THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Charlty Number: 1170336 Company Number: 01705033 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS Contents Page Trustees, Annual Report Stratogic Report 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 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS TRUSTEES, ANNUAL REPORT The Trustees are pleased to submit their report for the year ended 315t 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. Reference and Administrative Information Name and Reglstered Office The name of the charity is The Royal Masonic Trust for Girls and Boys (the °charit￿) and it has its registered office at 60 Great Queen Street, London, WC28 5AZ. Trustees The Trustees who served during the year were: The Masonic Charitable Foundation {'MCF") (Corporate Truste8, Registered Charity No. 1164703, Company Number 09751836) James M. Long, TD The trustee8 of the MCF 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) Davld Hudd (Appointed 29th May 2024) James Long, TD (President and Chairman) Charlotte Miller (Resigned 13° June 2024) Stephen Robinson Marie Shenton th David Southem (Resigned 30 June 2024) David Stockdale (Appointed 22" May 2024) Bruce Walker Sir Paul Williams, OBE, KStJ, DL (Reslgned 26th April 2024) Howard Wilson Page 3 of 32 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS TRUSTEES, ANNUAL REPORT Executive The Executive during the year to 315t March 2025 were: Les Hutchinson, Chief Executiv8 Charles Angus, Group Finance Director Brenda Nurse, Company Secretary Audltor Knox Cropp8r LLP, Chartered Accountsnts, 65 Leadenhall Street, London, EC3A 2AD Bankers Bardays 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, GY12PF Investment Managers CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4ET ne4 Sarasin & Partner<> LLPS Jiixvli VIG&lae, 1 Ov i ob'l's Chur-"ltsrd, London, &L4M Ilgu Royal London Asset Management Ltd., 55 Gracechurch Street, London, EC3V OUF Thesis Unit Trust Management Ltd, Exchange Building, St John's Str8et, Chichester. Wesl Sussex P019 1UP Waverton Inv8Stm8nt Management Ltd., 16 Babmaes Street, St. James, London, SW1Y 6AH Solicitors Stone King LLP, Boundary House, 91 Charterhouse Street, London, EC1 M 6HR Page 4 of 32 THE 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 171h October 2016. The unrestricted assets from the unincorporated trust were transferred to the Charity with affect from 1st 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 Gonsolidate 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 Managoment All govemanc8 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 truste8 board and the main committees meet as foll¢)ws.' Boardlcommlttee Purpose Moetlngs por ear Trustee Board Main decision-making body with ultimate responsibility for the Charit Identification and miti ation of risk oversi ht of extemal audit Consideration of applicats.ons for grants from organisations reco nised b the Chari Commission Ensuring adequate procedures are in place to manage all as ects of financial lannin controllin and re ortin Supporting the masonic community's fund raising activities to su ort the Charit Maintaining investment strategies to meet the r8quirements of the Charit oinlment and monitorin of fund mana er5 Consideration of applications from individuals connected with the masonic communit for financial relief Development and execution of strategies to optimise the returns from the Chari ro ortrolio Determination of executive and staff & benefits Development and irnplementation of strategies to support the Charity's objectives. In addition, the trustees hold an annual strate ic 'awa da Audit and Risk Charity Grants Flnance Fundraising Investments Masonic Support Property (RMTGB onl Remuneration Strategy The Charity does not employ any staff. with services being provided by staff employed by the MCF. Theoe ServI￿S 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 THE 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 educaliori by- the assistance of such children (including adopted children, step-children and children of the family) of any age of Freamasons under the United Grand Lodge of Ancient Free and Accepted Masons of England as the Trustees consider from time to time are in need of assistan￿. if and to the extent to which the resources of the Charity are not used for the foregoing purpose, assisting any child or children of any age whether or not the child or children of a Freema50n. Whilst the primary objective relates to support for the dependents of Freemasons, in 2022123 the Charity continued to expand its secondary objective of helping other children through provision of grants to non- masonic registered charities seeking to alleviate th8 effects of child poverty. Within the guidelines set down by the governing