RMIG ENDOWMENT TRUST ANNUAL REPORT AND FINANCIAL STATE.MENTS FOR THE YEAR ENDED 31 MARCH 2025 Charfty Number: 290883 RMIG ENDOWMENT TRUST Contents Page Trustees. Annual Report Statement of Trustees ResFK)nsibilities 12 Auditorfs Report 13 stalement of Financial Activities 16 Balance Sheet 17 ststement of Cash Flows 18 Notes to the Financial Statements 19 Page 2 RMIG ENDOWMENT TRUST TRUSTEE'S ANNUAL REPORT The trustee is pleased to submit Its report for the year ended 31* March 2025. Reference and Administrative Infomiation Name and Registsred Office The name of the charity is the RMIG Endowment Trust {th8 'Charitf ) and rts principal office is located al 60 Great Queen Street. London, WC2B 5AZ. Truste•s The Trustee who served during the whole of the wa8: Th8 Masonic Charitable Foundation ('MCP} (Corporale Trustee, Registered Charity No. 1164703, Company Number 09751836) The trustees of the MCF who ser¥td during the year were: Clive Ernerson (Treasurer) Dr Slmon Fellerman Edvmrd Goodchild (Deputy President) Alan Graham, MBE Christopher Head (Resigned 11t August 2024) David Hudd (Appointed 29th May 2024) James Long. TD (Presld8nl and Chaiman) Charlotta Mi118r (Ras￿ned 13th June 2024) Stephen Robinson Marie Shenlon David Southem (Resigned 30th June 2024) David Sto¢kdale (Appointed 22rKI May 2024) Bruce Walker Sir Paul Williams, 08E. KSIJ, OL (Resigned 26th April 2024) Howard Wi150n Page 3 RMIG ENDOWMENT TRUST TRUSTEE'S ANNUAL REPORT Executive The Executive during the year to 31si Marth 2025 were.. Les Hutchinson. Chief Executive Charfes Angus, Group Finance Director Brenda Nurse, Company Secretary Auditor Knox Cropper LLP, Chartered Accountsnts. 65 Leadenhall Street, London. EC3A 2AD Bankers Bardays 8ank Plc. Level 28, 1 Churchill Place. Canary Wharf. London. E14 SHP ydesdale Bank Plc, Unit 8. 3 The Chase. John Tate Road, Hertf￿d. Herts SG13 7NN Investment Advl8ors Asset Risk Consultants Limited. 7 New Street. st. Peter Port, Guemsey, GY1 2PF Investment Manag•rs CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4ET Sar8sln & Partners LLP, Juxon House. 11x1 Sl. Paul's Churchyard, London, EC4M 8BU Royal London Ass8t Management Ltd.. 55 Gracechurch Slreet, LorKlon, EC3V OUF Thesis Unlt Trust M8nagernent Ltd, Exchangc Building, St John's Street, Chichester. W8st Su888X P019 1UP Waverton Investment Management Ltd., 16 Babmaes Streec St. James. London. SW1 Y 6AH Sollcitors Stone Klng LLP, Boundary House. 91 Charterhouse Street. London, EC1M 6HR Wedlake Bell LLP. 71 Queen VKtoria Street, London. EC4V 4AY Page 4 RMIG ENDOWMENT TRUST TRUSTEE'S ANNUAL REPORT Structure, Governance and Management Organlsatlon The Charty is govemed under Ihe terms of a trust deed dated 29th November 1984 which constitutes an unincorporated charity. The trust deed has been varied a number of times to aGcommod8l8 changes in truste8s. with a variation dated 5 April 2019 appjinting the MCF arKI its chainnan as Trustees of the Charity. Following the granting of trust corporation status to the MCF, the chaimian reS￿ned as a trustee of the Charity on 12th December 2019. Govoman¢e and Management The MCF Is the sole trustee of the Charity. Detslls of the Pro￿80$ for the appoiniment. Induction and training of the MCF'S trustee5 are given in the annual report and accounts of that company. All govemanGe and management capabilities are provided by thè MCF and details of the relevant ommittees and processes are provided in the annual report and accounts of that company. Twstees and cyjmmittees of the MCF addr8S8 the specific needs of the Charity as part of their roles and responsibilitie5 for the MCF. Th8 trustee board and the main commlttees meet 88 follow8: BoardlCommltto0 Purpo•o Mo•tlng8 per ear Trustee Board Main declsionrymaking body with ultimate responsibility for the Charil 1d8nlificallon arKI m ats'on of risk overs ht of extemal audit Ensuring adequate pro￿du￿$ s￿ in place to manage all as ts of financial lannin controlli and re rtin Maintaining investmenl stralegies to meet the requirements of the Chari intment and monitori of fund mana ers Development and execution of strategies to optim￿8 the ￿tum8 from the Charil rtfolio Development and implementstion of strategies to support the Chari s ob'ectives. Audlt and Risk Finance Investments Property Strategy The Charlty does not employ any staff. with servilxs being provided by staff employed by the MCF. Objectives and Actlvltles Tho objects of lh• Charity The prfmary purpose of the Chanty was to apply rts resour￿5 for any tharitable purpose Conr￿ted with the Royal Masonic