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 



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 

## **Contents** 

## **Pages Description** 

- 3 Financial Overview 

- 4-28 Report of the Trustees 

- 29-32 Independent Auditor’s Report 

- 33 Consolidated Statement of Financial Activities 

- 34 Consolidated Balance Sheet 

- 35 Consolidated Cash Flow Statement 

- 36-38 Principal Accounting Policies 

- 39-51 Notes to the Accounts 

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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 

## **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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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 

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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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 

## **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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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 

## **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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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 

## **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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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 

## **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: 

- (a) Accommodation in residential care facilities or sheltered accommodation, and associated facilities. 

- (b) Financial assistance by way of grant; and/or; 

- (c) Such other services or assistance as the Trustees may from time to time think fit. In carrying out these Objects, the Trustees shall take reasonable steps to give preference to individuals who are Freemasons (or individuals who have at any point been the spouse, civil partner, child or other dependant of a Freemason). 

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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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 

## **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. 

- RMBI Trading Ltd – a design and build Project Management Company established to develop all our new build properties. 

- Stability Investments Ltd – Established for the development of one of the Charity’s properties. 

- RMBI (Settlement) Limited – Established in August 2017 to purchase welfare services, i.e. for the provision of residential and other care, from Local Authorities, Government Departments and other agencies. 

- 19/21 GQS Limited – Established in January 2019 to manage and operate properties. 

## **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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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 

## **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: 

- 100% of all care homes hold a ‘Good’ or ‘Outstanding’ (‘Excellent’ for Wales) rating with the English and Welsh Regulators. 

- Four Managers were finalists at the Great British Care Awards 2025 with Nina Stephens our Home Manager at Prince George Duke of Kent Court winning the Registered Manager Award. 

- Strong financial results for the Charity confirming the demand for specialist care and controls on staff costs and agency. 

- Commitment by the Board to an Equity, Diversity, and Inclusion Statement of Purpose published on the website and displayed at all services. 

- Continued reduction in Carbon Emissions since 2019 in line with our sustainability objectives including a continuing programme of solar panel installation at our care homes. 

- Around 450 new resident placements in the year. 

- Progression of our next new build at Cornwallis Court, Bury St Edmunds in partnership with our construction partner Kind & Co.  Phase one of the development for 32 new beds to be completed in 2026. 

## **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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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 

(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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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 

## **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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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 

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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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 

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**<br>**Allocation**|**Benchmark**|**Actual 31st**<br>**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**<br>**Money**<br>**Market**|**RLAM**<br>**Short Term**<br>**Fixed**<br>**Income**|**RLAM Short**<br>**Term Fixed**<br>**Income**<br>**Enhanced**|**CCLA**<br>**Property**<br>**Fund**|
|---|---|---|---|---|---|
|Fund at 31stMarch 2025|£9.34 M|£0.23 M|£0.71 M|£ 0.24 M|£ Nil|
|Investment approach|Steady<br>Growth<br>Multi-Asset|Capital<br>Protection|Capital<br>Protection|Capital<br>Protection|Income &<br>long-term<br>Capital<br>Growth|
|Benchmark|Composite|SONIA|SONIA|SONIA|MSCI/AREF<br>UK other<br>balanced<br>property|



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

FOR THE YEAR ENDED 31 MARCH 2025 

|Peer Group|ARC<br>Charity<br>GBP Steady<br>Growth|None|None|None|ARC Charity<br>GBP Steady<br>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**|<br>**Previousyears**|<br>**Previousyears**|<br>**Previousyears**|<br>**Previousyears**||
|---|---|---|---|---|---|---|
||**2024/25**|**2023/24**|**2022/23**|**2021/22**|**2020/21**|**Units**|
|**Energy consumption**<br>**used to calculate**<br>**emissions**|<br>**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|<br>5,273,167|5,245,156|kWh|
|Purchased fuel<br>(Generators)|**24,401**|12,780|13,356|<br>5,106|7,473|kWh|
|Transport fuel|**95,524**|88,701|313,004|<br>226,958|254,747|kWh|
|Business travel in<br>employee-owned<br>vehicles|**273,774**|225,836|299,426|<br>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<br>(generators)|**7**|3|3|1|2|tCO2e|
|Purchased electricity|**869**|942|887|1,120|1,223|tCO2e|
||||||||



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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 

|Business travel in<br>employee-owned<br>vehicles|**65**|54|74|37|23|tCO2e|
|---|---|---|---|---|---|---|
|**Total gross**<br>**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: 

- the likely long-term consequences of any decisions made; 

- the interests of the Charity’s employees; 

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- the importance of fostering positive relationships with suppliers, residents, their families, and other stakeholders; 

- the impact of the Charity’s operations on the wider community and the environment; 

- the desirability of maintaining a reputation for high standards of business conduct; and 

- the need to act fairly as between members of the Charity. 

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**<br>**£m**|**% of**<br>**income**||**2023/24**<br>**£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: 

- Cornwallis Court – Pre-build cost: £2.03m 

- Prince Edward Duke of Kent Court - Building refurbishment/Improvements: £0.81m 

- Zetland Court - Building refurbishment/Improvements: £0.28m 

- Cadogan Court - Building refurbishment/Improvements: £0.22m 

- Albert Edward Prince of Wales Court – Building refurbishment/Improvements: £0.20m 

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FOR THE YEAR ENDED 31 MARCH 2025 

