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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

2024-12-31-accounts

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

Annual report and consolidated financial statements

31 December 2024

Company Limited by Guarantee

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

Contents

Reports

Reports
Reference and administrative information 1
Trustees’ report 3
Independent auditor’s report 15
Financial statements
Consolidated statement of financial
activities 19
Consolidated balance sheet 20
Charity balance sheet 21
Consolidated statement of cash flows 22
Principal accounting policies 23
Notes to the financial statements 29

Reference and administrative information

Trustees Lady Celestria Hales (President)
Fra’ Maxwell Rumney (Grand Prior of England)
Michael Hodges Esq. (Senior Vice President)
Mark Watson-Gandy (Chancellor)
Lt Col Thomas de Burgh
William Kerr Esq. (Treasurer)
Fra’ Richard Berkley-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 2024

The Council presents its annual report together with the audited consolidated financial statements of The Association of British Members of the Sovereign Military Order of St John of Jerusalem of Rhodes and of Malta (“BASMOM”, the “Association” and “the charity”) for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out on pages 23 to 28 of the attached financial statements and comply with the charitable company’s governing document, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The report and financial statements

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

Mission

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

BASMOM meets its obligations to provide a public benefit by working with anyone in need regardless of race, creed, gender, sexual orientation or colour. Church services are open to the public, and pilgrimages do not discriminate against applicants in any way. In addition, some of the members serve as Trustees of other related charities with demonstrable public benefit, such as the Orders of St John Care Trust (OSJCT), Order of Malta Dial-A-Journey Trust (Dial-A-Journey), the Order of Malta Volunteers (OMV), the Grand Priory and The Nehemiah Project. It is estimated that BASMOM members and the members of its branches in a normal year undertake around 23,600 hours of voluntary service to promote BASMOM’s charitable aims and the welfare of the general public.

Governance, structure and management

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

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

Governing Document

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

BASMOM 3

Trustees’ Report Year ended 31 December 2024

Governance, structure and management (continued)

Members of the Council

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

Appointment of members of the Council

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

Trustees and Members of the Council who served during the year to 31 December 2024

Lady Celestria Hales (President) Fra’ Maxwell Rumney (Grand Prior of England) Michael Hodges Esq., (Senior Vice President) William Kerr Esq. (Treasurer) Professor Mark Watson-Gandy (Chancellor) Lt Col Thomas de Burgh Fra’ Richard Berkley-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 Event. The principal fundraising event for the Order of Malta Volunteers (“OMV”) is the annual White Knights Ball held in January.

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

BASMOM 4

Trustees’ Report Year ended 31 December 2024

Governance, structure and management (continued)

Organisational structure and decision making

The Council meets as often as necessary usually six 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.

All of BASMOM’s charitable work is carried out on a voluntary basis. The Council estimates that within the Association and within the various Order charitable activities more than 500 active volunteers have been engaged in work to advance the charitable objects in the past year. It estimates, conservatively, that 23,600 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 Charity’s IT functions are managed by a part-time, self-employed, IT consultant . A part-time, self-employed, Hospitaller Secretary acts as Company Secretary for both BASMOM and OMV and assists with the management of Pilgrimages and related Hospitaller matters. Pay is increased broadly in line with inflation.

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

Risk management

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

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

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

BASMOM 5

Trustees’ Report Year ended 31 December 2024

Activities, specific objectives and relevant policies

Activities and specific objectives in the period

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

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

Main activities

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

The Association has continued to advance the Roman Catholic faith and support the care of those in need, the poor and the sick by various activities which are described in the following sections::-

The Order of Malta Volunteers (OMV):-

BASMOM:-

BASMOM 6

Trustees’ Report Year ended 31 December 2024

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

Elderly projects in London

Elderly projects outside London

BASMOM 7

Trustees’ Report Year ended 31 December 2024

Activities, specific objectives and relevant policies (continued)

Main activities (continued)

Elderly projects at Easter

Elderly projects at Christmas

Clothing for the resettled Afghan families

Christmas presents for the Ukrainian children in Coatbridge

Friends Together Club in Coatbridge

Nehemiah

Carol Concert

BASMOM 8

Trustees’ Report Year ended 31 December 2024

Activities, specific objectives and relevant policies (continued)

Main activities (continued)

Volunteero App

Oxford

Scotland

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

BASMOM 9

Trustees’ Report Year ended 31 December 2024

Activities, specific objectives and relevant policies (continued)

Main activities (continued)

Additional information on the Association’s activities can be found at www.orderofmalta.org.uk.

