RMIG ENDOWMENT TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Charlty Number: 290883

RMIG ENDOWMENT TRUST
Contents
Page
Trustees, Annual Report
statement of Trustees Responslbilities
12
Auditorfs Report
13
statement of Financlal Activities
16
Balance Sheet
17
Statement of Cash Flows
18
Note8 to the Financial Statements
19
Page 2

RMIG ENDOWMENT TRUST
TRUSTEE'S ANNUAL REPORT
The trustee is pleas8d to submit its report for the year end8d 3181 March 2024.
Refor•nc8 and Administrative Infonnation
Namo and Reglstered Office
The name of th8 charity is the RMIG Endowment Trust (the "Charit￿) and its principal offic8 is located at
60 Greal Queen Street, London, WC2B 5AZ.
Trustses
The Trustee who served during the whole of the year was..
The Masonic Charitable Foundation ('MCF') {Corporate Trustee, Registered Charity No.
1164703, Company Number 09751836)
The trustees of the MCF who served during the year were:
John Boyington, CBE (Rosigned 31 ¥1 July 2023)
Sinead Brophy (Resigned 31S1 July 2023)
Simon Duckworth, OBE, DL (R8signed 3151 July 2023)
Clive Emarson (Appointed Treasurer 151 August 2023)
Dr Simon Fellemian
Edward Goodchild (Appointed 111 August 2023)
Alan Graham, MBE
Antony Harvey {Resigned 3111 July 2023)
Christopher Head
Michael Heenan (Treasurer) (Resigned 3101 July 2023)
James Long, TD (President) (Appointed Chairman 181 January 2024)
Charlott8 Miller (Appointed co-oplee 111 August 2023)
St8phen Robinson
Marie Shenlon (Appointed 11t August 2023)
David Southem
Bruce Walker
Andrew Wauchope (Resigned 318t July 20231
Sir Paul Williams, OBE. KStJ. DL (Deputy President and Chaimian to 31bt December 2023)
Howard Wilson
Page 3

RMIG ENDOWMENT TRUST
TRUSTEE'S ANNUAL REPORT
Executiv•
The Executlve durlng the year to 318t March 2023 were:
Les Hutchinson, Chief Executive
Charfes Angus, Group Financ8 Director
Brenda Nurse. Company Secretary
Auditor
Knox Cropper LLP, Chartered Accountants, 65 Leadenhall Str88t, London. EC3A 2AD
Bankers
Barclays Bank Plc. Lev8128, 1 Churchill Place, Canary Wharf, London, E14 5HP
Clydesdale Bank Plc, Unit 8. 3 The Chase, John Tate Road, Hertford. Herts SG13 7NN
Inv05tm•nt Advisorn
Asset Risk Consultants Limited, 7 New Street, st. Peler Port. Guemsey. GY12PF
Investment Managers
CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4ET
Sarasin & Partners LLP, Juxon House, 100 St. Paul's Churchyard, London, EC4M 88U
Royal London Asset Managefflent Ltd., 55 Gracechurch Street, London, EC3V OUF
Thesis Unit TNst Managem8nt Ltd, Exchang8 Building. St John's Str8et, Chichester. West Sussex
P019 1UP
Waverton Investment Management Lid.. 16 Babmaes Street. St. James, London. SW1Y 6AH
Sollcltorn
stone King LLP, Boundary House, 91 Charterhouse Street. London. EC1 M 6HR
Wedlake Bell LLP, 71 Qu88n Vicioria Street, London, EC4V 4AY
Page 4

RMIG ENDOWMENT TRUST
TRUSTEE'S ANNUAL REPORT
Structure, Governance and Management
Organisation
The Charity is govemed under the terms of a trust deed dated 29 November 1984 which constilutes an
unincorporated charity. The trust deed has been varied a number of times to accommodate changes in
trustees, with a variation dated 5th April 2019 appointing the MCF and its chaimian as Trustees of the
Charity. Following the granting of trust corporalion status to the MCF, the thairman resigned as a trustee
of the Charlty on 12th December 2019.
Govemanca and Management
Th6 MCF is the sole trustee of the Charity. Details of the processes for the appointment. Induction and
training of the MCF'S trustees are given in the annual report and accounts of that company.
All governance and m8n8gement capabilities are prowded by the MCF and details of th8 relevant
committees and processes are provided in the annual report and accounts of that company. Twstees and
committ8es of Ihe MCF address the specific needs of the Charily as part of their ro188 and responsibilities
for the MCF. The trustee board and the main committees meet as follows..
BoardlCommltto•
Purpo80
Moetlng8 por
oar
Trustee 8oard
Main de¢ision-m8king body with ultimate responsibility for the
Charit
Identificatlon and miti
ation of risk. oversi
ht of external audit
Ensuring adequate procedures are in place to manage all
as
acts of financial lannin
controllin
and re
rtin
Maintaining investment strategies to meet the requirements of
the Charit
ointment and monitorin
of fund mana
ers
Dev81opment and execution of strategies lo optimise the r8lums
from the Charil
ro
ert
ortfolio
Development and implementation of strategies to support the
Charil
's ob ectives.
Audit and Risk
Finance
Investments
Property
Strategy
The Charily does not employ any staff. with services belng provided by staff employed by the MCF.
Objectives and Actlvlties
The objects of the Charity
The primary purpose of the Charity wa5 to apply its resourc8s for any charitable purpose connected with
th8 Royal Masonic School for Girls (the "School.) or the education of its pupils who are daughters or
adopted daughters of English Freemasons wnsidered to be in need. The resources consist of funds
donated by Freemasons to the Royal Masonic Institution for Girls and transferred by that charity to the
trustees on 8Stablishment of the Charity on 29th November 1984. together wilh property and real estate at
Rickmansworth Park which houses the School.
During the course of the previous year, the Trustee approved an am8ndment lo the trust deed to widen
support to 811 children, young women and young men who will be, are or have been educated at the School,
and for any Gharitable purposes connected with the School and the education of its pupils. This variation
was approved by the Charity Commission through a Scheme dated 24 January 2023.
Page 5

