THE RUSPINI FUND
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Charity Number: 1176327

THE RUSPINI FUND
Contents
Page
Trustee's Annual Report
Statement of Trustee's Responsibilities
11
Auditorfs Report
12
ststement of Financial Activities
15
Balance Sheet
16
statement of Cash Flows
17
Notes to the Financial Statements
18
Page 2 of 21

THE RUSPINI FUND
TRUSTEE'S ANNUAL REPORT
The Trustee is pleased to submit its report for the year ended 31" March 2024.
Reference and Administrative Informatlon
Name and Registered Office
The nam8 of the charily is The Ruspini Fund (the "Charity,) and its principal office is located at 60 Great
Queen Street, London. WC2B 5AZ.
Trustees
The Trustee who served during the whole of the year was..
The Masonic Charitable Foundation ('MCF') (Corporate Trustee, Registered Charity No.
1164703, Company Number 09751838)
The trust88s of the MCF who served during the year were:
John Boyington, CBE (Resigned 31 JI July 20231
Sin8ad Brophy {Resigned 3111 July 20231
Simon Duckworth, OBE, DL (Resigned 3151 July 20231
Clive Emerson {Appoinled Treasurer 1 ￿ August 2023)
Dr Simon Fellerman
Edward Goodchild (Appolnted 1st August 20231
Alan Graham, MBE
Antony Harvey (Resigned 31 July 2023)
Christopher Head
Michael Heenan (Treasurer) (Resigned 3111 July 2023)
Jame5 Long, TD (President) (Appointed Chairman 151 January 2024>
Charlotte Miller (Appointed co-optee 1 $1 August 2023)
Stephen Robinson
arie Shenton (Appointed 1 $1 August 2023)
David Southern
Bruce Walker
Andrew Wauchope (Resigned 3111 July 20231
Sir Paul Williams, OBE. KStJ, DL (Deputy President and Chaimian to 319t December 2023)
Howard Wilson
Page 3 of 21

THE RUSPINI FUND
TRUSTEE'S ANNUAL REPORT
Ex8cutlva
The Executive during the year to 31st March 2024 were..
Les Hutchinson. Chief Executive
Charlas Angus, Group Finance Director
Brenda Nurse, Company Secretary
Auditor
Knox Cropper LLP, Chartered Accountants, 65 Leadenhall Street, London, EC3A 2AD
Bankers
National Weslmlnster Bank Plc. Bloomsbury Parfs Branch, 214 High Holbom, London. WC1V 7BX
Investment Advlsors
Asset Risk Consultants Limited, 7 New Street, St. Peter Port, Guemsey, GY12PF
Invostment Managers
CCLA. Senator House, 85 Queen Victoria Street, London, EC4V 4ET
Sarasln & Partners LLP, Juxon House, 100 St. Paul's Churchyard, London, EC4M 8BU
Royal London Asset Management Ltd.. 55 Gracechurch Street, London, EC3V OUF
Thesis Unit Trust Management Lld, Exchange Building, St John's Street. Chich8ster, West Sussex
P019 1UP
Waverton Inv8Stm8nt Management Ltd.. 16 8abma8s Street, St. James, London, SW1Y 6AH
Sollcltors
stone King LLP, Boundary House, 91 Charterhouse Street, London, EC1 M 6HR
Page 4 of 21

