THE RUSPINI FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Charlty Numbèr: 1176327
THE RUSPINI FUND Contents Pa9e Trustee's Annual Report Statement of Trustee's Responsibilities 11 Auditorfs Report 12 statement of Financial Activltles 15 Balan Sheet 16 statement ot Lash Flows 17 Notes to the Flnancial Statements 18 Page 2 of 21
THE RUSPINI FUND TRUSTEE'S ANNUAL REPORT The Trustee is pleased to submit its r8POrt for lh8 year ended 31S1 March 2025. Referenc8 and Adminostrative Information Nam• and R•gistor•d OFfice The name of the Gharity is The Ruspini Fund (the "chari) arwj its prinopal office is located al 60 Great Qu88n Street, London, WC28 5AZ. Truste•s Th8 Trustee who Ser during the whole of the year vrds: The Masonic Charitable Foundation {"MCP) (Corporate Trustee, Registered Charity No. 1164703. Company Number 09751836) Tha trustees of the MCF who served during the year w8re: Clive Ernerson (Treasurer) Dr Slmon Felleman Edward Goodchild {Deputy PIdent) Alan Graham, MBE Chrislopher Head (Resigned 1•t August 2024) David Hudd (Appoint&d 29th May 2024) James Long. TD (Presi(lent and Chainnan) Charlotte Miller (Resigned 13th June 2024) Stephen Roblnson Marie Shenton David Southem {Resigned 30th June 2024) David Stockdale (Appointed 22rn1 May 2024) Bruce Walker Sir Paul Williams. OBE, KStJ, DL (Reslgned 261h April 2024) Howard Wilson Page 3 of 21
THE RUSPINI FUND TRUSTEE'S ANNUAL REPORT Executlve The Executive durirKJ the year to 31 It March 2025 were: Les Huichinson, Chief Executive Chades Angus. Group Finance Director Br8ThJa Nurse. Company Secretary Auditor Knox Cropper LLP, Chartered Accountants. 65 Leadenhall Street. London. EC3A 2AD Bankers National Westminster 8ank Plc, Bloomsbury Parfs Bran(*, 214 High Holbom, London, WC1V 7BX Investment Advisors Asset Risk Consultsnts Limited, 7 StreeL St. Peter Por( Guernsey. GY12PF Investment Managers CCLA, Senator HouBe. 85 Queen Vlcioria StreeL London. EC4V 4ET Sarasin & Partner5 LLP, Juxon House. 100 St. Paul's Chur¢hy8rd. London, EC4M 8BU Royal London Asset Management Ltd.. 55 GrahurCh Street, London. EC3V OUF Thc41: Unit Trust Managcmont Ltd, Exchange Building. St John'6 Stroot, Chichoster. West Sussex P019 1UP Waverton Investment Management i_td , 16 Babrnaes Slre8t. St James. London. SW1Y 6AH Solicitors Stone King LLP, Boundary House. 91 ChartertUSe Street, London, EC1 M 6HR Page 4 of 21
THE RUSPINI FUND TRUSTEE'S ANNUAL REPORT Structure, Governance and Management Organlsatlon Th8 Charity is governed under the terms ol Charity Commisslon Schemes dated 28 December 1990. 3 March 2016 and 191 April 2016. The Charity was formally delinked from its previous parent, the Royal Masonlc Trust for Girfs and Boys ('RMTGB'), ar¥J vrds f8vf8gistered wrth the Charity Commission under its new charity number 1176327 on 18th December 2017. At a meeting held on 12 March 2025, the trustees resolved to amend th8 trust deed to allow current and any futur8 funds received by Ihe Charity to be transferr&l lo the MCF for the advancement of the Charity's objects. This transfer will take place in 2025126 followiNJ approval by tho Charity Commissity). after whl th8 Charity will become domianl. As the MCF is the sole Trustee of the Charity. the MCF exercises control over the Charity, and will consolidate the Charitls results in its group 8ccounls. Details of the processes for the appointment. indtIOn and trainirvJ of the MCF'S trustees are given in the annu81 report and aGcounts of that company. Governance and Management All governance and management capabilities are provided by the MCF and details of th8 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 Chanty as part of th8ir roles and responsibilrties for the MCF. The trustee board and ts main Committees meet as folkjws: BoardlCommltta• Purpo•• Me•ting8 per Trustee Board Main decision-making body with ultimate responsikn'lity for the Chari Identification and miti tion of rlsk overs. ht of exiemal audit Consideralion of applic8tions for grants from organisations re nised b the Charity. Commissson Ensuring adequate procedures are in Pla to manag8 all as ts of financial 18nnin