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2025-03-31-accounts

MASONIC CHARITABLE FOUNDATION

MASONIC CHARITABLE FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Charity Number: 1164703 Company Number: 09751836

Page 1 of 65

MASONIC CHARITABLE FOUNDATION

MASONIC CHARITABLE FOUNDATION
Contents Page
Strategic Report 3
Trustees’ Annual Report 23
Statement of Trustees’ Responsibilities 30
Auditor’s Report 31
Consolidated Statement of Financial Activities 34
Balance Sheet 35
Consolidated Statement of Cash Flows 36
Notes to the Financial Statements 37

Page 2 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Objectives and Activities

Objectives

The Objects of the Masonic Charitable Foundation (‘MCF’ or ‘the Charity’) are, for the public benefit, to:

The Charity meets its charitable objectives though activities that either focus on support for Freemasons and their dependants (“Masonic Support”) or on supporting need within wider society (“Charity Grants”).

Activities

Support to the Masonic community

The Charity provides grants to assist members of the Masonic community throughout their lives, from childcare support for pre-school children through to respite care for older people. The wide range of assistance offered is grouped into three core areas: daily living costs; health, care and wellbeing; and children, young people and education. In addition, independent living loans are offered to support people to adapt their homes to meet their mobility and health needs.

Daily Living Costs

Health, Care and Wellbeing

Page 3 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Activities (Continued)

Children, Young People and Education

The total of Masonic Grants expenditure is found in Note 6 to the accounts on page 43.

Advice and Support

The Charity provides information, advice and guidance services that make a significant contribution to the health and wellbeing of the Masonic community.

Support to the charity community

Grants from the Charity are made to charitable organisations registered with the Charity Commission (or equivalent in the Channel Islands and the Isle of Man) and whose beneficiaries are located across England and Wales. In addition, grants are provided for disaster relief support, both in the UK and overseas.

The Charity made grants to charities in five key areas where public benefit is clearly demonstrated:

Children and Young People – Grants to support charities that help disadvantaged children and young people overcome the barriers they face and achieve the best possible start in life. The funding priorities under this theme are children with Special Educational Needs and Disabilities (SEND), Early Years (children aged 0-5) with a focus on poverty and neglect, and children impacted by domestic abuse.

Later Life – Grants to support charities that help people living with dementia and their carers.

Medical Research - Grants to support medical research through PhD studentships.

Emergency Grants - Emergency grants are made in times of emergency, both in the UK and overseas.

Hospices - A MCF Bursary scheme provides training bursaries for hospice staff, in order to improve staff retention and develop their skills. Additional grants are also available to widen access and help improve local hospice services, with the focus this year on neurological conditions. Both grant programmes are administered via a long-established partnership with Hospice UK.

Page 4 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT Activities (Continued)

The Charity operates two schemes to provide charitable grants via Masonic Provinces:

The total of charity grants expenditure is found in Note 6 to the accounts as Non-Masonic Grants on page 43.

Fundraising

Voluntary income for the MCF is generated solely through Freemasons but may extend to family members. Within this, fundraising appeals, or Festival Appeals, provide the single largest source of income. Festival Appeals are run on an “in aid of” basis by Masonic Provinces with between 20 and 24 Appeals running at any given time. During the year, three Festival Appeals were launched and four were completed. The fundraising team provides ongoing practical support and advice to all fundraisers with further, more technical engagement and support for key fundraising stakeholders. In 2024, this included the biennial MCF Festival Forum as well as other initiatives created as part of the donor engagement strategy. The Charity is registered with the Fundraising Regulator and follows its code of practice.

The Charity and its subsidiaries receive a number of legacy gifts each year. The MCF is a charity partner of The Goodwill Partnership, providing free access to the will-writing service as a public benefit to Freemasons and non-Freemasons alike.

Relief Chest Scheme

The Relief Chest Scheme (“RCS”) offers individual relief chests to Lodges, Chapters, Provinces and other recognised Masonic organisations, which are used to generate funds for all types of charitable purposes. These funds are held by The Grand Charity unincorporated trust in a restricted fund. A donation can be made from a relief chest to a charity, an organisation recognised as charitable or for an individual in distress.

The RCS provides vital support to Provinces in Festival and many other appeals, enabling them to reach their fundraising targets efficiently. It also ensures that all statutory compliance and administrative requirements of the Charity Commission, Information Commissioner’s Office and HMRC have been met. All services of the RCS are provided free; no administration fee is charged to the chest holder.

In 2018, RCS launched donor advised funds for individuals. It is now open to all Freemasons, their families and friends. These funds are held by the MCF in a restricted fund.

The services of the RCS, which assist donors to give to both Masonic and non-Masonic charitable causes, contribute to the public benefit by creating value for other charities.

Page 5 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Activities (Continued)

Royal Masonic Benevolent Institution Care Company

The Royal Masonic Benevolent Institution Care Company (“RMBICC”) is a company limited by guarantee and a subsidiary of the Charity and is one of the oldest Health and Social Care Charities with a history spanning 180 years of providing care for Freemasons, their dependants and the wider community. The MCF is the sole member of the RMBICC.

The objects of the RMBICC 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:

In carrying out these objects, the RMBICC’s Trustees 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 RMBICC provides residential, dementia, respite and nursing care across 17 locations for older people and younger learning and/or physical disability services at one location with a combined total of 999 placements. Its mission is to provide unique individual care, with kindness, support and trust helping deliver a service that Freemasonry can be proud of and one which is making a real difference to people’s everyday lives. The RMBICC employs around 1,500 staff, including agency workers, to meet support and care needs.

The RMBICC 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. Only exceptional cases relating to financial hardship are referred to Trustees for approval. About 30% of all placements are for nonFreemasons, reflecting the diversity and added value to the wider community of its services.

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

The RMBICC manages a further 64 properties, including some sheltered units for those who seek independence with minimal care provided. It also holds the freehold of 19/20 Great Queen Street, which was the former head office. Through a Special Purpose Vehicle with Latis Homes, Stability Investment Limited, a subsidiary, was established to build four apartments for sale and a leasehold retail unit on the ground floor. A further two flats were sold during the year leaving just one remaining for sale.

Page 6 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Achievements and Performance

The Charity continues to celebrate its successes but acknowledges there is more work to be done, particularly in a continuing environment of limited resources and high demand for services.

Masonic Support

Charity Grants

Page 7 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Achievements and Performance (Continued)

Fundraising

Relief Chest Scheme

Page 8 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Achievements and Performance (Continued)

During the year, activity in the RCS included:

2025 2024
• Number of Relief Chests 5,238 5,148
• Average number of monthly donations into the Scheme 48,628 45,973
• Percentage of donations eligible for Gift Aid 93.3% 90.7%
• Average number of monthly payments from the Scheme 762 532
• Number of new Relief Chests opened 203 205

Relief Chest holders utilised the Scheme by requesting charitable donations as follows.

Masonic Charitable Foundation and Subsidiaries
Other charitable purposes
Total
 2024
2023
£000
£000
9,801
11,326
5,045
5,376
14,846 16,702

Royal Masonic Benevolent Institution Care Company (“RMBICC”)

Key achievements for the year included:

Page 9 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Financial Review

Review of the Year

The net result for the Group turned from a surplus of £6.1 M in the prior year to a deficit of £8.4 M for the current year. This was primarily due to the fall in investment values in the last couple of months of the year caused by turbulence in world stock markets following the US introduction of import tariffs.

----- Start of picture text -----
MCF Net Deficit 2024/25: £8.4 M
Actuarial
Investment gains/(losses) on
Income Expenditure gains/(losses) Pensions Net surplus/(deficit)
£150.0
£100.0 £85.7 £90.8
£50.0
£23.8
£1.3 £6.1
£0.0
(£0.2) (£0.3)
(£8.4)
(£50.0)
(£100.0)
(£103.3) (£100.2)
2023/24 2024/25
(£150.0)
£ Millions
----- End of picture text -----

The Group’s operating deficit reduced by 46.5% from £17.5 M to £9.4 M.

Group income increased by 5.9% from the previous year to £90.8 M. The breakdown by income stream was as follows:

----- Start of picture text -----
MCF Group Income 2024/25: £90.8 M
£9.0
Investment
£8.9
£2.7
Rental
£2.0
£56.2
Fee income from care homes
£52.7
£3.1
Annual contributions
£3.2
£4.6
Legacies £4.4
£5.4
Donations - Other
£3.6
£9.7
Donations - Festivals
£10.9
£0.0 £10.0 £20.0 £30.0 £40.0 £50.0 £60.0
£ Millions
2024/25 2023/24
----- End of picture text -----

Page 10 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Review of the Year (Continued)

Income from Festivals reduced by 11.7% to £9.7 M, primarily due to the implementation of automated drawdown from Festival relief chests in the previous year which meant that higher amounts were received during that year. Legacies are by their nature volatile from year to year and difficult to predict; they increased slightly by 4.9% to £4.6 M.

Investment income of £9.0 M was 1.4% higher than prior year. This was primarily due to the full year impact of actions taken in the prior year to create daily sweeping of surplus funds from operational bank accounts into the Barclays BPA interest bearing accounts, offset by a reduction in interest income from lower levels of pension assets in the RMBICC.

Rental income of £2.7 M was 34.2% higher than the previous year, mainly due to the full year receipt of income from the Ruspini House flats.

Financial outcomes by business activity are analysed as follows:

Financial outcomes by business activity are analysed as follows:
Relief Chest
Incoming donations
Interest from deposits
Total income
Income transferred to the MCF and its subsidiaries
Grants made to third party charities
Total expenditure
Net surplus/(deficit)		 2025
2024
%
£'000
£'000
Change
14,919
14,354
3.9%
1,055
891
18.4%
15,974
15,245
4.8%
(9,801) (11,327)
-13.5%
(5,045)
(5,416)
-6.8%
(14,846) (16,743)
-11.3%
1,128
(1,498)
175.3%

The Relief Chest is a unique service provided to Freemasonry to facilitate charitable giving. During the financial year, it reclaimed £1.6 M Gift Aid and generated £1.0 M interest on behalf of the 5,238 member Lodges that utilised its services. The Relief Chest holds funds on behalf of Provinces and Lodges pending their instructions for disbursement. As such, these funds are treated as restricted funds for the purposes of the Group accounts. Disbursement of funds to the MCF transfers the income from restricted to unrestricted funds for the Group.

Lodges and Freemasons donate to a wide range of charities from their relief chests. Whilst third-party charitable donations have reduced down by 6.8% to £5.0 M for the current year, this was mainly due to the initiative to release funds from dormant chests during the course of the prior year. The underlying transactional activity has increased very significantly over the last three years. A trend analysis of the disbursement of funds is shown overleaf.