- Connaught Court - Building refurbishment/Improvements: £0.18m 

- Prince George Duke of Kent Court - Building refurbishment/Improvements: £0.17m 

- Devonshire Court - Building refurbishment/Improvements: £0.14m 

- Shannon Court - Building refurbishment/Improvements: £0.13m 

- Queen Elizabeth Court - Building refurbishment/Improvements: £0.12m 

- Barford Court - Building refurbishment/Improvements: £0.12m 

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



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



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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|
||||engagement at all<br>locations/departments;<br>praise and recognition<br>schemes in place;<br>investment in management<br>teams both first and second<br>line levels; annual appraisals<br>which provide an<br>opportunity to discuss<br>career aspirations and<br>supervisions which enable<br>line managers to pick up on<br>any concerns.  Recruitment<br>strategies developed for<br>each Home in conjunction<br>with the Regional<br>Operations Managers<br>(ROM) / HR Business<br>Partners (HR BP) and<br>Marketing.  Recruitment<br>and retention strategy at<br>each location overseen by<br>the ROM/HR BP|development initiatives that<br>support this.<br>The HR Business Partners have<br>a dotted management line to<br>the Business Relationship<br>Managers at each home to<br>enable high-level focus on<br>recruitment.  The Marketing<br>department is also developing<br>better social media platforms<br>to enable a corporate approach<br>to attracting candidates.  All<br>Homes now have an annual<br>budget to support recruitment<br>costs.  Electronic Recruitment<br>system launched in July 2018<br>to enable faster process linked<br>to social media platforms.<br>Recruitment managed via the<br>electronic recruitment<br>platform and for homes<br>management roles an<br>appointed head-hunter to<br>encourage candidates to<br>consider vacant roles.|
|10|Retirement of the<br>Managing,<br>Financial, and<br>Operations<br>Directors.|Considerable business<br>risk with the loss of<br>expertise and<br>experience at the<br>same time which<br>needs to be closely<br>monitored as per<br>interim arrangements.|Ensure a recruitment<br>process is in place to make<br>permanent appointments as<br>soon as possible. Interim<br>appointments are in place.|Appoint Recruitment<br>Consultant to commence a<br>search for candidates.|
|11|Charity Code of<br>Conduct Review|Identification of best<br>practice and areas for<br>review|Board approved received<br>report which identified one<br>key gap under section 5<br>relating to EDI.|Introduction of a Board<br>supported EDI Statement of<br>commitment and Steering<br>Group now made a Committee.|
|12|Compliance|Some care homes<br>have not been<br>inspected by CQC for<br>over 6 years – all<br>Homes inspected in<br>2024 retained strong<br>ratings.|Strong programme of<br>internal audit providing<br>benchmark for external<br>inspection outcomes.|Action plans in situ with risk<br>identified early.|
|13|Pandemic and / or<br>Epidemic<br>Outbreak|Rapid transmission of<br>illness / physical<br>impacts.<br>Significant reduction<br>in operational staff,|Adequate and appropriate<br>PPE stocks maintained at all<br>times.<br>Business Critical Partners /|Continuity Plan Group (CPG) to<br>manage, monitor and regularly<br>review response to pandemic<br>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<br>partners and external<br>services leaving the<br>service unsafe for<br>residents.<br>Loss of life resulting in<br>reduced occupancy,<br>psychological impacts,<br>loss of reputation,<br>financial impacts, loss<br>of Home.<br>Insufficient provision<br>of medical support<br>increasing impacts of<br>pandemic.<br>Inability to<br>operationally manage<br>Home.|Bi-monthly IPC Lead<br>meetings (to include IPC<br>service provider and Home<br>Managers) to ensure<br>continued engagement and<br>to keep all leads up to date<br>with current objectives and<br>processes.<br>Regular audit and review of<br>operational and managerial<br>delivery of IPC function.<br>Yellow pandemic / epidemic<br>organisational file issued to<br>all homes.<br>Regular staff training in<br>infection prevention and<br>control operational and<br>managerial delivery as<br>appropriate to role for all<br>employees.<br>Appropriate cleaning and<br>colour coded products<br>available for use by all staff.<br>Managerial and operational<br>IPC Leads appointed in each<br>home, with clearly defined<br>roles and responsibilities,<br>supported by regular and<br>appropriate training<br>IPC Annual Plan in place and<br>communicated to relevant<br>personnel.|Outbreak procedures in place<br>appropriate to outbreak type<br>and levels.<br>Safe visitor spaces.<br>Supported resident<br>vaccinations.<br>Supplier’s continuity plans<br>known and kept up to date.<br>Full suite of infection outbreak<br>procedures available and<br>updated in line with<br>Government/s and Health<br>bodies’ guidance.<br>All staff trained to respond<br>appropriately to an infection<br>outbreak based on their role.<br>Response protocols,<br>Contingency Plans and Business<br>Continuity Plan in place, up to<br>date and regularly reviewed.<br>Protocols in place to<br>appropriately respond to local<br>and national restrictions.<br>Meetings to be held by the CRG<br>or equivalent RMBI Care Co.<br>group as required and in<br>response to current infection<br>rate<br>Continued monitoring of<br>information and guidance<br>issued by relevant authorities /<br>agencies.<br>PPE stocks monitored to<br>ensure minimum stock levels<br>are maintained.<br>Government information<br>continuously monitored to<br>ensure early warning of serious<br>respiratory infections post<br>COVID-19|
|14|Loss of life, serious<br>injury, prosecution<br>due to major Fire<br>Safety incident /<br>failure to adhere<br>to policies,<br>procedures, fire<br>safety regulations|Loss of life or serious<br>injury.<br>Prosecution under the<br>Regulatory Reform<br>(Fire Safety) Act and<br>other related<br>legislation in relation|Up to date and appropriate<br>fire safety management<br>policies and procedures in<br>place.<br>Annual fire risk assessment<br>undertaken by independent<br>fire safety consultant.|Regular training for all staff<br>within the homes and offices in<br>fire prevention and incident<br>response.<br>Regular fire drills conducted<br>within the Homes and offices.<br>Fire safety systems installed,<br>repaired,maintained and|



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



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



23 



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 

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



24 



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 

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



25 



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 

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

- Short Term Money Market Fund: 

   - SONIA 

- Short Term Fixed Income Fund: SONIA plus 0.50% gross of fees 

- Short Term Fixed Income Enhanced Plus Fund: SONIA plus 1.00% gross of fees 

## **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: 

- Select suitable accounting policies and then apply them consistently; 

- Observe the methods and principles in the Charity SORP; 

- Make judgements and estimates that are reasonable and prudent; 

- State whether UK Accounting Standards have been followed subject to any material departures disclosed and explained in the Financial Statements; and 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that a charitable company will continue in business. 

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 

- There is no relevant audit information of which the charitable company's auditors are unaware; and 

- The Trustees have taken all steps they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are also aware of that information. 

## **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: 

- give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 March 2025 and of the group’s income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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: 

- the information given in the Trustees’ report, which includes the Directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the strategic report and the Directors’ report included within the Trustees’ report has been prepared in accordance with applicable legal requirements. 

## **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: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of Trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## **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: 

- The charitable company is required to comply with both company law and charity law and, based on our knowledge of its activities, we identified the legal requirements to comply with this legislation including the requirement to correctly account for restricted funds. The Charity is also required to comply with the Health and Social Care Act and the regulations issued thereunder and compliance with the standards issued by the Care Quality Commission is a key issue. 

- We gained an understanding of how the charitable company complied with its legal and regulatory framework, including the requirement to properly account for restricted funds and to comply with the care quality standards, through discussions with management and a review of the documented policies, procedures and controls. 