THE RUSPINI FUND
TRUSTEE'S ANNUAL REPORT
Structure, Governance and Management
Organlsatlon
The Charity is govemed under the t8mis of Charity Commission Schemes dated 28th December 1990,
March 2016 and 1. April 2016. The Charity was formally delinked from its previous parent, the Royal
Masonic Trusl for Girls and Boys I'RMTGB'I, and was re-registered with the Charity Commission under
its new charity number 1176327 on 18th December 2017.
As the MCF is the sole Trustee of the Charity. the MCF exercises Control over the Charity. and will
consolidate th8 Charity's results in its group accounts.
Details of the processes for the appointmenl, Induction and training of the MCF'S trustees are given in thè
annual report and accounts of that company.
Gov•mance and Management
All governance and management capabllitles a￿ provided by the MCF and details of the relevant
commitl88s and processes are prowded in the annual report and accounts of that Cornpany. Trustees and
committees of the MCF addr8S8 the specific needs of the Charity as part of their roles and r8sponsibiliti8S
for the MCF. The trustee board and the main committees meet as follows..
BoardlCommltt80
Purpo80
Mootings por
ear
Trustee Board
Main decision-making body with ultimat8 responsibility for the
Charit
Identification and miti
ation of risk, overs
ht of external audit
Consideration of applications for grants from organisations
reco
nised b the Charil Commission
Ensuring adequate procedures ar8 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 Charil
Maintaining investment strategies to meel the requirements of
the Charit
ointment and monitorin
of fund mana
ers
Consideration of applications from individuals Gonnecled with
the masonic communil for financial relief
Development and execulion of strategies lo optimise the retums
from the Charit
ro
art
ortfolio
Determinalion of executive and staff
& benefits
Development and imp18mentalion of slrategies to support the
Charity's objectives. In addition, the trustees hold an annual
strale
ic 'awa da
Audit and Risk
Charity Grants
Finance
Fundraising
Investments
Masonic Support
Property (RMTGB
onl
Remuneration
Strategy
The Charity does not employ any staff, with serwices being provided by staff employ8d by the MCF.
Page 5 of 21

THE RUSPINI FUND
TRUSTEE'S ANNUAL REPORT
Objectives and Activities
The objects of the Charlty
Th8 r81ief of need. hardship or distress of persons who are children (including adopted children, step
children orother children of the family) of Freemasons underthe United Grand Lodge ofAncient Free and
Accepted Masons of England, or fomier pupils of any school of the Royal Masonic Institution for Gids. Of
the Royal Masonic Institution for Boys. or former pupils of the Royal Masonic School for Girls.
The main activitles
The Charity awards grants in accordance with its objects and continues to support the children of the family
of Freemasons who are in distressed circumstances. In planning the activities lor the year the Truste8 kept
in mind the Charity Commission's guidance on public b8nefit.
Th• assistanc• of voluntoer8
The Trustge acknowledges th8 assistance of many lodge and provlnclal almoners who as volunteers
provide an invaluable service in bringing potential b8n8ficiaries to their attention.
Achievements and Performance
During tha year the Trust88 awarded 8 grants In support of 7 beneficiaries (2023: 3) amounting to £8k
(2023: £19k). The number of grants remains lower than prior years owing lo Ihe impact of COVID-19.
which meant that f8w8r opportunitles aros8 to support potentlal beneficiari8S.
Amongst those that benefited from the Fund were:
The disabled granddaughter of a Fr88mason who benefilled from adaptatlons and storag8 facilities
for her mobility scooter: and
The granddaughter of a Freemason vtho required specialist educational assessments,. and
The four children of a Freemason from a single parent family, who received laptop computers and
other equipment to assist with their education.
In addition a Christmas grant was awarded to a fonner Royal Masonic School pupil who is an older person
and has a low income.
In all cases support was provided as quickly as possible in order to relieve financial hardship and improve
Ihe Ilves of those concerned.
Page 6 of 21