RMIG ENDOWMENT TRUST
TRUSTEE'S ANNUAL REPORT
The main a¢tivities
Since its establishment, a policy of the Charity has been to ensure the proper maintenance of the property
and real eslale to optimise the running of the SGhool. The Charity provides scholarships and burs8ries on
a "need or means tested. basis to daughters or adopted daughters of Fr8emasons in accordance with the
trust deed. This pollcy has now been extended to cover all children at the school. young V￿Men and m8n,
wlth or wlthout a masonic connectlon.
Wh8n s8tting the objectives and planning the work of th8 Charlty for the year. the Trustee has given careful
consideration to the Charity Commlssion's general guidance on public benefit. In meeliNJ ils objects. the
trustee has been mindful of the public benefits which the Charity and the School can jointly provid8 10
local. provinoal and natronal organisations by the use of the grounds, sports fa¢ililies and the various halls
and buildings.
During the previous year, the assets of the Cadogan Trust were transferred to the Endowm8nt Trust, to
be used to continue providing bursaries to six current students at the School. The funds r8C8ived,
amounting to £1.07 M. were placed into a separate restricted reserve.
Achlevements and Performance
Durlng the period, the Cherity expended £5.10 M on supporting the School12023.' £2.66 Ml. Major areas
of repair and refurbishment included: the garagelworkshops building, great hall and D4 loilet block,
together with stages 2 and 3 of the replacement of the dlstricl heating system and further removal of
asbestos from th8 servSce tunnels.
£0.26 M was paid out in bursaries from the Cadogan Trust Bursary Fund to support Six pupils at the School
{2023: £0.11 M).
Financial Revlew
Rovlew of the Year
Unrestrict8d Fund
Income re￿Ived of £1.05 M consisted mainly of £0.80 M rental from the School under the temis of the
interim18ase and £0.23 M interest on bank deposits.
Total expenditu￿ for charitabl6 purposes amounted to £5.32 M12023: £2.76 M). A transfer of£2.7 M was
received from the endowment fund. The deficit for the y8ar of £1.57 M (2023: £2.20 M) was transferred to
reserves.
Endowment Fund
Divldend income of £0.08 M (2023: £0.14 M) was generated from the investment portfolio with costs of
£0.02 M (2023.. £0.03 M).
Gains from the Charity's inv8Stment in the MCF CAIF amounted to £0.47 M (2023 losses: £0.33 M). £5.09
M was written back to the value of the social investment property (the buildings leased to the School)
Page 6

RMIG ENDOWMENT TRUST
TRUSTEE'S ANNUAL REPORT
following the repairs undertaken during the y8ar. but a further provision of £3.50 M was made in recognition
of the increased scope and cosl required to complete the programme of backlog works.
Reserves Policy
As atthe 31 March 2024 the total level of reserves was £12.49 M, ofwhich £10.71 M related to endowment
funds. £0.70 M to the Cadogan Bursary and the remainder of£1.07 M related to th8 working capital wilhln
the unrestricted general reserve.
The Charity's policy is to apply Its resources for any charitable purpose connected with the SGhool or the
education of Its pupils in accordance with the trust deed. The Charity has commissioned a report from a
firm of professional surveyors to consider the condition of the School buildings in anticipation of a new
tenant r8pairing lease, from which significant dilapidations have been identified for r8Ctification. The
expected cost for this is estimated at £21.50 M and full provision has been made for this against Ihe value
of the social inv8stm8nt properly in the accounts. In order lo provide increaseé availability of fund5, the
Trust88 agreed lo adopt a Total Retum basis for utilising investment retums on 12th December 2019,
replacing the previous policy of applying in-year income only for the purpose of supporting the School. Th8
surplus ov8r the original gndowment has been transf8rred lo a separate reseTr￿ for the total unapplied
retum.
The social investment property has been valued through the discounting of expected future lease
payments using a yield of 5.5% as the cost of capital, less the residual value of the provision for backlog
repairs. This pmwsion is bèing rele8sed back to the endowment fund in lin8 Wlth the works being
comp18ted and charged to the unrestricted general reserve. The provislon for backlog repairs is reviewed
on an annual basis, ané adjusted as raquI￿d in accordance with the evolving cost for the planned work8.
Inv•stm•nt Pollcy and Perfomian
The investment strategy was to provide sufficient income to support the Charity's primary objectives whilst
maintaining its real value to ensure that purchasing power does not diminish in the long-lem. The Trustee
recognised that thi5 required a medium to high risk assèt allocation, with up to 85% of the portfolio invested
in equitie5. Risk was mitigated through a diverse portfolio of fixed interest securit18S, 8qUlties. unit trusts
and open-ended Investmenl companies. Following the Truste8's d8cision to adopt 8 Total Retum basis,
the requirement to maximise the incom8 component of Ihe investment retum was removed, and the Charity
was able to adopt the MCF investment strategy and to transfer its funds to the MCF CAIF.
The MCF global investment strategy seeks to protect the capital value of investments that a￿ required to
fund operations for a two-year time horizon (the "Cash Reserve") and to invest all remaining funds for long
term growth. on a total retum basis, with an overall objective of making a return of CPI plus 3.5Oh net of all
expenses.
The Cash R8S8rve is provided by Royal London Asset Management and utilis8s three of their funds. whiGh
provide a mix of inslruments, including cash instruments, Treasury Bills, covered {secured) bonds,
corporate bonds, Supranationals and mortgage-backed securities. The perfomianc8 objectives of the
three funds are:
Short Temi Money Market Fund:
Short Tenn Fixed Income Fund..
Short Temi Fixed Income Enhanced Plus Fund..
SONIA
SONIA plus 0.500h gross of fees
SONIA plus 1.00% gross of fees
Page 7

