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← The Royal Masonic Trust For Girls And Boys

2024-03-31-accounts

ROYAL MASONIC TRUST FOR GIRLS AND BOYS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Charity Number: 1170336 Company Number: 01705033

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

Contents Page
Trustees’ Annual Report 3
Strategic Report 6
Statement of Trustees’ Responsibilities 12
Auditor’s Report 13
Statement of Financial Activities 16
Balance Sheet 17
Statement of Cash Flows 18
Notes to the Financial Statements 19

Page 2 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

TRUSTEES’ ANNUAL REPORT

The Trustees are pleased to submit their report for the year ended 31[st] March 2024. 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.

Reference and Administrative Information

Name and Registered Office

The name of the charity is the Royal Masonic Trust for Girls and Boys (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:

The trustees of the MCF who served during the year were:

Page 3 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

TRUSTEES’ ANNUAL REPORT

Executive

The Executive during the year to 31[st] March 2024 were:

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

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

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

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

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

Page 4 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

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.

The Charity was renamed from MTGB Nominees on 17[th] October 2016. The unrestricted assets from the unincorporated trust were transferred to the Charity with effect from 1[st] February 2017 following a resolution from the Trustees made on 15 December 2016.

As the Trustees consist of the MCF and the chairman of the MCF, the MCF exercises control over the Charity, and will consolidate the Charity’s results in its group accounts. Details of the processes for the appointment, induction and training of the MCF’s trustees are given in the annual report and accounts of that company.

Governance and Management

All governance and management capabilities are provided by the MCF and details of the relevant committees and processes are provided in the annual report and accounts of that company. Trustees and committees of the MCF address the specific needs of the Charity as part of their roles and responsibilities for the MCF. The trustee board and the main committees meet as follows:

Board/Committee Purpose Meetings per
**year **
Trustee Board Main decision-making body with ultimate responsibility for the
Charity		 4
Audit and Risk Identification and mitigation of risk, oversight of external audit 4
Charity Grants Consideration of applications for grants from organisations
recognised by the Charity Commission		 4
Finance Ensuring adequate procedures are in place to manage all
aspects of financial planning, controlling and reporting.		 4
Fundraising Supporting the masonic community’s fund raising activities to
support the Charity		 4
Investments Maintaining investment strategies to meet the requirements of
the Charity, appointment and monitoring of fund managers		 4
Masonic Support Consideration of applications from individuals connected with
the masonic community for financial relief		 4
Property (RMTGB
only)		 Development and execution of strategies to optimise the returns
from the Charity’s property portfolio		 4
Remuneration Determinationofexecutive and staffpay & benefits 2
Strategy Development and implementation of strategies to support the
Charity’s objectives. In addition, the trustees hold an annual
strategic‘away day’		 4

The Charity does not employ any staff, with services being provided by staff employed by the MCF. These services are recharged by the MCF monthly, based upon the number of grants processed, as detailed in note 6 to the accounts.

Page 5 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

STRATEGIC REPORT

Objectives and Activities

Objects

The objects of the Charity shall be for the relief of poverty and the advancement of education by:

Whilst the primary objective relates to support for the dependents of Freemasons, in 2022/23 the Charity continued to expand its secondary objective of helping other children through provision of grants to nonmasonic registered charities seeking to alleviate the effects of child poverty.

Within the guidelines set down by the governing documents, the Charity took every practical precaution to ensure that all applications are considered fairly and without prejudice.

Volunteers

In addition to the immeasurable assistance provided by charity stewards in supervising the fundraising efforts within their own lodges or provinces, provinces sponsoring petitions are invited to nominate a case almoner to assist and act as the link between the Charity and the child and parents or guardian. The assistance given by the case almoners and all other voluntary workers associated with the Charity enable it to maximise effectiveness and help meet its objectives.

The Charity recognises that the welfare of all children is paramount and that all children and young people, regardless of ability or culture, have equal rights of protection. The Charity has a duty of care and will do everything it can to provide a safe and caring environment to ensure their safety. The Charity has written policies on safeguarding children and young people as well as the adults who work with them, which govern the recruitment, selection, training and behaviour of staff and volunteers, and any others likely to come into contact with children.