THE RUSPINI FUND
TRUSTEE'S ANNUAL REPORT
Financial Review
Review of the Yaar
Income for the year amounted to £32k (2023: £30k) and awards were made of £8k12023: £19kl. The
fund's resources increased from investment gains of £163k (2023: £62k loss). Net assets as at 31. March
2024 were £1,415k {2023.' £1,234k).
R•sorves Policy
In accordance with the trust deed both the capital funds and the income generated are unrestricted and
are available for distribution each year to further the airns of the charity. The reserves are held to meet
present and future commitments of the Charity and enablè grants to be made to future beneficiaries in
accordance with th8 objects. The Trust8e is satisf￿￿ that reserves are sufficient to m88t that n88d.
Investmont Policy and Performance
The MCF global investment strategy seeks to protect the ¢apit81 value of investments that are r8quired to
fund operations for a thre8-year lim8 horizon {the Cash Reserve.) and lo inv8St all remaining funds for
long tem) growth. on a total return basis. with an overall objective of making a retum of RPI plus 3.50A net
of all expenses.
The Cash Reserve Is promded by Royal London Ass8t Managemenl ('RLAM°} and utilises three of their
funds. which provide a mix of instruments, including cash instruments, Treasury Bills, cov8red (secured)
bonds, corporate bonds, Supranationals and mortgage-back8d s8CUrities. The performance objectives of
the three funds are:
Short Term Money Market Fund:
Short Term Fixed Income Fund:
Short Term Flxed Income Enhanced Plus Fund..
SONIA
SONIA plus 0.50% gr05s of fees
SONIA plus 1.00% gross of fees
The MCF sponsored the launch of the Masonic Charitable Foundation Investment Fund CAIF. which took
place on 1" October 2018. This is 8 unil trust y￿th a highly efficient lax wrapper in which the MCF and all
its subsidiary charities own their shares in the form of unils. Units will be sold as required in order to lop
up the Cash Reserv8 on a quarterly basis. The investment strategy is directed for'steady Growth which
is a medium-high risk strategy. Risk is manag8d through diversification, with the funds split belween four
different fund managers operating on multi assel mandates but utilising differing investment management
styles. Th8 overall fund manager is Thesis Unit Trust Manag8m8nt Limited and the custodian in Northern
Trust.
The Strategic and actual asset allocations as at 3181 March 2024 are shown in the table overleaf..
Page 7 of 21

THE RUSPINI FUND
TRUSTEE'S ANNUAL REPORT
Inv•stm•nt Pollcy and Perfomiance (continued)
Asset Class
Strateglc
Allocation
0.00%
7.50%
54.500
18.00%
12.500h
3.75%
3.75%
100.00%
Benchmark
Actual 31•t
March 2024
2.44¥0
5.67%
68.85%
12.69Yo
2.85¥0
6.35Yo
1.15%
100.00%
Cash
Fixed Incom8
Intemational E
U.K. E
Emer
Market E
ui
Alternalive Investments
Pro
ert
SONIA
FTSE UK World Gov. Bond Index GBP
MSCI Wodd 8x UK NR GBP
MSCI UK E
uit NR GBP
MSCI Eme
Markets E
ui
HFRX Global Hed e Fund GBP
IA UK Direct Pro
uit
NR GBP
Performance under the new arrangements is shown in the following table..
MCF CAIF
RLAM
Money
Market
RLAM
Short Torni
Flxod
Income
RLAM
Short Torm
Flxed
Incom•
Enhancod
£ Nil
Capital
Pmlficlion
CCLA
Propgrty
Fund
Fund at 311t March 2024
Investment approach
£1.37M
Steady
Growlh Multi-
Asset
£Nil
Capital
Proledion
£Nil
Capital
Protection
£Nil
Income &
long-lem
Capital
Growth
MSCIIAREF
UK other
balanced
ro
ert
ARC
Charity
GBP
Steady
Growth
0.50Vo
1.10
9.70%
6.20Yo
2.20
11.90%
Benchmark
Composite
SONIA
SONIA
SONIA
Peer Group
ARC Charily
GBP Steady
Growih
None
None
None
Relum for the
ear
Benchmark return for
Peer
rou
return for
ear retum
ear benchmark
ear
eer
rou
16.20%
14.70%
9.70¢
26.90%
25.40%
11.90%
5.31%
4.97%
4.300/0
2.58%
2.42%
1.70%
5.69%
4.97%
4.30%
6.65%
4.97¥0
4.30%
2.31Yo
2.42%
1.70Yo
ar
ear
2.42¥0
1.70%
stock markets had a very strong run in the final quarter of the financial year, ￿sUlting in an increase in the
valuation of the MCF CAIF from its opening value of £126.25 to close at £146.47 per unit.
Page 8 of 21

