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2025-03-31-accounts

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2025

Caring is our way of life

Registered Charity No: 1163245 | Company No: 1293566

60 Great Queen Street London, WC2B 5AZ www.rmbi.org.uk

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THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Contents

Pages Description

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THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FINANCIAL OVERVIEW

The 2024/2025 financial year has demonstrated further solid performance of RMBI Care Co.’s business model. In spite of ongoing economic headwinds, the company delivered a sound financial performance while progressing key aspects of its strategic transformation. EBITDA for the year grew by 225% to £3.12 million, representing an increase of £2.16 million over the prior year. This growth reflects sound financial management and the strategic deployment of resources. These outcomes reflect the dedication of our people and our enduring commitment to delivering value to our stakeholders.

At the core of our organisation is a steadfast commitment to delivering high-quality care to our residents. In support of this, we continue to invest in our workforce - recognising that our employees are central to the delivery of safe, compassionate, and responsive care. Simultaneously, we are modernising our portfolio of assets to ensure they remain fit for purpose, future-ready, and aligned with contemporary care standards.

During the financial year 2024/25, our care homes consistently upheld exemplary standards of quality and regulatory compliance. Despite the broader economic challenges and financial pressures impacting the care sector, we successfully maintained strong regulatory ratings across all of our services. We are proud to report that, in recognition of the outstanding care and service provided to our residents, every one of our care homes received ratings of either “Outstanding” or “Good” from the Care Quality Commission (CQC) and achieved full compliance with the Care Inspectorate Wales (CIW).

As part of our ongoing strategic growth plan, construction is underway for a new state-of-the-art care home in Bury St Edmunds. This modern facility is designed to accommodate 64 residents, providing high-quality care in a purpose-built environment. The first phase of development is scheduled for completion in 2026/27. The proceeds from the Bond issue have been allocated to support the funding of this significant project.

RMBI Care Co. recognises its broader responsibilities within society. We are actively contributing to the transition toward a low-carbon economy through our sustainability initiatives funded through the Bond cash. Additionally, we remain deeply connected to our heritage, continuing to support Masonic communities alongside the wider populations we serve.

During the year, RMBI Care Company demonstrated strong financial performance, with total revenue increasing to £64.6 million, representing a 5% growth compared to £61.5 million in the previous year. This positive trajectory was primarily driven by the continued delivery of high-quality care to residents with increasingly complex needs, as well as improvements in the enquiries and admissions process, which have enhanced operational efficiency and occupancy rates.

Total income for the period included significant contributions from the Masonic community, amounting to £6.4 million. These were received through direct donations, legacies and donations via our parent charity, the Masonic Charitable Foundation (MCF). In addition, income from investments and other activities contributed a further £1.9 million.

Consistent with previous years, payments received from Local Authorities for the care of supported residents remained significantly below the actual cost of delivering that care. To address this funding gap, the RMBI Care Company provided charitable support exceeding £13 million during the period, ensuring that high-quality care could be maintained for all residents irrespective of financial means.

Across our care homes and the wider social healthcare sector, the complexity of residents’ care needs has continued to increase. Concurrently, evolving regulatory requirements have necessitated higher staffing levels to uphold the delivery of high-quality care. Industry-wide challenges in recruiting suitably qualified care professionals, alongside the ongoing investment in

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THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

staff training, have further contributed to upward pressure on operating costs. Despite these challenging conditions, the cost of delivering care during the financial year rose by only 0.9% - a below-inflationary increase - totalling £65.1 million. This outcome reflects the organisation’s continued focus on driving efficiencies and maintaining robust cost control measures.

The value of our investment portfolio, investment properties and social investments as at the end of the financial year amounted to £16.6 million. The net book value of tangible assets was £77.9 million.

The consolidated unrestricted reserves of the RMBI Care Company at the end of the financial year was £99.6 million; of which £73.2 million was designated for the Fixed Assets and Building Renovation Funds. The total reserves, inclusive of restricted, were £103.7million.

We are committed to operating within a robust and disciplined financial framework and remain focused on further strengthening our financial position. We will continue to seek opportunities to optimise operational efficiencies, expand our care services, and enhance the quality of life for our residents. Despite economic uncertainties, the company is well-positioned to navigate the future with confidence, ensuring long-term sustainability while maintaining our commitment to care excellence.

REPORT OF THE TRUSTEES

The Trustees - who are also Directors of the Charity for the purposes of the Companies Act 2006 - present their combined Directors and Trustees report with the financial statements of the Charity for the period ended 31 March 2025.

The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Grand Officers, Trustees and Directors

Grand President

The Most Worshipful the Grand Master, HRH the Duke of Kent, KG, GCMG, GCVO, ADC

Deputy Grand Presidents

eputy Grand Presidents
The Pro Grand Master MW Bro J Spence
The Deputy Grand Master RW Bro Sir Michael Synder
The Assistant Grand Master RW Bro DJ Medlock, DL
The Assistant Grand Master RW Bro AS Varley

Grand Vice Presidents

rand Vice Presidents
W Bro PE Cornish VW Bro CJ Caine
RW Bro JH Newman, OBE RW Bro JE Moore
W Bro J Reuther RW Bro RJ Race, DL
VW Bro RJ Wade RW Bro Willie Shackell, CBE
W Bro RW Marks W Bro D Vine
RW Bro Sir P Williams, OBE KStJ DL Mr DR ff Innes

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THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

RMBI Care Company Board Members (Trustees)

John Boyington, CBE Chair
David Southern Deputy Chair
Sushil Radia Treasurer (stood down November 2024)
Ian Newby Director (stood down November 2024)
Mark Constant Director
Charlotte Miller Director
Sylvia Short, OBE Director (stood down November 2024)
David Snowdon Director
Dale Gilbert Director
Jane Clancey Director (appointed November 2024)
Malcolm Vede Director
Bert Van Herck Director
Martin Bevan Director
Neil Graham Director (appointed November 2024)
Debashis Dasgupta Treasurer (appointed November 2024)

The Masonic Charitable Foundation (MCF), as the Corporate Trustee, appoints the Chair and Treasurer of the Board of RMBI Care Company and endorses all other appointments.

Appointment of Trustees

The Trustees of RMBI Care Company are appointed by the RMBI Care Company’s Nominations Committee and selected for their skills, experience and status within areas of expertise required by the Charity. An annual skills audit informs any gaps identified. Additional Trustees may be coopted to the maximum of 15 Trustees.

Succession Planning

One third of Trustees stand down each year and can be re-elected for a further term of three years for three cycles up to nine years. Evaluation of the Trustee experience is carried out annually to ensure assessment and review of role.

Induction and Training of Trustees

New Trustees and Non-Executive Committee Members receive a full induction and information on the role requirements and key information on the Organisation. Training modules have been introduced through e-learning for all Trustees and Non-Executive Committee Members to undertake, with GDPR, Health and Safety, Safeguarding, Unconscious Bias and Diversity and Equality Training identified as annual mandatory training.

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THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Committees

Audit and Risk Committee

dit and Risk Committee
Mark Constant Chair
Debashis Dasgupta Treasurer
Martin Bevan Trustee
Neil Graham Trustee
Antony Cox Committee Member

Property and Maintenance Committee

operty and Maintenance Committee
David Southern Chair
Malcolm Vede Trustee
Derek Weidner Committee Member
Neil Parlett Committee Member
Sarah Lodge Committee Member
Simone Dobson Committee Member

Finance and Investment Committee

nance and Investment Committee
Debashis Dasgupta Chair
Mark Constant Trustee
Martin Bevan Trustee
Dale Gilbert Trustee
Matthew Burrows Committee Member

Care and Quality Committee

re and Quality Committee
David Snowdon Chair
Martyn Yeats Committee Member
Sarah Sheppard Committee Member
Steve Barnett Committee Member
Vanessa Davies Committee Member

Development and Delivery Committee

velopment and Delivery Committee
Charlotte Miller Chair
David Snowdon Trustee
Malcolm Vede Trustee
Bert F. Van Herck Trustee
Richard Furter Committee Member
Graeme Bell Committee Member

Equity, Diversity and Inclusion Committee

uity, Diversity and Inclusion Committee
David Snowdon Chairman - Stepped down 27 November 2024
Malcolm Vede Chairman - Appointed 27 November 2024
Sylvia Short Trustee - Stepped down 27 November 2024
Martyn Yeats Committee Member

Marketing and Communications

Jane Clancey acts as a Trustee offering direct support to our Marketing Team.

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THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Senior Leadership Team (Executive Management)

Mark LLoyd Managing Director
Louise Bateman Human Resources Director
Debra Keeling Development Director
Marc Nelson-Smith Property Director
Lal Ranasinghe Finance Director
Karen Salley Operations Director
Brett Edwards Health, Safety and Risk Director

Remuneration of Executive Management

The Charity’s policy is to reward Executive Management according to their expertise and experience. The Executive Management’s benefit package comprises of a basic salary, pension contribution, car allowance and the option of private health provision.

Basic salaries are reviewed annually against the Charity sector as well as the wider professional market and information is presented to the RMBI Care Company Remuneration Committee. No member of the Executive Management is able to make a decision on their own pay.

Actuaries and Consultants

First Actuarial LLP, Mayesbrook House, Lawnswood Business Park, Leeds, LS16 6QY

Auditors

Knox Cropper LLP, Chartered Accountants, 153-155 London Road, Hemel Hempstead, Hertfordshire, HP3 9SQ

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

Bond Issuer and Lender

RCB Bonds PLC, Future Business Centre, King’s Hedges Road, Cambridge, United Kingdom, CB4 2HY.

Solicitors

Weightmans Solicitors LLP, 100 Old Hall Street, Liverpool, L3 9QJ

Barretts Law Limited, 162 Queens Road, Buckhurst Hill, Essex, IG9 5BD,

Womble Bond Dickenson, 4 More London Riverside, London, SE1 2AU

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THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Governance Structure and Management

The Royal Masonic Benevolent Institution Care Company is a company limited by guarantee, having no share capital. It is governed by Memorandum and Articles of Association.

Objects

The Objects of the Charity are, for the public benefit, the relief of those individuals who are in need by reason of age, disability, poverty or ill-health by the provision of:

The prime objective of the Charity remains the running of fourteen care homes and one learning and or/physical disability service in England and two care homes in Wales and financially supporting Freemasons and their dependants who are unable to pay for the full cost of care.

Trustees

The Trustees as Charity Trustees and Directors under the Companies Act have control of the Charity and its property and funds.

Decision Making

The strategic direction of the RMBI Care Company is set by the Board of Trustees who meet bimonthly and are in the process of reviewing the strategic way forward. The delivery of the current Board approved 10-year plan rests with the Senior Leadership Team (SLT), which includes the safe delivery of care and the meeting of agreed budget requirements. Full and detailed reports by the Executive are presented bi-monthly to the Board on progress made against key strategic and operational targets. The SLT meet bi-weekly to review and manage all aspects of the business delivery.

Risk Management

A Corporate Risk Register is overseen by the Managing Director and Senior Leadership Team (SLT) with Departmental Registers in situ and reviewed quarterly. This is monitored by each Committee, with headline risks reported to the RMBI Care Company Board. Clear policies and procedures are in place for the management of all tenders and procurement against agreed standards.

All 17 care homes are regulated and inspected by the CQC in England and CIW in Wales with published reports in the public domain. The RMBI Care Company also undertakes its own internal inspections for care, health and safety, property, and employment matters. Each care home has in place a Continuous Improvement Plan (CIP) which is informed by external and internal inspection. A strong and robust set of regulatory outcomes were achieved during the year, placing the RMBI Care Company in the top quartile of care home providers.

