Supreme Grand Royal Arch Chapter of Scotland Benevolent Fund Annual Report For the year ended 28 February 2025 Charity Number SC010082 Supreme 2025 A¢cothls Fmal svJneQ.pdf [Th6￿&78e(>4e¢{-Oas2-t#j5o56886csbI P￿.. l 125 s[P￿rne Gland Royal ￿ch Chapter of Scclland Banevolent Fund Annud Rèport *Jrthg. yg.xr gntlpd ?R F&.hriJary Reference and administrative details for the year ended 28 February 2025 Trustees Bankers The Royal Bank of Scotland 30 Nicholson Street Edinburgh EH8 9DL Accountants Henderson Loggie LLP Level 5, The Stamp Office 10 - 14 Waterbo Place Edinburgh EH13EG Investment advisors Ralhl)ones Group PIC and Ground Floor 1 D George Street Edinburgh EH2 2PF Principal offic8 94a George Street Edinburgh EH2 3DF Scottish eharity numbèr SC010082 s￿)r￿Me2025 A¢tounts FY01 ￿ne0 tMYl3t9d6cg&7a6(H6¢f-b052-bd50568WI Pag&'. 2 125 s[P￿rne Gland Royal ￿ch Chapter of Scclland Banevolent Fund Annud Rèport *Jrthg. yg.xr gntlpd ?R F&.hriJary Trustees, report lorth8 year ended 28 Febnmry 2025 The trustees have pleasure In presentlng thelr rewrtlorthe year ended 28 February 2025. Organisation The tfustees of the Suprème Grand CharAer of Scntland are seven of its prIn￿paI Offi￿-b&arerS and ar detailed on page 57. The powerto appoint new trustees and remove exisb'ng Trustees rests with Supreme Grand Chapter. Each trustee shall have one vote- trAJt in the case of an equality of votes, the presiding Companion shall have a casting as well as a deliberative vole. In most cases the presiding Companion will be the First Grand Pnncipal. New trustees are provided with details of the organ15atson and its activities before appointment. Supreme Committee exercises a general control over Ihe Fund. acts as the or(fjnary judicial lribunal of Supreme Grand Chapter with delegated powers and regularly repcrts all its transaclDns for the inforniation and approval of Supreme Gr￿d Chaptei. The trustees and Supreme Commitiee have delegated with instructtons to the Grand Scribe E the role of keeping accounting record3 for the charityand preparing the fnanrAal statements for each financial p￿riod. Objectives and activitie5 The Benevolent Fund applies the revenue received from its inve5trnents and any dcnations received to charitable purposes and rt will also make payment in whole or in part of such retinng allowan￿5 as may be granted by Supreme Grand Chapter. Each Feriod the fund wll provide donaticr¢s and grants and these are made al the consent of Supreme Grand Chapter at a stated Convocation. Beneficiaries of grants shall be mernber3 of the Order, their parents. 3POU3es, children or colateral3. Applications for grants mu3t be by Schedule. which is obtainable from Grand Scribe E. No grants or donats'ons were distsibuted during the year to 28th February 2025 due to the trustees lime being taken up with finding new offices foi the organisation and wvering for Gland Scribe E. Nvho was on 3i¢k leave. This position wll be addressed in the year ending 28th February 2026 and wll be refiected in thrs years, accounts. Financial review Financial details of the Benevolent Fund of Supreme Grand Chapter are outlined wilhin the accounts and can be found on pages 61 to 68. Regarding Income, Ihe yield from the portfolio of investments is up 3% from the previous year, the dividends are satisfactory in the present market conditions. Certain shares have been Sold, the proeeeds reinvested in shares perceived to have greater potential. The Benevolent fund has gènèrated a surplu5 for the year of £174,21012024'. £245,817} mainly due to thè £55,207 lègaey received from companion ￿ and the substantial unrealised gains cn the charity's investrnent portfolio. A5 at 28 February 2025. the expendable endowment funds sland at £1,743,481 {2024= £1,569,271 }. The tnjslees are satisfied with thefinancial posit￿n of the Benevolent FuTrJ and confirm that funds can rn￿t their obligalions. Investment policy In accordan￿ with the Constitution and Laws, the trustees have the power to invest as they see fit provided they are reasonably prudent after taking Jrofessional ajvice from Rathbones. The trustees maintain the charity fvnds in an wpropriate structure that can be paid out a5 required. Roserves policy The reserves of the charity are rnain￿ represented by investments. the income from which is utilisal in making donab'ons. The InJslee5 have the power to stend any of the endtjwment fvnds: however. the ￿nd is used to generate income. Risk management The trustees have assessed the major risks lo which the charity is exposed. in particular those relaled tothe operations and finances of the charity and are Satisfied that system5 are in place to mitigate their exposure to the rnajor risks. s￿)r￿Me2025 A¢tounts FY01 ￿ne0 tMYl3t9d6cg&7a6(H6¢f-b052-bd50568WI Pag&'. 