RMIG ENDOWMENT TRUST
TRUSTEE'S ANNUAL REPORT
Inv•stm•nt Pollcy and Perfomiance (Continued)
Th8 MCF sponsored the launch of the Masonic Charitable Foundation Inveslment Fund CAIF, which took
place on 1$1 Octob8r 2018. This is a unil trust with a highly efficient lax wrapper in which Ihe MCF and all
its subsidiary charities own their shares in the form of units. Units will be sold as required in order to top
up the Cash Reserve on a quarterly basis. The inveslment stralegy Is directed for'steady Growth.. which
is a medium-high risk stralegy. Risk is managed through diversification, wilh the funds split be￿een four
different fund managers operating on multi asset mandales but utilising differing investment managèment
st￿85. Th6 overall fund manager is Thesis Unit Trust Management Limited and the custodian in Northem
Trust.
The strategic and actual asset allO￿tiOnS as at 31￿ March 2024 are shown in the following table..
Asut Class
Stratagl
Allocation
0.00 %
7.50%
54.50%
18.00%
12.50%
3.75%
3.75%
100.00%
Bonchmark
Actual 31•
March 2024
2.44%
5.670
Cash
Fixed Income
International E
U.K. E
uit
Eme
Market E
uit
Altemalive Investments
Pro
ert
SONIA
FTSE UK World Gov. Bond Index GBP
MSCI World ex UK NR GBP
MSCI UK E uit NR GBP
MSCI Eme
Markets E
uit NR GBP
HFRX Global Hed e Fund GBP
IA UK Direct Pro
TR
2.850
6.350
1.15Yo
100.00%
Perfonnance under the new arrangements is shown in the table below:
MCF CAIF
RLAM
Money
Market
RLAM
Short Terni
Fixed
Income
RLAM
Short Term
Fixed
Incom•
Enhancod
£Nil
Capila
Protection
CCLA
Property
Fund
Fund al 3101 March 2024
Investment approach
£3.50M
Steady
Gr0￿h Multi-
Asset
£ Nil
Capital
Protection
£NII
Capital
Protection
£Nil
Income &
long-18mi
C8Pltal
Growih
MSCIIAREF
UK other
balanced
ro
ert
ARC
Charity
GBP
Steady
Growth
0.50%
1.10
9.70%
6.20%
2.20
11.90Vo
Benchmark
Composite
SONIA
SONIA
SONIA
P88r Group
ARC Charity
GBP Steady
Growth
None
Non8
None
Return for the
ear
Benchmark return for
Peer
rou
retum for
ear retum
ear benchrnark
eer
rou
16.20%
14.700
9.70%
26.90%
25.40%
11.90%
5.31%
4.97%
4.30/0
5.69%
4.97%
4.300
2.600
2.42%
1.70%
6.65Yo
4.97¥0
4.30¥0
ear
2.42%
1.70Q
1.700/0
Page 8

RMIG ENDOWMENT TRUST
TRUSTEE'S ANNUAL REPORT
Investment Pollcy and Perfornianca (Contlnu•d)
Slock markets had a very strong run in the final quarter of the financial year, resulting in an increase in the
valuation of the MCF CAIF from its op6nlng value of £126.25 to close at £146.47 per unit.
Page 9

RMIG ENDOWMENT TRUST
TRUSTEE'S ANNUAL REPORT
Principal Risks and Mitigation
The principal risks identified and agreed actions to mitigate are shown in the following labl8:
Rlsk
Slgnwlcant unexpected
financial loss from
operations
Con80
uence
Reputational damage. loss of
confidence with key stakeholders and
impact upon continuing financial
SU5tainabilil
PooT service lo beneficlaries and
repulalional damage. Wllhdrawal of
ke
services from SU
liers
mp8cts financial sustainablllly arKI
repulalional damage wlh donors
Mltl atlon
Strong fillancial pr￿edUreS, particularly
budgetary planning and control. Oversight
from the Finance Committee.
Inadequale1SquSdity lo
meal financial
commitments
Slgnifunl long-lerm lo$s
In the value of the
investment portfolio
Cash flow forecasting and liquidity planning
within the Investment Strategy
Appointment of Asset Risk Consullanls as
expert investment advisors. providing
mnnlhly pRrfnmianrTr. raporting and
analysis. Ovefsight from investment and
ro
ert
commillees.
Strong procedures and controls for
processing grants. Oversight from Mason
ort and Charil Grants committee8
UGLE manage and monitor nelworks,
servers and backup systems, and has
deployed appropriate defance mechanlsms
e.g. firewalls. antivirus etc.
Third party hosted sy81em¥ lappllcallon8
have relevant controls and securlty
regimes. Information systems are only
a¢¢essed via the VPN neiwork arKllor mulll-
factor aulhenticalion protocols.
Grants made outsmle th
Charity's ObJ8cls and
eratin
uidelines
Cyberattack on IT
systems
Reputational darnage, loss of
confidence with key stakeholders and
lenlial Iruslee liabilit
Operational disruplSon resulting In
financial, reputational, legal and
regulatory damage.
MCF'S Informalion Security Group IISGI
have various dlgital & IT procedures and
pollciès in place. Cyber awareness and
Iralnin
ramm8 mandalo
for all 51aff.
Data protection policy, IT securlly and HR
olicies In
lace
Financial procedures, 8wegalion of dulle8,
authority limlts. IT security, increased
awarenegs 8mon
sl 51aff
MCF Business Continuity Plan
08ta protection breach
Repulatlonal damage and 81gnlficanl
flnancial
enalties
Flnancial loss. repulalional damage,
adverse impact upon staff
Fraud
Unavailabilily ol off
accommodation
Loss of paper records
from firerflooding
Operallon8 compromised
Breach of legal obligations, adverse
impact upon operations. potential
financlal
nalties
Breach of legal obligations, potential
flnancial penalties, breakdown of
staff moral& and adverse impact
on service
rovisSon
Operational breakdown, adverse
impact upon staff morale, poor
service to beneficiaries and potential
re utat￿nal dama
Reduced reliance on paper records wllh
increased use of IT.
Lack of compliance with
employment legislation
HR procedures and stsff handbook.
Induction processes for new staff. Ongoing
management training and Personal
Develo
rnent Review
HR procedures.. organisalional and
succession planning. Comprehensive
documentation of procedures and controls
Undue reliance on key
persons
Risks are actively monitored by thè Executive and the senior leadership team, and formally reviewed by
the audit and rlsk committee at their quarterly meetings.
Page 10