Activities

Assistance is provided in a variety of ways to meet the primary objectives of the Charity that are to relieve poverty and advance education.

Children and young people are supported in a wide range of educational settings, including state and private schools, colleges and universities. Support is aimed at helping beneficiaries to live in Masonic families that are healthy, stable and secure. Children are provided with specific support to receive the education and training they need to achieve their potential and to succeed in life. The Charity will assist with academic study or with apprenticeships for practical trades. It also aims to enhance its beneficiaries’ lives with opportunities for educational travel and professional extra-curricular activities. Grants are assessed against eligibility criteria, the guidelines for which are reviewed regularly.

Page 6 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

STRATEGIC REPORT

Activities (Continued)

Financial support can be given in the form of daily living expense grants, school or course fees, computer equipment, grants for music and sports lessons, educational travel, equipment and materials and to meet any other needs which might be identified.

Additional support is provided through a community-based advice and support team and an office-based team of case advisors. They guide potential beneficiaries through the application process and provide ongoing support and advice to families already in receipt of grants. The advice and support team spend the majority of their time visiting families in their own homes. This specialist team possesses a broad range of expertise available to support families through difficult situations and to ensure that they can access all sources of help available to them.

The TalentAid scheme helps children and young people who are exceptionally gifted in music, sport and the performing arts. Grants are awarded to assist with on-going costs such as sports coaching, advanced music lessons and school or college fees at specialist institutions. One-off grants are paid to purchase items such as musical instruments and sports equipment or towards attendance at a particular event. All grants are financially assessed.

Achievements and Performance

Public Benefit Test

The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. The primary objective of the Charity is to relieve poverty and advance the education of children and young adults considered to be in need. Support is predominantly restricted to children of the family of a Freemason under the English constitution.

Page 7 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

STRATEGIC REPORT

Public Benefit Test (Continued)

There are over 200,000 active Freemasons in England and Wales. In addition there are a significant number of dependents of those Freemasons and, therefore, a large and diverse pool of potential beneficiaries. When funds permit, the Charity awards grants to other charities operating in a similar field of relief and this is currently demonstrated by the support given through the MCF’s charity grants programme. The Trustees are therefore satisfied that the requirements of the Public Benefit Test have, and continue to be met.

Financial Review

Review of the Year

With the final festival linked to the Charity having come to an end, the principal funding sources for the Charity are now investment returns from the MCF CAIF and its property portfolio. Income of £5.04 M was 30% higher than the prior year. Investment income of £4.13 M was 20% higher than prior year, due to higher returns from the MCF CAIF and cash held in the RLAM money-market fund. Rental income increased by 20% following completion of the conversion of the six new flats at Ruspini House that were let from 1[st] February 2024

Expenditure of £11.17 M was 4% higher than the prior year. Grant expenditure of £8.18 M was 13% higher than the previous year.

Strongly performing stock markets in the second half of the year resulted in investment gains of £12.03 M, compared to a £4.70 M deficit in the prior year. Ongoing vacancies within the property portfolio led to an £0.96 M reduction in property valuations. The surplus for the year was £4.97 M compared to a prior year deficit of £13.67 M.

Reserves Policy

Following the commencement of operations of the MCF in April 2016, all new festivals have been targeted to raise funds for this new charity, which has wide objects to direct grants to where support is most needed. As a result, voluntary income for the Charity has declined significantly to minimal levels over the past two years. The policy is to prioritise the payment of all grants that fall under the objectives of the Charity through the reserves of the Charity before drawing upon the resources of the MCF. Consequently, it is planned that the Charity’s reserves will eventually diminish to a minimal level and the occasional legacy, at which time the MCF will take over full responsibility for the continuation of the Charity’s objects.

The Charity’s trustees have determined that a separate designated reserve be created to identify the expected future support to be provided to existing beneficiaries to cover their educational needs up to the age of 21. The Existing Beneficiaries Reserve was set up in 2016/17 to recognise this moral commitment. The commitment was revalued to £40.84 M in 2023 and a transfer of £5.08 M was made from the general reserves.

