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2022-03-31-accounts

MASONIC SAMARITAN FUND

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Charity Number: 1130424 Company Number: 6876310

MASONIC SAMARITAN FUND

Contents Page
Trustees’ Annual Report 3
Strategic Report 7
Statement of Trustees Responsibilities 13
Auditor’s Report 14
Consolidated Statement of Financial Activities 18
Balance Sheets 19
Consolidated Statement of Cash Flows 20
Notes to the Financial Statements 21
The following pages do not form part of the statutory accounts
Annex A – Grants made to Charitable Institutions 31

Page 2 of 31

MASONIC SAMARITAN FUND

TRUSTEES’ ANNUAL REPORT

The trustees are pleased to submit their report for the year ended 31[st] March 2022 together with the consolidated accounts for the Charity and its subsidiary. This report includes a directors’ report as required by Section 415 of The Companies Act 2006 and a strategic report as required by The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013.

Reference and Administrative Information

Name and Registered Office

The name of the charity is the Masonic Samaritan Fund (the “Charity”) and it has its registered office at 60 Great Queen Street, London, WC2B 5AZ.

Trustees

The trustees who served during the whole of the year were:

The trustees of the MCF who served during the year were:

James H. Newman resigned as Chairman of the MCF on 31[st] March 2021 and Trustee of the MCF on 28[th] April 2021, and Sir Paul Williams was appointed Chairman on 1[st] April 2021.

Page 3 of 31

MASONIC SAMARITAN FUND

TRUSTEES’ ANNUAL REPORT

Executive

The Executive during the year to 31[st] March 2022 were:

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

National Westminster Bank Plc, Bloomsbury Parr’s Branch, 214 High Holborn, London, WC1V 7BX

Investment Advisors

Asset Risk Consultants Limited, 7 New Street, St. Peter Port, Guernsey, GY1 2PF

Investment Managers

Thesis Unit Trust Management Ltd, Exchange Building, St John's Street, Chichester, West Sussex PO19 1UP

CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4ET

Royal London Asset Management Ltd., 55 Gracechurch Street, London, EC3V 0UF

Solicitors

Stone King LLP, Boundary House, 91 Charterhouse Street, London, EC1M 6HR

Page 4 of 31

MASONIC SAMARITAN FUND

TRUSTEES’ ANNUAL REPORT

Structure, Governance and Management

Organisation

The Charity is constituted as a company limited by guarantee and its governing document is its articles of association. It was incorporated on 14[th] April 2009 for the purpose of taking over the charitable work of the unincorporated trust of the same name, registered charity number 1001298. On 1[st] October 2009, the assets and undertaking of the unincorporated trust were transferred to the Charity. The unincorporated trust was subsequently dissolved.

As the trustees consist of the MCF and the chairman of the MCF, 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 Management

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 of the MCF address the specific needs of the Charity as part of their roles and responsibilities for the MCF. The trustee board and the main committees meet as follows:

Board/Committee Purpose Meetings per
**year **
Trustee Board Main decision-making body with ultimate responsibility for the
Charity		 4
Audit and Risk Identification and mitigation of risk, oversight of external audit 2
Charity Grants Consideration of applications for grants from organisations
recognised by the Charity Commission		 4
Finance Ensuring adequate procedures are in place to manage all
aspects of financial planning, controlling and reporting.		 4
Fundraising Supporting the masonic community’s fund raising activities to
support the Charity		 4
Investments Maintaining investment strategies to meet the requirements of
the Charity, appointment and monitoring of fund managers		 4
Masonic Support Consideration of applications from individuals connected with
the masonic community for financial relief		 4
Property (RMTGB
only)		 Development and execution of strategies to optimise the returns
from the Charity’s property portfolio		 4
Remuneration Determinationofexecutive and staffpay & benefits 2
Strategy Development and implementation of strategies to support the
Charity’s objectives. In addition, the trustees hold an annual
strategic‘away day’.		 4

The Charity does not employ any staff, with services being provided by staff employed by the MCF. These services are recharged by the MCF monthly, based upon the number of grants processed, as detailed in note 6 to the accounts.