documents, the Charity took every practica5 precaution to ensure that all applications are considered fairfy and without prejudice. Volunteers In addition to the immeasurable assistsnce 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 chlld 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 hclp m88t its objectives. The Charity recognises that the welfare of all children is paramount and that all children and young people, regardles8 of ability or culture, have equal rights of protectlon. The Charlty has a duty ot care ano will do everything it can to provide a safe and carlng envlronment to ensure their safety. Th8 Charity has written policies on safeguarding children and young people as well a8 the adults who work with them, which govem the recruitment, selection, training and behaviour of staff and volunteers, and any others lik81y to come into contact with children. Activities Assistance is provided in a variety of ways to meet Ihe primary objectives of the Charity that are to relieve POV8rty 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 ils beneficiaries, lives with opportunities for educational travel and professional extra-curricular activities. Grants a assessed against eligibility criteria, the guidelines for which are reviewed ￿gularlY. Page 6 of 32 THE 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 benefiGiarie8 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 theirtime 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 aC￿sS all sources of help available to them. The TalentAid scheme helps children and young people who are exceptionally gifted in music, sport and tha perfomiing 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 muslcal instruments and sports equipment or tovRrds attend8nc8 at a particular event. All grants are financially assessed. Achievements and Performance The Charity has successfully merged its Masonic grant-making activities under the MCF, resulting in a single point of contact and support for all those within the Masonic community seeking help with health and care needs. Through the creation of GAMES (Grant Application Management and Evaluation System) it can now manage, monitor and report on all grants and enquiry activity. GAMES also allows trained volunteers to submit and monltor applications for supportonllne in thelr own regions. From 1 April 2016 RMTGB activities were carried out by the MCF. Through the MCF 1,515 grants were awarded to 920 b8neficiaries in the current year with a total value of £4.18 M after write back from prior years. For the furtherance of the charities. purpose for the public benefit. 151 grants totalling £4.31 M were awarded to non-masonic causes by the MCF on behalf of the RMTGB. Public Benefit Test The Trustees have complied wth 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 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS STRATEGIC REPORT Public Benefit Test (Continued) There a￿ over 200.000 active Freema50ns 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 r8quirements of the Public Benefit Test have, and continue to be met. Flnancial Review Revlew 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 retums from the MCF CAIF and its property portfolio. Income of £5.32 M was 5% higher than the prior year. Investment income of £4.82 M was 17 % higher than prior year, due to Increased rental income following completion of the conversion of the slx new flats at Ruspini House that were let from 1 St February 2024 Expenditure of £11.64 M was 4 % higher than th8 prior year. Grant expenditure of £8.49 M was 40A higher than the previous year. The fall in world stock markets over the last couple of months in the year resulted in a small investment loss of £0.05 M, compared to a £12.03 M surplus in the prior year. Ongoing vacancies within the property porttolio18d to an £1.34 M reduction in property valuations. The deficit for the year was £7.69 M compared to a prior year 8urplus of £4.97 M. Reserves Pollcy 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, volunlary 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 underthe objeclives 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 reseries will eventually diminish to a minimal level and the occasional legacy, at which time Ihe 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 crealed 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 Resefve was set up in 2016117 to recognise this moral commitment. The commitment was revalued to £40.16 M in 2025 and a transfer of £0.69 M was made to the general reserve. Page 8 of 32 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS STRATEGIC REPORT Prlnclpal Risks and Mitigation The principal risks identified and agreed actions to mitigate are shown in the following table: Conso uence Miti atlon Reputational damage, loss