Investment policy

In order to achieve the stated aim of providing a regular revenue stream to support the charitable activities, BASMOM has appointed two investment managers with specific investment objectives. The Finance and Investments Committee, a sub-committee of the Council reviews BASMOM’s investments at its regular meetings and has approved the overall investment policy. 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 10

Trustees’ Report Year ended 31 December 2024

Financial report for the year

Results for the year

A summary of the results for the year can be found on page 19 of this annual report and financial statements.

Total income for the year of £1,337,394 (2023 - £1,507,675) of which legacy income contributed £nil (2023 - £131,907). Income continued to be generated from fund raising, trading and charitable activities and events.

Total expenditure for the year was £1,526,657 (2023 - £1,511,660). After other realised and unrealised gains of £651,764 (2023 – gains of £403,509), the group generated a surplus of £462,501 for the year (2023 – surplus of £399,524).

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. These investments had not been transferred into the ownership of BASMOM at 31 December 2024 and have been accounted for as a receivable at 31 December 2024 with a value at that date of £100,000. It is expected that the remaining proceeds of this legacy will be received by BASMOM in 2025.

Reserves policy and financial position

Reserves policy

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

The Trustees have examined the requirement for “free reserves” i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed, 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 group’s work, the level of group free reserves should 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 2024 financial results which is represented by the General Fund.

As at 31 December 2024, the group’s free reserves, as represented by the General Fund, were £887,598 (2023 - £1,008,402).

As at 31 December 2024, the group had the following fund balances: restricted funds of £35,974 (2023 - £44,579), designated funds of £12,177,968 (2023: £11,586,058) and unrestricted funds of £887,598 (2023 - £1,008,402).

BASMOM 11

Trustees’ Report Year ended 31 December 2024

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 2024 the Trustees considered various options on how legacy income should be used to further BASMOM’s charitable objectives in the medium to long term with the conclusion that legacy income represented by investment property should be 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 2024, 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’s operations.

BASMOM 12

Trustees’ Report Year ended 31 December 2024

Statement of Trustees’ responsibilities

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

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

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

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 (as amended). 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 13

Trustees’ Report Year ended 31 December 2024

Statement of Trustees’ responsibilities (continued)

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

This report was approved by the Council on 14 May 2025 and signed on their behalf by:

President – Lady Celestria Hales Treasurer – William Kerr

BASMOM 14

Independent auditor’s report Year ended 31 December 2024

Independent auditor’s report to the trustees and members of The Association of British Members of the Sovereign Military Hospitaller Order of St. John of Jerusalem of Rhodes and of 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 of Malta (the ‘charitable parent company’) and its subsidiaries (collectively the ‘group’) for the year ended 31 December 2024 which comprise the consolidated statement of financial activities, consolidated and charitable parent company balance sheets, the consolidated statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and charitable parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

BASMOM 15

Independent auditor’s report Year ended 31 December 2024

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 Consolidated Financial Statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

BASMOM 16

Independent auditor’s report Year ended 31 December 2024

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

Responsibilities of trustees

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

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

BASMOM 17

Independent auditor’s report Year ended 31 December 2024

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

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

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

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

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

BASMOM 18

Independent auditor’s report Year ended 31 December 2024

Use of our report

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

Gumayel Miah (Senior Statutory Auditor) For and on behalf of 130 Wood Street London EC2V 6DL

Date:

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

BASMOM 19

Consolidated statement of financial activities Year ended 31 December 2024 (incorporating income and expenditure account)

Notes
Restricted
funds
£		 Notes
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2024
£		 Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2023
£
Income from:
Donations and legacies
1
4,648
Other trading activities
2
17,661
Charitable activities
3
15,000
Investment income
4
—
Total income
37,309
Expenditure on:
Raising funds
5
6,264
Charitable activities
6
39,650
Total expenditure
45,914
Net (expenditure) income
before gains on investments
8
(8,605)
Net gains in investments
—
Net (expenditure) income
(8,605)
Fund balances brought forward
at 1 January 2024
44,579
Fund balances carried forward
at 31 December 2024
35,974		 265,906
399,424
333,667
301,088		 270,554
417,085
348,667
301,088		 44,616
112,951
—
—		 327,518
394,979
341,186
286,425		 372,134
507,930
341,186
286,425
37,309 1,300,085 1,337,394 157,567 1,350,108 1,507,675
364,817
1,115,926		 371,081
1,155,576		 24,724
112,441		 399,588
974,907		 424,312
1,087,348
45,914 1,480,743 1,526,657 137,165 1,374,495 1,511,660
(180,658)
651,764		 (189,263)
651,764		 20,402
—		 (24,387)
403,509		 (3,985)
403,509
(8,605) 471,106 462,501 20,402 379,122 399,524
44,579 12,594,460 12,639,039 24,177 12,215,338 12,239,515
35,974 13,065,566 13,101,540 44,579 12,594,460 12,639,039

All of the above results are derived from continuing activities.