Page 5 of 31

MASONIC SAMARITAN FUND

TRUSTEES’ ANNUAL REPORT

Related Charity

In accordance with a Scheme approved by the High Court on 20[th] July 1999, the Royal Masonic Hospital Charity (“RMHC”), registered charity number 205793, is controlled by a board of management defined as the persons who from time to time constitute the board of trustees of the Charity. The High Court Order was amended in accordance with a resolution of the members of the unincorporated trust to delete references to the unincorporated trust and substitute references to the Charity.

RMHC continues to receive legacy income (£0.01 M during the current year), which is transferred as a grant to the Charity. The results of RMHC have been consolidated with those of the Charity in the financial statements.

Page 6 of 31

MASONIC SAMARITAN FUND

STRATEGIC REPORT

Objectives and Activities

Objectives

The beneficiaries of the Charity are Freemasons, the wives (or widows as the case may be) or the children or dependents or partners of Freemasons or deceased Freemasons. The objects for which the Charity is established are to advance health and relieve those in need (whether financially or otherwise) by reason of their ill-health or disability by the provision of medical assistance, support, treatment, care or advice to beneficiaries, and by commissioning research which is anticipated to offer benefits to beneficiaries.

Support will principally give relief to applicants who demonstrate a financial need and who are otherwise unable to obtain treatment or care from the NHS or Local Authority (or overseas equivalent) without undue delay or hardship.

Activities

Grants are offered toward the cost of:

Grants are assessed against eligibility criteria, the guidelines for which are reviewed regularly.

Aims

Following the creation of the MCF, for 2021/22 the primary aim of the Charity was, through the work of the MCF, to combine grant-making activities with those of the RMTGB and TGC to ensure the combined broad range of support was offered to all eligible beneficiaries consistently to the same high standards.

Page 7 of 31

MASONIC SAMARITAN FUND

STRATEGIC REPORT

Public Benefit

The trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. As described above, the Charity offers assistance to Freemasons and their dependents who can demonstrate a medical and financial need. The Charity has continued to make significant grants in aid of medical research, which benefit the national and international community. It is expected that it will continue to make further grants in the future under the direction of the MCF (the parent charity), subject to the availability of funds. There are currently approximately 180,000 Freemasons in England and Wales, plus a further 20,000 in overseas districts, and a similar number of dependents. Thus almost half a million people are potentially eligible for the Charity’s support. Freemasonry is a secular fraternal society which is open to all adult men who subscribe to its moral and spiritual values.

Achievements and Performance

Page 8 of 31

MASONIC SAMARITAN FUND

STRATEGIC REPORT

Financial Review

Review of the Year

The principal funding sources continue to be voluntary donations from annual festival appeals, legacies and investment returns.

Income of £0.71 M was 32% lower than the prior year. Festival income of £9k was 69% lower than 2021, as the last remaining festival approaches its end point. The Charity is most grateful for the sterling efforts made by its organising committees and generous donations of time and money by Brethren. Legacies are by nature variable, and income from this source for the current year of £0.35 M was 8% lower than the prior year.

Expenditure of £12.46 M was 17% lower than the prior year, mainly due to the emergency grant of £5.00 M made to support the operations of the RMBICC during the Covid-19 pandemic and subsequent lockdowns in the prior year. With the resumption of activity in hospitals in the private sector, medical grants increased by 112% to £3.73 M. The medical research programme recommenced during the year with the payment of four grants amounting to £0.48 M. Charitable support costs of £1.57 M were 27% higher than prior year, due to the higher level of grant activity.

Investment gains of £0.91 M were achieved; a reduction of 83% from prior year, due to the combination of lower stock market returns and the exhaustion of funds in the CAIF and CCLA property fund as the Charity winds down its reserves. The deficit for year transferred to reserves was £10.84 M (2021: deficit of £8.65 M).

Reserves Policy

Following the commencement of operations of the MCF in April 2016, all new festivals have been targeted to raise funds for this new charity, which has wide objects to direct grants to where support is most needed. As a result, voluntary income for the Charity has declined significantly to minimal levels over the past two years. The policy is to prioritise the payment of all grants that fall under the objectives of the Charity through the reserves of the Charity before drawing upon the resources of the MCF. Consequently, it is planned that the Charity’s reserves will eventually diminish to a minimal level and the occasional legacy, at which time the MCF will take over full responsibility for the continuation of the Charity’s objects.