3 125 s[P￿rne Gland Royal ￿ch Chapter of Scclland Banevolent Fund Annud Rèport *Jrthg. yg.xr gntlpd ?R F&.hriJary Trustees, report (continued) forth8 y8argnd8d 28 F8bnJary 2025 Future plans The trustees plan to conl'nue wth the giving of grants and donattons in accordance with the Constitution and Grant making wlicy Grants from the Benevolent Fund shall be made wrth consent of the trustees at a staled meeb"ng. Apph'cation for grants must be by SchedU￿d obtainable from Grdnd Scribe E and must have already been o)nsidered by Lodge and Chapter. Structur8 gov&rnanc8 and manag8m8nt The Supreme Grand Royal Arch Chapter of Scotland Ihereafter Teferred lo as Supreme Grand Chapter) was conslituled in 1817 and its Constitution and Lav￿ govern its objectives, organisalional slruthre together with legal aTrd administrative arrangements. Related party The Supreme Grand Chapter consists of *NO Funds, the General Fund and the Benevolent Fund. The General Fund is maintained by the Grand Scribe E this receives income annually from 1he members of the Order. All expenses of administration in relati￿ tci both Funds are applied to the General Fund. The Benevolent Fund each pericd pays over a sum of money to the Gen￿al Fund tawards administratit costs of the Order and the mantaining of the acccuntancy re￿rdS of the Benevolent Fund. Statem¢nt of tru3tse3' occounting regpon3ibilitieg Under the Constitution and Laws and *islation relating to Chwities in Scotland. the trustees are required to prepare financial statements for each financial perDd that give a true and fair VEW of the slate of affairs of the Charity as at the end of the period and of the surplus C￿ deficit for that Feriod. In preparing those financial staiements, the trustees are required to.. Select suitable accounting policies and then Bpply them consistenly.. makejudgement5 and estimates that are reasonable and pwdent stale whether applicable acc£Junting stan(krds have been followed sut4.ect to any material departures disclosed and explained in the financial statements- Prepare the financial statements on the goiny concern basis unless it is inappropriats to presume that the Charity wlll contlnue In operatfion. Thè trustèès are responsiblè for keeping ad4uaté aeeounting records whieh di%elosÈ with rèasonable accuraey at any lime. the financiai F)osition of the Charity and which enable them to ensure thai the aecounts comply with the Chari*es and Trustee Investment Iscotlandl Act 2005 and the Charities AcccMJnls (Scotland) Regulation5 2CNJ6. They are also responsible for 5afe3uarding th2 assets of the Charity aThd hence for takirKJ reasonable Steps for the prevention and detection offraud arKI other regularitie5. Provision of Information tts IndepÈndÈnt Examiners Tho trustees at the date of approval of this trustees. rèport eonfirm that, so far as they are individually aware, thère is no relevant audit information of which the independent examiners arg unaware.. and each ts￿ste@ has taken all the steps that they ought lo have taten to make themselves aware of any relevant autht inlonnation and lo establish that Ihe chari￿$ independent examiner is awaTe of that infonnalion. On behalf of the trustees 2111112025 s￿)r￿Me2025 A¢tounts FY01 ￿ne0 tMYl3t9d6cg&7a6(H6¢f-b052-bd50568WI Pag&'. 