MASONIC SAMARITAN FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Charity Number: 1130424 Company Number: 6876310 MASONIC SAMARITAN FUND Contents Page Trustees, Annual Report Strategic Report Statement of Trustees Responsibilities 13 Auditorfs Report 14 Consolidated Statement of Financial Activities 18 Balance Sheets 19 Consolidated Statement of Cash Flows 20 Notes to the Financial Statements 21 Page 2 of 29 MASONIC SAMARITAN FUND TRUSTEES, ANNUAL REPORT The Trustees are pleased to submrt their report for the year ended 315t March 2025 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 Acl 2006 and a strategic report as reqUI￿d by The Companies Act 2006 (Strategic Report and D1￿CtOrS. Report) Regulations 2013. Reference and Administrative Information Name and Reglstsrod Office The name of the charity is the Masonic Samaritan Fund (the °Charity') and it has its registered Offi￿ at 60 Great Queen Street, London, WC2B 5AZ. Trustees The Trustees who served during the year were: The MasoniG Charitable Foundation ("MCF°) {Corporate Trustee, Registered Charity No. 1164703, Company Number 09751836) James M. Long, TD The trustees of the MCF who Served during the year were: Clive Emerson (Treasurer) Dr Simon Fellerm8n Edward Goodchild (Deputy President) Alan Graham, MBE Christopher Head (Resigned 1" August 2024) David Hudd (Appointed 29th May 2024) James Long, TD (President and Chaiman) Charlotte Miller (Resigned 131h June 2024) Stephen Robinson Marie Shenton David Southern (Resigned 30th June 2024) David Stockdale (Appointed 22nd May 2024) Bruce Walker Sir Paul Williarns, OBE, KStJ, DL (Resigned 26th April 2024) Howard Wilson Page 3 of 29 MASONIC SAMARITAN FUND TRUSTEES, ANNUAL REPORT Executive The Executive during the year to 31st March 2025 were: Les Hutchinson, Chief Executive Charles Angus, Group Finance Director Brenda Nurse, Company Secretsry Auditor Knox Cropper LLP, Chartered Accountants. 65 Leadenhall Street, London, EC3A 2AD Bankers Barclays Bank Plc, Leval 28, 1 Churchill Place, Canary Wharf, London, E14 5HP National Westmlnster Bank Plc, Bloomsbury Parfs Branch, 214 High Holborn, London, WC1V 7BX Investment Advisor6 Asset Risk Consultants Limited, 7 New Street, st. Peter Port, Guernsey, GY12PF Investment Managers Royal London Asset Management Ltd., 55 Gracechurch Street, London, EC3V OUF Sollcitors stone King LLP, Boundary House, 91 Charterhouse Street, London, EC1 M 6HR Page 4 of 29 MASONIC SAMARITAN FUND TRUSTEES, ANNUAL REPORT Structure, Governance and Management Organisation The Charity is constituted as a company limited by guarantee and its goveming documenl is its articles of association. It was incorporated on 14th April 2009 for the purpose of taking over the charitable work of the unincorporated trust of the sarne name, registered charity number 1001298. On 151 October 2009, Ihe assets and undertaking of the unincorporated trust were transferred to the Charity. The unincorporated trust was subsequently dissolved. At a meeting held on 12th March 2025, the trustees resolved to amend the articles to allow current and any future funds received by the Charity to be transferred to the MCF for the advancement of the Charitys objects. This was confirmed by a special resolution of the MCF as the sole member of the Charity on the same dale. As a result, the net assets of the Charity were transferred to a restricted reserve in the MCF as at 31st March 2025 and the Charity has subsequently become and will remain dormant. As the Trustees consist of the MCF and the chairman of the MCF, the MCF exercise8 control over the Charity, and will consolidat8 the Charity's results in its group accounts. Detsils of the proce8ses for the appointment, induction and training of the MCF'S trustees are glven 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: Boardlcommitteo Purpose Meetlngs per ear Trustee Board Main decision-making body with ultlmate responsibility for the Charit Identification and miti ation of risk oversi ht of extemal audit Consideration of applications for grants from organisations reco nised b the Chari Commission Ensuring adequate procedures are in place to manage all as s of financial lannin controllin and re ortin Supporting the masonic community's fund raising activities to su ort the Charil Maintaining investment strategies to meet the requirements of the Charit ointment and monitorin of fund mana ers Consideration of applications from individuals connected with the masonic communi