controlli and re rtin Supporting the masonic communty's fund raising activities to Bu rt the Chari Maintaining investment strategies to meet the requir8ments of the Chari inlmenl and monitorin of fund mana ers Consideration of applications from individuals <x)nnected with the masonic commun for financial rolief Development and execution of strategS to optimise lh8 relum5 from the Chari rtfolio Determination of executtve and staff & benefrts Developmenl and implementalion of strategies to suptK)rt tho Charity's objedives. In addition. tre trustees hold an annual stra ic 'awa da Audit and Risk Charity Grants Finance Fundraising Inve8tmenls Masonic Support Property (RMTGB onl Remuneration Strategy The Charity does not ernOY any staff. with services being prowded by staff empk)yed by the MCF. Pago 5 of 21
THE RUSPINI FUND TRUSTEE'S ANNUAL REPORT Objectlves and Activities Tho ObCts of the Charlty The relief of need. hardship or distress of persons are children {including adopted children. step children or other children of the family) of Freemasons under thè United Grand Lodge of Ancient Free and Accepted Masons of England, fomier pupils of any school of the Royal Masonic Institution for Gs, or the Royal Masonic Inststuts'on for Boys. or f(xmer pupils of the Royal Masonic School for Girls. Tho main actlvitles The Charlty awards grants in accordance with rts objects and continues to support the children of the famlly of Fr88masons who a in distressed circumstances. In planning the activities for the year the Trustee kept in mind the Charrty Commission's guidancé on public benefit. The ass1stan of volunto•rs The Trustee acknowledges the assistance of many lodge and provlncial almoners who as volunteers provlde an invaluabl8 8eNce in bringing potentlal b8neficiaries to th8K attention. Achievements and Perfomiance Durlng the year the Trustee awarded 15 grants (2024.. 8) in support of14 benefiaari88 (2024: 7) amounting to £97k (2024.. £8k). Amongst those that b8n8fited from the Fund were: the disabled daughter of a Freemason T*tho benefftted from a specialist wlwlchair home adaptations to support the 80n of a Freemason with additional needs the disabled granddaughter of a Freemason who benefitted from a hoist accommodation costs for the parents of thè grandson of a Freemason who required a signfficant period of hospitsl inpatient treatrnt In addrtion, a Christmas gr8nt was awarded to a fomwr Royal Ma80nic School pupil who is an old8r person and has a low Income. In all cases support was prowded as quickly as possible in order to relieve financial hardship and improve the lives of those concemed. Page 6 of 21
THE RUSPINI FUND TRUSTEE'S ANNUAL REPORT Financial Review Revlew of the Year In¢om8 for the year amounted lo £31k (2024.. £32k) and awards were made of £97k {2024: £8k). The fund's resources increas&J from investment gains of £10k (2024: £163k gain). Net assets as at 31st March 2025 were £1,352k (2024.. £1.415k). Reservas Policy The company shall become domant with no reserves held in the future. Investment Pollcy and Perfomianc• The MCF global investment strategy seeks to protect the capital value of investments that are rffjuired to fund operations for a threevyear ts'me horizon 'Cash Reserve.) and to invest all remaining funds for long term growth, on a total return basis, with an overall obJ8ctiv8 of makirwJ a retum of RPI plus 3.5% net of all expenses. The Cash Reserve is proiided by Royal London Asset Manag8menl {"RLAM") and utilises three of their funds, which provide 8 mix of instruments, including cash instruments. Treasury Bills, Vered (secured) bonds, corpor818 bonds. Supranalionals and mortgage-backed securitles, The perf0rnan objectives of Ihe three funds are: Short Temi Money Market Flnd.. Short Tem Fixed Income Fund.. Short Tem Fixed IrKX)me Enhanced Plus Fund: SONIA SONIA plus 0.50% gross of f8es SONIA plus 1.00% gross of fees The MCF spon8or&l the launch of the Masonic Charitable Foundation Inveslm8nt Fund CAIF, which took place on 1•t October 2018. This is 8 unit trusl with a hwhly efficient tax wrapper in which the MCF and all Its subsidiary