Page 8 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

STRATEGIC REPORT

Principal Risks and Mitigation

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

**Risk ** Consequence **Mitigation **
Significant unexpected
financial loss from
operations		 Reputational damage, loss of
confidence with key stakeholders and
impact upon continuing financial
sustainability		 Strong financial procedures, particularly
budgetary planning and control. Oversight
from the Finance Committee.
Inadequate liquidity to
meet financial
commitments		 Poor service to beneficiaries and
reputational damage. Withdrawal of
key services from suppliers		 Cash flow forecasting and liquidity planning
within the Investment Strategy
Significant long-term loss
in the value of the
investment portfolio		 Impacts financial sustainability and
reputational damage with donors		 Appointment of Asset Risk Consultants as
expert investment advisors, providing
monthly performance reporting and
analysis. Oversight from investment and
property committees.
Grants made outside the
Charity’s Objects and
operating guidelines		 Reputational damage, loss of
confidence with key stakeholders and
potential trustee liability		 Strong procedures and controls for
processing grants. Oversight from Masonic
Support and Charity Grants committees
Cyberattack on IT
systems		 Operational disruption resulting in
financial, reputational, legal and
regulatory damage.		 UGLE manage and monitor networks,
servers and backup systems, and has
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 multi-
factor 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
financial penalties		 Data protection policy, IT security and HR
policies in place
Fraud Financial loss, reputational damage,
adverse impact upon staff		 Financial procedures, segregation of duties,
authority limits, IT security, increased
awareness amongst staff
Unavailability of office
accommodation		 Operations compromised MCF Business Continuity Plan
Loss of paper records
from fire/flooding		 Breach of legal obligations, adverse
impact upon operations, potential
financial penalties		 Reduced reliance on paper records with
increased use of IT.
Lack of compliance with
employment legislation		 Breach of legal obligations, potential
financial penalties, breakdown of
staff morale and adverse impact
upon service provision		 HR procedures and staff handbook.
Induction processes for new staff. Ongoing
management training and Personal
Development Review
Undue reliance on key
persons		 Operational breakdown, adverse
impact upon staff morale, poor
service to beneficiaries and potential
reputationaldamage		 HR procedures: organisational and
succession planning. Comprehensive
documentation of procedures and controls

Risks are actively monitored by the Executive and the senior leadership team, and formally reviewed by the audit and risk committee at their quarterly meetings.

Page 9 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

STRATEGIC REPORT

Investment Policy and Performance

The MCF global investment strategy seeks to protect the capital value of investments that are required to fund operations for a three-year time horizon (the “Cash Reserve”) and to invest all remaining funds for long term growth, on a total return basis, with an overall objective of making a return of CPI plus 3.5% net of all expenses.

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

The MCF 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 MCF and all its subsidiary charities own their shares in the form of units. Units will be sold as required in order to top up the Cash Reserve on a quarterly basis. The investment strategy is directed for “Steady Growth”, which is a medium-high risk strategy. Risk is managed through diversification, with the funds split between four different fund managers operating on multi asset mandates but utilising differing investment management styles. The overall fund manager is Thesis Unit Trust Management Limited and the custodian is Northern Trust.

The strategic and actual asset allocations as at 31[st] March 2024 are shown in the following table:

Asset Class Strategic
**Allocation **		 Benchmark Actual 31st
March 2024
Cash 0.00% SONIA 2.44%
Fixed Income 7.50% FTSE UK World Gov. Bond Index GBP 5.67%
International Equity 54.50% MSCI World exUK NRGBP 68.85%
U.K. Equity 18.00% MSCI UK Equity NR GBP 12.69%
EmergingMarketEquity 12.50% MSCI EmergingMarketsEquityNRGBP 2.85%
Alternative Investments 3.75% HFRX Global Hedge Fund GBP 6.35%
Property 3.75% IAUK DirectPropertyTR 1.15%
100.00% 100.00%

