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2021-12-31-accounts

Members of the Sovereign Military Hospitaller Order of St. John of Jerusalem of Rhodes and Malta (BASMOM)

Annual report and consolidated financial statements

31 December 2021

Company Limited by Guarantee Registration Number 05039938 (England and Wales) Charity Registration Number 1103567 (England and Wales) Charity Registration Number SCO040124 (Scotland)

Contents

Reports

Reports
Reference and administrative information 1
Trustees’ report 3
Independent auditor’s report 13
Financial statements
Consolidated statement of financial
activities 17
Consolidated balance sheet 18
Charity balance sheet 19
Consolidated statement of cash flows 20
Principal accounting policies 21
Notes to the financial statements 27

Reference and administrative information

Trustees H.E. Richard Fitzalan Howard Esq. (President)
Michael Jeremy Hodges Esq. (Chancellor)
William Kerr Esq. (Treasurer)
Fra’ Richard John Berkley-Matthews
Dr Hania Cox
Lady Celestria Hales (Senior Vice President)
Paul Letman Esq.
Mrs Stephanie Pissarro
Mrs Roderick Brenninkmeijer
James Pavey Esq.(Hospitaller)
Pierre Abou-Sakr Esq.
Dr Gerard Robertson
Fra’ Maxwell Rumney
Mark Everall Esq.
Company registration number 05039938 (England and Wales)
Charity registration number 1103567 (England and Wales)
SCO040124 (Scotland)
Registered office Craigmyle House
13 Deodar Road
London
SW15 2NP
Company Secretary Stephen Reeve-Tucker
Independent auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL

Reference and administrative information

Bankers C Hoare and Co. 37 Fleet Street London EC4P 4DQ Solicitors Stone King 13 St Queen Square Bath BA1 3HJ

Investment advisors CCLA 85 Queen Victoria Street London EC4V 4ET Cazenove Capital Management 1 London Wall Place London EC2R 6DA

BASMOM 2

Trustee’s Report Year ended 31 December 2021

The Council presents its annual report together with the audited consolidated financial statements of The Association of British Members of the Sovereign Military Order of St John of Jerusalem of Rhodes and of Malta (“BASMOM”, the “Association” and “the charity”) for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out on pages 21 to 26 of the attached financial statements and comply with the charitable company’s governing document, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The report and financial statements

The financial statements which accompany this report are the consolidated financial statements of BASMOM and its subsidiary company – The Order of Malta Volunteers.

Mission

The objects of BASMOM are the advancement by such charitable means as may from time to time be determined by the General Assembly of the Association of such of the objects of the Order as are charitable objects including the service of the poor of Christ, the care of the sick and wounded and the advancement of the Roman Catholic faith.

BASMOM meets its obligations to provide a public benefit by working with anyone in need regardless of race, creed, gender, sexual orientation or colour. Church services are open to the public, and pilgrimages do not discriminate against applicants in any way. In addition, some of the members serve as Trustees of other related charities with demonstrable public benefit, such as the Orders of St John Care Trust (OSJCT), Order of Malta Dial-A-Journey Trust (Dial-A-Journey), the Order of Malta Volunteers (OMV), the Grand Priory, The Nehemia Project and the Global Fund for Forgotten People. It is estimated that BASMOM members and the members of its branches in a normal year undertake around 64,000 hours of voluntary service to promote BASMOM’s charitable aims and the welfare of the general public.

Governance, structure and management

BASMOM is an incorporated entity. OMV is incorporated as a separate registered charity and is a subsidiary of BASMOM.

Under a 2017 governance review a full set of new policies and procedures were completed and were published on the BASMOM and OMV websites.

Governing Document

The governing document of the charity (the “Trust” deed) is the Statutes approved by His Most Eminent Highness the Prince and Grand Master and the Sovereign Council of the Order by decree of 3 December 2015. The persons legally responsible for the control and management of the Association are the members of the Council. The members of the Council are trustees of the charity.

BASMOM

3

Trustee’s Report Year ended 31 December 2021

Governance, structure and management (continued)

Members of the Council

The management of the charity and the group is the responsibility of the Council who are elected and co-opted under the terms of the Trust deed.

Appointment of members of the Council

Members of the Council are appointed in accordance with the provisions and statutes of the organisation. The officers and four Council members are elected by the membership, and new Council members are briefed on their duties by the outgoing Officer. In addition, there are five ex-officio trustees: the Chairmen of the Orders of St John’s Care Trust, the Companions, the OMV, Dial-a-Journey and the Grand Prior or Procurator of the Grand Priory of England. The choice of ex officio Council members is driven by the qualifications and attainments that they bring with them, and the service that they have given to the Order in other capacities: consequently, minimal induction and training is necessary, other than making them aware of their obligations under the law.

Trustees and Members of the Council who served during the year to 31 December 2021

H.E. Richard Fitzalan Howard Esq., (President) Michael Jeremy Hodges Esq., (Chancellor) Robert Morrisson Atwater Esq., (Treasurer) – Resigned 15 September 2021 William Kerr Esq. (Treasurer) – Appointed 15 September 2021 Fra’ Richard John Berkley-Matthews Dr Hania Cox Lady Celestria Hales (Senior Vice President) Paul Letman Esq. Mrs Stephanie Pissarro Mrs Roderick Brenninkmeijer James Pavey Esq.(Hospitaller) Pierre Abou-Sakr Esq. Dr Gerard Robertson Fra’ Maxwell Rumney Mark Everall Esq.

Group activities

BASMOM is a membership organisation and raises funds, through an annual levy on its members, to support its work.

BASMOM, in conjunction with the Grand Priory, is involved with organising pilgrimages to Lourdes, Walsingham and elsewhere. It also makes grants and donations to support other Order of Malta causes worldwide and holds various fundraising events throughout the year to enable it to do this, including the annual Scottish Ball and The Foreign Aid Service Dinner. The principal fundraising event for the Order of Malta Volunteers (“OMV”) is the annual White Knights Ball held in January.

BASMOM holds investments to generate funds to support its charitable objectives and provides office space for its charitable operations.

BASMOM

4

Trustee’s Report Year ended 31 December 2021

Governance, structure and management (continued)

Organisational structure and decision making

The Council meets as often as necessary and, following the 2015 reorganisation, five times a year; it makes all policy decisions for the Association and receives reports from the officers and those running its activities. The Finance and Investment Committee meets four times a year or as needed.

All of BASMOM’s charitable work is carried out on a voluntary basis. The Council estimates that, in spite of the constraints imposed upon the Association’s charitable activities by the measures implemented by Governments in the UK to control the COVID 19 pandemic, within the Association and within the various Order charitable activities more than 200 volunteers have been engaged in work to advance the charitable objects in the past year. It estimates, conservatively, that 18,400 hours of voluntary service were undertaken on various projects, without taking into account the time donated by members of the Council and the Officers of the Association.