School for Girfs (the 'S¢hool") or Ihe education of its pupils who are daughters or adopted daughters of English Freemasons considered to b8 in need. The reSoUr￿S consist of funds donated by Freemasons to the Royal Masonic Institution for Girls and transferred by that charity to th8 trustees on establishment of the Charity on 29th November 1984, together with property and real estate at Fl'¢kmansworth Park which houses the School. On 9th June 2022 the Trustee approved an amendment to the trust deed to widen support to all children, young women and young men who will be, are or have been e4Jucated at the School. and for any charitable purposes wnneGted with the Sdwl and the education of tts pupils. This varIat￿n wa5 approved by th8 Charity Commission through a Scheme dated 24 January 2023. Page 5 RMIG ENDOWMENT TRUST TRUSTEE'S ANNUAL REPORT The maln actlvltiOS Since ils establishment, a policy of Ihe Charity has been to ensure the proper maintenance of the property and real estate lo optimise the running of the Schwl. The Charity provides xholarships and bursaries on 'ne8d or means tested. basis to daughters ly adopted daughters of Fr88masons in accordancè with the trust deed. This policy has now t)8en extended to cover all thildren at th8 school, young women and men, with or without a masonic connection. Vhen s8ttlNJ the objectives and planning the work of the Charity for the year, the Tru8te8 has given car8ful conslderation to the Chariiy Commission's general guidan￿ on public benefit. In meeting its objects. the trustee has been mindfijl of the public benefits which the Charity and the School can jointly provide to local, provincial and natK)nal organisations by the use of the grounds. sports f8cilltl8s and the various halL8 and buildings. During 2022, the a&8ets of the Cadogan Trust were transferred to the Endowment TrusL to be used to continue providing bursaries to six current students at th8 S<*ool. The funds receNad, amounting to £1.07 M, were placed into a separate restricted reserve. Achlovements and Perfornianco During the period, th8 Charity expended £1.86 M on supporting the Schcol (2024: £5.10 M). Major areas of repair and refurbishment included: completion of the great hall project, resurfacing of th8 car park and design work on the chapel. £0.16 M was paid out in bursarfes frcm the Cadogan Trust Burnary Fund to support six pupils at the School (2024.. £0.26M). Flnanclal Rovlew R•vlew of the Year Unrestricted Fund Income received of £0.97 M consisted mainly of £0.80 M rental from the Sthool under th8 temis of th8 Interim lease and £0.15 M Inlerest M bank deFX)sits. Totsl expenditure for charitable purposes amounted to £2.14 M (2024.. £5.57 M). A transfer of £1.63 M was received from the endowment fund. The surplus for the year of £0.69 M (2024: £1.57 M) was transferred to reSeTh￿S. Endowment Fund Dividend income of £0.04 M (2024.. £0.08 M) was generated from the investment portfolio with costs of £0.01 M {2024.' £0.02 M). Nil gains arose from the Chafitls investsnent in Ihe MCF CAIF (2024 gains: £0.47 M). £1.86 M was written back to the value of the social investment propety (the buildings l&qsed to the School) folk)wlng the repairs Page 6 RMIG ENDOWMENT TRUST TRUSTEE'S ANNUAL REPORT undertaken during the year. No further provision ¥VdS made in recognIt￿in of the increased scope and cost required lo Complete the programme of bad(log works. A support grant of £75k was paid to th8 RMS to assist in mitigating the impact of the imtM)sition of VAT on school fees. Reserves Pollcy As at the 31 March 2025 the total18vel of r8S8rv88 W88 £13.20 M. of which £10.89 M related to endov4m8nt funds, £0.54 M to the Cadogan Bursary and Ihe remainder of £1.76 M related to the working capital wilhin the unrestricted general reserve. Tha Chanty's policy is to apply its resources for any charitable purpose connected with the School or the aducation of its pupils in accordance wrth the trust deed. The Charity has commissioned a report from firm of professional surveyors lo consider the condition of the Schwl buikdings in antbcipation of a new tenant repainng lea58. from whiGh significant dilapidations have been identifi8d for re¢tifi¢ation. The expeth wst for this is estlmated at £21.50 M and fvll proifjsion has been made for this against the value of the social investment property in the accounts. In order to provide increased availability of funds. the Trustee agreed to adopt a Total Retum basis lor ulilising Investment retums on 12 December 2019, replacing the previous policy of applying in-year