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← The Association Of British Members Of The Sovereign Military Hospitaller Order Of St. John Of Jerusalem Of Rhodes And Of Malta

2023-12-31-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 2023

Company Limited by Guarantee

Registration Number 05039938 (England and Wales) Charity Registration Number 1103567 (England and Wales) Charity Registration Number SCO040124 (Scotland)

Contents

Reports

Reference and administrative information Reference and administrative information Reference and administrative information 1
3
14
Financial statements
Consolidated statement of financial
activities 18
Consolidated balance sheet 19
Charity balance sheet 20
Consolidated statement of cash flows 21
Principal accounting policies 22
Notes to the financial statements 28

Reference and administrative information

Trustees Lady Celestria Hales (President)
(Grand Prior of England)
Michael Hodges Esq. (Senior Vice President)
Mark Watson-Gandy (Chancellor)
Lt Col Thomas de Burgh
William Kerr Esq. (Treasurer)
-Matthews
Dr Hania Cox
Paul Letman Esq.
James Pavey Esq.(Hospitaller)
Pierre Abou-Sakr Esq.
Dr Gerard Robertson
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
Bankers C Hoare and Co.
37 Fleet Street
London
EC4P 4DQ
Solicitors Stone King
13 St Queen Square
Bath
BA1 3HJ

BASMOM 1

Reference and administrative information

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

BASMOM 2

Trustees Report Year ended 31 December 2023

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 the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out on pages 22 to 27 of the attached financial statements and comply with the charitable ting 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 and The Nehemiah Project. It is estimated that BASMOM members and the members of its branches in a normal year undertake around 64,000 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

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. All of the members of the Council bar one are trustees of the charity.

BASMOM 3

Trustees Report Year ended 31 December 2023

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 exCompanions, 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 2023

Lady Celestria Hales (President)

Michael Hodges Esq., (Senior Vice President) William Kerr Esq. (Treasurer) Professor Mark Watson-Gandy (Chancellor) Lt Col Thomas de Burgh -Matthews Dr Hania Cox Paul Letman Esq. Mrs Roderick Brenninkmeijer James Pavey Esq.(Hospitaller) Pierre Abou-Sakr Esq. Dr Gerard Robertson 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. 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

Trustees Report Year ended 31 December 2023

Governance, structure and management (continued)

Organisational structure and decision making

The Council meets as often as necessary usually 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 and a Grants Committee meets twice a year or as needed.

that within the Association and within the various Order charitable activities more than 220 volunteers have been engaged in work to advance the charitable objects in the past year. It estimates, conservatively, that 21,000 hours of voluntary service were undertaken on various BASMOM and OMV 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 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

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

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

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 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.

BASMOM 5

Trustees Report Year ended 31 December 2023

Activities, specific objectives and relevant policies

Activities and specific objectives in the period

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 public benefit when

:-

:-

BASMOM:-

An Order of Malta pilgrimage to Lourdes in May.

BASMOM 6

Trustees Report Year ended 31 December 2023

Activities, specific objectives and relevant policies (continued)

Main activities (continued)

The provision of volunteers by the Companions to various projects for the homeless and the elderly which included the following activities:

Homeless projects in London:

Homeless projects outside London:

Christmas and Easter parcels for the homeless:

BASMOM 7

Trustees Report Year ended 31 December 2023

Activities, specific objectives and relevant policies (continued)

Main activities (continued)

Elderly projects in London:

Six lunch parties for the elderly were held at Brompton Oratory throughout the year.

Elderly projects outside London:

Nehemiah:

Carol Concert

During the year further increased Companions activities in Scotland included the following:-

BASMOM 8

Trustees Report Year ended 31 December 2023

Activities, specific objectives and relevant policies (continued)

Main activities (continued)

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 revi investment policy. Cash deposits are held on instant access terms with the aim of maximising our rate of interest without taking undue risk.

Investment 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 9

Trustees Report Year ended 31 December 2023

Financial report for the year

Results for the year

A summary of the results for the year can be found on page 18 of this annual report and financial statements.

Total income for the year of £1,507,675 (2022 - £1,334,213) of which legacy income contributed £131,907 (2022 - £4,140). Income continued to be generated from fund raising, trading and charitable activities and events.

Total expenditure for the year was £1,511,660 (2022 - £1,453,973). After other realised and unrealised gains of £403,508 (2022 losses of £677,925), the group generated a surplus of £399,523 for the year (2022 deficit £797,685).