RMIG ENDOWMENT TRUST
TRUSTEE'S ANNUAL REPORT
Plans for Futurn Periods
The MCF plans to continue to operate the Charity in a prudent manner that meets the needs of its
beneficiaries over the long t8mi. It r8cognlses the requirement to work closely with the School to r8solve
the backlog of r8pairs to Its infrastruclure that have built up over many years and will prioritise the execution
of a 6-year plan to address these issu8s in a sustsinable manner.
Following completion of the backlog works, th8 Charlty will consult ￿ryth the School to detemiine the most
effective use of surplus income for supporting its op8rations an(J pupils.
Page11

RMIG ENDOWMENT TRUST
STATEMENT OF TRUSTEE'S RESPONSIBILITIES
Statement of R•sponsibiliti•s
The Trust86 is responsible for preparing the trustee's report and financial statements in accordance with
applicable law and United lQngdom Accounting Standards IU.K. 'GAAP°).
The law applicable to Ghariti8s in England and Wales, the Charities Act 2011. the Charty (Accounts and
Reports) Regulations 2008 and the provisions of the trust deed require the Trust88 to prepare financial
statements for each financial year which give a true and fair view of the state of affairs of th8 Charity and
of the income and expenditure of the Charity for that year.
In preparing these financial statements, the Trustee is required to:
select suitable accountlng pollcles end then apply them consistently.,
observe the methods and pnnciples in Accounting and Reporting by Chartlles.. Statement of
R8comm8nded Practice applicable lo charities preparing their financial stalemenls in accordanc8
with the Financial Reporting Standard applicable in th8 Unit6d Kingdom and Republic of Ireland
{FRS102)',
make judgements and estimates that are reasonable and prudent.,
8tate whether United Kingdom accounting standards have been followed. subject to any material
departures disclosed and explained In the financial statements. and
prepare the financial statements on the going concern basis unless Il is inapproprlale to presume
thal the chanty will continue lo operate.
The Trustee is responsible for keeping adequat8 accounting records th8t disclose with re8sonabl8
accuracy at any time the financial position of the Charity and enable it to ensure that the financial
statements comply with the Charit18s Act 2011, the Charity (Accounts and Reports) Regulations 2008
and th8 provisions of the trust deed. It is also responsibl8 for safeguarding the assets of the Charity and
for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Audltor
A re501ution proposing that Knox Cropper LLP be reappointed as auditor wlll be put to the members.
Approval by Trustee
This
port, was approved by the Truste8 on 121h September 2024 and signed on their behalf by
ong, TD
President and Chairman, MCF
Page 12

RMIG ENDOWMENT TRUST
REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEE OF THE RMIG
ENDOWMENT FUND
We have audited the financial statements of the RMIG Endowment Fund (the 'charit￿ ) for the year ended
31 March 2024 which comprise the Stat8menl of Financial Activities, the Balance Sheet, the Stslement of
Cash Flows and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting frameworft Ihal has been applied in their preparation is applicable law and United
Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting
Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting
Practice).
In our opinion the financial statements..
give a true and fair vi8w of the state of the Charitvs affairs as at 31 March 2024 and of it5 incomin9
resourc8s and application of resources for the year then ended.,
have been properly prepared in accordance With United Kingdom Generally Accepted Accounting
Practice,. and
have been prepared In accordance with the Charities Act 2011.
Ba818 of oplnlon
We conducted our audit in accordance with Intemetional Standards on Auditing {UK) (ISAS (UK)) and
applicab16 law. Our ￿SponSibl11t1eS under those standards a￿ further described in the Auditor's
responsibilities for the audit of the financial stalemènts section of our report. We are ind8P8nd8nt of the
charity in accordance with the ethical ￿qUIrementS that are relevant to our audit of the financial statements
In the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe thal the audit ewdence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Conclu81on8 relatlng to golng concern
In auditing the financial statements, we have concluded that th8 Truste6's use of the going concern basis
of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identifi8d any malerial uncertainties relating to events
or conditions that, indiwdually or collectively. may cast significant doubt on the charity's ability to continuè
as a going con¢em for a period of at least hyelve months from when the financial slalements are authorised
for issue.
Our responsibilities and the responsibilities of th8 Trust88 Wlth respecl to going concem are described in
the relevant sections of this report.
other informalion
The other informalion comprises the infomiation included in the annual report, other than th8 financial
statements and our auditor's report Ihereon. The Trustee is responsible for the other information.
Page 13

