MASONIC CHARITABLE FOUNDATION
# **MASONIC CHARITABLE FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
**Charity Number: 1164703 Company Number: 09751836**
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## **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|
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## **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:
- (a) relieve sickness and preserve health, advance education and prevent or relieve poverty or financial hardship, amongst such persons as the Trustees consider from time to time to be in need of assistance to the extent to which the Trustees in their absolute discretion think appropriate; and to
- (b) further such other purposes (being exclusively charitable) as the Trustees may from time to time in their absolute discretion consider appropriate.
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
- The main provision is through daily living cost grants paid to help Masonic families who are unable to afford everyday living costs as a result of a life event that has left them in financial hardship. Grants are also provided for one-off costs that impact on wellbeing, financial stability and independence.
Health, Care and Wellbeing
- Medical and dental grants are paid to help with the cost of private treatment or surgery, which cannot be provided freely or quickly through the NHS. Support for mental health issues is available through a partner organisation offering professional and confidential support, paid for by the Charity. Grants are offered to support family carers to take vital breaks from their caring responsibilities.
- Mobility equipment including scooters, stair-lifts and riser-recliner chairs is provided to support independent living.
- Grants are offered to pay for home adaptations required due to medical or mobility needs. Interestfree loans can be considered for essential home repairs and adaptations to support continued independence at home.
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## **MASONIC CHARITABLE FOUNDATION**
## **STRATEGIC REPORT**
## **Activities (Continued)**
Children, Young People and Education
- A wide range of educational grants, including for IT equipment, uniforms and scholarships, is available to ensure that children are not disadvantaged in their education because of a lack of funds. Grants are also offered to young people with exceptional musical, sporting or artistic talents to train and develop their skills.
- In exceptional circumstances school fees are paid to prevent children in fee-paying education having to leave when their parents/guardians have experienced a life change preventing them from meeting the fees.
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.
- A team of professional advisers based throughout England and Wales provides advice and guidance on a range of support issues. They will make contact or visit to listen, understand needs, discuss potential solutions and direct to organisations and services that can help. The team can assist with applications for charitable and state support as well as signposting to national and local services.
## **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.
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## **MASONIC CHARITABLE FOUNDATION**
## **STRATEGIC REPORT Activities (Continued)**
The Charity operates two schemes to provide charitable grants via Masonic Provinces:
- Matched Funding – The scheme enables Provinces to double the amount of funds that they can provide to local charities by applying for matched funding from the Charity.
- Festival Grants Programme – This scheme offers support to Provinces during their festival appeal. Each Province will be allocated a grant fund to offer to local registered charities over the period of their festival.
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.
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## **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:
- (a) Accommodation in residential care facilities or sheltered accommodation, and associated facilities;
- (b) Financial assistance by way of grant; and/or
- (c) Such other services or assistance as its Trustees may from time to time think fit.
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.
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## **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**
- Responded to the continued crisis in the NHS through providing an increased number of consultations and treatments for people facing long NHS waiting lists.
- Identified, modelled and implemented changes to the flagship daily living costs programme to deliver the changes needed to support the move towards achieving a balanced budget.
- Simplified the grants assessment process leading to service improvements as well as achieving cost reductions.
- Doubled the number of families with children supported who could not secure, or faced a long wait for, educational assessments. In doing so, supported families to identify their children’s learning needs so they could work with their schools to put in place appropriate education and care plans.
- Expended the majority of the legacy portfolio of minor designated funds, ensuring that they were used for their intended purpose while simplifying the overall group structure.
- Designed and delivered a nationwide training programme for volunteers on the use of the grants management system.
- Completed a project to create a new Theory of Change for support to individuals and map activity data to outcomes and impact.
## **Charity Grants**
- As part of a commitment to increase the Charity’s insights into the disadvantaged groups that the charity grants programme supports, questions regarding the equity, diversity and inclusion (EDI) were incorporated into the early-stage application process.
- The £228,000 two-year funder plus partnership with the Cranfield Trust successfully concluded in the summer of 2024. The Cranfield Trust delivered 71 consultancy and mentoring projects for 61 MCF grantees, as well as 24 webinars for charities on topics such as sustainable fundraising, and a programme of peer-to-peer support for charity leaders.