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

Page 10 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS STRATEGIC REPORT Investment Policy and Performance (Continued) MCF CAIF RLAM Money Market RLAM Short Term Fixed Income RLAM Short Term Fixed Income Enhancod £ Nil Capital Protection CCLA Property Fund Fund at 31st March 2024 Investment approach £97.39 M Steady Growlh Multi- Asset £23.12 M Capital Protection £ Nil Capital Protection £Nil Income & long-term Capital Growth MSCIIAREF UK olher balanced ro ert ARC Charity GBP Steady Growth 0.500 1.10 9.70% Benchmark Composite SONIA SONIA SONIA Peer Group ARC Charity GBP Steady Growth None None None Return for the ear Benchmark return for Peer rou return for ear return ear benchmark ear eer rou 16.200 14.70% ear 4.970 4.300/0 ear 26.900/0 25.400/0 11.900 2.600/0 2.42% 1.700 Stock markets had a very strong run in the final quarter of the financial year, resulting in an increase in the valuation of the MCF CAIF from its opening value of £126.25 to close at £146.47 per unit. Plans for Future Porlods All future grant-making and support activities will be managed through the MCF, but those relating to the Charity's objects will be recharg8d back lo it. With all new festivals being linked to the MCF, this will result in reserves being depleted over a period of time. The Charity will continue to receive incom8 from its investments, which will extend the remaining lrfetime of the Charity. Key activities being planned for the future by the MCF on behalf of the Charity are provided in the annual report and accounts of the MCF. Page 11 of32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS 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 prepa￿ financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of Ihe Charity for that year. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently,. observe the methods and principles in Accounting and Reporting by Charities.. Ststement 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 concem 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 enable them to ensure that the financial ststemants comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Statoment of Dlsclosure of Information to Audltor 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 infomiation 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 12th September 2024 and signed on their behalf by Ja ong, TD President and Chairman, MCF Page 12 of32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBER OF THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS

Opinion

We have audited the financial statements of The Royal Masonic Trust for Girls and Boys (the ‘Charitable Company’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 13 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBER OF THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS

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

Opinion on other matters prescribed by the Companies Act 2006

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

.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page 12, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Page 14 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBER OF THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS Audltor's responsibilitios for the audit of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole ar8 free from material misstatement, whether due to fraud or error. and to issu8 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 d8cisions 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 r8spect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The Charitable Company is required to comply with both company law and charity law and, based on our knowledge of its activities, we identified that the legal requirement to accurately account for any restricted funds was of key significance. We gained an understanding of how the Charitable Company complied with its18gal and regulatory framework, including the requirement to properly account for any restricted funds, through discussions with management and a review of the documented policies, procedures and controls. The audit team, which is experienced in the audit of charities, considered the charitable company's susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override. Our approach was to check that 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. A further descrlption of our responsibilities for the audlt of the financial statements is located on the Financial Reporting Council's website at: www,frc.or auditorsres onsibilities. This description forms part of our auditorfs report. Uso of the audlt report This report is made solely to the Charitable Company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitsble 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 member for our audit work, for this report or for the opinions we have fonned. Stephen Anderson FCCA Senior Statutory Auditor for and on behalf of Knox Cropper LLP Statutory Auditor 65 Leadenhall Street London EC3A 2AD 124A 20¥ Page 15 of32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 (Including an Income and Expendilure Account) Note 2024 £000 2023 £000 INCOME Donations and legacies Investment income 912 4,131 436 3,453 Total income 5,043 3,889 EXPENDITURE Cost of generating funds Investment manag8ment costs (11) (884) (12) (1,202) 895 1,214 Charltable actlvltlos Masonic grants Non-masonic grants (6,141> (4,131) {5,964) (3,522) 10,272 9,486 Total exponditur8 Net gainsl(losses) on investments Net Incomel(8xpendituro) OTHER RECOGNISED GAINSI{LOSSES) 11.167 10,700 11,069 6,896 4,945 (13,707) Pension Liability 8uy out NET MOVEMENT IN FUNDS 28 36 4,973 13,671 Total funds brought fonNard Total funds carried forward 144,815 158,486 149,788 144,815 All income and expenditure derive from continuing activities and all gainsllosses are included in the ststement of financial activities The notes on pages 19 to 32 form part of these financial statements Page 16 of32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS BALANCE SHEET as at 31 March 2024 Company Number 01705033 FIXED ASSETS Note March 2024 £'ooo March 2023 £'ooo Investment properties Investments 34,215 97,388 28,120 101,568 131,603 129,688 CURRENT ASSETS Debtors Investments Cash at bank and in hand 10 717 23,122 432 811 19,801 321 24,271 20,933 CURRENT LIABILITIES Cr8ditors falling due within one year NET CURRENT ASSETS 11 (5,133) {5,076) 19,138 15,857 TOTAL ASSETS LESS CURRENT LIABILITIES 150,741 145,545 Creditors falling due after one year (953) (730) Total net assets 149,788 144,815 CHARITABLE FUNDS Unrestricted funds General reserves Designated reserves Propety revaluation reserve 12 12 12 82,010 40,884 26,894 84,196 35,816 24,803 Total charltable fund8 149,788 144,815 The financial statements W8re approved and authorised for issue by th8 Trustee Board on 12th September 2024 and signed on their behalf by: Ja esL g,TD Clive Err48rson President and Chairman Treasurer The notes on pages 19 to 32 form part of these financial statements Page 17of32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 2024 £'ooo 2023 £'ooo Operating Activities Net cash provided byl(used in) Operating Activities 12,827 11,573 Cash flows from Investing activities Dividends, interest and rents from investments Proceeds from the sale of investments Purchase of investments 4,131 21.629 (12,822) 3,453 21,735 (14,532) Net cash provlded byl(used In) Investing Activities 12,938 10,656 Change in cash and cash equivalents In the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period 111 (917) 321 1,238 432 321 Notes on the cash flow statement Reconciliation of net incomel(expenditure) to net cash flow from operating activiti83 Net incomelexpenditure as per the Statement of Financial Activities 4,945 (13,707) Adjustments for: Dividends, interest and rents from investments Other movements in investments Decreasel(increase) in debtors Increase in creditors {4,131) (14,043) 94 308 (3,453) 4,540 (43) 1,090 Net cash provided byl(u3ed in) Operating Activities 12,827 11.573 Analysis of cash and cash equivalents Cash at bank and in hand 432 321 Total cash and cash equivalents 432 321 Page 18of32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