BASMOM has 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, 2020 and 2021. In the year ended 31 December 2023 further estate investments were assented to BASMOM by the Executors in June 2023. These investments had not been transferred into the ownership of BASMOM at 31 December 2023 and have been accounted for as a receivable at 31 December 2023 with a value at that date of £170,000. 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.

not invested in tangible fixed assets, designated for specific purposes or otherwise committed, which are available to cover future expenditure on charitable activities. Fund raising expenditure is excluded as the expenditure is directly related to and covered by income generated from fund raising events. The Trustees consider that, given the nature of the be at least the equivalent of twelve months expenditure on charitable activities in order to meet future costs. This would currently be c£1,000,000 based on the 2023 financial results which is represented by the General Fund.

As at 31 December 2023 s free reserves, as represented by the General Fund, were £1,008,402 (2022 - £981,85) a small increase of c£26,000.

As at 31 December 2023, the group had the following fund balances: restricted funds of £44,579 (2022 - £24,177) and unrestricted funds of £12,594,460 (2022 - £12,215,338).

BASMOM 10

Trustees Report Year ended 31 December 2023

Reserves policy and financial position (continued)

Reserves policy (continued)

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. The increase in unrestricted funds was primarily due to gains in the market value of the investment portfolios. This fund is held to support the long term aims and activities of the BASMOM group.

During 2023 the Trustees considered various options on how legacy income should be used that legacy income represented by investment property should be re-designated 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 2023, no complaints about fundraising activities were received.

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 her 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 11

Trustees Report Year ended 31 December 2023

The Trustees (who are also directors of BASMOM for the purpose of company law) are 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:

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.

BASMOM 12

Trustees Report Year ended 31 December 2023

(continued)

The Trustees are responsible for the maintenance and integrity of the corporate and financial governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the Council on 30 May 2024 and signed on their behalf by:

President - Lady Celestria Hales

Treasurer - William Kerr

BASMOM 13

Year ended 31 December 2023

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) ended 31 December 2023 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 S Standard applicable in the UK and Republic of (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 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 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 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 of at least twelve months from when the financial statements are authorised for issue.

BASMOM 14

Year ended 31 December 2023

Conclusions relating to going concern (continued)

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

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 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

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 15

Year ended 31 December 2023

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

Responsibilities of trustees

ustees (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.

and the 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.

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 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 16

Year ended 31 December 2023

Audito

(continued)

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

Use of our report

This report is made solely to the 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.

==> picture [92 x 23] intentionally omitted <==

Date: 6 June 2024

Catherine Biscoe (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street

London, EC2V 6DL

BASMOM 17

Consolidated statement of financial activities Year ended 31 December 2023 (incorporating income and expenditure account)

Notes
Restricted
funds
£		 Notes
Restricted
funds
£


Unrestricted
funds
£


Total
funds
2023
£		 Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2022
£
Income from:
Donations and legacies
1
44,616
Other trading activities
2
112,951
Charitable activities
3
Investment income
4
Total income
157,567
Expenditure on:
Raising funds
5
24,724
Charitable activities
6
112,441
Total expenditure
137,165
Net income (expenditure)
before gains on investments
8
20,402
Net gains (losses) on investments
Net income (expenditure)
20,402
Net movement in funds for the
year
20,402
Fund balances brought forward
at 1 January 2023
24,177
Fund balances carried forward
at 31 December 2023
44,579
327,518

394,979
341,186
286,425
372,134

507,930

341,186

286,425		 176,336
100,990
5		 243,728
378,603
181,297
253,254		 420,064
479,593
181,302
253,254
157,567
1,350,108
1,507,675		 277,331 1,056,882 1,334,213

399,588

974,907
424,312

1,087,348		 31,423
242,296		 293,000
887,254		 324,423
1,129,550
137,165
1,374,495
1,511,660		 273,719 1,180,254 1,453,973

(24,387)
403,509
(3,985)

403,509		 3,612 (123,372)
(677,925)		 (119,760)
(677,925)
20,402
379,122
399,524		 3,612 (801,297) (797,685)
20,402
24,177
379,122

12,215,338
399,524
12,239,515		 3,612
20,565		 (801,297)
13,016,635		 (797,685)
13,037,200
44,579
12,594,460		 12,639,039 24,177 12,215,338 12,239,515

All of the above results are derived from continuing activities.