Page 9 of 31

MASONIC SAMARITAN FUND

STRATEGIC REPORT

Principal Risks and Mitigation

The principal risks identified and agreed actions to mitigate are shown in the following table:

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

Risks are actively monitored by the Executive and the senior leadership team, and formally reviewed by the audit and risk committee at their biannual meetings.

Page 10 of 31

MASONIC SAMARITAN FUND

STRATEGIC REPORT

Investment Policy and Performance

The MCF global investment strategy seeks to protect the capital value of investments that are required to fund operations for a three-year time horizon (the “Cash Reserve”) and to invest all remaining funds for long term growth, on a total return basis, with an overall objective of making a return of RPI plus 3% net of all expenses.

The Cash Reserve is provided by Royal London Asset Management (“RLAM”) and utilises three of their funds, which provide a mix of instruments, including cash instruments, Treasury Bills, covered (secured) bonds, corporate bonds, Supranationals and mortgage-backed securities. The performance objectives of the three funds are:

The MCF sponsored the launch of the Masonic Charitable Foundation Investment Fund CAIF, which took place on 1[st] October 2018. This is a unit trust with a highly efficient tax wrapper in which the MCF and all its subsidiary charities own their shares in the form of units. Units will be sold as required in order to top up the Cash Reserve on a quarterly basis. The investment strategy is directed for “Steady Growth”, which is a medium-high risk strategy. Risk is managed through diversification, with the funds split between four different fund managers operating on multi asset mandates but utilising differing investment management styles. The overall fund manager is Thesis Unit Trust Management Limited and the custodian is Northern Trust.

The asset allocation for the CAIF was amended on 1[st] April 2019 by the investment committee following advice from Asset Risk Consultants. The strategic and actual asset allocations as at 31[st] March 2022 are shown in the following table:

hown in the following table:
Asset Class Strategic
Allocation		 Benchmark Actual 31st
March
2022
Cash 0.00% SONIA 3.20%
FixedIncome 7.50% FTSEUK World Gov. BondIndexGBP 4.40%
International Equity 28.75% MSCI World ex UK NR GBP 56.40%
Int’nl Equity GBP hedged 12.00% MSCI World ex UK Hedged NR GBP 3.40%
U.K. Equity 18.00% MSCIUK EquityNRGBP 18.50%
Emerging Market Equity 12.50% MSCI Emerging Markets Equity NR GBP 2.80%
Global EquityHedge 13.75% HFRXGlobal EquityHedge GBP 0.00%
Alternative Investments 3.75% HFRX Global Hedge Fund GBP 7.80%
Property 3.75% IA UK Direct Property TR 3.50%
100.00% 100.0%

In order to balance property exposure across all the MCF subsidiaries, the Charity also made a direct investment into the CCLA property fund.

Performance under the new arrangements is shown in the table overleaf:

Page 11 of 31

MASONIC SAMARITAN FUND

STRATEGIC REPORT

Investment Policy and Performance (Continued)

MCF CAIF RLAM
Short Term		 RLAM
Cash Plus		 RLAM
Enhanced		 CCLA
Fund at 31stMarch 2022 £Nil £4.12 M £16.76M £5.59M £Nil
Investment approach Steady
Growth Multi-
Asset		 Capital
Protection		 Capital
Protection		 Capital
Protection		 Income &
long-term
Capital
Growth
Benchmark Composite SONIA SONIA SONIA MSCI/AREF
UK other
balanced
property
Peer Group ARC Charity
GBP Steady
Growth		 None None None ARC Charity
GBP Steady
Growth
Return for the year 10.30% 0.13% (0.09)% (0.65)% 19.30%
Benchmark return for year 9.80% 0.14% 0.14% 0.14% 9.70%
Peergroupreturn foryear 7.10% N/A N/A N/A 7.10%
3 year return 33.00% 0.38% 0.64% 0.80% 27.00%
3 year benchmark 26.90% 0.28% 0.28% 0.28% 2.50%
3 year peer group 22.40% N/A N/A N/A 22.40%

The CAIF has continued to perform strongly during the year, hitting a peak of just over £133.00 per unit at 31[st] December. It fell back in the final quarter due to geopolitical and inflationary concerns, but recovered strongly in the latter part of March. As at 31[st] March 2022, the CAIF was valued at £129.73 per unit.