The charity has no paid key management personnel. The administration of the charity is managed by a part-time, self-employed, chartered accountant and a full-time membership secretary. The Charities IT functions are managed by a part-time, self-employed, IT consultant . A part-time, self-employed, Hospitaller Secretary acts as Company Secretary for both BASMOM and OMV and assists with the management of Pilgrimages and related Hospitaller matters. Pay is increased broadly in line with inflation.

The key management personnel of the charity in charge of controlling, running and operating the charity on a day to day basis comprise the trustees. No trustees were remunerated for these services in the year.

Risk management

There are two main areas of risk within BASMOM’s work: one financial and the other stemming from the interaction of their voluntary workers with people with disabilities and vulnerable individuals. Financial risk is regularly examined at Council meetings by a specially convened Finance and Investment Committee which also reviews investment policies for the reserves and restricted funds. Following the 2020 Five Year Strategy Review the financial risk responsibilities and risk matrix were transferred from the Finance and Investment Committee to the Safeguarding and Risk Committee. These policies are subject to annual review. In addition, budgets for BASMOM’s main activities are set in consultation with the Treasurer.

No officer is empowered to offer employment contracts without the prior approval of the President.

BASMOM 5

Trustee’s Report Year ended 31 December 2021

Governance, structure and management (continued)

Risk management (continued)

With respect to the pilgrimages organised by BASMOM, policies have been put in place covering Health and Safety and the Protection of Children and Vulnerable Individuals, which all volunteers abide by. Risk maps have been drawn up assessing the charitable company’s potential exposure to liability and policies for risk mitigation have been put in place. Copies of these documents are available on request. The BASMOM Safeguarding and Risk Committee reviews regularly the risk maps of the entities comprising the Group.

Activities, specific objectives and relevant policies

Activities and specific objectives in the period

As stated above under “Mission”, the objects of The Association are:

The advancement by such charitable means as may from time to time be determined by the General Assembly of the Association of such of the objects of the Order as are charitable objects including the service of the poor of Christ, the care of the sick and wounded and the advancement of the Roman Catholic faith.

Main activities

The Council confirms that it has given due regard to the Charity Commission’s guidance on public benefit when reviewing the charity’s aims and planning its objectives.

The Council further confirms that it has given due regard to the Charities SORP Committee guidance on the implications of COVID 19 and the impact of COVID 19 on the Association’s income, activities and controls.

The Association has continued to advance the Roman Catholic faith and support the care of the poor and sick by various activities which are described in the sections which follow. However the measures implemented by Governments in the UK to control the COVID 19 pandemic have impacted the extent of the Association’s activities during 2021 with the following activities cancelled or postponed:-

The Association has been able to continue various activities including the following:-

BASMOM

6

Trustee’s Report Year ended 31 December 2021

Activities, specific objectives and relevant policies (continued)

Main activities (continued)

BASMOM 7

Trustee’s Report Year ended 31 December 2021

Activities, specific objectives and relevant policies (continued)

Main activities (continued)

Additional information on the Association’s activities can be found at

www.orderofmalta.org.uk.

Investment policy

In order to achieve the stated aim of providing a regular revenue stream to support the charitable activities, BASMOM has appointed two investment managers with specific investment objectives. The Finance and Investments Committee, a sub-committee of the Council reviews BASMOM’s investments at its regular meetings, and has approved the overall investment policy. Since its equity investments were mostly made via funds, the Council place no ethical constraints on the fund managers. The cash deposits are held with retail banks or in liquidity funds, with the aim of maximising our rate of interest without taking undue risk.

Investments powers are in accordance with the Trustee Act 2000 as amended from time to time.

Grant making policy

The charity aims to make grants to support the Order in accordance with the Statutes of the Order and as finances permit. In 2020 a BASMOM Grants Committee was established with Terms of Reference approved by BASMOM Council requiring entities within the Order seeking grants for projects to submit proposals to the Grants Committee for consideration.

BASMOM 8

Trustee’s Report Year ended 31 December 2021

Financial report for the year

Results for the year

A summary of the results for the year can be found on page 17 of this annual report and financial statements.

Total income for the year of £902,120 (2020 - £1,146,367) of which legacy income contributed £247,980 (2020 - £385,668). Income continued to be generated from fund raising, trading and charitable activities and events where Covid-19 restrictions allowed.

Total expenditure for the year was £684,655 (2020 - £839,444), the reduction being primarily attributable to the cancellation of activities due to coronavirus restrictions. After other realised and unrealised gains of £631,902 (2020 - £309,957), the group generated a surplus of £849,367 for the year (2020 - £616,880).

BASMOM benefited from one significant legacy for which probate was granted on 12 July 2018 and estate assets were distributed and recognised by BASMOM as legacy income in the years ended 31 December 2018, 2019 and 2020. In the year ended 31 December 2021 further estate investments were assented to BASMOM by the Executors in February and September 2021 but certain of these investments had not been transferred into the ownership of BASMOM at 31 December 2021. These investments have been accounted for as a receivable at 31 December 2021 with a value at that date of £138,093. The remaining residuary interest of the legacy has not been accounted for as both the value and timing of distribution of the residual investments and cash remains uncertain.

Reserves policy and financial position

Reserves policy

The aim of the group is to hold sufficient reserves to produce a regular revenue stream, which will be used to further its charitable work.

The Trustees have examined the requirement for “free reserves” i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The Trustees consider that, given the nature of the group’s work, the level of group free reserves should be at least the equivalent of twelve months of expenditure to meet future costs, which would currently be c£500,000 based on the 2021 financial results, and be represented by the General Fund.

As at 31 December 2021, the group had the following fund balances: restricted funds of £20,565 (2020 - £5,409) and unrestricted funds of £13,016,635 (2020 - £12,182,424) of which £12,122,792 was designated (2020 - £7,330,520), leaving general funds of £893,843 (2020 - £4,851,904).

Most funds are held for specific events and will be spent when they take place. The investment fund represents the property at 13 Deodar Road, an investment property and the investments held at CCLA and Cazenove Capital Management, excluding those attributable to the OMV. This fund is held to support the long term aims and activities of the BASMOM group.

BASMOM

9

Trustee’s Report Year ended 31 December 2021

Reserves policy and financial position (continued)

Reserves policy (continued)

As at 31 December 2021, the group’s free reserves, as represented by the General Fund, were £893,843 (2020 - £4,851,904), a level higher than the target of £500,000 noted above, due to the reduction in charitable expenditure resulting from the cancellation of activities due to covid restrictions. During 2021 the Trustees considered various options on how legacy income should be used to further BASMOM’s charitable objectives in the medium to long term with the conclusion that legacy income represented by investment property should be redesignated to the Investment Fund to provide for future commitments.

