Overall Financial Position – Year ended 30 November 2003
The deficit for the general unrestricted fund was £897,600 (2002: £2,934,300), after accounting for net gains on investments of £930,200. After taking into account the operating deficit and the net gains on investments, the General Unrestricted Fund at 30 November 2003 was £15.5m and the General Designated Fund was £2.5m.
A summary of the operating income and expenditure, directly attributable to the unrestricted fund, is as follows:
|Contributions from Lodges||1657.6||1537.4|
|Donations and legacies||534.3||491.4|
|Investment management fees||36.1||44.5|
|Other overhead expenses||540.6||606.2|
In addition to the costs outlined above, further costs relating to the operation of the Relief Chest Scheme and the Transferred Beneficiaries Fund have been borne by the unrestricted fund, as part of the Grand Charity’s service to Freemasonry, as follows:
|Relief Chest Scheme costs||229.8||193.9|
|Transferred Beneficiaries Fund costs||22.3||40.3|
The accounts, which have been prepared in accordance with the SORP (Statement of Recommended Practice) for charities, include the restricted funds of £30.4m held in the Relief Chest Scheme and £12.6m in the Transferred Beneficiaries Fund.
The Relief Chest Funds are administered free of charge to the holders. They are disbursed only on the instruction of the chest holders and are, therefore, presented as a restricted fund.
The Transferred Beneficiaries Fund is a separate restricted income fund to make payments to former beneficiaries of the Royal Masonic Benevolent Institution.
Applicants – Masonic Relief Grants
During the year ended 30 November 2003, grants were paid by the Grand Charity to 1,496 applicants, for a total sum of £2.26m, an average of £1,510 per grant. Grants usually range from between £300 to £4,500 in any individual case.
In addition, payments were made through the Transferred Beneficiaries Fund to former beneficiaries of the RMBI amounting to £1.83m for the year. The number of active beneficiaries in December 2003 was 1,743.
Total grants and donations
|Emergency Grants for Relief Aid||20.0|
|Hospices: Grants to 202 hospices||500.0|
|Health Care Charities||120.0|
|Other Grants under £10,000 to 73 charities||200.0|
|Designated Grants (New Designations £1.98m)||623.9|
|Relief Chest Disbursements||4556.7|
|Total Grants as per Statement of Financial Activities||8330.9|