Page 11 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Review of the Year (Continued)

External Grants from the Relief Chest

----- Start of picture text -----
£6.0
£5.0 £0.6
£0.3
£1.1
£4.0
£0.2
£2.0
£3.0 £0.8
£0.3 £0.5 £0.2 £1.9
£0.2 £0.2
£2.0 £0.4
£0.9
£1.7
£0.5
£0.3 £2.0
£1.0 £1.9
£1.0 £0.3 £1.1
£0.4
£0.0 £0.2
2020/21 2021/22 2022/23 2023/24 2024/25
Air Ambulance and Rescue Services Education and Employability Health and Disability
Hospices Other Charitable Purposes
£ Millions
----- End of picture text -----

Grant Making
Festival income received from the Relief Chest
Annual contribution from members
Legacies and other donations
Returns from financial investments
Returns from property investments
Total income
Masonic grants
Annual income subsidy support grant to the RMBICC
Grants made to third party charities
Cost of generating funds
Overheads
Total expenditure
Net (deficit)/surplus
Unrestricted reserves
Restricted reserves		 2025
2024
%
£'000
£'000
Change
9,651
10,927
-11.7%
3,145
3,196
-1.6%
4,871
4,875
-0.1%
5,985
27,174
-78.0%
(718)
(1,256)
42.9%
22,934
44,916
-48.9%
(12,780) (13,679)
-6.6%
(6,420)
(6,923)
-7.3%
(6,369)
(5,688)
12.0%
(851)
(822)
3.5%
(6,035)
(5,806)
3.9%
(32,455) (32,918)
-1.4%
(9,521)
11,998
-179.4%
503
18,667
-97.3%
(10,024)
(6,669)
-50.3%
(9,521)
11,998
-179.4%

A key strategic objective of the MCF is to build up unrestricted reserves to ensure that funds are available to meet the needs of beneficiaries wherever they lie, and not to be restricted by the objects of the previous Central Masonic Charities (“CMCs”). This is being achieved by attaching festivals to the MCF whilst simultaneously drawing down the funds of the other charities as far as possible towards funding grants to beneficiaries. During the year all Festival income was received as unrestricted funds within the Group.

Page 12 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Review of the Year (Continued)

The annual contribution, which is unrestricted, is received from all Freemasons at the rate of £17 per membership and is collected through the United Grand Lodge of England.

Unrestricted reserves increased by only £0.5 M in the year (prior year increase: £17.7 M). This was due to the reduction in value in the MCF Charity Authorised Investment Fund (‘CAIF’) over the last two months of the year, together with the transfer of the funding of the RMBICC grant from the MSF to the RMBI legacy charity. Returns from the property portfolio remained in negative territory, mainly due to vacant possession of 31 GQS for refurbishment. This work has now been successfully completed with the property restored to “A” investment grade status. The property is expected to be let to a quality tenant in the course of the new financial year.

Masonic grants reduced by 6.6% to £12.8 M. This was due to a policy decision to reduce the cap on the Daily Living Expense grant from 30% to 20% in November 2024 together with a significant write back in medical grants no longer required at the end of the year. The annual income support grant to the RMBICC was capped to £6.4 M by agreement between the MCF and RMBICC.

was capped to £6.4 M by agreement between the MCF and RMBICC.
RMBICC
Fee income on full recovery basis
Subsidies to residents with no masonic connection
Subsidies to residents with masonic connection
Fee income received
Annual income subsidy support grant from the MCF
Total income
Expenditure on care home operations
Operating surplus/(deficit)
Returns from financial investments
Returns from property investments
Interest payable on Retail Charity Bond
Non-operating income/(expenditure)
Non-operating surplus/(deficit)
Net surplus/(deficit)		 2025
2024
%
£'000
£'000
Change
70,249
66,119
6.2%
(4,200)
(4,200)
0.0%
(9,811)
(9,230)
6.3%
56,238
52,689
6.7%
6,420
6,923
-7.3%
62,658
59,612
5.1%
(64,453) (63,792)
1.0%
(1,795)
(4,180)
57.1%
1,340
2,418
-44.6%
650
549
18.4%
(641)
(681)
-5.9%
(318)
(181)
75.7%
1,031
2,105
-51.0%
(764)
(2,075)
-63.2%

The operating deficit from care homes reduced further by 57.1% to £1.8 M. Fee income increased by 6.7% to £56.2 M. This was primarily due to a 6% increase in private fee weekly rates from 1[st] April 2024 together with a continuing focus upon dementia and high-dependency care, which provides higher levels of income and margins.

Page 13 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Review of the Year (Continued)

The RMBICC subsidised residents with a masonic connection by £10.4 M (14.8% of total income that would be chargeable on a full cost recovery basis) and residents without a masonic connection by £3.5 M (5.0%). The Charity has funded 62% of the masonic subsidy through grants from the MSF and the RMBI legacy charity.

Due to a continuing focus upon cost management, particularly staff costs, agency labour and utilities, operating expenditure of £64.5 M was contained to a level of just 1.0% higher than prior year.

Non-operating movements showed a 51.0% reduction in the surplus to £1.0 M, primarily due to lower returns from the MCF CAIF. The pension scheme surplus of assets over liabilities reduced slightly to £2.5 M.

from the MCF CAIF. The pension scheme surplus of assets over liabilities reduced slightly to £2.5 M.
RMIG Endowment Trust & The Royal Masonic School
Rental income from the Royal Masonic School
Returns from financial investments
Total income
Backlog works on the school infrastructure
Bursaries from the Cadogan Fund
Overheads
Total expenditure
Increased provision for backlog works
Utilisation of provision
Movement on provisions
Net surplus/(deficit)
Surplus/(deficit) on other activities		 2025
2024
%
£'000
£'000
Change
823
824
-0.1%
178
760
-76.6%
1,001
1,584
-36.8%
(1,855)
(5,100)
-63.6%
(232)
(256)
-9.2%
(56)
(216)
-74.1%
(2,143)
(5,572)
-61.5%
0
(3,500)
-100.0%
1,855
5,092
-63.6%
1,855
1,592
16.5%
713
(2,396)
-129.7%
18
26
-31.4%

The RMIG Endowment Trust’s objects are to support the Royal Masonic School for Girls in Rickmansworth and its pupils. The income generated by the RMIG Endowment Trust consists of rental received from the school, investment returns and bank deposit interest.

The Charity took control of the RMIG Endowment Trust in April 2019, following which it created a provision of £13.4 M to cover the backlog of repairs that had built up over previous decades for which the trust had a repairing obligation under the terms of its lease with the school. The provision has been increased several times over the intervening period due to the poor state of the infrastructure and significant escalation of construction costs following the Covid-19 pandemic. It currently stands at £21.5 M (2024: £21.5 M).

Page 14 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Review of the Year (Continued)

Expenditure incurred against the provision during the year reduced by 63.6% from the previous year to £1.9 M, following completion of major projects relating to the refurbishment of the great hall and replacement of the district heating system. New projects included the resurfacing of the main car park and enabling projects for the restoration of the chapel.

Overheads - the proportion of the Charity’s expenditure spent on providing support to its beneficiaries has consistently exceeded 82% over the past five years, following a high point of 86.9% in 2020/21 with an additional £3.6 M of grants in response to the Covid-19 pandemic. The figures exclude the RMBICC’s care home operations, Relief Chest activities and the backlog works being undertaken at the Royal Masonic School.

Expenditure: Pence in the Pound

----- Start of picture text -----
6.9 8.9 9.0 9.2 9.5
6.2
7.5 8.8 7.5 7.9
86.9 83.5 82.2 83.3 82.6
2020/21 2021/22 2022/23 2023/24 2024/25
Supporting beneficiaries Raising funds Running the charity
----- End of picture text -----

Balance Sheet - the group’s balance sheet remains strong, with total funds of £384.1 M (prior year: £392.5 M), including investments of £228.0 M (59%), investment properties of £43.8 M (11%), RMBICC operating properties of £68.2 M (18%) and bank balances and short-term deposits of £40.3 M (11%). External financing included the RMBICC Retail Charity Bond (£10.0 M) and bank loans of £0.09 M. The level of reserves is in accordance with the policy set out on pages 16 and 17.

Balance Sheet - As at 31st March 2025 - Total net assets of £384.1 M

----- Start of picture text -----
3.70, 1%
40.34, 43.83,
11% 11%
68.19, 18%
228.03, 59%
----- End of picture text -----

Investment properties Investments Operating properties Cash deposits less loans Other assets/liabilities

Page 15 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Reserves Policy

The Group’s reserves are summarised by business activity and category of fund as follows:

----- Start of picture text -----
Group Reserves by Business Activity
Other
Supporting the RMS
Care Company Operations
Grant Making
Relief Chest
0.00 50.00 100.00 150.00 200.00 250.00 300.00
£ Millions
Liquid Illiquid
Summary by Fund Type
Endowment Funds
Restricted Funds
Unrestricted Funds
0.00 50.00 100.00 150.00 200.00 250.00 300.00
£ Millions
----- End of picture text -----

Illiquid reserves are those where assets and liabilities are not realisable into cash within one year. Unrestricted funds are almost entirely located within the MCF.

The key objective of the reserves policy is to maintain funds at a level that can be applied in accordance with the Charity’s objects over the long term. With the exception of The Grand Charity and The Royal Masonic Benevolent Institution, the CMCs have specific objectives that may prevent the group as a whole from applying funds to areas where support is most needed. Their reserves are accordingly treated as restricted funds in the Group accounts.

Following the commencement of operations of the Charity in April 2016, all festivals are now targeted to raise funds for the MCF, whilst current grant expenditure is charged to the CMCs. Over time, it is expected that the reserves of the CMCs will diminish to a minimal level, subject to the occasional legacy, at which time the Charity will take over full responsibility for the CMCs’ objectives. Whilst free reserves have increased over the period in accordance with the Charity’s strategic objectives, the Trustees do not consider them to be excessive at £95.3 M as of 31[st] March 2025.

Page 16 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Reserves Policy (Continued)

The overall reserves policy for the group recognises that investment returns provide diversity of income and enable the MCF to provide funding for its charitable activities over and above in-year income from the real returns arising from the portfolio.

The RMBICC holds £28.4 M of free reserves that amounts to 5.2 months of annual expenditure. This has fallen beneath the target range of 6 to 12 months held to manage the financial and business risks to which the RMBICC is exposed. The RMBICC has developed and commenced the implementation of a recovery plan to build reserves back up to target level over the next decade.

Total group reserves of £384.1 M (2024: £392.5 M) include £271.9 M set aside to provide future investment returns for funding expenditure in supporting beneficiaries, £68.2 M for replacing operating properties and other fixed assets and £44.0 M to cover operational requirements, primarily in the RMBICC. The current level of reserves is within the range recommended by the Trustee Board of £350.0 M to £450.0 M and is kept under regular review.

Investment Policy and Performance

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

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

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

Page 17 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Investment Policy and Performance (Continued)

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

Asset Class Strategic
Benchmark		 Actual 31st
Allocation 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% 100.00%

In order to balance property exposure across the group, some of the subsidiary charities also made direct investments into the CCLA property fund.

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

MCF CAIF RLAM RLAM RLAM CCLA
Money Short Term Short Term Property
Market Fixed Fixed Fund
Income Income
Enhanced
Fund at 31stMarch 2025 £186.41 M £31.83 M £0.71 M £0.24 M £0.71 M
Investment approach Steady Capital Capital Capital Income &
Growth Multi- Protection Protection Protection long-term
Asset Capital
Growth
Benchmark Composite SONIA SONIA SONIA MSCI/AREF
UK other
balanced
property
Peer Group ARC Charity None None None ARC
GBP Steady Charity
Growth GBP
Steady
Growth
Return for the year 3.80% 5.23% 5.54% 5.81% 6.90%
Benchmark return for year 5.50% 4.90% 4.90% 4.90% 2.20%
Peer group return for year 3.00% 4.40% 4.40% 4.40% 3.00%
3-year return 18.40% 13.45% 14.10% 14.09% (6.20)%
3-year benchmark 19.80% 12.57% 12.57% 12.57% (9.40)%
3-year peer group 8.10% 2.90% 2.90% 2.90% 8.10%

Although stock markets suffered a severe fall in the final month of the financial year, overall there was an increase in the valuation of the MCF CAIF from its opening value of £146.47 to close at £149.99 per unit (below its high point of £161.77 in early February).

Page 18 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Principal Risks and Mitigation

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

Risk

Significant reduction in voluntary income from festivals or the annual contribution received through UGLE Significant unexpected financial loss from operations

Inadequate liquidity to meet financial commitments Significant long-term loss in the value of the investment portfolio

Grants made outside the Charity’s Objects and operating guidelines Cyberattack on IT systems

Consequence

Mitigation

Reduce level of support provided to beneficiaries and reduce overhead expenditure.