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

BASMOM 18

Consolidated balance sheet 31 December 2023

Notes
2023
£		 2023
£		 2022
£		 2022
£
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



19,352

357,422
707,255		 1,081,713
5,737,606
5,000,000		 30,049
329,937
617,488		 1,104,113
5,366,495
5,000,000
11,819,319
819,720		 11,470,608
768,907
1,084,029

(264,309)		 977,474
(208,567)

12,639,039 12,239,515
44,579
11,586,058
1,008,402		 24,177
11,233,487
981,851
12,639,039 12,239,515

The financial statements were approved by the Trustees on 30 May 2024 and signed on their behalf, by:

President - Lady Celestria Hales Treasurer - William Kerr

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

Charity balance sheet 31 December 2023

Notes
2023
£		 2023
£		 2022
£		 2022
£
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



19,102

271,473
638,557		 1,081,713
4,927,387
5,000,000		 29,797
214,499
546,980		 1,104,113
4,637,762
5,000,000
11,009,100
820,849		 10,741,875
705,895
929,132

(108,283)		 791,276
(85,381)

11,829,949 11,447,770
44,579
10,777,020
1,008,350		 24,177
10,441,794
981,799
11,829,949 11,447,770

The parent charitable company has taken the exemption from preparing a separate statement of financial activities, as permitted by section 408 of the Companies Act 2006. The net income for the parent charitable parent company was £382,178 (2022 net expenditure - £671,215).

The financial statements were approved by the Trustees on 30 May 2024 and signed on their behalf, by:

President- Lady Celestria Hales

Treasurer- William Kerr

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 20

Consolidated statement of cash flows 31 December 2023

Notes 2023
£		 2022
£
Net cash used in operating activities
A
Net cash provided by investing activities
B
Change in cash and cash equivalents
Cash and cash equivalents at 1 January 2023
C
Cash and cash equivalents at 31 December 2023
C		 (225,042)
186,812		 (538,019)
405,455
(38,230)
896,396		 (132,564)
1,028,960
858,166 896,396

Notes to the statement of cash flows for the year to 31 December 2023.

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

==> picture [404 x 128] intentionally omitted <==

----- Start of picture text -----
2023 2022
£ £
Net income/(expenditure) 399,523 (797,685)
Depreciation 26,414 25,763
Net investment gains/(losses) (403,508) 677,925
Investment income (286,425) (253,254)
Decrease in stocks 10,697 8,675
(Increase) in debtors (27,485) (12,568)
Increase/(Decrease) in creditors 55,472 (186,875)
Net cash used in operating activities (225,042) (538,019)
----- End of picture text -----

B. Cash flows from investing activities

Cash flows from investing activities
2023
£		 2022
£
.Payments to acquire fixed assets
. Payments to acquire investments
. Receipts from disposal of investments
. Investment income received
Net cash provided by investing activities		 (4,014)
(565,639)
470,040
286,425
186,812		 (210)
(836,124)
988,535
253,254
405,455

C. Cash and cash equivalents

Cash and cash equivalents
At
December
2023
£
At
December
2022
£
Cash at bank and in hand
Cash held by investment managers
Total		 707,255
150,911		 617,488
278,908
858,166 896,396

BASMOM 21

Principal accounting policies Year ended 31 December 2023

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 2023.

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 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.

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 £382,178 (2022 net expenditure - £671,215).

The subsidiary, The Order of Malta Volunteers, results for the year ended 31 December 2023 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 results may differ from those estimates.

BASMOM 22

Principal accounting policies Year ended 31 December 2023

Critical accounting estimates and areas of judgement (continued)

Areas requiring the use of estimates and critical judgements that may impac 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 trustees have concluded that it is appropriate for the charity 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.

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.

BASMOM 23

Principal accounting policies Year ended 31 December 2023

Income (continued)

Income from trading activities includes the income from fund raising events and sponsorship 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 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 nvestment 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:

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.

BASMOM 24

Principal accounting policies Year ended 31 December 2023

Expenditure (continued)

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:

Long leasehold property - 2% straight line Office equipment - 20% reducing balance

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 on their cost or valuation is not available and such information cannot be obtained at a cost

Fixed asset investments

The charity 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.

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 balance sheet, investment in the subsidiary is stated at cost.

BASMOM 25

Principal accounting policies Year ended 31 December 2023

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 ~~a~~ ccruals 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.

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.

BASMOM 26

Principal accounting policies Year ended 31 December 2023

Fund accounting

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

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.