(a) Statement of compliance

The financial statements of the Royal Masonic Trust for Girls and Boys (the “Charity”) 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 Charity is considered to be Pounds Sterling because that is the currency of the primary economic environment in which the Charity operates.

(c) 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 of the Charity 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 19 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

(d) Incoming resources

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

(e) Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity 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 6.

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

The provision for multi-year grants is recognised at its present value when settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Charity that would 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 Charity’s investment portfolio.

Page 20 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

(f) Employee benefits

All staff are employed by the parent charity, The Masonic Charitable Foundation, and recharged to the Charity based upon the relative number of grants processed. Information relating to those employees is given in the accounts of the Masonic Charitable Foundation.

(g) Fund accounting

Unrestricted funds may be utilised for any purpose in accordance with the charitable objectives of the Charity. The trustees have designated certain of these funds for specific purposes, as described in note 13, but are not legally bound to utilise unrestricted funds in this manner.

(h) 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.

(i) 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 Charity 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.

(j) Financial assets and liabilities

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

Financial 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 Charity’s investment portfolio . Basic financial instruments include debtors, cash and creditors within the balance sheet.

Page 21 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

(k) 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.

(l) Taxation

The Charity 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 Charity is unable to recover Valued Added Tax (VAT) incurred on expenditure except on property related costs where an option to tax has been taken. The amount of VAT that cannot be recovered is included within the underlying cost to which it relates.

Page 22 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

2.
DONATIONS AND LEGACIES
Festivals
Other donations
Legacies
3.
INVESTMENT INCOME
Interest on bank deposits
Income from investment portfolios
Rental income
4.
INVESTMENT MANAGEMENT COSTS
Investment fund management
Property management
Support costs
5.
CHARITABLE ACTIVITIES
Masonic
Care and welfare support
Support Costs
Non-Masonic
Festival Grants
Freemasons Community Fund
Early Interventions - Children & Families
Hospices
Other Charitable Purposes
Support Costs		 2024
2023
£'000
£'000
0
64
76
51
836
321
912
436
2024
2023
£'000
£'000
29
15
3,452
2,898
650
540
4,131
3,453
2024
2023
£'000
£'000
535
593
263
533
86
76
884
1,202
2024
2023
£'000
£'000
4,215
3,859
1,926
2,105
6,141
5,964
5
0
0
176
3,357
2,991
600
0
5
227
164
128
4,131
3,522