charities own their shares in the fomi of units. Untts will be sold as requir8d in order to top up the Cash ReseN8 on a quarterly basis. The investment strategy is directed for'sleady GrovAh', which is a medium-high risk strategy. Risk is managed through diversification. with Ihe funds split betw88n four diff8rent fund managers operating on multi asset mandatos but utilising differing investment management styles. The overall fijnd manager is Thesis Unit Trust Management Limited 8nd the custodian in Northem Trust. The str8teglc and actual a&ryet allocations as at 3151 March 2025 are shown in the table overleaf.. Page 7 of 21
THE RUSPINI FUND TRUSTEE'S ANNUAL REPORT Investment Policy and Perforniance (continu•d) A88•t Class Stratqglc Allocation 0.00% 7.50% 54.50% 18.% 12.50% 3.75% 3.75% 100.00% Benchmark Actual 31qt March 2025 4.78% 5.92% 65.47% 12.79% 3.42% 6.73% 0.8 100.00% Cash Fixed Income Inlemational E SONIA FTSE UK Wortd Gov. Bond Index GBP IASCI Wodd ex UK NR GBP MSCI UK E ui NR GBP MSCI Eme in Markets E ui HFRX Global Hed e Fund GBP IA UK Direct Pro Eme in Market E uit Altemab've Investments Pro NR GBP Perfonnance undgr the n8w arrangements is sh¢)n in the following tsble: MCF CAIF RLAM Money Mark•t RLAM Sh¢)rt Temi Flxed Income Enhancod £Nil Capital Protectlon CCLA Prop•rty Fund Short Tomi Flxod Incorno Fund at 311t March 2025 Investment approach £1.40M Steady Growth Multi- Asset £Nil Capital Protection £Nil Capital Protection £NII Income & long-term Capital Growth MSCIIAREF UK other balanced Benchmark Composite SONIA SONIA SONIA Peer Group ARC C!IdTily Nvii•J GBP Ste8dy Growth Noiie Jne Charity GBP Sleady Growth 6.90% 2.20% 3.00% 6.20 9.40 8.10% R8tum for the ar Bonchmark rolurn for Peer grou retum for ear return ear benchmark ear rou 3.80% 5.50% 3.00% 18.40% 19.80% 8.10% 5.23% 4.90% 4.40% 13.45% 12.57% 2.90% 5.54% 4.90Vo 4.40% 14.10% 12.57% 2.90% 5.81% 4.90¥0 4.40% 14.09% 12.57Yg 2.90% ear ear Stock markets suftered a collapse in the final monlh of the financial year foll0vn9 the introduction of tsrlffs by the USA resulting in an increase in the valuation of the MCF CAIF from ils opening value of £146.47 to dose at £149.99 pw unit after reaching a high point of £161.77 in early February. Page 8 of 21
THE RUSPINI FUND TRUSTEE'S ANNUAL REPORT Principal Risks and Mitigation The principal risks Idented and agreed a¢tions to mitigate are shown in the following table.. Risk Significant unoxpecle financial loss from okyrdtions Mrti ation Repuialional damage. loss of Strong fin8nc¢al prcdUr6$, particularty confidence wilh key stakeholders and dge18ry planning and ¢ontrol. Oversight impact upon conb'nuing finarKial | from the Finance Commlttee. suslainabili Poor Ve to LwEfi¢iaries and reputalional dafflage. Withdrawal of services from su lier5 Impacts financial su8t8inabilty and re[ational damage th donc Irk8dequate liquidlty to meet financial commitments SvJnificanl long-lwm loss in the value of the inveslment portfolio Cash foraSting and liqullY planniNJ within the Investment Stra Appoinlrnenl of As86t Risk Consultsnls as expert investrn¢nl advisors, providing monthly p&fomarth r8POrting and anaty5is. Overslghl from Investment and commlttees. Strong prccedures and controls for ocessing grants. Oversoht fr(kn M830nlc arKI Chari Grants committe08 UGLE managts and monitor networks, vors and backup systems. and has deployed appropriate defenc£ mechanlgms e.g. firewalls, anlivlrus etc. Thlrd party hoste(1 system8 lapplicalbns have relevant eonlrois and seojrity regimes. Information systerns are only acceswl vla the VPN netsvork andlor multi- factor authenttIon prolocds. Granis made outside the Charity's Objects and ralin uidelin88 Cyber811ack on IT 8yStems Repulalion41 damag8,108¥ of confidgnce wllh kay stakehdders and lenlial tru8lee liabil. Operational di5TUPtlon resultlng In finanoal. reputatk)nal.18gal and regulat damage. MCF'8 Infomiallon S8rIty Group (ISG) have vanous doital & IT proGeduro8 and policies in place. Cyber awareness and trainin ramme mandalo for all siaff. Dala pyolection Fx)licy. IT secudty and HR liGie5 in Financial prc¢edures, segregallon