income only for the purpose of supporting the Schcol. The surplus over the orfginal endowment has been transferred to a separate reserve f(K the total unapplied return. The social investrnent property has been valued through tha discounting of expected future lease payments using a yield of 5.5% as the cost of capiial. less the residual value of Ihe provision for backlog repairs. This provision is being released back to the endowmenl fund in line with the works belng Completed and tharged to the unrestricted general reseprfe. The provision for backlog repairs is reviewed on an annual basis, and adjusted as required in accordance with the evolNiThJ ¢xBt for the planned work8. Investment Pollcy and P•rfornianc• The inv88tment strategy was to provlde sufficient income to support the Chariws primary objectives whilst maintainlng its real value to ensure that purchasing power does not diminish in the long-term. The Truste8 recognised that this required a medium to h￿h risk asset allocation, with up to 85% of the portfolio inM8sl8d in equities. Risk w8s mitigated through a diverse portrolio of ftxed inierest securities, equiti8s, unll trusts and opgn-ended investment companies. Following the Trustee's decisK)n to adopl a Total Relum basis, the requirement to maximise the income component of the investrnent retum was removed. and the Charity was ab18 to adopt the MCF investment strategy and to transfer rts funds to tha MCF CAIF. The MCF global inveslment strategy seeks to protect the Caprtal value of investrnents that are requI￿d to fund operations for a two-year lime horizon (the°Cash Reserve.) and to invest all rernaining funds for long tem growth, on a total ￿turn basis, wilh an overall objective of making a return of CPI plus 3.5% net of all expenses. The Cash Reserve is provided by Royal LorKlon Asset Managem8nt and uts'lises three of their funds, which provide a mix of instruments. induding cash instruments. Treasury Bills, covered (secured) bonds, coryM)rale borffls. Supranallonals arKI mortgagfrbacked securities. The performance obj'ectives of the three funds are.. Short Tetm Money Market Fund: Short Temi Fixed Income Fund: Short Temi Fixed Income Enhanced Plus FurKI: SONIA SONIA plus 0.50% gross of fees SONIA plus 1.￿ gross of fees Page 7 RMIG ENDOWMENT TRUST TRUSTEE'S ANNUAL REPORT Investment Policy and Perfonnance (Continu￿) The MCF sponsored the launch of the Ma50nic Charilable FourKlation Investment Fund CAIF, which took place on 1 Si October 2018. This is a unit trust wilh a highly efficient tsx wrapper in which the MCF and all ils subsidiary Gharits'es 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 investrnenl strategy is directed for°Steady Growth., which Is a m8dium-high risk strategy. Risk is managed through diver5ifi¢ation, with the funds split betW88n four different fund managers operating on multi asset mandates but utilising drftering investment managernent styles. The overall fund manager is Thesis Unit Trust Management Limited and th8 Custodian in Northem Trust. The strateglc and actual asset allocations as at 3111 March 2025 are shown in the following table: Actual 31qt March 2025 4.78% 5.92Wo 65.47% 12.79% 3.42% 8.730 0.89Vo 100.00% A88ot Class Strateglc Allocation 0.00% 7.50% 54.50% 18.00% 12.50% 3.75% 3.75% 100.00% Benchmark Cash Fixed IncLYne International E U.K. E ui Em8 Market E ui Altemative Investments Pro SONIA FTSE UK World Gov. Bond Index G8P MSCI Wodd ex UK NR GBP MSCI UK E ui NR GBP MSCI Em Markets E ui HFRX Gbjbal Hed è FurKI GBP IA UK Direct Pro TR ui NR GBP Perfomiance under the new arrangements is shtrwn in the table below.. MCF CAIF RLAM Money RLAM Short Term Flxod Incom• RLAM Short Terni Flx•d Incomo Enhancod £Nil Capital Protection CCLA Proporty Fund Fund at 311t March 2025 Investment approach £1.83 M Steady Growth Multi Asset £Nil Capital Protection £Nil Capital Protection £Nil In￿rne & long-temi Capital Grovrth MSCIIAREF UK oth8r balanc8d ro Benchmark Composite SONIA SONIA SONIA Peer Group ARC Chanty GBP Steady Growth None None ARC Charity GBP Steady Growth 6.90¥0 2.20% 3.00% 6.20 9.40 8.10% Retum for th8 ear Benchmark retum for ar Peer rou relum for ear ar r8lum ear benchmark rou 3.80% 5.50% 3.00% 18.40% 19.80% 8.10% 5.23% 4.90% 4.40% 13.45% 12.57% 2.