Diminishing reserves, particularly unrestricted funds, leading to inability to fund current levels of grant expenditure over the longer term.

Reputational damage, loss of confidence with key stakeholders and impact upon continuing financial sustainability Poor service to beneficiaries and reputational damage. Withdrawal of key services from suppliers Impacts financial sustainability and reputational damage with donors

Robust financial procedures, particularly budgetary planning and control. Oversight from the Finance Committee.

Poor service to beneficiaries and Cash flow forecasting and liquidity planning reputational damage. Withdrawal of within the Investment Strategy key services from suppliers Impacts financial sustainability and Appointment of Asset Risk Consultants as reputational damage with donors expert investment advisors, providing monthly performance reporting and analysis. Oversight from investment and property committees. Reputational damage, loss of Strong procedures and controls for confidence with key stakeholders and processing grants. Oversight from Masonic potential Trustee liability Support and Charity Grants committees Operational disruption resulting in UGLE manage and monitor networks, financial, reputational, legal and servers and backup systems, and has regulatory damage. deployed appropriate defence mechanisms e.g. firewalls, antivirus etc. Third party hosted systems /applications have relevant controls and security regimes. Information systems are only accessed via the VPN network and/or multifactor authentication protocols.

MCF's Information Security Group (ISG)
have various digital & IT procedures and
policies in place. Cyber awareness and
training programme mandatory for all staff.
Data protection breach Reputational damage and significant Data protection policy, IT security and HR
financial penalties policies in place
Fraud Financial loss, reputational damage, Financial procedures, segregation of duties,
adverse impact upon staff authority limits, IT security, increased
awareness amongst staff
Unavailability of office Operations compromised MCF Business Continuity Plan
accommodation
Lack of compliance with Breach of legal obligations, potential HR procedures and staff handbook.
employment legislation financial penalties, breakdown of Induction processes for new staff. Ongoing
staff morale and adverse impact management training and Personal
upon service provision Development Review
Undue reliance on key Operational breakdown, adverse HR procedures: organisational and
persons impact upon staff morale, poor succession planning. Comprehensive
service to beneficiaries and potential documentation of procedures and controls
reputational damage

Risks are actively monitored by the executive and the senior leadership team and formally reviewed by the audit and risk committee at its quarterly meetings.

Page 19 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Streamline Energy and Carbon Reporting

Introduction

The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (“the 2018 Regulations”) implement the Government’s policy on Streamlined Energy and Carbon Reporting (SECR). This legislation came into force on the 1[st] April 2019 and affects:

Under SECR large unquoted companies, including charitable organisations, are obliged to report their UK energy use and associated greenhouse gas emissions as a minimum relating to gas, electricity and transport fuel, as well as an intensity ratio and information relating to energy efficiency action, annually through their annual reports. The Group is a large unquoted company and is required to comply with SECR.

Summary of group emissions for 2024/25

Current Previous
Year years
UK greenhouse gas emissions and 2024/25 2023/24 2022/23 2021/22 2020/21 Units
energy use data for the period 1 April
2024 to 31 March 2025
Energy consumption used to 21,003,038 22,090,778 25,450,977 27,528,532 27,700,175 kWh
calculate emissions
Energy consumption breakdown
Gas total 16,147,732 16,846,083 19,975,023 21,657,456 21,999,504 kWh
Purchased fuel (generators) 27,401 12,780 13,356 5,106 7,473 kWh
Electricity total 4,345,586 4,766,345 4,749,336 5,409,426 5,323,912 kWh
Transport fuel (company fleet) 95,524 88,701 313,004 226,958 254,747 kWh
Other Fuel (travel in employee-owned 386,796 376,869 400,257 229,586 114,538
vehicles)
Scope 1 emissions
Gas consumption 2,953 3,105 3,646 3,966 4,045 tCO2e
Owned transport 21 22 79 55 63 tCO2e
Other Fuel (generators) 7 3 3 1.2 1.7 tCO2e
Scope 2 emissions
Purchased electricity 900 987 918 1,149 1,241 tCO2e
Scope 3 emissions
Business travel in employee-owned 92 90 99 57 28 tCO2e
vehicles
Total Gross emissions 3,973 4,207 4,746 5,228 5,379 **tCO2e **
Intensity Ratio 3.44 3.86 4.35 4.55 4.44 tCO2e/
FTE

Page 20 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Streamline Energy and Carbon Reporting (Continued)

Reporting requirements: This is the sixth year of reporting for the Group under SECR. The reporting will be carried out annually and the relevant data and emissions will be included in our Annual Report. As per guidance we are showing five years of data to indicate trend and progress. Our baseline year was April 2019 to March 2020 and is not shown in the table.

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.

MCF Group has included 100% of mandatory emissions from the parent company and all subsidiaries in the SECR reporting. Apart from the RMBI Care Co. care homes and MCF HQ, the majority of MCF properties are leased out and therefore MCF is not the energy user. Where properties are vacant, billed consumption has been included in the SECR submissions. In many cases, properties have been undergoing major refurbishments and energy meters have been removed.

Intensity ratio

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per full time employee (FTE). During 2024/25 the number of FTE for MCF group was 1,156 which includes FTE for our biggest subsidiary, RMBI (1,063 FTE for 2024/25).

Energy efficiency actions

No energy efficiency actions were undertaken in this reporting year.

Our overall emissions for 2024/25 have decreased (by 233 tonnes of CO2e, approximately 6% reduction) when compared to the previous year. The main decrease when compared with previous years comes from electricity and gas use. However, our emissions from purchased fuels used in our generators have increased as fuel usage in care homes has doubled.

Since our first year of reporting our overall emissions show a steady decline in the order of 31%. MCF is continuing to work closely with RMBI Care Co. as their largest subsidiary, to address their environmental impacts and reduce their emissions. Since March 2019, RMBI Care Co. has been working with Lantern (UK) Ltd as their trusted sustainability partner and has initiated several sustainability projects to address energy consumption within their care homes.

Page 21 of 65

MASONIC CHARITABLE FOUNDATION

STRATEGIC REPORT

Plans for Future Periods

In March 2023, when the Board approved its seven-year (2023-30) strategy it was agreed that the MCF would continue to strengthen its relationship with its principal sponsor, the United Grand Lodge of England (UGLE) and to seek greater alignment with its vision and purpose. The “Third Pillar” of the UGLE strategy stresses the importance of “community engagement”, embracing the concepts of local service and charitable support, and provides several areas of opportunity for the MCF to be a significant partner and a major contributor towards its success.

The Board have carefully considered the conclusions and recommendations of UGLE’s “Third Pillar Review” in the context of their own ambitions for the Charity and its future sustainability, and have agreed the MCF will effect a significant shift in focus towards supporting external, community-based charities and good causes in support of Provinces’ local engagement programmes.

One example is through the development of a new £2 M Community Fund, to which Provinces will be able to apply for funding to support local charities to deliver impactful activities that bring people together, foster community spirit, and promote social inclusion and active participation. These grants will aim to strengthen local connections by supporting initiatives that encourage volunteering, civic involvement, and inclusive engagement opportunities. In addition, Provinces in Festival to the MCF going forward will be empowered to award 25% of the amounts raised by them to local charities supporting communities in need..

The MCF will also consider a UGLE initiative to support the preservation of buildings of historic importance with a connection to Freemasonry or which are used for the benefit of local communities.

Alongside these enhanced community engagement activities the MCF will continue as a benevolent fund for members, offering a safety net at time of great distress and sudden need. Financial support to families in need will continue to be complemented with information, advice and guidance through a network of trained advisors offering one-to-one support to those that need it most.

Page 22 of 65

MASONIC CHARITABLE FOUNDATION

TRUSTEES’ ANNUAL REPORT

Reference and Administrative Information

The Trustees are pleased to submit their report for the year ended 31[st] March 2025. This report includes a Directors’ report as required by Section 415 of The Companies Act 2006 and a strategic report as required by The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013.

Name and Registered Office

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

Trustees

The Trustees who served during the year were:

Executive

The senior leadership team (“SLT”) during the year to 31[st] March 2025 were:

Page 23 of 65

MASONIC CHARITABLE FOUNDATION

TRUSTEES’ ANNUAL REPORT

Auditor

Knox Cropper LLP, Chartered Accountants, 65 Leadenhall Street, London, EC3A 2AD

Bankers

Barclays Bank Plc, Level 28, 1 Churchill Place, Canary Wharf, London, E14 5HP

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

Coutts & Co, 440 Strand, London, WC2R 0QS

Investment Advisors

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

Investment Managers

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

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

Sarasin & Partners LLP, Juxon House, 100 St. Paul’s Churchyard, London, EC4M 8BU

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

Waverton Investment Management Ltd., 16 Babmaes Street, St. James, London, SW1Y 6AH

Solicitors

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

Wedlake Bell LLP, 71 Queen Victoria Street, London, EC4V 4AY

Page 24 of 65

MASONIC CHARITABLE FOUNDATION

TRUSTEES’ ANNUAL REPORT

Structure, Governance and Management

Organisation

The Charity is constituted as a company limited by guarantee and its governing document is its articles of association. It was registered as a charity on 4[th] December 2015 and commenced activities on 1[st] April 2016.

The Charity is the parent or ultimate parent company to the following organisations:

Charity Name Legal Status Charity Membership Details Trustee or
Registered Company Board
No.
The Grand Charity Company limited by 1170335 MCF is sole MCF and Chairman
guarantee company law of MCF
member
The Grand Charity Unincorporated 281942 MCF is sole member MCF is sole
trust Corporate Trustee
The Royal Masonic Trust Company limited by 1170336 MCF is sole MCF and Chairman
for Girls and Boys guarantee company law of MCF
member
The Royal Masonic Trust Unincorporated 285836 Trustees of MCF MCF is sole
for Girls and Boys trust Corporate Trustee
The RMIG Endowment Unincorporated 290883 MCF is sole member MCF is sole
Trust trust Corporate Trustee
The Masonic Samaritan Company limited by 1130424 MCF is sole MCF and Chairman
Fund guarantee company law of MCF
member
The Royal Masonic Unincorporated 207360 MCF is sole member MCF is sole
Benevolent Institution trust Corporate Trustee
The Royal Masonic Company limited by 1163245 MCF is sole Directors/Trustees
Benevolent Institution Care guarantee company law of RMBICC
Company member
The Royal Masonic Unincorporated 205793 MCF is sole member MCF is sole
Hospital Charity trust Corporate Trustee
The Ruspini Fund Unincorporated 1176327 MCF is sole member MCF is sole
trust Corporate Trustee
MCF Trading Limited Company limited by N/A MCF is the sole MCF appoints the
shares shareholder Directors
RMBI Trading Limited Company limited by N/A RMBICC RMBICC appoints
shares the Directors
Stability Investments Company limited by N/A RMBICC and Latis RMBICC and Latis
Limited shares Homes Limited Homes Limited
appoint Directors
Compass Housing Community Benefit N/A MCF, its chairman MCF appoints the
Society and CEO Directors
RMBI (Settlement) Limited Company limited by N/A RMBICC RMBICC appoints
shares the Directors
19/21 GQS Limited Company limited by N/A RMBICC RMBICC appoints
shares the Directors

The basis for determining that the above charities are subsidiaries of the Charity are that they are effectively under the control of the Charity’s Trustees, and they undertake charitable activities which further the charitable aims of the Charity. The Trustees of the Charity, as a body, either act as Trustee of the charitable subsidiary, have the right to appoint the majority of Trustees of the subsidiary or act in accordance with their statutory powers as sole member.