of dutles, authority limits, IT 8ecurity, Increased awareness amon Bt siaff MCF Business Continuty Plan Data PrOttIon breath Rewtalional damap and signrfKanl finan81 nallies Financial loss. reputalional damage, Iverse imm upon slaff Fraud Unavallabllity of offlce accommodation Loss of paper records from firefflooding Oper8lcffls MOrnI Breach of leg81 obligations, adverse Impact upon Operatn$, potential financ1 Breach of leg81 oblytions. fftnlial financtal penalties. breakdown of staff morale and adverse im n servKe ision Operational breakdtr•m. advw impa¢t Up Staff morale, poor sefvti lo beneficiarie5 and potenti lional dam Reduc£d reliaTKO on paper record8 With Increaged use of IT. k of compliance 1th employrnenl legislation HR procedures and staff handlx)ok. Inductk)n prcKesses for now staff. OngDing management training arKI Personal Develo ent Rev HR pr¢{lu$.. organisalional and ¥uGGessw anning. Comprehenswe dLumentath?n of Fxocedures and ¢ontro15 Undue r81iance on key pers(8 Risks ar8 actively monitored by Ihe Exeojb've and the senior leadership team, and formally 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 Perlods The Charity will become domiant for future periods. Page 10 of 21
THE RUSPINI FUND STATEMENT OF TRUSTEE'S RESPONSIBILITIES Statemont of Responslbllltles The Trus188 is responsible for preparing the tnjstee's rew)rt and finanaal statements in awA)rdance with applicable law and United lfjngdom Accounting Standards (U.K 'GMW). The law applicable to charftles In ENJland and Wales, the Charities Act 2011, the Charity (Accounts and Raports) R8gulallons 2008 arKI the provisions of the trust deed require the trustée 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 exp8nditure of Ihe Charity for Ihal year. In proparing trse financAal ststements. the Trustee is required to: select suitable aCunting PK)licies and then apply them cx)nsistently. obseprfe the methods and principles in Accounting and Reporting by Charilies: Statement of Recommended Practice applicable to chariti'es preparing their financial stalements in accordanc with the Financial Reporting StarKlard applicable in th8 Unrted Kingdom and Rapublic of Ireland (FRS102): make judgemenls and estimales that are reasonabte and prud8nt; stale whether United Kingdom accounting standards have been followed, subject to any material departures disclosed and explalned In the financial statements.. and prepare the financial slaternents on the going (xjncern basis unsS Ft is inappropriate to presume that the charty will continue to operate. The Trustee is r8sponslbl8 for keeping adequale accounting records that disclose wlth reasonable accuracy at any lime the financial posits'on of the Charity and enable it to ensure that the financial statements comply the Charities Act 2011. the Chadty (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. It 18 also re8ponsible for safeguarding the assets of the Chanty and for taking reasonable steps for the prevention and detection of fraud and other irregularltles. Auditor A resolution proposing that Knox Cropper LLP be reappointed as auditor will b8 Put to the members. Approval by Trustse This was approved by the Trustee on xxth Septsmber 2025 and signed on its behalf by President and Chairman. MCF Page 11 of21
THE RUSPINI FUND REPORT OF THE INDEPENDENT AUDtroR TO THE TRUSTEE OF THE RUSPINI FUND We have audited tha financial statements of the Ruspini Fund {the 'chari) for the year ended 31 March 2025 whi¢h comprise tho Statam6nt of Financial Actiwties. the Balance Sheet, the Ststement of Cash Fl¢)ws and notes to the financial ststements. induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparatK)n is applicable law and United 'ngdom Accounting Slandards. including Financial ReFNJrting Standard 102 The Financial Reporting standard applicable in the UK and Republr of Ir8land (United Klngdom Generdlly Accepted A¢UntIng PraGtice). In our opinion th8 financial ststements= give a twe and fair view of the stste of the Charitys affairs as at 31 March 2025 and of its incoming resotsrces and application of resources for the year then ended: hava been