Plans for Future Periods

All future grant-making and support activities will be managed through the MCF, but those relating to the Charity’s objects will be recharged back to it. With all new festivals being linked to the MCF, this will result in reserves being depleted over a period of time. The Charity will continue to receive income from its investments, which will extend the remaining lifetime of the Charity.

Key activities being planned for the future by the MCF on behalf of the Charity are provided in the annual report and accounts of the MCF.

Page 12 of 31

MASONIC SAMARITAN FUND STATEMENT OF TRUSTEES, RESPONSIBILITIES Statement of Responsibillties The Iruslees, who are also the dir8¢tors of the Charity for the purposes of company law, are resF(Jnsible for praparing the trustees. report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (U.K. "GA4P"). Company law requires the trustees to prepare financial statements for each financlal year which giv8 a trua and fair view of the slat8 of affairs ofthe Charity and of the income and expendlture ofth8 Charity for that year. In preparing these financial statements, the trustees are required lo.. select suitable accounting policies and then apply them consistently. obs8rve the methods and principles in Accounting and Reporting by Charities.. Slatem8nt of Recommended Practice applicab18 to charities prep8ring their financial statements in accordance with the Financial Raporting Slandard applicable in the United Kingdom and Republic of Ireland IFRS102)', mak8 judgements and estimales that are reasonable and prudent., slate whether United Kingdom accounting standards have been followed, subject to any material departures dlsclosed and explain8d in the financial statements; and prepare the financial statements on the going Concern basis unless it is inappropriate to presume that the charity will continue to operate. The Iruslees are responsible for keeping proper accounting records that disclose With reasonable accuracy at any time th8 financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are 81so ￿Sponsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irr8gularili8S. Statsment of Disclosure of Inforniatlon to Audltor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, bul of which th8 auditor is unaware. They have further Confirmed that they have takèn appropriate steps to identify such relevant information and to 8Stablish that the auditor is aware of such information. Auditor A resolution proFJosing that Knox Cropper LLP be reappointed as auditor will be put to the mernbers. Approval by Tru8teo8 This report, including the strategic report, was approved by the trustees on 15th September 2022 and signed on their behaff by Sir Paul Williams, OBE, KSIJ, DL Chairman, MCF Page 13 of31

MASONIC SAMARITAN FUND

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBER OF THE MASONIC SAMARITAN FUND

Opinion

We have audited the financial statements of Masonic Samaritan Fund (the ‘Parent Charity’) and its subsidiary (‘the Group’) for the year ended 31 March 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Charity Balance Sheets, Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Page 14 of 31

MASONIC SAMARITAN FUND

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBER OF THE MASONIC SAMARITAN FUND

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Page 15 of 31

MASONIC SAMARITAN FUND

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBER OF THE MASONIC SAMARITAN FUND

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page 13, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Group’s and Parent Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charity or to cease operations, or have no realistic alternative but to do so.

.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance 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 procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 16 of 31

MASONIC SAMARITAN FUND REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBER OF THE MASONIC SAMARITAN FUND Use of the audit report This report is made solely to the Parenl Charity's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken, so that W8 might slate lo the ¢haritsble company's member those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted bylaw, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's member for our audit work, for this report or for the opinions we have formed. Stephen Anderson FCCA Senior Statutory Auditor for and on behalf of Knox Cropper LLP Slatulory Auditor 65 Leadenhall Street London EC3A 2AD Is 2d22 Page 17of 31

MASONIC SAMARITAN FUND

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2022

(Including a Consolidated Income and Expenditure Account)