Unrestricted funds comprise the General Fund which are freely available for application

BASMOM 27

Notes to the financial statements Year ended 31 December 2023

1 Donations and legacies

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Total
Restricted Unrestricted funds
funds funds 2023
£ £ £
Donations 44,616 28,031 72,647
Legacies 131,907 131,907
108,330 108,330
Members levy to Grand Magistry 59,250 59,250
2023 Total 44,616 327,518 372,134
Total
Restricted Unrestricted funds
funds funds 2022
£ £ £
Donations 176,336 68,406 244,742
Legacies 4,140 4,140
110,906 110,906
Members levy to Grand Magistry 60,276 60,276
2022 Total 176,336 243,728 420,064
----- End of picture text -----

2 Income from other trading activities

Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2023
£
Shop and other sales
Formation Day
International Hospitallers Conference
White Knights Ball
Edinburgh Ball
Retreats and Reunions
FAS Dinner
Carol Concert
Other fundraising events
2023 Total		 112,951 44,700
2,520
12,867
39,701
206,889
42,437
21,563
11,418
12,884		 44,700
2,520
12,867
39,701
206,889
42,437
21,563
112,951
11,418
12,884
112,951 394,979 507,930
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2022
£
Shop and other sales
Formation Day
St
White Knights ball
Edinburgh Ball
Retreats and Reunions
FAS Dinner
Carol Concert
Malteser Hilfsdienst e.V
Other fundraising events
2022 Total		 100,990 25,473
860
21,092
221,611
43,353
12,463
8,995
37,245
7,511		 25,473
860
21,092
221,611
43,353
12,463
100,990
8,995
37,245
7,511
100,990 378,603 479,593

BASMOM 28

Notes to the financial statements Year ended 31 December 2023

3 Income from charitable activities

Income from charitable activities
Restricted
funds
£		 Unrestricted
funds
£		 Total funds
2023
£
Lourdes Pilgrimage
OMV Pilgrimage
Companions of Order of Malta
Lebanon Project
International Holiday Camp
Malteser Hilfsdienst e.V		 27,473
96,578
119,083
10,942
4,900
82,210		 27,473
96,578
119,083
10,942
4,900
82,210
341,186 341,186
Restricted
funds
£		 Unrestricted
funds
£		 Total funds
2022
£
Lourdes Pilgrimage
OMV Pilgrimage
Companions of Order of Malta
Camino Pilgrimage
International Holiday Camp
Rome/ Easter Pilgrimage		 5 15,735
73,129
75,867
4,676
9,065
2,825		 15,740
73,129
75,867
4,676
9,065
2,825
5 181,297 181,302

4 Investment income

Investment income
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2023
£
Listed investments
Rental on investment property
Other investment income
2023 Total		 132,597
143,921
9,907
132,597

143,921

9,907
286,425
286,425
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2022
£
Listed investments
Rental on investment property
2022 Total		 126,380
126,874
126,380

126,874
253,254
253,254

BASMOM 29

Notes to the financial statements Year ended 31 December 2023

5 Expenditure on raising funds

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----- Start of picture text -----
Total
Restricted Unrestricted funds
funds funds 2023
£ £ £
Shop and other sales 33,940 33,940
St John s Day 21,309 21,309
International Hospitallers Conference 56,432 56,432
Fundraising events 19,998 19,998
White Knights Ball 131,031 131,031
Edinburgh Ball 23,917 23,917
Retreats and reunions 34,333 34,333
FAS dinner 24,724 24,724
Carol Concert 4,704 4,704
Rental property costs 52,066 52,066
Investment management fees 17,326 17,326
Other fundraising expenses 4,532 4,532
2023 Total 24,724 399,588 424,312
Total
Restricted Unrestricted funds
funds funds 2022
£ £ £
Shop and other sales 29,401 29,401
19,639 19,639
Fundraising events 11,374 11,374
White Knights Ball 144,620 144,620
Edinburgh Ball 16,973 16,973
Retreats and reunions 6,531 6,531
FAS dinner 31,423 31,423
Carol Concert 963 963
Rental property costs 47,263 47,263
Investment management fees 18,514 18,514
Other fundraising expenses (2,278) (2,278)
2022 Total 31,423 293,000 324,423
----- End of picture text -----

BASMOM 30

Notes to the financial statements Year ended 31 December 2023

6 Expenditure on charitable activities

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----- Start of picture text -----
Total
Restricted Unrestricted funds
funds funds 2023
£ £ £
Activities undertaken directly
Lourdes Pilgrimage 9,529 95,091 104,620
OMV Lourdes Pilgrimage 187,255 187,255
Grants payable (note 7) 102,886 222,795 325,681
61,822 61,822
Passage Fees to Rome 9,018 9,018
International Holiday Camp 11,133 11,133
Lebanon Project 29,877 29,877
Communications expenses 48,000 48,000
5,556 5,556
Support costs
Printing, photocopying & stationery 8,455 8,455
General office costs 6,469 6,469
Building maintenance 5,543 5,543
Accounts assistant 47,840 47,840
Bank charges 26 9,471 9,497
Utilities 3,745 3,745
Insurance 23,100 23,100
Costs of the secretariat 128,634 128,634
Depreciation 26,414 26,414
Governance costs
. Insurance 7,388 7,388
. Audit fee 20,474 20,474
. Legal and professional 6,929 6,929
. Compliance 9,898 9,898
2023 Total 112,441 974,907 1,087,348
----- End of picture text -----