- The audit team, which is experienced in the audit of charities, considered the charitable company’s susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override. 

- Our approach was to check that restricted income was properly identified and separately accounted for and to ensure that only valid and appropriate expenditure was charged to restricted funds. This included reviewing journal adjustments and unusual transactions. We also reviewed reports and ratings published for each care home for the most recent Care Quality Commission inspections to ensure that there were no cases of non-compliance. 

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**<br>Income from Charitable Activities<br>Income from Other Trading Activities<br>Income from Investments<br>Donations & Legacies<br>Other Income<br>Net gain/(Loss) on disposal of fixed assets<br>**TOTAL INCOME**<br>**EXPENDITURE:**<br>Expenditure on Raising  Funds<br>Expenditure on Charitable Activities<br>**TOTAL EXPENDITURE**<br>**Net Income/(Expenditure) before investment  Gains/(loss)**<br>Net (loss) / Gain on investment assets<br>**Net Income / (Expenditure)**<br>Transfers between funds<br>**Net incoming /(outgoing)  resources**<br>**Other recognised gains / losses**<br>Actuarial Gain / (loss) on defined benefit pension scheme<br>**NET MOVEMENTS IN FUNDS**<br>**Fund balances brought forward at  1st  April**<br>**Fund balance carried forward at 31st  March**|Notes<br>2<br>3<br>4<br>5<br>5.1<br>6<br>7,8<br>11<br>19|Group<br>Unrestricted<br>funds<br>2025<br>£'000<br>56,227<br>650<br>1,206<br>6,444<br>-<br>6|Group<br>Restricted<br>funds<br>2025<br>£'000<br>1<br>-<br>74<br>28<br>-<br>-|Group<br>Total<br>2025<br>£'000<br>56,228<br>650<br>1,280<br>6,472<br>-<br>6|Group<br>Unrestricted<br>funds<br>2024<br>£'000<br>52,600<br>549<br>1,169<br>6,998<br>-<br>8|Group<br>Restricted<br>funds<br>2024<br>£'000<br>45<br>-<br>39<br>44<br>-<br>-|Group<br>Total<br>2024<br>£'000<br>52,645<br>549<br>1,208<br>7,042<br>-<br>8<br>61,452<br>(55)<br>(64,466)<br>(64,521)<br>(3,069)<br>1,265<br>(1,804)<br>-<br>(1,804)<br>(271)<br>(2,075)<br>106,561<br>104,486|
|---|---|---|---|---|---|---|---|
|||64,533|103|64,636|61,324|128||
|||(50)<br>(65,053)|-<br>(41)|(50)<br>(65,094)|(55)<br>(64,285)|-<br>(181)||
|||(65,103)|(41)|(65,144)|(64,340)|(181)||
|||(570)<br>110|62<br>-|(508)<br>110|(3,016)<br>1,265|(53)<br>-||
|||(460)<br>-|62<br>-|(398)<br>-|(1,751)<br>-|(53)<br>-||
|||(460)<br>(366)|62<br>-|(398)<br>(366)|(1,751)<br>(271)|(53)<br>-||
|||(826)<br>100,448|62<br>4,038|(764)<br>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<br>**FIXED ASSETS**<br>Tangible assets<br>9<br>Investments<br>11<br>**CURRENT ASSETS**<br>Current asset Investments<br>12<br>Debtors and prepayments<br>12 (a)<br>Short term deposits<br>Cash at bank and in hand<br>**CREDITORS**<br>Amounts falling due within one year<br>13<br>**NET CURRENT ASSETS**<br>**CREDITORS**<br>Amounts falling due more than one year<br>13 (a)<br>**NET ASSETS BEFORE PENSION ASSET**<br>RMBICC defined benefit scheme asset / (liability)<br>19 (g)<br>**NET ASSETS AFTER PENSION ASSET**<br>**FUNDS:**<br>**Unrestricted funds**<br>- Designated funds<br>14.1 & 14.<br>- Accumulated fund<br>14.1 & 14.<br>Unrestricted funds before Pension surplus<br>RMBI defined benefit scheme net surplus<br>19 (g)<br>Unrestricted funds after Pension surplus<br>**Restricted funds**<br>15<br>**Endowment funds**<br>15<br>**TOTAL FUNDS**|RMBICC<br>Group<br>RMBICC<br>Group<br>31st March<br>31st March<br>31st March<br>31st March<br>2025<br>2025<br>2024<br>2024<br>£'000<br>£'000<br>£'000<br>£'000<br>72,735<br>77,934<br>73,298<br>76,793<br>13,694<br>13,694<br>14,184<br>14,184|
|---|---|
||86,429<br>91,628<br>87,482<br>90,977|
||2,862<br>2,862<br>6,515<br>6,515<br>11,183<br>4,807<br>10,831<br>6,118<br>13,188<br>13,188<br>10,887<br>10,887<br>4,320<br>4,405<br>2,962<br>3,060|
||31,553<br>25,262<br>31,195<br>26,580<br>(5,561)<br>(5,619)<br>(5,721)<br>(5,759)|
||25,992<br>19,643<br>25,474<br>20,821|
||(10,000)<br>(10,000)<br>(10,000)<br>(10,000)|
||102,421<br>101,271<br>102,956<br>101,798<br>2,451<br>2,451<br>2,688<br>2,688|
||104,872<br>103,722<br>105,644<br>104,486|
||2<br>73,162<br>73,162<br>74,560<br>74,560<br>2<br>25,159<br>24,009<br>24,358<br>23,200|
||98,321<br>97,171<br>98,918<br>97,760<br>2,451<br>2,451<br>2,688<br>2,688|
||100,772<br>99,622<br>101,606<br>100,448<br>4,017<br>4,017<br>3,957<br>3,957<br>83<br>83<br>81<br>81|
||104,872<br>103,722<br>105,644<br>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**<br>Adjustments for:<br>Depreciation<br>(Gains) / Loss  on disposal of fixed assets<br>Investment Income<br>Defined Benefit Pension Scheme<br>(Increase) / Decrease in debtors<br>(Decrease) / Increase  in creditors<br>**Net cash provided by (used in) operating activities**<br>**Cash flows from investing activities:**<br>Dividends and interest from investments<br>Purchase of property, plant and equipment<br>Discontinued capital project cost written off to revenue<br>Proceeds from sale of property, plant and equipment<br>Purchase of investments<br>Proceeds from sale of investments<br>**Net cash provided by (used in) investing activities**<br>**Cash flows from Financing activities:**<br>Cash from Sustainable Bond issue<br>**Net cash provided by (used in) Financing activities**<br>Change in cash and cash equivalents in the reporting period<br>Cash and cash equivalents at the beginning of the reporting period<br>Cash and cash equivalents at the end of the reporting period|RMBI<br>Group<br>2025<br>2025<br>Notes<br>£'000<br>£'000<br>**(516)**<br>**(508)**<br>4,234<br>4,222<br>(6)<br>(6)<br>(1,281)<br>(1,281)<br>(129)<br>(129)<br>(352)<br>1,311<br>(160)<br>(140)<br>**1,790**<br>**3,469**<br>1,281<br>1,281<br>(3,671)<br>(5,363)<br>-<br>-<br>6<br>6<br>(109)<br>(109)<br>4,362<br>4,362<br>**1,869**<br>**177**<br>-<br>-<br>**-**<br>**-**<br>21<br>3,659<br>3,646<br>21<br>13,849<br>13,947<br>21<br>**17,508**<br>**17,593**|RMBI<br>Group<br>2025<br>2025<br>Notes<br>£'000<br>£'000<br>**(516)**<br>**(508)**<br>4,234<br>4,222<br>(6)<br>(6)<br>(1,281)<br>(1,281)<br>(129)<br>(129)<br>(352)<br>1,311<br>(160)<br>(140)<br>**1,790**<br>**3,469**<br>1,281<br>1,281<br>(3,671)<br>(5,363)<br>-<br>-<br>6<br>6<br>(109)<br>(109)<br>4,362<br>4,362<br>**1,869**<br>**177**<br>-<br>-<br>**-**<br>**-**<br>21<br>3,659<br>3,646<br>21<br>13,849<br>13,947<br>21<br>**17,508**<br>**17,593**|Group<br>2024<br>£'000<br>**(3,069)**<br>4,510<br>(8)<br>(1,253)<br>(136)<br>(183)<br>218|
|---|---|---|---|
||21<br>21<br>21|||
||||**79**|
||||1,253<br>(4,689)<br>-<br>8<br>(132)<br>3,939|
|||**1,869**<br>**177**|**379**|
|||-<br>-|-|
|||**-**<br>**-**|**-**|
|||3,659<br>3,646<br>13,849<br>13,947<br>**17,508**<br>**17,593**|458<br>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: 