Investment objectives and performance

BASMOM and The OMV seek to achieve the best financial return within an acceptable level of risk. The investment objective is to generate an absolute return over the course of an economic cycle of inflation (CPI) plus 3.5% per annum. This should allow the group to maintain the real value of its assets after annual withdrawals of 3.5%. The performance of the investments, managed by CCLA and Cazenove Capital Management, was satisfactory.

The investment managers continued to follow the above policy.

Fundraising

Neither BASMOM nor The OMV actively solicit donations from the public, instead using their own members and the wider Order of Malta network. They are therefore not registered with the Fundraising Regulator and do not subscribe to any fund raising codes of practice. When donations from individuals are received, BASMOM and The OMV aim to protect personal data and never sell data or swap data with other organisations and undertake to react to and investigate any complaints regarding fundraising activities and to learn from them and improve the service. During 2021, no complaints about fundraising activities were received.

Post balance sheet events, future plans and going concern

The group’s plans for 2022 will continue to be impacted by coronavirus (“Covid-19”). However in reviewing all its charitable activities the group has reasonable confidence that most activities planned for 2021 which were cancelled or postponed will be reinstated or occur in 2022 albeit with limited participation and/or recognising any COVID-19 imposed constraints.

The group’s investment portfolio which was initially adversely affected by the downturn in the financial markets, has subsequently sustained a recovery to show an increase in value at 31 December 2021. The trustees took no action to liquidate the portfolio in 2021 and remain confident in their strategy of investing for the long term.

In accordance with the wishes of the late Lord Craigmyle following the sale of 58 Grove End Road payment of £180,000 was made to St John’s Hospital on 4 March 2022. This sum had effectively been held in trust by BASMOM for the benefit of St John’s Hospital since December 2015 and was accordingly shown as a Current Liability in BASMOM’s accounts since that date

BASMOM 10

Trustee’s Report Year ended 31 December 2021

Post balance sheet events, future plans and going concern (continued)

As part of their assessment of going concern, the trustees have considered the Charities SORP Committee guidance regarding the ongoing financial impact of Covid-19 and in particular whether the group has adequate resources to continue in operational existence for the foreseeable future. As noted in the Reserves Policy above, the charity has built up its Investment and General Funds over recent years that provide it with assets and liquid funds to ensure its future sustainability the value of which has not been materially impacted by any COVID 19 related issues. The group’s charitable activities are run to make planned and managed deficits, therefore any constrained activities in 2022 would not adversely affect the group’s operational results or its cash position. The group’s income is primarily derived from its fundraising activities and from its investments. Even though certain planned fund-raising events did not take place in 2021, the group has sufficient cash reserves to continue as a going concern for the foreseeable future.

For this reason, the trustees continue to adopt the going concern basis in preparing the group financial statements.

Employees, volunteers and supporters

The Council is most grateful to Caroline Ewing-Gay for her dedication and hard work as Association Secretary.

The President also wishes once again to record his thanks to all members of the Council for their wisdom, support and commitment as well as to the part time staff who ably support BASMOM’s operations.

Statement of Trustees’ responsibilities

The Trustees (who are also directors of BASMOM for the purpose of company law) are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give and true and fair view of the state of affairs of the charitable company and group and of the income and expenditure of the group in that period.

In preparing these financial statements, the Trustees are required to:

BASMOM 11

Trustee’s Report Year ended 31 December 2021

Statement of Trustees’ responsibilities (continued)

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Trustees confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the Council on 18 May 2022 and signed on their behalf by:

Richard Fitzalan Howard

William Kerr

President

Treasurer

BASMOM 12

Independent auditor’s report Year ended 31 December 2021

Independent auditor’s report to the trustees and members of The Association of British Members of the Sovereign Military Hospitaller Order of St. John of Jerusalem of Rhodes and Malta (BASMOM)

Opinion

We have audited the financial statements of The Association of British Members of the Sovereign Military Hospitaller Order of St. John of Jerusalem of Rhodes and Malta (BASMOM) (the ‘charitable parent company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2021 which comprise the group statement of financial activities, group and charitable parent company balance sheets and group statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements 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 that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ 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 identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and charitable parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

BASMOM 13

Independent auditor’s report Year ended 31 December 2021

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the charitable parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

BASMOM 14

Independent auditor’s report Year ended 31 December 2021

Matters on which we are required to report by exception (continued)

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the charitable parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the charitable parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with 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:

BASMOM 15

Independent auditor’s report Year ended 31 December 2021

Auditor’s responsibilities for the audit of the financial statements (continued)

We assessed the susceptibility of the group’s financial statements to material misstatements, including how fraud might occur. Audit procedures performed by the engagement team included:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charity’s trustees as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Catherine Biscoe (Senior Statutory Auditor)

For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London, EC2V 6DL Date: 1 June 2022

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

BASMOM 16

Consolidated statement of financial activities Year ended 31 December 2021

(incorporating income and expenditure account)

Notes
Restricted
funds
£


Unrestricted
funds
£		 Total
funds
2021
£		 Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2020
£
Income from:
Donations and legacies
1
Other trading activities
2
Charitable activities
3
Investment income
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net income/(expenditure)
before gains on investments
8
Net gains on investments
10
Net income/(expenditure)
Transfers between funds
Net movement in funds for the
year
Fund balances brought forward
at 1 January 2021
Fund balances carried forward
at 31 December 2021
36,667

3,849

15,000

—
508,752

37,225

65,062

235,565		 545,419
41,074
80,062
235,565		 95,391
—
—
—		 624,887
158,835
84,940
182,314		 720,278
158,835
84,940
182,314
55,516
846,604		 902,120 95,391 1,050,976 1,146,367

1,332

39,028
148,611

495,684		 149,943
534,712		 723
111,873		 201,622
525,226		 202,345
637,099
40,360
644,295		 684,655 112,596 726,848 839,444

15,156

—
202,309

631,902		 217,465
631,902		 (17,205)
—		 324,128
309,957		 306,923
309,957
15,156
—
834,211

—		 849,367
—		 (17,205)
17,000		 634,085
(17,000)		 616,880
—
15,156
5,409
834,211

12,182,424		 849,367
12,187,833		 (205)
5,614		 617,085
11,565,339		 616,880
11,570,953
20,565
13,016,635		 13,037,200 5,409 12,182,424 12,187,833

All of the above results are derived from continuing activities.

All recognised gains and losses are included in the statement of financial activities.