Note
INCOME
Donations and legacies
2
Investment income
3
Total income
EXPENDITURE
Cost of generating funds
Investment management costs
4
Charitable activities
Masonic grants
5
Non-Masonic grants
5
Total expenditure
Net gains/(losses) on investments
8
NET MOVEMENT IN FUNDS
Total funds brought forward
Total funds carried forward		 2022
2021
£'000
£'000
420
472
288
562
708
1,034
(82)
(81)
(121)
(220)
(203)
(301)
(11,768)
(14,230)
(490)
(559)
(12,258)
(14,789)
(12,461)
(15,090)
912
5,407
(10,841)
(8,649)
37,579
46,228
26,738
37,579

All income and expenditure derive from continuing activities and all gains/losses are included in the statement of financial activities.

The notes on pages 21 to 30 form part of these financial statements.

Page 18 of 31

MASONIC SAMARITAN FUND BALANCE SHEET as at 31 March 2022 Note Company Number 6876310 March 2022 Group Company £'ooo £'ooo March 2021 Group Company £'ooo £'ooo FIXED ASSETS Investments 11,874 11,874 11.874 11,874 CURRENT ASSETS Debtors Investments Cash al bank and in hand 117 26.467 3,429 116 26,467 3,428 187 25.527 2,254 180 25,527 2,253 30,011 27,968 27,960 CURRENT LIA81LITIES Creditors falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 10 (2,945) {2,945) (1.9711 27.068 27,066 25,997 (1,970) 25,990 27,068 27,066 37,871 37,864 Creditors f811ing due after one year Total net a3••t• 10 1330) (330) (292) {2921 26,736 37,572 CHARITABLE FUNDS Unrostrlctsd fund• General reserves 26,738 26,736 37,579 37,572 Totsl charitablo fund8 26,738 37,579 37,572 The financial statements were approved and authorised for issue by the Trustee Board on 15 September 2022 and signed on their behaff by.. Slr Paul Williams, OBE, DL Michael Heenan Chaiman Treasurer The notes on pages 21 to 30 fom part of these financial statements Page 19 of31

MASONIC SAMARITAN FUND

CONSOLIDATED STATEMENT OF CASH FLOWS

CASH FLOWS
Operating Activities
Net cash provided by/(used in) Operating
Activities
A
Cash flows from investing activities
Dividends, interest and rents from investments
Proceeds from the sale of investments
Purchase of investments
Net cash provided by/(used in) Investing Activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
B
Notes on the cash flow statement
A
Reconciliation of net income/(expenditure) to net
cash flow from operating activities
Net movement in funds as per the Statement of
Financial Activities
Adjustments for:
Dividends, interest and rents from investments
Other movements in investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) Operating
Activities
B
Analysis of cash and cash equivalents
Cash held by investment managers
Cash at bank and in hand
Total cash and cash equivalents		 YEAR ENDED 31 MARCH 2022
2022
2021
£'000
£'000
(11,203)
(15,864)
288
562
22,830
35,500
(10,740)
(19,001)
12,378
17,061
1,175
1,197
2,254
1,057
3,429
2,254
(10,841)
(8,649)
(288)
(562)
(1,156)
(5,828)
70
(103)
1,012
(722)
(11,203)
(15,864)
0
0
3,429
2,254
3,429
2,254

Page 20 of 31

MASONIC SAMARITAN FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

(a) Statement of compliance

The financial statements of the Masonic Samaritan Fund (the “Charity”) have been prepared in accordance with applicable UK accounting standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland” (“FRS 102”). Additionally, they comply with the Companies Act 2006, the Charities (Accounts and Reports) Regulations 2008 and 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) Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of investments, on a basis consistent with previous years. The functional currency of the Charity is considered to be Pounds Sterling because that is the currency of the primary economic environment in which the Charity operates.

These financial statements consolidate the results of the Charity and the Royal Masonic Hospital Charity (“RMHC”) over which it has significant control. The results have been consolidated on a line by line basis. A separate Statement of Financial Activities for the Charity itself is not presented because the Charity has taken advantage of the exemptions afforded by Section 408 of the Companies Act 2006.