- (a) The Financial statements have been prepared in accordance with 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 (FRS102) (effective 1 January 2019) – (Charities SORP (FRS102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)  and the Companies Act 2006. 

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). 

- (b) The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. The most significant areas of adjustment and key assumptions that affect items in the accounts are to do with the defined benefit pension scheme. The surplus on the scheme is determined by actuarial valuation. This involves making assumptions about discount rates, mortality rates etc. Due to the complexity of the valuation, the underline assumptions and long term nature of these schemes, the estimates are subject to uncertainty. Assumptions are based on the recommendations of the actuary. 

## (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: 

- Expenditure on raising funds, which comprises the cost of investment management fees and fundraising costs. 

- Expenditure on charitable activities includes, principally, cost of running Care Homes of the charity. 

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)** 

- (e) Funds accounting 

Funds held by the Institution are: 

- 1 Unrestricted funds - these are funds which can be used in accordance with the charitable objects at the discretion  of the Trustees. 

- 2 Designated funds - these are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects and are as follows (See note 14): 

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. 

- 3 Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the Institution. Restrictions arise when specified by the donor or when funds are raised for particular purposes. Further explanations of the nature and purpose are included in note 15 and 16 to the accounts. 

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. 

- (f) Investments 

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. 

- (g) Apportionment of support costs: 

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

- (h) Consolidation: 

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. 

- (m) Depreciation: 

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. 

- (n) Pension costs: 