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THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Governance and Committee Structure

Five Committees are constituted, each reporting to the RMBI Care Company Board.

Each Committee meets on at least biannual basis (supported by the relevant lead Director), with each Chair reporting back to the main Board on key matters.

Each Committee has its own Dashboard to highlight key performance indicators which, in turn, are reported to the main Board.

Two Committees meet annually being the Nominations and Remuneration Committees whose membership is made up of the Chairs’ of all Committees.

An EDI Committee with Trustee and Employee representation meets quarterly to oversee the implementation and monitoring of best practice.

Corporate Financial Management

The Charity has four subsidiaries: RMBI Trading Ltd, Stability Investments Ltd, RMBI (Settlement) Limited and 19/21 GQS Limited whose Boards contain Trustees that serve on the RMBI Care Company Board and Senior Leadership Team members.

Investment Finance

During 2022/23 the Charity successfully and for the first time raised investment finance from the London Stock Exchange through the Sustainable Retail Charity Bond Platform. The £20million Bonds at 6.25% were issued by the special purpose vehicle RCB Bonds PLC; of which £10million has been advanced to RMBI Care Company and £10million retained for future funding for the Charity. The issue closed early and was over-subscribed with 60% of the investment raised coming from private individuals rather than the larger institutions. This facility will support our development plans in moving forward. The Bond matures in 2028/29.

Annual Trading Statements are published on the London Stock Exchange to provide a narrative on the performance of the Charity.

Indemnity Insurance

Indemnity Insurance is in place for Trustees under the umbrella policy of the MCF.

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THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Objectives and Activities

Mission

The RMBI Care Company provides residential, nursing, dementia and respite care across 17 locations for older people including a service for younger individuals with a learning and or/physical disability with a combined total of 999 placements. Our mission is to provide unique individual care, with kindness, support and trust - helping to deliver a service that we can all be proud of by making a real difference to people’s everyday lives.

Achievements

The 2024/25 Impact and Sustainability Report published on the website highlights the achievements of the Charity.

Achievements in 2024/25 include:

Governance and Practice

The Charity takes extremely seriously the maintaining of regulatory standards across its portfolio. Robust internal audit and inspection occurs with dashboard monitoring of all key data. The management of all care plan and medication records are digitalised enabling tracking of trends and information.

Beneficiaries and Public Benefit

The Charity takes great care to ensure that applications for residence in the care homes are considered fairly and without prejudice: based on actual assessed need and a new dependency tool. The majority of admission decisions are made and applied by individual Home Managers.

Approximately 30% of all placements are non-Masonic, reflecting the diversity and added value of services to the wider community.

The services provided are available to those with financial means or limited financial resources. The RMBI Care Company complies with the Charging for Residential Accommodation Guide

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THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

(CRAG) issued by the Department of Health. The resident numbers are split broadly 60:40 into those who are self-funding and those who are placed and funded by Local Authorities.

Activities

The primary activity is the provision of 999 registered beds for residential, dementia and nursing care in the 16 homes throughout England and Wales and one home for people with a physical and or learning disability. The Charity employs around 1,500 staff to meet and support care needs.

During 2022/23 a grant offering was extended to Freemasons and their dependants in the NorthWest of England. This scheme provides support to families on entry into registered care and looks to provide financial assistance to meet an element in fee funding shortfall to a registered care home of choice. As of March 2025, over 150 individuals and their families had benefitted from this scheme.

Non-Operational Properties

In addition, the Charity runs approximately 64 non-operational properties, including some sheltered units for those who seek independence with minimal care provided.

The Charity holds the freehold of 19/20 Great Queen Street, which were the former head offices. Through a Special Purpose Vehicle with Latis Homes, the Stability Investment Limited, a subsidiary, was established to build four apartments for sale and the offer of a leasehold shop front. Walker Slater remains the leasehold shop front at 19 Great Queen Street, with three apartments sold and one at presently on the market. These proceeds’ will be utilised to meet our development programme costs.

Impact Report

The Charity publishes an annual Impact Report, which is available on our website. From 2023/24 and to fulfil our obligations for the Sustainable Retail Charity Bond, this report is extended and remains an Annual Impact and Sustainability Report.

Key Performance Indicators (KPIs)

Dashboard KPIs across all the RMBI Care Company services have been introduced as a means for the Board to monitor progress in all key areas of the business. Overarching Dashboards for Operations, HR, Finance and Property are in place, including Health and Safety requirements and monitoring. Monthly Performance Targets on occupancy and staff spend are set with monthly KPI targets. Occupancy and staffing data are reviewed weekly by the management team to observe trends and controls.

Equity, Diversity and Inclusion (EDI)

As part of the Charity Governance Code review the Board established a Steering Group in 2023/24 which is now recognised as a Committee reporting to the Board. The Committee is chaired by a nominated Trustee and includes the Managing Director, Human Resources Director and a number of key and representative staff. The Committee meets quarterly and reviews the EDI data for staff and residents. An EDI Statement has been produced that is now accessible via the website. A range of initiatives have been put in place to support an EDI Strategy including the introduction of an EDI annual calendar of events, and a focus on attracting a representative workforce and ease of access for perspective residents in having their assessed needs fully met.

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THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Sustainability

Sustainability is one of the key priorities for RMBI Care Company. We have established and continue hybrid working in London and have become far less reliant on printing and business travel, collaborating online where possible and embracing blended working principles so that we work together more effectively and reduce our environmental impacts.

RMBI Care Company continues to work on embedding its Sustainability Strategy into everything we do. We are working with our national food waste and our recycling partners to reduce land fill.

We plan to roll out solar PV systems to all suitable homes in the next three to five years, install electric car charging points and add insulation in our properties and improved room heating controls. Our goal is to reduce our 2019 emissions by 50% by 2029, so far we have reduced this by 26%.

Finally, this year we started an annual tree planting campaign, funded by National Highways and received 500 tree saplings.

Solar generation

To date, we have successfully installed 116.2 kWp of solar photovoltaic (PV) capacity across the estate. This has resulted in a total generation of 164 MWh, contributing to a reduction of 31,616 kg of CO ₂ emissions - a significant step toward our sustainability goals. A portion of the Bond proceeds was utilised for this project.

Looking ahead, we plan to install 50 kWp solar PV systems on future care homes, subject to the outcomes of structural roof surveys and planning permissions. It's important to note that three of our care homes are listed buildings, which may affect installation feasibility.

In addition to solar energy, we are expanding our support for electric vehicles. Car charging points are scheduled to be installed at Scarbrough Court and Queen Elizabeth Court within the next few months, enhancing our green transport infrastructure.

Valuing Our Staff

The culture and values of the Charity are underpinned by the three core values of being Kind, Supportive and Trusted and these are evident in the way we work together to support our residents at each of our homes and within our head office and national teams.

Our management teams are expected to hold team meetings to ensure that key business messages and relevant information can be shared and to answer any questions that our staff may wish to ask. There are staff forums Chaired by the Group HR Director, meeting at least twice a year. These forums enable a business update to be provided including sector information and key projects and initiatives that are being worked on. Our staff representatives are able to bring suggestions and views for our consideration. A number of these have resulted in improvements to working practices and benefits that staff receive.

At Home level, our Regional Operation Managers and HR Business Partners jointly offer the opportunity for staff to meet them and discuss matters that are important to them via staff surgeries. This has been in place for a number of years and often the feedback is to let the regional team know what staff appreciate about working for the RMBI.

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THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

We continue to focus on Wellbeing and during the course of the year our Wellbeing Champions delivered information on Environmental Wellbeing; Emotional Wellbeing, Financial Wellbeing and Physical Wellbeing.

All employees receive an Employee Assistance Programme which provides access to a range of health and wellbeing platforms, counselling support and discounts to a range of UK retailers. We have also received an external accreditation as a Menopause Friendly Employer which is a joint award with the MCF.

We launched our fourth annual Equity, Diversity and Inclusion calendar and this enables a range of awareness events to be held within our homes with our residents and staff as well as with our head office and national teams.

Our annual attrition rates are currently 10% below the sector average and a number of our locations have very low attrition which we think is due to the investment we make on joining through our comprehensive induction programme and buddy support initiative; coupled with our ongoing development programmes to enable carers to become Team Leaders and then opportunities into management positions. A number of our management and leadership development modules have been externally accredited and we are delighted by the various awards that have been received.

Relationship with Suppliers and Contractors

Establishing and maintaining strong relationships with suppliers and contractors enables the Charity to optimise the delivery of services to our residents. Our Procurement, Development, and Care Operations teams work in close coordination with our supply chain, fostering deeper and more strategic partnerships with key suppliers and contractors.

These partners play an integral role in the Charity’s strategic decision-making processes concerning procurement and new build initiatives. We share valuable insights into the evolving needs and expectations of our current and future residents, and our collaborative approach with suppliers and contractors drives value creation. This ensures that new services adhere to best practices, are purpose-built, and, where feasible, are designed with future adaptability in mind.

The Charity ensures that all principal suppliers and contractors are appropriately certified and compliant with IR35 regulations. They undergo a comprehensive vetting process that includes assessments of quality, financial stability, sustainability practices, and adherence to modern slavery legislation. This rigorous approach ensures that the products and services delivered to our care homes are of the highest standard. Additionally, payments to suppliers and contractors are consistently made well within the agreed credit terms.

Association of Friends and Volunteers

The Charity owes a great deal of debt and gratitude to the tremendous support and work of volunteers and the links each Home has with Associations of Friends. A big thank you is required to each and every one of the Freemasons and their families, who are members of the Associations of Friends who work very closely with our care homes throughout England and Wales. In more ways than it is possible to express here, each member provided comfort and reassurance to our residents; particularly those with minimal or no contact with relatives.

Special thanks to our former Trustees Ian Newby, Sylvia Short for their work in developing and strengthening the partnerships with our Associations and to David Snowdon our Trustee in taking this work forward.

Freemasonry and Dependants Support

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THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Acknowledgements and thanks are made to the wider support received from the Masonic community in England and Wales. Through our parent company, the Masonic Charitable Foundation (MCF), beneficiary resident grant support is received annually to support Freemasons in financial need and their dependants who are placed in our homes and funded by Local Authority fees.

Donations and Fundraising

Every pound donated to the RMBI Care Company homes goes towards looking after the people who use our services. Additionally, we cannot forget staff members in the homes who continue to do a fantastic job supporting the Charity through organising various fundraising activities, demonstrating that every penny really does count.

Legacy Gifts

Legacy gifts contribute a significant amount to our charitable income and are gratefully received.

Investment Performance

The parent charity, Masonic Charitable Foundation (MCF) sponsored the launch of the Masonic Charitable Foundation Investment 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 form of units. Units will be sold as required in order to top up the Cash Reserve on a quarterly basis.

The strategic and actual asset allocations as at 31st March 2025 are shown in the table below:

Asset Class Strategic
Allocation		 Benchmark Actual 31st
March 2025
Cash 0.00% SONIA 4.78%
Fixed Income 7.50% FTSE UK World Gov. Bond Index GBP 5.92%
International Equity 54.50% MSCI World ex UK NR GBP 65.47%
U.K. Equity 18.00% MSCI UK Equity NR GBP 12.79%
Emerging Market Equity 12.50% MSCI Emerging Markets Equity NR GBP 3.42%
Alternative Investments 3.75% HFRX Global Hedge Fund GBP 6.73%
Property 3.75% IA UK Direct Property TR 0.89%
100.00% 100.0%

Performance under the new arrangements is shown in the table below.

