ROYAL MASONIC BENEVOLENT INSTITUTION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Charity Number: 207360 ROYAL MASONIC BENEVOLENT INSTrruTION Contents Page Trustee's Annual Report Statement of Trustee's Responsibilities Audtlorf5 Report 12 Statement of Financial Activities 15 Balance Sheet 16 Statement of Cash Flows 17 Notes to Financial Statements 18 Page 2 of 23 ROYAL MASONIC BENEVOLENT INSTrruTION TRUSTEE'S ANNUAL REPORT The Trustee is pleased to submit its report for the year ended 3151 March 2025. Reference and Adrninistrative Infonnation Name and Registered Office Thé name of the charity is the Royal Masonic Benevolent Institutw)n {the"Chari￿) and its principal office is located at 60 Great Queen Street, London, WC2B 5AZ. Trustegs The Trustee who serwj during the whole of the year was: The Masonic Chantable FourKlation ('MCF') (Corporate Trustee. Registered Charity No. 1164703, Company Number 09751836) The trustees of th8 MCF who served during the year were: Clive Emerson (Treasurer) Dr Simon Fellerman Edward Goodchild (08puty Pr8sid8nt) Alan Graham, MBE Christopher Head (Resigned 1* August 2024) David Hudd (Appointed 29th May 2024) James Long, TD (President and Chalmanl Ch8rfotte Miller (R￿gned 13th June 2024) Stephen Robinson Mari8 Shenton David Southern (R8S￿ned 30th June 2024) David Slod(dale (Appointed 22M May 2024) Bruce Walker Sir Paul Willlams, OBE, KSiJ, DL (Rèsigned 26th April 2024) Howard Wilson Page 3 of 23 ROYAL MASONIC BENEVOLENT INSTrruTION TRUSTEE'S ANNUAL REPORT Executive Th8 Executive durlng the year to 31rt March 2025 were: Les Hulchinson, Ch￿f Executive Charles Angus, Group Finance Director Brénda Nurse. Company Se￿etary Audltor Knox Cropper LLP. Chartered Accountants, 65 Leadenhall Street, London. EC3A 2AD Bank•rs 8ar¢lays 8ank PIG. Level 28, 1 Churchill Place. Canary Wharf. London. E14 5HP Investment Advlsors Asset ￿'sk Consultants Limited, 7 New Street, SL Peter Po¢ Guemsey. GY12PF Inv•stm•nt Manag•rs CCLA, Senator House, 85 Queen Victorla Street, London, EC4V 4ET Sarasin & Partners LLP, Juxon House. 100 St. Paul's Churchyard. London, EC4M 8BU Royal London Asset Management Ltd.. 55 Gracechurth Streel, LorKlon, EC3V OUF Thesls Unlt Trust Managem8nl Ltd, Exchange Building, St John's Street, Chich88t8r, Wesl Sussex P019 1UP Waverton Investment Management Ltd.. 16 Babrnaes Street. St. James, London, SW1 Y 6AH Solicltor5 Stone King LLP. Bourylary House, 91 Charterhouse Street. London, EC1 M 6HR Page 4 of 23 ROYAL MASONIC BENEVOLENT INSTITUTION TRUSTEE'S ANNUAL REPORT Structure. Governance and Management Organlsatlon The Charity is govemed under the temis of a Charity Commission S(thme dated 1° November 2017 when it was transferred from the RMBICC to the MCF. On the sarne date ts Transferred Beneficiari8s Fund W85 transferred frorn The Grand Chanty to the Charity. At a meeting held on 12 March 2025. the trustees resolved to amend the Constitution and bye laws to allow current and any futur8 funds received by the Charity to be transf8rred to the MCF for the advancement of Ihe Charitls objects. As a result, the net assets of the Charity were transf8rr8d lo an unrestricted reserve in the MCF as at 31 March 2025 and the Charity ha5 subsequently become and will remain domiant. A8 the MCF is Ihe 8018 trustee of the Charity, the MCF exercises control over the Charity, and will consolidate Ihe Charity's results in its group 8coJunts. Details of the processes for the app)inlment, induction and training of the MCF'S trustees are given in th8 annual report and aco)unts of that company. Governan￿ and Manag•m•nt All govemance and management capabilities are provlded by the MCF and detsils of the relevant committees and processes are prowded in the annual report and accounts of that company. Trustees and committees of the MCF address the specific needs of the Charity as part of their roles and responsibilit for the MCF. The Irustee board and the main committees meet as follows.. BoardlCommltto0 Purpo Mogtlngs por oar Trustee Board Main decision-making bc¥Jy wth ultimat8 responsibility for the Charit Identification and mit. atK)n of risk, oversi ht of extemal audit Consideration of appli¢Xtbons for grants from organisations