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

BASMOM 20

Consolidated balance sheet 31 December 2024

2024 2024 2023 2023
Notes £ £ £ £
Fixed assets
Tangible fixed assets 10 1,055,582 1,055,582 1,081,713 1,081,713
Investments 11 5,945,582 5,945,582 5,737,606 5,737,606
Investment properties 12 5 5,360,000 5 5,000,000
12,361,164 11,819,319 11,819,319
Current assets
Stocks 13 32,773 32,773 19,352
Debtors 14 183,777 183,777 357,422
Cash at bank and in hand 731,728 728 707,255
948,278 948,278 1,084,029
Creditors: amounts falling
due within one year 15 (207,902) (264,309)
Net current assets 740,376 819,720
Total net assets 13,101,540 12,639,039 12,639,039
The funds of the group:
Restricted funds 17 36,334 44,939
Unrestricted funds
. Designated funds 17 12,177,968 11,586,058 11,586,058
. General funds 887,598 1 1,008,402
13,101,540 12,639,039 12,639,039

The financial statements were approved by the Trustees on 20 May 2025 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 21

Charity balance sheet 31 December 2024

2024 2024 2023 2023
Notes £ £ £ £
Fixed assets
Tangible fixed assets 10 1,055,582 1,081,713 1,081,713
Investments 11 5,144,590 4,927,387 4,927,387
Investment properties 12 5,360,000 5 5,000,000
11,560,172 11,009,100 11,009,100
Current assets
Stocks 13 32,523 19,102
Debtors 14 157,256 271,473
Cash at bank and in hand 602,284 638,557
792,063 929,132
Creditors: amounts falling
due within one year 15 (80,756) (108,283)
Net current assets 711,307 820,849
Total net assets 12,271,479 11,829,949 11,829,949
The funds of the charity:
Restricted funds 17 35,974 44,579
Unrestricted funds
. Designated funds 17 11,347,959 10,777,020 10,777,020
. General funds 887,546 1 1,008,350
12,271,479 11,829,949 11,829,949

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 company was £441,530 (2023 – net income - £382,178).

The financial statements were approved by the Trustees on 20 May 2025 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 22

Consolidated statement of cash flows 31 December 2024

Notes 2024
£		 2023
£
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 2024
C
Cash and cash equivalents at 31 December 2024
C
(360,403)

374,268		 (225,042)
186,812
13,865
858,166		 (38,230)
896,396
872,031 858,166

Notes to the statement of cash flows for the year to 31 December 2024.

A. Reconciliation of net income to net cash flow from operating activities

2024
£		 2023
£
Net income
Depreciation
Net investment gains
Investment income
Decrease in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash used in operating activities		 462,501
26,131
(651,764)
(301,088)
(13,421)
173,645
(56,407)		 399,523
26,414
(403,508)
(286,425)
10,697
(27,485)
55,472
(360,403) (225,042)

B. Cash flows from investing activities

Cash flows from investing activities
2024
£		 2023
£
Payments to acquire fixed assets
Payments to acquire investments
Receipts from disposal of investments
Investment income received
Net cashprovided by investing activities		 —
(261,697)
334,877
301,088		 (4,014)
(565,639)
470,040
286,425
374,268 186,812

C. Cash and cash equivalents

Cash and cash equivalents
At
December
2024
£		 At
December
2023
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 731,728
140,303		 707,255
150,911
872,031 858,166

The group had no external debt finance including loans or lease obligations in the current or comparative period. A separate analysis of changes in net debt is therefore not provided (as net debt for the group comprises the balance of cash and cash equivalents alone).

BASMOM 23

Principal accounting policies Year ended 31 December 2024

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 2024.

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

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (‘Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006.

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

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

Basis of consolidation

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

The net income for BASMOM, the charitable parent company, was £441,530 (2023 – net income - £382,178).

The subsidiary, The Order of Malta Volunteers, results for the year ended 31 December 2024 are included in the group results. The subsidiary is consolidated as a wholly owned subsidiary on the basis that BASMOM has control, which comprises the power to govern the financial and operating policies of the subsidiary so as to obtain benefit from its activities.

Critical accounting estimates and areas of judgement

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

BASMOM 24

Principal accounting policies Year ended 31 December 2024

Critical accounting estimates and areas of judgement (continued)

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

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these financial statements. 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.