of Strong financial Pro￿dures, particularly corfidence with key stakeholders and budgetary planning and control. Oversight impact upon continuing financial from the Finance Committee. sustalnabili Poor service to beneficiaries and reputational damage. Withdrawal of ke services from su liers Impacts financial sustainability and reputational damage with donors Risk Significant unexpected financial loss from operations Inadequate liquidity to meet financial commitments Significant long-term loss in the value of the investment portfolio Cash flow forecasting and liquidity planning within the Investment Strategy Appointment of Asset Risk Consultants as expert investment advisors, providing monthly performance reporting and analysis. Oversight from investment and ro committees. Strong procedures and controls for processing grants. Oversight from Masonic Su rt and Charit Grants committees UGLE manage and monitor networks. servers and backup systems. and has d8ployed appropriate defence mechanlsms e.g. firewalls, antivirus etc. Thlrd paty hosted systems lapplications have relevant controls and security regimes. Information Systems are only accessed via the VPN ne￿Ork andlor multi- factor authentication protocols. Grants made outside the Charity's ObjeGts and eratin uidelines Cyberattack on IT systems Reputational damage, loss of confidence with key stakeholders and otentl81 truslee liablli Operational disruption resulting in financial, reputational. legal and regulatory damage. MCF'S Information Security Group (ISG) have various digitsl & IT procedures and policies in place. Cyber awareness and trainin ro ramme mandato for all slaff. Data protection policy, IT security and HR olicies In lace Flnanclal procedures. segregation of duties, authority limits. IT security, increased awareness amon st staff MCF Buslness Continuity Plan Data protection breach Reputational damage and slgnifrant financial enalties Financial loss, reputatlonal darnage, adverse impact upon staff Fraud Unavailability of office accommodation Loss of paper records from firefflooding Operations compromised Breach of legal obligations, adverse impact upon operations. potential financial enalties Breach of legal obligations, potential financial penalties, breakdown of staff morale and adverse impact on service rovision Operational breakdown. adverse impact upon staff morale, poor service to beneficiaries and potentlal re ulational dama Reduced relianc8 on paper r8cords with increased use of IT. Lack of compliance with employment legislation HR procedures and staff handbook. Induction processes for new staff. Ongoing management training and Personal Develo ment Review HR procedure5: organisational and sUc￿Ssion planning. Comprehensive documentation of prO￿dureS and controls Undue reliance on key persons 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 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS STRATEGIC REPORT Investment Pollcy and Performance The MCF global investment strategy seeks to protact the capital value of investments that are required to fvnd operations for a three-year time horizon (the 'Cash Reserve") and to invest all remaining funds for long term growth, on a total retum basis, with an overall objective of rnaking a retum of CPI plus 3.5% net of all expenses. The Cash Reserve 15 provided by Royal London Asset Management and utilises three of their funds, which provide a mix of instruments, including cash instruments, Treasury Bills, cover8d (secured) bonds, corporate bonds, Supranationals and mortgage-backed securities. The performance objectives of the three funds are: Short Tenn Money Market Fund: Short Tenn Fixed Income Fund: Short Term Fixed Income Enhanced Plus Fund: SONIA SONIA plus 0.500A gross of fees SONIA plus 1 .OOOh gross of fees The MCF sponsored the launch of the Masonic Charitable Foundation Investment Fund CAIF, which took place on 1st October 2018. This is a unit trust with a highly efficient tax wrapper in which the MCF and all ils 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 diverslficatlon, wlth the funds spllt 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 Tru8t. The strategic and actual assèt allocations as at 31. March 2025 are shown in the following table: Assat Class Strateglc Allocation Benchmark Actual 31 It March 2025 4.780/0 Cash Fixed Income Intemational E U.K. E uit Emer in Market E uit Alternative Investments Pro SONIA FTSE UK World Gov. Bond Index GBP MSCI World ex UK NR GBP MSCI UK E NR GBP MSCI Emer in Markets E uit NR GBP HFRX Global Hed e Fund GBP IA UK Direct Pro 7.50Vo uit 65.47Vo 12.500 3.75Vo 3.750 100.OOVo 0.89¥0 100.00% Performance under the new arrangemenls is shown in the table overleaf. Page 10of32 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS STRATEGIC REPORT Investment Policy