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2023-03-31-accounts

Contents Page
Trustees' Annual
Report
Statement ofTrustees Responsibilities 12
Auditor's Report 13
Statement of Financial Activities 16
Balance Sheet
Statement ofCash Flows 18
Notes to the Financial Statements 19

training
ofthe MCF's		 training
ofthe MCF's		 trustees are given
in the annual
report and accounts of		 that company .
All governance
and		 management
capabilities
are
provided
by the
MCF		 and details of the relevant
committees and processes are provided
in the annual
report and accounts of		 that company. Trustees and
committees ofthe MCF address the specific needs ofthe Charity as part oftheir roles and responsibilities
for the MCF. The trustee board and the main committees
meet as follows:
Board/Committee Purpose Meetings per
ear
Trustee Board Main decision-making
body with ultimate
responsibility		 for the
Chari
Audit and Risk Identification
and miti
ation of risk, oversi
ht of external audit
Finance Ensuring
adequate
procedures
are in place to manage		 all
as ects offinancial
lannin,
controllin
and re ortin		 .
Investments Maintaining
investment
strategies
to meet the requirements		 of
the Charit, a
ointment
and monitorin
offund mana		 ers
Property Development
and execution of strategies
to optimise the returns
from the Charit 's
ro e
orffolio
Strategy Development
and implementation
of strategies
to support the
Charit
's ob ectives.

Asset Asset Class Strategic Benchmark Actual 31"
Allocation March 2023
Cash 0.00% SONIA 290%
Fixed Income 750% FTSE UK World Gov. Bond Index GBP 8 80oi
International E ui 54 5p MSCI World ex UK NR GBP 59.20%
U.K. E ui 180P MSCI UK E uit NR GBP 18.10%
Emer in Market E ui 12.50% MSCI Emeroing Markets E uit NR GBP 3.20%
Alternative Investments 3.75% HFRX Global Hed e Fund GBP 590%
Pro ed 3.75% IA UK Direct Property TR 1 agoyo
1PPPP% 1PP P%

MCF MCF CAIF RLAM RLAM RLAM RLAM RLAM RLAM CCLA
Money Short Term Short Term
Market Fixed Fixed
Income Income
Enhanced
Fund at31"March 2023 E5.66 M E Nil E Nil E Nil E Nil
Investment approach Steady Capital Capital Capital Income &
Growth
Multi-		 Protection Protection Protection long-term
Asset Capital
Growth
Benchmark Composite SONIA SONIA SONIA MSCI/AREF
UK other
balanced
ro ert
Peer Group ARC Charity None None None ARC
GBP Steady Charity
Growth GBP
Steady
Growth
Return for the ear 1.00 % 2.27% 2 13% 090% 11 4Q 'I
Benchmark return for year 1 00)% 2 23% 2 23% 2.23% 10.60 %
Peer rou return for ear 410% N/A N/A N/A 4.10%
3year return 39.60% 0 79% 1 Q4% 083% 8.80%
3 ear benchmark 37.70% 0.80% 080% 0.80% (6.30)%
3 ear eer rou 26.40% N/A N/A N/A 26.40%