MCF CAIF RLAM
Money
Market		 RLAM
Short Term
Fixed
Income		 RLAM Short
Term Fixed
Income
Enhanced		 CCLA
Property
Fund
Fund at 31stMarch 2025 £9.34 M £0.23 M £0.71 M £ 0.24 M £ 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

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FOR THE YEAR ENDED 31 MARCH 2025

Peer Group ARC
Charity
GBP Steady
Growth		 None None None ARC Charity
GBP Steady
Growth
Return for the year 3.80% 5.23% 5.54% 5.81% 6.90%
Benchmark return for year 5.50% 4.90% 4.90% 4.90% 2.20%
Peer group return for year 3.00% 4.40% 4.40% 4.40% 3.00%
3 year return 18.40% 13.45% 14.10% 14.09% (6.20)%
3 year benchmark 19.80% 12.57% 12.57% 12.57% (9.40)%
3 year peer group 8.10% 2.90% 2.90% 2.90% 8.10%

Stock markets suffered a collapse in the final month of the financial year following the imposition of tariffs by the USA, resulting in an increase in the valuation of the MCF CAIF from its opening value of £146.47 to close at £149.99 per unit after reaching a high point of £161.77 in early February.

Streamline Energy and Carbon Reporting

UK Greenhouse gas emissions and energy use data for the period 1[st] April 2024 to 31[st] March 2025 and previous years. As per guidance we are showing 5 years of data to indicate trend and progress. Our baseline year however is not showing on the table below. Our baseline year was April 2019 to March 2020.

Currentyear
Previousyears
Previousyears
Previousyears
Previousyears
2024/25 2023/24 2022/23 2021/22 2020/21 Units
Energy consumption
used to calculate
emissions
20,664,262		 21,645,572 25,054,076 27,110,152 27,465,824 kWh
Gas 16,070,487 16,769,692 19,840,971 21,453,840 21,865,671 kWh
Electricity 4,197,077* 4,548,563 4,587,319
5,273,167		 5,245,156 kWh
Purchased fuel
(Generators)		 24,401 12,780 13,356
5,106		 7,473 kWh
Transport fuel 95,524 88,701 313,004
226,958		 254,747 kWh
Business travel in
employee-owned
vehicles		 273,774 225,836 299,426
151,081		 92,777 kWh
Gas consumption 2,939 3,091 3,622 3,929 4,020 tCO2e
Owned transport 21 22 79 55 63 tCO2e
Other fuel
(generators)		 7 3 3 1 2 tCO2e
Purchased electricity 869 942 887 1,120 1,223 tCO2e

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Business travel in
employee-owned
vehicles		 65 54 74 37 23 tCO2e
Total gross
emissions		 3,902 4,112 4,665 5,142 5,331 tCO2e
Intensity ratio 3.67 4.13 4.67 4.85 4.76 tCO2e/FTE

Methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used 2024 UK Government's Conversion Factors for Company Reporting.

The grey fleet fuel types and vehicle types were not provided as for the previous year so approximately 259,000 business travel miles have been converted using ‘Unknown’ as the fuel type and ‘Average Car’ as vehicle type. Due to the new timescales for finalising the annual accounts some electricity consumption was not included due to billing cycle timelines. The consumption for these was not estimated and information is provided as part of the table above.

Intensity ratio

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per full time equivalent (FTE) employee. During 2024/2025 the number of FTE for RMBI was 1,063.

Energy efficiency actions

Since March 2019, RMBI has been working with Lantern (UK) Ltd, their trusted sustainability partner. Our sustainability strategy was adopted and signed by the Board of Trustees in April 2022, and it is available upon request. Our Sustainability Statement[1] is now publicly available online.

We have reduced our emissions since the start of reporting by 1,739 tCO2e which equates to approximately 31% reduction and we are on track to delivering our commitment of halving our emissions by 2029 (from our 2019 baseline).

Our overall emissions for 2024/25 have decreased compared to the previous year by 211 tCO2e. This is mainly due to reductions in energy use from gas across our estate. Electricity usage has also decreased, however due to missing data this is not currently viewed as a reduction. The use of fuel for our generators is estimated based on the number of hours they are run for the year, and this data was provided annually by site managers. During 2024/25 our generators were used more regularly, and fuel usage has doubled. Updated data for three care homes was not available and therefore data from the previous years was used.

We are still committed to improving our measuring and monitoring of environmental impacts, especially relating to our fleet and business travel, to be able to report more accurately in future.

1Sustainability Statement - https://www.rmbi.org.uk/sustainability-statement-2/

Section 172 (1) Statement

In accordance with Section 172(1) of the Companies Act 2006, the Trustees confirm that they are fully aware of their duty to act in the way they consider, in good faith, would most likely promote the success of the Charity for the benefit of its members as a whole. In fulfilling this duty, the Trustees have had regard, among other matters, to the following:

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These considerations have been integrated throughout the Charity's strategic planning and decision-making processes, as outlined in various sections of this report.

Financial Review

The summary Statement of Financial Activities for the year ended 31 March 2025 is set out below.

Income

The total incoming resources amounted to £64.6m (2023/24: £61.5m). The major streams of income are detailed below:

Streams of income 2024/25
£m		 % of
income		 2023/24
£m
Income from Residents’ Fees 56.2 87.0% 52.6
Donations, Legacies and Grants 6.5 10.0% 7.0
Investment & Other Income 1.9 3.0% 1.9
Total 64.6 100% 61.5

A total of £50k (2023/24: £55k) was spent in generating donations and investment income.

Resources Expended

Operating expenditure for the year amounted to £64.3m (2023/24: £63.7m) whilst the Governance costs amounted to £0.8m (2023/24: £0.8m).

With continual efficiency improvements and cost controls, the expenditure of providing care during this financial year showed a below inflationary increase of 0.9% to £65.1m (2023/24: £64.5m).

Net Operating Position

Net operating deficit of the RMBI Care Company amounted to £0.4 million (2023/24; deficit of £1.8m).

In addition, the actuarial loss on the defined benefit pension scheme amounted to £0.36m (2023/24: loss of £0.27m).

The overall net movement in funds for the year was an outflow of £0.76 million (2023/24; outflow of £2.0m).

Capital Development

During 2024/25 £5.3 million (2023/24: £3.2m) was spent on capital programmes.

The significant project expenditures during the year were:

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FOR THE YEAR ENDED 31 MARCH 2025

In addition, £0.67 million was invested on computers and equipment to enhance operational efficiency.

Principal Risks and Mitigation

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

Risk Consequence Mitigation - Likelihood Mitigation - Impact
1 Modernisation
Plan		 Uncertainty around
funding may adversely
affect the overall
strategy and
compromise the
safety and continuity
of service delivery.		 The risks associated with
the new 10-year plan are
documented within Board
papers to inform the work
of the Development and
Delivery Committee.		 The interlinking nature of key
strategic decisions are
identified to inform cash flow,
release of assets, and the new
build programme.
2 Sustainable Retail
Charity Bond		 Stock Market pressure
if the security of the
Bond funding put in
question.		 Success in raising the
coupon of £10m with early
closure of the Bond issue
during February 2023. 60%
retail and 40% institutional
investment.		 Any revised RMBI Care Co
Board Strategy will require
communication via our
stockbroker to the LSE
Formal notification was made
regarding the retirement of the
MD with a report on a
successor required in April.
Delivery of annual
Sustainability Report for
Investors to demonstrate green
status of the Charity. First
Sustainable and Impact Report
was published in April 2024
with the latest report
scheduled for publication in
May 2025.
3 Sustainability
Strategy		 Achieves status as an
ethical provider which
is also crucial for Bond
investor reporting		 Sustainability Strategy and
key milestones approved by
the Board		 Longer term benefit in planning
programmes which also marks
out the RMBI Care Company as
a trend and ground breaker.
4 Cornwallis Court
New Build		 Risk assessment to
determine any delays,
additional costs, and
build risks in the
programme.		 Build is project managed by
appointed specialists and
internally with a site
manager.		 Monthly site meetings and
cash flow sign off and
approvals. Close management
of the project.

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FOR THE YEAR ENDED 31 MARCH 2025
Risk Consequence Mitigation - Likelihood Mitigation - Impact
5 Occupancy Major impact on
income of Charity if
targets not met		 Since August 2023, the
Charity has ceased
accepting non-Masonic
Local Authority placements,
shifting its focus toward
fully funded placements.
Although this change has
led to a slower occupancy
trend, it has resulted in a
more robust and sustainable
income stream.		 85.6% as of March 2025 with
nearly 500 new placements in
the financial year.
Trends continue to be
monitored against national
benchmarking data.
6 Cash flow Failure to perform or
meet controls would
place the Charity at
risk		 Controls on capital and
revenue are closely
monitored.		 Controls are bring met at
month 12 of 24/25.
7 Recession and
inflation		 Costs substantially out
strip income and
supply chains to face
consequences – some
flexing allowed in the
revised plan.		 Fixed term deals on utilities
for electricity until Oct 24
and Gas Oct 25 in place,		 Progression of solar panel
programme – flexing additional
staff shifts to diminish agency
cost increases.
Investment requirement to fast
track the solar energy and
sustainability strategy now
secure through the Bond
finance.
8 Lack of candidates
seeking to work in
social healthcare		 Inability to source or
attract candidates to
work in care and lack
of agency staff to fill
short term needs will
result in homes being
able to staff to safe
levels		 Ensuring that our vacancies
stand out and candidates
click on our job ads first.
Marketing of our brand and
benefits
A joining bonus has been
introduced since September
2021 for front line staff
offering £1000 for nurses
and £250 for other hourly
paid homes roles.
Management roles are
excluded		 The Recruitment Manager has
a dotted line to oversee the
management of the Business
Relationship Managers in the
homes. Constant reviews of
local pay rates are being
undertaken and creative open
days, social media presence
and promotion of Refer a
Friend bonuses are now in
place.
Additional changes to the
recruitment platform to make
applying easier and more
impactful with interview
guides.
9 High and/or
unplanned staff
turnover and lack
of candidates
available in market		 Impact on sustainable
person-centred care
to residents; ability to
deliver
local/departmental
and corporate
business plans.		 Annual salary reviews and
above average pay across
the care teams; market rate
pay for all other functional
roles; offer of exit
interviews to understand
reasons; employee
engagement survey to
monitor levels of staff		 Bank teams recruited to
support vacant shifts; local /
national contract recruitment
agencies to provide additional
cover. Talent management
strategy, which provides staff
to with clear career paths and
understand about learning and

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FOR THE YEAR ENDED 31 MARCH 2025
Risk Consequence Mitigation - Likelihood Mitigation - Impact
engagement at all
locations/departments;
praise and recognition
schemes in place;
investment in management
teams both first and second
line levels; annual appraisals
which provide an
opportunity to discuss
career aspirations and
supervisions which enable
line managers to pick up on
any concerns. Recruitment
strategies developed for
each Home in conjunction
with the Regional
Operations Managers
(ROM) / HR Business
Partners (HR BP) and
Marketing. Recruitment
and retention strategy at
each location overseen by
the ROM/HR BP		 development initiatives that
support this.
The HR Business Partners have
a dotted management line to
the Business Relationship
Managers at each home to
enable high-level focus on
recruitment. The Marketing
department is also developing
better social media platforms
to enable a corporate approach
to attracting candidates. All
Homes now have an annual
budget to support recruitment
costs. Electronic Recruitment
system launched in July 2018
to enable faster process linked
to social media platforms.
Recruitment managed via the
electronic recruitment
platform and for homes
management roles an
appointed head-hunter to
encourage candidates to
consider vacant roles.
10 Retirement of the
Managing,
Financial, and
Operations
Directors.		 Considerable business
risk with the loss of
expertise and
experience at the
same time which
needs to be closely
monitored as per
interim arrangements.		 Ensure a recruitment
process is in place to make
permanent appointments as
soon as possible. Interim
appointments are in place.		 Appoint Recruitment
Consultant to commence a
search for candidates.
11 Charity Code of
Conduct Review		 Identification of best
practice and areas for
review		 Board approved received
report which identified one
key gap under section 5
relating to EDI.		 Introduction of a Board
supported EDI Statement of
commitment and Steering
Group now made a Committee.
12 Compliance Some care homes
have not been
inspected by CQC for
over 6 years – all
Homes inspected in
2024 retained strong
ratings.		 Strong programme of
internal audit providing
benchmark for external
inspection outcomes.		 Action plans in situ with risk
identified early.
13 Pandemic and / or
Epidemic
Outbreak		 Rapid transmission of
illness / physical
impacts.
Significant reduction
in operational staff,		 Adequate and appropriate
PPE stocks maintained at all
times.
Business Critical Partners /		 Continuity Plan Group (CPG) to
manage, monitor and regularly
review response to pandemic
outbreak.