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**<br>Note<br>Residents' Fee Receivable<br>Financial assistance to the elderly (Loan interest)<br>**3. INCOME FROM OTHER TRADING ACTIVITIES**<br>Rental & Other Income<br>**4. INCOME FROM INVESTMENTS**<br>Dividends<br>Interest on cash deposits<br>Interest Income<br>**5  DONATIONS, LEGACIES AND GRANTS**<br>Donations<br>Infection control & LA grants<br>Donations from the parent charity<br>Legacies|Unrestricted<br>funds 2025<br>£'000<br>56,227<br>-<br>56,227<br>Unrestricted<br>funds<br>£'000<br>650<br>650<br>Unrestricted<br>funds<br>£'000<br>283<br>153<br>770<br>1,206<br>Unrestricted<br>funds<br>£'000<br>24<br>-<br>6,420<br>-<br>6,444|Restricted<br>funds 2025<br>£'000<br>-<br>1<br>1<br>Restricted<br>funds<br>£'000<br>-<br>-<br>Restricted<br>funds<br>£'000<br>-<br>74<br>-<br>74<br>Restricted<br>funds<br>£'000<br>11<br>10<br>-<br>7<br>28|2025<br>Total<br>£'000<br>56,227<br>1<br>56,228<br>2025<br>Total<br>£'000<br>650<br>650<br>2025<br>Total<br>£'000<br>283<br>227<br>770<br>1,280<br>Total<br>2025<br>£'000<br>35<br>10<br>6,420<br>7<br>6,472|Unrestricted<br>funds 2024<br>£'000<br>52,600<br>-<br>52,600<br>Unrestricted<br>funds<br>£'000<br>549<br>549<br>Unrestricted<br>funds<br>£'000<br>310<br>42<br>817<br>1,169<br>Unrestricted<br>funds<br>£'000<br>32<br>44<br>6,922<br>-<br>6,998|Restricted<br>funds 2024<br>£'000<br>-<br>45<br>45<br>Restricted<br>funds<br>£'000<br>-<br>-<br>Restricted<br>funds<br>£'000<br>-<br>39<br>-<br>39<br>Restricted<br>funds<br>£'000<br>-<br>-<br>-<br>44<br>44|2024<br>Total<br>£'000<br>52,600<br>45|
|---|---|---|---|---|---|---|
|||||||52,645|
|||||||2024<br>Total<br>£'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:**<br>Cost of generating voluntary income<br>Investment management cost|Staff<br>£'000<br>-<br>-|Other<br>£'000<br>-<br>50<br>50|Total - 2025<br>£'000<br>-<br>50<br>50|Staff<br>£'000<br>-<br>-<br>-|Other<br>£'000<br>-<br>55<br>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:**<br>Wages and salaries<br>Social security costs<br>Pension costs<br>Total<br>The number of employees whose total employment benefits are greater than £60,000 are as follows:<br>60,001    to    70,000<br>70,001    to    80,000<br>80,001    to    90,000<br>90,001    to   100,000<br>100,001  to   110,000<br>110,001  to   120,000<br>120,001  to   130,000<br>130,001  to   140,000<br>140,001  to   150,000<br>150,001  to   160,000<br>160,001  to   170,000|2025<br>£'000<br>35,049<br>2,987<br>872|2024<br>£'000<br>32,243<br>2,608<br>813|
||38,908|35,664|
||No.|No.|
||15<br>8<br>5<br>3<br>2<br>1<br>1<br>2<br>-<br>-<br>1|16<br>9<br>6<br>1<br>2<br>-<br>3<br>-<br>-<br>1<br>-|
||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:<br>Homes<br>Support<br>Marketing<br>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<br>Other Staff Costs<br>Agency staff costs<br>Catering supplies<br>Building maintenance and refurbishment<br>Light, heat, rates and water<br>Depreciation<br>Furniture and equipment<br>Cleaning and laundry<br>IT and Computer maintenance<br>Insurance<br>Medical expenses<br>Other - restricted fund expenditure<br>Postage, telephone and stationery<br>Audit<br>Legal and professional fees<br>Interest Costs<br>RMBICC defined benefit pension scheme administration cost<br>Miscellaneous<br>Annuities and grants<br>Total|Residential &<br>Care Homes<br>before<br>support costs<br>£'000<br>35,110<br>1,038<br>3,637<br>6,542<br>2,339<br>1,918<br>4,090<br>409<br>1,071<br>616<br>705<br>260<br>41<br>261<br>-<br>3<br>641<br>180<br>698<br>14<br>59,573|Support costs<br>(Head Office)<br>£'000<br>3,089<br>59<br>27<br>-<br>-<br>136<br>125<br>13<br>3<br>431<br>75<br>-<br>-<br>66<br>-<br>13<br>-<br>-<br>659<br>-|Sub - Total -<br>Residential &<br>Care Homes<br>with Support<br>Costs<br>Finan<br>cial<br>assist<br>ance<br>for<br>the<br>£'000<br>£'000<br>38,199<br>-<br>1,097<br>-<br>3,664<br>-<br>6,542<br>-<br>2,339<br>-<br>2,054<br>-<br>4,215<br>-<br>422<br>-<br>1,074<br>-<br>1,047<br>-<br>780<br>-<br>260<br>-<br>41<br>-<br>327<br>-<br>-<br>-<br>16<br>-<br>641<br>-<br>180<br>1,357<br>-<br>14<br>-<br>64,269<br>-|Governanc<br>e Costs<br>£'000<br>709<br>7<br>5<br>-<br>-<br>-<br>7<br>-<br>-<br>8<br>24<br>-<br>-<br>-<br>42<br>-<br>-<br>-<br>23<br>-|Total<br>2025<br>£'000<br>38,908<br>1,104<br>3,669<br>6,542<br>2,339<br>2,054<br>4,222<br>422<br>1,074<br>1,055<br>804<br>260<br>41<br>327<br>42<br>16<br>641<br>180<br>1,380<br>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**<br>**COST:**<br>At 1st April 2024<br>Additions<br>Disposals<br>At 31st March 2025<br>**DEPRECIATION:**<br>At 1st April 2024<br>Charge for the year<br>Disposals<br>At 31st March 2025<br>**NET BOOK VALUE:**<br>At 31st March 2025<br>At 31st March 2024|Freehold<br>properties<br>£'000<br>112,200<br>2,112<br>-<br>114,312<br>(42,964)<br>(3,424)<br>-<br>(46,388)<br>67,924|Long<br>leasehold<br>properties<br>£'000<br>848<br>-<br>-<br>848<br>(312)<br>(23)<br>-<br>(335)<br>513|Motor<br>Computers &<br>Vehicles<br>Equipment<br>£'000<br>£'000<br>140<br>7,212<br>8<br>1,551<br>(23)<br>(1,242)<br>125<br>7,521<br>(95)<br>(3,731)<br>(18)<br>(769)<br>23<br>1,242<br>(90)<br>(3,258)<br>35<br>4,263|Motor<br>Computers &<br>Vehicles<br>Equipment<br>£'000<br>£'000<br>140<br>7,212<br>8<br>1,551<br>(23)<br>(1,242)<br>125<br>7,521<br>(95)<br>(3,731)<br>(18)<br>(769)<br>23<br>1,242<br>(90)<br>(3,258)<br>35<br>4,263|Total<br>£'000<br>120,400<br>3,671<br>(1,265)|
|---|---|---|---|---|---|
||||||122,806|
||||||(47,102)<br>(4,234)<br>1,265|
||||||(50,071)|
||||||72,735|
|||||||
||69,236|536|45|3,481|73,298|