and Performance (Continued) MCF CAIF RLAM Money Market RLAM Short Term Flxed Income RLAM Short Term Flxod Income Enhanced £Nil Capital Protection CCLA Property Fund Fund at 31 St March 2025 Investment approach £96.86 M Steady Growth Multi- Asset £14.35 M Capital Protection £Nil Capital Protection £Nil Income & long-term Capital Growth MSCIIAREF UK other balanced ro ARC Charity GBP Steady Growlh 6.90Vo 2.20Vo Benchmark Composite SONIA SONIA SONIA Peer Group ARC Charity GBP Steady Growth None None None Retum for the ear Benchmark retum for Peer rou retum for ear return ear benchmark ear er rou 3.800 5.23% 4,90% 4.40% 13.45% 12.57Vo 2.90% ear 4.90% 4.90Q/o 4.40% 14.09% 12.570/0 2.90% ear 14.10% 6.20 8.10Q/o 8.10Yo Stock Markets suffered a collaps8 in the final month of the financial year following the imposition of tsriffs by the USA, resulting in an increase in the valuation of the MCF CAIF from its opening value of £146.47 to clos8 at £149.99 per unit after reaching a high point of £161.77 in early February, Plans for Future Pariods All fulure grant-making and support activities will be managed through the MCF. but those relating to the Charity's objects will be recharged back to it. With all new festivals being linked to the MCF, this will result n reserves being depleted over a period of time. The Charity will continue to receive incorne from its investments, which will extend the remaining lifetime of the Charity. Key activities being planned for the future by the MCF on b8half of the Charity are provided in the annual report and aGcounts of the MCF. Page 11 of32 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS STRATEGIC REPORT ststement of Trustees, 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. 'GAAFY). 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 of the income and expenditure of the 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: 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 Unlted Klngdom accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the charity wi51 continue to operate. The Trustees are responslble 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 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. Siaiemeni OT Dlsclosure OT Inforniatlon to Audlior Each of the Trustees has confinned that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They hav8 further confirmed that they have taken appropriate steps to identify such relevant information and to estsblish that the auditor is awa￿ of such information, Audltor A resolution proposing that Knox Cropper LLP be reappointed as auditor will be put to the members. Approval by Trustees This report, induding the strategic report, was approved by the Trustees on 12th September 2025 and signed on their behalf by es Long, T President and Chairman, MCF Page 12of32 THE 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 2025 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 PractiC8). In our opinion the finanGial statements: giv8 8 true and fair view of the state of the Charitable Companls affairs as at 31 March 2025 and of its income and expenditure for the year then ended; have b8en 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. Basls of oplnlon 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 a￿ 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 wlth these requirements. We believe that the audlt 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 ststements 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 infomiation 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 other¥vise explicitly stated in our report, we do not express any form of assuran￿ conclusion thereon. Page 13 of32 THE 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 misststements, 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 infonnation, we are required to report that fact. We have nothing to report in this regard. Opinion on other matter8 prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infonnation 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 th8 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 requiremenls. Matter8 on whlch we are required to rnport by oxceptlon 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 misstatement8 in th8 Strategic report or the directors, report induded within the tru8tees' 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: adequate accounting records hava not been kept, or retums adequate for our audit have not been IV￿rIV 11 vi I i ufali Ivii I Oi visti-d by us; or the financial statements are not in agreement wlth the accounting records and returns; or certain disclosures of trustee8' remuneration specified by law a￿ nol made. or we have not received all the information and explanations we requlre for our audlt. Responslbllltles 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 