reco nised b the Chari CommissK)n Ensuring adequate procedures are in place to manage all as cts of financial lannin controllin and re Supporting th6 masonic community's fund raising actiwties lo su ort the Chari Maintaining investment stralegies to meet the requirements of the Cha intment and monitorin of fund mana ers Consideration of applICa￿n$ from individuals u)nnectsd with the masonic Commun for finanoal relief D8velopment and execulion of strategies to optimise the retums from the Chari rtfolio Detemination of exeGutive and slaff & benefrts Development and implementation of strategies to support the Charty's oty'ectives. In addition. the trustees hold an annual strat ic 'awa da Audit and Risk Charfty Grants Finance Fundrdising Investrnents Masonic Support Property (RMTGB onl Remuneration Strategy The Charity does not employ any staff. with Servi￿ being provided by staff employed by the MCF. Page 5 of 23 ROYAL MASONIC BENEVOLENT INSTITUTION TRUSTEE'S ANNUAL REPORT Objectlves and Actlvltles The objects of the Charlty The objects of the Charity shall be to relieve the need, suffering and distress of the benefioaries and for that purpose: To support benefioaries who are in need of financial assistan￿ from the Chanty. To provide beneficiaries with accommodation in residential care facilities or sheltered accomm¢xlation. and make available suth care as may be required. b) To provide other such benefits to b8n8fiaaries as the trustee shall from time to tirne thlnk flt. The maln actlvltles The main acuvity of the Charity for the year wa8 the collection of donations and legacie8 in support of Its objects. The purpose of the Transferred Baner￿larIeS Fund is the relief of poverty for named beneficiaries of the Royal Masonic Benevolent Inslitulion. This pool has bean dosed to now entrants for many years. The fund, amounts'ng to £9.77 M. was transferred fr[￿ The Grand Charity on lai November 2017. Following actuarial calculatsons of the remaining liabilily. £0.36 M of the fund has boen designated for thls purpose and the remainder transferred to the general fund of Iha Charity. Publlc beneflt The Trustee has referred to the Charity Commission's general guidance on public benefit when reviewing its aims and objethves and has ensured that ils grant-making wlicies and activities comply wllh the requirements. Achlevements and Performance tkiring Ihe ye8r, 60 orAnts al a Vali￿ nf ffink (nftt of raversals) were paKI to 59 recipv&nts. Page 6 of 23 ROYAL MASONIC BENEVOLENT INSTrruTION TRUSTEE'S ANNUAL REPORT Flnanclal Review Review of the Year Income for th8 year amounted lo £2.33 M (2024: £1.57 M). Legacies are by nature variable, and incom8 from this source for the current year of £1.46 M vas 129% higher than the prior year. Total expendilure of £34.49 M included a transfer of the Charitys net assets of £27.88 M to the MCF at the end of the year. Investment gains of only £0.57 M were made (2024 gains: £2.84 M) du8 to the fall in VKJdd stock markets over the last quarter of the year. Reserves Pollcy The company shall remain dOrn￿nt no reserves held in the future. Investrnant Policy and P•rfonnance The MCF global investment stralegy Seeks to protect the capital value of investments that are required to fund operations for a three-year time horizon (the 'Cash Reserve.) and to invest all remaining funds for long t8mi growlh, on a total retum basls. with an overall obpcti've of m8kiro a retum of CPI plus 3.5% net of all expen8es. The Cash Reserve is prowded by Royal London Asset Management ("RLAM°) arKI uts'lises three of their funds, which provide a mix of instruments, induding cash instruments. Treasury Bills. covered (secured) bonds, Gorporate bonds. Supranationals and mortgawbacked securities. The perfomiance objects'ves of tho three funds are.. Short Terni Money Market FurKI: Short Tenn Fixed Income Fund.. Short Temi Fixed Income Enhanced Plus Fund: SONIA SONIA plus 0.50% gross of fees SONIA plus 1.OOYo gross of fees The MCF sponsored the launch of the Masonic Charitable Foundation Investment Fund CAIF, which took place on 111 October 2018. This is a unit trust with a hwJhly efficient tax wrapper in which the MCF and all its subsidiary charities own their