Page 25 of 65

MASONIC CHARITABLE FOUNDATION

TRUSTEES’ ANNUAL REPORT

Governance and Management

The registered/main office for all the subsidiary organisations is 60 Great Queen Street, London, WC2B 5AZ. Details of the summarised results are given in note 20 to the accounts on page 61. The organisations detailed in the table below were known collectively as the Central Masonic Charities (“CMCs”). The primary purpose of the consolidation of the activities of the CMCs under the Charity was to streamline the provision of support to beneficiaries and to provide greater flexibility in ensuring that support is prioritised towards those areas of greatest need.

Charity Name Reference Description of Charity
The Grand Charity TGC Dormant: future legacy income received into the MCF
The Royal Masonic Trust for RMTGB Grant making: individual beneficiaries and institutions,
Girls and Boys focusing upon relief of poverty and advancement of
education for children
The Ruspini Fund Ruspini Dormant: future legacy income received into the MCF
The RMIG Endowment Trust RMIGET Support for the Royal Masonic School and masonic
pupils at the school
The Masonic Samaritan Fund MSF Dormant: future legacy income received into the MCF
The Royal Masonic RMBI Dormant: future legacy income received into the MCF
Benevolent Institution
The Royal Masonic RMBICC Provision of specialist nursing and dementia registered
Benevolent Institution Care care through operation of care homes
Company

The Trustee Board is the ultimate decision-making and controlling body for the Charity. It delegates day to day operations to the SLT in accordance with a schedule of delegated financial authorities. Additionally, a number of areas of governance are delegated to the committees detailed in the following table.

Board/Committee Purpose Meetings
per year
Trustee Board Main decision-making body with ultimate responsibility for the 4
Charity
Audit and Risk Identification and mitigation of risk (including cyber security), 4
oversight of external and internal audit
Charity Grants Consideration of applications for grants from organisations 6
registered with the Charity Commission
Finance Ensuring adequate procedures are in place to manage all aspects 4
of financial planning, controlling and reporting
Fundraising Supporting the Masonic community’s fund-raising activities for the 4
benefit of the Charity
Investments Maintaining investment strategies to meet the requirements of the 4
Charity, appointment and monitoring of fund managers
Masonic Support Determining eligibility criteria and range of grants and support 4
services to individuals connected with the Masonic community
Nominations Appointment of Trustees and committee members As needed
Property Development and execution of strategies to optimise the returns 4
from the Charity’s property portfolio

Page 26 of 65

MASONIC CHARITABLE FOUNDATION

TRUSTEES’ ANNUAL REPORT

Governance and Management (Continued)

Remuneration Determination of executive and staff pay & benefits 2 Strategy Development and implementation of strategies to support the 2 Charity’s objectives.

The Trustee Board and committees also have regard to the affairs of the CMCs with the exception of The Royal Masonic Benevolent Institution Care Company (“RMBICC”) and its subsidiaries, which are run by their own board of Trustees and committees. This is subject to a memorandum of understanding which lays out key strategic decisions that require endorsement by the MCF’s Trustee Board.

With the exception of RMBICC, the CMCs do not employ any staff. Services are provided to the CMCs by the Charity and are recharged to the CMCs (excluding RMBICC) monthly, based upon the number of grants processed on behalf of each CMC.

The Chief Executive chairs a monthly SLT team meeting, which handles all operational matters.

Appointment, Induction and Training of Trustees and Committee Members

Up to 18 Trustees can be appointed to the Board through selection by the nominations committee and approval by the Grand Master on the recommendation of the Grand Master’s Council. In addition, up to 5 persons may be co-opted by the Trustees to fill specific skills gaps or casual vacancies, again following recommendation of the nominations committee and with the approval of the Grand Master on the recommendation of the Grand Master’s Council. Trustees may include people who are not Freemasons. The recruitment process for Trustees and committee members adheres to a robust succession-planning framework based on core competencies, bringing together diversity of interests and experience.

All Trustees and committee members are required to demonstrate that they have the skills and behaviours required to govern the Charity in the long term. To support this there is an evaluation of expertise, performance and the identification of development goals made on a periodic basis. An induction programme for new recruits and refresher induction for existing Trustees and committee members is tailored to meet individual needs.

The President and Deputy President are appointed annually by the Grand Master on the recommendation of the Grand Master’s Council. The Chairman and Treasurer are elected by the Trustees annually.

Remuneration of the SLT

The Charity’s policy is to reward members of the SLT according to their expertise and experience. The benefit package comprises a basic salary, pension contribution and 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 Chief Executive for his consideration and then to the MCF remuneration committee. No member of the SLT is able to make a decision on their own pay.

Page 27 of 65

MASONIC CHARITABLE FOUNDATION

TRUSTEES’ ANNUAL REPORT

Governance and Management (Continued)

Equity, Diversity and Inclusion (EDI)

The Board continuously reviews the Charity against the Charity Governance Code.. Following input from across the organisation, an EDI charter was developed and implemented for the Charity in 2023/24. Members of the senior leadership team hosted a number of cultural, religious and social events during the year to help promote greater understanding and inclusivity.

Trustees’ Duty to Promote the Success of the Charity – Section 172 statement

Trustees have a duty to promote the success of the Charity and, in doing so, are required by Section 172 of the Companies Act 2006 to have regard to various factors.

Robust forward planning and decision-making processes are required to ensure that the Charity continues to meet its objectives and deliver services to its beneficiaries in the most efficient and effective manner. Trustees regularly consider progress made against the Charity’s strategic plan and consider advice received from the strategy committee regarding potential changes to enhance the activities that contribute towards the meeting of the Charity’s objects. A strategic financial plan is refreshed and reviewed annually by the Trustees to ensure that the appropriate financial resources are available to meet the needs of beneficiaries for the long term.

Trustees are responsible for identifying and managing risks, which could impact upon the achievement of the Charity’s objectives or damage its reputation. They delegate the detailed oversight to an audit and risk committee and receive and consider updates and recommendations from that committee at every Board meeting. A risk management tool has been implemented during the year that facilitates the management and reporting of risk and the actions developed to mitigate those risks. The senior leadership team reviews and updates the register prior to each of its monthly meetings.

Trustees’ responsibilities include setting the Charity’s culture, values and standards and ensuring that its obligations to its stakeholders are met. The Charity has a range of policies and processes that promote corporate responsibility and ethical behaviour. Areas covered include fundraising, grant-making, financial probity, conflicts of interest, safeguarding, dignity at work and whistleblowing. A policies register is maintained and reviewed regularly by the audit and risk committee.

The MCF, and before it the CMCs, have historical and very strong connections with Freemasonry, most particularly with the UGLE and its members in England and Wales, as well as its Districts and Lodges overseas. Masonic Provinces run appeals to support the activities of the Charity through its unique and highly effective system of Festival Appeals, and the Charity supports members of the Masonic community who are in need of support. The Charity is strongly aligned towards supporting Freemasonry at all levels, recognising that both will prosper from such engagement.

The Charity recognises that its employees are central to delivery of its support to beneficiaries in accordance with its values: “responding to need”, “making a difference” and “striving for excellence”. It is important to the Charity that all employees feel valued and fully engaged in the delivery of the mission. To facilitate this, it undertakes regular team and organisational meetings and briefings as well as individual appraisals and feedback sessions. A full salary benchmarking exercise is undertaken every third year to ensure that employees are paid appropriately, with annual reviews against external pay data.

Page 28 of 65

MASONIC CHARITABLE FOUNDATION

TRUSTEES’ ANNUAL REPORT

Governance and Management (Continued)

The Charity has implemented an equity, diversity and inclusivity policy that promotes equality of opportunity for all staff and job applicants. This applies over the duration of their relationship with the Charity, from recruitment, training, career development and promotion within the organisation. Provision is made to support staff who become disabled during the course of their employment.

MCF is supported by a network of visiting volunteers, drawn from the Masonic community, who are provided with full training and support from specialist staff from the Charity. These volunteers perform a key role of engaging with actual and potential new beneficiaries to ensure that they receive the support they require, linking closely with the Masonic Support teams within the Charity.

The Charity views suppliers as key partners in the delivery of its services and values the many long-term relationships that is has built up over many years. It understands the importance of timely engagement to ensure a mutual understanding of both parties’ requirements to derive optimum value from the relationships. The Charity makes prompt payment on all validated invoices and engages proactively with suppliers in resolving any areas of dispute in a prompt and fair manner. The Charity places expectations on its key suppliers that they undertake business in a transparent manner and have in place policies such as a modern slavery policy and statement, which demonstrate their commitment to this important aspect of ethical and responsible business practice.

When setting the objectives and planning the work of the Charity for the year, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit.

Page 29 of 65

MASONIC CHARITABLE FOUNDATION

TRUSTEES’ ANNUAL REPORT

STATEMENT OF TRUSTEES RESPONSIBILITIES

Statement of Responsibilities

The Trustees, who are also the Directors of the Charity for the purposes of company law, are responsible for preparing the Trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (U.K. “GAAP”).

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 Charity and the group and of the income and expenditure of the group for that year. In preparing these financial statements, the Trustees are required to:

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

Statement of Disclosure of Information to Auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

Auditor

A resolution proposing that Knox Cropper LLP be reappointed as auditor will be put to the members.

Approval by Trustees

This report, including the strategic report, was approved by the Trustees on 11[th] September 2025 and signed on their behalf by

James M. Long, TD

President and Chairman, MCF

Page 30 of 65

MASONIC CHARITABLE FOUNDATION

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE MASONIC CHARITABLE FOUNDATION

Opinion

We have audited the financial statements of the Masonic Charitable Foundation (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 Parent Charity Balance Sheets, Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis of opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

Page 31 of 65

MASONIC CHARITABLE FOUNDATION

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE MASONIC CHARITABLE FOUNDATION

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the 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 where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page 30, 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 Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or parent charity or to cease operations, or have no realistic alternative but to do so.

Page 32 of 65

MASONIC CHARITABLE FOUNDATION

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE MASONIC CHARITABLE FOUNDATION

Auditor’s responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

Use of the audit report

This report is made solely to the Charitable Company’s members in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken, so that we might state to the charitable company’s member those matters we are required to state to them in an 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 for our audit work, for this report or for the opinions we have formed.

Simon Goodridge FCA Senior Statutory Auditor for and on behalf of Knox Cropper LLP Statutory Auditor 65 Leadenhall Street, London EC3A 2AD

Page 33 of 65

MASONIC CHARITABLE FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL

YEAR ENDED 31 MARCH 2025

ACTIVITIES (Including an Income and Expenditure Account)

Note
INCOME
Donations and legacies
2
Annual contributions from Lodges
Charitable activities
3
Investment income
4
Other income
Total income
EXPENDITURE
Cost of generating funds
Investment management costs
5
Charitable activities
Masonic grants
6,7
Non-Masonic grants
6,7
Residential and care homes
Total expenditure
Net gains/(losses) on investments
13
Net income/(expenditure)
Transfers between funds
OTHER RECOGNISED GAINS/(LOSSES)
Actuarial gains/(losses) on pension
scheme
Pension Liability Buy out
NET MOVEMENT IN FUNDS
Total funds brought forward
Total funds carried forward		 Unrestricted Restricted Endowment
Total
Total
funds
funds
funds
Funds
Funds
2025
2025
2025
2025
2024
£'000
£'000
£'000
£'000
£'000
13,042
6,628
0
19,670
18,906
3,145
0
0
3,145
3,196
0
56,238
0
56,238
52,689
2,483
9,196
39
11,718
10,907
11
24
0
35
22
18,681
72,086
39
90,806
85,720
(773)
(78)
0
(851)
(822)
(839)
(1,018)
(10)
(1,867)
(1,804)
(1,612)
(1,096)
(10)
(2,718)
(2,626)
(15,116)
(3,257)
0
(18,373)
(19,120)
(2,254)
(11,669)
(75)
(13,998)
(17,042)
0
(65,101)
0
(65,101)
(64,473)
(17,370)
(80,027)
(75)
(97,472) (100,635)
(18,982)
(81,123)
(85) (100,190) (103,261)
804
(1,355)
1,854
1,303
23,839
503
(10,392)
1,808
(8,081)
6,298
0
1,625
(1,625)
0
0
0
(366)
0
(366)
(271)
0
19
0
19
28
503
(9,114)
183
(8,428)
6,055
98,715
283,013
10,792
392,520
386,465
99,218
273,899
10,975
384,092
392,520

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

The notes on pages 37 to 65 form part of these financial statements. The prior year figures are analysed by fund in note 21 on page 63.