Risk Risk Risk Conse
uence		 Conse
uence		 Miti
ation
Significant unexpected Reputational damage,
loss		 of Strong financial procedures,
financial loss from confidence
with key stakeholders		 particularly
budgetary
planning		 and
operations and impact upon continuing financial control. Oversight
from the Finance
sustainabilit Committee.
Inadequate liquidity to Poor service to beneficiaries and Cash flow forecasting
and liquidity
meet financial reputational damage. Withdrawal of planning
within the Investment
commitments ke
services		 from su
liers		 Strate
Significant long-term loss Impacts financial
sustainability		 and Appointment
ofAsset Risk
in the value ofthe reputatlonal damage
with donors		 Consultants
as expert investment
investment portfolio advisors,
providing
monthly
performance
reporting
and
analysis.
Oversight
from
investment
and property
committees.
Grants made outside the Reputational damage,
loss		 of Strong procedures
and controls		 for
Charity's Objects and confidence
with key stakeholders		 processing
grants. Oversight
from
operating guidelines and potential trustee
liability		 Masonic Support and Charity
Grants committees
Cyberattack on IT All key operations
are compromised		 United Grand Lodge of England
systems ("UGLE")and IT network
providers
have strong security procedures in
place covering access, protection,
backups and disaster recovery
facilities. Mandatory
cybersecurity
trainin
in
lace for all staff
Data protection breach Reputational damage
and significant		 Data protection
policy, ITsecurity
financial
enalties		 and HR
olicies in
lace
Fraud Financial loss, reputational damage, Financial procedures,
segregation
adverse
impact upon staff		 ofduties, authority
limits,
IT
security, increased awareness
amon
st staff
Unavailability of office Operations compromised UGLE Business Continuity
Plan
accommodation
Loss ofpaper records Breach of legal obligations, adverse Reduced reliance on paper records
from fire/flooding impact upon operations,
potential		 with increased
use of IT.
financial
enalties
Lack ofcompliance with Breach of legal obligations, potential HR procedures
and staff
employment legislation financial
penalties,
breakdown		 of handbook.
Induction
processes		 for
staff morale and adverse
impact		 new staff. Ongoing
management
upon service provision training
and Personal
Development
Review
Undue reliance on key Operational breakdown,
adverse		 HR procedures:
organisational		 and
persons impact upon staff morale, poor succession
planning.
service to beneficiaries
and		 potential Comprehensive
documentation		 of
re utationaldama
e		 rocedures
and controls

Note Unrestricted Restricted Endowment Total Total
funds funds funds Funds Funds
2023 2023 2023 2023 2022
OOOO E'000 E'000 E'000 E'000
INCOME
Donations 0 1,066 0 1,066 0
Investment
income		 859 0 141 1,000 2,032
Total income 859 1,066 141 2,066 2,032
EXPENDITURE
Investment
management		 costs (29) (29) (48)
29 29 48
Charitable
activities
Masonic grants 3 4 0 0 4 0
Non-Masonic
grants		 3 (2,766) (110) 0 (2,876) (3,222)
110 0 2,872 3,222
Total expenditure 2 762 110 29 2,901 3,270
Net gains/(losses) on investments 7 0 0 342 342 1.823
Net income/(expenditure) (1,903) 956 454 (493) 585
Transfers
between		 funds 10 (300) 0 300 0 0
NET MOVEMENT IN FUNDS 2,203 956 754 493 585
Total funds brought forward 4,845 0 10,529 15,374 14,789
Total funds carried forward 2 642 956 11,283 14,881 15,374
RMIG ENDOWMENT TRUST
BALANCE SHEET as at 31 March 2023 Note March 2023 March 2022
E'000 8'000
FIXEDASSETS
Investment
properties
Investments		 3,620
5,661		 2,951
7,576
9,281 10,527
CURRENT ASSETS
Debtors 1,432 1,283
Cash at bank and
in hand		 4,895 4,484
6,327 5767
CURRENT LIABILITIES
Creditors
falling due within one year		 (439) (443)
NET CURRENT ASSETS 5,888 5,324
TOTAL ASSETS LESSCURRENT LIABILITIES 15,169 15,851
Creditors falling due after one year (288) (477)
Total net assets 14,881 15,374
CHARITABLE FUNDS
Endowment
funds
Permanent
endowment		 10 10,909 10,909
Total unapplied
return		 10 374 (380)
11,283 10,529
Restricted funds
Cadogan Trust 10 956
Unrestricted
funds
General reserves 10 2,642 4,845
Total charitable
funds		 14,881 15,374
Sir Paul Williams, OBE, DL Clive Emerson
Chairman Treasurer