shares in the fomi of units. Units will be sold as reqUI￿d in order lo top up th8 Cash Reserve on a quarterty basis. The investment strategy is directed for"Steady Growth., whlch is a medium-high risk strategy. Risk is Managed through dtversrfication, with the funds split between four different fund managers operating on multi asset mandat8s but utilising differing investrnent management stylas. The overall fund managef is Thesis Unit Trust Management Limiled and the custodian in Northem Trust. The strategic end actual asset allocations as at 31° March 2025 are shown in the table ov8rfeaf.. Page 7 of 23 ROYAL MASONIC BENEVOLENT INSTITUTION TRUSTEE'S ANNUAL REPORT Investment Policy and Perforniance (Continu￿) Asset Cla88 Stratoglc Allocatlon 0.00% 7.50% S4.50% 18.00% 12.50% 3.75% 3.75% 100.00% Actual 311t Morch 2025 4.78/0 5.92Yo 65.47Vo 12.79% 3.42% Cash Fixed Inc¢Jmo Intemational E U.K. E ui Emer Market E uit Atternative Investments Pro SONIA FTSE UK Workl Gov. Bond Index GBP MSCI Worfd ex UK NR GBP MSCI UK E ui NR GBP MSCI Emer Markets E uit NR GBP HFRX Global Hed e Fund GBP IA UK Direct Pro 0.89¥0 100.00% In order lo balance property exposure across all Ihe MCF subsKliar?es, the Charity also made a direct investment into the CCLA property fund. Perfonnance under the new arrangements Is shown in the followirvJ tsble.. MCF CAIF RLAM Short Terni Fixed Income RLAM Short Tomi Fix•d Incomo Enhan¢•d £Nil Capital Protection CCLA Proporty Fund Monay Markot Fund at 3101 March 2025 Investment approach £Nil Steady Growlh Multi- £Nil Capital Protection £Nil Capltal Protection £Nil Income & lon*teTm Capital Growth MSCIIAFIEF UK olher balanced ro ert ARC Charity GBP steady Growih 6.90% 2.20% 3.00% 6.20 Benchmark Comp08ile I SONIA SONIA SONIA Peer Group ARC Charity GBP Steady Growth None None None Retum for Ihe year 88nchmark retum for Peer rou turn for ear retum ar benchmark ear rou 3.80% 5.23% 4.90% 5.54% 4.90% 5.81% 4.90% 4.40% 18.40% 19.80% 8.10% 13.45% 12.57% 2.90% 14.10% 12.57% 2.90% 12.57% 2.90% 8.10% stock markets suffered a collapse in the final month of the financial year followirvJ the introduction of tariffs by the USA, resulting in an increase in the valuation of the MCF CAIF from its opening walue of £146.47 to ctOS8 at £149.99 per unit after wching a high point of £161.77 in eady February. Page 8 of 23 ROYAL MASONIC BENEVOLENT INSTITUTION TRUSTEE'S ANNUAL REPORT Principal Rlsks and Mltlgatlon Th8 principal risks identif￿1 and agreed actlons to mitigate 8re shown In following table: Risk Signrficanl unexpe¢led financial10ss from Operations u•n Repulalional damage, 1055 of (xinfidence wlh key stakeholders and impaci UrM￿ ￿ltinUing fInar￿la1 sustainabil. Poor serY￿e lo b8neficiaries arKI reputational damage. Withdrawal of servus fr(Nn su Impacts financ￿1 suslainability and repulatlonal damagg with dorK MMI atlon Strong financial proc￿Ures, partlcularly budgetary planning and contml. Oversight from the Finance Committee. Inadequate liquidity to meet financial comrnilments Signrficanl long4erm Ios5 in the value of the invoslment portfolio Cash flow fmc88ting aTrJ Ilouklity plannirvJ thin the Inveslment Strategy Appointrnent of Asset R*k Consultants as expert investment advisors. providing monthty pgrforynance reporting and analysLs. Oversight from investment and committee5. Strong procedur6s arKI contrds ocessing ￿ants. Oversight from M88onlc and Chari Grants committ88$ UGLE manage and monltor nelworks, seN8rs and backup 8y$terns, and ha8 deployed appropriate defence mechan18m8 a.g. firtrwalls, antivirus etc. Third paty hosted systems lappll¢allon8 hove relevant contro18 8nd se¢xrity regimes. Information systems are only actssstyj via the VPN nehvork andlor murti- factor aulhenl*Alion prot￿016. Grants made outside the Charity's ObJ8cI8 arKI ralln uidelines Cyberattth on IT 8yStem8 Rewtslional damage.108s of confiden(% with key stakeholder8 and 18nlial trustee liabslil Operatlonal disruption resullku In financkl, reputalkjnal, legal aThJ regulatory damag8. MCF'S InfomalK>n ￿XitY Group IISG) have various digital & IT procedures and Fdicies in ￿aCe. Cyber awareness and trrini ramrne mandat for all staff. Data Pfotethon polry, IT se(yJrity and HR IC￿ in FinancBI proxdures. 