￿* 5.54% 4.90% 4.40% 14.10% 12.57% 2.90% 5.81% 4.90% 4.400 14.09% 12.57% 2.90% Page 8 RMIG ENDOWMENT TRUST TRUSTEE'S ANNUAL REPORT Investment Pollcy arKI Perforniance (Conllnu•d) Stock markets suffered a LX)Ilapse in the final month of the financial year following the introduction of tsrrfts by the USA ￿Su￿ng in an increase in the valuation of th8 MCF CAIF from its openlng value of £146.47 to close at £149.99 per unrt after reathing a high point of £161.77 in early February. Page 9 RMIG ENDOWMENT TRUST TRUSTEE'S ANNUAL REPORT Prlnclpal Risks and Mitigation The principal risks identified and agreed actior6 to mitigate are shown in Ihe following tsble.. Miti ation Strong finarKval procedures. parbculady budgetary planning and contrd. Oversight from th8 Finance Committee. Rlsl( Signtficanl unext*cted financSal10gs from operatSon8 Con u•n¢e Rewtalional damage, loss of confidenc* wilh key stakeholders arwj impa¢t upon ￿ntinuiry fina￿al sustainatNIi Poor servKe lo be￿firJar￿ and reputational damage. Withdrawal of services from su liefs Impacts finawal suslainabilrty 8nd reputalKN)al dam￿ with donors Inadequate IiquKlity to meet financial commf(menls SvJnifunt long-term1055 in the value of the investment portfdio Cash flow forecasting and Imjusdity planning thin the Invesbment Straleg Appoinlmenl of Asset Risk Consultants as expert investment advisors, providing monthly pwfcffiiarKe reporting and analysis. OverswJhl from investment and committees. Strong pr￿edureS and controls for pr(Thssing ￿ants. Overslght from Masonlc and Charil Grants committees UGLE manag8 and monitor ne￿orkS, servers and backup systems, and has deployed appropriate defence mechan18ms •.g. firvlvalls, antivinjs elc. Third party hosted system8 lappI￿t￿n5 have relevant o)ntrol$ 8nd security regimes. InfomiatK)n systems are only accessed via the VPN network andlor multi- factor authenb¢81￿n protocols. Grants made outside the Charlls Objects and ralin ideline8 Cyberattack on IT sy81om8 Rgputalional damage. loss of confiden¢e with key stak8hldern a lenlial Iruslee liatx'li OperalKThI disruplbn resulting in finanual, reputalM)nal, legal aThJ lat(wy damage. MCF's Infomation Security Group IISGI have various digitsl & IT procedure8 and in pla¢0. Cyber awarene55 and trainin ramme mandalo for all staff. Data p￿teCtion Oicy. IT 8ecurity and HR licies in ace Finan¢ial procedureB, 60gregation of dutl88. aulhortty limits, IT security, increased awareness amon sl staff MCF 8u$inesg Continuity Plan Dal8 prolectSon breach Repulakn'onal damage and Slgnificant financkgl en3￿10$ Financ￿1 lo¥s, reputatsonal damage, 8dverse Impxl upx)n stsff Fraud Unavailability of accommodation Loss of paper recunting policies and then apply thern consist8nty. obser4e the method$ and principles in Accounling aThl Reporting by Charities: Statement of Recommended Practice applicable to chanties P￿parIng their financial stslements in accordance with th8 Financial Reporting Stsndard applicable in the Unlted Kingdom and Republic of Ir81and (FRS102)', make judgements and eslimates that ao reasonable and prudent: state whether United Kingdom ac¢ountirMJ Standards have been followed, subiact to any material departure8 dipA08ed arKJ explained in the financial statements: and prepare the financial statements on the going a)ncem basis unless It 18 inappropriate to pr8sume that the charity V*ryll continue to operate. The Tru8tee 18 r88ponsible for keeping adequate a¢counting records that disclose with reasonable accuracy at any time th8 financial position of the Chanty and enable It to ensure that the financlal statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and th8 provisions of the trust deed. 11 is also responsible for safeguarding the assels of th8 Charity and for taking reasonable steps for the prevenlion and delection of fraud and other irregularities. Audltor A resolution prop08ing that lver the othgr infomiakn'on and we do not express any fonn of assurance conclusion thereon. Our responsibilty is to read the other information and. in doing so. ￿)nsIder whether the olhor infomation is materially inconsistent with the financial ststernents or our knowle(Jge obtsined In the audit or otherwise appears to be materially misstated. If we identsfy such material inconsistenaes or apparent material misslatements, we are required io delermine whether there is a Material misstatemenl in the financial statements themselves. If, based on the work we have perfomed, we conclude that there 18 a material misstatement of this other informaiK)n. we a￿ required to rewrt that facL We have nothing to report in this regard. Matter• on whlch we arn requlr•d to rnwt by excomlon We have nothing io report in respect of the following matters in relation to which the Charities (Acwunts and R8POrts) Regulations 2008 require us to report to you if, in our opinion: the