4 125 s[P￿rne Gland Royal ￿ch Chapter of Scclland Banevolent Fund Annud Rèport *Jrthg. yg.xr gntlpd ?R F&.hriJary Independent examinerfs report to the Supreme Committee of the SupremeGrand Royal Arch Chapter of Scotland - Benevolent Fund I report cn the accounts of the charity for the year ended 28 February 2025 which are Set out on page5 61 10 68. This report is made lo the tnjstees, as a body, in accordanee with the tems of my engagement. My worf( has bèen undertaken to enablè mè to report my opnion as set out bèlow and for no other purpose. To the fullesl extent permitted by law I do not accept or asgjme responsibility to anyone other than the charity and the trustees, as a body, for my work or for this report. Respective responsibilities 01 trustees and exarniner The Charity's tnjstees are responsible for the preparation of the accDLtnts in accotrlance with the terms of the Charttses and trustee Investment (Scotlandi Act 2005 and the Charities Accounts Iseotland) Regulalions 2006 las amended). The charity trustees consider that the audit requirement d Rewlation 1011) la) to Ic} of the Accounts Regulations does not apply. It is my responsibilty lo examine the atxounts as required under section44{1 Ilcl of the Act and to state whether parttcular matters have come to my attention. Basis of indgpandent oxamin•rfs stat•mgnt My examination is Carried out in ac£ordanee WFth Regulation 11 of the Charrties Accounts {Scotlandl Regulations 2006 las amended). An examinatiC￿ iicludes a review of the accounts.ng records kept by the charity and acomparison of the accounts present81 with those record5. It also includes consideraticr¢ of any unusual items or disclosures in the accounts ap.d seeks explanations from the ITUStees conceming any such matters. The procedures undertaken do Th)t provide all the evidence that would be required in an audtt. and consequently I do not express an audit cpinion on the view given by the acoJunts. Independent examinerfs statement In the course of my examination. no matter has c3)rne to my attentKJn: which gives me reasonable cause lo believe that in any material re3pectthe requirements: to kèep a¢tounting records li aeeordanee ￿th Sèction 4411)1a) of thè 2005 A¢tandRegulation 4 of the 2006 Accounts Regulation5 (as amended).. and the prepare accounts which aeeord wilh the accounting records and eomply wilh Regulation 8 of the 2006 Accounts Regulations (as amended),. have not been met, or to whieh, in my opinion, attention should bo drawn in order to enable a proper understsnding ofthe accounts lo be reached. Partner For and on behalf of Henderson Loggie LLP Chartered Accountants Level 5. The Stamp Office 10- 14 Waterloo Place Edinburgh EH13EG 24 Nov8tr*)8r2025 s￿)r￿Me2025 A¢tounts FY01 ￿ne0 tMYl3t9d6cg&7a6(H6¢f-b052-bd50568WI Pag&'. 5125 LL￿71 Supre￿￿ Grand Royal ￿ch Chapter of Scolland Benevojant Fund Annual Report for th• y•ar •ndthd 28 F•brLlW 2025 Benevolent Fund Balance sheet as at 28 February 2025 2025 2025 2024 3)24 Fixed ass&5 Inveslments 1,335.0fjfj 1 .258,816 Currentassets Debtors Cash at bank and in hand 15,289 398,825 79,733 236,821 414114 316,554 Crethtors: amountsfallng duewthin one 13,OODI 12,8C(11 Net current assets 411,114 313.754 Net assets 1,746.780 1 ,572,570 Ftsnds Expendable endovwTrent f￿d$ R8Strictsdknds 1,743,481 1 .569.271 3,299 1,746,780 1 .572.570 These financial statements were approved by the TrL6tees on 2111112025. On beha￿ of Ihe Trustees First Grand Principal The annexed nores. on pages 63 10 68, fomi pan of ihese account s￿)r￿Me2025 A¢tounts FY01 ￿ne0 tMYl3t9d6cg&7a6(H6¢f-b052-bd50568WI Pag&'. 7 125 SupreTh Grand Royal *ch Chaptar of Swlland Benevolent Fund Annual Report for th• y•ar •t)d•d 28 F•bruary 2025 Benevolent Fund Notes to the financial statements 1. Accounting politios Basis of accounting The Supreme Grand Royal Arch Chapter of Scotland Benevolent Fund is a unincorporated Scottish charity11 is registered with the Office of the Scottish Charity Regulator IOSCRI under charity number SC010082. The financial statements have been prepared in accordance with the Charities and Trustee Investment Iseotlandl Ael 2005 and "Aecounting and Reporting by Charities.. Statèment of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021" The tharity is a public benefit entity as defined by FRS102. The financial statements are prepared in £ Sterting which is the functional CUTrency of the charity. Golng concem The trustees have considered the future prospects and funding for the charity and believe the going concem basi5 to be appropriate for the preparation of these financial statements. The pnn￿pa1 account.ng policies adopted in the preparatson of the financial statements are as follows. lal Incomlng ￿sOUrceS All incoming resour￿5 are induded in the Statement of Financial Activits'es when receipt is probable, the charity is legally entitled to