88gregation of dulie8, authority limits. IT Security, Increased awareness amon t 6taff MCF Bu51r￿S Continuty Plan Data protection breach Reputational dama98 and signfficant financial enall Financial loss, reputational damage, adverse impKI usN)n staff Fraud Unavailabillty of offic accommodation Loss of paper record8 from firemrK)ding Opwations compromised Breach of log81 O￿vaatIonS. adverse impact upon operation8, W)tenlial financial enallies Breach of legal Ot￿19atiOnS, wJtenti finandal penalties. trrteakdown of staff morale and a(Iverse impacl n servKe rovision Operats'onal breakdrn¥n, adverse impact upon staff morale, service to beneficiaries and wtential utational dama Reduced reliance on paper records irueased use of rr. Lack of compliance with employment legislation HR F￿r￿dureS and staff handbook. IndUCt￿n Pr￿SseS for new 31aff. Ongoing management trainiro and Personal Develo ent Review HR w(*xdures.' organisational and succession ￿anning. Comprehensive documentat￿n of procedures and controls Undue reliance on key persons Risks are actively monitored by the Executive and the senior leadership team. and fomially reviewed by the audit and risk committ88 at their quarterty meetings. Page 9 of 23 ROYAL MASONIC BENEVOLENT INSTITUTION TRUSTEE'S ANNUAL REPORT Plans for Future Periods The Charity will remain dorn￿nt for future perwjds. Page 10 of23 ROYAL MASONIC BENEVOLENT INSTITUTION STATEMEKf OF TRUSTEE'S RESPONSIBILITIES Statsmenl of Rosponsibilitios The Trustee is responsible for prepar￿￿ the trustee's report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (U.K. 'GAAV). The law applicable to chartlies in England and Wale5. the Charitr'es Act 2011. the Charfty (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 trua 8nd fair view of the Stale of affairs of the Charity and of the income and expenditure of the Charity for that year. In preparing these financial statements, the Tfustee is required to: selact suitable accounting policAes arKI then apply them consistentty: obseprfe the methods and principles in Accounting and RepK)rting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial statements in accordanc8 with the Financial Reporknng Standard applicable in the United Kingdom and Republic of Ireland (FRS102)- make judgements and 8slimat8s thal are reasonable and Prudent,. State whether United Klngdom aox)unting standards have been followed. subjed to any material departures di8d08ed and explained in the finanoal statements.. arKI prepare the financial Statements on the going concern basis unless it Is inappropriate to presume that the charity will conts'nue to operate. The Trustee is responsible for keeping adequate accounting records that disdos8 wlth reasonable 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. It is also r8sp)nsibl8 for safeguarding the ass81s of the Charity and for tsking reasonable steps for the prevention and detection of fraud and oth8r Irregularities. Auditor A resolution proposirvJ that Knox Cropper LLP be reappointad as auditor will be put to th8 members. Approval by Truste• This report, was approved by the Trustee on 11th Septembw 2025 and sign￿1 on its behalf by Long. T President and Chairman, MCF Page 11 of23 ROYAL MASONIC BENEVOLENT INSTITUTION REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEE OF THE ROYAL MASONIC BENEVOLENT INSTITUTION We have audited th8 ffinanoal statements of the Royal Masonic Benevo￿nt Institution (the 'Charit() for the year ended 31 March 2025 vthich comprise the Slat8ment of Finanoal Acliwties. the Balance Sheet. the Statement of Cash Flows and notes to the financial statements, induding a summary of significant accounting policies. financial reF¥)rtirKJ framework that has been applied In their preparation is applicable law and United Kingdom Accounting Standards, induding Financial R8POrting Standard 102 The Financial ReWing Standard applKable in the UK and Republ￿ of Ireland (United Kingdom Generally Accepted Accounting Practsce). In our opinion the finanaal statements.. giv8 a true and fair Niew of the state of the Charitys affairs as at 31 March 2025 and of its incoming resources arKI application of resourc8s for year then ended: have been properfy prép8r8d in accorilan¢8 wth Unit￿ Kingdom Generally Accepted Accounting Practice" and have been prepared in accordance wth lh8 charit￿ Act 2011. 