information given in the finan¢ial statements Is in(x)nsistent in any materi81 respect with the Trustee's report., or sufficient accounting re￿rdS have not been kept: or the financial statements are not in agreement V•ith the accounting records: or we have not rec8iv•J all tho information and explanations we require for our audit. RMpon•lbilltlo• of Trusts• As exp18ined more fully in ttle Trustee's Responsibilities Statement set out on page 12. the Trustee is responsible for the preparation of the financial ststements and for being satisfied th81 they give a true and falr vlew, and for such intemal control as the Trustee detennines is necessary to enable the pr8paration of financial st8lements that are free from material misstatement. whether due to fraud or error. In prepanng th8 finanoal statements, the Trustee is responsible for assessing the Charity's abllity to Continue as a going concem, disclosing. as applicable, matters related to going concern 8nd using lh8 going concern basis of accounting unless Ihe Trustee ether intsnds to liquidate the cKJmpany or to Gease operats'ons, or has no realistic aftemative but to do so. AudIt￿l re8ponslbllitSes for th• audlt cl th• financlal •Ltsm•nts We have been appointed as audrtor under section 144 of the Charities Ad 2011 and report in acc4)rdance wrth the Act and relevant reoulations made or haling effect thereunder. Our obi8Ctives are to obtain reasonabbe assurance ab)ul whether the financial statements as a whole are free from material mwtatement. whether du8 to fraud or emr, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran￿. but is not a guarantee that an audit nducted in accordance wth ISAS (UK) will always detect a material misststement wh8n it exists. Misstaternents can arise from fraud orerror arKI are considered materlal if, individually or in the agg￿gate. they could reaSona￿Y ￿ expec*ed to infiuence the economic decisions of users takèn 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, induding fraud, are instan¢￿ of non-compliance with laws and regulation5. We design proc8dur8s in line with our respK)nsibilities, outlined above. to d8tect material misslat8ments in respect of irregularities, including fraud. The extent to which our proc8dures are capable of detecting I￿egularl11e8, including fraud is d8tailed below: The Charfty15 required to comply chaiity law and, based on our knowledg8 of its activities. v identified that the legal requirem8nt to accurately account for any r8Strict8d funds was of key significance. W8 gained an understanding of how the charity complied wilh its legal and regulatory framework, including the requirement to properly a¢¢ounl for any reslricied 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 charfws susceptibility to material misstatement and how fraud may occur. Our (x)nsMJerations Included the risk of management override. Our approach was to check that 811 restrf¢ted Income was properly identified and separately accounled for and to ensure that only valid ar)d appropriate expenditure was charged lo r8Stncted funds. This included revrewing Joumal adjustments and unusual transactions. A further descrfption of our responsibilities for lh8 audtt of the financial statements Is located on the Financial Reporting Council's website at: www.frc. dit onsibilities. Thi5 description fomis part of our auditorfs r6POrt. U8• of tho audlt report This report is made solely to the Charity's trusle8. as a body. in 8ccordance wlth Part 4 of the Charities (Accounts and Reporls) Regulations 2008. Our audit work has been undertaken, so that wa might state lo the Charity's tru8tee those matters are required to slate to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone olher than the Cherty and the ChaTiVs trustee as a body, for our audit work, for this r8POrt or for the opinions we have formed. .LLP Knox Cropp&r LLP statutory Auditor 65 Leadenhall Street London EC3A 2AD 06 Nov 2025 Knox Cropper LLP is eligible for appointment as auditor of the charity by virtue of its eligibilty for appointm8nt 8s auditor of a ￿MpanY under SeC￿n 1212 of the Companies Act 2006. Page 15 RMIG ENDOWMENT TRUST STATEMENT OF FINANCIAL ACTivrriES YEAR ENDED 31 MARCH 2025 (Including an Income and EX￿ndItU Account) Note Unrestricted Restricted Endcwment Total Total funds funds funds Funds Funds 2025 2025 2025 2025 2024 £'ooo £'ooo £'ooo INCOME Investment income 972 1,011 1,130 Total income 972 39 1.011 1,130 EXPENDITURE Inv8Stment management Costs (10} (10) (18) 10 10 18 Charltabla actlviti08 Non-masonic gr8nls {1.911) (157) (75) (2,143) (5.573) 