ststements, the Trustees are re8ponsible for assessing the Charitable Company's ability to continue as a going concern, disclosing. as applicable, matters related to going concem 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 altemative but to do so. Page 14 of32 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBER OF THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS Auditor's responsibilities for the audit of the financial sL￿arnents Our objectives are to obtsin 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 auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarant8e that an audit conducted in accordan￿ with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. The Charitable Company is required to comply with both company law and Gharity 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 it8 legal and regulatory framework, including the requirement to properly account for any restricted funds, through discussions with managemenl and a review of the documented poliGies, 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 appropriat8 expenditure was charged to restricted funds. This included reviewing journal adjustments and unusual transactions. A further de8CriPtion of our responsibilities for the audit of the financlal statements is located on the Financial Reporting Council's website at: www.frc.or .uk auditorsres onsibilities. This description fO￿nS part of our auditor's report. Use 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 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 member for our audit work, for this report or for the opinions we have formed. S4.4_ A.J stephen Anderson FCCA Senior Statutory Auditor for and on behalf of Knox Cropper LLP statutory Aud itor 65 Leadenhall Street London EC3A 2AD 50 06 Nov 2025 Page 15of32 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2025 (Including an Income and Expenditure AGcount) Not8 2025 £000 2024 £000 INCOME Donations and legacies Investment income 496 4,818 912 4,131 Totsl Income 5,314 5,043 EXPENDITURE Cost of generating funds Investment management Gosts (52) (953) (11) (884) 895 Charltablè actlvlt108 Masonic grants Non-masonic grants (6,044) (4,586) (6,141) (4,131) 10,630 10,272 Total expenditure 11,167 Net gainsl(losses) on investments Net Incomel(expendlture) OTHER RECOGNISED GAINSI{LOSSES! Penslon Llability tjuy out 11,069 (7,710) 4,945 19 28 NET MOVEMENT IN FUNDS 7,691 4,973 Total funds brought forward 149,788 144,815 Total funds carried forward 142,097 149788 All income and expenditure derive from contlnuing activities and all gainsllosses are included in the statement of financial activities The notes on pages 19 to 32 form part of these financial statements Page 16 of 32 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS BALANCE SHEET as at 31 March 2025 Company Number 01705033 FIXED ASSETS Note March 2025 £'ooo March 2024 £'ooo Investment properties Investments 35,550 96,859 34,215 97,388 132,409 131603 CURRENT ASSETS Debtors Investments Cash at bank and in hand 10 716 14,350 912 717 23,122 432 15,978 24,271 CURRENT LIABILITIES Creditors falling due within one year (4,831) 11,147 (5,133) 19,138 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 143,556 150,741 Creditors falling due after one year (1,459) 142,097 (953) 149 788 Total net a8s•ts CHARITABLE FUNDS Unrestricted funds General reserves Designated reserves Property revaluation reserve 12 12 12 73,691 40,177 28,229 82,010 40,884 26,894 Total charitable funds 142,097 The financial ststements were approved and authorised for issue by the Trustee Board on I I September 2025 and signed on their behalf by: ame Long, TD Clive Emerson President and Chairman Treasurer The notes on pages 19 to 32 fomi part of these financial statements Page17of32 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2025 2025 £'ooo 2024 £'ooo Operating Activities Net cash provided byl{used In) Operating Activities Cash flows from Investing activities Dividends, interest and rents from investments Proceeds frorn the sale of investments Purchase of investments 12,827 4,818 22,210 (12,564) 14,464 4,131 21,629 (12,822) 12.938 Net cash provlded byl(used in) Investing Activities Change in cash and cash oquivalents in the roporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash oquivalents at the end of the rnportlng porlod 480 111 432 321 912 432 Notes on the cash flow statèment Reconclllatlon of net incomel{expenditure) to net cash flow from op8rating actlvltles Net incomelexpenditure as per th8 Statement of Financial Activities (7,710) 4,945 Adjustments for.. Dividends, interest and rents frorn investments Other movements In Investments Decrease in debtors Increase in Greditors (4,818) (1,680) (1) 223 (4,131) (14,043) 94 308 Net cash provlded byli (hl 21 24 12 (b