for financial relief Development and execution of strategies to optimise the returns from the Chari ro ortfolio Determination of executive and staff & benefits Development and implementstion of strategies to support the Charity's objectives. In addition, the trustees hold an annual strate ic 'awa da Audit and Risk Charity Grants Finance Fundraising Investments Masonic Support Property (RMTGB onl Remuneration Strategy Page 5 of 29 MASONIC SAMARITAN FUND TRUSTEES, ANNUAL REPORT The Charity does not employ any staff, with servI￿S being provided by staff eniployed by the MCF. These services are recharged by the MCF monlhly, based upon the number of grants processed, as detailed in note 6 to the accounts. Related Charlty In accordance with a Scheme approved by the High Court on 20th 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 uninGorporated trust and substitute references to the Charity. RMHC continues to receive legacy income (£0.07 M during the current year), which is transferred as a grant to the Charity. The results of RMHC have been consolidated with thos8 of the Charity in the financial statements. Page 6 of 29 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 partn8rs of Fr88masons or deceas8d 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 otheThvise 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: Private medical treatment, surgery or specialist consultations for those facing a lengthy wait for treatment or surgery on the NHS. Hom8 adaptations for those with disabilities and mobility problems who are unable to get support from their Local Authorlty (or equivalent), or who face a lengthy wait for those adaptations. Mobility aids for in and around the home and car for those unable to get support from the NHS or their Local Authority. Essential dental treatments and procedures whlch cannot be provided freely or quickly on the NHS. Respite care for family carers who provid8 vitsl support for a loved one. Medical research to fund basic, clinical and epidemiological research projects that aim to improve knowledge, treatment and sep4iGes for those with illnesses or disabilities. In addition to grants, advice and support is offered to help those in need to navigate the health and social care system to ensure they are re￿Iving the support to which they and their loved ones are entitled. Grants are assessed against eligibility criteria, the guidelines for which are reviewed regularly. Aims Following the creation of the MCF, for 2024125 the primary aim of the Charty 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 29 MASONIC SAMARITAN FUND STRATEGIC REPORT Public Benefit The Trustees have complied with their duÈy to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. As described above, th8 Charity offers assistan￿ to Freemasons and their dependents who can demonstrat8 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 160,000 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 81igible 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 The Charity has successfully merged its Masonic grant-making activities under the MCF, resulting in a single point of contsct and support for all those within the Masonic community seeking help with health and care needs. Throuqh the creation of GAMES (Grant Application Management and Evaluation System) it can now manage, monitor and report on all grants and 8nqulry activity. GAMES also allows trained volunteers to submit and monltor appllcations for support online in their own regions. Through the MCF 1,337 grants were awarded to 1,040 unique ben8ficiaries for a total of £3.43 M, net of write backs from prior years, across a wide range of forms of support. A grant of £0.08 M was provided to the Royal Masonic Benevolent Institution Care Company ("RMBICC") to support publicly-funded Freemasons in care homes. Page 8 of 29 MASONIC SAMARITAN FUND STRATEGIC REPORT Financial Review Review of the Year The principal funding sources continue to be legacies and investment retums. Income of £1.35 M was 19 % higher than the prior year. Legacies are by nature variable, and income from this source for the current year of £0.93 M was 97% higher than the prior year. RedU￿d levels of investment funds in the RLAM cash reserve ￿sUlted in investment income of £0.38 M. 390h lower than prior year. Expenditure of £5.80 M VRS 56% lower than the prior year. due to the funding of medical grants being passed through to the MCF and the RMBICC annual income support