## **9.2  FIXED ASSETS FOR THE GROUP** 

|**Tangible assets**<br>**COST:**<br>At 1st April 2024<br>Additions<br>Transfer of completed projects to RMBICC<br>Disposals<br>At 31st March 2025<br>**DEPRECIATION:**<br>At 1st April 2024<br>Charge for the year<br>Disposals<br>At 31st March 2025<br>**NET BOOK VALUE:**<br>At 31st March 2025<br>At 31st March 2024|Assets<br>Under<br>Freehold<br>Construction<br>properties<br>£'000<br>£'000<br>3,946<br>111,617<br>1,692<br>2,112<br>-<br>-<br>-<br>-<br>5,638<br>113,729<br>-<br>(42,832)<br>-<br>(3,412)<br>-<br>-<br>-<br>(46,244)<br>5,638<br>67,485|Long<br>leasehold<br>properties<br>£'000<br>848<br>-<br>-<br>-<br>848<br>(312)<br>(23)<br>-<br>(335)<br>513|Motor<br>Computers &<br>Vehicles<br>Equipment<br>£'000<br>£'000<br>140<br>7,212<br>8<br>1,551<br>-<br>-<br>(23)<br>(1,242)<br>125<br>7,521<br>(95)<br>(3,731)<br>(18)<br>(769)<br>23<br>1,242<br>(90)<br>(3,258)<br>35<br>4,263|Motor<br>Computers &<br>Vehicles<br>Equipment<br>£'000<br>£'000<br>140<br>7,212<br>8<br>1,551<br>-<br>-<br>(23)<br>(1,242)<br>125<br>7,521<br>(95)<br>(3,731)<br>(18)<br>(769)<br>23<br>1,242<br>(90)<br>(3,258)<br>35<br>4,263|Total<br>£'000<br>123,763<br>5,363<br>-<br>(1,265)|
|---|---|---|---|---|---|
||||||127,861|
||||||(46,970)<br>(4,222)<br>1,265|
||||||(49,927)|
||||||77,934|
|||||||
||3,946<br>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<br>properties<br>£'000<br>-<br>421<br>421<br>On construction and improvement of Homes and other<br>capital  expenditure:<br>- Expenditure contracted for<br>- Expenditure  authorised  but  not  contracted  for|Long<br>leasehold<br>properties<br>£'000<br>-<br>-<br>-|Vehicles<br>& computer<br>equipment<br>£'000<br>39<br>-<br>39|31st March<br>2025<br>Total<br>£'000<br>39<br>421<br>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**<br>(Charity no. 1163245, Company no. 1293566)<br>**NOTES  TO  THE  FINANCIAL  STATEMENTS**<br>**FOR THE YEAR ENDED  31ST  MARCH  2025**|**THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY**<br>(Charity no. 1163245, Company no. 1293566)<br>**NOTES  TO  THE  FINANCIAL  STATEMENTS**<br>**FOR THE YEAR ENDED  31ST  MARCH  2025**|**THE ROYAL MASONIC BENEVOLENT INSTITUTION CARE COMPANY**<br>(Charity no. 1163245, Company no. 1293566)<br>**NOTES  TO  THE  FINANCIAL  STATEMENTS**<br>**FOR THE YEAR ENDED  31ST  MARCH  2025**||
|---|---|---|---|
|**11.  FIXED ASSETS**<br>**INVESTMENTS FOR RMBICC AND THE GROUP**<br>**(a) Listed Investments**<br>Masonic Charitable Foundation Investment Fund CAIF<br>**Cash held as part of investments:**<br>Cash held by investment manager<br>**(b) Investment Properties**<br>**(c) Social  Investments:**<br>VDF Loans<br>**Total Investments**<br>**MOVEMENT  FOR  THE  YEAR:**<br>**(a) Listed Investments & Unlisted Subsidiaries:**<br>Market value at the beginning of the year<br>Additions<br>Proceeds from disposals<br>Disposals<br>Net investment (loss) / gain<br>Market value at the end of the year<br>**(b) Investment Properties:**<br>Market value at the beginning of the year<br>Additions<br>Proceeds from disposals<br>Property Revaluation (see note 24)<br>Market value at the end of the year<br>**(c) Social Investments- VDF Loans:**<br>Balance at the beginning of the year<br>New loans issued<br>Loans repaid<br>Balance at the end of the year||As at<br>31st March 2025<br>Market values<br>£'000<br>9,344<br>9,344<br>1,178<br>10,522<br>2,106<br>1,066||
||||As at<br>31st March 2024|
||||Market values<br>£'000|
||||10,071|
||||10,071<br>1,116|
||||11,187|
||||1,877|
|||||
||||1,120|
|||13,694<br>31st March 2025<br>£'000<br>10,071<br>163<br>-<br>(1,000)<br>110<br>9,344<br>1,877<br>-<br>-<br>229<br>2,106<br>£'000<br>1,120<br>3<br>(57)<br>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**<br>Investment Property<br>Market value at the beginning of the year<br>Additions<br>Proceeds from disposals<br>Property Revaluation (see note 24)<br>Market value at the end of the year|RMBICC<br>As at<br>31-Mar-25<br>6,515<br>-<br>(3,424)<br>(229)|Group<br>As at<br>31-Mar-25<br>6,515<br>-<br>(3,424)<br>(229)<br>2,862|RMBICC<br>As at<br>31-Mar-24|Group<br>As at<br>31-Mar-24|
|---|---|---|---|---|
||||6,515<br>-<br>-<br>-|6,515<br>-<br>-<br>-|
||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**<br>Residents' contributions<br>RMBI Trading Limited & RMBI (Settlement) Ltd<br>Other debtors and prepayments<br>Total<br>**13.  CREDITORS:**<br>**Amounts falling due within one year**<br>Trade creditors<br>Taxation and social security costs<br>Other creditors<br>Accruals<br>Total<br>**13 (a).  CREDITORS:**<br>**Amounts falling due more than one year**<br>Other creditors (amount due between 2 and 5 years)<br>Other creditors (repayable after more than  5 years)<br>Total|RMBICC<br>As at<br>31-Mar-25<br>Total<br>£'000<br>3,508<br>6,456<br>1,219|Group<br>As at<br>31-Mar-25<br>Total<br>£'000<br>3,508<br>-<br>1,299<br>4,807<br>Group<br>As at<br>31-Mar-25<br>Total<br>£'000<br>1,147<br>641<br>846<br>2,985<br>5,619<br>Group<br>As at<br>31-Mar-25<br>Total<br>£'000<br>10,000<br>-<br>10,000|RMBICC<br>As at<br>31-Mar-24<br>Total<br>£'000<br>3,951<br>4,726<br>2,154|Group<br>As at<br>31-Mar-24<br>Total<br>£'000<br>3,951<br>-<br>2,167|
|---|---|---|---|---|
||11,183||10,831|6,118|
||RMBICC<br>As at<br>31-Mar-25<br>Total<br>£'000<br>1,140<br>641<br>846<br>2,934||||
||||RMBICC<br>As at<br>31-Mar-24<br>Total<br>£'000<br>1,603<br>590<br>1,011<br>2,517|Group<br>As at<br>31-Mar-24<br>Total<br>£'000<br>1,611<br>590<br>1,011<br>2,547|
||5,561||5,721|5,759|
||RMBICC<br>As at<br>31-Mar-25<br>Total<br>£'000<br>10,000<br>-||||
||||RMBICC<br>As at<br>31-Mar-24<br>Total<br>£'000<br>10,000<br>-|Group<br>As at<br>31-Mar-24<br>Total<br>£'000<br>10,000<br>-|
||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**<br>**Designated funds:**<br>Fixed asset fund<br>New building fund<br>**Accumulated fund**<br>Unrestricted Funds before Pension Scheme<br>Defined Benefit Pension Scheme<br>Unrestricted Funds after Pension Scheme|Net<br>Balance movements<br>31-Mar-24<br>in funds<br>£'000<br>£'000<br>73,265<br>-<br>1,295<br>-<br>74,560<br>-<br>24,358<br>(597)<br>98,918<br>(597)<br>2,688<br>(237)<br>101,606<br>(834)|New<br>designations<br>£'000<br>3,671<br>3,250<br>6,921<br>(6,921)<br>-<br>-<br>-|Utilised /<br>released<br>£'000<br>(4,234)<br>(4,085)<br>(8,319)<br>8,319<br>-<br>-<br>-|Balance<br>31-Mar-25<br>£'000<br>72,702<br>460|
|---|---|---|---|---|
|||||73,162<br>25,159|
|||||98,321<br>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**<br>**Designated funds:**<br>Fixed asset fund<br>New building fund<br>**Accumulated fund**<br>Unrestricted Funds before Pension Scheme<br>Defined Benefit Pension Scheme<br>Unrestricted Funds after Pension Scheme|Net<br>Balance movements<br>31-Mar-23<br>in funds<br>£'000<br>£'000<br>74,104<br>-<br>852<br>-<br>74,956<br>-<br>25,858<br>(1,896)<br>100,814<br>(1,896)<br>2,823<br>(135)<br>103,637<br>(2,031)|New<br>designations<br>£'000<br>3,683<br>4,242<br>7,925<br>(7,925)<br>-<br>-<br>-|Utilised /<br>released<br>£'000<br>(4,522)<br>(3,799)<br>(8,321)<br>8,321<br>-<br>-<br>-|Balance<br>31-Mar-24<br>£'000<br>73,265<br>1,295|
|---|---|---|---|---|
|||||74,560<br>24,358|
|||||98,918<br>2,688|
|||||101,606|