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THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR THE YEAR ENDED 31 MARCH 2025
Risk Consequence Mitigation - Likelihood Mitigation - Impact
business critical
partners and external
services leaving the
service unsafe for
residents.
Loss of life resulting in
reduced occupancy,
psychological impacts,
loss of reputation,
financial impacts, loss
of Home.
Insufficient provision
of medical support
increasing impacts of
pandemic.
Inability to
operationally manage
Home.		 Bi-monthly IPC Lead
meetings (to include IPC
service provider and Home
Managers) to ensure
continued engagement and
to keep all leads up to date
with current objectives and
processes.
Regular audit and review of
operational and managerial
delivery of IPC function.
Yellow pandemic / epidemic
organisational file issued to
all homes.
Regular staff training in
infection prevention and
control operational and
managerial delivery as
appropriate to role for all
employees.
Appropriate cleaning and
colour coded products
available for use by all staff.
Managerial and operational
IPC Leads appointed in each
home, with clearly defined
roles and responsibilities,
supported by regular and
appropriate training
IPC Annual Plan in place and
communicated to relevant
personnel.		 Outbreak procedures in place
appropriate to outbreak type
and levels.
Safe visitor spaces.
Supported resident
vaccinations.
Supplier’s continuity plans
known and kept up to date.
Full suite of infection outbreak
procedures available and
updated in line with
Government/s and Health
bodies’ guidance.
All staff trained to respond
appropriately to an infection
outbreak based on their role.
Response protocols,
Contingency Plans and Business
Continuity Plan in place, up to
date and regularly reviewed.
Protocols in place to
appropriately respond to local
and national restrictions.
Meetings to be held by the CRG
or equivalent RMBI Care Co.
group as required and in
response to current infection
rate
Continued monitoring of
information and guidance
issued by relevant authorities /
agencies.
PPE stocks monitored to
ensure minimum stock levels
are maintained.
Government information
continuously monitored to
ensure early warning of serious
respiratory infections post
COVID-19
14 Loss of life, serious
injury, prosecution
due to major Fire
Safety incident /
failure to adhere
to policies,
procedures, fire
safety regulations		 Loss of life or serious
injury.
Prosecution under the
Regulatory Reform
(Fire Safety) Act and
other related
legislation in relation		 Up to date and appropriate
fire safety management
policies and procedures in
place.
Annual fire risk assessment
undertaken by independent
fire safety consultant.		 Regular training for all staff
within the homes and offices in
fire prevention and incident
response.
Regular fire drills conducted
within the Homes and offices.
Fire safety systems installed,
repaired,maintained and

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FOR THE YEAR ENDED 31 MARCH 2025
Risk Consequence Mitigation - Likelihood Mitigation - Impact
to fire prevention and
Health and Safety.		 Regular training for all staff
within the homes and
offices in fire prevention
and incident response.
Contractor induction and
management system in
place, supported by a
permit to work system to
ensure continued fire safety
compliance.
Fire logbooks are completed
/ maintained by Facilities
supported by Property and
regularly audited.
Regular Home visits by the
HSSO to monitor fire safety
within the homes.
Fire Risk Assessment and
drills monitored and
communicated via the
monthly H&S dashboard.
Hazardous substances
stored in line with CoSHH
assessment / hazardous
substances guidelines.
Gas and electrical supplies
managed in accordance
with current legislation and
best practice.
Fire Safety Committee
meeting quarterly to
oversee strategic delivery of
fire safety.
Operational Fire Safety
Working Group meeting
once a month to oversee
operational delivery, which
both include attendance
from the fire safety
consultant.
Up to date and appropriate
fire safety management
plan and supporting
documentation in place at
all homes.
Continual monitoring of
new and updated legislation
andguidance to ensure		 serviced as appropriate by a
competent person to current
British Standards.
A review of fire safety
equipment to ensure both
compliance and suitability for
the environment.
All workplace equipment
tested, serviced and
maintained as appropriate and
required by a competent
person.
Fire safety equipment installed
in each Home / office to ensure
that it is suitable for the
environment.
Compartmentalisation
continues to be managed
locally, and remedial works
undertaken as per current
standards and strategies.

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FOR THE YEAR ENDED 31 MARCH 2025
Risk Consequence Mitigation - Likelihood Mitigation - Impact
validity of current policies
and procedures.
15 Serious illness,
prosecution due to
failure to adhere
to Asbestos
Management
policies,
procedures and
regulations		 Serious / long term
impact to human
health (residents /
Staff / visitors /
contractors).
Denial of access to
buildings.
Prosecution under the
Control of Asbestos
Regulations and other
related legislation in
relation to Health and
Safety.
Prohibition or
improvement notices,
reputational damage,
temporary to long
term loss of service.		 Annual risk assessment
conducted by independent,
external asbestos
consultants.
An asbestos management
plan is available at all
homes.
Regular review of asbestos
condition by Facilities
teams. Contractor
induction.
An asbestos management
policy is in place.
Copy of asbestos register
available for use by
facilities, property and
contractors.
Confirmed and suspected
asbestos containing
materials identified and
managed as appropriate in
accordance with current
legislation.
All intrusive contractor
works require a
refurbishment and
Demolition survey prior to
works where one has not
been performed previously.
Regular visual inspections of
suspected and known
asbestos containing
materials		 All existing and new facilities
team members are asbestos
management trained.
Asbestos management plan
and emergency procedures in
place and maintained by
Property and Asbestos
Management Consultants.
All homes have an asbestos
emergency kit, to enable safe
response to any confirmed or
suspected breaches.
Full asbestos management
surveys conducted in the
majority of homes.
All contractors to be a
minimum asbestos aware
trained before commencing
any works on site.
16 Data Protection
and new General
Data Protection
Regulations 2018		 Financial: Cost of
recovering key and
sensitive information
and penalty fine up to
£500,000.
Reputational:
Negative publicity
surrounding inability
to protect systems
and confidential data.
Operational: Time
taken to investigate,
contact familyor		 Clear guidelines have been
produced for all members of
staff. The Data Protection
Policy is included in the
Employee Handbook. Staff
are aware of data
protection policies and
procedures in place as well
as potential disciplinary
action that may be taken.
Staff are required to sign a
confidentiality agreement
upon hiring.		 Shredding boxes lock
protected. Extra backup servers
implemented at IP Technology.
Confidential Residential
information is stored protected
in the iCare and eMM system.
MPLS network provides
enhanced network security
therefore providing increased
security for confidential data.
Head Office GDPR audit
undertaken with some areas
needing focus.

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THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR THE YEAR ENDED 31 MARCH 2025
Risk Consequence Mitigation - Likelihood Mitigation - Impact
relatives of those
whose data has been
breached / lost.		 MPLS system has been set
in place to enhance network
security between head
office and homes.
Shredding boxes provided
and staff are aware which
data is sensitive and must
be disposed of correctly.
Privacy notices and updated
Data Protection Policy
issued to all staff in May
2018 in line with new GDPR.
All staff required to
undertake GDPR e-learning
as part of mandatory
training. Enhanced
classroom training being
delivered at Homes.
Trustees also required to
undertake e-learning.		 Internal auditors check in place
at homes.
IP Technology are ensuring that
all laptops are encrypted and
provide advice and guidance on
how to password protect all
documents being sent
electronically that hold
personal and/or sensitive data.
This is still a work in progress
Annual GDPR refresher training
in place
17 Loss of life, serious
injury, prosecution
due to failure to
adhere to Health
and Safety
policies,
procedures,
regulations		 Increase in accidents
at work resulting in
personal injury or
death.
Reputation risk.
Increased risk to
Residents / Visitors /
Contractors /
Stakeholders.
Lack of proactive
actions resulting in
major / critical
incidents.
Poor or no incident
response resulting in
serious loss / death.
Loss of reputation
resulting in
prosecution,
improvement /
prohibition notices.		 Health and Safety Director
in role.
All SLT undertake IOSH
training for Executives /
Directors.
Home Management teams
including Home Manager
and Facilities Manager
attending relevant IOSH
training.
Health and Safety
Committees now
established at each home
with Health and Safety
policies reviewed and
updated and included in
induction programme.
DSE and lone working
checks regularly
undertaken.
Moving and Handling as
part of Mandatory Training
Programme.
Fire and evacuation training
in place and part of
Mandatory Training
Programme.		 Policies and procedures in
place covering legal
requirements and supporting
positive H&S working practices
and culture.
H&S Support Officer
undertakes regular support and
audit visits to all homes.
Internal audit process to
monitor and evaluate the
effectiveness of property
services and service companies
and report on findings.
Effective communication with
all staff at all levels.
Insurance co. / Insurance
policies to underwrite any
claims.
Emergency protocols in place
to respond appropriately to
adverse events.

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FOR THE YEAR ENDED 31 MARCH 2025
Risk Consequence Mitigation - Likelihood Mitigation - Impact
Contractor management
procedures in place.
Additional internal auditor
with both auditors
reviewing health and safety
matters as part of care audit
visits.
Weekly, monthly and
quarterly health and safety
checks in each home.
Trustee representative in
place to support governance
and compliance.
Safe systems of work
reviewed and maintained at
regular intervals by relevant
personnel, supported by
Health & Safety.
18 Clinical care error
leading to injury
and death of a
resident		 Impact on the health
and wellbeing of a
resident or group of
residents. Extreme
impact leading to
death of resident or
group of residents.
Breach of regulatory
requirements and
duty of care.
Prosecution, civil
claims, poor
reputation		 Home Managers to take
responsibility for day-to-day
care management within
the home ensuring that staff
are appropriately trained
and competent to deliver
safe, responsive and
effective care. Clinical and
care errors to be
appropriately managed,
reported and referred to
healthcare professionals in
order to seek appropriate
professional input and
guidance for managing and
supporting residents
effectively. Care records to
be kept up to date to reflect
residents’ current needs and
to ensure appropriate
referral to healthcare
professionals where
required.		 Internal audit process to
monitor and evaluate the
effectiveness of care services
and report on findings. Local
homes to carry out
assessments of care practice
and audits to ensure good
practice is in place and
followed by staff at all times.
Robust reporting of issues and
concerns to make sure a quick
response to concerns is in
place. Effective communication
with the senior management
team to make sure issues and
concerns are alerted as soon as
possible to enable effective
management of sharps.
19 Failure to meet
service
performance and /
or regulatory
requirements.		 Negative CQC/CIW
reports
Prosecution and / or
enforcement action
Adverse reports, poor
publicity / reputation
There is the potential
for ratingchanges to		 Ensure an effective process
for responding to regulatory
reports is in place. Action
plans to be completed as
soon as possible by the
home to address any
shortcomings identified. 16
homes enjoy current fully		 Ensure a robust legal challenge
as appropriate. Implement an
effective PR response as
required. Regular Service
improvement meetings to be
held to ensure that Senior
Management team are focused
on progress to achieve

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Risk Consequence Mitigation - Likelihood Mitigation - Impact
take place following
data collection from a
variety of sources and
an assessment based
on risk analysis.		 compliant reports with on-
going auditing and quality
checks with scrutiny from
the Care & Quality
Assurance Committee.
Continuous monitoring and
support delivered by
internal Quality and
Governance team.
Continuous assurance that
the internal audit process is
in line with the new CQC
framework and that all
complaints and
whistleblowing’s are
recorded appropriately and
in a timely way.		 compliance. Regional
Managers to conduct Three
monthly audits in each home
so that they can detect early
any shortfalls in service and
prioritise resource accordingly.
Continuous assurance that the
internal audit process is in line
with the new CQC framework
and that all complaints and
whistleblowing’s are recorded
appropriately and in a timely
way.
20 IT & Digital
Technology		 Business failure and
threat to the
operations.		 Contract arrangements have
been reviewed to determine
best value for money and a
rolling contract remains in
place with 24-month- notice
to either side.		 IT & Digital Meetings ensure an
overview of issues is
maintained.
PRISM external Auditors
appointed to undertake audit
and review of cyber security
risks.