BASMOM 17

Consolidated balance sheet 31 December 2021

Notes
2021
£		 2021
£		 2020
£		 2020
£
Fixed assets
Tangible fixed assets
10
Investments
11
Investment properties
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling
due within one year
15
Net current assets
Total net assets
The funds of the group:
Restricted funds
17
Unrestricted funds
. Designated funds
17
. General funds







38,724

317,369
857,772
1,129,666
6,089,111
5,000,000



46,395
439,077
785,526		 1,155,568
5,026,408
5,000,000
12,218,777












818,423
 11,181,976




1,005,857
1,213,865

(395,442)		 1,270,998
(265,141)








13,037,200 12,187,833


20,565

12,122,792
893,843		 5,409
7,330,520
4,851,904
13,037,200 12,187,833

The financial statements were approved by the Trustees on 18 May 2022 and signed on their behalf, by:

Richard Fitzalan Howard

William Kerr

President Treasurer

The Association of British Members of the Sovereign Military Hospitaller Order of St. John of Jerusalem of Rhodes and of Malta.

Company registration number 05039938 (England and Wales)

BASMOM 18

Charity balance sheet 31 December 2021

Notes
2021
£		 2021
£		 2020
£		 2020
£
Fixed assets
Tangible fixed assets
10
Investments
11
Investment properties
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling
due within one year
15
Net current assets
Total net assets
The funds of the charity:
Restricted funds
17
Unrestricted funds
. Designated funds
17
. General funds



38,472

212,471
717,317
1,129,666
5,291,024
5,000,000



46,143
430,726
644,127		 1,155,568
4,332,902
5,000,000
11,420,690








698,295
 10,488,470




860,486
968,260

(269,965)		 1,120,996
(260,510)




12,118,985 11,348,956


20,565

11,204,629
893,791		 5,409
6,491,695
4,851,852
12,118,985 11,348,956

The financial statements were approved by the Trustees on 18 May 2022 and signed on their behalf, by:

Richard Fitzalan Howard

William Kerr

President

Treasurer

The Association of British Members of the Sovereign Military Hospitaller Order of St. John of Jerusalem of Rhodes and of Malta.

Company registration number 05039938 (England and Wales)

BASMOM 19

Consolidated statement of cash flows 31 December 2021

Notes 2021
£		 2020
£
Net cash provided by/(used in) operating activities
A
Net cash (used in)/provided by investing activities
B
Change in cash and cash equivalents
Cash and cash equivalents at 1 January 2021
C
Cash and cash equivalents at 31 December 2021
C		 267,482
(147,798)		 (268,794)
211,700
119,684 (57,904)
909,276 966,370
1,028,960 909,276

Notes to the statement of cash flows for the year to 31 December 2021.

A. Reconciliation of net movement in funds to net cash flow from operating activities

2021
£		 2020
£
Net income
Depreciation
Net investment gains
Investment income
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cashprovided by/(used in) operating activities		 849,367
25,902
(631,902)
(235,565)
7,671
121,708
130,301		 616,880
26,127
(309,957)
(182,314)
(18,340)
(309,596)
(91,594)
267,482 (268,794)

B. Cash flows from investing activities

Cash flows from investing activities
2021
£		 2020
£
. Payments to acquire investments
. Receipts from disposal of investments
. Investment income received
Net cash(used in)/provided by investing activities		 (1,542,555)
1,159,192
235,565		 (610,306)
639,692
182,314
(147,798) 211,700

C. Cash and cash equivalents

Cash and cash equivalents
At
December
2021
£
857,772
171,188
1,028,960		 At
December
2020
£
Cash at bank and in hand
Cash held by investment managers
Total		 785,526
123,750
909,276

BASMOM 20

Principal accounting policies Year ended 31 December 2021

The principal accounting policies, adopted judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below:

Basis of accounting

These financial statements have been prepared for year to 31 December 2021.

The financial statements have been prepared under the historical cost convention except for the modification to a fair value basis as specified in the accounting policies below.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (‘Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charitable Act 2011 and the Companies Act 2006.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling, the charity’s functional currency, and are rounded to the nearest pound.

Basis of consolidation

The financial statements consolidate the financial statements of BASMOM and its subsidiary undertaking drawn up to 31 December each year. No statement of financial activities is presented for BASMOM, the charitable company, as permitted by section 408 of the Companies Act 2006.

The net income for BASMOM, the charitable parent company, was £770,029 (2020: £586,926).

The subsidiary, The Order of Malta Volunteers, results for the year ended 31 December 2021 are included in the group results. The subsidiary is consolidated as a wholly owned subsidiary on the basis that BASMOM has control, which comprises the power to govern the financial and operating policies of the subsidiary so as to obtain benefit from its activities.

Critical accounting estimates and areas of judgement

The preparation of financial statements requires the use of certain critical accounting estimates and judgements. It also requires the trustees to exercise judgement in the process of applying accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including an expectation of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the trustees’ best knowledge of the amount, event or actions, actual results may differ from those estimates.

BASMOM 21

Principal accounting policies Year ended 31 December 2021

Critical accounting estimates and areas of judgement (continued)

Areas requiring the use of estimates and critical judgements that may impact on the charity’s financial activities and financial position include the following:

Assessment of going concern

The trustees of the charity have not identified any material uncertainties relating to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The basis for the assessment is provided on page 11 of the trustees’ report where the trustees have considered the continuing impact of the covid-19 pandemic on the charity and have concluded that although there may continue to be some negative consequences, it is appropriate for the charity to continue to prepare its accounts on the going concern basis.

Income

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Donations and legacies comprise donations, legacies and members subscriptions, trading income consists of income from fundraising events and trading activities and income from charitable activities includes donations and income from specific fund raising activities.

Income from donations is recognised in the period in which the charity becomes entitled to the donation and where receipt is probable and its amount can be measured reliably. In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

BASMOM 22

Principal accounting policies Year ended 31 December 2021

Income (continued)

Annual membership subscriptions are recognised on an accruals basis.

Legacy income is recognised when the charity is aware that probate has been granted and notification has been made by the executors to the charity that a distribution will be made. Receipt is only considered probable when the amount receivable can be reliably measured. Where legacies have been notified to the charity or the charity is aware of the granting of probate, and the income recognition criteria has not been met, the legacy is treated as a contingent asset and disclosed if material.

Income from trading activities includes the income from fund raising events and sponsorship and the sale of the charity’s products. Such income is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be reliably measured. It is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment income comprises dividends and interest on the charity’s portfolio of investments. Dividends are recognised once the dividend has been declared and the charity has received notification that the dividend is due.

Interest on the charity’s investment portfolio and funds held on deposit is recognised when receipt is probable and the amount can be measured reliably using the effective interest method.

Rental income is recognised on a straight line basis over the term of the lease.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All resources expended are inclusive of irrecoverable VAT.

Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

BASMOM 23

Principal accounting policies Year ended 31 December 2021

Expenditure (continued)

Grants payable

Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial year are accrued. Grants where the beneficiary has not been informed or has to fulfil performance conditions before the grant is released are not accrued for but are disclosed as financial commitments in the notes to the financial statements.

Support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of a finance function, property management and maintain an office with its associated services and utilities.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Tangible fixed assets

All assets costing more than £2,000 and with a useful life exceeding one year are capitalised.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over the expected useful lives on the following basis:

No depreciation is charged on assets in the year of acquisition or disposal.