## **14.2  UNRESTRICTED FUNDS FOR THE GROUP** 

||**(a) Current year**|Net<br>Balance movements<br>31-Mar-24<br>in funds<br>£'000<br>£'000<br>73,265<br>-<br>1,295<br>-<br>74,560<br>-<br>-<br>-<br>23,200<br>(589)<br>97,760<br>(589)<br>2,688<br>(237)<br>100,448<br>(826)|New<br>designations<br>£'000<br>3,671<br>3,250<br>6,921<br>-<br>(6,921)<br>-<br>-<br>-|Utilised /<br>released<br>£'000<br>(4,234)<br>(4,085)<br>(8,319)<br>-<br>8,319<br>-<br>-<br>-|Balance<br>31-Mar-25<br>£'000<br>72,702<br>460|
|---|---|---|---|---|---|
|||||||
||**Designated funds:**<br>Fixed asset fund<br>New building fund<br>**Accumulated fund**<br>Unrestricted Funds before Pension Scheme<br>Defined Benefit Pension Scheme<br>Unrestricted Funds after Pension Scheme|||||
||||||73,162<br>-<br>24,009|
||||||97,171<br>2,451|
||||||99,622|



|**(b) Previous year**<br>**Designated funds:**<br>Fixed asset fund<br>New building fund<br>**Accumulated fund**<br>Unrestricted Funds before Pension Scheme<br>Defined Benefit Pension Scheme<br>Unrestricted Funds after Pension Scheme|Net<br>Balance movements<br>31-Mar-23<br>in funds<br>£'000<br>£'000<br>74,104<br>-<br>852<br>-<br>74,956<br>-<br>-<br>-<br>24,691<br>(1,887)<br>99,647<br>(1,887)<br>2,823<br>(135)<br>102,470<br>(2,022)|New<br>designations<br>£'000<br>3,683<br>4,242<br>7,925<br>-<br>(7,925)<br>-<br>-<br>-|Utilised /<br>released<br>£'000<br>(4,522)<br>(3,799)<br>(8,321)<br>-<br>8,321<br>-<br>-<br>-|Balance<br>31-Mar-24<br>£'000<br>73,265<br>1,295|
|---|---|---|---|---|
|||||74,560<br>-<br>23,200|
|||||97,760<br>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**<br>Victor Donaldson<br>Specific gifts, donations and  legacies for Homes<br>Prince Edward Duke of Kent Court, Essex<br>L H Miles<br>Good Neighbour & Friends of RMBI<br>NH Fowler<br>Royal Arch holidays<br>Dementia Support - Grand Stewards Lodge<br>Other various<br>Sub-Total<br>Endowment Funds (note16)<br>**(b) Previous year**<br>Victor Donaldson<br>Specific gifts, donations and  legacies for Homes<br>Prince Edward Duke of Kent Court, Essex<br>L H Miles<br>Good Neighbour & Friends of RMBI<br>NH Fowler<br>Royal Arch holidays<br>Dementia Support - Grand Stewards Lodge<br>Other various<br>Sub-Total<br>Endowment Funds (note16)|Balance<br>31-Mar-24<br>£'000<br>2,657<br>283<br>301<br>559<br>14<br>32<br>13<br>22<br>76<br>3,957<br>81<br>4,038<br>Balance<br>31-Mar-23<br>£'000<br>2,585<br>388<br>325<br>563<br>13<br>31<br>13<br>21<br>71<br>4,010<br>81<br>4,091|Movement|Expenditure<br>Transfers<br>Gains &<br>(losses)<br>£'000<br>(8)<br>(29)<br>(1)<br>(2)<br>-<br>-<br>-<br>-<br>(1)<br>(41)<br>-<br>(41)<br>Expenditure<br>Transfers<br>Gains &<br>(losses)<br>£'000<br>(7)<br>(125)<br>(47)<br>(4)<br>-<br>-<br>-<br>-<br>2<br>(181)<br>-<br>(181)<br>in  funds<br>in  funds|Balance<br>31-Mar-25<br>£'000<br>2,650<br>296<br>349<br>557<br>15<br>34<br>14<br>23<br>79|
|---|---|---|---|---|
|||Incoming<br>resources<br>£'000<br>1<br>42<br>49<br>-<br>1<br>2<br>1<br>1<br>4<br>101<br>2<br>103<br>Movement|||
|||||4,017<br>83|
|||||4,100|
|||||Balance<br>31-Mar-24<br>£'000<br>2,657<br>283<br>301<br>559<br>14<br>32<br>13<br>22<br>76|
|||Incoming<br>resources<br>£'000<br>79<br>20<br>23<br>-<br>1<br>1<br>-<br>1<br>3<br>128<br>-<br>128|||
|||||3,957<br>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**<br>Properties and equipment<br>Investments<br>Current assets<br>Current liabilities<br>Long-term liabilities<br>RMBICC defined benefit scheme asset<br>**Total Net Assets**<br>**(b) Previous year**<br>Properties and equipment<br>Investments<br>Current assets<br>Current liabilities<br>Long-term liabilities<br>RMBICC defined benefit scheme asset<br>**Total Net Assets**|Unrestricted<br>funds<br>£'000<br>77,901<br>12,628<br>22,264<br>(5,622)<br>(10,000)<br>2,451<br>99,622<br>Unrestricted<br>funds<br>£'000<br>76,760<br>13,064<br>23,702<br>(5,766)<br>(10,000)<br>2,688<br>100,448|Restricted<br>funds<br>£'000<br>33<br>1,066<br>2,998<br>3<br>-<br>-<br>4,100<br>Restricted<br>funds<br>£'000<br>33<br>1,120<br>2,878<br>7<br>-<br>-<br>4,038|As at<br>31-Mar-25<br>Total<br>£'000<br>77,934<br>13,694<br>25,262<br>(5,619)<br>(10,000)<br>2,451<br>103,722<br>As at<br>31-Mar-24<br>Total<br>£'000<br>76,793<br>14,184<br>26,580<br>(5,759)<br>(10,000)<br>2,688<br>104,486|As at<br>31-Mar-24<br>Total<br>£'000<br>76,793<br>14,184<br>26,580<br>(5,759)<br>(10,000)<br>2,688|
|---|---|---|---|---|
|||||104,486|
||||||
|||||As at<br>31-Mar-23<br>Total<br>£'000<br>76,614<br>16,726<br>25,939<br>(5,541)<br>(10,000)<br>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). 