(c) Going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

The trustees of the Charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The trustees are of the opinion that the Charity will have sufficient resources to meet its liabilities as they fall due.

Page 21 of 31

MASONIC SAMARITAN FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

(d) Incoming resources

Revenue is recognised when the significant risks and rewards of ownership have been transferred, the amount of revenue can be measured reliably, it is probable that future economic benefits will flow to the Charity and when the specific criteria relating to each of the Charity’s revenue channels have been met, as described below:

(e) Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of any obligation can be measured reliably. All resources expended are recognised on an accruals basis, with the exception of grants as noted below.

Expenditure on generating funds includes costs of fundraising and maintenance of festival and donor records, together with the management of the investment portfolios. These costs include the allocation of support costs relating to these activities.

Charitable activities are split between masonic activities and grants awarded to external institutions (designated as “non-Masonic” within the SOFA).

Masonic activities include the payment of grants directly to beneficiaries together with related welfare and support costs. Non-Masonic activities consist of the payment of grants to external institutions. Support costs are allocated to these activities on the bases laid out in note 6.

Grants are recognised as expenditure in the year in which the grant is formally approved by the Charity and has been communicated in writing to the recipient, except to the extent that it is subject to conditions that enable the Charity to revoke the award.

The provision for multi-year grants is recognised at its present value when settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Charity that would permit it to avoid making future payments, settlement is probable and the effect of discounting is material. The discount rate used is the long-term return of inflation plus 4 percent used as the target for the Charity’s investment portfolio.

Page 22 of 31

MASONIC SAMARITAN FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

(f) Employee benefits

All staff are employed by the parent charity, The Masonic Charitable Foundation, and recharged to the Charity based upon the relative number of grants processed. Information relating to those employees is given in the accounts of the Masonic Charitable Foundation.

(g) Fund accounting

Unrestricted funds may be utilised for any purpose in accordance with the charitable objectives of the Charity.

(h) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are stated at market value. All realised and unrealised gains and losses are recognised within the Statement of Financial Activities. Investments which the Charity holds for resale or pending their sale and cash or cash equivalents with a maturity date of less than one year, which are held for investment purposes, are disclosed as current asset investments.

(i) Financial assets and liabilities

The Charity has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument.

Financial assets and liabilities which qualify as basic financial instruments are initially recognised at the settlement amount after any trade 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 sheet date, then the asset or liability is discounted using the long term return of inflation plus 4 percent used as the target for the Charity’s investment portfolio . Basic financial instruments include debtors, cash and creditors within the balance sheet.

(k) Foreign currencies

Transactions denominated in foreign currencies are translated into Pounds Sterling at the exchange rates ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Pounds Sterling at the rate ruling at the balance sheet date. All foreign exchange gains and losses, realised and unrealised, are recognised in the Statement of Financial Activities.

Page 23 of 31

MASONIC SAMARITAN FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

(l) Taxation

The Charity is exempt from taxation on its income and gains falling within Part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable activities. The Charity is unable to recover Value Added Tax (VAT) incurred on expenditure. The amount of VAT that cannot be recovered is included within the underlying cost to which it relates.

Page 24 of 31

MASONIC SAMARITAN FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

2.
DONATIONS AND LEGACIES
Festivals
Other donations
Legacies
3.
INVESTMENT INCOME
Interest on bank deposits
Income from investment portfolios
4.
INVESTMENT MANAGEMENT COSTS
Investment fund management
Support costs
5.
CHARITABLE ACTIVITIES
Masonic
Care and welfare support
Sickness and illness
Support Costs
Non-Masonic
Covid-19 Emergency Grants
Medical & Social Research Programme
Support Costs		 2022
2021
£'000
£'000
9
29
59
60
352
383
420
472
2022
2021
£'000
£'000
1
1
287
561
288
562
2022
2021
£'000
£'000
98
200
23
20
121
220
2022
2021
£'000
£'000
6,475
11,300
3,731
1,757
1,562
1,173
11,768
14,230
0
431
484
64
6
64
490
559

Masonic support of £10,206k consisted of 1,574 grants with a value of £3,731k, net of write back of prior year commitments, made to individual beneficiaries and a grant made to the RMBICC to support publically-funded Freemasons in care homes (£6,476k). 4 grants were made to charitable institutions under the Medical & Social Research Programme; these grants are detailed in annex A to these financial statements.