BASMOM 31

Notes to the financial statements Year ended 31 December 2023

6 Expenditure on charitable activities (continued)

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----- Start of picture text -----
Total
Restricted Unrestricted funds
funds funds 2022
£ £ £
Activities undertaken directly
Lourdes Pilgrimage 18,982 18,982
OMV Lourdes Pilgrimage 159,237 159,237
Walsingham Pilgrimage 18,356 18,356
Holy Land Pilgrimage 2,397 2,397
Easter Pilgrimage 14,796 14,796
Camino Pilgrimage 7,519 7,519
Grants payable (note 7) 242,230 295,791 538,021
Magistry 62,029 62,029
Passage Fees to Rome 8,886 8,886
International Holiday Camp 15,729 15,729
Communications expenses 34,516 34,516
5,407 5,407
Support costs
Printing, photocopying & stationery 10,056 10,056
General office costs 12,799 12,799
Building maintenance 6,203 6,203
Accounts assistant 43,700 43,700
Bank charges 66 8,285 8,351
Utilities 2,996 2,996
Insurance 23,849 23,849
Costs of the secretariat 73,983 73,983
Depreciation 25,763 25,763
Governance costs
. Insurance 7,270 7,270
. Audit fee 16,900 16,900
. Legal and professional 8,728 8,728
. Compliance 3,077 3,077
2022 Total 242,296 887,254 1,129,550
----- End of picture text -----

BASMOM 32

Notes to the financial statements Year ended 31 December 2023

7 Grants payable

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----- Start of picture text -----
Advancement
of the
Social Roman Total
Relief of Disaster care Catholic funds
poverty relief relief Faith 2023
£ £ £ £ £
Companions Cafes, Soup
Kitchens 51,657 51,657
Holy Family Hospital Bethlehem 25,550 25,550
The Orders of St John Care
Trust 4,354 4,354
Homeless supplies 50,831 50,831
Spanish Place 8,678 8,678
Malteser International 116,411 116,411
Global Fund for Forgotten
People 10,000 10,000
Dial a Journey 20,000 20,000
Nehemiah Project 30,000 30,000
Romanian Association 10,000 10,000
Cathedral 500 500
Servidoras Nuns 2,000 2,000
Calvert Trust 1,000 1,000
Charitable contributions 4,700 4,700
Total 2023 50,831 16,411 158,439 325,681
----- End of picture text -----

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----- Start of picture text -----
Advancement
of the
Social Roman Total
Relief of Disaster care Catholic funds
poverty relief relief Faith 2022
£ £ £ £ £
Companions Cafes, Soup
Kitchens 32,700 32,700
Holy Family Hospital Bethlehem 15,000 15,000
The Orders of St John Care
Trust 1,457 1,457
St Bernadette Relic Tour 2,000 2,000
Homeless supplies 56,600 56,600
Spanish Place 7,155 7,155
Malteser International 98,838 98,838
Global Fund for Forgotten
People 106,368 106,368
Dial a Journey 20,000 20,000
Birmingham Project 74,500 74,500
Nehemiah Project 30,000 30,000
Romanian Association 6,600 6,600
Cuban Association 5,000 5,000
Polish Association 78,303 78,303
Charitable contributions 1,573 1,927 3,500
Total 2022 56,600 188,741 288,753 3,927 538,021
----- End of picture text -----

BASMOM 33

Notes to the financial statements Year ended 31 December 2023

8 Net expenditure

Net expenditure for the year is stated after charging:

Depreciation
. Audit
. Independent examination
. Other services		 2023
£		 2022
£
25,763
15,300
4,554
1,560
26,414
15,360
5,114
1,500

9

Staff costs were as follows:

2023
£		 2022
£
68,425
1,890
3,668
73,983
Wages and salaries
Social security costs
Pension costs		 108,911
12,623
7,100
128,634

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

2023
No.		 2022
No.
2
Secretariat 2

One employee earned more than £60,000 (including taxable benefits but excluding employer pension contributions) during the year (2022 - none). Malteser Hilfsdienst e.V.

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 (2022 none).

