**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
:-
:-
- pilgrimage to the International Holiday
- Camp in Belgium.
- The Order of Malta pilgrimage and Christmas reunion.
## BASMOM:-
An Order of Malta pilgrimage to Lourdes in May.
- A Pilgrimage to Walsingham in September.
- The Orders of St. John Care Trust - al work for the elderly whereby around 3,000 residents and people with care and support needs are cared for by approximately 4,000 staff in 61 care homes and 11 Extra Care Housing Schemes
- the Foreign Aid
- Service principally from a Foreign Aid Service Dinner held in June and from a Turkey/Syria Earthquake appeal launched in February.
- Support for Dial-A-Journey in Scotland.
- Support for The Nehemiah Project in London
- The advancement of the Roman Catholic faith.
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:
- Three evening Companions café soup kitchens and two Breakfast Clubs each week continue. Spanish Place celebrated its 10th anniversary this year and Breakfast club Bayswater celebrated its 1st year in operation in November.
- Approximately 220 guests received a meal each week increasing to 250 guests over the summer months. Clothes and some other key essentials are also provided.
- Coronation parties were held at the Companions Cafes in London with 21 Coronation Quiches made by the volunteers. The Big Help Out campaign to showcase how volunteering benefits both communities and the people who take part was celebrated at Companions Cafe - Spanish Place on the Bank Holiday Monday of the Coronation weekend.
Homeless projects outside London:
- Colchester continues to run a weekly Companions Cafe and University projects continue in Oxford, Cambridge, Aberdeen and Bristol.
- Two other universities will be commencing Companions projects - Glasgow University and Edinburgh university assisted by the University Chaplains and the Companions regional coordinators.
- A Companions Cafe for the homeless and those in need in Ellesmere Port was started by Father Edmund Montgomery with Companions support funding and with extra donations of clothes sent from London to support the project. Some 200 guests a month are given a hot meal and company. Eleven new Companions have been recruited from among the volunteers
- be commencing early in 2024
Christmas and Easter parcels for the homeless:
- A total of 600 Easter parcels comprising more than 4,500 items were sent to 17 regional coordinators to distribute to the homeless
- A total of 1,065 Christmas parcels comprising more than 15,500 items were sent to 23 regional coordinators to distribute to the homeless. With extra new projects established in Scotland.
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.
- A total of 270 elderly people in London received an Easter gift of daffodil bulbs and Easter cards and 830 elderly residents in the OSJCT care homes received a further gift from the Companions. A total of 1,200 Easter baskets of flowers were distributed to the elderly.
Elderly projects outside London:
- A total of 1200 Christmas and 250 Easter cards were distributed to the elderly in the OSJCT care homes.
- Northumberland tea parties for the elderly recommenced after the Covid restrictions and celebrated a 10th anniversary in December.
- Companions joined in by distributing the flower arrangements at Easter. Companions also distributed 100 Christmas trees in Perthshire to the local care homes.
- Tea Parties for the isolated were held regularly in the Borders
- Companions Cafes for the elderly and isolated continue in Gloucestershire were held at a variety of different venues.
- Oxford University Companion students have regularly visited the elderly in the OSJCT care home just outside Oxford.
Nehemiah:
- Young Companions continue to help at the Nehemiah houses with projects including gardening, weekly sessions of helping the residents to learn how to cook and decorating the houses for Christmas.
Carol Concert
- The annual Carol Service took place on Wednesday 6th December with over 300 guests attending. A total of £12,381 was raised. All profits go towards supporting the Companions homeless projects.
During the year further increased Companions activities in Scotland included the following:-
- Distribution of Christmas parcels and Primark bags in Aberdeen, Inverness and Banff in the North East of Scotland and in various locations in the Borders and South West of Scotland.
- Financial donations to the Andrew Community in Dingwall, The Servidoras Nuns in Lochgelly and Church in Inverness in support of various retreat, homeless and young persons projects.
BASMOM **8**
**Trustees Report** Year ended 31 December 2023
## **Activities, specific objectives and relevant policies** (continued)
## _**Main activities** (continued)_
- St Patricks Church Coatbridge host The Friends Together Club a monthly party for people of all ages with special needs. A total of 110 members with special needs with an average of 80 attending the monthly parties.
- St Augustine's Church Coatbridge Heartbeat Outreach Project offering a Winter Soup Kitchen 3 nights per week together with provision of winter clothing, toiletries and essential furniture. An average 40 families per week attend.
- Glasgow City Centre Wayside Club for Street Homeless offers winter clothing from Primark and Companions London together with a Soup Kitchen.
- Students of the University of Aberdeen involvement in the collection and distribution of Christmas parcels and Primark bags and helping at Community Meals for the needy at Aberdeen Cathedral.
- Companions involvement with The Care Van Project a daily mobile soup and sandwich kitchen for the street homeless of Edinburgh run by the Bethany Christian Trust together with members of the Order of St John and students from Edinburgh University as volunteers.
- Glass painted kits and night lights were distributed to children in the hospice in Kinross
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in 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);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
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:
- so far as the Trustee is aware, there is no relevant audit information of which the charitable unaware; and
- the Trustees have taken all the steps that ought to have been taken as a Trustee in order to make himself/herself aware of any relevant audit information and to establish that the
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:
- affairs as at 31 December 2023 then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
## **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:
- purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- has been prepared in accordance with applicable legal requirements.
## **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:
- proper and adequate accounting records have not been kept by the charitable parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the charitable parent company financial statements are not in agreement with the accounting records and returns; or
BASMOM **15**
Year ended 31 December 2023
## **Matters on which we are required to report by exception** (continued)
- ; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies
## **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:
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant are the Companies Act 2006, the Charities SORP FRS 102, the Charities Act 2011 and the Charities Accounts (Scotland) Regulations 2006 (as amended) and safeguarding frameworks.
- We understood how the group is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal, compliance and governance procedures. We corroborated our inquiries through our review of trustee meetings and papers provided to the trustee
BASMOM **16**
Year ended 31 December 2023
**Audito**
(continued)
including how fraud might occur. Audit procedures performed by the engagement team included:
- Identifying and assessing the design and implementation of controls in place to prevent and detect fraud;
- Challenging assumptions and judgments made by management and the trustees in its significant accounting estimates;
- Identifying and testing journal entries, in particular adjustments made at the year-end for financial statement preparation; and
- Assessing the extent of compliance with relevant laws and regulations by reviewing correspondence with regulators and legal advisors.
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.
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**
**----- 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:
- The trustees consider that BASMOM has control over its subsidiary company, The Order of Malta Volunteers, by virtue of BASMOM controlling the majority of its voting rights.
- The trustees use investment managers to provide valuations of the investment portfolio. The valuations are based on mid- market prices, bid prices or recently traded prices.
- The trustees have used information available from solicitors and executors to assess whether legacy income should be recognised and from professional valuers to support their estimate of the amounts receivable.
- The trustees have considered publicly available, market based information together with investment property.
## **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:
- Expenditure on raising funds includes all expenditure associated with raising funds for the charity. This includes the direct costs associated with fundraising events, property management, management of the investment portfolio and the cost of products sold to allocation of support costs is
- made against these activities.
- charitable purposes and includes grants payable, costs that can be allocated directly to the charitable activities and support costs.
## _**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**
**----- Start of picture text -----**
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**
**----- 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**
**----- 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)
**----- 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**
**----- 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 -----**
**----- 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**
**----- 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:
**----- 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**
**----- 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**
**----- 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**
**----- 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**
**----- 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**
**----- 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 -----**
**----- 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)
**----- 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**|
**----- 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**