RMIG ENDOWMENT TRUST
REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEE OF THE RMIG
ENDOWMENT FUND
Our opinion on the financial statements does not cover the other infonnation and we do not èxpress any
fomi of assurance conclusion thereon.
Our responsibility is to read Ihe other information and, in doing so. consider whether the other infomation
is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise
app8ars to be materially misstated. If identify such material inconsistencies or apparent material
misstatements, we are required to determine whether ther8 is a material misstatement in the financial
statements themselves. If, based on the work we have p8rfom18d, we conclude that there is a material
isstatemenl of this olh8r information, we are required to report that fact.
We have nothing to raport in this regard.
Matt•rs on whlch w• arn rnqulrnd to report by •xcoptlon
We have nothing to ￿port in respèct of the following rnallers in relation lo which the Charities (Accounts
and Reports) Regulations 2008 require us to report to you if, in our opinlon..
the Infomiation given in the financial statements Is Inconslstent in any material respect with the
Trustee's report; or
Sufflcient accounting records have not been kept; or
the flnancial statements are not In 8greernent with the accountlng records. or
we have not raceived all the infonnation and explanations we require for our audit.
R?•pon8lbllltle8 of Tru8toe
As explalned more fully in the Trustee's Responsibilities Statement set out on page 12, the Trustee Is
responsible for the p￿paration of th8 financial statements and for being $81isfied that Ihey give a true and
fair view, and for such intemal control as the Trustee detemiines is necessary to enable the preparation
of financial statements that are free from material misstatement, whether due to fraud or error.
In preparlng the financial stslements, the Trustee Is responsible for assessing the Charlty's ability to
conlinue as 8 going concern, disclosing, as applicable, matters related to going conc8m and using the
going concern basis of accounting unl8SS the Trustee either Intends to liquidate the company or to C8ase
operations. or has no realistic alternative but to do 80.
Audltor's r•8pon81bllltle8 for the audlt of tha flnanclal 8tatement8
We hav8 been appointed as auditor under section 144 of the Charitles Act 2011 and report in accordance
with the Act and relevant regulations made or having 8ff8Ct Ihereunder.
Our obj8Ctiv8s are to obtain reasonable assurance about whether the fin8n¢lal statements as a whole are
free from material misstatemenl, whether due to fraud or error, and to issue an auditorfs report that includes
our opinion. Reasonable assurance is a high level of assuran¢8, but is not a guarantee that an audit
onducted in accordance with ISAS (UK) will always detect a material mlsstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or In the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
Page 14

RMIG ENDOWMENT TRUST
REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEE OF THE RMIG
ENDOWMENT FUND
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
proc8dur8s in line wth our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below..
The Charity is required to comply with charity law and, based on our know18dge of its activities, we
identified thal the legal requirement to accurately aG¢ount for any restricted funds was of key
significance.
We galned an understanding of how the charity complied with its legal and regulatory framework,
including the requirement to properly ac¢ounl for any reslricled funds, through discussions with
management and a review of the documented policies, procedures and controls.
The audit team, which is experienced in the audit of charities, considered the charity's suscepiibility
to material mlsstatement and how fraud may occur. Our considerations included the risk of
management overrid8.
Our approach was lo check that all restrict8d income was properly identified and separately
accounted for and to 8nsur8 that only valid and appropriate expenditure was charged to restricted
funds. This included reviewing journal adjustments and unusual transaGlions.
A further description of our responsibilities for the audit of the financial sla18m8nts is located on the
Financial Reporting Council's website at.. www.frc.or
auditorsre
s. This description foms part
of our auditor's report.
Uso ol the audlt report
This report is made solely to the Charity's trustee, as a body, in accordance wilh Part 4 of the Charities
(Accounts and Reports} Regulations 2008. Our audit work has been undertaken, so that we might state
lo the Charity's trustee Ihose matters we are required to slate to them in an auditor's report and for no
oth8r purpose. To the fullest extent pemiitled by law, we do nol accept or assume responsibility to anyone
other than the Charity and the Charity's trustee as a body, for our audit work, for this report or for the
opinions we have fomied.
4y*< LL P
Knox Cropper LLP
Slalutory Auditor
65 Leadenhall Street
London EC3A 2AD
12 kh 2&)y
Knox Cropper LLP is eligibl8 for appoinlment as auditor of the charity by virtue of its eligibility for
appointment as auditor of a Gompany under section 1212 of the Companies Ad 2006.
Page 15

RMIG ENDOWMENT TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2024
Ilncluding an Income and Expenditure Account)
Note Unrestricted Restricted Endowm6nt
funds
funds
funds
2024
2024
2024
£'ooo
£'ooo
£'ooo
Total
Funds
2024
£'ooo
Total
Funds
2023
£'ooo
INCOME
Donalions
Investment income
1,066
1,000
1,048
82
1,130
Total Income
82
2,066
EXPENDITURE
Investment management costs
(18)
{18)
(29)
18
18
29
Charltable activltles
Masonic grants
Non-masonic grants
15,3171
1256)
0 (5,573) (2,8781
256
2,872
Total expendlture
Nel g81nsl{losses) on inve8tments
Not Incomel(expendltur•)
Transfer8 between funds
256
18
5,591
2,064
342
{4.269)
2,700
(256)
2,128 (2,397)
(493)
10
(2.700)
572
NET MOVEMENT IN FUNDS
258
2.397
493
Total funds brought fonvard
2,642
956
11,283 14,881
15,374
Total funds carrled forward
700
10,711
All income and expenditure derive from conlinulng activiti8s and all gainsllos5es are included in the
ststement of financial adivities
The notes on pages 19 to 28 fomi part of these financial statements. The prior year figures are analy3ed
by fund in note 13 on page 27.
Page 16

