnport by axceptlon We have nothing to repjrt in respect of the following matters in reletion to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the Informatlon glven in the financial statements is inconsistent In any material resp8Ct with the trustee's report,. or suffici8nt accounting records have not been kept" or the financial statements are nol in agreement with the accounting records., or we have nol received all the infomiation and explanations we require for our audit. Rospon8lbllltlo8 of Tru8t As explained mor8 fully in the Trustee's Responsibilities Sietement set out on page 8, the trustee is responsible for the preparation of the financial statements and for b8ing satisfied that they give 8 true and fair view, and for such intemal control as the trustee detemines is n8cessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing th8 financial statements, the trustee is responsible for assassing the Charity's ability to continue as a golng concern, disclosing, as appllcabl8, matters related lo going concern and using the going concern basis of accounting unless th8 trus188 either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. Aud5tor'$ re8ponslbllltl•8 for the audlt of the flnanclal statements We have been appolnted as auditor under section 144 of tha Charlties Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the finanGial statements as a wtK)le are free from material misstatemenl, whether du8 to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducteé in a¢cordan¢e wllh ISAS (UK} will always detect a material misstatement when it exists. Misstatements can arise from fraud or eOr and are con5idared material if, individually or in the aggregat8, they could reasonably be expected to influence the econornic decisions of users taken on the basis of these financial statements. Page 10of 15
ROYAL MASONIC TRUST FOR GIRLS AND BOYS REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEE OF THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS Irregularities. including fraud. are instances of non-complianc8 With laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our wocedures are capable of detecting irregularities, including fraud is detai18d below.. The Charity is required to comply with charity law and. based on our knowledge of its activities. we identified that the legal requirement to accurately account for any restricted funds was of key significance. We gained an understandlng of how the charity complled with its legal and regulatory framework. including the requirement to properly account for any restricted funds, through discussions with management and a revlew of the documented policles, procedures and controls. The audit team, which is experienced in tha audit of Charities, considered the charity's susceptibility to material misstatem8nt and how fraud may occur. Our considerations included the risk of managament override. Our approach was to check that all restricted income was properly identified and separately accounted for and lo ensure Ihat only valid and appropriate expenditure was charged to restricted funds. This included reviewing joumal adjustments and unusual transactions. ri A further descrlption of our rasponsibilities for the audit of the financi81 statements is located on the Financial Reporting Council's website at.. www.fr a ditors$ onsibilities. This descriplion foms part of our auditor's report. U8• of the audlt roport Thi5 report is made solely to the Charitys trustee, as a body, in accordance wlth Part 4 of the Charitl8S (Accounts and Reports) Regulations 2008. Our audit work has been und8rtaken, so that we might stste to the Charity's trustee those matt8rs we ara requlred to state to them in an auditor's report and for no other purpose. To the fu1185t extent pemiitled by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's trust8e as a body, for our audit work, for this report or for the opinions hav8 fomed. C4wr LLP Knox Cropper LLP Statutory Auditor 65 Leadenhall Street London EC3A 2AD Sefknber 2¥ Knox Cropper LLP is eligible for appointment as auditor of th8 charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Page 11 of15
ROYAL MASONIC TRUST FOR GIRLS AND BOYS STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 Nota 2024 £000 2023 £000 INCOME Donations and legaci8s 373 Total Incomo 901 373 Trensfer out to Incorporated Charity NET MOVEMENT IN FUNDS (901) 1373) Total funds brought forward Total funds carrlad forward All incorne and expenditure derive from contlnulng aCtItieS and all gainsllosses are included In the statement of financial activities The notes on pag8s 14 to 15 fomi part of these financial statement5 Page 12of 15