the income and the amount can be quantified th reasonable accuracy. Ibl Resources expended Resources expended are induded in the Statement of Financial Activities on an accTuals basis, indusive of any VAT which ￿nn0t be recovered. The charity makes a contribLrtion to the General Fund towards administration c051s of the Order and the maintaining of the accounting records of the charity. The contribution has been allocated behveen support costs and governance costs with audit and accountancy costs being allocated to govemanee. (¢1 Investments Investments are included at market value at the year end. Realised gains and losses, representing the difference ￿tween sale proceeds and market value al the previous finan￿al period end. or purchase cost rf acquired during the financial year are dealt wth in the statement of financial activities. Unrealised gains and losses, representing the movement in the market value of investments over the financial year, or from their date of purchase if acquired during the year. are dea￿ with year in the statement of financial activities. Supreme 2025 A¢cothls Fmal svJneQ.pdf [Th6￿&78e(>4e¢{-Oas2-t#j5o56886csbI P￿". 8 125 SupreTh Grand Royal *ch Chaptar of Swlland Benevolent Fund Annual Report for th• y•ar •t)d•d 28 F•bruary 2025 Benevolent Fund Notes to the financial statements (mntinued) FRS 102 requires the disclosure of information in relation to certain investment risks. These risks are set out by FRS 102 as follows.. Credit risk= this is the risk that one paty lo a financial instrument will cause a financial loss for the other parry by falllng to dlscharge an Obl1ga￿on. Market risk.. this comprises currency risk. interest rate rtsk and other price risk. Currency risk.. this is the risk that the far value or future cash flows of a finan￿al asset will fiuctuale because of changes in foreign exchange rates. Interest rale risk.. this is the risk that the fair value or fvture cash flows of a finan￿al asset W411 lluctuale because of changes in market interest rates. Other pri￿ risk.. Ihis is the risk that the fair value or future cash flows of a financÉal asset wll fiuctuate because ol changes in market prices (other than those arising from interest rate risk or cuffency risk), whether those changes are caused by factors specific to the individual financial instrument or ils issuer. or factors affecting all similar financial instruments traded in the market. The Charity has exposure to these risks because of the investments it make$ to implement its investment strategy. The trustees manage investment risks, induding credit risk and mad(et risk. wthin agreed risk limits which are set taking into account the Charity's strategic investment objectsves. These investment objectives and risk limits are implemented through the investment manager agreements in place wth the Charity's investment managers and monitored by the trustees by regular reviews of the investment portrolios. Further infomiatron on the tru5tees' approach to risk management and the Charity's exposure to credit and market risks are set out below. Credit Risk The Charity invests in pooled investment vehicles and is therefore directly exposed to credit risk in relation to the instruments it holds in the pooled investment vehicles and is indirectly exposed to credit rFsks arising on the financial instruments held by the pooled investment vehicles. Analysls of dlrect credlt rfsk Direct credit risk arising from pooled investsnent vehides is mitigated by Ihe underlying assets of the pooled arrangements being ring-fenced from the pooled manager, the regulatory environment5 in which the pooled manager operates and diversification of investsments amongst a number of pooled a￿angementS. The trustees carry out due diligence checks on the appointment of new pooled investment managers and on an ongoing basis monitor any changes lo the regulatory and operating environment of the pooled manager. Pwled investment arrangemenls used by the Charity comprise authorised unit trusts. CunEncy 17sk The Charity is subjectto currency risk because some ofthe Charitys investments are held in overseas markets. Interestrate risk The Charity is subject to interest rale risk through investments comprising bjnds. otherprlce rfsk Other price risk arises principally in relation lo equities held in pooled vehicles. The Chanty manages thi5 exposure to other price risk by constructing a diverse portfolio of investments acros5 various markets. Supreme 2025 A¢cothls Fmal svJneQ.pdf [Th6￿&78e(>4e¢{-Oas2-t#j5o56886csbI P￿". 