j (1) (1) 52 116 278 2 308 Basis for allocation (a) (b) (c) Directly attributed Number of grants processed Headcount and number of grants process8d Auditorfs remuneration of £17k (2024: £16k) is included in support costs to charitable activities. Page 24 of 32 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Non- Cost of Inv8Stment Masonic Masonic Total Generaling and Property 2024 Funds Management £'ooo £'ooo 6. SUPPORT COSTS 2024 Basis for Allocation £'ooo £'ooo £'ooo Relief Chest - Fundraising Fundraising Legacies Masonic Support- Grants Masonic Support- Advice & Support Ma80nic 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 (a) (a) (a) (a) (a) (a) (a) (a) (b) (c) (c) {b) {b) (b) Ib) (b) Ib) (b) 307 330 79 62 307 330 66 85 60 181 258 163 59 198 66 131 117 76 85 12 86 161 152 55 185 11 13 123 76 11 184 2,187 Basis for allocation (a) Directly attributed (b) Number of grants processed (c) Headcount and number of grants proce88ed Pag8 25 of 32 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 STAFF COSTS The Charity employed no staff during the year (2024: None). Staff r8ch8rges 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 (2024: £ Nil). No Trustees, 8XP8nses were incurred during the year (2024: £ Nil). INVESTMENT PROPERTIES March 2025 £'ooo March 2024 £'ooo Balance at 1 April 2024 Additions Transfer from Social Investments Transfer (to) group undertaking Change in market value Balance at 31 March 2025 34,215 2,679 28,120 243 7,500 (1,344) 35,550 (1,648) 34,215 Investment propertles consist of fr86hold properties at 24 to 26 and 30 to 32 Great Queen Street, London WC2 and land at Rickmansworth Park Estate. During the year, the soclal 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 a5 at 31 It 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 th8 properties is unknown, however, for the purpos8s of calculating the revaluation res8rv8 It h8s b88n estimated at £7,321,000. Page 26 of 32 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 INVESTMENTS March 2025 £'ooo March 2024 £'ooo Fixed Asset Investments: - Managed Funds MCF CAIF Social investments 96,859 97,388 96,859 97,388 Current Asset Investments: Managed Funds RLAM Cash Reserve funds 14,350 23,122 23,122 111,209 120,510 MOVEMENTS IN INVESTMENTS a) Listed Balance at 1 April 2024 Additions Disposals Investrnent income reinvested Management fees charged to the fund (Lo8sesygain8 120,510 9.885 (22,210) 3,525 (456) (45) 117,365 9,768 (21,629) 3,455 (481) 12.032 Balance at 31 March 2025 111,209 120,510 b) SoGial Balance at 1 April 2024 Additions Transfer to Investment Properties Revaluation 4,004 2,811 (7,500) 685 Balance at 31 March 2025 Total 111209 120,510 RECONCILIATION TO SOFA (Lossesygains on listed investments Change in market value of investment and social properties (45) (1,344) 12,032 (963) 1,389 11,069 Page 27 of 32 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 10. DEBTORS March 2025 £'ooo March 2024 £'ooo Prepayments and accrued income Other debtors 77 639 101 616 716 717 other debtors includes a loan of £220k due from the Royal Masonic School for its share of the buy•OUt of tha pension liability. The loan is being paid off 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 pr8sent value of £208k for inclusion in the accounts. 11. CREDITORS March 2025 £'ooo March 2024 £'ooo Falling due wlthin one year Grants payable Amounts owed to group undertakings Accruals and deferred income Other creditors 3,755 539 93 444 3,477 799 354 503 Falllng due after more than one year Grants payable 1,459 953 953 Page 28 of 32 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 12. MOVEMENT IN FUNDS Balance at Incorne Expenditure 1 April 2024 £'ooo £'ooo Gainsl Transfers Balance at (losses) 31 March 2025 £'ooo £'ooo £'ooo £'ooo Unrestricted funds General reserves Designated reserves Property revaluation reserve Total funds 82,010 5,307 40,884 26,894 (11,609) (26) 0 (1,344) 11.635 1,370 (26) (1,991) (688) 2,679 73,691 40,177 28,229 149,788 5,314 142 097 PRIOR YEAR Balance at Income Expenditu 1 April 2023 £'ooo Gainsl Transfers Balance at (losses) 31 March 2024 £'ooo £'ooo £'ooo £'ooo £'ooo Unrestricted funds General reserves Designated reserves Property revaluation reserve 84,196 5,036 35,816 24,803 (11,144) 12,060 (23) (8,138) 5,084 3,054 82,010 40,884 26,894 (963) Total funds 144 815 5,043 11,167 149,788 13. DESIGNATED FUNDS FOR SPECIFIC USES Exi8ting Beneficiaries Fund This fund represents the expected future support to be provided to existing beneficiaries to support their educational needs up lo 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 Girfs and the other four divided between another girls, school and thre8 boys, schools. Th8 Globe Lodge 275th 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 Follow8hip The purpose of this fund is