granl to the RMBI legacy charity, as the remaining funds of the Charity are depleted. At the end of the year, the Charity's reserves with brought down to zero through a £2.28 M grant made to a restricted reseprfe of the MCF. Reserves Policy The company shall remain dormant with no reserves held in the future. Page 9 of 29 MASONIC SAMARITAN FUND STRATEGIC REPORT Prlnclpal Rlsks and Mltlgation The principal risks identified and agreed actions to mitigate are shown in the following tsble: Risk Significant unexpected financial loss from operation8 Conse uence Reputational damage, loss of confidence with key stakeholders and impact upon continuing financial sustainabili Poor service to beneficiaries and reputational damage. Withdrawal of ke services from su liers Impacls financial sustainability and reputational damag8 With donors ation strong financial procedures, particularly budgetary planning and control. Oversight from the Finance Committee. nadequate liquidity to meet finanGial commitments Significant long-term loss in the value of the inveslmeni Portfolio Cash flow forecasting and liquidity planning within the Investment Strategy Appointment of Asset Risk Consultants as expert investment advlsors, provlding monthly performance reporting and analysis. Overslght from investment and ert commlttees. Strong procedures and controls for proc885ing grants. Oversighl from Masonic ort and Charit Grants commlttees UGLE manage and monltor nelworks, servers and backup systems, and has deployed appropriate defence mechanisms e.g. firewalls, antivirus etc. Third party hosted systems lappliGations have relevant controls and security regimes. Information systems are only accessed via the VPN network 8ndlor multi- factor authentication protocol8. Grants made outside the Charity's Objects and eratin uidelines Cyberattack on IT systems Reputational damage. loss of confidence with key stakeholders and otential trustee liabilit Operational disruption resultlng in financial, reputational, legal and regulatory damage. MCF'S Information Security Group (ISG) have varlous digital & IT procedures and policies In place. Cyber awareness and trainina ro ramme mandatorv for all staff. Data protection policy, IT security and HR ollcles In lace FinAnr.ial prncedures, segregation of duties, authority limits, IT security, increased awareness amon st staff MCF Business Continuity Plan Data protection breach Reputational damage and slgnificant financial enaltles Financial loss, repiit8tion81 dam80e, adverse impact upon 8tafi Fraud Unavailability of office accommodation Loss of paper records from firemooding Operations compromised Breach of legal obligations, adverse impact upon operations, potential financial enallies Breach of legal obligations, potentlal financial penalties, breakdown of staff morale and adverse impact on service rovision Operational breakdown, adverse impact upon staff morale, poor service to beneficiaries and FM)tential re utational dama Reduced reliance on paper records wlth increased use of IT. Lack of compliance with employment 5egislation HR procedures and staff handbook. Induction processes for new Staff. Ongoing management training and Personal Develo ment Review HR procedures.. organisational and succession planning. Comprehensive documentation of procedures and controls Undue reliance on key persons Risks are actively monitored by the Executive and the senior leadership team, and forrnally reviewed by the audit and risk committee at their quarterly meetings. Page 10 of29 MASONIC SAMARITAN FUND STRATEGIC REPORT Investment Pollcy and Perforniance 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 temi growth, on a total retum basis, with an overall objective of making a return of CPI plus 3.5Yo 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 rnortgage-backed securities. The performance objectives of the thr88 funds are: Short Tem Money Market Fund: Short Term Fix8d Income Fund: Short Term Fixed Income Enhanced Plus Fund: SONIA SONIA plus 0.50Vo gross of fees SONIA plus 1.OOYo gross of fees The MCF sponsored the launch of the Masonic Charitable Foundation Investmenl Fund CAIF, which took place on 1st 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 fonn 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 strategic and actual assel allocations as at 315t March 2025 are shown in the following table: Asset Cla88 Stratoglc Allocatlon Benchmark Actual 31•t March 2025 4.78% Cash Fixed Income International