THE RUSPINI FUND
TRUSTEE'S ANNUAL REPORT
Principal Risks and Mitigation
The principal risks identrfied and agreed a¢tions to mitigate are shown in the foll¢)wing table:
Rlsk
Significant unexpecled
financial loss from
operations
Conso
u¢nGQ
Repulallonal damage, loss of
¢onfiden¢e with k&y stakeholders and
impact upon continuing financial
suslalnabilil
Poor service lo beneficiaries and
repulalional damage. Withdrawal of
ke services from su
liers
Impact3 financial suslainabilily and
reputational damage with donors
Miti
ation
Strong financial procedures, particularly
budgetary planning and control. Over¥ight
from the Finance Committee.
Inadequate liquidity to
meet tinandal
commitments
Signrficanl long-term loss
in the valua of the
investment portfollo
Cash flow forecasting and liquidity plannlng
within the Investment Strategy
Appointment of Asset Risk Consultants as
expert investment advisors. provlding
monlhly performance reporting and
analysis. Oversight from investment and
ro
ert
committee¥.
Strong procedureg and controls for
processing grants. Oversight from Masonic
ort and Charil Grants committees
UGLE manage and monitor networks,
servers and backup systems, and has
deployed approprlale defence mechanisms
e.g. flrewalls. antivirus elc.
Third party hosted systems lapplicallons
have relevanl Controls and security
regimes. Informal￿n systems are only
accessed via the VPN network andlor multi-
fa¢tor aulhenlicalion protocols.
Grant8 made outside the
Charity's Objects and
eralin
uidelines
cYber81￿k on IT
systems
Repulalional damage,10s5 of
onfidence with key stakeholders and
olenlial Iruslee liabilit
Op8ralional disruption resulting in
financial, reputational, legal and
regulatory damage.
MCF'S Infomialion Security Group {ISGI
have various digital & IT procedures 8nd
policie5 in place. Cyber awareness and
Irainin
ro
ramme mandalo
for all staff.
Data prolecllon policy, IT Securily and HR
olicie5 in
lace
Financial procedures, Segregation of duties,
authority limits, IT security, increased
awarenes8 amon
sl staff
MCF Business Conllnully Plan
Data protection breach
RepulalSonal damage and significant
financial
enallies
Financial loss, repulallonal damage,
adverse impact upon Staff
Fraud
Unavailabilily of office
accommodation
Loss of paper records
from fireffjoodlng
Operations compromi880
Breach of legal obligations, adverse
impact upon operations, potential
financial
enallies
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 lo beneficiaries and potential
re
utalional dama
Reduced reliance on paper records with
increa8ed use of IT.
Lack of compliance with
employrnent legislati)n
HR procedures and staff handbook.
Induction processes for new Staff. Ongolng
management training and Personal
Develo
ment Review
HR procedures.. organisational and
succession planning. Comprehensive
documentation of procedures and controls
Undue reliance on key
persons
Risks are actively monitored by the Executive and ihe senior leadership team. and fomally reviewed by
the audit and risk committee at their quarterly meetings.
Page 9 of 21

THE RUSPINI FUND
TRUSTEE'S ANNUAL REPORT
Plans for Future Periods
Following the fomiatlon of the MCF on 1 April 2016 and the subsequent Scheme from the Charity
Commission appointing MCF as the sole Trustee from that dale. th& chaimian of the MCF Masonic SupF)Ort
commlttee and the MCF chief 8X8CUtiV8 officer have acted, under authority delegated by th8 Trust88. to
utilise the Ruspini Fund to complement th8 core Masonic Support actiwties of the MCF.
In the future it is planned to continu8 to use the Ruspini Fund to meet the objects set out at pag8 6 and in
particular to provide immediate relief and support to the children of th8 family of Freemasons who are in
distressed circumstances, but that fall outside ofth8 general remit of the MCF Masonic Support committee.
Page 10 of21