Page 23 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

5. CHARITABLE ACTIVITIES (Continued)

Masonic support of £4,215k consisted of 1,535 grants made to 938 individual beneficiaries, net of write backs from previous years. 108 grants were made to charitable institutions; these grants are detailed in www.mcf.org.uk/financial-report

SUPPORT COSTS
Relief Chest - Fundraising
Fundraising
Legacies
Masonic Support - Grants
Masonic Support - Advice & Support
Masonic Support - Provincial & Volunteers
Relief Chest - Charitable
Charity Grants
Strategic & Impact
Executive
Finance
Digital & Technology
Human Resources
Communications
Governance
Property management
Administration and Support
Facilities & Admin - Ruspini House		 Cost of
Investment Masonic
Non-
Masonic
Total
Basis
Generating
and Property
2024
for
Funds
Management
Allocation
£'000
£'000
£'000
£'000
£'000
0
0
0
0
0
(a)
0
0
0
0
0
(a)
11
0
0
0
11
(a)
0
0
307
0
307
(a)
0
0
330
0
330
(a)
0
0
79
0
79
(a)
0
0
62
4
66
(a)
0
0
0
85
85
(a)
0
0
56
4
60
(b)
0
0
169
12
181
(c)
0
86
161
11
258
(c)
0
0
152
11
163
(b)
0
0
55
4
59
(b)
0
0
185
13
198
(b)
0
0
62
4
66
(b)
0
0
123
8
131
(b)
0
0
109
8
117
(b)
0
0
76
0
76
(b)
11
86
1,926
164
2,187

6. SUPPORT COSTS

Basis for allocation (a) Directly attributed

(b) Number of grants processed

(c) Headcount and number of grants processed

Auditor’s remuneration of £16k (2023: £16k) is included in support costs to charitable activities.

Page 24 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

6.
SUPPORT COSTS: 2023
Relief Chest - Fundraising
Fundraising
Legacies
Masonic Support - Grants
Masonic Support - Advice & Support
Masonic Support - Provincial & Volunteers
Relief Chest - Charitable
Charity Grants
Strategic & Impact
Executive
Finance
Digital & Technology
Human Resources
Communications
Governance
Property management
Administration and Support
Facilities & Admin - Ruspini House
Other		 Cost of
Investment Masonic
Non-
Masonic
Total
Basis
Generating
and Property
2023
for
Funds
Management
Allocation
£'000
£'000
£'000
£'000
£'000
0
0
0
0
0
(a)
0
0
0
0
0
(a)
12
0
0
0
12
(a)
0
0
346
0
346
(a)
0
0
360
0
360
(a)
0
0
119
0
119
(a)
0
0
64
3
67
(a)
0
0
0
66
66
(a)
0
0
46
2
48
(b)
0
0
187
9
196
(c)
0
76
172
8
256
(c)
0
0
174
8
182
(b)
0
0
86
4
90
(b)
0
0
243
12
255
(b)
0
0
70
3
73
(b)
0
0
209
10
219
(b)
0
0
122
6
128
(b)
0
0
10
0
10
(b)
0
0
(103)
(3)
(106)
12
76
2,105
128
2,321

Basis for allocation (a) Directly attributed

(b) Number of grants processed

(c) Headcount and number of grants processed

Page 25 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

7. STAFF COSTS

The Charity employed no staff during the year (2023: None). Staff recharges from the MCF to the Charity are included within the management charge analysed in note 6 above. No Trustees received remuneration from the Charity during the year (2023: £ Nil). No Trustees’ expenses were incurred during the year (2023: £ Nil).

8. INVESTMENT PROPERTIES
INVESTMENT PROPERTIES
Balance at 1 April 2023
Additions
Transfer from social investments
Transfer (to) group undertaking
Change in market value
Balance at 31 March 2024		 March 2024
March 2023
£'000
£'000
28,120
32,695
243
38
7,500
0
0
(2,615)
(1,648)
(1,998)
34,215
28,120

Investment properties consist of freehold properties at 24 to 26 and 30 to 32 Great Queen Street, London WC2 and land at Rickmansworth Park Estate. During the 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 2024 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 £7,321,000.