E U.K. E uit Erner in Market E uit Alternative Investments Pro SONIA FTSE UK Worfd Gov. Bond Index GBP MSCI World ex UK NR GBP MSCI UK E uit NR GBP MSCI Eme Market5 E HFRX Global Hed e Fund GBP IA UK Direct Pro TR 54.500 65.47% 12.79% NRGBP 3.75°/0 3.75Q/o 100.000 6.73% 0.89% 100.00% Performance under the new arrangements is shown in the table overleaf: Page 11 of29 MASONIC SAMARITAN FUND STRATEGIC REPORT Investment Policy and Perforfflance (Continued) MCF CAIF RLAM Money Markot RLAM Short Term Fixed Income RLAM Short Tenn Fixed Income Enhanced £Nil Capital Protection CCLA Property Fund Fund at 3181 March 2025 Investment approach £Nil steady Growth Multi- Asset £Nil Capital Protection £ Nil Capital Protection £Nil Income & long-tenn Capital Growth MSCIIAREF UK other balanced Benchmark Composite SONIA SONIA SONIA Peer Group ARC Charity GBP Steady Growth None None None ARC Charlty GBP Steady Growth Retum for the ear Benchmark return for Peer rou retum for ear return ear benchmark ear eer rou 3.80Vo 5.540 4.90Q/o 4.400/0 14.10/0 5.810 3.00. 18.400/0 14.090/0 8.10Q/o 2.90 % 2.90 % 8.10Vo Stock marf(ets suffered a collapse in the final month of the financial year following the introduction of tariffs by thA IJ8A rA8iJlting in An inr.rp.aS8J in tha valuation of the Mcf CAif from its opening v81ue of £146.47 to close at £149.99 per unit after reaching a high point of £161.77 in early February. Plans for Future Periods The Charity will remain dormant for fvture periods. Page 12 of29 MASONIC SAMARITAN FUND STATEMENT OF TRUSTEES, RESPONSIBILITIES Statement of Responsibilities The Trustees, who are also the directors of the Charity for the purposes of company law, ar8 r85ponsible for preparing the trustees, report and financial staternents in accordance with applicable law and United Kingdom Accounting Standards (U.K. 'GAAP°). Company law requires the trustees to prepare financial statement8 for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the Charity for that year. In preparing these financial statements, the trustees are required to., select suitable accounting policies and then apply them consistently., observe the methods and principles in Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland (FRS102)', make judgements and estimatas that are reasonable and prudent; state whether United Kingdom accounting standards have been followed, Subject to any material departures disclosed and explained in the financial statements., and prepare th8 financial ststements on the going concem basis unless it is inappropriale to presume that the charity will continue to OP8rate. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure Ihat the fin8ncial Statements comply with the Companles Act 2006. They are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and d8t8Ction of fraud and other irregularities, ststement of Dlsclosure of Infornlatlon to Auditor Each of the Trustees has confimied that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant infonnation and to estsblish that the auditor is aware of such information. Auditor A resolution proposing that Knox Cropper LLP be reappointed as auditor will be put to the members. Approval by Trustoes This report, including the strategic r8POrt, was approved by the Trustees on 11 th Septsmber 2025 and signed on their behalf by s Long, TD President and Chainnan, MCF Page 13of29 MASONIC SAMARITAN FUND REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBER OF THE MASONIC SAMARITAN FUND Opinion We have audited the financial statem8nts of Masonic Samaritan Fund (the 'Parent Charity) and its subsidiary ('the Group,) for the year ended 31 March 2025 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 Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ir818nd (United Kingdom Generally Accepted Accounting Practi￿). In our opinion the financial statements: give a true and fair view of the state of the group's and the Parent Charity's affairs as at 31 March 2025 and of the Group's income and expenditure for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basi8 of oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities und8r 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 aGGordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'8 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 Ihe financial ststements, we have concluded that the Trustees, use of the ooinq Goncem basis of aGGounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, 