8881• of oplnlon W8 conducted our audit in accordance With Intomatlonal Standards on Audltlng (UK) IISAS (UKI) and applirAble law. Our responsibilities under those standards are further desGribed In the Auditor's rasponsibililies for the audit of the financaal statements section of our rew)rt. We are indep8ndant of the charity in accordance with the ethical requirements that are relevant to our audlt of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other 8thical resp)nsibilities in accordance with these requirements. We believe that the audit evTrd8nc8 we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu•lon• rnlatlng to goln9 concern In auditlng the financial statements, we have concluded that the Trusteè's use of the going conc&m basls of accountlng in the preparation of the financial statements is appnjpriate. Based on the work we have performed. we have rK)t identlfied any material uncertainties relating to events ur wiidits'vii¥ Ilidl, iiidi¥KIuiilly vi w51¥¥liv¥ly, riiyy ￿1>{ Sigi)ifi￿1)I doiibt on the chariws ability to Gontinue as a going Goncern for a period of at least iwelve months from when Ihe finanoal statements are authorised for issue. Our responsibilities arKI th8 responsibilities of the Trustee with resp8ct to going concem are described in the relevant sections of this ￿pOrt. othor Infomiation The other information ￿T￿priSeS the information induded in ihe annual report, other than the financrdl statements and our audito￿ s report thereon. The Truslee is responsible for the other information. Page 12 of 23 ROYAL MASONIC BENEVOLENT INSTITUTION REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEE OF THE ROYAL MASONIC BENEVOLENT INSTITUTION Our opinion on the financial ststements doe5 not cover the oth8r infonnation and we do not express any form of assurance condusK)n thereon. Our responsibilty is lo read the other infonTration and, in doing so, considw whether the other information is materially inconsistent with the finanoal statements or our knowledge obtsined in the audit or othemse appears to be mat6rially misstated. If we identify such material in¢on5Islenc￿ or apparent material misststem8nts. we are required to deternine whether there is a material mi5Stalement in the finantial sialemenls themselves. If, based on the work we have perfom8d, we Lxnclude that there is a material misstatement of this other infomialion. we are required to report that fad. We have nothing to report in this regard. Matters on whlch w• ar• r•qulrnd to rnport by •xcaptlon We have nothing to report in respect of the following matters in relation to whth the Charities (Accounts and Reports) Ragulations 2008 require us to report to you rf. in our opinion.. the infomi8tion glven In the finanoal statements is incon5rJtent in any material resp8Ct wlth the Trustee's rep￿1,. or sufficient accounting records have not bean kept", or financial statements are nol in agreernenl wtth tha accounting records,, or we have not reeAived all the Inf(xmation and expkqnations we require for our audit. R•8ponslbllltlo8 of Tru8to0 As explained more fully in the Trustee's Responsibilriies Statement set out on page 11, Ihe Trustee is responsible for the preparation of Ihe financial statements and for being SatsSf￿ th8t they give a true and falr vi8w. and for such internal control as the trustee detennin8s is necessary to enab￿ the preparation of financial statement5 that are free from material mlsstatement, thther due to fraud or error. In preparing the financlal statements, the Trustee is responsible for assessing the Charity's ability to continue as a going concem, disclosing. as applicable, matters related to going conc8m and using the going concem basis of accounting unless Ihe trust88 either intends to liquidate the company or to operats'ons. or has no re81istiG allemalive but to do so. Audltofs responslblllllos for th• audtt of th• flnanclal statem•nts We have been appointed as audiior under sectM)n 144 of the CharIt￿S Act 2011 and report in accordance with the Act and relevant regulations