Page 34 of 65

MASONIC CHARITABLE FOUNDATION

BALANCE SHEETas at 31 March 2025
Note
Company Number 09751836
FIXED ASSETS
Intangible assets
10
Tangible assets
11
Investment properties
12
Investments
13
CURRENT ASSETS
Debtors
14
Investments
13
Short term deposits
Cash at bank and in hand
CURRENT LIABILITIES
Creditors falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
Creditors falling due after one year
15
Pension scheme asset/(liability)
16
Total net assets
CHARITABLE FUNDS
Endowment funds
17
Restricted income funds
17,18
Unrestricted funds
17
Total charitable funds		 March 2025
March 2024
Group Company
Group Company
£'000
£'000
£'000
£'000
92
92
103
103
78,289
292
77,086
223
43,829
0
45,618
0
195,257
81,692
199,829
60,729
317,467
82,076
322,636
61,055
8,379
2,469
10,340
2,467
32,776
17,246
40,482
3,143
29,160
0
28,858
0
21,269
7,216
15,880
5,795
91,584
26,931
95,560
11,405
(15,371)
(5,462) (16,658)
(3,553)
76,213
21,469
78,902
7,852
393,680
103,545
401,538
68,907
(12,039)
(579) (11,706)
(515)
2,451
0
2,688
0
384,092
102,966
392,520
68,392
10,975
0
10,792
0
273,899
3,462
283,013
1,171
99,218
99,504
98,715
67,221
384,092
102,966
392,520
68,392

The financial statements were approved and authorised for issue by the Trustee Board on 11 September 2025 and signed on their behalf by:

…… ……… ………
James M Long, TD Clive Emerson
President and Chairman Treasurer

The notes on pages 37 to 65 form part of these financial statements

Page 35 of 65

MASONIC CHARITABLE FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS

CONSOLIDATED STATEMENT OF CASH
FLOWS YEAR ENDED 31 MARCH 2025
Note 2025 2024
£'000 £'000
Operating Activities
Net cash provided by/(used in) Operating Activities A (21,281) (26,410)
Cash flows from investing activities
Dividends, interest and rents from investments 11,736 10,907
Proceeds from the sale of tangible fixed assets 6 8
Purchase of tangible fixed assets (5,538) (4,703)
Purchase of intangible fixed assets (23) (87)
Proceeds from the sale of investments 41,759 43,366
Purchase of investments (20,767) (25,128)
Net cash provided by/(used in) Investing Activities 27,173 24,363
Cash flows from financing activities
Repayment of bank loans (201) (194)
Net cash provided by/(used in) Financing Activities (201) (194)
Change in cash and cash equivalents in the reporting
period 5,691 (2,241)
Cash and cash equivalents at the beginning of the reporting
period 44,738 46,979
Cash and cash equivalents at the end of the reporting
period 25 50,429 44,738
Notes on the cash flow statement
A Reconciliation of net income/(expenditure) to net
cash flow from operating activities
Net income/expenditure as per the Statement of
Financial Activities (8,081) 6,298
Adjustments for:
Depreciation charges 4,367 4,650
Dividends, interest and rents from investments (11,718) (10,907)
Losses/(gains) in investments (excluding within cash balances) (6,924) (29,577)
Movements in defined benefit pension scheme (129) (136)
Loss on sale of tangible fixed assets (4) (8)
Decrease in debtors 1,961 1,565
(Decrease)/increase in creditors (753) 1,705
Net cash provided by/(used in) Operating Activities (21,281) (26,410)

Page 36 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES

(a) Statement of compliance

The financial statements of the Masonic Charitable Foundation and its subsidiaries (the “group”) have been prepared in accordance with applicable UK accounting standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland” (“FRS 102”). Additionally, they comply with the Companies Act 2006, the Charities (Accounts and Reports) Regulations 2008 and the Statement of Recommended Practice “Accounting and Reporting by Charities” (FRS 102 second edition) published in 2019 (the “SORP”) in all material respects. The Charity meets the definition of a public benefit entity under FRS 102.

(b) Basis of preparation

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

The Charity commenced activities from 1[st] April 2016. The Charity has taken advantage of the exemption conferred by Section 408 Companies Act 2006 and has not presented a separate charity statement of financial activity.

(c) Basic of consolidation

Consolidated financial statements have been prepared on a line-by-line basis, and uniform accounting policies have been used.

(d) Going concern

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

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

Page 37 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

(e) Incoming resources

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

(f) Resources expended

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

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

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

Masonic activities include the payment of grants directly to beneficiaries together with related welfare and support costs. Non-Masonic activities consist of the payment of grants to external institutions. Support costs are allocated to these activities on the bases laid out in note 7.

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

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

Page 38 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

(g) Employees

All staff are employed by the Charity and recharged to subsidiary charities based upon the relative number of grants processed by those charities.

(h) Fund accounting

Restricted funds are subject to specific conditions imposed by the donors and/or for the purposes for which they are raised. The aim of each material restricted fund is set out in note 18. Unrestricted funds may be utilised for any purpose in accordance with the charitable objectives of the group.

(i) Intangible fixed assets

Intangible fixed assets, consisting of computer software, held by the group are stated at cost less accumulated depreciation and any accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. Intangible fixed assets are subject to review for impairment when there is an indication of a reduction in their carrying value. They are reviewed annually, and any impairment is recognised in the year in which it occurs. The threshold for capitalisation is £10,000 and depreciation is calculated using the straight-line method to allocate the cost of each asset less its residual value over its useful life, estimated at 4 years. Assets in the course of construction are not depreciated until available for use.

(j) Tangible fixed assets

Tangible fixed assets, excluding land and investment properties, held by the group are stated at cost less accumulated depreciation and any accumulated impairment losses. Land is stated at cost less any accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. Fixed assets are subject to review for impairment when there is an indication of a reduction in their carrying value. They are reviewed annually, and any impairment is recognised in the year in which it occurs. Assets in the course of construction are stated at cost and not depreciated until available for use. The threshold for capitalisation is £10,000.

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 is calculated on other assets using the straight-line method to allocate the cost of each asset less its residual value over its estimated useful life, as follows:


i.
ii.		 Asset
Short leasehold improvements and furniture
Motor vehicles, computers and equipment		 Years
10
4

Page 39 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

(k) Investment properties

Investment properties are measured at fair value by third party professional valuers on an annual basis using RICS Red Book valuation rules. Gains or losses are recognised within the Statement of Financial Activities. No depreciation is provided on investment properties. They are reviewed annually, and any impairment is recognised in the year in which it occurs.

(l) Social Investment Property – Royal Masonic School

This social investment property has been valued through the discounting of expected future lease payments using a yield of 5.5% as the cost of capital, less the residual value of the provision for backlog repairs. This provision is being released back to the endowment fund in line with the works being completed and charged to the unrestricted general reserve. The provision for backlog repairs is reviewed on an annual basis, and adjusted as required in accordance with the evolving cost for the planned works. Gains or losses are recognised within the Statement of Financial Activities. No depreciation is provided on social investment properties.

(m) Investments

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

(n) Financial assets and liabilities

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

Financial assets and liabilities which qualify as basic financial instruments are initially recognised at the settlement amount after any trade discounts. They are subsequently valued at amortised cost and assessed for impairment at the end of each reporting period. Where settlement is not expected within 12 months of the balance sheet date, then the asset or liability is discounted using the long-term return of inflation plus 4 percent used as the target for the group’s investment portfolio . Basic financial instruments include debtors, cash and creditors within the balance sheet.

(o) Provisions

Provisions are recognised when the group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions are discounted to present value where the effect is material.

Page 40 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

(p) Contingencies

Contingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote, but is not considered probable or cannot be measured reliably. These are not recognised but are disclosed in the notes to the financial statements.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of benefits is considered probable.

(q) Foreign currencies

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

(r) Taxation

The group is exempt from taxation on its income and gains falling within Part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable activities. The group is unable to recover Valued Added Tax (VAT) incurred on expenditure except on property related costs where an option to tax has been taken and the development of new investment properties. The amount of VAT that cannot be recovered is included within the underlying cost to which it relates.

(s) Pension costs

Defined contribution pension plans are accounted for in the year in which the contributions are payable. Differences arising between contributions payable and amounts actually paid are shown as either accruals or prepayments in the Balance Sheet.

Multi-employer defined benefit pension plans are accounted for on the same basis as defined contribution plans. Where there is an agreement in place to fund a past service deficit, full provision is made for the total deficit contributions payable.

Other defined benefit pension plans are accounted for based on actuarial estimations of scheme liabilities and the fair value of scheme assets. Actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The resulting defined benefit asset or liability is separately disclosed on the Balance Sheet. Net interest costs arising on the assets and liabilities are included as part of charitable activities. Actuarial gains and losses arising are included under other recognised gains and losses.

Page 41 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

2.
DONATIONS AND LEGACIES
Festivals
Other donations
Legacies
3.
CHARITABLE ACTIVITES
Residents' Fees Receivable
Other charitable income
4.
INVESTMENT INCOME
Interest on bank deposits
Income from investment portfolios
Rental income
Interest income from pension scheme
assets		 Unrestricted Restricted Endowment
Total
Total
funds
funds
funds
Funds
Funds
2025
2025
2025
2025
2024
£'000
£'000
£'000
£'000
£'000
9,618
33
0
9,651 10,927
153
5,228
0
5,381
3,560
3,271
1,367
0
4,638
4,419
13,042
6,628
0 19,670 18,906
Unrestricted Restricted Endowment
Total
Total
funds
funds
funds
Funds
Funds
2025
2025
2025
2025
2024
£'000
£'000
£'000
£'000
£'000
0
56,227
0 56,227 52,600
0
11
0
11
89
0
56,238
0 56,238 52,689
Unrestricted Restricted Endowment
Total
Total
funds
funds
funds
Funds
Funds
2025
2025
2025
2025
2024
£'000
£'000
£'000
£'000
£'000
157
1,492
0
1,649
1,394
2,326
4,231
39
6,596
6,682
0
2,703
0
2,703
2,014
0
770
0
770
817
2,483
9,196
39 11,718 10,907

Page 42 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

5.
INVESTMENT MANAGEMENT COSTS
Investment fund management
Property management
Support costs
6.
CHARITABLE ACTIVITIES
Masonic
Care and welfare support
Poverty relief
Sickness and illness
Total Grants
Support Costs
Non-Masonic
Air Ambulance and Rescue Services
Armed Forces
Arts, Culture & Sport
Covid-19 Emergency Grants
Disaster Relief
Duke of Edinburgh Award
Early Interventions - Children & Families
Education and Employability
Environment, Conservation and Heritage
Festival Grants
Freemasons Community Fund
Health and Disability
Hospices
Isolation in Later Life
Medical & Social Research Programme
Other Charitable Purposes
Royal Masonic School
Total Grants
Support Costs		 Unrestricted Restricted
Endowment
Total
Total
funds
funds
funds
Funds
Funds
2025
2025
2025
2025
2024
£'000
£'000
£'000
£'000
£'000
545
579
10
1,134
1,115
294
323
0
617
568
0
116
0
116
121
839
1,018
10
1,867
1,804
Unrestricted Restricted
Endowment
Total
Total
funds
funds
funds
Funds
Funds
2025
2025
2025
2024
£'000
£'000
£'000
£'000
£'000
6,397
(2,039)
0
4,358
4,292
4,989
0
0
4,989
5,136
0
3,433
0
3,433
4,252
11,386
1,394
0 12,780 13,680
3,730
1,863
0
5,593
5,440
15,116
3,257
0 18,373 19,120
0
1,094
0
1,094
1,949
0
84
0
84
66
0
87
0
87
79
0
(43)
0
(43)
0
60
55
0
115
132
0
0
0
0
0
0
4,231
0
4,231
3,358
0
627
75
702
621
0
126
0
126
22
30
0
0
30
95
0
0
0
0
0
0
1,890
0
1,890
1,969
600
244
0
844
936
1,072
0
0
1,072
1,176
0
396
0
396
123
329
689
0
1,018
832
0
1,855
0
1,855
5,100
2,091
11,335
75 13,501 16,458
163
334
0
497
584
2,254
11,669
75 13,998 17,042

Page 43 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

6. CHARITABLE ACTIVITIES (Continued)

Masonic support of £12,780k consisted of 4,235 grants made to 2,883 individual beneficiaries. 344 grants were made directly from the Charity to charitable institutions; these grants are detailed in www.mcf.org.uk/financial-report. The figures above include a sum of £5,045k for donations made to charitable institutions directly by the Masonic community through the Relief Chest Scheme.