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 concem are described in the relevant Sections of this report. Page 14 of 29 MASONIC SAMARITAN FUND REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBER OF THE MASONIC SAMARITAN FUND Other Inforniatlon The other information comprises the infomiation included in the annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other informalion. Our opinion on the financial statements doe5 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 oth8r 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 Ihe audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to det8rmine wh8th8r 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 ￿port that fact. We have nothing to report in this regard. Oplnlon on other mattors proscrlbod by tho Companies Act 2006 In our opinion, bas8d on the work undertaken in the course of the audit: the information given in the Trustees, report, which includes the directors, report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial staternents,, and the strategic report and the directors, report induded withln the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we aro roqulrod to report by oxc•ptlon 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, ￿port included within th8 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: the Parent Charity has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us. or the Parent Charity's financial statements are not in agreement with the accounting records and retums; or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Page 15of29 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 d1￿CtorS 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 intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material mi88tstement, whether due to fraud or error. In preparing the financial stat8m8nts, the Trustees are responsible for assessing the Group's and Parent Charity's abilily to continue as a going concern, disclosing, as applicable, rnatter8 related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or parent tharity or to cease operations, or have no realistic alternative but to do so. Auditof 8 responsibilities for the audit of the financial ststements Our objectives are to obtain rea80nable assurance about whether th8 financlal statements as a whole are free from material misstatement, whetherdue tofraud orerror, and to issue an auditor's reportthat includes our oplnion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audlt conducted in accordance wlth ISAS (UK) will always detect a material misstatement when it exists. Misstatem8nts 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 lin8 Wlth our responsibilities. outlined above, to detect material misstatements in respect of irregulariti8s, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The Parent Charity Is required to comply with both company law and charlty law and, based on our knowieage of lis actlvii18s, we Ioentlfled ihat the legal requirement to accurately account for any restricted funds was of key Significance. We qained an understandinq of how the Parent Charity complied with its leqal and regulatory framework, including the requirement to properly account for any restricted funds, through discussions with manag8ment and a review of the documented policies, procedures and controls. The audit team, which is experienced in the audit of charities. considered the Parent Charity's susceptibility to material misstatement and how fraud may occur. Our Gonsiderations included the risk of management overrid8. Our approach was to check that all restricted income was properly idantified and separately accounted for and tD ensure that only valid and appropriate expenditure was charged to restricted funds. This included reviewing joumal adjustments and unusual transactions. A further description of our responsibilities for the audit of the financial staternents is located on the Financial Reporting Council's website at.. www,frc.o auditorsres onsibilities. This description fonns part of our auditorfs report. Page 16 of29 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 Parent Charity's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken, so that we might state to the charitable company's member those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, 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, S4.4.. A.J r>0 Stephen Anderson FCCA Senior Statutory Auditor for and on behalf of Knox Cropper LLP Statutory Auditor 