made or having effect theffjunder. Our objeclives are to obtain reaSonaL￿e assurance about whether the financial statements as a vthole are free from material misstatement. whether due lo fraud or error. and to issue an audilor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordan￿ with ISAS (UK) will alway3 detect a material misstatement when it exists. Misstat8ments can arise from fraud or error and are ￿nsidered material rf. individually or in the aggregate, they could reasonably expected to influence the economic decisions of users taken on the basis of these financial statements. Page 13 of23 ROYAL MASONIC BENEVOLENT INSTITUTION REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS AND TRUSTEE OF THE ROYAL MASONIC BENEVOLENT INSTITUTION Irragularities, including fraud, are instances of non-comp1kan￿ with laws and regulations. We design procedures in line with our responsibilit￿s, outlined above, to detect material misstatements in respect of irregularities, inGluding fraud. The extent to whid) our procedures are capable of detecting i￿egulant1e8, including fraud is detailed below: The Charity is required to comply with charity law and, based on our knowl&Jge of its activities, we identified that the legal requirement to acGuralaly account for any restricted funds was of key Bigntficance. We gained an understandirvj of how th8 charity ￿Mpl￿d with its legal and regulatory framework. including the requirement to properly account for any restricted funds, through dis (199> C￿1 of generntlng funds Charltablo actlvltlol 218 226 (34,275) (68) 294 Total expondltur• Net gainsl(losses) on investments NET MOVEMENT IN FUNDS 570 2,840 Total funds brought fon￿rd 31,597 27,484 Totsl fund• carrled fofward All income and expermjrture derive from continuing activrties The note8 on pages 18 to 23 fomi part of these financial stalements Page 15 of23 ROYAL MASONIC BENEVOLENT INSTITUTION BALANCE SHEET as at 31 March 2025 Note March 2025 £'ooo March 2024 £'ooo FIXED ASSETS Investsments 23.935 23.935 CURRENT ASSETS Debtors Investments Cash at bank and in hand 664 5,738 1.272 CURRENT LIABILITIES Creditors falling due within one year NET CURRENT ASSETS (12) 7,662 Total net a880ts CHARITABLE FUNDS Unr•8trictod furKI• General res8rves Designated werve8 Totsl charltablo funds 31,167 430 The financial statements were approved arHJ authorised for issue by the Trustee Board on 11th September 2025 and s19r￿d on their behalf by. me Long, TD Clive Emerson PitSbidtg111 urid Cliaii111411 Tr¥&¥tsfei The notes on pages 18 to 23 fomi part of these financial ststements Page 16 of 23 ROYAL MASONIC BENEVOLENT INSTITUTION STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2025 2025 2024 £'ooo Oporatlng Actlvlti Not cash provided byl(us0d in) 0￿ratIng Activilios 33,102 Cash flow8 from Inw8ting activitws Divldends, interest and rents from investrnents Proceeds from the sale of investments Purchase of investsnent8 Transfers to group undertakings Net cash provldad byl(u8od in) Invmtlng Activiti08 853 9,260 {4.400) 26,117 804 3,600 (4.180} 31,830 224 Chang• In ¢a•h and cash oqulval•nts in tho rnporting porlod Cash and cash equivalents at th8 beginning of the reportlng period Cash and cash ￿U1val•nt3 at th• •nd of lh• rnporting p•riod (1,272) 1,266 1.272 N¢)tss on th• fl¢yw •tstement Re¢onclllatlon of net Incom￿1•xWndftUy•) to n•t ca8h flow Irorn oporatlng activlll•• Nel movement in funds as per the Statement of Financlal ACtI￿lIeS (31,597) 4,113 Adjustrnents for. Dividends. interest and rents from investsnents Other movements in investments Decreasel(Increasel in debtors in all material respects. The Chanty meets the definition of a public benefft entlty under FRS 102. (b) Bas18 of pr•paratlon The financial sialem8nts have been prepared on a wng concern basis under the historical ¢081 convention. as mtsjified by the revaluation of inveslments. on a basis consistent with previous years. The functional currency of the Charity k8 considered to be Pounds Slertlng because that is the currency of the primary economic environmenl in which the Charity operates. (c) Golng concern The Trustee has assessed whether the us8 of the going concem assumpiion is appropriate in preparing