THE RUSPINI FUND
STATEMENT OF TRUSTEE'S RESPONSIBILITIES
Statement of Responsibilities
The Truste8 is ￿sponSible for preparing th8 trustee's report and financial statements in accordanc8 With
applicable law and United Kingdom Accounting Standards IU.K. 'GAAP").
The law applicable to charities in England and Wales, the Charities Act 2011, th8 Charty (Accounts and
Reports) Regulations 2008 and the provisions of the trust deed require the trustee to prepare financial
statements for each financial year which give a true and fair wew of the state of affairs of the Charity and
of the income and 8XP8nditure of the Charity for that year.
In preparing these financial stat8ments, the Trustee is requirad to..
select suitable accounting policies and then apply tham consistently.
observe th8 m8thods and principles in Accounting and Reporting by Charities: Statement of
Recommended Practice applicable lo charities preparing their financial statements in 8ccordance
with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland
(FRS1021;
make judgements and estimates that are reasonable and prudent.,
state whether United Kingdom accounting standards have been followed, subject to any materlal
d8partures disclosed and explained in the financial statements: and
prepare the financial statements on Ihe going ¢on¢em basis unless It is inappropriate lo presume
that the charity will continue to operate.
The Tru8188 is responsible for keeping ad8quate accounting records that disclose with réasonable
accuracy at any time the financial position of the Charity and enable it to ensure that the financial
statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008
and the provisions of the trust deed. 11 is also responsible for safeguarding th8 assets of Ihe Charity and
for taking reasonable steps for the prevention and detection of fraud and other irregularitl8S.
Audltor
A resolulion proposing that Knox Cropper LLP be reappointed as auditor will be put to the members.
Approval by Trustee
This
ort, was approved by the Trustee on 12th September 2024 and signed on its behaff by
Long,
President and Chairman. MCF
Page11 of21

THE RUSPINI FUND
REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEE OF THE
RUSPINI FUND
We have audited the financial statements of the Ruspinl Fund (the "Charit￿> for the year ended
31 March 2024 which comprise Ihe Statement of Financial Activities. the Balance Sheet, the Statement of
Cash Flows and notes lo the financial statements, including a summary of significant accounting policies.
Th8 financial reporting framework that has been applied in their preparation is applicable18w and United
lQngdom Accounting Standards, including Financial Reporting Stsndard 102 The Financial Reporting
standard applicab18 in the UK and Republic of Ireland (Unitad Kingdom Generally Accepted Accounting
Practic8).
In our opinion the financial statements..
give a true and fair wew of the st8te of the Charitvs affairs as at 31 March 2024 and of its incoming
resources and appllcallon of resources for the year then erided;
have been properly prepar8d in accordance with United Kingdom Generally Accepted Accountlno
Praclice., and
have been prepared In accordance with the Charities Act 2011.
8a818 of oplnlon
We cor)ducted our audit In accordance with Intemational Standards on Auditing {UK) {ISAs (UK)) and
8pplicab18 law. Our responsibilities under those standards are further desGribed in the Auditor's
responsibilities for the audit of the financial statements section of our reporl. We are indep¥ridenl of Ihe
charily in accordance with the ethical requirements that are relevant to our audit of th8 financial statements
in th8 UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance wlth these requirements. We believe that the audit evidence we have obtained Is sufficient
and appropriate to provide a basi5 for our opinion.
Conclu•ion8 r•latlng to golng concern
In auditing the financial statements, we have concluded that the Trustee's use of the going concern basls
of accounling in the preparation of the financial stal8menls is appropriate.
Based on the work we have perfomied, we have not identified any materi81 uncertainties relating to events
or conditions that, individually or collectively, may ¢ast significant doubt on the charity's ability to continue
as a going ¢onc8rn for a period of at least twelve months from when Ihe financial statemerbts are authorised
for issue.
Our responsibilities and the responsibilities of the Trustee wth respect to going concern are describ8d In
the relevant sections of this report.
other Infomiation
The other infomiation comprises th8 information included in the annual report, other than th8 financial
statements and our auditor's report thereon. The Trustee is r8sponsible for the other infomation.
Page 12of 21