65 Leadenhall Street London EC3A 2AD 06 Nov 2025 Page 17of29 MASONIC SAMARITAN FUND CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2025 (Including a Consolidated Income and Expenditure Account) Note 2025 £'ooo 2024 £'ooo INCOME Donations and legacies Investment income 973 379 522 611 Total income 1,352 1.133 EXPENDITURE Cost of generating funds Investment m8nagement costs (26) (3) (24) (15) 29 39 Charltable actlvltles Masonic grants Non-masonic grants (5,799) 31 (13,063) (30) 5,768 13,093 Total expendlture Net gainsl(losses) on investments NET MOVEMENT IN FUNDS 5,797 {94) 47 11,952 Total funds brought forward 4,539 16,491 Total fund8 carrled fO￿ard 4,539 All income and expenditure derive from continuing activities and all gainsllosses are included in the statement of financial activities. The notes on pages 21 to 29 form part of these financial statements. Page 18of29 MASONIC SAMARITAN FUND BALANCE SHEET as at 31 March 2025 Note Company Number 6876310 March 2025 March 2024 Group Company £'ooo £'ooo Group Company £'ooo £'ooo CURRENT ASSETS Debtors Investments Cash at bank and in hand 310 7.312 145 302 7.312 141 7,767 7,755 CURRENT LIABILITIES Creditors falling due within one year NET CURRENT ASSETS (3,083) 4,684 (3,083) Creditors falling due after one year Total net assets (145) (145) 4,527 CHARITABLE FUNDS Unrestrictad funds General reserves 4,539 4,527 Total charitable fund8 4,539 4,527 The financial statements were approved and authorised for issue by the Trustee Board on 11th September 2025 and signed on their behalf by: me Long, TD Clive Emerson President and Chairman Treasurer The notes on pages 21 to 29 form part of these financial statements Page 19 of 29 MASONIC SAMARITAN FUND CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2025 2025 £'ooo 2024 £'ooo Operating Activities Net cash provided byl(used in) Operating Activities Cash flows from Investing activities 8,110 12,476 Dividends, interest and rents from investments Proceeds from the sale of investments Transfers to group undertakings Net cash provided byl(used In) Investing Actlvities Change In cash and cash equivalents in the reporting period Cash and cash equlvalents at the beginning of the reporting period Cash and ca8h equlvalents at the ond ol the roporting porlod 379 4,099 3,487 611 11,375 11,986 (145) (490) 145 635 145 Notes on the cash flow statement Reconcillation of net incomel(8xpenditure) to net cash flow from operating activities Net movement in funds as per the Ststement of Financial Activities (4,539) (11,952) Adjustments for: Dividends, interest and rents from investments Other moveiTiviilb iii i11vesLiii¥iil*> (IncreaseyDecrease in debtors Increasel(decrease) in creditor5 Net cash provided byl(used in) Operating Actlvltles Analy818 of cash and cash equlval8nts Cash at bank and In hand (379) (274) 310 (3,228) 8,110 (611) (640) (106) 833 12,476 145 Total cash and cash equivalonts 145 Page 20 of 29 MASONIC SAMARITAN FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (a) Statement of compllance The financial statements of the Masonic Samaritan Fund (the °ChariW) have been prepared in accordan￿ 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) publish8d in 2019 (the °SORP°> in all material respects. The Charity meets the definition of a public benefit entity under FRS 102. (b) Basls of preparatlon The financial statements have been prepared on a going concem basls 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 th8 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 tha exemption8 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 finanGial 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 ev6nls or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees are of tho opinion that the Charity will have sufficient resources to meet its liabilities as they fall due. Page 21 of 29 MASONIC SAMARITAN FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 (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: Monetary donations are brought into account when received. Legacies are recognised where there has been a grant of probate, the executors have identified that there are sufficient assets in the estate after settlement of liabilities to pay the legacy and any conditions attached to the legacy are either in control of the Charity or have been met. Legacies subject to the interest of a life tenant are not recognised during the lifetime of the lite tenant. Dividends are reinvested in the CAI F on the