property prepared in accordance wlth Unlted Kingdom Generally Accepted AcUnting Practlce: and have been prepared in acwrdance with the Chaflti88 Aci 2011. Ba818 of oplnlon We conducted our audit In accordance with Internalional Slandards on Auditing (UK) (ISA8 (UK)) and applicable law. Our resp)nsibilities under th)se standards are further des¢rtb8d in th8 Auditor's responsibillties for the audit of the financial statements section of our report. We are independent of the Charity in acwrd8nce wth the ethical requirements that a relevant to our audit of the fjnancial statements in the UK, including Ihe FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilitles in accordance with these requirements. We believe that th8 8udlt eviden we have obtsined is sufficient and 8ppropriat8 to provide a ba318 for our ooinlon. Concluslons relatlng to golng concern In auditing the financial st8t8ments. we have conduded that the Trustee's use of the golng concem b8SiS of accounting in th6 pr8paralion of the finanGial statements is appropriate. Based on Ihe work we have perfomied, have not identified any maledal uncertainties relating lo events or conditions that, indiwdually or collectively. may cast significant doubl on the charitys ability to continue as a going concern for a period of al least Iwelve months from when the finanoal statements are authorised for issue. Our responstbilities and the resp)nslbilili8s of the Trustee with respect to going concem are described in the relevant sections of this report. Other Information The olher infonnalion tx)mprises the information included in the annual rep)rt, other than the financial ststements and our auditorfs rewt thereon. The Trustee is responsible for the other infomiallon. Page 12 of21
THE RUSPINI FUND REPORT OF THE INDEPENDENT AUDrroR TO THE TRUSTEE OF THE RUSPINI FUND Our opinion on the financial statements does not Ver the other infomation and we do not express any fomi of assuran conclusion thereon. Our responsibility is to read Ihe other information and. in doing so. nsider whether the other information is materially inconsistent with the financial ststements or our knowledge obtained in the audit or othefwise appears to be materially misslated. If we identtfy such material ino)nsistencies or apparent matèrial misstalemenls, we are required lo delennine whether there is a material misstatement in the financial statements themselves. If. based on the work we have perfomed, we conclude that there is a material misstalement of this othér infornation, we are required to rèport that fact. We have nothing to report In this regard. Matt•r8 on whlch w• aro r•qulr•d to r•wt by eXPtIon We have nothing lo report in respect of the following matters in relation to whith the Charities (Aco)unts and Reports) Regulations 2008 require us to report to you rf, in our opinion.. the infomation given in Ihe financial ststements is inconsistent in any malerial respect with the Trustee's report: or sufflcient accounting records have not been kept: or the financial statements are not in agreement with the accounting records; or we have not received all the infomalion and explanations we require for our audit. RMpon8lbllltl•8 of Tru8t•• As explained more fully in the Trustee's Responsibilibes Stslemenl set out on page 11. the Trustee is responsible for the preparation of the financial statements and for belng satisfied that they give a true and falr view. and for such intemal control as the Trustee delemines is necessary to enable th8 preparation of financial statements that are fm from material misstatement, due to fraud or error. In preparing Ihe financial statements. tho Trustee is responsibl8 for assessing Charity's abilty to continu8 as a goino conc8m. disclosing, as applicable, matters related to going concem and using the going concern basi5 of accounting unless the Trustee either intends to liquidate the company or to Ce88e operations, or has no realistic allemative but to do so. Audttorfs r•sponslbllltl•• for th• audlt of tho finandal statom•nts We have been appolnted as auditor under seclion 144 of the Charllles Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstslement, whelhgr due to fraud or error. and to kssue an auditorfs rewrt that includes our opinion. Reasonabl8 assurance is a hoh level of assurance, bul is nol a guarantee that an audit conducled in accordance with ISAS (UK) will athys detect a material misstat8ment wh8n it 8xlsts. Misstatements can arise from fraud or error and are considered matenal if. individually or in the aggregate, they could reasonably be expeded to influence the economic decisions of users tsken on the basis of these finanrAal statements. Page 13 of 21