BASMOM 25

Principal accounting policies Year ended 31 December 2024

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

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

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

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

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

Expenditure

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

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

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 26

Principal accounting policies Year ended 31 December 2024

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:

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

Heritage assets

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

Fixed asset investments

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

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

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

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

BASMOM 27

Principal accounting policies Year ended 31 December 2024

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 in the year in which they arise.

Financial instruments

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

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

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

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

Stocks

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

Debtors

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

Prepayments are valued at the amount prepaid.

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 28

Principal accounting policies Year ended 31 December 2024

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 towards achieving any charitable purpose that falls within the charity’s charitable objects.

BASMOM 29

Notes to the financial statements Year ended 31 December 2024

1 Donations and legacies

Donations and legacies
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2024
£
Donations
Legacies
Members’ subscriptions
Members levy to Grand Magistry
2024 Total		 4,648
—
—
—		 103,836
—
103,846
58,224		 108,484
—
103,846
58,224
4,648 265,906 270,554
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2023
£
Donations
Legacies
Members’ subscriptions
Members levy to Grand Magistry
2023 Total		 44,616
—
—
—		 28,031
131,907
108,330
59,250		 72,647
131,907
108,330
59,250
44,616 327,518 372,134

2 Income from other trading activities

Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2024
£
Shop and other sales
Formation Day
St John’s Day
White Knights Ball
Edinburgh Ball
Retreats and Reunions
FAS Dinner
Carol Concert
International Hospitallers Conference
Other fundraising events
2024 Total		 —
—
—
—
—
—
17,661
—
—
—		 40,168
900
14,277
234,556
56,512
32,753
—
10,826
—
9,432		 40,168
900
14,277
234,556
56,512
32,753
17,661
10,826
—
9,432
17,661 399,424 417,085
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2023
£
Shop and other sales
Formation Day
St John’s Day
White Knights Ball
Edinburgh Ball
Retreats and Reunions
FAS Dinner
Carol Concert
International Hospitallers Conference
Other fundraising events
2023 Total		 —
—
—
—
—
—
112,951
—
—
—		 44,700
2,520
12,867
206,889
42,437
21,563
—
11,418
39,701
12,884		 44,700
2,520
12,867
206,889
42,437
21,563
112,951
11,418
39,701
12,884
112,951 394,979 507,930

BASMOM 30

Notes to the financial statements Year ended 31 December 2024

3 Income from charitable activities

Income from charitable activities
Restricted
funds
£		 Unrestricted
funds
£		 Total funds
2024
£
Lourdes Pilgrimage
OMV Pilgrimage
Companions of Order of Malta
International Holiday Camp
Malteser Hilfsdienst e.V		 —
—
15,000
—
—		 48,572
129,288
95,689
7,440
52,678		 48,572
129,288
110,689
7,440
52,678
15,000 333,667 348,667
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

4 Investment income

Investment income
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2024
£
Listed investments
Rental on investment property
Other investment income
2024 Total		 —
—
—		 139,251
151,171
10,666		 139,251
151,171
10,666
— 301,088 301,088
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

BASMOM 31

Notes to the financial statements Year ended 31 December 2024

5 Expenditure on raising funds

Expenditure on raising funds
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2024
£
Shop and other sales
St John’s Day
International Hospitallers Conference
Fundraising events
White Knights Ball
Edinburgh Ball
Retreats and reunions
FAS dinner
Carol Concert
Rental property costs
Investment management fees
Other fundraising expenses
2024 Total		 —
—
—
—
—
—
—
6,264
—
—
—
—		 28,448
22,127
1,546
15,521
157,270
25,147
39,972
—
816
50,127
18,005
5,838		 28,448
22,127
1,546
15,521
157,270
25,147
39,972
6,264
816
50,127
18,005
5,838
6,264 364,817 371,081
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2023
£
Shop and other sales
St John’s Day
International Hospitallers Conference
Fundraising events
White Knights Ball
Edinburgh Ball
Retreats and reunions
FAS dinner
Carol Concert
Rental property costs
Investment management fees
Other fundraising expenses
2023 Total		 —
—
—
—
—
—
—
24,724
—
—
—
—		 33,940
21,309
56,432
19,998
131,031
23,917
34,333
—
4,704
52,066
17,326
4,532		 33,940
21,309
56,432
19,998
131,031
23,917
34,333
24,724
4,704
52,066
17,326
4,532
24,724 399,588 424,312