ROYAL MASONIC TRUST FOR GIRLS AND BOYS BALANCE SHEET as at 31 MARCH 2024 March 2024 £'ooo March 2023 £'ooo CURRENT ASSETS Cash at bank and in hand Total net assets CHARITABLE FUNDS Unrostrictsd fund8 General reserv88 Total charllable lund8 The financial statements were approved and authori8ed for issue by the Trustee Board on 14th September 2024 and signed on th8ir behalf by: es Long, T Cliv8 Emerson Presldent and Chaimian Treasurer The notes on pages 14 to 15 fomi part of these financial statements Pag8 13of 15
ROYAL MASONIC TRUST FOR GIRLS AND BOYS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (a) Statemant of complianco The financial statements of the Royal Masonlc Trust for Glrls and Boys (the 'Charitl have been prepared in accordance with applicable UK accounting standards, including Financial R8POrting Standard 102 "The Financi81 Reporting Standard applicable In the United Kingdom and the Republic of Ireland" ("FRS 102.1. Additionally, they comply wilh the Statement of Recommended Practice 'Accounting and Reporting by Charities" {FRS 102 second edition) published in 2019 (the "SORP.) in all material respects. The Charity meets the definition of a public benefit entity under FRS 102. {b> Ba818 of proparatlon Th8 financial Statements have been prepared on a going concem basis under th8 historical cost convention, on a basis consistent with pr8vious years. The functional currency of the Charity is considered to be Pounds Sterling because that is the currency of the primary economlc environment in which th8 Charity operates. The Charity ceased trading following transfer of its assets and liabilities to the RMTGB Company on 101 February 2017. All assets and liabilities were transferred at book value. (c) Golng concorn Th8 trust88 has assessed whether the usa of the going concern assumption 18 appropriate in preparing ihese financial statements. The trustee has made this assessment In respect to a perfod of one year from the dale of approval of these financial slat8ment8. The trustee of the Charily has concluded that th8re are no material uncertainties lated to evenls or conditions that may cast significant doubt on the ability of th8 Charity to continue as a going con¢em. The trustee is of lh8 opinion that the Charity will have sufficient resources to meet its liabilities as they fall due. {d) Rosourco8 •xponded Liabilities are recognised as expenditur8 as soon as there is a legal or con5truthve obligation committing the Charity to that expenditu, it is probable that settlement will be required and the amount of any obligatlon can be measured reliably. All resources expended are racognised on an accruals basis, with the exception of grants as noted below. (e} Fund accountlng Unrestricled funds may be utilised for any purpose in accordance wilh the charitable objectives of the Charity. Page 14of15
ROYAL MASONIC TRUST FOR GIRLS AND BOYS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 (f> Flnanclal assets and liabilitios The Charity has chosen to adopt Sections 11 and 12 of FRS 102 in respectoffinancial instruments. Financial assets and liabilities ar8 re¢ognised when the Charity becomes a party lo th8 conlraclual provisions of the instrument. Financial assets and liabilities which qualify as basic financial instruments are initially recognised at the sett18menl amount after any trad8 discounts. They are subsequently valued at amortised cost and assessed for impairment at the end of each reporting period. Where settlement is not expected within 12 months of the balance sh88t dale, then the asset or liability is discounted using the long lem) return of inflation plus 4 perGenl used as the targel for the Charitys investment portfolio. Basic financial instruments include debtors. cash and ¢r8ditors within the balance she8t. (g) Taxatlon The Charity is exempl from taxation on its income and gains falling within Part 11 of the Corporatlon Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable 8Ctivitl8s. The Charity is unable to recover Valued Added Tax {VATI incurred on expenditure. The amount of VAT that cannot be recovered is included within the underlying cost to which it relates. DONATIONS AND LEGACIES 2024 £'ooo 2023 £'ooo F8Stivals Legacies 66 835 109 264 901 373 RELATED PARTY TRANSACTIONS During the period donations and legacies totalling £0.90 M received by the Charity were passed on to the RMTGB Company. The MCF has bome all the administrative costs of supporting the Charity, as w811 as ils fellow subsidiaries. ULTIMATE CONTROLLING PARTY Th8 ullimate controlling party is the Masonic Charitable Foundation (Reglstered Charity No. 1164703, Company Number 097518361. Consolidated accounts for th6 MCF, which include the accounts of the Charity. can be obtained frorn the registered Offi of the Charily. Page 15of 15