Tangible Fixed Assets

The Charity’s tangible fixed assets consist of freehold and leasehold land and buildings, vehicles, furniture and equipment. Land and buildings are shown at the original cost to the Charity less depreciation, whilst investment property was valued at open market rates.

In the opinion of the Directors, if the properties were to be sold the total realisable sale values are likely to exceed the net book value indicated in the accounts.

Investment Policy

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 CPI plus 3.5% 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, Supranational and mortgage-backed securities. The performance objectives of the three funds are:

Reserves Policy

26

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

The Directors reviewed the reserves policy on a regular basis. The funds available to the RMBI Care Company were created over many years and the income derived from the investment portfolio is an important element in securing the longer-term operating and capital expenditure requirements of the Charity.

Group unrestricted reserves (after considering the pension scheme surplus) amounted to £99.6m (2023/24: £100.5m), of which the Trustees designated £73.1m (2023/24: £74.6m) in the Fixed Asset and New Building Funds. This leaves undesignated reserves of £24m (2023/24: £23.2m), which is equivalent to approximately 4.4-month charitable expenditure.

The residual funds are adequate to meet the ongoing operational requirements of the Charity.

Subsidiary Funds and Connected Charities

The Charity administers a range of “Restricted” and “Endowment” funds as detailed in Note 15, with a total value of £4.1m (2023/24: £4.0m).

The Charity was also represented on the Boards of RMBI Trading Ltd, Stability Investments Ltd (project development), RMBI Settlement Ltd (purchase welfare services) and 19/21 GQS Limited (property operations).

Statement of Trustee Responsibilities

The Trustees (who are also the Directors of Royal Masonic Benevolent Institution Care Company for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure of the group for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charitable company and the group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Insofar as the Trustees are aware:

27

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Auditors

The auditors, Knox Cropper LLP, have expressed their willingness to continue in office for the following year.

Acknowledgements

The Directors wish to extend their thanks to all the supporters, friends and staff of the RMBI Care Company who have sustained its work by their interest and generosity.

On behalf of our Chairman, I would like to thank my fellow Directors for the significant amount of time, energy and expertise they give to the RMBI Care Company. Their contribution makes a huge difference and helps to ensure that we remain one of the leading care providers in the not-for-profit sector and a provider of choice amongst the Masonic community.

Approved by the Board of Directors and signed on their behalf by:

RW Bro John Boyington CBE

Debashis Dasgupta

……………………………………… ……………………………

Chairman

Director

Approved on 30[th] July 2025

28

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

Opinion

We have audited the financial statements of Royal Masonic Benevolent Institution Care Company (the ‘charitable company’) and its subsidiaries ('the group') for the year ended 31 March 2025 which comprise the consolidated statement of financial activities, the consolidated and charitable company's balance sheet, the 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 for 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.

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.

29

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

Our opinion on the financial statements does not cover the other information and 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 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 or a material misstatement of the other information. 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.

Opinions 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 charitable company 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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement in the Trustees' Report, 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 company’s ability to continue as a going concern, disclosing, as applicable, matters related

30

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

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: https://www.frc.org.uk/auditors/auditassurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-theauditor%E2%80%99s-responsibilities-for . This description forms part of our auditor’s report.

31

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

Use of our report

This report is made solely to the charitable company’s members, as a body, 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 members those matters we are required to state to them in an auditor’s 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 members as a body, for our audit work, for this report or for the opinions we have formed.

…………………………………………….. Stephen Anderson (Senior Statutory Auditor)

For and on behalf of: Knox Cropper LLP Chartered Accountants & Statutory Auditors 153-155 London Road Hemel Hempstead Hertfordshire HP3 9SQ

30[th] July 2025

32

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST MARCH 2025

INCOME
Income from Charitable Activities
Income from Other Trading Activities
Income from Investments
Donations & Legacies
Other Income
Net gain/(Loss) on disposal of fixed assets
TOTAL INCOME
EXPENDITURE:
Expenditure on Raising Funds
Expenditure on Charitable Activities
TOTAL EXPENDITURE
Net Income/(Expenditure) before investment Gains/(loss)
Net (loss) / Gain on investment assets
Net Income / (Expenditure)
Transfers between funds
Net incoming /(outgoing) resources
Other recognised gains / losses
Actuarial Gain / (loss) on defined benefit pension scheme
NET MOVEMENTS IN FUNDS
Fund balances brought forward at 1st April
Fund balance carried forward at 31st March		 Notes
2
3
4
5
5.1
6
7,8
11
19		 Group
Unrestricted
funds
2025
£'000
56,227
650
1,206
6,444
-
6		 Group
Restricted
funds
2025
£'000
1
-
74
28
-
-		 Group
Total
2025
£'000
56,228
650
1,280
6,472
-
6		 Group
Unrestricted
funds
2024
£'000
52,600
549
1,169
6,998
-
8		 Group
Restricted
funds
2024
£'000
45
-
39
44
-
-		 Group
Total
2024
£'000
52,645
549
1,208
7,042
-
8
61,452
(55)
(64,466)
(64,521)
(3,069)
1,265
(1,804)
-
(1,804)
(271)
(2,075)
106,561
104,486
64,533 103 64,636 61,324 128
(50)
(65,053)		 -
(41)		 (50)
(65,094)		 (55)
(64,285)		 -
(181)
(65,103) (41) (65,144) (64,340) (181)
(570)
110		 62
-		 (508)
110		 (3,016)
1,265		 (53)
-
(460)
-		 62
-		 (398)
-		 (1,751)
-		 (53)
-
(460)
(366)		 62
-		 (398)
(366)		 (1,751)
(271)		 (53)
-
(826)
100,448		 62
4,038		 (764)
104,486		 (2,022) (53)
102,470 4,091
99,622 4,100 103,722 100,448 4,038

All amounts derive from continuing activities.

The notes on pages 36 to 51 form part of these accounts.

33

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

(Charity no. 1163245, Company no. 1293566)

CONSOLIDATED BALANCE SHEET

AS AT 31ST MARCH 2025

Notes
FIXED ASSETS
Tangible assets
9
Investments
11
CURRENT ASSETS
Current asset Investments
12
Debtors and prepayments
12 (a)
Short term deposits
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
CREDITORS
Amounts falling due more than one year
13 (a)
NET ASSETS BEFORE PENSION ASSET
RMBICC defined benefit scheme asset / (liability)
19 (g)
NET ASSETS AFTER PENSION ASSET
FUNDS:
Unrestricted funds
- Designated funds
14.1 & 14.
- Accumulated fund
14.1 & 14.
Unrestricted funds before Pension surplus
RMBI defined benefit scheme net surplus
19 (g)
Unrestricted funds after Pension surplus
Restricted funds
15
Endowment funds
15
TOTAL FUNDS		 RMBICC
Group
RMBICC
Group
31st March
31st March
31st March
31st March
2025
2025
2024
2024
£'000
£'000
£'000
£'000
72,735
77,934
73,298
76,793
13,694
13,694
14,184
14,184
86,429
91,628
87,482
90,977
2,862
2,862
6,515
6,515
11,183
4,807
10,831
6,118
13,188
13,188
10,887
10,887
4,320
4,405
2,962
3,060
31,553
25,262
31,195
26,580
(5,561)
(5,619)
(5,721)
(5,759)
25,992
19,643
25,474
20,821
(10,000)
(10,000)
(10,000)
(10,000)
102,421
101,271
102,956
101,798
2,451
2,451
2,688
2,688
104,872
103,722
105,644
104,486
2
73,162
73,162
74,560
74,560
2
25,159
24,009
24,358
23,200
98,321
97,171
98,918
97,760
2,451
2,451
2,688
2,688
100,772
99,622
101,606
100,448
4,017
4,017
3,957
3,957
83
83
81
81
104,872
103,722
105,644
104,486

The financial statements on pages 33 to 51 were approved by the Trustees on 30 July 2025.

and signed on their behalf by:

Chairman (RW Bro J Boyington CBE)

Director (Debashis Dasgupta)

The notes on pages 36 to 51 form part of these accounts.

34

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

(Charity no. 1163245, Company no. 1293566)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST MARCH 2025

Net income / (expenditure) for the reporting period
Adjustments for:
Depreciation
(Gains) / Loss on disposal of fixed assets
Investment Income
Defined Benefit Pension Scheme
(Increase) / Decrease in debtors
(Decrease) / Increase in creditors
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Dividends and interest from investments
Purchase of property, plant and equipment
Discontinued capital project cost written off to revenue
Proceeds from sale of property, plant and equipment
Purchase of investments
Proceeds from sale of investments
Net cash provided by (used in) investing activities
Cash flows from Financing activities:
Cash from Sustainable Bond issue
Net cash provided by (used in) Financing 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		 RMBI
Group
2025
2025
Notes
£'000
£'000
(516)
(508)
4,234
4,222
(6)
(6)
(1,281)
(1,281)
(129)
(129)
(352)
1,311
(160)
(140)
1,790
3,469
1,281
1,281
(3,671)
(5,363)
-
-
6
6
(109)
(109)
4,362
4,362
1,869
177
-
-
-
-
21
3,659
3,646
21
13,849
13,947
21
17,508
17,593		 RMBI
Group
2025
2025
Notes
£'000
£'000
(516)
(508)
4,234
4,222
(6)
(6)
(1,281)
(1,281)
(129)
(129)
(352)
1,311
(160)
(140)
1,790
3,469
1,281
1,281
(3,671)
(5,363)
-
-
6
6
(109)
(109)
4,362
4,362
1,869
177
-
-
-
-
21
3,659
3,646
21
13,849
13,947
21
17,508
17,593		 Group
2024
£'000
(3,069)
4,510
(8)
(1,253)
(136)
(183)
218
21
21
21
79
1,253
(4,689)
-
8
(132)
3,939
1,869
177		 379
-
-		 -
-
-		 -
3,659
3,646
13,849
13,947
17,508
17,593		 458
13,489
13,947

35

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

NOTES TO THE FINANCIAL STATEMENTS

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

(Charity no. 1163245, Company no. 1293566)

FOR THE YEAR ENDED 31ST MARCH 2025

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Royal Masonic Benevolent Institution Care Company meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

(c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that as a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executors intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

(d) Expenditure and Irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Interest payable in connection with monies raised by the charity for the construction of new assets is capitalised within the asset constructed and depreciated over its expected useful life. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

36

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

(Charity no. 1163245, Company no. 1293566)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

1. ACCOUNTING POLICIES (CONTINUED)

Funds held by the Institution are:

Fixed asset fund - To finance capital expenditure on properties and equipment.