9 125 SupreTh Grand Royal *ch Chaptar of Swlland Benevolent Fund Annual Report for th• y•ar •t)d•d 28 F•bruary 2025 Benevolent Fund Notes to the financial statements (￿tsIn{￿d} Fund accountlng Expendable endowment funds relate to fijnds held in investments, which are available tobe spent at the discretion of the trustees. The purpose of the fijnds being lo support Ihegeneral objecb.ves of the charity. Restricted funds are subjectto restricfions on their expenditure imp¢)sed by the donor orgrant provider. Donations and legacies 2025 2024 Gènaral donati¢￿$ Legacy 810 55.207 265,0 50,017 265,6LKJ Income frorn inve5trnents 2025 2024 Income from invesrments Dtvidend5 from investment Bank intwest 40,012 4,597 40.407 1769 43,176 Expendiiure 2025 2024 Raising funds Investment managerfees 9.500 8.903 Donarions andgrants- unrestticierl Scottish Cancor FI￿ndatIon PGL of Forfarshir•- flood app•al operati¢￿ Smile 25,0 1.OtKJ 10,000 36,OtKJ 1,OCXJ Grants and r8tiring allowances Support costs- Contribution to Genoral F￿d Gov8manc8 cthsts- Indepand8nt oxamination and accountar 15.573 3.iKIO 17,019 2.8 18.573 56,819 65 Supreme 2025 A¢cothls Fmal svJneQ.pdf [Th6￿&78e(>4e¢{-Oas2-t#j5o56886csbI P￿.. 10 125 SupreTh Grand Royal *ch Chaptar of Swlland Benevolent Fund Annual Report for th• y•ar •t)d•d 28 F•bruary 2025 Benevolent Fund Notes to the financial statements (￿tsIn{￿d} 5. Fixed assèt investments 2025 2024 Markèt valuè at 29 Fobruary 2024 Add: Acquisitions at cost Less= Disposals at market value Unroalisad 9ain C￿ rèvaluation at 28 Fabruary 2025 1,25B,816 154,850 1171,4161 93,416 1,239,266 392,275 1385,7971 13,072 Markèt valuè at 28 Fèbruary 2025 1.335,000 1.258,816 1,099,028 1.108,811 List of fixed asset iiivestments Market value at 2810212025 Sector UK Fixed Interest Overseas Fixgd Int8r8st UK Equrties EUro￿n EquttMs North Americon Equtsg Japanose ￿u￿0$ Far East & Au5trala5ian Equitvès Intomational Equrtios 155,901 151,567 236,524 55,175 318,757 53,901 64,661 75,191 27,479 58,856 101,390 36,204 Emergin9 Economythry UK Property temab.ve Assets Other Ah•mative Assets 1,335,060 The trustees consider individual investment holdings in excess of 5% to be mateTFal. FaFr value Fair value 2025 2024 Material Interest Schroder Unil TTUSt SthroJerA3ian Inco￿ 04,061 64.940 66 Supreme 2025 A¢cothls Fmal svJneQ.pdf [Th6￿&78e(>4e¢{-Oas2-t#j5o56886csbI P￿.. 11125 SupreTh Grand Royal *ch Chaptar of Swlland Benevolent Fund Annual Report for th• y•ar •t)d•d 28 F•bruary 2025 Benevolent Fund Notes to the financial statements (￿tsIn{￿d} Debtors 2025 Amount5 due from the general fund Accrued intere51 Accrued 4ncomè 15,221 14,701 32 65,000 1S289 79,733 Creditors: Amounts falling due within ono ￿ar 2025 2024 Acc¥uals 3,000 1800 Funds Gain (Losses) Transfers At28 February 2025 Febwary 2024 Income ExperKliture Expendable eTh1oVm￿nt￿rnls Rastrictod fLnds: 1,569,271 100.626 128,0731 101,657 1,743,481 Woc4e¢{-Oas2-t#j5o56886csbI P￿.. 12 125 Supreme Grand Royal Arch Chapter of Scouand Benevolent Fund Annual Report for the year ended 28 February 2025 Benevolent Fund Notes to the financial statements (continued) Analysis of net assets between funds Expendable dowment Restricted funds 2025 Total fvnds Funds Investments Net current assets 1.335,666 407,815 1.335,fj66 411,114 1.743,481 1,746,780 Expendabl e￿I0vm)enl Jnds 2024 Rastrictad Funds Total funds InvestnientS Net curr8nl assets 1.258,816 310,455 1.25a,81e 313,754 1,569,271 3,299 1,572.570 10. Trustees remuneration No trustees are remunerated. The Grand Sciibe E receives an annual salary for the perf(#inance of his duties set out in the Constitutions and Laws, from the General Fund. 11. Related party During the year the charty made a payment li the sum of £15,57312024-. £17.0191 lo the General Fund toward administration and govemance costs of the Order and the maintaining of the accounting record5 of the Benevdent Fund. Included in debtor5 are amounts due from the General Fund of £15,221 12024.. £14,701). Supreme 2025 A¢cothls Fmal svJneQ.pdf [Th6￿&78e(>4e¢{-Oas2-t#j5o56886csbI P￿.. 13 125