THE RUSPINI FUND
REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEE OF THE
RUSPINI FUND
Our opinion on the financial statements does not cover Ihe other information and we do not 8xpress any
form of assurance conclusion thereon.
Our responsibility is lo read Ihe other infomation and, in doing so, consider whether the oth8r infomation
is materially inconsistent with the financial statements or our knowledg8 obtained in the audit or otherwise
appears to ba materially misstated. If we identlfy such material inconsistencies or appar8nt materi81
misstatements, we are required to determine whether there is a matèrial misstatement in Ihe financial
statements themsèlves. If, based on the work we have perfom8d, we conclude that there Is a rnaterial
misststement of this other infomiation, a￿ required to report that fact.
W8 hav8 nothing to report in this regard.
Matters on whlch w• aro roqulrad to r•port by oXCOPtlon
We have nothing to report In r8spect of the following matters in relation to whlch the Charities (Arxounts
and Reports) Regulations 2008 require us to report lo you if, in our opinion..
the information given in the financial st8tement5 is inconsistent in any material respect with the
Trustee's report,. or
sufficient 8¢counts'ng records have not been kept; or
the financial statement5 are not in agreement with the accounting records. or
have not received all the infomialion and explanations we require for our audlt.
Rgspon8lbilitlo8 of Tru8t•e
As explained more lully in the Trustee's Responsibilities Statement 68t out on page 11, the Trustee is
responsible for the preparation of the financlal statements and for being satisfied that they give a true and
fair vlew, and for such internal control as the Trust88 determines is necessary to enable the preparatlon
of financial statements that are free from material misstatement, whether due lo fraud or error.
In preparing the financial statements, the Trustee is responsible for assessing the Charity's ability to
continue a5 a going concern, disclosing, as applicable, matters related to going concern and using th8
going concern basis of accounting unless the Trustee either intends to I￿uld81e the company or to cease
oper81ions, or has no realistic altematiV8 but to do so.
Audltor's re8ponslbllltle8 for tho audlt of the flnancial 8tatomon18
We hav8 been appointed as auditor under section 144 of the Charities Act 2011 and report In accordance
with the Act and relevant regulations made or having effect ther8under.
Our objectives are to obtain rea50n8ble assurance about vthether the financial st8tements as a whole
are free from material misstatement, whèther due to fraud or 8rror, and to Issue an auditorfs report that
includes our opinion. Reasonab18 assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordan￿ with ISAS (UK) will always detect a material misstatement when it &xists.
Misslalements can arise from fraud or error and are considered material if, indiwdually or in the
aggregate. they could reasonably be expected to influence the economic decisions of users laken on the
basis of Ihese financial statements.
Page 13of 21

THE RUSPINI FUND
REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEE OF THE
RUSPINI FUND
Irregularities, including fraud, are instances of non-Gomplianc8 Wlth laws and regulations. We design
proceduras in line with our responsibilities, outlined above, to delect material misstatements in respect of
irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities,
including fraud is éetailed below-.
The Charity is required to comply with charity law and, based on our knowledge of Its actiwties, we
identified that th8 legal requirement lo accurately account for any restricted funds was of key
significance.
We gain8d an understanding of how the charity complied with its legal and regulatory framework,
including the requirèment to properly account for any r8Stricted 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 charitys susceptibility
to material misstatement and how fraud may occur. Our considerations included the risk of
manag8m8nt 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 joumal adjustments and unusual transaclions.
A further description of our re8ponsibilities for the audit of the financial statements is located on th8
Financial Reporting Council's website at: www.frc.or
auditor5res
onslblliti
This description fomis part
of our auditor's r8POrt.
Use of the audlt r•port
This report is made solely lo the Charity's trustee, as a body, In accordance wlth Part 4 of the Charities
(Accounts and Report5) Regulations 2008. Our audit work has been und8rtaken, so thel we might slate
to the Charity's trustee those matters we are required lo state to them In an auditor's report and for no
other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone
other than the Charity and the Charity's trustee as a body, for our audit work, for this reporl or for the
opinions we have formed.
y< LLn
Knox Cropper LLP
Statutory Auditor
65 Leadenhall Street
London EC3A 2AD
134h ?¢)
Knox Cropper LLP is eligible for appointment as auditor of the charity by virtue of its 81igibility for
appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page 14of 21