New building fund - Amounts set aside to meet authorised future capital expenditure on the purchase, construction and equipping of new Homes and general improvements to existing Homes.

Victor Donaldson Fund is a restricted fund, loans from this fund have been classified as a Social Investment, as the loans are to provide financial assistance to its beneficiaries. Note 11 discloses movements in the outstanding loan balance. Interest is recognised on the redemption of the loan and is shown in note 2 to the account.

Investments are stated at market value at the balance sheet date. Realised and unrealised gains and losses are credited / charged to the Statement of Financial Activities on the valuations and disposals throughout the financial period. Dividends are reinvested in the CAIF on the date that they are declared whilst Interest receivable is recognised on an accruals basis.

Interest receivable in connection with monies raised by the charity for the construction of new assets is offset against the borrowing costs incurred in raising those monies.

Support costs have not been apportioned between unrestricted, restricted and endowment funds.

The RMBICC owns 100% of authorised and issued ordinary share capital of RMBI Trading Limited, RMBI (Settlement) Limited, 19/21 GQS Limited and of Stability Investments Limited. The financial results of these companies have been consolidated. Advantage has been taken of the exemption afforded by section 408 of the Companies act 2006 not to present a separate Income and Expenditure account for the Charity.

(i) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

(j) Cash at Bank and in Hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar accounts.

37

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY (Charity no. 1163245, Company no. 1293566) NOTES TO THE FINANCIAL STATEMENTS

(Charity no. 1163245, Company no. 1293566)

FOR THE YEAR ENDED 31ST MARCH 2025

1. ACCOUNTING POLICIES (CONTINUED)

(k) Creditors and Provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(l) Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value and in the case of debt instruments, at amortised cost using the effective interest rate method.

Tangible fixed assets have been capitalised at cost or acquisition value and where assets have been donated, at their value at date of receipt.

In line with the revised FRS102, depreciation for freehold and leasehold properties (with a lease life of more than 50 years) have been provided on a straight line basis at rates between 2% to 10%, depending on its useful economic life of the component parts of properties.

Depreciation for Motor vehicles and Computers & equipment are depreciated on a straight line basis at a rate of 25% per annum. Furniture and equipment are depreciated at rates between 5% to 20% on a straight line basis for items which exceed £10,000 in value, individually or for groups of related assets.

The Charity contributes to a defined benefits scheme which was closed to new entrants on 4th September 1996. This scheme was closed on 30 September 2010 and all existing employees were transferred to the Group Personal Pension Scheme.

As the scheme is closed, and no further benefits are accruing to members, there is no current or past service costs charged in resources expended. The interest cost and the interest income are shown as a net amount of other finance costs or credits adjacent to interest. Actuarial gains and losses are recognised immediately in 'Other recognised gains and losses'.

The defined benefit scheme is funded, with the assets of the scheme held separately from those of the Charity, in a separate Trustee administered fund. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent currency and term to the scheme liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The resulting defined benefit asset or liability, net of the related deferred tax, is presented separately after other net assets on the face of the balance sheet. The pension scheme asset is recognised to the extent that the surplus can be recovered either through reduced contributions in the future or through refunds from the scheme. As the scheme is closed to new employees and future accrual, the surplus arising meets this criteria.

For the defined contribution scheme the amount charged to the Statement of Financial Activities in respect of pension costs and other post retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

38

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

(Charity no. 1163245, Company no. 1293566)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

2. INCOME FROM CHARITABLE ACTIVITIES
Note
Residents' Fee Receivable
Financial assistance to the elderly (Loan interest)
3. INCOME FROM OTHER TRADING ACTIVITIES
Rental & Other Income
4. INCOME FROM INVESTMENTS
Dividends
Interest on cash deposits
Interest Income
5 DONATIONS, LEGACIES AND GRANTS
Donations
Infection control & LA grants
Donations from the parent charity
Legacies		 Unrestricted
funds 2025
£'000
56,227
-
56,227
Unrestricted
funds
£'000
650
650
Unrestricted
funds
£'000
283
153
770
1,206
Unrestricted
funds
£'000
24
-
6,420
-
6,444		 Restricted
funds 2025
£'000
-
1
1
Restricted
funds
£'000
-
-
Restricted
funds
£'000
-
74
-
74
Restricted
funds
£'000
11
10
-
7
28		 2025
Total
£'000
56,227
1
56,228
2025
Total
£'000
650
650
2025
Total
£'000
283
227
770
1,280
Total
2025
£'000
35
10
6,420
7
6,472		 Unrestricted
funds 2024
£'000
52,600
-
52,600
Unrestricted
funds
£'000
549
549
Unrestricted
funds
£'000
310
42
817
1,169
Unrestricted
funds
£'000
32
44
6,922
-
6,998		 Restricted
funds 2024
£'000
-
45
45
Restricted
funds
£'000
-
-
Restricted
funds
£'000
-
39
-
39
Restricted
funds
£'000
-
-
-
44
44		 2024
Total
£'000
52,600
45
52,645
2024
Total
£'000
549
549
2024
Total
£'000
310
81
817
1,208
Total
2024
£'000
32
44
6,922
44
7,042
6. COST OF GENERATING FUNDS:
Cost of generating voluntary income
Investment management cost		 Staff
£'000
-
-		 Other
£'000
-
50
50		 Total - 2025
£'000
-
50
50		 Staff
£'000
-
-
-		 Other
£'000
-
55
55		 Total - 2024
£'000
-
55
- 55

39

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

(Charity no. 1163245, Company no. 1293566)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

7. INFORMATION REGARDING EMPLOYEES AND TRUSTEES

7. INFORMATION REGARDING EMPLOYEES AND TRUSTEES
Staff costs:
Wages and salaries
Social security costs
Pension costs
Total
The number of employees whose total employment benefits are greater than £60,000 are as follows:
60,001 to 70,000
70,001 to 80,000
80,001 to 90,000
90,001 to 100,000
100,001 to 110,000
110,001 to 120,000
120,001 to 130,000
130,001 to 140,000
140,001 to 150,000
150,001 to 160,000
160,001 to 170,000		 2025
£'000
35,049
2,987
872		 2024
£'000
32,243
2,608
813
38,908 35,664
No. No.
15
8
5
3
2
1
1
2
-
-
1		 16
9
6
1
2
-
3
-
-
1
-
38 38

Key management are the members of the Executive Management who received total employment benefits of £878k during the period (2023/24 - £900k).

Staff reorganisation costs, totalling £26k (2023/24 - £38k), have been accounted for in "Other staff costs" in note 8 to these accounts. Where appropriate, the reorganisation costs have been included in the bandings, above.

Contributions during the year to the Group Personal Pension Scheme for the above 38 employees amounted to £204k (2023/24 - £204k).

Average number of full and part time employees:
Homes
Support
Marketing
Management and administration		 No. No.
1,012 946
20 20
3 3
28 27
1,063 996

No Trustee, or persons related to or connected by business to them, has received any remuneration from the Charity during the year. The total expenses reimbursed to the members of the Board of Trustees amounted to £13k (2023/24 - £10k), in relation to travelling and subsistence.

Trustees have taken out Indemnity Insurance and the cost to the Institution was £24k (2023/24 - £24k).

The number of Trustees receiving expenses was six (2023/24 - four).

8 CHARITABLE EXPENDITURE:

Staff Salaries, Social Security & Pension
Other Staff Costs
Agency staff costs
Catering supplies
Building maintenance and refurbishment
Light, heat, rates and water
Depreciation
Furniture and equipment
Cleaning and laundry
IT and Computer maintenance
Insurance
Medical expenses
Other - restricted fund expenditure
Postage, telephone and stationery
Audit
Legal and professional fees
Interest Costs
RMBICC defined benefit pension scheme administration cost
Miscellaneous
Annuities and grants
Total		 Residential &
Care Homes
before
support costs
£'000
35,110
1,038
3,637
6,542
2,339
1,918
4,090
409
1,071
616
705
260
41
261
-
3
641
180
698
14
59,573		 Support costs
(Head Office)
£'000
3,089
59
27
-
-
136
125
13
3
431
75
-
-
66
-
13
-
-
659
-		 Sub - Total -
Residential &
Care Homes
with Support
Costs
Finan
cial
assist
ance
for
the
£'000
£'000
38,199
-
1,097
-
3,664
-
6,542
-
2,339
-
2,054
-
4,215
-
422
-
1,074
-
1,047
-
780
-
260
-
41
-
327
-
-
-
16
-
641
-
180
1,357
-
14
-
64,269
-		 Governanc
e Costs
£'000
709
7
5
-
-
-
7
-
-
8
24
-
-
-
42
-
-
-
23
-		 Total
2025
£'000
38,908
1,104
3,669
6,542
2,339
2,054
4,222
422
1,074
1,055
804
260
41
327
42
16
641
180
1,380
14		 Total 2024
£'000
35,664
999
6,253
6,094
2,665
2,092
4,510
417
1,050
975
822
219
33
425
49
25
681
192
1,283
18
4,696 825 65,094 64,466

40

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

(Charity no. 1163245, Company no. 1293566)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

9.1 FIXED ASSETS FOR RMBICC

Tangible assets
COST:
At 1st April 2024
Additions
Disposals
At 31st March 2025
DEPRECIATION:
At 1st April 2024
Charge for the year
Disposals
At 31st March 2025
NET BOOK VALUE:
At 31st March 2025
At 31st March 2024		 Freehold
properties
£'000
112,200
2,112
-
114,312
(42,964)
(3,424)
-
(46,388)
67,924		 Long
leasehold
properties
£'000
848
-
-
848
(312)
(23)
-
(335)
513		 Motor
Computers &
Vehicles
Equipment
£'000
£'000
140
7,212
8
1,551
(23)
(1,242)
125
7,521
(95)
(3,731)
(18)
(769)
23
1,242
(90)
(3,258)
35
4,263		 Motor
Computers &
Vehicles
Equipment
£'000
£'000
140
7,212
8
1,551
(23)
(1,242)
125
7,521
(95)
(3,731)
(18)
(769)
23
1,242
(90)
(3,258)
35
4,263		 Total
£'000
120,400
3,671
(1,265)
122,806
(47,102)
(4,234)
1,265
(50,071)
72,735
69,236 536 45 3,481 73,298

9.2 FIXED ASSETS FOR THE GROUP

Tangible assets
COST:
At 1st April 2024
Additions
Transfer of completed projects to RMBICC
Disposals
At 31st March 2025
DEPRECIATION:
At 1st April 2024
Charge for the year
Disposals
At 31st March 2025
NET BOOK VALUE:
At 31st March 2025
At 31st March 2024		 Assets
Under
Freehold
Construction
properties
£'000
£'000
3,946
111,617
1,692
2,112
-
-
-
-
5,638
113,729
-
(42,832)
-
(3,412)
-
-
-
(46,244)
5,638
67,485		 Long
leasehold
properties
£'000
848
-
-
-
848
(312)
(23)
-
(335)
513		 Motor
Computers &
Vehicles
Equipment
£'000
£'000
140
7,212
8
1,551
-
-
(23)
(1,242)
125
7,521
(95)
(3,731)
(18)
(769)
23
1,242
(90)
(3,258)
35
4,263		 Motor
Computers &
Vehicles
Equipment
£'000
£'000
140
7,212
8
1,551
-
-
(23)
(1,242)
125
7,521
(95)
(3,731)
(18)
(769)
23
1,242
(90)
(3,258)
35
4,263		 Total
£'000
123,763
5,363
-
(1,265)
127,861
(46,970)
(4,222)
1,265
(49,927)
77,934
3,946
68,785		 536 45 3,481 76,793

The net interest cost of £467k was capitalised and included in freehold property.