No trustees were remunerated for their services, though four trustees were reimbursed £11,646 for their expenses during the year (2022 - £6,210 to three trustees).

more than 220 volunteers have been engaged in work to advance our charitable objects in the past year, and we estimate, conservatively, that 21,000 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 34

Notes to the financial statements Year ended 31 December 2023

10 Tangible fixed assets

Tangible fixed assets
Group and Charity Long
leasehold
property
£		 Office
equipment
£		 Total
£
Cost
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book values
At 31 December 2023
At 31 December 2022		 1,263,558 13,556
4,014		 1,277,114
4,014
1,263,558 17,570 1,281,128
162,500
25,000		 10,501
1,414		 173,001
26,414
187,500 11,915 199,415
1,076,058 5,655 1,081,713
1,101,058 3,055 1,104,113

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 2022
Additions
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book values
At 31 December 2022
At 31 December 2021		 1,263,558 13,346
210		 1,276,904
210
1,263,558 13,556 1,277,114
137,500
25,000		 9,738
763		 147,238
25,763
162,500 10,501 173,001
1,101,058 3,055 1,104,113
1,126,058 3,608 1,129,666

BASMOM 35

Notes to the financial statements Year ended 31 December 2023

11 Investments

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----- Start of picture text -----
2023 2022
Group £ £
Listed investments
Market value at 1 January 2023 5,087,587 5,917,923
Additions 565,639 836,124
Disposals (proceeds: £470,040, realised gain: £21,100) (448,940) (1,121,911)
Unrealised gains/(losses)on revaluation 382,409 (544,549)
Market value at 31 December 2023 5,586,695 5,087,587
Cash held by investment managers for reinvestment 150,911 278,908
Total investments held 5,737,606 5,366,495
Cost of listed investments at 31 December 2023 3,928,006 3,816,471
Gains and losses recognised in the year
Realised gains/(losses) on disposal 21,100 (133,376)
Unrealised gains/(losses) on changes in market value 382,409 (544,549)
403,509 (677,925)
----- End of picture text -----

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 2023:

COIF Charity Investment Fund
Income Units		 2023 2023 2022
Market
value
£
% of
portfolio
%
3,197,866
63%
Market
value
£
3,494,784		 % of
portfolio
%
63%		 Market
value
£
3,197,866
Charity 2023
£		 2022
£
Listed investments
Market value at 1 January 2023
Additions
Disposals (proceeds: £470,040 realised gain: £21,100)
Unrealised (losses)/gains on revaluation
Market value at 31 December 2023
Cash held for reinvestment
Total investments held
Cost at 31 December 2023		 4,469,644
565,639
(448,940)
324,670		 5,211,152
836,124
(1,121,911)
(455,721)
4,911,013
16,374		 4,469,644
168,118
4,927,387 4,637,762
3,441,116 3,329,581

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 2023:

COIF Charity Investment Fund
Income Units		 2023 2023 2022
Market
value
£
% of
portfolio
%
2,579,921
58%
Market
value
£
2,819,100		 % of
portfolio
%
57%		 Market
value
£
2,579,921

BASMOM 36

Notes to the financial statements Year ended 31 December 2023

11 Investments (continued)

Investments in subsidiary undertakings

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.

The summarised financial information on The OMV is given below:

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----- Start of picture text -----
2023 2022
£ £
Aggregate assets 970,816 914,931
Aggregate liabilities (161,727) (123,188)
Aggregate funds 809,089 791,743
Total income, including losses or gains on investments 353,263 339,071
Total expenditure (335,918) (466,541)
Net income/(expenditure) 17,345 (126,470)
----- End of picture text -----

12 Investment properties

Group and Charity Total
£
Valuation
At 1 January 2023 and at 31 December 2023		 5,000,000

The investment property has been valued at 31 December 2023 by the trustees on the basis of open market value.

13 Stocks

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----- Start of picture text -----
Group Charity
2023 2022 2023 2022
£ £ £ £
Insignia and awards 7,772 8,010 7,772 8,010
BASMOM shop 6,910 15,375 6,910 15,375
Clothing and CDs 250 1,244 992
Oxford merchandise 545 545 545 545
Cloaks 3,875 4,875 3,875 4,875
19,352 30,049 19,102 29,797
----- End of picture text -----

BASMOM 37

Notes to the financial statements Year ended 31 December 2023

14 Debtors

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----- Start of picture text -----
Group Charity
2023 2022 2023 2022
£ £ £ £
Legacies receivable 170,000 138,093 170,000 138,093
Other debtors 46,943 26,778 46,943 26,778
Prepayments and accrued income 140,479 165,066 54,530 49,628
357,422 329,937 271,473 214,499
----- End of picture text -----

The legacy receivable of £170,000 represents listed investments and dividends where the estate executors agreed transfer of legal title to the Group in 2021 and 2022 but legal title was not transferred in 2023.