SUPPORT COSTS
Relief Chest - Fundraising
Fundraising
Legacies
Masonic Support - Grants
Masonic Support - Advice & Support
Masonic Support - Provincial &
Volunteers
Relief Chest - Charitable
Community Support & Research
Strategic Development & Special
Projects
Executive
Finance
Information Technology
Human Resources
Communications
Governance
Facilities & Administration
Administration and Support
Facilities & Admin - Ruspini House
Other		 Cost of
Investment
Masonic
Non-
Masonic
Total
Basis
Generating
Management
2025
for
Funds
Allocation
£'000
£'000
£'000
£'000
£'000
333
0
0
0
333
(a)
259
0
0
0
259
(a)
98
0
0
0
98
(a)
0
0
903
0
903
(a)
0
0
993
0
993
(a)
0
0
252
0
252
(a)
0
0
190
15
205
(a)
0
0
0
300
300
(a)
0
0
154
13
167
(b)
103
0
382
31
516
(c)
59
176
325
27
587
(c)
0
0
497
41
538
(b)
0
0
161
13
174
(b)
0
0
517
42
559
(b)
0
0
258
21
279
(b)
0
0
594
48
642
(b)
0
0
291
24
315
(b)
0
0
42
3
45
(b)
(1)
(60)
34
(81)
(108)
851
116
5,593
497
7,057

7. SUPPORT COSTS

Basis for allocation

(a) Directly attributed (b) Number of grants processed

(c) Headcount and number of grants processed

Page 44 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

7.
SUPPORT COSTS: 2024
Relief Chest - Fundraising
Fundraising
Legacies
Masonic Support - Grants
Masonic Support - Advice & Support
Masonic Support - Provincial &
Volunteers
Relief Chest - Charitable
Community Support & Research
Strategic Development & Special
Projects
Executive
Finance
Information Technology
Human Resources
Communications
Governance
Facilities & Administration
Administration and Support
Facilities & Admin - Ruspini House
Other		 Cost of
Investment
Masonic
Non-
Masonic
Total
Basis
Generating
Management
2024
for
Funds
Allocation
£'000
£'000
£'000
£'000
£'000
269
0
0
0
269
(a)
305
0
0
0
305
(a)
90
0
0
0
90
(a)
0
0
911
0
911
(a)
0
0
980
0
980
(a)
0
0
235
0
235
(a)
0
0
184
15
199
(a)
0
0
0
288
288
(a)
0
0
167
13
180
(b)
108
0
401
32
541
(c)
52
155
286
23
516
(c)
0
0
452
36
488
(b)
0
0
164
13
177
(b)
0
0
549
43
592
(b)
0
0
182
14
196
(b)
0
0
366
29
395
(b)
0
0
324
26
350
(b)
0
0
70
6
76
(b)
(2)
(34)
169
46
179
822
121
5,440
584
6,967

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

8. NET INCOME/(EXPENDITURE) WAS AFTER CHARGING

2025 2024
£'000 £'000
Depreciation 4,367 4,650
Auditor's remuneration 125 129

Page 45 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

9.
STAFF COSTS
Wages and salaries
Social security costs
Pension contributions
Employee benefits
Redundancy
AVERAGE NUMBER OF STAFF
Generating funds
Grant making activities
Care home operations
STAFF EARNING MORE THAN £60,000 (INC. BENEFITS)
£60,000 to £70,000
£70,001 to £80,000
£80,001 to £90,000
£90,001 to £100,000
£100,001 to £110,000
£110,001 to £120,000
£120,001 to £130,000
£130,001 to £140,000
£140,001 to £150,000
£150,000 to £160,000
£160,001 to £170,000
£170,001 to £180,000
£180,001 to £190,000
£190,001 to £200,000
Total		 2025
2024
£'000
£'000
39,212
36,301
3,445
3,053
1,204
1,130
251
226
29
38
44,141
40,748
2025
2024
14
13
79
81
1,063
996
1,156
1,090
2025
2024
17
20
16
14
5
6
4
3
3
2
1
0
1
4
3
0
0
0
0
1
1
0
0
0
0
0
1
1
52
51

Members of the MCF and RMBICC Executive and senior leadership teams received remuneration of £2,038k during the period (2024: £2,009k).

No Trustees, or related persons, received any remuneration from the Charity during the year (2024: None). Total travel and subsistence expenses of £26k were paid to 13 Trustees during the year (2024: £26k paid to 13 Trustees). Indemnity insurance was provided to Trustees at a cost of £36k (2024: £36k).

Page 46 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

10.INTANGIBLE FIXED ASSETS
Group and Company
Cost
Balance at 1 April 2024
Additions
Transfer of completed projects
Balance at 31 March 2025
Depreciation
Balance at 1 April 2024
Charge for the year
Balance at 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Assets
Computer
under
Software Construction
Total
£'000
£'000
£'000
289
82
371
23
0
23
82
(82)
0
394
0
394
(268)
0
(268)
(34)
0
(34)
(302)
0
(302)
92
0
92
21
82
103

Page 47 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

11. TANGIBLE FIXED ASSETS

11 (a)
Group
Cost
Balance at 1 April 2024
Additions
Disposals
Balance at 31 March 2025
Depreciation
Balance at 1 April 2024
Charge for the year
Disposals
Balance at 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Computers,
Assets
Freehold
Leasehold Motor
Equipment
under
Buildings
Buildings
Cars
& Furniture
Construction
Total
£'000
£'000
£'000
£'000
£'000
£'000
111,754
1,512
140
7,456
3,946
124,808
2,112
0
8
1,726
1,692
5,538
0
0
(23)
(1,400)
0
(1,423)
113,866
1,512
125
7,782
5,638
128,923
(42,900)
(779)
(95)
(3,948)
0 (47,722)
(3,419)
(89)
(18)
(807)
0
(4,333)
0
0
23
1,398
0
1,421
(46,319)
(868)
(90)
(3,357)
0 (50,634)
67,547
644
35
4,425
5,638
78,289
68,854
733
45
3,508
3,946
77,086

Leasehold buildings are all in excess of 50 years with the exception of the leasehold improvements held by the Charity as disclosed in note 11 (b) overleaf.

Page 48 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

11 (b)
Charity
Cost
Balance at 1 April 2024
Additions
Disposals
Balance at 31 March 2025
Depreciation
Balance at 1 April 2024
Charge for the year
Disposals
Balance at 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
12.INVESTMENT PROPERTIES
Balance at 1 April 2024
Additions
Transfers from social investments
Disposals
Change in market value
Balance at 31 March 2025		 Leasehold
Motor
Computers,
Buildings
Cars
Equipment
&
Total
£'000
£'000
Furniture
£'000
£'000
663
0
244
907
0
0
175
175
0
0
(158)
(158)
663
0
261
924
(467)
0
(217)
(684)
(66)
0
(38)
(104)
0
0
156
156
(533)
0
(99)
(632)
130
0
162
292
196
0
27
223
March 2025
March 2024
Group
Company
Group
Company
£'000
£'000
£'000
£'000
45,618
0
39,526
0
2,979
0
615
0
0
0
7,500
0
(3,424)
0
0
0
(1,344)
0
(2,023)
0
43,829
0
45,618
0

Investment properties consist of freehold properties in Great Queen Street and Parker Street, London WC2 and land at Rickmansworth Park Estate and Bushey Grange. During the prior year, the social investment property at Ruspini House was refurbished to provide six flats for commercial letting and was accordingly reallocated as an investment property at the year-end. The properties were valued by Gould and Co as at 31[st] March 2025 based on open market value, assuming that the properties would be sold subject to existing tenancies. Due to the long-term nature of ownership the exact historical cost of the properties is unknown, however, for the purposes of calculating the revaluation reserve it has been estimated at £7,321k.

Page 49 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

13.INVESTMENTS
Fixed Asset Investments:
- Managed Funds
MCF CAIF
CCLA Property Fund
Investment in MCF Trading Limited
Social investments
- Ruspini House
- Royal Masonic School
- Loans to beneficiaries
Current Asset Investments
- RLAM Cash Reserve funds
- Cash and cash equivalents
MOVEMENTS IN INVESTMENTS
a)Listed and unlisted
Balance at 1 April 2024
Additions
Disposals
Transfers from/(to) group undertakings
Investment income reinvested
Management fees charged to the fund
Gains/(losses)
Changes in cash balances held
Balance at 31 March 2025
b)Social
Balance at 1 April 2024
Additions
New loans issued
Loans repaid
Transfer to investment properties
Revaluation
Balance at 31 March 2025		 March 2025
March 2024
Group
Company
Group
Company
£'000
£'000
£'000
£'000
186,413
76,982
192,833
57,229
710
710
664
0
0
4,000
0
3,500
0
0
0
0
7,068
0
5,212
0
1,066
0
1,120
0
195,257
81,692
199,829
60,729
32,774
17,246
40,431
3,143
2
0
51
0
32,776
17,246
40,482
3,143
228,033
98,938
240,311
63,872
233,978
63,872
226,257
48,205
17,785
4,000
21,701
7,750
(38,278)
0
(43,303)
0
0
29,602
0
0
6,587
1,508
6,687
1,397
(916)
(286)
(937)
(246)
792
242
23,585
6,766
(49)
0
(12)
0
219,899
98,938
233,978
63,872
6,333
0
8,807
0
0
0
2,812
0
3
0
0
0
(57)
0
(63)
0
0
0
(7,500)
0
1,855
0
2,277
0
8,134
0
6,333
0

Page 50 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

13. INVESTMENTS (Continued)

The social investments consist of the property, which forms the Royal Masonic School in Rickmansworth and loans made to beneficiaries to effect urgent property renovations to accommodate medical conditions.

RMBI Trading Limited, Stability Investments Limited, RMBI (Settlement) Limited and 19/21 GQS Limited are wholly owned subsidiaries of RMBCCI, a subsidiary of the MCF. Their results are consolidated in these accounts. At 31[st] March 2025 their net assets stood at -£703,000, -£360, - £7,000, and £4 respectively (2024: -£699,000k, -£360, -£7,000 and £4). The companies’ principal activities are the design, build and alteration of RMBICC properties and management and residential billings.

