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 P￿Ident)
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 Gra￿hurCh 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 Chartert￿USe 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. ind￿tIOn 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 strateg￿S 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 ern￿OY 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 Ob￿Cts 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 G￿s, 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 treatrn￿t
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 foll0v￿n9 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 Ident￿ed 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 prc￿dUr6$, particularty
confidence wilh key stakeholders and ￿dge18ry planning and ¢ontrol. Oversight
impact upon conb'nuing finarKial
| from the Finance Commlttee.
suslainabili
Poor ￿V￿e 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 for￿aSting and liqu￿llY 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 authent￿tIon 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 S8￿rIty 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 PrOt￿tIon breath
Rewtalional damap and signrfKanl
finan￿81
nallies
Financial loss. reputalional damage,
Iverse imm upon slaff
Fraud
Unavallabllity of offlce
accommodation
Loss of paper records
from firefflooding
Oper8lcffls ￿M￿OrnI
Breach of leg81 obligations, adverse
Impact upon Operat￿n$, potential
financ￿1
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 tr￿se financAal ststements. the Trustee is required to:
select suitable aC￿unting 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 un￿sS 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 Ac￿Unting
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 eX￿PtIon
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 ac￿Unt 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 a￿A)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 2￿8. 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 0￿ratIng 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 d￿lared.
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
Val￿1 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 

## **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** 

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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) 



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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)