BASMOM 32

Notes to the financial statements Year ended 31 December 2024

6 Expenditure on charitable activities

Expenditure on charitable activities
Restricted
funds
£		 Unrestricted
funds
£		 Total
funds
2024
£
Activities undertaken directly
Lourdes Pilgrimage
OMV Lourdes Pilgrimage
Walsingham Pilgrimage
Grants payable (note 7)
Members’ Levy to Grand Magistry
Passage Fees to Rome
International Holiday Camp
Communications expenses
Chancellor’s report
Support costs
Printing, photocopying & stationery
General office costs
Building maintenance
Accounts assistant
Bank charges
Utilities
Insurance
Costs of the secretariat
Depreciation
Governance costs
. Insurance
. Audit and independent examination fee
. Legal and professional
. Compliance
2024 Total		 —
—
—
39,629
—
—
—
—
—
—
—
—
—
21
—
—
—
—
—
—
—
—		 70,059
208,627
5,942
385,969
63,855
7,633
16,464
44,287
9,020
5,240
5,420
14,643
51,768
11,871
3,232
20,418
92,046
26,131
7,390
29,160
29,278
7,473		 70,059
208,627
5,942
425,598
63,855
7,633
16,464
44,287
9,020
5,240
5,420
14,643
51,768
11,892
3,232
20,418
92,046
26,131
7,390
29,160
29,278
7,473
39,650 1,115,926 1,155,576

BASMOM 33

Notes to the financial statements Year ended 31 December 2024

6 Expenditure on charitable activities (continued)

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

BASMOM 34

Notes to the financial statements Year ended 31 December 2024

7 Grants payable

Grants payable
Relief of
poverty
£		 Disaster
relief
£		 Social
care
relief
£		 Advancement
of the
Roman
Catholic
Faith
£		 Total
funds
2024
£
Companions Cafes, Soup
Kitchens
Holy Family Hospital Bethlehem
The Orders of St John Care
Trust
Homeless supplies
Spanish Place
Malteser International
Dial a Journey
Nehemiah Project
St Mary’s Cathedral
St Augustines
Grand Priory
Britain-Nepal Otology Service
The Joy Project -Gioia
Camphill Foundation
Right to Life
Malta Pilgrimage
Ukraine Berehove
Order Embassy Ukraine
Romanian Association
Moroccan Association
Kenyan Association
Hungarian Association
Polish Association
Lebanese Association
Spanish Association
Total 2024		 —

—
—
60,807
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—		 —
—
—
—
—
73,479
—
—
—
—
—
—
—
—
—
—
—
—
—
5,678
—
—
1,000
5,000
5,000		 64,053
19,000
1,896
—
3,431
—
56,000
30,000
500
800
—
3,000
15,925
—
—
—
16,000
15,000
29,500
—
773
6,000
—
—
—		 —
—
—
—
—
—
—
—
—
—
5,734
—
—
2,000
3,000
2,022
—
—
—
—
—
—
—
—
—
64,053

19,000
1,896
60,807
3,431
73,479
56,000
30,000
500
800
5,734
3,000
15,925
2,000
3,000
2,022
16,000
15,000
29,500
5,678
773
6,000
1,000
5,000
5,000
60,807 90,157 261,878 12,756 425,598

BASMOM 35

Notes to the financial statements Year ended 31 December 2024

7 Grants payable (continued)

Relief of
poverty
£		 Disaster
relief
£		 Social
care
relief
£		 Advancement
of the
Roman
Catholic
Faith
£		 Total
funds
2023
£
Companions Cafes, Soup
Kitchens
Holy Family Hospital Bethlehem
The Orders of St John Care
Trust
Homeless supplies
Spanish Place
Malteser International
Global Fund for Forgotten
People
Dial a Journey
Nehemiah Project
Romanian Association
St Mary’s Cathedral
Servidoras Nuns
Calvert Trust
Charitable contributions
Total 2023		 —

—
—
50,831
—
—
—
—
—
—
—
—
—
—		 —
—
—
—
106,411
—
—
—
10,000
—
—
—
—		 51,657
25,550
4,354
—
8,678
—
10,000
20,000
30,000
—
500
2,000
1,000
4,700		 —
—
—
—
—
—
—
—
—
—
—
—
—
—
51,657

25,550
4,354
50,831
8,678
106,411
10,000
20,000
30,000
10,000
500
2,000
1,000
4,700
50,831 116,411 158,439 — 325,681

BASMOM 36

Notes to the financial statements Year ended 31 December 2024

8 Net expenditure

Net expenditure for the year is stated after charging:

Depreciation
Auditor’s remuneration (including VAT)
. Audit
. Independent examination
. Other services		 2024
£		 2023
£
26,131
24,000
5,160
1,625		 26,414
15,360
5,114
1,500

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

2024
£		 2023
£
Wages and salaries
Social security costs
Pension costs		 87,075
-
4,971		 108,911
12,623
7,100
92,046 128,634

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

2024
No.		 2023
No.
Secretariat 2 2

No employees earned more than £60,000 (including taxable benefits but excluding employer pension contributions) during the year (2023 - one in the banding of £60,000 to £70,000).