Note 2023 2022
t."000 OOOO
Operating
Activities
Net cash provided
by/(used
in) Operating
Activities 2,100 5,157
Cash flows from investing activities
Dividends
and interest from		 investments 1,000 2,032
Proceeds from the sale of investments 1,700 5,200
Purchase ofinvestments 0 0
Net cash provided
by/(used
in) Investing		 Activities 2,700 7,232
Cash flows from financing activities
Bank loans (repaid)/taken
out		 189 670
Change
in cash and cash		 equivalents in the
reporting
period		 411 2,745
Cash and cash equivalents at the beginning ofthe
reporting
period		 4,484 1,739
Cash and cash equivalents at the end of the
reporting
period		 14 4895 4,484
Notes on the cash flow statement
A Reconciliation
ofnet income/(expenditure)		 to net
cash flow from operating activities
Net movement
in Funds as		 per the Statement of
Financial
Activities		 (493) 585
Adjustments
for:
Impairment
ofinvestment
property		 (669) (813)
Dividends,
interest and rents from investments		 (1,000) (2,032)
Other movements
in investments		 215 (1,117)
(Increase) in debtors (149) (1,283)
(Decrease)
in creditors		 (4) (497)
Net cash provided
by/(used
in) Operating
Activities		 2,100 5,157

YE AR ENDED 31 MARCH AR ENDED 31 MARCH 2023
2. INVESTMENT INCOME Unrestricted Restricted Endowment Total Total
funds funds funds Funds Funds
2023 2023 2023 2023 2022
f'000 f'000 f'000 f'000 f'000
Interest on bank deposits 45 0 45 4
Income from investment
porffolios 0 141 141 156
Rental income - Royal Masonic School 799 0 799 1,872
Rental income - other 6 0 6 0
Income - other 9 0 9 0
859 0 141 1,000 2,032
3. CHARITABLE ACTIVITIES Unrestricted Restricted Endowment Total Total
funds funds funds Funds Funds
2023 2023 2023 2023 2022
f'000 f'000 f'000 f'000 f'000
Masonic
Foundation scholarships &bursaries (4) 0 (4) 0
0 4 0
Non-Masonic
Foundation scholarships 8 bursaries 0 110 0 110 0
Property expenses 2,655 0 0 2,655 3,172
Support Costs 111 0 0 111 50
2,766 110 0 2,876 3,222
4. SUPPORT COSTS Unrestricted Restricted Endowment Total Total
funds funds funds Funds Funds
2023 2023 2023 2023 2022
f'000 f'000 f'000 F'000 f'000
Interest and bank charges 19 19 23
Governance costs 92 92 27
0 0 111 50

YE AR ENDED 31 MARCH 2023
6. SOCIAL INVESTMENT PROPERTY March 2023 March 2022
E'000 E'000
Balance at 1 April 2022 2,951 2,138
Additional
provision
for backlog repairs		 (1,986) (2,401)
Utilisation
ofprovision
for backlog repairs		 2,655 3,214
Balance at 31 March 2023 3,620 2,951
7. INVESTMENTS March 2023 March 2022
L'000 f."000
Fixed Asset Investments:
- Managed
Funds
MCF CAIF 5,661 7,576
5,661 7,576
MOVEMENTS
IN INVESTMENTS
Listed
Balance at 1 April 2022 7,576 11,659
Additions 0 0
Disposals (1,700) (5,200)
Investment
income reinvested		 141 156
Management
fees charged to the fund		 (29) (48)
Gains/(losses) (327) 1,009
Balance at 31 March 2023 5,661 7,576
RECONCILIATION
TO SOFA
Gains on listed investments (327) 1,009
Provision for backlog repairs on social investment property 669 814
342 1 823

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
8. DEBTORS March 2023 March 2022
F'000 E'000
Prepayments and accrued income 1,432 1,265
Amounts
owed by group undertakings		 0 18
1,432 1,283
9. CREDITORS March 2023 March 2022
2'000 F.'000
Falling due within one year
Bank loans and overdrafts 193 193
Trade creditors 234 233
Accruals 12 17
439 443
9. Falling due after more than one year March 2023 March 2022
f'000 E'000
Bank loans 288 477
288 477