MCF Trading Limited is a wholly owned subsidiary of the Charity for which the Charity issued 3,500,000 shares of £1 in 2022. A further 500,000 shares were issued on 6[th] January 2025. The company’s principal activity is the development of the group’s land assets.

RECONCILIATION TO SOFA
Gains/(losses) on listed
investments
Change in market value of investment
properties
14.DEBTORS
Trade debtors
Amounts owed by group undertakings
Prepayments and accrued income
Other debtors		 March 2025
March 2024
Group
Company
Group
Company
£'000
£'000
£'000
£'000
792
242
23,585
6,766
511
0
254
0
1,303
242
23,839
6,766
March 2025
March 2024
Group
Company
Group
Company
£'000
£'000
£'000
£'000
3,508
0
3,951
0
0
958
0
1,902
3,226
614
4,355
339
1,645
897
2,034
226
8,379
2,469
10,340
2,467

Other debtors includes a loan of £220k due from the Royal Masonic School for its share of the buy-out of the pension liability. The loan is being paid in monthly instalments including interest, which for the year to March 2025 totalled £158,864 (March 2024: £166,191). The loan has been discounted to a net present value of £208k for inclusion in the accounts.

Page 51 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

15.CREDITORS
Falling due within one year
Grants payable
Bank loans and overdrafts
Trade creditors
Amounts owed to group undertakings
Accruals and deferred income
Taxation and social security
Other creditors
Falling due after more than one
year
Grants payable
Retail Charity Bond
Bank loans		 March 2025
March 2024
Group
Company
Group
Company
£'000
£'000
£'000
£'000
7,803
4,019
8,467
2,835
86
0
193
0
1,697
449
2,518
348
0
274
0
33
3,529
436
3,210
178
797
108
701
111
1,459
176
1,569
48
15,371
5,462
16,658
3,553
2,039
579
1,612
515
10,000
0
10,000
0
0
0
94
0
12,039
579
11,706
515

The RMIG Endowment Trust took out a new bank loan on 7[th] April 2021 for an amount of £835,817. It is repayable in 52 monthly instalments ending 10[th] August 2025. Interest is chargeable at a fixed rate of 3.31%.

For the purpose of modernisation of its property portfolio, RMBICC raised £10 M in March 2023 through the issue of a £20 M sustainable bond by Retail Charity Bonds plc. (“RCB”). £10 M of the bond was sold to institutional and retail investors and the proceeds loaned to the RMBICC under the terms of a loan agreement with RCB. The remaining £10 M was retained by RCB and may be sold at the request of the RMBICC at a future date, with the proceeds of any such sale going to RMBICC 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, payable six-monthly in arrears on 7[th] March and 7[th] September until the maturity date of 7[th] March 2029.

16 . PENSION SCHEMES ASSET/(LIABILITY)

PROVISIONS FOR PENSIONS
RMBI Pension Schemes		 March 2025
March 2024
Group
Company
Group
Company
£'000
£'000
£'000
£'000
2,451
0
2,688
0
2,451
0
2,688
0

Page 52 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

16 . PROVISIONS FOR PENSIONS (Continued)

There were three defined benefit schemes operated by subsidiaries of the Charity. These were as follows:

In addition, the Charity runs a defined contribution scheme with Royal London.

RMTGB Pension Scheme

A subsidiary charity, the Royal Masonic Trust for Girls and Boys (“RMTGB”) operated a defined benefit pension scheme, the RMTGB Staff Pension Scheme (the “Scheme”). It entered into a “buy-in/buy-out” arrangement with Pension Insurance Corporation (“PIC”) whereby the latter has assumed the liabilities of the Scheme and undertaken to make all future payments due under the scheme. Due diligence on the transaction was completed by September 2017 at which time the final instalment was paid to PIC on the formal transfer of the Scheme.

There were two participating employers: the RMTGB (the “Sponsoring employer” and the Royal Masonic School for Girls Limited (the “School”). The RMTGB has entered into an arrangement with the school whereby the school will repay to the Charity, the School’s 24% of the Scheme’s wind up and closure costs. The period of the loan is for ten years. Interest is charged at the Bank of England’s base rate. The school is currently repaying off the loan in monthly instalments of £12k per month.

Movements on the liabilities on the scheme in the year are detailed as follows:

Balance at 1 April 2024
Interest charged
Less payments made on account by RMS in 2024/25		 2025
£’000
(364)
(15)
159		 2024
£’000
(508)
(22)
166
(£220) (£364)

The amount recoverable from the school is included within other debtors (note 14).

Page 53 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

16 . PROVISIONS FOR PENSIONS (Continued)

RMBI Pension Schemes

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

i. Defined contribution

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

ii. 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 9 relates to the defined contribution scheme.

iii . Principal actuarial assumptions at the balance sheet date:

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

Significant actuarial assumptions:
Discount rate
Rate of inflation (RPI)
Rate of inflation (CPI)
Other actuarial assumptions:
Rate of increase in pensionable salaries
Rate of increase in pensions – Post 88 GMP
Rate of increase in pensions – Pre 97 XS
Rate of increase in pensions – Post 97 pension
Rate of increase in pensions – Post 05 pensions
Revaluation of deferred pensions (non-GMP)		 March 2025
5.7%
3.2%
2.8%
3.2%

2.3%

0.0%

3.1%

2.1%

3.2%
 March 2024
4.8%
3.3%
2.8%
3.3%
2.3%
0.0%
3.2%
2.3%
3.3%

Page 54 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

16 . PROVISIONS FOR PENSIONS (Continued)

RMBI Pension Schemes (Continued)

Mortality assumptions:
Life expectancy (years)
For an individual aged 65 in 2025
- Males

- Females

At age 65 for an individual aged 45 in 2025
- Males

- Females

Mortality before retirement
Mortality before and after retirement - S3PMA / S2PMA
Mortality before and after retirement - S3PFA / S2PFA
iv.
CHANGES IN PRESENT VALUE OF DEFINED BENEFITS
OBLIGATION
Balance at 1 April 2024
Past service cost
Interest cost
Actuarial losses/(gains)
Benefits paid
Balance at 31 March 2025
v.
CHANGES IN FAIR VALUE OF SCHEME ASSETS
Balance at 1 April 2024
Interest income
Administration expenses
Actuarial gains/(losses)
Employer contributions
Benefits paid
Balance at 31 March 2025



March 2025 March 2024
20.8
20.9
23.4
23.4
22.1
22.2
24.9
24.8
as per post
retirement
as per post
retirement
100%
100%
100%
100%
£'000
£'000
13,946
14,822
0
0
641
681
(1,003)
(290)
(1,219)
(1,267)
12,365
13,946
£'000
£'000
16,634
17,645
770
817
0
0
(1,369)
(561)
0
0
(1,219)
(1,267)
14,816
16,634

Page 55 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

16.
PROVISIONS FOR PENSIONS (Continued)
RMBI Pension Schemes (Continued)

vi.
FAIR VALUE OF ASSETS
Equities
Properties
Corporate bonds
Fixed interest gilts
Index linked gilts
Liability-driven investments
Diversified growth and credit funds
Buy out aware funds
Cash
The return on the assets was:
Interest income
Return on assets less interest income
Total return on assets
vii.
RECONCILIATION TO THE BALANCE SHEET
Market value of assets
Present value of defined benefit obligation
Net surplus/(deficit)
viii.
RECOGNITION IN SOFA
Resources expended
Past service cost
Administration costs
Interest on obligation
Interest return on fund assets
Other recognised gains/(losses)
Actuarial gains/(losses) in the defined benefit
obligation
Return on assets less interest income		 March 2025
£'000
0
0
0
0
0
0
0
14,685
131		 March 2024
£'000
0
0
0
0
0
0
0
16,296
338
14,816 16,634
770
(1,369)		 817
(561)
(599) 256
£'000
14,816
(12,365)		 £'000
16,634
(13,946)
2,451 2,688
£'000
0
0
641
(770)		 £'000
0
0
681
(817)
(129) (136)
1,003
(1,369)		 290
(561)
(366) (271)

Page 56 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

17.
MOVEMENT IN FUNDS
Endowment funds
RMIG Endowment Trust
Royal Masonic Benevolent
Institution Care Company
Restricted funds
Relief Chest
Royal Masonic Trust for
Girls and Boys
Ruspini
RMIG Endowment Trust
Compass Housing
Masonic Samaritan Fund
Royal Masonic Hospital
Royal Masonic Benevolent
Institution Care Company
Victor Donaldson
Specific gifts, donations
and legacies for homes
Prince Edward Duke of
Kent Court, Essex
L H Miles
Frederick Philips Fund
Intragroup
(income)/expenditure
Other
Unrestricted funds
General reserves
Designated reserves
Total funds		 Balance at
Income Expenditure
Gains/ Transfers
Balance at
1 April
(losses)
31 March
2024
2025
£'000
£'000
£'000
£'000
£'000
£'000
10,711
39
(85)
1,854
(1,625)
10,894
81
0
0
0
0
81
10,792
39
(85)
1,854
(1,625)
10,975
19,815
15,974
(14,846)
0
0
20,943
149,788
5,314
(11,635)
(1,370)
0
142,097
1,415
30
(104)
10
0
1,351
1,775
972
(2,068)
0
1,625
2,304
102
5
(7)
0
0
100
4,528
1,285
(3,514)
(94)
73
2,278
13
66
0
0
(73)
6
100,449
64,533
(65,103)
(256)
0
99,623
2,657
1
(8)
0
0
2,650
283
42
(29)
0
0
296
301
49
(1)
0
0
349
559
0
(2)
0
0
557
1,171
25
(26)
8
0
1,178
0 (16,221)
16,221
0
0
0
157
11
(1)
0
0
167
283,013
72,086
(81,123)
(1,702)
1,625
273,899
98,285
18,680
(18,982)
804
74
98,862
430
0
0
0
(74)
356
98,715
18,680
(18,982)
804
0
99,218
392,520
90,806
(100,190)
956
0
384,092

The Transferred Beneficiaries Fund was created as a restricted fund in the TGC following the transfer of unrestricted funds from the RMBI in 2002. Following the return of the fund on 1[st] November 2017, it has been derestricted to bring it back to its original form held in the RMBI. The Trustees have designated £0.36 M to be held for the future expected commitment to beneficiaries.

Page 57 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

17. MOVEMENT IN FUNDS (Continued)

Intragroup (income)/expenditure includes festival income collected through the Relief Chest (£9.80 M) and the support grant made to the RMBICC from the MSF (£6.42 M).