One employee’s salary and benefit costs were fully reimbursed to the Charity by 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 (2023 – none).

No trustees were remunerated for their services, though four trustees were reimbursed £12,378 for their expenses, for travel during the year (2023 - £11,646 to four trustees).

All of the Association’s charitable work is carried out on a voluntary basis. We estimate that more than 500 volunteers have been engaged in work to advance our charitable objects in the past year, and we estimate, conservatively, that 23,600 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 37

Notes to the financial statements Year ended 31 December 2024

10 Tangible fixed assets

Tangible fixed assets
Group and Charity Long
leasehold
property
£
Office
equipment
£
Total
£
Cost
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book values
At 31 December 2024
At 31 December 2023		 1,263,558
—		 17,570
—		 1,281,128
—
1,263,558 17,570 1,281,128
187,500
25,000		 11,915
1,131		 199,415
26,131
212,500 13,046 225,546
1,051,058 4,524 1,055,582
1,076,058 5,655 1,081,713

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 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

BASMOM 38

Notes to the financial statements Year ended 31 December 2024

11 Investments

estments
Group 2024
£		 2023
£
Listed investments
Market value at 1 January 2024
Additions
Disposals (proceeds: £334,877, realised gain: £3,526)
Unrealised gains on revaluation
Market value at 31 December 2024
Cash held by investment managers for reinvestment
Total investments held
Cost of listed investments at 31 December 2024
Gains and losses recognised in the year
Realised gains on disposal
Unrealised gains on changes in market value		 5,586,695
261,697
(331,621)
288,508		 5,087,587
565,639
(448,940)
382,409
5,805,279
140,303		 5,586,695
150,911
5,945,582 5,737,606
3,890,508 3,928,006
3,256
288,508		 21,100
382,409
291,764 403,509

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 2024:

2024 2024 2023 2023
Market
value
£		 % of
portfolio
%		 Market
value
£		 % of
portfolio
%
COIF CharityInvestment Fund – Income Units 3,573,731 62% 3,494,784 63%
Charity 2024
£		 2023
£
Listed investments
Market value at 1 January 2024
Additions
Disposals (proceeds: £334,877 realised gain: £3,256)
Unrealised (losses)/gains on revaluation
Market value at 31 December 2024
Cash held for reinvestment
Total investments held
Cost at 31 December 2024		 4,911,013
261,697
(331,621)
273,245		 4,469,644
565,639
(448,940)
324,670
5,114,334
30,256		 4,911,013
16,374
5,144,590 4,927,387
3,403,618 3,441,116

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 2024:

2024 2024 2023 2023
Market
value
£		 % of
portfolio
%		 Market
value
£		 % of
portfolio
%
COIF CharityInvestment Fund – Income Units 2,882,784 50% 2,819,100 57%

BASMOM 39

Notes to the financial statements Year ended 31 December 2024

11 Investments (continued)

Investments in subsidiary undertakings

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

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

The summarised financial information on The OMV is given below:

2024
£		 2023
£
Aggregate assets
Aggregate liabilities
Aggregate funds
Total income, including losses or gains on investments
Total expenditure
Net income		 957,207
(127,146)		 970,816
(161,727)
830,061 809,089
442,981
(422,010)		 353,263
(335,918)
20,971 17,345

12 Investment properties

Group and Charity
Valuation
At 1 January 2024
Revaluation in the year
At 31 December 2024		 Total
£
5,000,000
360,000
5,360,000

The investment property has been valued at 31 December 2024 by the trustees on the basis of open market value. The valuation was determined with independent professional assistance.

13 Stocks

Stocks
Group Charity
2024
£		 2023
£		 2024
£		 2023
£
Insignia and awards
BASMOM shop
Clothing and CDs
Oxford merchandise
Cloaks		 7,380
21,723
250
545
2,875		 7,772
6,910
250
545
3,875		 7,380
21,723
—
545
2,875		 7,772
6,910
—
545
3,875
32,773 19,352 32,523 19,102

BASMOM 40

Notes to the financial statements Year ended 31 December 2024

14 Debtors

Debtors
Group Charity
2024
£		 2023
£		 2024
£		 2023
£
Legacies receivable
Other debtors
Prepayments and accrued income		 100,000
10,385
73,392		 170,000
46,943
140,479		 100,000
10,386
46,870		 170,000
46,943
54,530
183,777 357,422 157,256 271,473

The legacy receivable of £100,000 represents listed investments, cash and dividends where the estate executors agreed transfer of legal title to the Group in 2023 but legal title was not transferred in 2024.