- The £300,000 three-year partnership with the Duke of Edinburgh Award charity concluded successfully during the year and over-achieved on the target number of young people supported. A total of 79,372 young people with additional needs took part in the awards scheme and the number of centres able to support young people with additional needs increased to 917 by the end of the partnership in Autumn 2024.
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## **MASONIC CHARITABLE FOUNDATION**
## **STRATEGIC REPORT**
## **Achievements and Performance (Continued)**
- Hospices across England and Wales received £600,000 through the two dedicated programmes. During the year, the Charity’s partnership with Hospice UK supported projects that helped to improve local hospice services, with the focus on neurological conditions. In total 11 hospices across England and Wales were awarded £399,689. The MCF bursary scheme continues to provide training bursaries for hospice staff, in order to improve staff retention and develop their skills. This bursary scheme is administered by Hospice UK on behalf of the Charity and is open to all hospices in England and Wales.
## **Fundraising**
- Worked to encourage regular ongoing giving which has shown significant success across a number of Provinces, who have adopted the ideas and training provided by the MCF Fundraising team. This includes increasing the time spent on face-to-face fundraising and the adoption of MCF digital resources.
- Worked with the IT & Digital team, the Relief Chest and the Communications team, so the Charity has been able to improve its online and digital resources, making them more flexible and user friendly and adding features to enhance the donor experience. The Charity will continue to promote the use of these resources.
- Worked to promote legacy giving through the Charity’s legacy giving fundraising scheme which has been successful. In March 2024 the Charity promoted its free will provision in line with Free Wills month which generated a marked increase in enquiries. In March 2025 the Charity enhanced its promotion to include a feature on World Book Day. This has resulted in an even greater response.
- Four Festival Appeals concluded in the year; Northamptonshire and Huntingdonshire (£2,518,648), Staffordshire (£1,803,640), Monmouthshire (£1,020,240) and Cornwall (£1,069,590). The Trustees are extremely grateful to Brethren and their families from these Provinces for their support. The average per capita across these festivals was £757. This included the result from Monmouthshire, which at £976 per capita, is the highest per capita achieved for an MCF Festival.
## **Relief Chest Scheme**
- Progressed the new seven-year strategy for the Relief Chest to promote engagement and increase use by donors and potential donors.
- Continued the programme of community engagement with a further five Provinces visited during the year and an open week for London Lodges in July 2024.
- Implemented a new in-house e-voucher system with a £18k saving on annual external support costs.
- Rolled out the new Relief Chest Online service that allows relief chest holders to securely access their accounts online for enquiries and reporting, and to add second officers to the account. By the end of the year, 56% of Relief Chest holders had registered for the service. The number of active users had increased to 687 by the end of the year (2024: 663).
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## **MASONIC CHARITABLE FOUNDATION**
## **STRATEGIC REPORT**
## **Achievements and Performance (Continued)**
- Increased the proportion of donations received electronically from 12% in 2024 to 18% by the end of the year.
- Extended “continuous giving” between festivals with 13 Provinces signed up (2024: 8) and 4,053 direct debits in operation (2024: 2,808). This will give the Provinces concerned a “flying start” when their next Festivals are launched.
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:
- Reduced the operating deficit from £4.2 M in the prior year to £1.8 M for the current year.
- 999 beds provided across 17 care homes with over 450 new resident placements made in the year.
- • Continued reduction in carbon emissions since 2019 in line with the RMBICC’s sustainability objectives including a continuing programme of solar panel installation at its care homes.
- 100% of the care homes held a ‘good’ or ‘outstanding’ (‘excellent’ for Wales) rating with the English and Welsh Regulators.
- Progressed the next new build at Cornwallis Court, Bury St Edmunds in partnership with our construction partner, Kind & Co. Phase one of the development for 32 new beds to be completed in 2026.
- Four home managers progressed to finalists at the Great British Care Awards 2025 with Nina Stephens, the care home manager at Prince Philip Duke of Kent Court awarded the Registered Manager Award.
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## **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 -----**
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## **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.
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## **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.
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## **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:
- Short Term Money Market Fund:
- Short Term Fixed Income Fund:
- SONIA
- SONIA plus 0.50% gross of fees
- Short Term Fixed Income Enhanced Plus Fund: SONIA plus 1.00% gross of fees
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:
- quoted companies;
- large unquoted companies (including charitable companies);
- large Limited Liability Partnerships (LLPs).