Page 25 of 31

MASONIC SAMARITAN FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

6.
SUPPORT COSTS: 2022
Relief Chest - Fundraising
Fundraising
Legacies
Masonic Support - Grants
Masonic Support - Advice & Support
Masonic Support - Provincial & Volunteers
Relief Chest - Charitable
Community Support & Research
Strategic & Impact
Executive
Finance
Digital & Technology
Human Resources
Communications
Governance
Facilities & Administration
Administration and Support
Facilities & Admin - Ruspini House
Other		 Cost of
Investment Masonic
Non-
Masonic
Total
Basis
Generating
Management
2022
for
Funds
Allocation
£'000
£'000
£'000
£'000
£'000
14
0
0
0
14
(a)
15
0
0
0
15
(a)
16
0
0
0
16
(a)
0
0
278
0
278
(a)
0
0
276
0
276
(a)
0
0
84
0
84
(a)
0
0
48
0
48
(a)
0
0
0
3
3
(a)
0
0
12
0
12
(b)
24
0
152
0
176
(c)
13
25
158
0
196
(c)
0
0
127
0
127
(b)
0
0
58
0
58
(b)
0
0
199
1
200
(b)
0
0
37
0
37
(b)
0
0
71
0
71
(b)
0
0
89
0
89
(b)
0
0
0
0
0
(b)
0
(2)
(27)
2
(27)
82
23
1,562
6
1,673

Basis for allocation (a) Directly attributed

(b) Number of grants processed

(c) Headcount and number of grants processed

Auditor’s remuneration of £13k (2021: £13k) is included in support costs to charitable activities.

Page 26 of 31

MASONIC SAMARITAN FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

6.
SUPPORT COSTS: 2021
Relief Chest - Fundraising
Fundraising
Legacies
Masonic Support - Grants
Masonic Support - Advice & Support
Masonic Support - Provincial & Volunteers
Relief Chest - Charitable
Community Support & Research
Strategic & Impact
Executive
Finance
Digital & Technology
Human Resources
Communications
Governance
Facilities & Administration
Administration and Support
Facilities & Admin - Ruspini House
Other		 Cost of
Investment Masonic
Non-
Masonic
Total
Basis
Generating
Management
2021
for
Funds
Allocation
£'000
£'000
£'000
£'000
£'000
16
0
0
0
16
(a)
4
0
0
0
4
(a)
23
0
0
0
23
(a)
0
0
261
0
261
(a)
0
0
177
0
177
(a)
0
0
75
0
75
(a)
0
0
49
3
52
(a)
0
0
0
23
23
(a)
0
0
25
2
27
(b)
15
0
71
4
90
(c)
8
12
70
4
94
(c)
0
0
88
6
94
(b)
0
0
29
2
31
(b)
0
0
136
8
144
(b)
0
0
48
3
51
(b)
0
0
52
3
55
(b)
0
0
67
4
71
(b)
0
0
0
0
0
(b)
15
8
25
2
50
81
20
1,173
64
1,338

Basis for allocation (a) Directly attributed (b) Number of grants processed (c) Headcount and number of grants processed

7. STAFF COSTS

The Charity employed no staff during the year (2021: None). Staff recharges from the MCF to the Charity are included within the management charge analysed in note 6 above.

No trustees received remuneration from the Charity during the year (2021: £Nil). No trustees’ expenses were incurred during the year (2021: £Nil).