157 75 2,143 5,573 Total eX￿ndItUre 1,911 157 85 2,153 Net gain81(losses) on investments Not Incom•l(expendlturn) Transfers betw8en funds 1854 1,854 2,064 (939) 1.625 (157) 1.808 712 (2,397) 10 (1.625) 183 NET MOVEMENT IN FUNDS 157 712 2.397 Total funds brought forward Totsl fund• carriod foThYard 1.073 700 10,711 12,484 14.881 543 10894 13 196 12,484 All income and expenditure dertve from conts'nuing activiknes and all gainsllosses are included in the statement of financlal acb'vth'es Th8 notes on pages 19 to 28 form part of these financbal statements. The prior year r￿ureS are analysed by fund in note 13 on page 27. Page 16 RMIG ENDOWMENT TRUST BALANCE SHEET as at 31 March 2025 Marth 2025 March 2024 £'ooo FIXED ASSETS Investment properties Investsnents 7.067 1,825 5.212 3,497 CURRENT ASSETS D8btors Cash al bank and in harKI 601 4,012 995 3,813 4.613 CURRENT LIABILITIES Creditors falliryd due within one year NET CURRENT ASSETS (309) 4304 (939) TOTAL ASSETS LESS CURRENT LIABIUTIES 13,196 12,578 Creditors falling due after one year (94) Total not a58•ts CHARITABLE FUNDS Endowmant fund8 Pemanenl endowment Total unapplied relum 10 10 10,909 (15) 10,909 (198) R•8lricted fvnd8 Cadogan Trust Unrestrlctod funds 10 700 General reserves 10 1.759 1,073 Total charblable funds 13,196 The financial statements were approved and authorised for issue by the Trustee Boanl on 11th September 2025 and signed on their behaff by: Jarn g.TD Cliv8 erson Treasurer The note8 on pages 19 to 28 forni part of trffj8e financial statements Page 17 RMIG ENDOWMENT TRUST CASH FLOW STATEMENT YEAR ENDED 31 MARCH 2025 Note 2025 £000 2024 £'OLX) oporn￿n9 Activities Net cash provid￿ byl(us•d In) Operating Actlvitlos 4.718 Cash fl(hVS from Invostlng actlvftios Dlvidends and Inleresl from investme￿8 Proceeds from the sale of Inveslments Purchase of investrnents 1,011 1,700 1,130 2.700 Nol cash provided byl{uMd In) Investlng Activiti08 Cash from financing actlvld•• Bank loans (repaidytaken out Change in cash and ca•h •qulval•nts In the roPOrtJng porlod Cash and cash equlvalents at the beginning of the reporting period Cash and cash equlval•nts at tho •nd of th• rnportlng p•rlod 201 194 (1.082) 3,813 4.895 14 4.012 3,813 Notes on th• ca8h flty# 8tat•m•nt Roconclllatlon of not incom•l(•xpondlture) to not ¢8•h flow from operntlng actlvltl Net movement in Funds as per the Statement of FinaneAal Activities 712 (2,397) Adjustments for. Impairynenl of investment propety Divldends, inlerest and rents from investments Other movernenls in investments Decrease in debtors Increasel{decrease) in creditors Not providgd byl{used In) OperatlrvJ Activiti08 (1,855) (1,011) (28) 394 (523) (1,5921 (1,130) 1536) 437 500 4,718 Page 18 RMIG ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (a) Statomont of compllance The fmancial statements of the RMIG Endowmènt Tmst (th8 "Chariv) have been pr8p8r&l In accordance with appllcable UK accounting standards, indLKling Financial Rewrting Standard 102 'The Financial Reporting Standard applicable in the Un1￿j lQ'ngdom and the R8publlc of Ireland. ("FRS 102.1. Additionally. they com[￿Y with the Ststement of Recommended Practs'ce Accounting and Reporting by Charities. IFRS 102 s8cofKI edition) published in 2019 (the "SORP.) in all material SP8cts. Thè Charity meets the definits'on of a public benèfit 8nb.ty under FRS 102. (b) Basis of preparation Th8 financial statements have be8n prepared on a going rnncem basis Lmdar the hi81orical cost convention. as modified by the revaluation of investments, on a basis consistent with previous years. The functional currency of the Charity is considered to be Pounds Steding because that is the currency of the primary economic enwronment in which the Charity operate8. (c) Golng conc•rn The Trustee has assessed whether the use of the going con(%rn assumption is appropriate preparing these financial statements. The Twste8 has made this assessment in respect to a period of one year from the date of approval of these finanGial statements. The Trustee of the Charlty has conduded that there are no material un¢ertalnties related to events or conditions that may ¢88t sKJnific*nl doubt on the ability of the Chanly to Gontinue as a going concem. The Trustee is of the opinion that the Charty will have sufficient resources lo meet its Ilabilities as they fall due. (d) Incoming ros¢Jurcos Rev8nu8 is recognised when the significant risks arKI rewards of ownership have been transf8rr8d, the amount of revenue can be measured reliably. il is probable that future economic