MOVEMENT IN FUNDS
Prior Year
Endowment funds
RMIG Endowment Trust
Royal Masonic Benevolent
Institution Care Company
Restricted funds
Relief Chest
Royal Masonic Trust for
Girls and Boys
Ruspini
RMIG Endowment Trust
Compass Housing
Masonic Samaritan Fund
Royal Masonic Hospital
Royal Masonic Benevolent
Institution Care Company
Victor Donaldson
Specific gifts, donations
and legacies for homes
Prince Edward Duke of
Kent Court, Essex
L H Miles
Frederick Philips Fund
Intragroup
(income)/expenditure
Other
Unrestricted funds
General reserves
Designated reserves
Total funds		 Balance at
Income Expenditure
Gains/ Transfers
Balance at
1 April
(losses)
31 March
2023
2024
£'000
£'000
£'000
£'000
£'000
£'000
11,283
82
(18)
2,064
(2,700)
10,711
81
0
0
0
0
81
11,364
82
(18)
2,064
(2,700)
10,792
21,313
15,245
(16,743)
0
0
19,815
144,815
5,043
(11,168)
11,098
0
149,788
1,234
32
(14)
163
0
1,415
3,599
1,048
(5,572)
0
2,700
1,775
104
5
(7)
0
0
102
16,489
1,084
(13,132)
47
40
4,528
4
49
0
0
(40)
13
102,471
61,324
(64,340)
994
0
100,449
2,585
79
(7)
0
0
2,657
388
20
(125)
0
0
283
325
23
(47)
0
0
301
563
0
(4)
0
0
559
1,014
27
(5)
135
0
1,171
0 (18,249)
18,249
0
0
0
149
6
2
0
0
157
295,053
65,736
(92,913)
12,437
2,700
283,013
79,334
19,902
(10,330)
9,095
284
98,285
714
0
0
0
(284)
430
80,048
19,902
(10,330)
9,095
0
98,715
386,465
85,720
(103,261)
23,596
0
392,520

Page 58 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

18. RESTRICTED FUNDS

Fund Name Relief Chest Scheme

Transferred Beneficiaries Fund

Royal Masonic Trust for Girls and Boys Ruspini

Royal Masonic Institution for Girls Endowment Trust Masonic Samaritan Fund

Royal Masonic Hospital

Royal Masonic Benevolent Institution

Victor Donaldson Fund

Specific gifts, donations and legacies for homes Hutchinson

Purpose of Fund

To maintain Relief Chests to recognised masonic organisations, which are used to generate funds for all types of charitable purposes Relief of poverty for named former beneficiaries of the Royal Masonic Benevolent Institution Relief of poverty and advancement of education

Relief of need, hardship and distress of the children of freemasons Support for the Royal Masonic School and masonic pupils at the school

To advance health and relieve those in need by reason of illhealth or disability through the provision of medical assistance, support, treatment, care and advice. Commissioning of research that is anticipated to offer benefits to beneficiaries

Relief of poverty amongst freemasons and their dependants who are sick or infirm. All income is transferred to the Masonic Samaritan Fund to further this purpose Relief of need, suffering and distress through provision of accommodation in residential care facilities or sheltered accommodation

To advance secured loans to beneficiaries to enhance their quality of life For the specific use of care homes towards costs of improving facilities for the benefit of residents To assist dependants of needy freemasons towards education costs

Prince Edward Duke of Kent Donation by Mark Master Masons for the development of the Court, Essex Thomas Were Howard House Group L H Miles To provide financial relief for Essex masons in Prince Edward Duke of Kent Court Other Various funds consisting of amounts under £50k for varying purposes

Page 59 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS FOR THE GROUP

ASSETS AND LIABILITIES
31 March 2025
Endowment funds
Restricted funds
Unrestricted funds
General reserves
Designated reserves
Total funds
ASSETS AND LIABILITIES
31 March 2024
Endowment funds
Restricted funds
Unrestricted funds
General reserves
Designated reserves
Total funds		 Fixed Investment Investments Current
Liabilities
Fund
Assets
Properties
Assets
Total
£'000
£'000
£'000
£'000
£'000
£'000
0
0
8,893
2,082
0
10,975
77,997
40,518
109,837
66,248
(20,701) 273,899
384
3,311
76,527
22,898
(4,258)
98,862
0
0
0
356
0
356
384
3,311
76,527
23,254
(4,258)
99,218
78,381
43,829
195,257
91,584
(24,959) 384,092
Fixed Investment Investments Current
Liabilities
Fund
Assets
Properties
Assets
Total
£'000
£'000
£'000
£'000
£'000
£'000
0
0
8,709
2,083
0
10,792
76,863
42,607
111,087
73,905
(21,449) 283,013
326
3,011
80,033
19,142
(4,227)
98,285
0
0
0
430
0
430
326
3,011
80,033
19,572
(4,227)
98,715
77,189
45,618
199,829
95,560
(25,676) 392,520

Page 60 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

20. SUMMARISED RESULTS FOR SUBSIDIARIES

Total income
Total expenditure
Investment gains/(losses)
Net income/(expenditure)
Other gains/(losses)
Transfers to parent charity
Net movement in funds
Total funds brought forward
Total funds carried forward
Represented by
Fixed asset investments
Other fixed assets
Total fixed assets
Current assets
Total assets
Current liabilities
Creditors falling due after one year
Provisions
Total liabilities
Net assets		 MCF Compass
TGC
RMTGB
RMBI
Ruspini
MSF RMBICC RMIGET
Trading
Housing
MCF
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
16,778
5,315
2,326
30
1,351
64,636
1,011
0
5
15,576
(15,833) (11,636)
(6,614)
(104)
(3,513)
(65,144)
(2,153)
0
(7) (11,408)
0
(1,389)
570
10
(94)
110
1,854
0
0
242
945
(7,710)
(3,718)
(64)
(2,256)
(398)
712
0
(2)
4,410
0
19
0
0
0
(366)
0
500
0
0
0
0 (27,879)
0
(2,285)
0
0
0
0
30,164
945
(7,691) (31,597)
(64)
(4,541)
(764)
712
500
(2)
34,574
20,086
149,788
31,597
1,415
4,541
104,487
12,486
3,125
103
68,392
21,031
142,097
0
1,351
0
103,723
13,198
3,625
101
102,966
0
132,409 0
1,403
0
15,378
8,893
3,311
0
81,692
0
0
0
0
0
77,934
0
0
63
384
0
132,409 0
1,403
0
93,312
8,893
3,311
63
82,076
21,041
15,978 0
2
(0)
23,578
4,613
353
49
26,931
21,041
148,387 0
1,405
(0)
116,890
13,506
3,664
112
109,007
(10)
(4,831) 0
(54)
0
(5,618)
(308)
(39)
(11)
(5,462)
0
(1,459)
0
0
0
(10,000)
0
0
0
(579)
0
0
0
0
0
2,451
0
0
0
0
(10)
(6,290) 0
(54)
0
(13,167)
(308)
(39)
(11)
(6,041)
21,031
142,0970
1,351
(0)
103,723
13,198
3,625
101
102,966

Page 61 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

20. SUMMARISED RESULTS FOR SUBSIDIARIES: Prior Year to 31 March 2024

Total income
Total expenditure
Investment gains/(losses)
Net income/(expenditure)
Other gains/(losses)
Transfers to parent charity
Net movement in funds
Total funds brought forward
Total funds carried forward
Represented by
Fixed asset investments
Other fixed assets
Total fixed assets
Current assets
Total assets
Current liabilities
Creditors falling due after one year
Provisions
Total liabilities
Net assets		 MCF
Compass
TGC
RMTGB
RMBI
Ruspini
MSF
RMBICC
RMIGET
Trading
Housing
MCF
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
16,123
5,043
1,568
32
1,133
61,452
1,130
0
5
17,481
(17,494)
(11,167)
(294)
(14)
(13,132)
(64,521)
(5,590)
0
(7)
(9,290)
0
11,069
2,840
163
47
1,265
2,064
(375)
0
6,766
(1,371)
4,945
4,114
181
(11,952)
(1,804)
(2,396)
(375)
(2)
14,957
0
28
0
0
0
(271)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(1,371)
4,973
4,114
181
(11,952)
(2,075)
(2,396)
(375)
(2)
14,957
21,457
144,815
27,483
1,234
16,493
106,562
14,882
3,500
104
53,435
20,086
149,788
31,597
1,415
4,541
104,487
12,486
3,125
102
68,392
7
131,603
23,935
1,370
0
19,583
8,709
3,011
0
60,729
0
0
0
0
0
76,793
0
0
69
326
7
131,603
23,935
1,370
0
96,376
8,709
3,011
69
61,055
20,106
24,272
7,674
51
7,767
21,181
4,808
234
47
11,405
20,113
155,875
31,609
1,421
7,767
117,557
13,517
3,245
116
72,460
(27)
(5,134)
(12)
(6)
(3,081)
(5,758)
(937)
(120)
(14)
(3,553)
0
(953)
0
0
(145)
(10,000)
(94)
0
0
(515)
0
0
0
0
0
2,688
0
0
0
0
(27)
(6,087)
(12)
(6)
(3,226)
(13,070)
(1,031)
(120)
(14)
(4,068)
20,086
149,788
31,597
1,415
4,541
104,487
12,486
3,125
102
68,392

Page 62 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

21. [STATEMENT OF FINANCIAL ACTIVITIES ]

YEAR ENDED 31 MARCH 2024

(Including an Income and Expenditure Account)

Note
INCOME
Donations and legacies
2
Annual contributions from Lodges
Charitable activities
3
Investment income
4
Transfer in of RMIGET net assets
Other income
Total income
EXPENDITURE
Cost of generating funds
Investment management costs
5
Charitable activities
Masonic grants
6
Non-Masonic grants
6
Residential and care homes
Total expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
OTHER RECOGNISED
GAINS/(LOSSES)
Actuarial gains/(losses) on pension
scheme
Pension Liability Buy out
NET MOVEMENT IN FUNDS
Total funds brought forward
Total funds carried forward		 Unrestricted Restricted
Endowment
Total
funds
funds
funds
Funds
2024
2024
2024
2024
£'000
£'000
£'000
£'000
14,369
4,537
0
18,906
3,196
0
0
3,196
0
52,689
0
52,689
2,337
8,488
82
10,907
0
0
0
0
0
22
0
22
19,902
65,736
82
85,720
(788)
(34)
0
(822)
(820)
(966)
(18)
(1,804)
(1,608)
(1,000)
(18)
(2,626)
(6,830)
(12,290)
0
(19,120)
(1,892)
(15,150)
0
(17,042)
0
(64,473)
0
(64,473)
(8,722)
(91,913)
0
(100,635)
(10,330)
(92,913)
(18)
(103,261)
9,095
12,680
2,064
23,839
18,667
(14,497)
2,128
6,298
0
2,700
(2,700)
0
0
(271)
0
(271)
0
28
0
28
18,667
(12,040)
(572)
6,055
80,048
295,053
11,364
386,465
98,715
283,013
10,792
392,520

Page 63 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

22. RELATED PARTY TRANSACTIONS

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

c) United Grand Lodge of England

As laid out in the Trustees report on page 27, the appointment of Trustees is approved by the Grand Master on the recommendation of the Grand Master’s Council. The United Grand Lodge of England (UGLE) co-ordinates the collection of the annual contribution made by its members for supporting the Charity. UGLE provides part of the lower ground floor of Freemasons’ Hall to the Charity to accommodate its staff and operations. The lease is rent free but allows for the recovery of an appropriate proportion of costs through a service charge.

23.

CAPITAL COMMITMENTS
Construction and refurbishment of care homes:
- contracted for
- authorised but not contracted for		 March 2025
March 2024
Group
Company
Group
Company
£'000
£'000
£'000
£'000
39
0
1,038
0
421
0
257
0
460
0
1,295
0

Page 64 of 65

MASONIC CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

ANALYSIS OF CHANGES IN CASH AND CASH 24. EQUIVALENTS LESS DEBT

EQUIVALENTS LESS DEBT
Cash and cash equivalents
Short term deposits
Cash at bank and in hand
Borrowings
Bank loans due within one year
Bank loans due after one year
Total cash and cash equivalents less
debt		 At 1 April
Cash Flow
Non-Cash At 31 March
2024
Changes
2025
£'000
£'000
£'000
£'000
28,858
302
0
29,160
15,880
5,389
0
21,269
44,738
5,691
0
50,429
(193)
201
(94)
(86)
(10,094)
0
94
(10,000)
(10,287)
201
0
(10,086)
34,451
5,892
0
40,343

25. LIABILITY OF MEMBERS

The Charity is constituted as a company limited by guarantee. In the event of the Charity being wound up each of the members would be required to contribute an amount not exceeding £1.

Page 65 of 65