15 Creditors: amounts falling due within one year

Group Group Charity Charity
2024
£		 2023
£		 2024
£		 2023
£
Expense creditors
Other creditors
Accruals and deferred income		 6,682
30,499
170,721		 9,725
57,379
197,205		 6,682
30,499
43,575		 9,725
62,962
35,596
207,902 264,309 80,756 108,283

16 Deferred income

Group Group Charity Charity
2024
£		 2023
£		 2024
£		 2023
£
At 1 January 2024
Income deferred in the year
Amounts released from previous years
At 31 December 2024		 173,874
146,521
**(173,874) **		 139,019
173,824
(138,969)		 21,829
23,875
(21,829)		 19,909
21,779
(19,859)
146,521 173,874 23,875 21,829

Deferred income relates to monies received in 2024 for events that will occur in 2025 together with rental income received in advance.

BASMOM 41

Notes to the financial statements Year ended 31 December 2024

17 Statement of funds

Statement of funds
Group At 1
January
2024
£
Income
£
Expenditure
£		 Investment
gains and
transfers
£
At 31
December
2024
£
Designated funds
Companions of the Order of Malta
The Lourdes Pilgrimage fund
Order of Malta Volunteers’ fund
Scottish Delegation fund
Investment fund
General funds
General fund
Total unrestricted funds
Restricted funds
Bethlehem Fund
Lady Talbot Legacy Fund
Foreign Aid Service Fund
Companions of the Order of Malta
Total restricted funds
Total funds 2024		 55,307
—
809,038
26,773
10,694,940
104,360

60,793

427,717

62,812

—		 (143,577)
(104,810)
(422,010)
(71,151)
(18,005)		 —
44,017
15,264
—
636,500		 16,090
—
830,009
18,434
11,313,435
11,586,058
1,008,402
655,682

644,403		 (759,553)
(721,190)		 695,781
(44,017)		 12,177,968
887,598
12,594,460
1,300,085		 (1,480,743) 651,764 13,065,566
5,378
5,471
33,730
—
—

—

22,309

15,000		 —
—
(45,173)
(741)		 —
—
—
—		 5,378
5,471
10,866
14,259
44,579
37,309		 (45,914) — 35,974
12,639,039
1,337,394		 (1,526,657) 651,764 13,101,540
Group At 1
January
2023
£
Income
£
Expenditure
£		 Investment
gains and
transfers
£
At 31
December
2023
£
Designated funds
Companions of the Order of Malta
The Lourdes Pilgrimage fund
Order of Malta Volunteers’ fund
Scottish Delegation fund
Investment fund
General funds
General fund
Total unrestricted funds
Restricted funds
Bethlehem Fund
Lady Talbot Legacy Fund
Foreign Aid Service fund
Total restricted funds
Total funds 2023		 57,065
—
791,693
18,234
10,366,495
128,426

83,816

353,263

45,854

—		 (130,184)
(179,041)
(393,656)
(37,315)
(17,326)		 —
95,225
57,738
—
345,771		 55,307
—
809,038
26,773
10,694,940
11,233,487
981,851
611,359

738,749		 (757,522)
(616,973)		 498,734
(95,225)		 11,586,058
1,008,402
12,215,338
1,350,108		 (1,374,495) 403,509 12,594,460
5,378
15,000
3,799
—

—

157,567		 —
(9,529)
(127,636))		 —
—
—		 5,378
5,471
33,730
24,177
157,567		 (137,165) — 44,579
12,239,515
1,507,675		 (1,511,660) 403,509 12,639,039

BASMOM 42

Notes to the financial statements Year ended 31 December 2024

17 Statement of funds (continued)

Statement of funds(continued)
Charity At 1
January
2024
£
Income and
gains
£
Expenditure
£		 Investment
losses
£

At 31
December
2024
£
Designated funds
Companions of the Order of Malta
The Lourdes Pilgrimage fund
Scottish Delegation fund
Investment fund
General funds
General fund
Total unrestricted funds
Restricted funds
Bethlehem Fund
Lady Talbot Legacy fund
Foreign Aid Service fund
Companions of the Order of Malta
Total restricted funds
Total funds 2024
55,307
-
26,773
10,694,940		 104,360
60,793
62,812
—
(143,577)