THE RUSPINI FUND
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2024
Note
2024
£'ooo
2023
£'ooo
INCOME
t)onations and legacies
Investment income
32
29
Total incom•
32
30
EXPENDITURE
Investment management costs
(6)
(6)
Cost of ganorntlng funds
Charltablo actlvltle8
(8)
(19)
Total •xp•ndltur•
Net gainsl(Ios88sI on investments
14
25
163
(62)
NET MOVEMENT IN FUNDS
181
57
Total funds brought forward
Total funds carrl•d fomard
1,234
1,291
1,234
All income and expenditure derive from continuing activities and all gainsllosses
are included in the statement of financial activiti88
The notes on pages 18 10 21 form part of these financial stat8ments
Page 15of 21

THE RUSPINI FUND
BALANCE SHEET as at 31 March 2024
Note
March 2024 March 2023
£'ooo
£'ooo
FIXED ASSETS
Investments
1,370
1,181
1.181
CURRENT ASSETS
Investments
51
63
51
63
CURRENT LIABILITIES
Creditors falling due within one year
{6)
{10)
NET CURRENT ASSETS
45
53
Total net a880ts
1.234
CHARITABLE FUNDS
Unre8trlcted fund8
General reserves
1.415
1,234
Total charltablo funds
1,415
The flnancial statements were approved and authorised for issue by the Tru8t88 Board on 12th
September 2024 and signed on their behalf by..
Ja
g,TD
Clive Em8n8oh
President and Chairman
Tr8asurer
The notes on pages 18 to 21 fomi part of these flnancSal statements
Page 16 of21

THE RUSPINI FUND
STATEMENT OF CASH FLOWS
YEAR ENDED 31 MARCH 2024
2024
£'ooo
2023
£'ooo
Oporating Activities
Net cash provlded byl(used In) Opèratlng Activities
Cash fl¢Ms from investing activiti08
Dimdends, Interest and rents from investments
Proceeds from Ihe sale of investments
71
32
29
100
Net cash provldod byl{u8od In) Investlng Actlvltles
Chango in cash and cash equlvalents in the
reporting poriod
Cash and cash equivalents at th8 beginning of the
reporting period
Cash and cash equlvalonts at the end of tho
reportlng parlod
32
129
{12)
58
63
51
63
Not08 on tho cash fl(Y•V Statement
Reconclllatlon of not Incomol(expendltur•l to net
cash flow from oporating activiti9•
Net movement in funds as per the Siatement of
Financial Adivities
181
(57)
Adjustrnents for..
Dlvidends. interest and rents from Investm8nts
Other movements in investments
(Decrease) in creditors
(32)
(189)
(4)
(29)
39
(24)
Net cash provlded byllusèd in) Oporating Activitle8
Analy818 of cash and cash equlvalonts
Cash held by investment managèrs
71
51
63
Total ca8h and cash oqulvalents
51
63
Pag817of21

THE RUSPINI FUND
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES
la> Statement of compllanco
The financlal statem8nts of the Ruspini Fund (the 'Charity') have b88n prepared in accordance with
applicable UK accounting standards, induding Financial Reporting Slandard 102 "The FinancAal
Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102°).
Additionally, they comply with the Stalement of Recommended Practice "Accounting and Reporting
by Charities. (FRS 102 second edition) publish6d in 2019 {Ihe "SORP'I in all material respects. The
Charity meets the dafinilion of a public benefit entity under FRS 102.
{b) Basls of proparation
The financial statements have been prepared on a going concern basis under the historical cost
convention, as modified by the revaluation of investments, on a basis consistent with previous years.
The functional currency of the Charity is considered to be Pounds Sterling because that is the
curr8ncy of tho primary economic environmenl in which the Charity operates.
(c) Golng concern
The Trustee has assess8d whether the use of the going concern assumption is appropriate In
preparing these financial slalements. The Trustee has made this assessment in respect to a period
of one year from th8 dale of approval of these fin8ncial statements.
The Trustee has concluded that there are no material uncertainties related to evenls or conditions
that may cast significant doubt on the ability of the charity to continue as a going concem. Th8
Trustee is of the opinion that the Chanty will have sufficient resources lo meet its liabilities as they
fall due.
(d) Incomlng r•source8
Revenue is recognisad vthen 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 Ihe Charity and when the specific criteria relating to each of the Charity'5 ￿venue channels have
been met. a5 described b810w:
Monetary donations are brought into account when received.
Legacies are recognised where ther8 has been a granl of probate, the executors have
identified that there are sufficienl assets in th8 estate after settlement of liabilities to pay the
legacy and any conditions attached to the legacy are eilh8r in control of the Charity or have
been met. Legacies subjecl lo the interest of a life tenant are not recognised during the lifetime
of the life tenant.
Dividends are reinvested in the CAIF on the date that they are declared.
Page 18of 21