THE RUSPINI FUND REPORT OF THE INDEPENDEKf AUDrroR TO THE TRUSTEE OF THE RUSPINI FUND Irregularities, induding fraud, are instances of Don-mplIance With laws and regulations. We design procedures in lin8 with our responsibilities, oullin8d above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregulariti8S, including fraud is delailed below.. The Charity is required to comply wth charity law and. based on our knowledge of its activities, W8 tdenlrfied that requirement to accurately acUnt for any restricted funds was of key signffi(2nce. We gained an urKlerstanding of how the charity complied with its legal and regulatory framewofk. inr.liiding thft rAqLJlr(Jmant la proparty aA)Unt far any restrict furKls. through discussions with management and a revi of the documented policAes. procedures and Controls. The audit team, which is expefienced in the audit of charflles, considered the charitys susceptlblllty to material misstatement and how fraud may ocwr. Our considerations included the risk of management override. Our appyoach was to check that all restrirted income was properly identified and separately accnunted for and to ensure that only valid and appropriate expenditure was charged to restricted funds. Thls induded reviewing journal adjustments and unusual transactions. A further descrlption of our re8ponsibilittes lor Ihe audit of the flnan¢i818talem8nt$ is located on the Financial Reporting Council's website at: www.frc.o uditorsre nsibilities. This desrJipts'on fomis part of our auditor's report. U8• of tho audft roport This report 18 made Solely lo the Ch8rsty'S Irustee. as a body, in accordance with Part 4 of the Charitl8s (Accounts and Reports) Regulalims 28. Our audit work has been undertaken. 80 that we might stste to the Charltv's trustoo Ihosc mattcrs wc arc roquirod to statc to thom in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do nol accept or assume responsibilily to anyone other than the Charity and the Charitys trustee as a body. for our audit work, for this report or for the opinlons we have formed. .LLP Knox Cropper LLP Statutory Auditor 65 Leadenhall Str88t London EC3A 2AD 06 Nov 2025 Knox Cropper LLP is ellgible for appoinlment as auditor of the ¢*anty by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Page 14 of21
THE RUSPINI FUND STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2025 Note 2025 £'ooo 2024 £'¢x)o INCOME Donations and legacies Investrnent income 31 32 Total incomo 31 32 EXPENDITURE Investrnent management costs (7) (6) Co8t of g•n•ratlng funds Charltable activiti08 {97) 104 (8) 14 T¢)tal oxpondSturn Net gainsl(losses) on investments 10 163 NET MOVEMENT IN FUNDS 63 181 Total funds brought forward Total fund8 carrl•d forward 1,415 1,234 1,352 All income and expenditure derive from continuing activities arKI all gainsllosses are induded in the statement of financial activib'es The notes on pages 18 to 21 fomi part of these financial Statements Page 15of21
THE RUSPINI FUND BALANCE SHEEf as at 31 March 2025 Marth 2025 £'ooo March 2024 £'ooo FIXED ASSETS Investments 1.403 1,370 1.370 CURRENT ASSETS Investments 51 51 CURRENT LIABILITIES Creditors falling due wthin one year NET CURRENT ASSETS (53) 51 (6) 45 Total net as80ts 1.415 CHARITABLE FUNDS Unre8trlct•d funds General reserves 1,352 1,415 Totsl charltablo fundB 1.352 1,415 The financial statements were approved and authorised for issue by the Trustee Board on 11th S8Ptember 2025 and signed on their behalf by. mes ong, TD Clive E Son President and Chaimian Treasurer The note5 on page8 18 to 21 foryn part of these financi81 stslements Page 16of21