to further the ability of the trustees to provide travel grants to Canada or any other foreign country. Ernpire Lodge Centenary Travelling Fellowshlp 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 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 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 us8d for educational purposes to support children and young people at th8 discretion of the chief executive, with preference given to those with a Masonic connection. The Prfnca of Wales's Lodge Blcentenary 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. Doslgnated Funds Bdldfiue dl liiconie 1 April 2024 £'ooo Grani8 Transfer8 Balance at 31 March 2025 £'ooo £'ooo £'ooo £'ooo 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 Crovdon Lodae of Endeavour Colin Dyer Prince of Wale's Lodge Blcentenary Fund Public School Lodges Council 40,843 (1) (888) 40,155 (1) (1) {6) 27 21 (2) (12) (5) 12 {0) 40,884 26 688 Prlor Year Balance at Income 1 April 2023 £'ooo 35,759 Grant5 Transfers Balance at 31 March 2024 £'ooo £'ooo £'ooo 5.084 £'ooo 40,843 (1) 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 (2) (7) (5) 27 27 (1) (2) 12 12 {6) 35,816 23 40,884 Page 30 of 32 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 14. ASSETS AND LIABILITIES Investment Investments Current Total Properties Assets Liabilities £'ooo £'ooo £'ooo Fund Total £'ooo £'ooo Unrestricted funds General reserves Designated reserves Property revaluation reserve 7,321 56,682 15,978 40,177 (6,290) 73,691 40,177 28,229 28,229 Total fund8 35,550 96,859 15,978 6,290 142,097 PRIOR YEAR Investment Investrnents Current Total Properties Assets Liabilities £'ooo £'ooo £'ooo Fund Total £'ooo £'ooo Unrestrlcted funds General reserves Designated reserves Property revaluation reserve Total fund8 7,321 56,504 24,271 40,884 (6,086) 82,010 40,884 26,894 34,215 97,388 24,271 149 788 15. PENSION COMMITMENTS The Charity operated a defined benefit pension scheme, the RMTGB Staff Pension Scheme (the "Scheme"). It entered into a °buy-inlbuy-OUt" arrangement with Pension Insurance Corporation ("PIC") whereby th8 18tter 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 pald to PIC on tha fonnal transfer of the Scheme. There were two participating employers: the Charity (the "Sponsoring employerf and the Royal Masonic School for Girls Limited (the 'SGhool"). 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 Ihe 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: 2025 £'ooo (364) (15) 159 £220 2024 £'ooo (508) (22) 166 £364 Balance at 1 April 2024 Interest charged Less payments made on account by RMS in 2024125 The amount recoverable from the school is included within other debtors (note 10). Page 31 of 32 THE ROYAL MASONIC TRUST FOR GIRLS AND BOYS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 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 Charty 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 (Reglster8d 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 ## **Issuer** Knox Cropper LLP **Document generated** Thu, 6th Nov 2025 14:16:03 GMT **Document fingerprint** 988a3175bf3d66643b8f2b6dbb93450c ## **Parties involved with this document** ## **Document processed** ## **Party + Fingerprint** Thu, 6th Nov 2025 16:33:47 GMT Thu, 6th Nov 2025 16:33:47 GMT Stephen Anderson - Signer (89564d99a82cd244cd4d5d5f5d9e30cf) Olivia Burrell - Copied In (306cdf99f87de0e28ec1b2437ff0a544) ## **Audit history log** ## **Date** ## **Action** Thu, 6th Nov 2025 14:16:03 GMT Thu, 6th Nov 2025 14:16:03 GMT Thu, 6th Nov 2025 14:16:03 GMT Thu, 6th Nov 2025 14:16:03 GMT Thu, 6th Nov 2025 14:16:04 GMT Thu, 6th Nov 2025 14:16:04 GMT Thu, 6th Nov 2025 14:16:04 GMT Thu, 6th Nov 2025 14:16:04 GMT Thu, 6th Nov 2025 14:16:04 GMT Thu, 6th Nov 2025 14:19:30 GMT Thu, 6th Nov 2025 14:19:32 GMT Thu, 6th Nov 2025 14:20:27 GMT Thu, 6th Nov 2025 16:28:51 GMT Thu, 6th Nov 2025 16:28:51 GMT Envelope generated by Olivia Burrell (77.98.20.200) Document generated with fingerprint a9e26922681627cd3f12554d2c7aa1a9 (77.98.20.200) Document generated with fingerprint 988a3175bf3d66643b8f2b6dbb93450c (77.98.20.200) Document generated with fingerprint 676a4bdcf605405e8a9de57ab40b62bd (77.98.20.200) Document generated with fingerprint a67207a6765365a015c5fbfd5e7f94b0 (77.98.20.200) Document generated with fingerprint 321303b94051c5ec8dbc7f5becc3d542 (77.98.20.200) Document generated with fingerprint fbc52392f44cdc716887802640f1a885 (77.98.20.200) Document generated with fingerprint 2d85bd9dc8e0681995c4651cd62ab10e (77.98.20.200) Document generated with fingerprint 28480fca46ecf34eac78dd5bd77d9afc (77.98.20.200) Sent the envelope to Stephen Anderson for signing (77.98.20.200) Document emailed to party email Stephen Anderson opened the document email. 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