10. CAPITAL COMMITMENTS FOR THE GROUP

Freehold
properties
£'000
-
421
421
On construction and improvement of Homes and other
capital expenditure:
- Expenditure contracted for
- Expenditure authorised but not contracted for		 Long
leasehold
properties
£'000
-
-
-		 Vehicles
& computer
equipment
£'000
39
-
39		 31st March
2025
Total
£'000
39
421
460		 31st March
2024
Total
£'000
1,038
257
1,295

41

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY
(Charity no. 1163245, Company no. 1293566)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2025		 THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY
(Charity no. 1163245, Company no. 1293566)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2025		 THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY
(Charity no. 1163245, Company no. 1293566)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2025
11. FIXED ASSETS
INVESTMENTS FOR RMBICC AND THE GROUP
(a) Listed Investments
Masonic Charitable Foundation Investment Fund CAIF
Cash held as part of investments:
Cash held by investment manager
(b) Investment Properties
(c) Social Investments:
VDF Loans
Total Investments
MOVEMENT FOR THE YEAR:
(a) Listed Investments & Unlisted Subsidiaries:
Market value at the beginning of the year
Additions
Proceeds from disposals
Disposals
Net investment (loss) / gain
Market value at the end of the year
(b) Investment Properties:
Market value at the beginning of the year
Additions
Proceeds from disposals
Property Revaluation (see note 24)
Market value at the end of the year
(c) Social Investments- VDF Loans:
Balance at the beginning of the year
New loans issued
Loans repaid
Balance at the end of the year		 As at
31st March 2025
Market values
£'000
9,344
9,344
1,178
10,522
2,106
1,066
As at
31st March 2024
Market values
£'000
10,071
10,071
1,116
11,187
1,877
1,120
13,694
31st March 2025
£'000
10,071
163
-
(1,000)
110
9,344
1,877
-
-
229
2,106
£'000
1,120
3
(57)
1,066		 14,184
31st March 2024
£'000
12,611
195
-
(4,000)
1,265
10,071
1,877
-
-
-
1,877
£'000
1,183
-
(63)
1,120

RMBI Trading Ltd, Stability Investments Ltd, RMBI (Settlement) Ltd and 19/21 GQS Ltd are wholly owned subsidiaries of RMBI Care Company. Their results are consolidated in these accounts. At 31 March 2025, the capital and reserves of RMBI Trading Ltd. stood at - £703k ( 2024: -£699k), Stability Investments Ltd was -£360 ( 2024: -£360), RMBI (Settlement) Ltd was -£7k (2024: -£7k) and 19/21 GQS Limited was £4 (2024 - £4) . All profits of the subsidiaries are gifted to RMBI Care Company year on year.

The companies' principal activities are the design, build, alteration of RMBICC properties and management and resident billing.

42

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

(Charity no. 1163245, Company no. 1293566)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

12. CURRENT ASSET INVESTMENTS
Investment Property
Market value at the beginning of the year
Additions
Proceeds from disposals
Property Revaluation (see note 24)
Market value at the end of the year		 RMBICC
As at
31-Mar-25
6,515
-
(3,424)
(229)		 Group
As at
31-Mar-25
6,515
-
(3,424)
(229)
2,862		 RMBICC
As at
31-Mar-24		 Group
As at
31-Mar-24
6,515
-
-
-		 6,515
-
-
-
2,862 6,515 6,515

Prior year comparative figures are restated to include investment properties held for sale as current asset investments.

12 (a). DEBTORS
Residents' contributions
RMBI Trading Limited & RMBI (Settlement) Ltd
Other debtors and prepayments
Total
13. CREDITORS:
Amounts falling due within one year
Trade creditors
Taxation and social security costs
Other creditors
Accruals
Total
13 (a). CREDITORS:
Amounts falling due more than one year
Other creditors (amount due between 2 and 5 years)
Other creditors (repayable after more than 5 years)
Total		 RMBICC
As at
31-Mar-25
Total
£'000
3,508
6,456
1,219		 Group
As at
31-Mar-25
Total
£'000
3,508
-
1,299
4,807
Group
As at
31-Mar-25
Total
£'000
1,147
641
846
2,985
5,619
Group
As at
31-Mar-25
Total
£'000
10,000
-
10,000		 RMBICC
As at
31-Mar-24
Total
£'000
3,951
4,726
2,154		 Group
As at
31-Mar-24
Total
£'000
3,951
-
2,167
11,183 10,831 6,118
RMBICC
As at
31-Mar-25
Total
£'000
1,140
641
846
2,934
RMBICC
As at
31-Mar-24
Total
£'000
1,603
590
1,011
2,517		 Group
As at
31-Mar-24
Total
£'000
1,611
590
1,011
2,547
5,561 5,721 5,759
RMBICC
As at
31-Mar-25
Total
£'000
10,000
-
RMBICC
As at
31-Mar-24
Total
£'000
10,000
-		 Group
As at
31-Mar-24
Total
£'000
10,000
-
10,000 10,000 10,000

For the purpose of rejuvenating its property portfolio, RMBI Care Company raised £10m in March 2023 through an issue of £20m sustainable bonds due 2029 issued by RCB Bonds PLC (RCB). £10m of the bonds were sold to institutional and retail investors and the proceeds loaned to RMBI Care Company under the terms of a loan agreement with RCB. The remaining £10m of bonds were retained by RCB and may be sold at the request of RMBI Care Company at a future date, with the proceeds of any such sale advanced to RMBI Care Company as a further advance under the loan agreement.

The interest rate on the bonds, and correspondingly the interest rate on the loan, is a fixed rate of 6.25% per annum until the expected maturity date of the bonds (i.e. 7 March 2029). Interest will be paid semi-annually in arrears on 7 March (3.125%) and 7 September (3.125%) in each year.

43

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

(Charity no. 1163245, Company no. 1293566)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

14.1 UNRESTRICTED FUNDS FOR RMBICC

(a) Current year
Designated funds:
Fixed asset fund
New building fund
Accumulated fund
Unrestricted Funds before Pension Scheme
Defined Benefit Pension Scheme
Unrestricted Funds after Pension Scheme		 Net
Balance movements
31-Mar-24
in funds
£'000
£'000
73,265
-
1,295
-
74,560
-
24,358
(597)
98,918
(597)
2,688
(237)
101,606
(834)		 New
designations
£'000
3,671
3,250
6,921
(6,921)
-
-
-		 Utilised /
released
£'000
(4,234)
(4,085)
(8,319)
8,319
-
-
-		 Balance
31-Mar-25
£'000
72,702
460
73,162
25,159
98,321
2,451
100,772

The overall deficit for the year for the patent company Royal Masonic Benevolent Institution Care Company , before consolidation, was £1,949k.

(b) Previous year
Designated funds:
Fixed asset fund
New building fund
Accumulated fund
Unrestricted Funds before Pension Scheme
Defined Benefit Pension Scheme
Unrestricted Funds after Pension Scheme		 Net
Balance movements
31-Mar-23
in funds
£'000
£'000
74,104
-
852
-
74,956
-
25,858
(1,896)
100,814
(1,896)
2,823
(135)
103,637
(2,031)		 New
designations
£'000
3,683
4,242
7,925
(7,925)
-
-
-		 Utilised /
released
£'000
(4,522)
(3,799)
(8,321)
8,321
-
-
-		 Balance
31-Mar-24
£'000
73,265
1,295
74,560
24,358
98,918
2,688
101,606

14.2 UNRESTRICTED FUNDS FOR THE GROUP

(a) Current year Net
Balance movements
31-Mar-24
in funds
£'000
£'000
73,265
-
1,295
-
74,560
-
-
-
23,200
(589)
97,760
(589)
2,688
(237)
100,448
(826)		 New
designations
£'000
3,671
3,250
6,921
-
(6,921)
-
-
-		 Utilised /
released
£'000
(4,234)
(4,085)
(8,319)
-
8,319
-
-
-		 Balance
31-Mar-25
£'000
72,702
460
Designated funds:
Fixed asset fund
New building fund
Accumulated fund
Unrestricted Funds before Pension Scheme
Defined Benefit Pension Scheme
Unrestricted Funds after Pension Scheme
73,162
-
24,009
97,171
2,451
99,622
(b) Previous year
Designated funds:
Fixed asset fund
New building fund
Accumulated fund
Unrestricted Funds before Pension Scheme
Defined Benefit Pension Scheme
Unrestricted Funds after Pension Scheme		 Net
Balance movements
31-Mar-23
in funds
£'000
£'000
74,104
-
852
-
74,956
-
-
-
24,691
(1,887)
99,647
(1,887)
2,823
(135)
102,470
(2,022)		 New
designations
£'000
3,683
4,242
7,925
-
(7,925)
-
-
-		 Utilised /
released
£'000
(4,522)
(3,799)
(8,321)
-
8,321
-
-
-		 Balance
31-Mar-24
£'000
73,265
1,295
74,560
-
23,200
97,760
2,688
100,448

44

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

(Charity no. 1163245, Company no. 1293566)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

15. RESTRICTED FUNDS RMBICC AND THE GROUP

(a) Current Year
Victor Donaldson
Specific gifts, donations and legacies for Homes
Prince Edward Duke of Kent Court, Essex
L H Miles
Good Neighbour & Friends of RMBI
NH Fowler
Royal Arch holidays
Dementia Support - Grand Stewards Lodge
Other various
Sub-Total
Endowment Funds (note16)
(b) Previous year
Victor Donaldson
Specific gifts, donations and legacies for Homes
Prince Edward Duke of Kent Court, Essex
L H Miles
Good Neighbour & Friends of RMBI
NH Fowler
Royal Arch holidays
Dementia Support - Grand Stewards Lodge
Other various
Sub-Total
Endowment Funds (note16)		 Balance
31-Mar-24
£'000
2,657
283
301
559
14
32
13
22
76
3,957
81
4,038
Balance
31-Mar-23
£'000
2,585
388
325
563
13
31
13
21
71
4,010
81
4,091		 Movement Expenditure
Transfers
Gains &
(losses)
£'000
(8)
(29)
(1)
(2)
-
-
-
-
(1)
(41)
-
(41)
Expenditure
Transfers
Gains &
(losses)
£'000
(7)
(125)
(47)
(4)
-
-
-
-
2
(181)
-
(181)
in funds
in funds		 Balance
31-Mar-25
£'000
2,650
296
349
557
15
34
14
23
79
Incoming
resources
£'000
1
42
49
-
1
2
1
1
4
101
2
103
Movement
4,017
83
4,100
Balance
31-Mar-24
£'000
2,657
283
301
559
14
32
13
22
76
Incoming
resources
£'000
79
20
23
-
1
1
-
1
3
128
-
128
3,957
81
4,038

45

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

(Charity no. 1163245, Company no. 1293566)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

15. RESTRICTED FUNDS (CONTINUED)

Purpose

To advance secured loans to Beneficiaries to enhance their quality of life.

Victor Donaldson Fund: To advance secured loans to Beneficiaries to enhance their quality of life. Specific gifts, donations and legacies for the For the specific use of the Homes towards costs of improving facilities for Homes: the benefit of the residents. Prince Edward Duke of Kent Court, Essex: Donation by Mark Master Masons for the development of the Thomas Were Howard House Group. L H Miles: Funds received from the Estate of the late W. Bro. Leslie Hugh Miles, PPJGW (Essex), to be used for the sole benefit of the residents of Prince Edward Duke of Kent Court, Stistead Hall, Braintree, Essex. Good Neighbour Fund: To assist towards Annuitants' holiday costs and make discretionary grants. Friends of R M B I : To contribute, from its fund raising ball held each year, towards Annuitants' holiday costs. N.H. Fowler: Use of income specifically for Connaught Court, York, towards the cost of improving facilities for the benefit of its residents. Royal Arch holidays: To contribute towards the cost of an annual holiday to Malta for certain Annuitants and residents. Dementia Support Fund Donation from Grand Stewards Lodge towards Dementia Support program. Other: Various funds consist of amounts under £8k with varying purposes.