Heritage assets

The charity holds assets, primarily paintings and books, that it believes to be of historic importance. These assets are not recognised on the charity’s balance sheet as information on their cost or valuation is not available and such information cannot be obtained at a cost which is commensurate with the benefit to users of the charity’s financial statements.

Fixed asset investments

The charity’s investment in quoted shares and similar investments are initially measured at cost and subsequently at market value. Investment gains and losses, whether realised or unrealised, are recognised in the statement of financial activities in the period in which they arise.

BASMOM 24

Principal accounting policies Year ended 31 December 2021

Fixed asset investments (continued)

Investments are recognised and derecognised on trade date where a purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at cost, including transaction costs.

Gains or losses on the sale of investments are recognised in the statement of financial activities in the period in which they arise.

In the charity’s balance sheet, investment in the subsidiary is stated at cost.

Investment properties

Investment properties are properties held for rental income and/or capital appreciation and are measured initially at cost and subsequently at market value. Changes in market value are recognised in the statement of financial activities.

Financial instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 14. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities –accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in note 15. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Debtors

Debtors are initially recognised at their settlement amount and subsequently at amortised cost or their recoverable amount. Impairment provisions are recognised when there is objective evidence, such as significant financial difficulties on the part of the counterparty or default or a significant delay in payment, that the charity will be unable to collect all of the amounts due.

Prepayments are valued at the amount prepaid.

BASMOM 25

Principal accounting policies Year ended 31 December 2021

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be measured or estimated reliably.

Creditors and provisions are initially recognised at fair value, being the amount the charity anticipates it will pay to settle the debt, and subsequently at amortised cost.

Fund accounting

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds comprise monies received for, or their use restricted to, a specific purpose or contributions subject to donor imposed conditions.

Unrestricted funds comprise the General Fund which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objects.

BASMOM 26

Notes to the financial statements Year ended 31 December 2021

1 Donations and legacies

Donations and legacies
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2021
£
Donations
Legacies
Members’ subscriptions
Members levy to Grand Magistry
2021 Total		 36,667
—
—
—		 87,870
247,980
113,125
59,777		 124,537
247,980
113,125
59,777
36,667 508,752 545,419
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2020
£
Donations
Legacies
Members’ subscriptions
Members levy to Grand Magistry
2020 Total		 95,391
—
—
—		 78,438
385,668
113,801
46,980		 173,829
385,668
113,801
46,980
95,391 624,887 720,278

2 Income from other trading activities

Income from other trading activities
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2021
£
Shop and other sales
Formation Day
St John’s Day
Edinburgh Ball
Retreats and Reunions
FAS Dinner
Carol Concert
Other fundraising events
2021 Total		 —
—
—
—
—
3,849
—
—		 6,088
434
9,180
2,750
5,160
—
7,215
6,398		 6,088
434
9,180
2,750
5,160
3,849
7,215
6,398
3,849 37,225 41,074
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2020
£
Shop and other sales
Formation Day
White Knights Ball
Edinburgh Ball
Carol Concert
Other events
2020 Total		 —
—
—
—
—
—		 2,502
1,058
148,488
3,190
3,148
449		 2,502
1,058
148,488
3,190
3,148
449
158,835 158,835

BASMOM 27

Notes to the financial statements Year ended 31 December 2021

3 Income from charitable activities

Income from charitable activities
Restricted
funds
£		 Unrestricted
funds
£		 Total funds
2021
£		 Total funds
2020
£
Lourdes Pilgrimage
Companions of Order of Malta
Rome/ Easter Pilgrimage		 15,000
—
—		 2,629
63,133
(700)		 17,629
63,133
(700)		 13,368
70,872
700
15,000 66,062 80,062 84,940

The income above was unrestricted in 2020.

4. Investment income

Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2021
£
Listed investments
Rental on investment property
2021 Total		 —
—		 111,109
124,456
111,109

124,456
— 235,565
235,565
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2020
£
Listed investments
Rental on investment property
Other investment income
2020 Total		 —
—
—		 108,661
73,640
13
108,661

73,640

13
— 182,314
182,314

5. Expenditure on raising funds

Expenditure on raising funds
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2021
£
Shop and other sales
St Johns Day
Fundraising events
White Knights Ball
Retreats and reunions
FAS dinner
Carol Concert
Rental property costs
Investment management fees
Other fundraising expenses
2021 Total		 —
—
—
—
—
1,332
—
—
—
—		 21,469
15,975
10,812
1,223
21,505
—
2,296
51,901
17,501
5,929		 21,469
15,975
10,812
1,223
21,505
1,332
2,296
51,901
17,501
5,929
1,332 148,611 149,943

BASMOM 28

Notes to the financial statements Year ended 31 December 2021

5. Expenditure on raising funds (continued)

Expenditure on raising funds(continued)
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2020
£
Shop and other sales
Fundraising events
White Knights Ball
Lebanon Project
Retreats and reunions
FAS dinner
Carol Concert
Rental property costs
Investment management fees
Other fundraising expenses
2020 Total		 —
—
—
—
—
723
—
—
—
—		 10,673
11,951
111,837
16,467
4,725
—
1,383
25,903
15,207
3,476		 10,673
11,951
111,837
16,467
4,725
723
1,383
25,903
15,207
3,476
723 201,622 202,345

6. Expenditure on charitable activities

Expenditure on charitable activities
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2021
£
Activities undertaken directly
Lourdes Pilgrimage
OMV Lourdes Pilgrimage
Walsingham Pilgrimage
Grants payable (note 7)
Members’ Levy to Grand Magistry
Passage Fees to Rome
Communications expenses
Chancellor’s report
Support costs
Printing, photocopying & stationery
General office costs
Building maintenance
Accounts assistant
Bank charges
Utilities
Insurance
Costs of the secretariat
Depreciation
Governance costs
. Insurance
. Audit fee
. Legal and professional
. Compliance
2021 Total		 —
—
—
39,000
—
—
—
—
—
—
—
—
28
—
—
—
—
—
—
—
—		 11,640
320
55
143,288
58,659
14,783
27,530
5,320
6,852
23,518
17,448
42,000
4,091
1,294
12,488
38,828
25,902
6,500
17,580
3,722
33,866		 11,640
320
55
182,288
58,659
14,783
27,530
5,320
6,852
23,518
17,448
42,000
4,119
1,294
12,488
38,828
25,902
6,500
17,580
3,722
33,866
39,028 495,684 534,712