Page 26 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

9.
INVESTMENTS
Fixed Asset Investments:
- Managed Funds
MCF CAIF
- Social investments
Current Asset Investments:
- Managed Funds
RLAM Cash Reserve funds
MOVEMENTS IN INVESTMENTS
a)Listed
Balance at 1 April 2023
Additions
Disposals
Investment income reinvested
Management fees charged to the fund
(Losses)/gains
Balance at 31 March 2024
b)Social
Balance at 1 April 2023
Additions
Transfer to investment properties
Revaluation
Balance at 31 March 2024
Total
RECONCILIATION TO SOFA
(Losses)/gains on listed investments
Change in market value of investment and social properties		 March 2024
March 2023
£'000
£'000
97,388
97,564
0
4,004
97,388
101,568
23,122
19,801
23,122
19,801
120,510
121,369
117,365
124,737
9,768
14,090
(21,629)
(19,120)
3,455
2,898
(481)
(542)
12,032
(4,698)
120,510
117,365
4,004
3,800
2,811
404
(7,500)
0
685
(200)
0
4,004
120,510
121,369
12,032
(4,698)
(963)
(2,198)
11,069
(6,896)

Page 27 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

10. DEBTORS March 2024 March 2023
£'000 £'000
Prepayments and accrued income 101 115
Other debtors 616 696
717 811
Other debtors includes a loan of £364k due from the Royal Masonic School for its share
of the buy-out of the pension liability. The loan is being paid off in monthly instalments
including interest which for the year to March 2024 totalled £166,191 (March 2023 £157,050)
The loan has been discounted to a net present value of £333k for inclusion in the accounts.
11. CREDITORS March 2024 March 2023
£'000 £'000
Falling due within one year
Grants payable 3,477 3,360
Amounts owed to group undertakings 799 1,218
Accruals and deferred income 354 120
Taxation and social security 0 6
Other creditors 503 372
5,133 5,076
Falling due after more than one year
Grants payable 953 730
953 730

Page 28 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

12.MOVEMENT IN FUNDS
Unrestricted funds
General reserves
Designated reserves
Property revaluation reserve
Total funds
PRIOR YEAR
Unrestricted funds
General reserves
Designated reserves
Property revaluation reserve
Total funds		 Balance at Income Expenditure
Gains/ Transfers
Balance at
1 April
(losses)
31 March
2023
2024
£'000
£'000
£'000
£'000
£'000
£'000
84,196
5,036
(11,144)
12,060
(8,138)
82,010
35,816
7
(23)
0
5,084
40,884
24,803
0
0
(963)
3,054
26,894
144,815
5,043
(11,167)
11,097
0
149,788
Balance at Income Expenditure
Gains/ Transfers
Balance at
1 April
(losses)
31 March
2022
2023
£'000
£'000
£'000
£'000
£'000
£'000
86,583
3,878
(10,680)
(4,662)
9,077
84,196
42,729
11
(20)
0
(6,904)
35,816
29,174
0
0
(2,198)
(2,173)
24,803
158,486
3,889
(10,700)
(6,860)
0
144,815

13. DESIGNATED FUNDS FOR SPECIFIC USES

Existing Beneficiaries Fund

This fund represents the expected future support to be provided to existing beneficiaries to support their educational needs up to the age of 21.

De Grey & Ripon Lodge No. 905 Fund

The purpose of this fund is to provide six annual prizes, two to the Royal Masonic School for Girls and the other four divided between another girls’ school and three boys’ schools.

The Globe Lodge 275[th] Anniversary Fund

The purpose of this fund is to enhance the ability of the trustees to further the education of young people through overseas travel.

Canada Lodge Travel Fellowship

The purpose of this fund is to further the ability of the trustees to provide travel grants to Canada or any other foreign country.

Empire Lodge Centenary Travelling Fellowship

The purpose of this fund is to enhance the ability of the trustees to provide travel grants to further the education of young people through overseas travel.

Page 29 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

13. DESIGNATED FUNDS FOR SPECIFIC USES (Continued)

Croydon Lodge of Endeavour

The purpose of this fund is to enhance the ability of the trustees to provide travel grants to further the education of young people through overseas travel.