date that they are declared. (e) Resource8 8xp•nd•d Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it 18 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 Ihese activities. Charitable activitles are split between masonic a¢tivities and grants awarded to external institutions (designated as "non-masonic" within the SOFA). Masonic activities Include the payment of grants dir8Ctly to beneficiaries together with related welfare and support costs. Non-MasoniG activities consist of the payment of grants to external institutions. Support costs are allocated to these activitie8 on the bases laid out in nota 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 pemit 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 inveslment portfolio. Page 22 of 29 MASONIC SAMARITAN FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 (f) Employee beneflts 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. Infomiation relating lo those employees is given in the accounts of the Masonic Charitable Foundation. (g} Fund accountlng 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 nomially 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. Inv8Stment8 which the Charity holds for resale or pending their sale and cash or cash equivalents with a maturity date of less than one year. whlch are held for Investment purposes. are disclosed as current asset investments. (i) Flnanclal assets and Ilabllltle8 The Charity has chosen to adopt Section5 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 ass8ts and liabilities which qualify as basic financlal instruments are initially recognised at the sett18ment 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 currencios Transactions denominated in foreign curr8ncies 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 exthange gain5 and losses. realised and unrealised. are recognised in the Statement of Financial Activiti8S. Page 23 of 29 MASONIC SAMARITAN FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 (l) Taxation The Charity is exempt from tsxation 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 29 MASONIC SAMARITAN FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 DONATIONS AND LEGACIES 2025 £'ooo 2024 £'ooo Festivals Oth8r donations Legacies 46 927 50 471 973 522 INVESTMENT INCOME 2025 £'ooo 2024 £'ooo Interest on bank deposits Income from investment portfolios 368 605 379 611 CHARITABLE ACTIVITIES 2025 £'ooo 2024 £'ooo Masonlc Care and welfare support Sickness and illness Support Costs 82 5.716 6,923 4,252 1,888 Non-masonic Medical & Social Research Programme Support Costs (31) 30 31 30 Masonic support of £5,799k consisted of 1.337 grants with a value of £3,433k, net of write bad( of prior year commitments, made to individual beneficiaries and a grant made to the RMBICC to support publicly-funded Freemasons in care homes {£82k). A grant of £2,283k was made to transfer the net assets of the Charity to a restricted fund within the MCF. Page 25 of 29 MASONIC SAMARITAN FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Non- Cost of Investment Masonic Masonic Total Generating Management 2024 Funds £'ooo SUPPORT COSTS: 2024 Basis for Allocatloi, £'ooo £'ooo £'ooo £'ooo Rdief Chest - Fundraising Fundraising Legacies Masonic Support - Grants Masonic Support - Advice & Support Masonic Support - Provincial & Volunteers Relief Chest - Charitable Charity Grants Impact & Rlsk Executive Finance Digital & Technology Human Resources Communications Govemance Property Management Administration and Support Facilitles & Admln - Ruspini House Other (a} (a) (a) (a) (a) (a) {a) (a) (b) (c) (c) (b) (b) {b) (b) (b} (b) (b) 24 24 314 338 81 314 338 81 64 57 173 165 156 56 189 63 128 111 67 173 185 156 189 63 126 111 (5) (5) 24 Basis for allocaiion Directly attributed Number of grants prO￿SSed Headcount and number of grants processed Auditor's remuneration of £7k (2024: £6k) is induded in support costs to charitable activities. 