THE RUSPINI FUND STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2025 2025 £'ooo 2024 £'ooo Oporating Actlvltles Net cash provldod byl(used in) Op•rnting Activities A Cash flows from invosting activities Dividends, interest and rents from inveslments Proceeds from ihe sale of investments 44 31 32 Not cash provldod byl(u8ed In) Inv•stlng A¢tlvttl Change in cash and cash equlvalont6 In tho raporting perlod Cash and cash equlvalents at th8 beginning of the reporting p8ri¢>J Cash and cash equivalents at th• •nd of th• roportlng perlod 31 (49) (12) 51 63 51 Noto• on the cash fiow •tatwnent Roconclllallon of ngt In¢omel{oxpondtturn) to not cash flow from 0ratIng actlvltios Net movement in funds as per the Statemenl of Financial Actlvities (63) 181 Adjustm8nt8 for. Dividend8, interest and rents from invesbnents Other movements in investments In¢ffjasel(Decrease) in Ixeditors Not cash provldod by1(uS In) Op•rntlng Acllvltlo• Analysi8 of cash and cash •qulv4lonts Cash held by investment managers Tolal cash and cash •qulval•nt8 (31) (33) 47 (32) {189) (4) 51 51 Page 17 of 21
THE RUSPINI FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 ACCOUNTING POLiaES {a) Statomont of compllanco The financial statements of the Ruspini Fund (the 'Charilf) have been prepared in acuxdance with applicable UK accounting standards, including Financial Reporting Standard 102 "The Financial R8POrting Stsndard applicable in the Unf(ed 'ngdorn and the Republic of Ireland" ('FRS 102.). AdditK)nally. they comply with the Statement of Recommended Practice 'Accounting and Reporiing by Charitl8s' (FRS 102 second edition) published in 2019 (tha 'SORP") in all material respeGts. The Charity m8ets the definition of a public benefit entrty under FRS 102. (b) Basls of proparation The finanual statements hav8 been prepared on a going concem basis under the historical cost convention, as modified by the rovaluation of invesiments, on a basis consislenl wilh previous years. Thc functional Gurrenty of the Charity 18 con8idorod to bo Pounds Slerling because Ihat is the currency of the primary ecorK>mic environment in which the Chanty operates. (c) Golng conc•m The Trustee has assess8d whether the use of the going concem assumption is appropriate In preparing these financial statements. The Trust88 has made this assessment in respect to a period of one year from the dale of approval of th88e finan¢Aal ststements. The Trustse has concluded that there are no material uncertainti88 re18ted to 8V8nts or conditions thql MHV ftJ4*1 Aignifiejjnl doubl on the abilitv of the charitv to conb'nu8 88 a going conccm. Tho Trustee 18 of the opinion that the Charity will have sufficient resources to rnat Its liabilit18S as they fall due. (d) Incomlng rwdourc Revenue is recognised when the slgnificant risks and rewards of ownership have been transferred, the amount of revenue can be measured reliably, it is probabl8 that future ewnornic benefits will flow to the Charity and when the speufic uiteria relating to each of the Charty's revenue channels hav8 been met, as des¢rib8d bekyw.. Monetary donations are bmught into account wh8n received. Legacies are reGognised where th8re has been a grant of prob818. the executors have identified that there are sufficient assets in the 8State after settlement of Ikqbllities to pay the legacy arKI any conditions attath to the legacy are either in ntrol of the Charity or hav8 b8en met. Legacies subject to Ihe interest of a life tenant are not reo)gnis8d during the lifetime of the lrfe tenant. Dividends are reinvested in the CAIF on the date that they are dlared. Page 18 of21