benefits will flow to the Charity and when Ihe s￿oriC uiteria relatin9 to each of the Chantys r8V8nue channels have been m8t. as described below.. Rental and income is aC￿Unted for on an a(xyuals basis under the temis of the lease with the School. Inleresl on fixed-interest securities is aco)unted for on an accwals basis. Dividends on equities are recognised on receipt of paymenL Page 19 RMIG ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 (dl Resources expended Liabilities are recogni8ed as expendiiure as s￿n as there is a legal or construGtsve obligation committing the Charity to that expendilure, it Ls probable that settlement will be required and the amount of any obligation can be measured reliably. All resources expended are recogni5ed on an accruals basis. with the exception of granis as noted below. Grants are re￿gnIsed as expermjiture in ts year in which the grant is fomially approved by the Charity and has been communicated in vrrits'ng to the recipient. except to th8 extent that it is subject to conditions that enable the Chanty to revoke the award. {e) Allocation and apportlonmont of costs Support costs include central fun¢tlons and have bean allocated to actiwty cosl ¢at8gori8s on a basis consistent with the u8e of resources. (Q Employ0• benoffts All staff are employed by the parent charity. The Masonic Charitable Foundation. No charge is mad8 to the Charty in respect of staff provKling services to the Charity. No r8muneratson is paid to trustees and expenses reimbursed. Ig) Fund accounting Unrestricted fund8 may be uts'lised for any purpose in acc(xd8nc* wlth the charitable objectives of the Charity. The truste8S took the decision at the end of the previous year to move the endowment fund lo a total returns basis, resulting in a change of pollcy. Investment in￿rne and management fees are retained within the CAIF and the endowment fund. Vlithdrawals from the CAIF are transferred to the general fund from the total unapplied retum seCt￿n of the endowment fund. (h) Invoglments Investrnents are re￿nised inilially at fair value which is normally the transaction price excluding transaction costs. Subsequenlly, they are ststed at market value. All realised and unrealised gains and losses are recognised within the Slatement of Financial Activitses. Investments whl¢h the Charity holds for resale or pending their sale arKI cash or cash equivalents wth a matunty date of less than one year. which are hekl for inv8strnent purposes, are disclosed as current asset investments. (i) Flnanclal a880ts and Ilabilttlos The Charity has I*￿$8n to adopt Sections 118nd 12 of FRS 102 in respect of financial instruments. Financial assets and liabililies are recognised vthen the Charity becomes a party to the contractual provisions of the instrument. Page 20 RMIG ENDOVVMENT TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Financial assets and liabilities which qualify as basic finandal instruments are inrtially recognised at the settlement afflount after any trade discounts. They are subsequently valuèd at amortised cost and assessed for impairment at the end of each rep)rting period. Where settlement is not 8xpe¢ted within 12 months of the balance sheet dale. then the asset or liability is discounted using the long term retum of inflation plus 4 percent used as the target for the Charit￿$ investment portfolio. Basic financial inslwments Include debtors. cash and creditors wtthin th8 balance sheet. Q.) Taxatlon The Charity Is an exempt chanty within the meaning of schedule 3 of the Charities Acl 2011 and ti 15 considared to pass the test set out in paragraph 1. schedul8 6 of the Finance Act 2010, and therefore It meets the definition of a charity for U.K. Corporation Tax purposes. The Charity is unable to recov8r Valued Added Tax (VATI incurred on expenditure. The amount of VAT that cannot be recoverad Is included within the undedwng cost to whith it r61ales. (k) Soclal Invostment Proporty The soclal investment property has been valued through th8 discounting of expected futur8 lease payments using a ￿eld of 5.5% as the cost of Gqpi181, 18SS the residual value of the prow8ion for backlog repalrs. This prov18ion is being r81ea8ed bath to the endCr￿￿nen{ fund in line with the works being completed and charg8d to the unrestrFCted general res8r¥8. The provision for backlog repairs is reviewed on an annual basis, and adjusted as required in accordance with the evolving Gost for the planned work5. Gains or Iwses are recognised within the Statement of Financial Aclivities. No depreciation is provided