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:
- Clive Emerson (Treasurer)
- Dr Simon Fellerman
- Edward Goodchild (Deputy President)
- Alan Graham, MBE
- Christopher Head (Resigned 1[st] August 2024)
- David Hudd (Appointed 29[th] May 2024)
- James M. Long, TD (President and Chairman)
- Charlotte Miller (Resigned 13[th] June 2024)
- Stephen Robinson
- Marie Shenton
- David Southern (Resigned 30[th] June 2024)
- David Stockdale (Appointed 22[nd] May 2024)
- Bruce Walker
- Sir Paul Williams, OBE, KStJ, DL (Resigned 26[th] April 2024)
- Howard Wilson
## **Executive**
The senior leadership team (“SLT”) during the year to 31[st] March 2025 were:
- Les Hutchinson, Chief Executive
- Suhail Alam, Chief Digital and Technology Officer
- Charles Angus, Group Finance Director
- Louise Bateman, Group Human Resources Director
- Paul Crockett, Head of Fundraising
- Gareth Everett, Head of Masonic Support
- Mark Lloyd, Managing Director Royal Masonic Benevolent Institution Care Company
- Rebecca Lloyd, Head of Charity Grants
- John McCrohan, Operations Director
- Brenda Nurse, Company Secretary
- Harry Smith, Head of Communications
- Raluca Utureanu-Tsakiris, Head of Property
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102);
- • make judgements and estimates that are reasonable and prudent;
- state whether United Kingdom accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
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:
- give a true and fair view of the state of the group's and the Charitable Company's affairs as at 31 March 2025 and of the group's income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis 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:
- the information given in the Trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors’ report included within the Trustees’ report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the group and the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the Trustees’ report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- the Charitable Company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the Charitable Company’s financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustees**
As explained more fully in the Trustees' Responsibilities Statement 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:
- The group is required to comply with both company law and charity law and, based on our knowledge of its activities, we identified that the legal requirement to correctly account for restricted funds is of key significance. The group is also required to comply with the Health and Social Care Act and the regulations issued thereunder and compliance with these is a key issue.
- We gained an understanding of how the group complied with its legal and regulatory framework, including the requirement to properly account for restricted funds and to comply with the Heath and Social Care Act, through discussions with management and a review of the documented policies, procedures and controls.
- The audit team, which is experienced in the audit of charities, considered the group’s susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override.
- Our approach was to check that all restricted income was properly identified and separately accounted for and to ensure that only valid and appropriate expenditure was charged to restricted funds. This included reviewing journal adjustments and unusual transactions. We also reviewed reports issued for the care homes, by the Care Quality Commission, to ensure there were no cases of noncompliance.
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:
- i. Monetary donations are brought into account when received.
- ii. Legacies are recognised where there has been a grant of probate, the executors have identified that there are sufficient assets in the estate after settlement of liabilities to pay the legacy and any conditions attached to the legacy are either in control of the group or have been met. Legacies subject to the interest of a life tenant are not recognised during the lifetime of the life tenant.
- iii. Dividends are reinvested in the CAIF on the date that they are declared.
- iv. Rental income is recognised on an accruals basis, with rent free periods spread over the period of the lease to the next break clause.
## (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:
- a) TGC Grand Lodge Pension Scheme was a multi-employer defined benefit pension scheme which was in deficit and to which the participating employers were making fixed contributions to fund the shortfall. The Section 75 liability was bought out on 23[rd] July 2018.
- b) RMTGB Pension Scheme was a closed defined benefit scheme and a buy-in/buy-out agreement has been entered into with a third-party pension provider whereby the latter has assumed full liability for the scheme, including all future pension payments.
- c) RMBI Pension Scheme is a defined benefit scheme closed to new entrants and to future accrual. The provision represents the excess of the present value of defined benefit obligations over the market value of the scheme assets.
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**
- a) The Charity has paid out grants on behalf of the Royal Masonic Trust for Girls and Boys, The Grand Charity and the Masonic Samaritan Fund during the year and has been reimbursed by these charities. Additionally, the Charity has borne all the administrative costs of supporting the above subsidiary charities. The Charity has recharged a proportion of these costs to its subsidiary charities based upon the relative number of grants processed.
- b) RMBI Pension Trust Limited
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