RMIG ENDOWMENT TRUST
BALANCE SHEET as at 31 March 2024
Not8
MarGh 2024
£'ooo
March 2023
£'ooo
FIXED ASSETS
Investment prop8rt18S
Investments
5.212
3,497
3,620
5.661
8,709
9.281
CURRENT ASSETS
Debtors
Cash at bank and in hand
995
3,813
1,432
4,895
4,808
6,327
CURRENT LIABILITIES
Credltors falling due within one year
NET CURRENT ASSETS
(939)
(4391
3,869
5,888
TOTAL ASSETS LESS CURRENT LIABILITIES
12,578
15,169
Creditors falling due after one year
194)
(2881
Total not a88et8
12,484
14,881
CHARITABLE FUNDS
Endowmènt funds
Perynanent endowment
Total unapplied retum
10
10
10.909
11981
10,711
10,909
374
11,283
Rgslrlcled funds
Cadogan Trust
Unrestrlctod funds
10
700
956
General reserves
10
1,073
2,642
Total charltablg fund8
12,484
14,881
The financial statements were approved and aulhorised for issue by the Truste8 Board on 12th
September 2024 and signed on their behalf by..
esLo
Chairma
g,TD
Clive Em8csoh
Treasurer
The notès on pages 19 to 28 form part of thes8 financial statement5
Page 17

RMIG ENDOWMENT TRUST
CASH FLOW STATEMENT
YEAR ENDED 31 MARCH 2024
Note
2024
£'ooo
2023
£'ooo
Operating Activitie8
Nét cash provldod byl(u8ed Inl Oporatlng
Activiti•s
4,718
2,100
Cash fl¢w•s from Investing activities
Dividends and interest from investments
Proceeds from the sale of investments
Purchase of investments
1,130
2,700
1,000
1,700
Nèt cash provldod byllu8ed In) Invostlng
ActivitlO8
2,700
Cash flows from Ilnanclng actlvltlo8
Bank loans (repaidytaken out
Changè In cash and cash oqulvalonts In tho
reportlng parlod
Cash and cash equivalents at tha beginning of the
reporting p8ri0d
Cash and cash oqulvalont8 at the •nd of th•
reportlng perlod
194
189
{1,082)
411
4,895
4.484
14
4,895
N¢)t•• on tho cash flow Statsment
Reconclllatlon of net Incom•l{oxpendlturo) to
not
cash Ilow from oporatlng actlvitles
Net movement in Funds as per the Statement of
Financial Activities
(2,397)
(493)
Adjustments for:
Impaimient of Investment property
Diwdends, interest and rents from investments
Other movements in inveslments
Decreasel{increasel in debtors
Increasel(dec￿8Se) in creditors
Net cash provlded byl{u8ed In) Oporatlng
Actlvlti08
11,592)
(1,130)
(5361
437
500
(669)
(1,000)
215
(149)
14)
2,100
Page 18

RMIG ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES
(a) Statement of cornpllance
The financial statemènts of the RMIG Endowment Trust (the "Charity.) hav8 b88n prepared in
accordanc8 With applicable UK accounting stsndards. including Financial Reporting Standard 102
'The Financial Reporting Standard appllcable in the United Kingdom and th8 Republic of Ireland.
("FRS 102"). Additionally, they comply with the Stat8m8nt of Recommended Practice "Accounting
and Reporting by Charities" (FRS 102 second adition) published in 2019 (the 'SORP") in all material
respects. The Charity meèts the definition of a public benefit entity under FRS 102.
(b} 8a818 of preparation
The financial statements have been prepared on a going concem basis under the historical cost
convention, as modified by thè revaluation of investments, on a basis consistent with previous years.
Th8 functional currency of the Charity is consid8red to be Pounds Sterling because that is the
currency of the primary economic environment in whlch the Charity oper8tes.
Ic) Golng con¢orn
The Trustee has assessed whether the use of the going concern assumption is appropriate in
preparing these financial statements. The Trustee has made this assessment in respect to a period
of one year from the date of approval of these financial statements.
The Trustee of the Charity ha8 concluded that there are no material uncertainties related to events
or conditions that may cast significanl doubt on the ability of the Charity to continue as a going
Concem. The Trustee is of the opinion that the Charity will have sufficient resources to meet its
liabilities as they fall due.
(d) Incoffllng rosources
Revenue is recognised when the significant risks and rewards of ownership have been transferred,
the amount of revenue can bo maasured raliably, il is probable that future economic benefits will flow
to th8 Charity and when the specific criteria relating to each of the Charity's revenue Ghannels have
been met, as described below..
Rental and income is accounted for on an accruals basls under Ihe temis of the lease with the
School.
Interest on fixed-interest securitl8s is accounted for on an accruals basis.
Dividends on equities are recognised on receipt of payment.
Page 19