- **b.** Masonic Foundation for the Aged and the Sick. 

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<br>Other actuarial assumptions:<br>31-Mar-25<br>Rate of increase in pensionable salaries<br>3.2%<br>Rate of Increase in pensions - Post 88 GMP<br>2.3%<br>Rate of Increase in pensions - Pre 97 XS<br>0.0%<br>Rate of Increase in pensions - Post 97  pension<br>3.1%<br>Rate of Increase in pensions - Post 05  pension<br>2.1%<br>Revaluation of deferred pensions (non-GMP)<br>3.2%<br>Mortality assumptions:<br>Mortality before retirement<br>as per post<br>retirement<br>Mortality before and after retirement - S3PMA / S2PMA<br>100%<br>Mortality before and after retirement - S3PFA / S2PFA<br>100%<br>Life Expectancies (in years):<br>Males<br>Females<br>For an individual age 65<br>20.8<br>23.4<br>At age 65 for an individual aged 45<br>22.1<br>24.9<br>**d. Changes in the present value of the defined benefit obligation are as follows:**<br>Year ended<br>31-Mar-25<br>£'000<br>Opening defined benefit obligation<br>13,946<br>Interest cost<br>641<br>Actuarial (Gain) / Losses<br>( 1,003)<br>Post service cost<br>-<br>Benefit paid<br>(1,219)<br>Closing defined benefit obligation<br>12,365<br>**e. Changes in the fair value of Fund assets are as follows:**<br>Opening fair value of Fund assets<br>16,634<br>Interest income<br>770<br>Administration expenses<br>-<br>Actuarial (loss) / Gains<br>( 1,369)<br>Contributions by employer<br>-<br>Benefits paid<br>(1,219)<br>Closing fair value of Fund assets<br>14,816<br>**f. Assets:**<br>**The fair value of the assets of the Scheme were:**<br>Equities<br>-<br>Property<br>-<br>Corporate Bonds<br>-<br>Fixed Interest gilts<br>-<br>Index linked gilts<br>-<br>Liability-driven investment (LDI)<br>-<br>Diversified Growth (DGF) & DCFs<br>-<br>Buyout aware funds<br>14,685<br>Cash and net current assets<br>131<br>Total<br>14,816<br>**The return on the assets was:**<br>Interest Income<br>770<br>Return on assets less interest income<br>(1,369)<br>Total return on assets<br>(599)<br>31-Mar-25|Year ended<br>31-Mar-24<br>3.3%<br>2.3%<br>0.0%<br>3.2%<br>2.2%<br>3.3%<br>as per post<br>retirement<br>100%<br>100%|
|---|---|
||31-Mar-24|
||Males<br>Females<br>20.9<br>23.4<br>22.2<br>24.9|
||Year ended<br>31-Mar-24<br>£'000<br>14,822<br>681<br>( 290)<br>-<br>(1,267)<br>13,946<br>17,645<br>817<br>-<br>( 561)<br>-<br>(1,267)<br>16,634<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>16,296<br>338<br>16,634<br>817<br>(561)<br>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<br>Present value of defined benefit obligation<br>Fund status<br>Irrecoverable surplus<br>Pension asset/(liability) recognised in the SOFA||31-Mar-25<br>£000<br>14,816<br>(12,365)<br>2,451<br>-<br>2,451||31-Mar-24|
|---|---|---|---|---|
|||||£000<br>16,634<br>(13,946)|
|||||2,688|
|||||-|
|||||2,688|
||||||



## **h. The amounts recognised in Statement of Financial Activities:** 

|The amounts recognised in Statement of Financial Activities:<br>Current service costs<br>Past service cost<br>Interest on obligation<br>Net interest received<br>Total<br>The amounts recognised in Other Recognised Gains/Losses:<br>Actuarial gains/(losses) in defined benefit obligation<br>Actual return on assets less interest<br>Total|Year ended<br>31-Mar-25<br>£'000<br>-<br>-<br>-<br>129<br>129<br>1,003<br>(1,369)<br>(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**<br>**Cash and cash equivalents**<br>Cash at bank and in hand<br>Short term deposits<br>**Borrowings**<br>Loans due within one year<br>Loans due after one year<br>Cash and cash equivalent less debts<br>**(b) Previous year**<br>**Cash and cash equivalents**<br>Cash at bank and in hand<br>Short term deposits<br>**Borrowings**<br>Loans due within one year<br>Loans due after one year<br>Cash and cash equivalent less debts|At 31st March<br>2024<br>£'000<br>3,060<br>10,887|Cash flow<br>£'000<br>1,345<br>2,301|At 31st March<br>2025<br>£'000|
|---|---|---|---|
||||4,405<br>13,188|
||13,947|3,646|17,593|
||-<br>(10,000)|-<br>-|-<br>(10,000)|
||(10,000)|-|(10,000)|
||3,947<br>At 31st March<br>2023<br>£'000<br>3,604<br>9,885|3,646<br>Cash flow<br>£'000<br>(544)<br>1,002||
||||7,593|
||||At 31st March<br>2024<br>£'000<br>3,060<br>10,887|
||13,489|458|13,947|
||-<br>(10,000)|-<br>-|-<br>(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