16. ENDOWMENT FUNDS FOR RMBICC AND THE GROUP

The Institution has one permanent endowment fund called Cooper and Bull fund for £83k (2024:£81k). The purpose of the Cooper and Bull fund is to provide income towards the costs of the nurse training scheme.

46

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

(Charity no. 1163245, Company no. 1293566)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS FOR THE GROUP

(a) Current Year
Properties and equipment
Investments
Current assets
Current liabilities
Long-term liabilities
RMBICC defined benefit scheme asset
Total Net Assets
(b) Previous year
Properties and equipment
Investments
Current assets
Current liabilities
Long-term liabilities
RMBICC defined benefit scheme asset
Total Net Assets		 Unrestricted
funds
£'000
77,901
12,628
22,264
(5,622)
(10,000)
2,451
99,622
Unrestricted
funds
£'000
76,760
13,064
23,702
(5,766)
(10,000)
2,688
100,448		 Restricted
funds
£'000
33
1,066
2,998
3
-
-
4,100
Restricted
funds
£'000
33
1,120
2,878
7
-
-
4,038		 As at
31-Mar-25
Total
£'000
77,934
13,694
25,262
(5,619)
(10,000)
2,451
103,722
As at
31-Mar-24
Total
£'000
76,793
14,184
26,580
(5,759)
(10,000)
2,688
104,486		 As at
31-Mar-24
Total
£'000
76,793
14,184
26,580
(5,759)
(10,000)
2,688
104,486
As at
31-Mar-23
Total
£'000
76,614
16,726
25,939
(5,541)
(10,000)
2,823
106,561

18. CONNECTED PARTIES:

a. Province of Yorkshire, West Riding

During the period ended 31st March 2025, no contribution was received from the Province of Yorkshire, West Riding towards the running costs of RMBI Homes in Yorkshire (2024 - £nil).

The Masonic Foundation for the Aged and Sick (MFAS) was dissolved in March 2011 and residual funds dispersed. However, the name remains on the Charity Commission register so that if MFAS is the beneficiary of any future legacies the RMBICC will be the agreed recipient and once funds are received they will be shared with the Masonic Samaritan Fund.

47

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

(Charity no. 1163245, Company no. 1293566)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

18. CONNECTED PARTIES (CONTINUED)

c. Masonic Care Limited

Masonic Care Limited was incorporated on 21st October 1998 to provide accommodation and care for people with learning disabilities. RMBI Care Company took over the running of the home and the net assets and liabilities were transferred in 2018. This company is now dormant.

d. RMBI Pension Trust Limited

RMBI Pension Trust Limited is the sole Trustee of the RMBICC Pension scheme, the defined benefit scheme of RMBICC. RMBICC pays pensions on behalf of the RMBICC Pension scheme. The total amount payable to the RMBICC, by the Pension (Scheme), as at 31 March 2025 was nil (2024 - nil).

e. Compass Housing Ltd.

During 2006/7 the RMBICC took over the administration of Compass Housing Ltd, a sheltered housing complex in Cornwall, that was previously administered by Masonic Charitable Housing. The total amount payable to the RMBICC, by the Compass Housing Limited, as at 31 March 2025 was Nil (2024 - Nil). The administration of Compass Housing Ltd has been transferred to Masonic Charitable Foundation, the parent charity during 2019/20.

19. PENSION SCHEMES

The Charity operates two pension schemes. One of these pension schemes is a defined benefits pension scheme, which was closed to new entrants on 4th September 1996. The scheme was also closed for the existing employees in September 2010. The other scheme is a defined contribution scheme.

a. Defined contribution

The Charity operates a defined contribution pension scheme. During the year the charity made payments totalling £872k (2024 - £813k).

b. Defined benefit

The RMBI Pension and Life Assurance Fund ("the Fund") is a funded defined benefit arrangement which provides retirement benefits based on final pensionable salary.

The valuation used for FRS102 disclosures has been based on a full assessment of the liabilities of the Fund. On 30 September 2010 the scheme stopped accruing benefits to its members and all the employees at that time were transferred to the Group Personal Pension Scheme. Hence, there is no current service cost for the defined benefit scheme and all contributions in note 7 relates to the defined contribution scheme.

c . Principal actuarial assumptions at the balance sheet date:

The results of the most recent formal actuarial valuation as at 31 March 2022 have been updated to 31 March 2025 by a qualified independent actuary. The assumptions used were as follows:

Year ended Year ended
Significant actuarial assumptions: 31-Mar-25 31-Mar-24
Discount rate 5.7% 4.8%
Rate of inflation (RPI) 3.2% 3.3%
Rate of inflation (CPI) 2.8% 2.8%

48

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

(Charity no. 1163245, Company no. 1293566)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

19. PENSION SCHEME (CONTINUED):

Principal actuarial assumptions at the balance sheet date (continued)

Year ended
Other actuarial assumptions:
31-Mar-25
Rate of increase in pensionable salaries
3.2%
Rate of Increase in pensions - Post 88 GMP
2.3%
Rate of Increase in pensions - Pre 97 XS
0.0%
Rate of Increase in pensions - Post 97 pension
3.1%
Rate of Increase in pensions - Post 05 pension
2.1%
Revaluation of deferred pensions (non-GMP)
3.2%
Mortality assumptions:
Mortality before retirement
as per post
retirement
Mortality before and after retirement - S3PMA / S2PMA
100%
Mortality before and after retirement - S3PFA / S2PFA
100%
Life Expectancies (in years):
Males
Females
For an individual age 65
20.8
23.4
At age 65 for an individual aged 45
22.1
24.9
d. Changes in the present value of the defined benefit obligation are as follows:
Year ended
31-Mar-25
£'000
Opening defined benefit obligation
13,946
Interest cost
641
Actuarial (Gain) / Losses
( 1,003)
Post service cost
-
Benefit paid
(1,219)
Closing defined benefit obligation
12,365
e. Changes in the fair value of Fund assets are as follows:
Opening fair value of Fund assets
16,634
Interest income
770
Administration expenses
-
Actuarial (loss) / Gains
( 1,369)
Contributions by employer
-
Benefits paid
(1,219)
Closing fair value of Fund assets
14,816
f. Assets:
The fair value of the assets of the Scheme were:
Equities
-
Property
-
Corporate Bonds
-
Fixed Interest gilts
-
Index linked gilts
-
Liability-driven investment (LDI)
-
Diversified Growth (DGF) & DCFs
-
Buyout aware funds
14,685
Cash and net current assets
131
Total
14,816
The return on the assets was:
Interest Income
770
Return on assets less interest income
(1,369)
Total return on assets
(599)
31-Mar-25		 Year ended
31-Mar-24
3.3%
2.3%
0.0%
3.2%
2.2%
3.3%
as per post
retirement
100%
100%
31-Mar-24
Males
Females
20.9
23.4
22.2
24.9
Year ended
31-Mar-24
£'000
14,822
681
( 290)
-
(1,267)
13,946
17,645
817
-
( 561)
-
(1,267)
16,634
-
-
-
-
-
-
-
16,296
338
16,634
817
(561)
256

49

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

(Charity no. 1163245, Company no. 1293566)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

19. PENSION SCHEME (CONTINUED):

g. Reconciliation to the Statement of Financial Position (balance sheet)

Market value of assets
Present value of defined benefit obligation
Fund status
Irrecoverable surplus
Pension asset/(liability) recognised in the SOFA		 31-Mar-25
£000
14,816
(12,365)
2,451
-
2,451		 31-Mar-24
£000
16,634
(13,946)
2,688
-
2,688

h. The amounts recognised in Statement of Financial Activities:

The amounts recognised in Statement of Financial Activities:
Current service costs
Past service cost
Interest on obligation
Net interest received
Total
The amounts recognised in Other Recognised Gains/Losses:
Actuarial gains/(losses) in defined benefit obligation
Actual return on assets less interest
Total		 Year ended
31-Mar-25
£'000
-
-
-
129
129
1,003
(1,369)
(366)		 Year ended Year ended
31-Mar-24
£'000
-
-
-
136
136
290
(561)
(271)

i. Future Funding Obligation:

The Trustee is required to carry out an actuarial valuation every 3 years. The most recent actuarial valuation of the Fund was performed by the Scheme Actuary for the Trustee as at 31 March 2022. This valuation revealed a funding surplus of around £3.0m and therefore no deficit contributions are required from the Company. The Company has agreed to pay the ongoing costs of administering the Fund (including the PPF levy) directly. These costs are shown elsewhere in the accounts.

The Company therefore expects to pay no contributions to the Fund during the accounting year beginning 1 April 2025.

The next actuarial valuation of the Scheme as at 31 March 2025 is currently underway. Once the valuation is complete, a new Schedule of Contributions will be agreed. The contributions due to be paid by the Company during the accounting year beginning 1 April 2025 may therefore differ from those set out above.

50

Docusign Envelope ID: 9B1DBBBB-924E-4A08-95D5-C2029FD0137E

THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY

(Charity no. 1163245, Company no. 1293566)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

20. TAXATION

The Royal Masonic Benevolent Institution Care Company is a registered charity and is potentially exempt from taxation in respect of income and capital gains received within the categories covered by Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes.

21. NOTES TO CASH FLOW STATEMENT

ANALYSIS OF CHANGE IN NET FUNDS FOR THE GROUP

(a) Current year
Cash and cash equivalents
Cash at bank and in hand
Short term deposits
Borrowings
Loans due within one year
Loans due after one year
Cash and cash equivalent less debts
(b) Previous year
Cash and cash equivalents
Cash at bank and in hand
Short term deposits
Borrowings
Loans due within one year
Loans due after one year
Cash and cash equivalent less debts		 At 31st March
2024
£'000
3,060
10,887		 Cash flow
£'000
1,345
2,301		 At 31st March
2025
£'000
4,405
13,188
13,947 3,646 17,593
-
(10,000)		 -
-		 -
(10,000)
(10,000) - (10,000)
3,947
At 31st March
2023
£'000
3,604
9,885		 3,646
Cash flow
£'000
(544)
1,002
7,593
At 31st March
2024
£'000
3,060
10,887
13,489 458 13,947
-
(10,000)		 -
-		 -
(10,000)
(10,000) - (10,000)
3,489 458
3,947

22 LEGAL STATUS OF THE CHARITY

The Charity is a company limited by guarantee and no share capital. In the event of the charity been wound up, the liability of the guarantee is limited to £10 per member of the charity.

23 ULTIMATE CONTROLLING PARTY

The charity is a subsidiary of the Masonic Charitable Foundation and the Trustee Board of the Masonic Charitable Foundation is the Charity's ultimate controlling party.

24 INVESTMENT PROPERTY REVALUATION

The investment property revaluation was undertaken by an external, independent property valuers, with a relevant and recognised professional qualification. The valuers have recent experience in the location and category of the property being valued.

The property comprises a retail unit as well as four residential accommodations. The residential accommodations have been valued assuming a sale on 125 year lease. The valuation of the retail unit is based on 15 year lease, capitalising the income payable to the freehold with appropriate investment yield and reflects discounts for related costs associated with the sale.

25 RELATED PARTY TRANSACTIONS

There have been no related party transactions other than those disclosed in note 18.

51