RMIG ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
(d) Re80urces oxponded
Liabilities are recognised as expenditure as soon as there is a legal or constructlV8 obligation
committing the Charity to that expenditure, it is probable that settlement will be required and the
amount of any obligation can be measured reliably. All resources expended are recognised on an
accruals basis, with the exception of grants as noted below.
Grants are recognised as expenditure in thè year in which the grant is formally approved by the
Charity and has been communicated in writing to the recipient. except to the exient that il is subject
to conditions that enable the Charity to revoke the award.
(e) Allocation and apportionmont of costs
Support costs include central functions and have been allocated to activity cost ￿tegOrieS on
basis consistent with the use of resources.
(f) Employq• b•n•fits
All staff are employed by the parent charity, The Masonic Charitable Foundation. No charge is made
to the Charity in resp8Ct of staff providing seprfices lo the Charity. No ramuneralion is paid to trustees
and no expenses r8imbur88d.
Ig) Fund accountlng
Unre5trlcted funds may be utili5ed for any purpose in eccordance with th8 charitable objectives of
the Charity. The trustees took the decision at the end of the previous year to move the 8ndowm8nt
fund to a lolal returns basis, resulting in a chang8 of policy. Investment Income and management
fees are retained wilhin the CAIF and the endowment fund. Withdrawals from the CAIF are
transferred to the general fund from the total unapplied return section of the endowment fund.
{h) Inv•stmonts
Investments are recognised initially at fair value whlch Is normally Ihe transaction price excluding
transaction costs. Subsequently, they are stated at market value. All realised and unrealised gains
and105ses ar8 r8cognised within the Statement of Financial Activities. Investments which the Charity
holds for resale or pending their sale and cash or cash 8quivalents with a maturity date of less than
one year. which are held for investment purposes, are disc105ed as current asset invgstments.
(i) Financial assets and liabiliti08
The Charity has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and liabilities are recognised when the Charity b8comes a party to the contractual
provisions of the instrument.
Page 20

RMIG ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Financial ass81s and liabililies which qualify as basic financial instruments are initially recognised at
the settlement amount after any trade discounts. They are subsequently valued at amortised cost
and assessed for impaimient at Ihe end of each reporting period. Where settlement is not expècted
within 12 months of the balanc8 sheet dale, then the asset or liability is discounted using the long
18m) return of inflation plus 4 Per￿n1 used as the target for the Charity'5 investment portfolio. Basic
flnancial instruments include debtors, cash and creditors within the balance sheet.
(j) Taxatlon
The Charity is an exempt charity within the meaning of sch8dule 3 of the Charities Act 2011 and it is
considered to pass the test set out in paragraph 1, schedule 6 of the Finance Act 2010. and th8r8for8
it meets the definition of a charity for U.K. Corporation Tax purposes. The Charity is unable lo recover
Valued Added Tax (VATI incurred on expènditure. The amount of VAT that cannot be r8COV8r8d is
included within the und8rtying cost to which il relates.
{k) Soclal Invostm•nt Proporty
The social investment property has been valu8d through the discounting of expected future lease
payments using a yield of 5.50h as the cost of Capital, less the residual value of the provision for
backlog r8pairs. This provision is being released back lo the endowment fund in line with the works
being completed and charged to th8 unreslncled general reserve. The provision for backlog repairs
is reviewed on an annual basis. and adjusted a5 required in accordance with the evolving cost for
the planned works. Gains or losses are recognised within the Statement of Financial Activities. No
depreciation is prowded on social investment properties.
Page 21

RMIG ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
INVESTMENT INCOME
Unrestricted Restricted Endowrnent Total
funds
funds
funds Funds
2024
2024
2024 2024
£'ooo
£'ooo
£'ooo £'ooo
Total
Funds
2023
£'ooo
Interest on bank deposit8
Income from investment
portfolios
Rental income - Royal Masonic School
Rental income- other
Incom8- other
225
225
45
82
82
799
10
14
141
799
799
10
14
82 1.130
1,000
CHARITABLE ACTIVITIES
Unrestricted Rastricted Endowment
Total
funds
funds
funds Funds
2024
2024
2024
2024
£'ooo
£'ooo
£'ooo £'ooo
Total
Funds
2023
£'ooo
Ma8onlc
Foundation scholarships & bursaries
(4)
Non-Ma8onlc
Foundation scholarshlps & bursarles
Property expenses
Support Costs
256
256
5,100
217
110
2,655
111
5.100
217
256
4. SUPPORT COSTS
Unrestricted Restricted Endowment
Total
funds
funds
funds Funds
2024
2024
2024
2024
£'ooo
£'ooo
£'ooo £'ooo
Total
Funds
2023
£'ooo
Interest and bank charges
Legal and administrative
Governance costs
13
195
13
195
19
82
10
217
217
111
5. STAFF COSTS
The Charity employed no staff during the year (2023.. None). No staff recharges have been made from
the MCF to the Charity.
No Trusteè received remuneration from the Charity during the year12023: £ Nil). No Truslee's
expenses were incurred during the year (2023: £ NII).
Page 22

RMIG ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
SOCIAL INVESTMENT PROPERTY
March 2024
£'ooo
March 2023
£'ooo
Balance at 1 April 2023
Additional provision for backlog repairs
Utilisation of provision for backlog r8pairs
Balance 8t 31 March 2024
3,620
13,500)
5,092
2,951
(1,9861
2,655
5,212
3,620
INVESTMENTS
March 2024
£'ooo
March 2023
£'ooo
Fixed Asset Investments..
- Managed Funds
MCF CAIF
3,497
5,661
MOVEMENTS IN INVESTMENTS
Ll•t•d
8alanc8 at 1 April 2023
Additions
Disposals
Investment income reinvested
Management fees charged to the fund
Gainsl(losses)
Balance at 31 March 2024
5.661
7,576
(2,700)
82
(18)
472
(1,7001
141
(2gi
{327)
3,497
5,661
RECONCILIATION TO SOFA
Gains on listed investments
Provision for backlog repairs on social investment property
472
1,592
(327)
669
2,064
342
Page 23