15 Creditors: amounts falling due within one year

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----- Start of picture text -----
Group Charity
2023 2022 2023 2022
£ £ £ £
Expense creditors 9,725 3,829 9,725 3,829
Other creditors 57,379 47,943 62,962 47,943
Accruals and deferred income 197,205 156,795 35,596 33,609
264,309 208,567 108,283 85,381
----- End of picture text -----

16 Deferred income

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----- Start of picture text -----
Group Charity
2023 2022 2023 2022
£ £ £ £
At 1 January 2023 139,019 138,173 19,909 16,640
Income deferred in the year 173,824 138,969 21,779 19,859
Amounts released from previous years (138,969) (138,123) (19,859) (16,590)
At 31 December 2023 173,874 139,019 21,829 19,909
----- End of picture text -----

Deferred income relates to monies received in 2022 and 2023 for events that will occur in 2024 together with rental income received in advance.

BASMOM 38

Notes to the financial statements Year ended 31 December 2023

17 Statement of funds

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----- Start of picture text -----
At 1 Investment At 31
January gains and December
2023 Income Expenditure transfers 2023
Group £ £ £ £ £
Designated funds
Companions of the Order of Malta 57,065 128,426 (130,184) 55,307
The Lourdes Pilgrimage fund 83,816 (179,041) 95,225
791,693 353,263 (393,656) 57,738 809,038
Scottish Delegation fund 18,234 45,854 (37,315) 26,773
Investment fund 10,366,495 (17,326) 345,771 10,694,940
11,233,487 611,359 (757,522) 498,734 11,586,058
General funds
General fund 981,851 738,749 (616,973) (95,225) 1,008,402
Total unrestricted funds 12,215,338 1,350,108 (1,374,495) 403,509 12,594,460
Restricted funds
Bethlehem Fund 5,378 5,378
Lady Talbot Legacy Fund 15,000 (9,529) 5,471
Foreign Aid Service fund 3,799 157,567 (127,636)) 33,730
Total restricted funds 24,177 157,567 (137,165) 44,579
Total of funds 2023 12,239,515 1,507,675 (1,511,660) 403,509 12,639,039
----- End of picture text -----

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----- Start of picture text -----
At 1 At 31
January Income and Investment December
2022 gains Expenditure losses 2022
Group £ £ £ £ £
Designated funds
Companions of the Order of Malta 95,096 85,089 (123,120) 57,065
The Lourdes Pilgrimage fund 5,033 30,011 (51,225) 16,181
Order of 918,163 334,071 (460,541) 791,693
The Oak fund 40,000 (40,000)
Scottish Delegation fund 15,389 48,943 (46,098) 18,234
Investment fund 11,089,111 (18,514) (704,102) 10,366,495
12,122,792 538,114 (739,498) (687,921) 11,233,487
General funds
General fund 893,843 518,768 (440,756) 9,996 981,851
Total unrestricted funds 13,016,635 1,056,882 (1,180,254) (677,925) 12,215,338
Restricted funds
Bethlehem Fund 5,378 5,378
Lady Talbot Legacy Fund 15,000 15,000
Foreign Aid Service fund 187 277,331 (273,719) 3,799
Total restricted funds 20,565 277,331 (273,719) 24,177
Total of funds 2022 13,037,200 1,334,213 (1,453,973) (677,925) 12,239,515
----- End of picture text -----