BASMOM 29

Notes to the financial statements Year ended 31 December 2021

6. Expenditure on charitable activities (continued)

Expenditure on charitable activities(continued)
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2020
£
Activities undertaken directly
Lourdes Pilgrimage
OMV Lourdes Pilgrimage
Walsingham Pilgrimage
Holy Land Pilgrimage 2020
Grants payable (note 7)
Members’ Levy to Grand Magistry
Passage Fees to Rome
International Holiday Camp
Communications expenses
Chancellor’s report
Support costs
Printing, photocopying & stationery
General office costs
Building maintenance
Accounts assistant
Bank charges
Utilities
Insurance
sts of the secretariat
Depreciation
Governance costs
. Insurance
. Audit fee
. Accountancy fee
. Legal and professional
. Compliance
. Delegation expenses
. Strategic planning
2020 Total		 —
—
—
—
111,640
—
—
—
—
—
—
—
—
—
233
—
—
—
—
—
—
—
—
—
—
—		 29,624
8,981
245
3,966
181,707
52,537
9,814
6,040
29,291
5,198
13,553
6,928
10,955
42,000
4,706
947
8,531
38,957
26,127
13,433
16,560
2,000
7,477
4,794
759
96		 29,624
8,981
245
3,966
293,347
52,537
9,814
6,040
29,291
5,198
13,553
6,928
10,955
42,000
4,939
947
8,531
38,957
26,127
13,433
16,560
2,000
7,477
4,794
759
96
111,873 525,226 637,099

BASMOM 30

Notes to the financial statements Year ended 31 December 2021

7. Grants payable

Grants payable
Relief of
poverty
£		 Disaster
relief
£		 Social
care
relief
£		 Advancement
of the
Roman
Catholic
Faith
£		 Total
funds
2021
£
Companions Cafes, Soup
Kitchens
Sisters of St John
St John Care Homes
Homeless supplies
Malteser International
International Association of
Catholic Bioethics
Global Fund for Forgotten
People
Dial a Journey
Charitable contributions
Total 2021		 —
—
—
48,258
—
—
—
—
—		 —
—
—
—
3,534
—
—
—
—		 23,403
1,500
23,451
—
—
—
68,333
1,750
6,500		 —
—
—
—
—
5,559
—
—
—		 23,403
1,500
23,451
48,258
3,534
5,559
68,333
1,750
6,500
48,258 3,534 124,937 5,559 182,288
Relief of
poverty
£		 Disaster
relief
£		 Social
care
relief
£		 Advancement
of the
Roman
Catholic
Faith
£		 Total
funds
2020
£
Lebanon Project
Companions Cafes, Soup
Kitchens
Holy Family Hospital, Bethlehem
St John Care Homes
Homeless supplies
OSJCT Care Homes
Covid 19 grants
Malteser International
Grant to St Andrew’s Diocese,
Edinburgh
Dial a Journey
Charitable contributions
Total 2020		 —
—
—
—
51,466
—
—
—
—
—
—		 —
—
—
—
—
—
—
58,118
—
—
—		 97,140
23,177
2,000
5,787
37,200
2,738
200
10,000
5,521		 —
—
—
—
—
—
—
—
—
—
—		 97,140
23,177
2,000
5,787
51,466
37,200
2,738
58,118
200
10,000
5,521
51,466 58,118 183,763 — 293,347

BASMOM 31

Notes to the financial statements Year ended 31 December 2021

8. Net income

Net income for the year is stated after charging:

2021
£
25,902
12,600
4,140
1,560		 2020
£
26,127
12,720
3,840
2,000
Depreciation
Auditor’s remuneration
. Audit
. Independent examination
. Other services

9. Staff costs, trustees’ remuneration and expenses and key management personnel Staff costs were as follows:

2021
£		 2020
£
Wages and salaries
Social security costs
Pension costs		 37,174
902
750		 37,993
964
—
38,826 38,957

The average monthly number of employees during the year was as follows:

2021
No.		 2020
No.
Secretariat 1 1

No employee earned £60,000 per annum or more (including taxable benefits but excluding employer pension contributions) during the year (2020 - none).

The key management personnel of the charity comprise the trustees and the five members of The OMV Executive Committee. No remuneration was paid to any key management personnel (2020 – none).

No trustees were remunerated for their services, though two trustees were reimbursed £2,579 for their expenses during the year (2020 - £1,114 to two trustees).

All of the Association’s charitable work is carried out on a voluntary basis. In a year in which coronavirus severely impacted on activities, we estimate that more than 200 volunteers have been engaged in work to advance our charitable objects in the past year, and we estimate, conservatively, that 18,400 hours of voluntary service were undertaken on our various projects, without taking into account the time donated by members of the Council and the Officers of the Association.

BASMOM 32

Notes to the financial statements Year ended 31 December 2021

10. Tangible fixed assets

Tangible fixed assets
Group and Charity Long
leasehold
property
£
Office
equipment
£
Total
£
Cost
At 1 January 2021 and 31 December 2021

Depreciation
At 1 January 2021
Charge for the year
At 31 December 2021
Net book values
At 31 December 2021

At 31 December 2020
 1,263,558
13,346		 1,276,904
112,500
25,000
8,836

902
121,336

25,902
137,500
9,738
147,238
1,126,058
3,608		 1,129,666
1,151,058
4,510		 1,155,568

All tangible assets are held by the charity for use in meeting its charitable purposes.

Group and Charity Long
leasehold
property
£
Office
equipment
£
Total
£
Cost
At 1 January 2020 and 31 December 2020

Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book values
At 31 December 2020

At 31 December 2019
 1,263,558
13,346		 1,276,904
87,500
25,000
7,709

1,127
95,209

26,127
112,500
8,836
121,336
1,151,058
4,510		 1,155,568
1,176,058
5,637		 1,181,695

11. Investments

Investments
Group 2021
£		 2020
£
Listed investments
Market value at 1 January 2021
Additions
Disposals (proceeds £1,159,192, realised gain £31,239)
Unrealised gains on revaluation
Market value at 31 December 2021
Cash held by investment managers for reinvestment
Total investments held
Cost of listed investments at 31 December 2021
Gains and losses recognised in the year
Realised gains/(losses) on disposal
Unrealised gains on changes in market value		 4,902,658
1,542,555
(1,127,953)
600,663		 4,622,087
610,306
(687,659)
357,924
5,917,923
171,188		 4,902,658
123,750
6,089,111 5,026,408
4,194,690 3,695,865
31,239
600,663		 (47,967)
357,924
631,902 309,957

BASMOM 33

Notes to the financial statements Year ended 31 December 2021

11. Investments (continued)

All investments are held in the UK. The following holdings constituted material holdings when compared to the value of the total listed investment portfolio at 31 December 2021:

2021 2021 2020 2020
Market
value
£		 % of
portfolio
%		 Market
value
£		 % of
portfolio
%
COIF CharityInvestment Fund – Income Units 3,655,585 62% 2,976,021 61%
Charity 2021
£		 2020
£
Listed investments
Market value at 1 January 2021
Additions
Disposals (proceeds £1,159,192 gains £31,239)
Unrealised gains (losses) on revaluation
Market value at 31 December 2021
Cash held for reinvestment
Total investments held
Cost at 31 December 2021		 4,282,454
1,542,555
(1,127,953)
514,096		 4,085,241
550,306
(687,659)
334,562
5,211,152
79,872		 4,282,454
50,448
5,291,024 4,332,902
3,707,799 3,208,974

All investments are held in the UK. The following holdings constituted material holdings when compared to the value of the total listed investment portfolio at 31 December 2021:

2021 2021 2020 2020
Market
value
£		 % of
portfolio
%		 Market
value
£		 % of
portfolio
%
COIF CharityInvestment Fund – Income Units 2,948,812 57% 2,355,815 55%

Investments in subsidiary undertakings

The Order of Malta Volunteers (“The OMV”), a registered charity (Charity registration number 1164242 (England)) and a company limited by guarantee (Company Registration Number 9801949 (England and Wales)), is considered to be a subsidiary undertaking by virtue of BASMOM controlling a majority of voting rights.

The Order of Malta Volunteers performs similar activities to the Association and has been consolidated on a line by line basis in the statement of financial activities.

BASMOM 34

Notes to the financial statements Year ended 31 December 2021

11. Investments (continued)

Investments in subsidiary undertakings (continued)

The summarised financial information on The OMV is given below:

2021
£		 2020
£
Aggregate assets
Aggregate liabilities
Aggregate funds
Total income, including gains on investments
Total expenditure
Net income		 1,058,995
(140,782)		 843,508
(4,632)
918,213 838,876
124,751
(38,460)		 194,518
(168,564)
86,291 25,954

12. Investment properties

Group and Charity Total
£
Valuation
At 1 January2021 and at 31 December 2021		 5,000,000

The investment property has been valued at 31 December 2021 by the trustees on the basis of open market value.

13. Stocks

Group Group Charity Charity
2021
£		 2020
£		 2021
£		 2020
£
Insignia and awards
BASMOM shop
Clothing and CDs
Cloaks		 8,350
24,255
1,244
4,875		 15,644
24,592
1,284
4,875		 8,350
24,255
992
4,875		 15,644
24,952
1,032
4,875
38,724 46,395 38,472 46,143

BASMOM 35

Notes to the financial statements Year ended 31 December 2021

14. Debtors

Debtors
Group Charity
2021
£		 2020
£		 2021
£		 2020
£
Legacies receivable
Other debtors
Prepayments and accrued income		 138,093
30,384
148,892		 385,668
4,752
48,657		 138,093
30,384
43,994		 385,668
4,752
40,306
317,369 439,077 212,471 430,726

The legacy receivable of £138,093 represents listed investments where the estate executors agreed transfer of legal title to the Group in 2021 but legal title was not transferred until 2022. The shares are valued at market price as at 31 December 2021.

15. Creditors: amounts falling due within one year

Group Group Charity Charity
2021 2020 2021
£		 2020
£
£ £
Expense creditors
Other creditors
Accruals and deferred income		 5,140
226,916
163,386		 3,005
228,815
33,321		 5,140
226,916
37,909		 3,005
228,815
28,690
395,442 265,141 269,965 260,510

16. Deferred income

Group Group Charity Charity
2021 2020 2021
£		 2020
£
£ £
At 1 January 2021
Income deferred in the year
Amounts released from previous years
At 31 December 2021		 7,587
136,423
(5,837)		 100,910
5,837
(99,160)		 7,587
14,890
(5,837)		 —
7,587
—
138,173 7,587 16,640 7,587

Deferred income relates to monies received in 2021 for events that will occur in 2022 together with rental income received in advance.

BASMOM 36

Notes to the financial statements Year ended 31 December 2021

17. Statement of funds

Group At 1
January
2021
£
Income and
gains
£		 Expenditure
£		 Transfers
£		 At 31
December
2021
£
Designated funds
Companions of the Order of Malta
The Lourdes Pilgrimage fund
Order of Malta Volunteers’ fund
The Oak fund
Scottish Delegation fund
Investment fund
General funds
General fund
Total unrestricted funds
Restricted funds
Bethlehem Fund
Lady Talbot Legacy Fund
Foreign Aid Service fund
Total restricted funds
Total of funds 2021		 65,442
—
838,825
—
11,733
6,414,520		 70,375
16,929
117,798
40,000
7,110
873,872		 (80,721)
(11,896)
(38,460)
—
(3,454)
(17,501)		 40,000
—
—
(40,000)
—
3,818,220		 95,096
5,033
918,163
—
15,389
11,089,111
7,330,520

4,851,904		 1,126,084
352,422		 (152,032)
(492,263)		 3,818,220
(3,818,220)		 12,122,792
893,843
12,182,424 1,493,506 (644,295) — 13,016,635

5,378
—
31		 —
15,000
40,516		 —
—
(40,360)		 —
—
—		 5,378
15,000
187
5,409 55,516 (40,360) — 20,565
12,187,833 1,534,022 (684,655) — 13,037,200
Group At 1
January
2020
£
Income
£		 Expenditure
£
Transfers
and
gains/
(losses)
£
At 31
December
2020
£
Designated funds
Companions of the Order of Malta
The Lourdes Pilgrimage fund
Order of Malta Volunteers’ fund
The Oak fund
Scottish Delegation fund
Investment fund
General funds
General fund
Total unrestricted funds
Restricted funds
Bethlehem Fund
Foreign Aid Service fund
Total restricted funds
Total of funds 2020		 53,190
2,990
812,871
—
8,954
5,690,646
74,040

14,068

171,158

40,000

3,190

477,483		 (87,488)
(35,132)
(165,564)
(14,300)
(411)
(40,207)
25,700

18,074

23,360

(25,700)

—
286,598
65,442

—

838,825

—

11,733

6,414,520
6,568,651
4,996,688
779,939

271,037		 (346,102)
(380,746)
328,032
(35,075)
7,330,520
4,851,904
11,565,339
1,050,976		 (726,848) 292,957 12,182,424
5,378
236
—

95,391		 —
(112,596)
—
17,000
5,378

31
5,614
95,391		 (112,596) 17,000
5,409
11,570,953
1,146,367		 (839,444) 309,957 12,187,833

BASMOM 37

Notes to the financial statements Year ended 31 December 2021

17. Statement of funds (continued)

Charity At 1
January
2021
£
65,442
—
—-
11,733
6,414,520
6,491,695

4,851,852
11,343,547


5,378
—
31
5,409

11,348,956
Income and
gains
£
70,375
16,929

40,000
7,110
873,872

1,008,286
352,422
1,360,708
—
15,000
40,516

55,516

1,416,224
Expenditure
£

(80,721)

(11,896)

—

(3,454)

(17,501)

(113,572)

(492,263)

(605,835)

—

—

(40,360)