THE RUSPINI FUND
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
(d) Resources expanded
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation
committing th8 Charity to Ihat expendilure, 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 exc8Ption of grants a5 noted below.
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 il is subject
to conditions that enable the Charity to revoke Ihe award.
{e) Employea b•nefits
All staff are employed by the parent eharity, The Masonic Charitable Foundation. No charge is made
to the Charity in respect of staff providing services to the Charity. No remuneration is paid lo trustees
and no expenses reimbursed.
(f) Fund accounllng
Unrestricted funds may be ulilised for any purpose in accordanc8 With the charitable objectives of
the Charity.
{g) Inve•tmgnt8
Investments are recognised initially at fair value which is normally Ihe transaction price excluding
transaction costs. Subsequently, they ar8 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 r8sale or pending their sale and cash or cash equivalents wilh a maturity dale of less than
one year, which are held for investment purposes. are disclosed as current asset inv8Stm8nts.
(i) Taxatlon
The Charlty is an exempt charity wilhin the meaning of schedule 3 of the Charities Act 2011 and it is
considered lo pass the test S8t out in paragraph 1, schedule 6 of the Finance Act 2010, and therefore
it meets Ihe definition of a charity for U.K. Corporation Tax purposes. The Charity is unable to recover
Valued Added Tax {VAT) incurred on expenditure. The amount of VAT that cannot be recovered is
included within the underlying cost lo which it relates.
Page 19of21

THE RUSPINI FUND
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
INVESTMENT INCOME
2024
£'ooo
2023
£'ooo
Income from investment portfolios
32
29
32
29
3. CHARITABLE ACTIVITIES
2024
£'ooo
2023
£'t)00
Care and welfare support
19
19
INVESTMENTS
March 2024
£'ooo
March 2023
£'ooo
Fixed Asset Investments..
Managed Funds
MCF CAIF
Current A8S8t Inv8Stments
Cash and cash equivalents
1,370
1,181
51
63
MOVEMENTS IN INVESTMENTS
Llsted
8alance at 31 March 2023
Disposals
Investment Sncom8 r8lnvested
Managem8nl fees Charged to the fund
Gainsl(losses)
Changes in cash balances held
1.244
1,325
(100)
29
(6)
{62)
58
32
(6)
163
(12)
Balance at 31 March 2024
1,421
1.244
RECONCILIATION TO SOFA
Gainsl(losses) on listed investments
163
(62)
163
62
Page 20 of21

THE RUSPINI FUND
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
CREDITORS
March 2024
£'ooo
March 2023
£'ooo
Falllng duo wlthln one yoar
Grants payable
Amounts owed to group undertakings
10
RELATED PARTY TRANSACTIONS
The investments ofthe Charity are incorporated within the investment funds held by the RMTGB, its
prewous parent and now a fellow subsidiary. At the balance sheet date, the Charity was owed £Nil
12023.. £Nil) by the RMTGB.
The MCF has borne 811 the administr8tive costs of supporting the Charity, as well as its fellow
subsidiary charities.
ULTIMATE CONTROLLING PARTY
The ultimate controlling party is the Masonic Charitabl8 Foundation IRegi8ter8d Charity No.
1164703, Company Number 09751836). Consolidated accounts for the MCF, which include the
accounts of the Charity, can be obtained from the registered office of the Charity.
Page 21 of 21