on social investment properties. Pag8 21 RMIG ENDOVVMENT TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 INVESTMENT INCOME Unrestricted Restricted Endowment Total fuTrYs funds funds Funds 2025 2025 2025 2025 £'o £'OOO £'QM)O Total Funds 2024 £'(yJo Intsrest on bank deposits Income from investment portfolios Rental incom8 - Royal Masonic School R8ntal income - other Income - other 149 225 82 799 10 14 39 39 799 799 18 18 972 39 1 011 1.130 3. CHARITABLE ACTMTIES Unrestri(*ed Re$trictsJ End0￿￿ent Total Toial funds funds funds Funds Funds 2025 2025 2025 2025 2024 £'(K)O £'OOO £'OOO £'(M)O Non-masonlc Grarrt8 Foundalion s¢holaf8hips & bursarles Property expenses Support Costs 157 75 232 256 0 1,856 5,100 55 217 1,856 157 75 2,143 5 573 4. SUPPORT COSTS Unrestricted Reslricted Endowment Total Total funds funds funds Funds Funds 2025 2025 2025 2025 2024 £'ooo £'ooo £'ooo Interest and bank charges Legal and administrative Govemance costs 13 195 40 55 55 217 5. STAFF COSTS The Charity employed no staff during the year (2024". NO￿). No staff recharges have been made frc Ihe MCF to the Charity. No Trustee r￿1Ved remuneralion from the Charity during the year (2024: £ Nil). No Trustee. expenses We￿ incurred during the year (2024: £ Nil). Page 22 RMIG ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 SOCIAL INVESTMENT PROPERTY March 2025 March 2024 rooo Balance at 1 April 2024 Additional provision for backlog repair5 Utili5ation of pYo%rysion for backlog repairs Balance at 31 March 2025 5.212 3,620 (3.5001 5,092 1,855 7,(￿7 5,212 INVESTMENTS March 2025 March 2024 £'ooo Fixed As58t Investments.. - Managed Funds MCF CAIF 1,825 3,497 MOVEMENTS IN INVESTMENTS Li8tod Balance at 1 April 2024 Additions Disposals Investment income reinvested Manag8m8nl fees charged to the fund Gainsl(losses) Balance at 31 March 2025 3.497 5,661 (1,700) 39 (10) (1) (2,700) 82 {18) 472 RECONCILIATION TO SOFA Gains on listed investmenls Provision for backlog repairs on social investment property (1) 1,855 472 1,592 Page 23 RMIG ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 DEBTORS March 2025 £000 March 2024 £'ooo Prepayments and accrued income 601 995 601 995 CREtXTORS March 2025 £'ooo March 2024 £'o Falllng duo Withln om year Bank loans and overdrafts Trade creditors Accruals Amounts due to group undertakings TaxatK)n and Social se¢urty 193 737 159 10 47 309 939 Falllng du• aft•r m¢x• than on• yoar March 2025 £'ooo March 2024 Bank loans 94 94 A new bank loan was taken out on P April 2021 for an amount of £835.817. It is repayable in 52 monthly instalments ending 1￿ Augu8t 2025. Interest is charg88ble al a fixad rat8 of 3.31 % Page 24 RMIG ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 10. MOVEMENT IN FUNDS Balan(% at Income Expenditure 1 April 2024 £'ooo £.￿0 Gainsl Transfers (losses) Balance at 31 March 2025 eooo rooo Endowment funds Pemanent endowment Total unappliad retum 10,909 (198) 10,9)9 (15) 39 {85) 85 1.854 (1.625) 39 Re4trlcled fund8 General reserv8S'. Cadogan Unrostrlcted fund8 G8n8ral r8serve8 7(Kl (157) 543 1,073 972 (1,911) 1.911 1,625 1,759 1.073 972 1,625 1,759 Total fund• 2,153 PRIOR YEAR Balance at Income Exp8nditure 1 April 2023 £'CKJO £'OOO Gainsl Transfers (losses) Balance at 31 Mar¢h 2024 £'wo £'ooo £'ooo £'ooo Endowment lunds Pemianent endowment Total unapplied retum lo.￿)9 374 10,9)9 (198) 82 {18) 2,064 (2.700) 11.283 82 18 2.7iX) Restrlcted funds General reserve5.' Cadogan Unrnstrlcted fiind• General reserves 956 {256} 7CA) 2.642 (5,317) 2.700 1,073 5,317 2,700 1,073 Total funds 14,881 5,591 Page 25 RMIG ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMEP YEAR ENDED 31 MARCH 2025 11. ASSETS AND LIABILrriES Inveslment Investments Current Liabilits'es & Properlies Assets Provisions £'o £'ooo Fund Total £'ooo End(Ywm•nt lunds Pemianent endowment ToLql unapplied retum 10,WO (8,175) 1,825 10,909 (15) 10.894 6,158 2,￿2 Ro8trlctsd lund8 General reserves.. Cadogan Unr08trict•d funds General reserves (5) 543 2.063 (304) 304 1.759 Total funds 7.067 1,825 4,613 309 13,196 PRIOR YEAR Investment InNpstments Current Liabilities & Properties Assets Provisions £'ooo £'ooo Fund Total £'ooo £'ooo Endowmont lunds Pemianent endowment Total unapplied retum 909 4.303 10,000 (6,503) 10,909 (198) 2,002 2,002 10,711 R••trictod funds General reserve8: Cadogan Unrostrlctod funds General reser4e8 71X) 700 2.1( (1,033) 1,073 2,106 1,073 Totsl funds 5,212 4.808 1,033 12. RELATED PARTY DISCLOSURES As described in the 1rustees retK)rt the Charity has a close Vffi￿ng relatlonship with the Royal Masonic S