these financial stalemenls. The trustee has made this assessment in respect to a perlt)d of one year from the date of approval of these financial statements. The Tru8t88 has conduded that there are no material uncertainties related to events or Gondilions that may ¢a8t 8ignific8nt doubt on the ability of the Charty to contsnue as a going concern. The Tnjstee Is of the opinion that the Charity will have sufficient resourcAs to meet its liabililies as they fall due. (d) Incomlng resourc Revenue is recognised when the sonificant risks arKI rewards of ownership have been transferred, the amount of revenue can be measured reliably, it is probable that future eca)nomic benefits will flow to tho Charity and when the specific oiieria relats'rvJ to each of the Charitys revenu8 channels have been met, a8 described b810w: Monetary donations are brought into account when received. Legacies 8re recognised where tr￿re has been a grant of probate, the executors have identified that ther8 are sufficient assets in the eslate after settlement of liabili15es to pay the legacy and any conditions attached to the legacy are either in control of the Charity or have been met. Legaaes subJeGt to the interest of a life tenant ar8 not recogni5ed during Ihe lrfets'me of the life tenanl. Dividends are reinvested in th8 CAIF on the data Ihat they are dedared. Page 18 of 23 ROYAL MASONIC BENEVOLENT INSTITUTION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 (d) R•8ourc•8 oxpondod Liabillties are recognised as expendtiure as soon a8 there is a legal or constructive obligation commttting the Charity to that expenditur8. it is probable that settlement will be required and the amount of any obligation can be measured reliably. All resources experthd are recx)gnised on 8n accruals basis. with the exception of grants as rDted below. Grants are recognised as expenditure in the year in which the grant is formally approv8d by the Charity and has been communicated in wriknng to ￿ recApi8n( except to the extent that it is subject to condits'ons that enable th8 Charty to revoke the award. (e) Employoe benoffts All staff are employed by th8 parent charity, The Masonic Charitable Foundation. No charge is made to the Charity in respect of staff provKling servic8S to the Charlty. No remuneration Is paid to trustees and no expenses relmbursed. (f) Fund accountlng Unrestricted funds may be ulilised for any purpos8 in accNdance with the charitable objectives of the Charity. The designated reserve will fund the ongoing grant cnmmitments to ts named beneficiaries of the Charity until their demise. Any excess funds following the death of the last beneficiary will then be transferred to the general fund. (g) In￿Str￿ants Investments are rewnised initially al fair value which is nomally the transaction price 8xcluding transaction ojsts. Subsequently, they are stated al market value. All realised and unrealised gains and losses are recognised within the Statement of Financial Activit￿. Investments which the Charity holds for resa￿ or perKJing their sale and (xsh or cash equivalents with a maturity date of less than one year. which are held for investment purposes. are disctosed as current asset investments. ti) Taxatlon The Charity is an exempt charity ￿thIn the meaning of schedule 3 of the tharits'es Act 2011 and rt is conSide￿d lo pass the test set out in paragraph 1. sthedule 6 of the Finano Act 2010. and therefore it meets the definition of a charity for U.K. Corporation Tax purposes. The Chanty is unable to recover Valued Added Tax (VAT) incurred on expendtture. The amount of VAT that cannot be recovered ' included within the underlwng cost to which ti relates. Page 19of 23 ROYAL MASONIC BENEVOLENT INSTITUTION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDEO 31 MARCH 2025 DONATIONS AND LEGACIES 2025 eotyj 2024 £'ooo 83 42 638 Festivals Other donations Legacies Transferred Beneficiaries FurKI 12 1,461 1,473 763 INVESTMENT INCOME 2025 £'(y)o 2024 £'ooo Interest on bank deposits Income from investrnent porrfolios 853 804 4. CHARITABLE ACTIVITIES 2025 £'ooo 2024 £'ooo Transferred Beneficiaries Fund Care & Welfare Support 59 34.216 68 34,275 68 INVESTMENTS March 2025 £'ooo March 2024 £'ooo Fixed Asset Investrnents: - Managed Funds MCF CAIF CCLA Prup¥rly Fuiid 23.270 885 Current Asset Investments - RLAM Cash Resen￿ funds 29,673 Page 20 of 23 ROYAL MASONIC BENEVOLENT INSTITUTION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 MOVEMENTS IN INVESTMENTS Llsted Balance at 1 April 2024 Addlts'ons Disposals Transfers fronV(to) group underta￿n98 Investment income reinvested Management fees charged to the fund Gainslllosses) Balance at 31 March 2025 29,673 25.568 4,180 (3,600) (9.260) (26.117) 804 (119) 2.840 (110) 570 RECONCILIATION TO SOFA G81nsl(losses) on Ilsted investments 570 570 DEBTORS March 2025 £'ooo March 2024 £'oco OtrEr debtors 664 CREDITORS March 2025 £'ooo March 2024 £'ooo F•lllng du• whhln on• y•ar Grants payable Amounts owed lo group underta￿ng$ Accruals and deferred in￿rne 12 Page 21 of23 ROYAL MASONIC BENEVOLENT INSTITUTION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 MOVEMENT IN FUNDS Balance at Income Exp8rKliture 1 April 2024 £'(M)O £'(KX) Gainsl Transfers (losses) Balanc8 at 31 March 2025 £'ooo rooo £'ooo £'ooo Unrn8trlct•d funds General reserves 08signat8d reserves Total funds 31.167 2,326 430 (34,493) 570 (o) (430) 31,597 2,326 570 Prlor y•ar Balance al Income Expenditure 1 Apnl 2023 £'ooo £'ooo Gainsl Transfers (losses) Balance at 31 March 2024 £'ooo £'o(x) £'ooo £'ooo Unrostrlctsd funds General reserves Designated reseNes 26,948 1.567 536 (294) 31,167 (106) Totsl furmts 27.484 1,567 294 31,597 ASSETS AND LIABIUTIES In¥BStments Current Assets £'ooo Current Liabilities £'ooo Fund Total £'ooo Unr•itrlct•d fund8 General r8serv8s Designated r8sep4es Total fund8 Inveslments Current Assets £'ooo Current Liabilitl8S £'ooo Fund Total £'ooo Prlor year £'ooo Unro8trlctod fund• General reserv8s Designated reserves T¢)tal funds 23.935 7.244 430 (12) 31.167 430 23.935 12 10. RELATED PARTY TRANSACTIONS The MCF has bome all the administratiNE of supporting Charity. as well as its fellow subsidiary charities. Page 22 of 23 ROYAL MASONIC BENEVOLENT INSTITUTION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 11. ULTIMATE CONTROLUNG PARTY Th8 ultimate controlling party is the Masonic Char[ta￿e Foundation (Registered Charity No. 1164703, Company NL￿nber 09751836). ConsolKlated accounts for the MCF, which include the accounts of the Charity, can be obtained from the registered office of the Charity. Page 23 of 23 ## **Issuer** Knox Cropper LLP **Document generated** Thu, 6th Nov 2025 14:16:03 GMT **Document fingerprint** 28480fca46ecf34eac78dd5bd77d9afc ## **Parties involved with this document** ## **Document processed** ## **Party + Fingerprint** Thu, 6th Nov 2025 16:33:47 GMT Thu, 6th Nov 2025 16:33:47 GMT Stephen Anderson - Signer (89564d99a82cd244cd4d5d5f5d9e30cf) Olivia Burrell - Copied In (306cdf99f87de0e28ec1b2437ff0a544) ## **Audit history log** ## **Date** ## **Action** Thu, 6th Nov 2025 14:16:03 GMT Thu, 6th Nov 2025 14:16:03 GMT Thu, 6th Nov 2025 14:16:03 GMT Thu, 6th Nov 2025 14:16:03 GMT Thu, 6th Nov 2025 14:16:04 GMT Thu, 6th Nov 2025 14:16:04 GMT Thu, 6th Nov 2025 14:16:04 GMT Thu, 6th Nov 2025 14:16:04 GMT Thu, 6th Nov 2025 14:16:04 GMT Thu, 6th Nov 2025 14:19:30 GMT Thu, 6th Nov 2025 14:19:32 GMT Thu, 6th Nov 2025 14:20:27 GMT Thu, 6th Nov 2025 16:28:51 GMT Thu, 6th Nov 2025 16:28:51 GMT Envelope generated by Olivia Burrell (77.98.20.200) Document generated with fingerprint a9e26922681627cd3f12554d2c7aa1a9 (77.98.20.200) Document generated with fingerprint 988a3175bf3d66643b8f2b6dbb93450c (77.98.20.200) Document generated with fingerprint 676a4bdcf605405e8a9de57ab40b62bd (77.98.20.200) Document generated with fingerprint a67207a6765365a015c5fbfd5e7f94b0 (77.98.20.200) Document generated with fingerprint 321303b94051c5ec8dbc7f5becc3d542 (77.98.20.200) Document generated with fingerprint fbc52392f44cdc716887802640f1a885 (77.98.20.200) Document generated with fingerprint 2d85bd9dc8e0681995c4651cd62ab10e (77.98.20.200) Document generated with fingerprint 28480fca46ecf34eac78dd5bd77d9afc (77.98.20.200) Sent the envelope to Stephen Anderson for signing (77.98.20.200) Document emailed to party email Stephen Anderson opened the document email. (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)