EA R ENDED 31 MARCH 202 3
10. MOVEMENT IN FUNDS Balance at Income Expenditure Gains/ Transfers Balance at
1 April (losses) 31 March
2022 2023
f'000 f'000 f'000 f'000 f.'000 f'000
Endowment funds
Permanent
endowment		 10,909 0 0 0 0 10,909
Total unapplied
return		 (380) 141 (29) 342 300 374
10,529 141 29 342 300 11,283
Restricted funds
Cadogan
Bursary		 0 1,066 (110) 0 956
Unrestricted funds
General reserves 4,845 859 (2,762) 0 (300) 2,642
4,845 859 2 762 0 300 2,642
Total funds 15,374 2,066 2,901 342 0 14,881
PRIOR YEAR Balance at Income Expenditure Gains/ Transfers Balance at
1 April (losses) 31 March
2021 2022
f'000 f'000 f'000 f'000 f'000 f'000
Endowment funds
Permanent
endowment		 10,909 0 0 0 0 10,909
Total unapplied
return		 2,889 156 (48) 1,823 (5,200) (380)
13,798 156 48 1,823 5,200 10,529
Unrestricted funds
General reserves 991 1,876 (3,222) 0 5,200 4,845
991 1,876 3,222 0 5,200 4,845
Total funds 14,789 2,032 3,270 1,823 0 15,374

YEA R ENDED 31 MARCH 2023
11. ASSETSAND LIABILITIES Investment Investments Current Liabilities & Fund
Properties Assets Provisions Total
f'000 f'000 E'000 f'000 E'000
Endowment
funds
Permanent
endowment		 909 10,000 0 0 10,909
Total unapplied
return		 2,711 (4,339) 2,002 0 374
3,620 5,661 2,002 0 11,283
Restricted funds
General reserves: Cadogan 0 956 0 956
Unrestricted
funds
General reserves 0 0 3,369 (727) 2,642
0 0 3,369 727 2.642
Total funds 3,620 5,661 6,327 727|14,881
PRIOR YEAR Investment Investments Current Liabilities 8 Fund
Properties Assets Provisions Total
E'000 f'000 E'000 f'000 f'000
Endowment
funds
Permanent
endowment		 909 10,000 0 10,909
Total unapplied
return		 2,042 (2,424) 0 (380)
2,951 7,576 0 10529
Unrestricted
funds
General reserves 0 0 5,765 (920) 4,845
0 0 5765 920 4,845
Total funds 2,951 7,576 5,767 920) 15,374

Note Unrestricted Endowment Total
funds funds Funds
2022 2022 2022
F000 2000 6'000
INCOME
Donations 0 0 0
Investment
income		 1,876 156 2,032
Total income 1,876 156 2,032
EXPENDITURE
Investment
management		 costs (48) (48)
48 48
Charitable
activities
Masonic grants 0 0 0
Non-Masonic
grants		 (3,222) 0 (3,222)
3,222 0 3,222
Total expenditure 3,222 48 3,270
Net gains/(losses) on investments 0 1,823 1,823
Net income/(expenditure) (1,346) 1,931 585
Transfers
between		 funds 5,200 (5,200) 0
NET MOVEMENT IN FUNDS 3,854 3,269 585
Total funds brought forward 991 13,798 14,789
Total funds carried forward 4,845 10,529 15,374

At 1 April Cash Flow Non-Cash At 31 March
2022 Changes 2023
E'000 F'000 L'000 8000
Cash and cash equivalents
Cash at bank and in hand 4,484 411 0 4,895
4,484 4« 0 4,895
Borrowings
Bank loans due within one year (193) 189 (189) (193)
Bank loans due after one year 477 0 189 288
670 189 0 481
Total cash and cash equivalents less debt 3,814 600 0 4414