6. STAFF COSTS The Charity employed no stsff during the year (2024: 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 (2024.. £Nil). No Trustees, expenses were incurred during the year (2024: £Nil). Page 26 of 29 MASONIC SAMARITAN FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 INVESTMENTS March 2025 Group Company £'ooo £'ooo March 2024 Group Company £'ooo £'ooo Current Asset Investments Managed funds RLAM Cash Reserve funds 7,312 7,312 7,312 7,312 MOVEMENTS IN INVESTMENTS Balance at 1 April 2024 Disposals Transfers froml(to) group undertakings Investment income reinvested Management fees charged to the fund Gainsl(losses) Balance at 31 March 2025 7,312 {4,099> (3,487) 368 7.312 18,047 (4,099) (11,375) (3,487) 368 18,047 (11,375) 605 (12) 47 605 (12) 47 (94) (94) RECONCILIATION TO SOFA Gain81(losses) on listed investments (94) 94 (94) 94 47 47 47 47 DEBTORS March 2025 Group Company £'ooo £'ooo March 2024 Group Company £'ooo £'ooo Amounts owed by group undertakings Prepayments and accrued income Other debtors 85 82 225 220 310 302 Page 27 of 29 MASONIC SAMARITAN FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 CREDITORS March 2025 Group Company £'ooo £'ooo March 2024 Group Company £'ooo £'ooo Falling due within one year Grants payable Amounts owed to group undertakings Accruals and deferred income 2,117 2,117 965 3,083 3,083 Falling due after morn than one year Grants payable 145 145 145 145 10. RELATED PARTY TRANSACTIONS The Charity controls the Royal Masonic Hospital Charity (RMHC) through common trustees. During the period grants totalling £78,000 (2024: £40,000) were made by RMHC to tha Charlty. The majority of this related to the transfer of18gacies received by the RHMC. £ Nll was owed by the Charity to the RMHC at the balanGe sheet date (2024: £745). The MCF has paid out grants on behalf of the Charity durlng the year, and has been reimbursed by tne bnari(y. H(iiiittoriaiiy, iriv Iviknr ridi> uOffi6 dli ili¥ adiiiinistrative costs of btjypvi iii iy tli e iafiiy as well as its fellow subsidiary charities. Page 28 of 29 MASONIC SAMARITAN FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 11. 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$t March 2024 is shown as follows: INVESTMENT IN RMHC 2025 £'ooo 2024 £'ooo Gross income Donation to parent charity Net movement in funds Total funds brought forward Total funds carried forward 66 78 (12) 12 49 40 12 Represented by net assets as follows: Cash at bank and in hand Amounts owed by group undertakings other debtors 12 12. 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. 13. 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 th8 MCF, which include the accounts of the Charity, can be obtain8d from the registered office of the Charity. Page 29 of 29 ## **Issuer** Knox Cropper LLP **Document generated** Thu, 6th Nov 2025 14:16:03 GMT **Document fingerprint** 321303b94051c5ec8dbc7f5becc3d542 ## **Parties involved with this document** ## **Document processed** ## **Party + Fingerprint** Thu, 6th Nov 2025 16:33:47 GMT Thu, 6th Nov 2025 16:33:47 GMT Stephen Anderson - Signer (89564d99a82cd244cd4d5d5f5d9e30cf) Olivia Burrell - Copied In (306cdf99f87de0e28ec1b2437ff0a544) ## **Audit history log** ## **Date** ## **Action** Thu, 6th Nov 2025 14:16:03 GMT Thu, 6th Nov 2025 14:16:03 GMT Thu, 6th Nov 2025 14:16:03 GMT Thu, 6th Nov 2025 14:16:03 GMT Thu, 6th Nov 2025 14:16:04 GMT Thu, 6th Nov 2025 14:16:04 GMT Thu, 6th Nov 2025 14:16:04 GMT Thu, 6th Nov 2025 14:16:04 GMT Thu, 6th Nov 2025 14:16:04 GMT Thu, 6th Nov 2025 14:19:30 GMT Thu, 6th Nov 2025 14:19:32 GMT Thu, 6th Nov 2025 14:20:27 GMT Thu, 6th Nov 2025 16:28:51 GMT Thu, 6th Nov 2025 16:28:51 GMT Envelope generated by Olivia Burrell (77.98.20.200) Document generated with fingerprint a9e26922681627cd3f12554d2c7aa1a9 (77.98.20.200) Document generated with fingerprint 988a3175bf3d66643b8f2b6dbb93450c (77.98.20.200) Document generated with fingerprint 676a4bdcf605405e8a9de57ab40b62bd (77.98.20.200) Document generated with fingerprint a67207a6765365a015c5fbfd5e7f94b0 (77.98.20.200) Document generated with fingerprint 321303b94051c5ec8dbc7f5becc3d542 (77.98.20.200) Document generated with fingerprint fbc52392f44cdc716887802640f1a885 (77.98.20.200) Document generated with fingerprint 2d85bd9dc8e0681995c4651cd62ab10e (77.98.20.200) Document generated with fingerprint 28480fca46ecf34eac78dd5bd77d9afc (77.98.20.200) Sent the envelope to Stephen Anderson for signing (77.98.20.200) Document emailed to party email Stephen Anderson opened the document email. (85.210.240.70) Stephen Anderson viewed the envelope (212.139.80.121) Stephen Anderson viewed the envelope (212.139.80.121) Thu, 6th Nov 2025 16:29:02 GMT Thu, 6th Nov 2025 16:33:47 GMT Thu, 6th Nov 2025 16:33:47 GMT Thu, 6th Nov 2025 16:33:47 GMT Stephen Anderson viewed the envelope (85.210.241.4) Stephen Anderson signed the envelope (212.139.80.121) Sent the envelope to Olivia Burrell for signing (212.139.80.121) This envelope has been signed by all parties (212.139.80.121)