Colin Dyer

This fund is used for educational purposes to support children and young people at the discretion of the chief executive, with preference given to those with a Masonic connection.

The Prince of Wales’s Lodge Bicentenary Fund

The purpose of this fund is to enhance the ability of the trustees to provide travel grants to further the education of young people through overseas travel.

Designated Funds

Existing Beneficiaries Fund
De Grey & Ripon Lodge No. 905 Fund
The Globe Lodge 275th Anniversary Fund
Canada Lodge Travel Fellowship
Empire Lodge Centenary Travelling Fellowship
Croydon Lodge of Endeavour
Colin Dyer
Prince of Wale's Lodge Bicentenary Fund
Public School Lodges Council		 Balance at
Income
Grants
Transfers
Balance at
1 April
31 March
2023
2024
£'000
£'000
£'000
£'000
£'000
35,759
0
0
5,084
40,843
1
0
(2)
0
(1)
7
0
(7)
0
0
7
0
(5)
0
2
27
0
0
0
27
1
0
(1)
0
0
0
2
(2)
0
(0)
12
0
0
0
12
2
5
(6)
0
1
35,816
7
(23)
5,084
40,884

Prior Year

Prior Year
Existing Beneficiaries Fund
De Grey & Ripon Lodge No. 905 Fund
The Globe Lodge 275th Anniversary Fund
Canada Lodge Travel Fellowship
Empire Lodge Centenary Travelling Fellowship
Croydon Lodge of Endeavour
Colin Dyer
Prince of Wale's Lodge Bicentenary Fund
Public School Lodges Council		 Balance at Income
Grants
Transfers
Balance at
1 April
31 March
2022
2023
£'000
£'000
£'000
£'000
£'000
42,663
0
0
(6,904)
35,759
1
0
0
0
1
9
0
(2)
0
7
7
0
0
0
7
27
0
0
0
27
6
1
(6)
0
1
0
2
(2)
0
0
12
0
0
0
12
4
8
(10)
0
2
42,729
11
(20)
(6,904)
35,816

Page 30 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

14.ASSETS AND LIABILITIES
Unrestricted funds
General reserves
Designated reserves
Property revaluation reserve
Total funds
PRIOR YEAR
Unrestricted funds
General reserves
Designated reserves
Property revaluation reserve
Total funds		 Investment Investments
Current
Total
Fund
Properties
Assets Liabilities
Total
£'000
£'000
£'000
£'000
£'000
7,321
56,504
24,271
(6,086)
82,010
0
40,884
0
0
40,884
26,894
0
0
0
26,894
34,215
97,388
24,271
(6,086)
149,788
Investment Investments
Current
Total
Fund
Properties
Assets
Liabilities
Total
£'000
£'000
£'000
£'000
£'000
3,317
65,752
20,933
(5,806)
84,196
0
35,816
0
0
35,816
24,803
0
0
0
24,803
28,120
101,568
20,933
(5,806)
144,815

15. PENSION COMMITMENTS

The Charity 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 Charity (the “Sponsoring employer” and the Royal Masonic School for Girls Limited (the “School”). The Charity has entered into an arrangement with the School where by 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 2023
Interest charged
Less payments made on account by RMS in 2023/24		 2024
£’000
(508)
(22)
166		 2023
£’000
(652)
(13)
157
(£364) (£508)

The amount recoverable from the school is included within other debtors (note 10).

Page 31 of 32

ROYAL MASONIC TRUST FOR GIRLS AND BOYS

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

16. RELATED PARTY TRANSACTIONS

The MCF has paid out grants on behalf of the Charity during the year, and has been reimbursed by the Charity. Additionally, the MCF has borne all the administrative costs of supporting the Charity as well as its fellow subsidiary charities. The Charity has been recharged a proportion of these costs based upon the relative number of grants processed.

17. LEGAL STATUS

The Charity is a company limited by guarantee and has no share capital. The liability of the member in winding up is limited to £1.

18. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Masonic Charitable Foundation (Registered Charity No. 1164703, Company Number 09751836), which is the sole member of the company. Consolidated accounts for the MCF, which include the accounts of the Charity, can be obtained from the registered office of the Charity.

Page 32 of 32