Page 27 of 31

MASONIC SAMARITAN FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

8.
INVESTMENTS
Fixed Asset Investments
- Managed funds
MCF CAIF
CCLA Property Fund
Current Asset Investments
- Managed funds
RLAM Cash Reserve funds
MOVEMENTS IN INVESTMENTS
Balance at 1 April 2021
Additions
Disposals
Transfers from/(to) group undertakings
Investment income reinvested
Management fees charged to the fund
Gains/(losses)
Changes in cash balances held
Balance at 31 March 2022
RECONCILIATION TO SOFA
Gains/(losses) on listed
investments
Gains/(losses) within cash balances held		 March 2022
March 2021
Group
Company
Group
Company
£'000
£'000
£'000
£'000
0
0
8,202
8,202
0
0
3,672
3,672
0
0
11,874
11,874
26,467
26,467
25,527
25,527
26,467
26,467
25,527
25,527
26,467
26,467
37,401
37,401
37,401
37,401
48,072
48,072
10,740
10,740
19,001
19,001
(22,830)
(22,830)
(35,500)
(35,500)
0
0
0
0
287
287
551
551
(43)
(43)
(130)
(130)
912
912
5,407
5,407
0
0
0
0
26,467
26,467
37,401
37,401
912
912
5,407
5,407
0
0
0
0
912
912
5,407
5,407

Page 28 of 31

MASONIC SAMARITAN FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

9.
DEBTORS
Amounts owed by group undertakings
Prepayments and accrued income
Other debtors
10.CREDITORS
Falling due within one year
Grants payable
Amounts owed to group undertakings
Accruals and deferred income
Falling due after more than one year
Grants payable		 March 2022
March 2021
Group
Company
Group
Company
£'000
£'000
£'000
£'000
1
1
90
88
4
3
4
4
112
112
93
88
117
116
187
180
March 2022
March 2021
Group
Company
Group
Company
£'000
£'000
£'000
£'000
2,133
2,133
1,963
1,963
766
766
0
0
46
46
8
7
2,945
2,945
1,971
1,970
330
330
292
292
330
330
292
292

11. RELATED PARTY TRANSACTIONS

The Charity controls the Royal Masonic Hospital Charity (RMHC) through common trustees. During the period grants totalling £15,000 (2021: £141,000) were made by RMHC to the Charity. The majority of this related to the transfer of legacies received by the RHMC. £745 was owed by the Charity to the RMHC at the balance sheet date (2021: £745).

The MCF has paid out grants on behalf of the Charity during the year, and has been reimbursed by the Charity. Additionally, the MCF has borne all the administrative costs of supporting the Charity as well as its fellow subsidiary charities. The Charity has been recharged a proportion of these costs based upon the relative number of grants processed.

Page 29 of 31

MASONIC SAMARITAN FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

12. INVESTMENT IN SUBSIDIARY

The RMHC (Registered Charity No. 205793) has its principal place of business at 60 Great Queen Street, London, WC2B 5AZ. The summary of its results for the year and its net assets as at 31[st] March 2021 is shown as follows:

Gross income
Donation to parent charity
Net movement in funds
Total funds brought forward
Total funds carried forward
Represented by net assets as follows:
Debtors and prepayments
Cash at bank and in hand
Amounts owed by group undertakings		 2022
2021
£'000
£'000
10
110
(15)
(141)
(5)
(31)
8
39
3
8
0
5
1
2
1
1
2
8

13. LEGAL STATUS

The Charity is a company limited by guarantee and has no share capital. The liability of the member in winding up is limited to £1.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Masonic Charitable Foundation (Registered Charity No. 1164703, Company Number 09751836), which is the sole member of the company. Consolidated accounts for the MCF, which include the accounts of the Charity, can be obtained from the registered office of the Charity.

Page 30 of 31

MASONIC SAMARITAN FUND

ANNEX A – GRANTS MADE TO CHARITABLE INSTITUTIONS

Charity Grant
Purpose
Medical Research
Alzheimer's Research UK
British Heart Foundation
Diabetes UK
University of Bradford		 90,453 The Masonic Charitable Foundation PhD Studentship
150,000 BHF Masonic Charitable Foundation PhD
Studentships
88,935 Masonic Charitable Foundation Diabetes UK PhD
Studentship Award
211,632 The Masonic Charitable Foundation Bradford Clinical
Scholars
541,020
541,020
0
0
541,020
(56,542)
484,478
Total 541,020
Total 541,020
Relief Chest 0
Adjustment to prior years
Overall Total
Discounting of long term grants (movement)
Per Accounts		 541,020
(56,542)
484,478

Page 31 of 31