(104,810)

(71,151)

(18,005)
—
44,017
—
636,500
16,090

—

18,434
11,313,435
10,777,020

1,008,350
227,965
644,403
(337,543)

(721,190)		 680,517

(44,017)		 11,347,959
887,546
11,785,370 872,368 (1,058,733) 636,500 12,235,505


5,378
5,471
33,730
—		 —
—
22,309
15,000
—

—

(45,173)

(741)

—
—
—
—
5,378

5,471

10,866

14,259
44,579
37,309
(45,914)		 —
35,974
11,829,949
909,677		 (1,104,647) 636,500 12,271,479
Charity At 1
January
2023
£
Income and
gains
£
Expenditure
£		 Investment
losses
£

At 31
December
2023
£
Designated funds
Companions of the Order of Malta
The Lourdes Pilgrimage fund
Scottish Delegation fund
Investment fund
General funds
General fund
Total unrestricted funds
Restricted funds
Bethlehem Fund
Lady Talbot Legacy fund
Foreign Aid Service fund
Total restricted funds
Total funds 2023
57,065
—
18,234
10,366,495		 128,426
83,816
45,854
(130.184)

(179,041)

(37,315)
(17,326)
—
95,225
—
345,771
55,307

-

26,773
10,694,940
10,441,794

981,799
258,096
738,749
(363,866)

(616,973)		 440,996

(95,225)		 10,777,020
1,008,350
11,423,593 996,845
(980,839)		 345,771 11,785,370


5,378
15,000
3,799		 —
—
157,567
—

(9,529)

(127,636)
—
—
—
—
5,378

5,471

33,730
24,177
157,567
(137,165)		 —
44,579
11,447,770
1,154,412		 (1,118,004) 345,771 11,829,949

BASMOM 43

Notes to the financial statements Year ended 31 December 2024

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

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

Restricted funds

Companions of the Order of Malta Restricted Fund

This fund was created to support the work of Companions in Birmingham

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
2024
£
General
funds
£		 Designated
funds
£
Fund Balances at 31 December 2024 represented by:
Tangible fixed assets
Investments
Investment properties
Total current assets
Creditors: amounts due within one year
Total net assets		 —
—
—
35,974
—
—

—

—

887,598

—		 1,055,582
5,945,582
5,360,000

24,706

(207,902)		 1,055,582
5,945,582
5,360,000

948,278
(207,902)
35,974
887,598		 12,177,968 13,101,540
Group 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
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

Unrealised gains are included as follows.

BASMOM 44

Notes to the financial statements Year ended 31 December 2024

18 Analysis of net assets between funds (continued)

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

Unrestricted Unrestricted
Total
funds
2024
£		 Total
funds
2023
£
Listed investments
Unrealised gains at 1 January 2024
Unrealised gains in year
Unrealised gains released on disposal
Total unrealised gains at 31 December 2024
Investment properties
Unrealised gains at 1 January 2024
Unrealised gains in the year
Total unrealised gains at 31 December 2024		 1,623,007
288,508
3,256		 1,219,498
382,409
21,100
1,914,771 1,623,007
-
360,000		 -
-
360,000 -

Charity		 Restricted
funds
£		 Unrestricted funds Unrestricted funds Total
funds
2024
£
General
funds
£		 Designated
funds
£
Fund Balances at 31 December 2024 represented by:
Tangible fixed assets
Investments
Investment properties
Current assets
Creditors: amounts due within one year
Total net assets		 —
—
—
35,974
—		 131,457
—
—

756,089
—

924,125
5,144,590
5,360,000

—
**(80,756) **		 1,055,582
5,144,590
5,360,000
792,063
(80,756)
35,974
887,546		 11,347,959 12,271,479
Charity 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
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

BASMOM 45

Notes to the financial statements Year ended 31 December 2024

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

Unrestricted Unrestricted
Total
funds
2024
£		 Total
funds
2023
£
Listed investments
Unrealised gains (losses) at 1 January 2024
Less: unrealised gains in year
Unrealised gains (losses) released on disposal
Total unrealisedgains at 31 December 2024		 1,434,215
273,245
3,256		 1,140,063
324,670
(30,518)
1,710,716 1,434,215
Investment properties
Unrealised gains at 1 January 2024		 -
360,000		 -
-
Total unrealisedgains at 31 December 2024 360,000 -

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

Other than the matters disclosed within note 9 to the accounts, there were no related party transactions in the current or prior year.

BASMOM 46