RMIG ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
DEBTORS
March 2024
£'ooo
March 2023
£'ooo
Prepayments and accruad income
995
1,432
995
1.432
CREDITORS
March 2024
£'ooo
March 2023
£'ooo
Falllng duo Wlthin on• year
Bank loans and overdrafts
Trade creditors
Accruals
193
737
193
234
12
939
439
Falllng due aft•r more than one yoar
March 2024
£'ooo
March 2023
£'ooo
8ank loans
94
288
94
288
A new bank loan vms taken out on 7th April 2021 for an amount of £835,817. It is repayable in 52
monthly instalments erKling 10th August 2025. Int8r8St is chargeable at a fixed rate of 3.31%
Page 24

RMIG ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
10. MOVEMENT IN FUNDS
Balance at Income Expenditure
1 April
2023
£'ooo
Gainsl Transfars Balance at
(losses)
31 March
2024
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
Endowment funds
Permanant endowment
Total unapplied return
10,909
374
10,909
(198)
82
(18)
2,064
(2.7001
11,283
82
18
2,064
2,700
10,711
Restrlcted funds
General reserves:
Cadogan
956
(256)
700
Unrestrict•d fund8
General reserves
2.642
1,048
15,317>
5,317
2.700
1,073
2,642 1,048
2.700
1,073
Total funds
14,881
1,130
5,591
2,064
12,484
PRIOR YEAR
Balance at Income Expenditure
1 April
2022
£'ooo £'ooo
Gainsl Transfers Balance at
(losses)
31 March
2023
£'ooo
£'ooo
£'ooo
£'ooo
Endowment funds
Permanent endowment
Total unapplied retum
10,909
(380)
10,909
374
141
(29)
342
300
10,529
141
29
342
300
11,283
Rostrlcted funds
General reserves..
Cadogan
1,066
{110)
956
Unrostrictod funds
General reserves
4,845
859
(2.762)
(300)
2,642
4,845
859
2,762
300
2,642
Total funds
15,374 2,066
2.901
342
14,881
Page 25

RMIG ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
11. ASSETS AND LIABILITIES
Inveslment Investrnents
Properties
£'ooo
Current Liabilities &
Assets Provisions
£'OOD
£'ooo
Fund
Total
£'ooo
£'ooo
Endowment funds
Permanent endowment
Totsl unappli8d return
909
4,303
10.000
(6,503}
10.909
(198)
2,002
3.497
2,002
10,711
R08trlcted funds
General reserves.. Cadogan
Unro8trictod funds
General reserves
7nr)
700
2.106
(1,033)
1,073
2,106
1,073
Totsl funds
5,212
3,497
4,808
12,484
PRIOR YEAR
Investment Investments
Prop8rt188
£'ooo
Current Liabilities &
Assets
Provlsions
£'ooo
£'ooo
Fund
Total
£'CNJO
£'ooo
Endowmont fund8
Pemianent endowment
Total unapplied retum
909
2,711
10,000
(4.339)
10,909
374
2.002
Restrlcted funds
General res&rves'. Cadogan
Unrostrlctod funds
Ganeral reserves
956
956
3,369
(727)
2,642
727
2,642
Total funds
3,620
5,661
6,327
727
14.881
12. RELATED PARTY DISCLOSURES
As described in the trustees reporl the Charity has a close working relationshlp with the Royal
Masonic School for Girls (the 'School"). Two Irusl88s of the ultimate holding company are also
governors of the School. Al the balance sheet date, a total amount of £Nil du8 from the Charity to
the School (2023.. £Nil) was included in other creditors (note 9). The Charity executed a long-tem
lease with the School on 16th June 2023. and the tems of this document have been used for the
purpose of valuing the social investment property as per note 6 of th8 financial statements.
Page 26

RMIG ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
13. STATEMENT OF FINANCIAL ACTIVITIES
(Including an Income and Expenditure Account)
12 MONTHS ENDED 31 MARCH 2023
Note Unrestricled Restricted Endowment
funds
funds
funds
2023
2023
2023
£'ooo
£'ooo
£'ooo
Total
Funds
2023
£'ooo
INCOME
Donations
Inv8Stment income
1,066
1,066
1,000
859
141
Total Income
859
1,066
141
2,066
EXPENDITURE
Investment management costs
(29)
(29)
29
29
Charltable actlvltl•s
Masonic grants
Non-masonic grants
(2,766)
1110)
0 (2,876)
2,762
110
2,872
Total •xp•nditure
2,762
110
29
2.901
Net gainsl(Ioss8sI on Investments
Net Incomol(oxp6ndlturo)
Transfers between fund5
342
342
{1,9031
{300)
956
454
(493)
300
NET MOVEMENT IN FUNDS
2,203
956
754
493
Total funds brought forward
Total funds carried forward
10,529
15.374
2,642
956
11,283
14,881
Page 27

RMIG ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
14. ANALYSIS OF CHANGES IN CASH AND CASH EQUIVALENTS LESS DEBT
At 1 April Cash Flow Non-cash At 31 March
2023
Changes
2024
£'ooo
£'ooo
£'ooo
£'ooo
Cash and cash aquivalonts
Cash at bank and in hand
4.895
(1.082)
3,813
1.082
Borrowlng8
Bank loans due within one year
Bank loans due after on8 year
(193)
288
481
194
(194)
194
(1931
94
287
194
Total cash and cash •qulvalont81088 d•bt
15. ULTIMATE CONTROLLING PARTY
The ultimate controlling party is the Masonlc Charitable Foundation (Registered Charity No.
1164703. Company Number 097518361, which 18 the sole member of the company. Consolidated
accounts for the MCF. which include the accounts of lh8 Charity, can b8 obtained from the registered
office of the Charlty.
Page 28