BASMOM 39

Notes to the financial statements Year ended 31 December 2023

17 Statement of funds (continued)

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----- Start of picture text -----
At 1 At 31
January Income and Investment December
2023 gains Expenditure losses 2023
Charity £ £ £ £ £
Designated funds
Companions of the Order of Malta 57,065 128,426 (130.184) 55,307
The Lourdes Pilgrimage fund 83,816 (179,041) 95,225 -
Scottish Delegation fund 18,234 45,854 (37,315) 26,773
Investment fund 10,366,495 (17,326) 345,771 10,694,940
10,441,794 258,096 (363,866) 440,996 10,777,020
General funds
General fund 981,799 738,749 (616,973) (95,225) 1,008,350
Total unrestricted funds 11,423,593 996,845 (980,839) 345,771 11,785,370
Restricted funds
Bethlehem Fund 5,378 5,738
Lady Talbot Legacy fund 15,000 (9,529) 5,471
Foreign Aid Service fund 3,799 157,567 (127,636) 33,730
Total restricted funds 24,177 157,657 (137,165) 44,579
Total of funds 2023 11,447,770 1,154,412 (1,118,004) 345,771 11,829,949
At 1 Investment At 31
January Income and gains and December
2022 gains Expenditure transfers 2022
Charity £ £ £ £ £
Designated funds
Companions of the Order of Malta 95,096 85,089 (123,120) 57,065
The Lourdes Pilgrimage fund 5,033 30,011 (51,225) 16,181
The Oak fund 40,000 (40,000)
Scottish Delegation fund 15,389 48,943 (46,098) 18,234
Investment fund 11,089,111 (18,514) (704,102) 10,366,495
11,204,629 204,043 (278,957) (687,921) 10,441,794
General funds
General fund 893,791 518,768 (440,756) 9,996 981,799
Total unrestricted funds 12,098,420 722,811 (719,713) (677,925) 11,423,593
Restricted funds
Bethlehem Fund 5,378 5,378
Lady Talbot legacy fund 15,000 15,000
Foreign aid service fund 187 277,330 (273,718) 3,799
Total restricted funds 20,565 277,330 (273,718) 24,177
Total of funds 2022 12,118,985 1,000,141 (993,431) (677,925) 11,447,770
----- End of picture text -----

BASMOM 40

Notes to the financial statements Year ended 31 December 2023

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.

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 Companions Birmingham Project. Scottish Delegation Fund

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

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 de Malahide to be spent on Lourdes pilgrimages.

18 Analysis of net assets between funds

Analysis of net assets between funds
Group Restricted
funds
£		 Unrestricted funds Total
funds
2023
£
General
funds
£		 Designated
funds
£
Fund Balances at 31 December 2023 represented by:
Tangible fixed assets
Investments
Investment properties
Total current assets
Creditors: amounts due within one year
Total net assets		 44,579


1,008,402		 1,081,713
5,737,606
5,000,000
31,048
(264,309)		 1,081,713
5,737,606
5,000,000
1,084,029
(264,309)
44,579 1,008,402 11,586,058 12,639,039

==> picture [429 x 135] intentionally omitted <==

----- Start of picture text -----
Unrestricted funds
Total
Restricted General Designated funds
funds funds funds 2022
Group £ £ £ £
Fund Balances at 31 December 2022 represented by:
Tangible fixed assets 1,104,113 1,104,113
Investments 28,554 5,337,941 5,366,495
Investment properties 5,000,000 5,000,000
Total current assets 24,177 953,297 977,474
Creditors: amounts due within one year (208,567) (208,567)
Total net assets 24,177 981,851 11,233,487 12,239,515
----- End of picture text -----

Unrealised gains are included above.

BASMOM 41

Notes to the financial statements Year ended 31 December 2023

18 Analysis of net assets between funds (continued)

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

Unrestricted Unrestricted
Total
funds
2023
£		 Total
funds
2022
£
Unrealised gains at 1 January 2023
Unrealised gains/(losses) in year
Realised gains/ (losses) in respect to disposals in the year
Total unrealised gains at 31 December 2023		 1,197,591
382,409
21,100
1,601,100		 1,875,516
(544,549)
(133,376)
1,197,591

Charity		 Restricted
funds
£		 Unrestricted funds Unrestricted funds Total
funds
2023
£
General
funds
£		 Designated
funds
£
Fund Balances at 31 December 2023 represented by:
Tangible fixed assets
Investments
Investment properties
Current assets
Creditors: amounts due within one year
Total net assets		 44,579 123,797
884,553

957,916
4,927,387
5,000,000


(108,283)		 1,081,713
4,927,387
5,000,000
929,132
(108,283)
44,579 1,008,350 10,777,020 11,829,949
Charity Restricted
funds
£		 Unrestricted funds Total
funds
2022
£
General
funds
£		 Designated
funds
£
Fund Balances at 31 December 2022 represented by:
Tangible fixed assets
Investments
Investment properties
Current assets
Creditors: amounts due within one year
Total net assets		 24,177 214,700
767,099		 1,104,113
4,423,062
5,000,000
_(85,381) _		 1,104,113
4,637,762
5,000,000
791,276

(85,381)
24,177
981,799		 _10,441,794 _ 11,447,770

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

Unrestricted Unrestricted
Total
funds
2023
£		 Total
funds
2022
£
Unrealised gains (losses) at 1 January 2023
Less: unrealised gains (losses) in year
Realised gains/(losses) in respect to disposals in the year
Total unrealised gains at 31 December 2023		 884,454
334,564
21,100
1,240,118		 1,473,101
(455,271)
(133,376)
884,454

BASMOM 42

Notes to the financial statements Year ended 31 December 2023

19 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.

20 Related party transactions

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

BASMOM 43