(40,360)

(646,195)		 Transfers
£

40,000
—
(40,000)
—
3,818,220
3,818,220

(3,818,220)
—


—
—
—
—

—
At 31
December
2021
£

95,096

5,033

—

15,389
11,089,111
11,204,629
893,791
12,098,420

5,378

15,000

187

20,565
12,118,985
Designated funds
Companions of the Order of Malta
The Lourdes Pilgrimage fund
The Oak fund
Scottish Delegation fund
Investment fund
General funds
General fund
Total unrestricted funds
Restricted funds
Bethlehem Fund
Lady Talbot legacy fund
Foreign aid service fund
Total restricted funds
Total of funds 2021
Charity At 1
January
2020
£		 Income
£		 Expenditure
£
Transfers,
gains and
(losses)
£
At 31
December
2020
£
Designated funds
Companions of the Order of Malta
The Lourdes Pilgrimage fund
The Oak fund
Scottish Delegation fund
Investment fund
General funds
General fund
Total unrestricted funds
Restricted funds
Bethlehem Fund
Foreign aid service fund
Total of funds 2020		 53,190
2,990
8,954
5,690,646
74,040

14,068
40,000

3,190

477,483
(87,488)

(35,132)

(14,300)

(411)

(40,207)
25,700

18,074

(25,700)

286,598
65,442

—

—
11,733

6,414,520
5,755,780
4,996,636
608,781

271,037
(177,538)

(380,747)
304,672
(35,074)
6,491,695
4,851,852
10,752,416
879,818
(558,285)		 269,598 11,343,547
5,378
236
—

95,391
—

(112,596)
—
17,000
5,378

31
5,614
95,391
(112,596)		 17,000
5,409
10,758,030
975,209
(670,881)		 286,598 11,348,956

18. Designated funds

Companions of the Order of Malta Fund

This fund has been set up to raise funds for its general charitable purposes.

The Lourdes Pilgrimage Fund

This fund exists to provide facilities for pilgrims to visit shrines, particularly at Lourdes, including those using BASMOM.

BASMOM 38

Notes to the financial statements Year ended 31 December 2021

18. Designated funds (continued)

The Oak Fund

This fund supports specific projects as determined by the Finance Committee and donor. It has been used to provide funding for projects such as the International Holiday Camp and the Walsingham National Shrine.

Scottish Delegation Fund

This fund supports the annual Scottish fundraising dinner held in Edinburgh.

Investment fund

This fund consists of capital invested with CCLA and Cazenove together the group’s long leasehold and investment properties. The fund is held to generate income and support the charity in its activities.

Restricted funds

Bethlehem Fund

This fund was created to support the work of the Order in Bethlehem.

Foreign Aid Services Fund

This fund was created to make grants to the international works of the Order.

Lady Talbot legacy fund

This fund was a bequest from Lady Talbot of Malahide to be spent on Lourdes pilgrimages.

19. Analysis of net assets between funds

Group
Fund Balances at 31 December 2021 represented by:
Tangible fixed assets
Investments
Investment properties
Total current assets
Creditors: amounts due within one year
Total net assets		 Restricted
funds
£		 Unrestricted funds Unrestricted funds Total
funds
2021
£
General
funds
£		 Designated
funds
£
—
—
—
20,565
—		 —
—
—
893,843
—		 1,129,666
6,089,111
5,000,000
299,457
(395,442)		 1,129,666
6,089,111
5,000,000
1,213,865
(395,442)
20,565
893,843		 12,122,792 13,037,200
Group
Fund Balances at 31 December 2020 represented by:
Tangible fixed assets
Investments
Investment properties
Total current assets
dCreditors: amounts due within one year
Total net assets		 Restricted
funds
£		 Unrestricted funds Total
funds
2020
£
General
funds
£		 Designated
funds
£
—
—
—
5,409
—		 —
—
5,000,000
112,414
(260,510)		 1,155,568
5,026,408
—
1,153,175
_(4,631) _		 1,155,568
5,026,408
5,000,000
1,270,998
(265,141)
5,409 4,851,904 7,330,520 12,187,833

Unrealised gains are included above.

BASMOM 39

Notes to the financial statements Year ended 31 December 2021

19. Analysis of net assets between funds (continued)

Reconciliation of movements in unrealised gains (losses) on investment assets

Unrestricted Unrestricted
Total
funds
2021
£		 Total
funds
2020
£
Unrealised gains at 1 January 2021
Unrealised gains in year
Realised gains/(losses) in respect to disposals in the year
Total unrealisedgains at 31 December 2021		 1,243,614
600,663
31,239		 933,657
357,924
(47,967)
1,875,516 1,243,614

Charity		 Restricted
funds
£		 Unrestricted funds Unrestricted funds Total
funds
2021
£
General
funds
£		 Designated
funds
£
Fund Balances at 31 December 2021 represented by:
Tangible fixed assets
Investments
Investment properties
Current assets
Creditors: amounts due within one year
Total net assets		 —
—
—
20,565
—		 —
—
—
893,791
—		 1,129,666
5,291,024
5,000,000
53,904
(269,965)		 1,129,666
5,291,024
5,000,000
968,260
(269,965)
20,595
893,791		 11,204,629 12,118,985
Charity Restricted
funds
£		 Unrestricted funds Total
funds
2020
£
General
funds
£		 Designated
funds
£
Fund Balances at 31 December 2020 represented by:
Tangible fixed assets
Investments
Investment properties
Current assets
Creditors: amounts due within one year
Total net assets		 —
—
—
5,409
—		 —
—
5,000,000
112,362
(260,510)		 1,155,568
4,332,902
—
1,003,225
—		 1,155,568
4,332,902
5,000,000
1,120,996
(260,510)
5,409 4,851,852
6,491,695		 11,348,956

Reconciliation of movements in unrealised gains (losses) on investment assets

Unrestricted Unrestricted
Total
funds
2021
£		 Total
funds
2020
£
Unrealised gains (losses) at 1 January 2021
Less: unrealised losses in year
Realised gains in respect to disposals in the year
Total unrealised losses at 31 December 2021		 1,107,298
334,564
31,239		 820,703
334,562
(47,967)
1,473,101 1,107,298

20. Company status

The company is a company limited by guarantee. The members of the charitable company are the Trustees named on page 1. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company.

BASMOM 40

Notes to the financial statements Year ended 31 December 2021

21. Related party transactions

During the year, the group entered into no transactions with related parties.

22. Post balance sheet events

Covid-19 has continued to impact on the Group’s operations with most events, projects and activities being cancelled or deferred in 2021. The Group’s ability to run charitable activities in 2022 is subject to easing of covid-19 restrictions both within the UK and Europe to allow travel and gatherings. It is likely that the group’s financial performance for the financial year ended 31 December 2022 will continue to reflect lower levels of activity.

BASMOM 41