THE RUSPINI FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 (d) Resources oxponded Liabllities are recognised as expenditure as sty)n as there is a legal or Constructive obligation committing the Charity to that expendrture. tl is probabk that settlemant will be required and thé amount of any obligation ¢2n be maasured relkqbly. All resources expended are recognised on an accruals basis, wth the exception of grants as rK)ted bek>w. Grants are re¢crfJnised as expenditure In the year in which the grant is formally approved by the Charity and has been communi¢2ted in writing to the recipient. except to the extent that it is subjed lo conditions that enable the Charity to revoke the award. {el Employm bon•fits All staff are employed by the parent tharity. The Masonic Charltable Foundation. No charge is made to the Charity in respect ofstaff Fyoviding seThrices to the Charity. No remuneration is paid to trustees and no expenses reimburse(l. (f) Fund accountlng Unr88lrlcted furKls may be utilised for any purpose in accordance with the charitable objectives of the Charlty (g) Inv88tments Investments are recognised initially at fair value which is nonnally the transaction price exduding transaction costs. Subsequently. they are stated al market value. All realised and unrealised gains and losses are recognised within the Stalement of Finanoal Aclimbes. Investments which the Charity holds for resale or pending their $81e and cash or cash equivalents wlh a mBlurity date of less than one year, whlch a hekl for investrnent purposes, ar8 dlsclosed as Current asset investments. ') Taxatlon The Ch8rfty is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and it is considered to pass the test set out in paragraph 1. schedul8 6 of the Financg Act 2010. and tharefo it meets the definition of a charity for U.K. Corporation Tax purposes. The Charity is unable to recover Val1 Added Tax (VAT) incurred on expenditure. The amount of VAT that canrK)t be recovered is included within the underlying cost to whiGh it relates. Page 19 of 21
THE RUSPINI FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 INVESTMENT INCOME 2025 £ocK) 2024 £'ooo Income from investmerrt porttoltos 31 32 31 32 3. CHARITABLE ACTIVITIES 2025 2024 £'ooo Care and welfare support 97 97 INVESTMENTS March 2025 £'ooo March 2024 £'ooo Fixed Asset Investrnents: - Managed Funds MCF CAIF Current A888t Investrnents - Cash and cash equivalents 1,403 1,370 51 MOVEMENTS IN INVESTMENTS Ll•ted Balance at 31 March 2024 Dlsposals Investrnent ino)me reinvested Management fees charged to the fund Gainsl(los$es) Chenges in cash balances held 1,421 1,244 30 (7) 10 (49) 32 (6) 163 {12) Balance at 31 March 2025 1.421 RECONCILIATION TO SOFA Gainsl(losses) on listed inNEStments 10 163 10 163 Page 20 of 21
THE RUSPINI FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 CREDITORS March 2025 £'ooo March 2024 £'cK)o Falling dug wlthin ono year Grants payable Amounts owed to group undertakings 23 30 53 RELATED PARTY TRANSACTIONS The investments of the Charity are incorporated within the investment fund5 held by the RMTG8,1ts previous parent and now a fellow subsidlary. At the balan sheet date, Ihe Charity was owed £Nil (2023.. £Nil) by the RMTGB. The MCF has bom8 811 the administrative costs of supporting the Charity, as well as its fellow subsidiary charitres. ULTIMATE CONTROLLING PARTY The ultlmate controlling paty is the Masonic CharitsbK8 Foundatlon (Registered Charity No. 1164703. Company Number 09751836). Consolidated a¢UnIS for the MCF. whl¢h indud& the accounts of the Charity. can be obtained frorn the registered office of the Chanty. Page 21 of 21
Issuer
Issuer Knox Cropper LLP Document generated Thu, 6th Nov 2025 14:16:03 GMT
Document fingerprint 676a4bdcf605405e8a9de57ab40b62bd
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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
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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
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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. (85.210.240.70) Stephen Anderson viewed the envelope (212.139.80.121) Stephen Anderson viewed the envelope (212.139.80.121)
Thu, 6th Nov 2025 16:29:02 GMT Thu, 6th Nov 2025 16:33:47 GMT Thu, 6th Nov 2025 16:33:47 GMT Thu, 6th Nov 2025 16:33:47 GMT
Stephen Anderson viewed the envelope (85.210.241.4) Stephen Anderson signed the envelope (212.139.80.121) Sent the envelope to Olivia Burrell for signing (212.139.80.121) This envelope has been signed by all parties (212.139.80.121)