## **The Order of Malta Volunteers**
## **Annual report and unaudited financial statements**
## 31 December 2020
Company Limited by Guarantee Registration Number 9801949 (England and Wales)
Charity Registration Number 1164242 (England and Wales)
## **Contents**
|**Reports**||
|---|---|
|Reference and administrative details|1|
|Trustees’ report|2|
|Report of the Independent Examiner|8|
|**Financial statements**||
|Statement of financial activities|9|
|Balance sheet|11|
|Statement of cash flows|12|
|Principal accounting policies|13|
|Notes to the financial statements|17|
The Order of Malta Volunteers
## **Reference and administrative details**
|**Trustees**|Louise Noble (resigned 19/03/2020)|
|---|---|
||Emily van Lier|
||Paola Fudakowska|
||Edward Pease|
||James Pavey (ex officio)|
||Alexander Perry|
||Tabitha Brenninkmeijer|
||Robert Coke|
||Siobhan Devonald-Smith|
||Marina Newland|
||Fr. Stephen Morrison (joined 17/6/2020)|
|**Members**|Emily van Lier|
||The Association of British Members of the|
||Sovereign Military Hospitaller Order of St John|
||of Jerusalem of Rhodes and Malta (BASMOM)|
|**Executive Chairman**|Hugo Whyte|
|**Charity Registration Number**|1164242 (England and Wales)|
|**Registered and Principal**|13 Deodar Road|
|**Office**|London SW15 2NP|
|**Independent examiner**|Buzzacott LLP|
||130 Wood Street|
||London EC2V 6DL|
|**Bankers**|C Hoare & Co.|
||37 Fleet Street|
||London EC4P 4DQ|
|**Solicitors**|Withers LLP|
||20 Old Bailey|
||London EC4M 7AM|
|**Investment advisers**|CCLA Investment Management Limited|
||Senator House|
||85 Queen Victoria Street|
||London EC4V 4ET|
The Order of Malta Volunteers **1**
**Trustees’ report** Year to 31 December 2020
The trustees (who are also directors of the charitable company for the purposes of the Companies Act) present their annual report together with financial statements of the Order of Malta Volunteers (the charitable company) for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the accounting policies set out on pages 13 to 16 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).
## **Structure, governance and management**
## _**Constitution and background**_
The Order of Malta Volunteers (“the OMV” or “the charity”) is a company limited by guarantee and a registered charity established on 30 September 2015 and governed by its Memorandum and Articles of Association.
The directors of the charitable company are the trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. The number of trustees should consist of at least seven and not more than ten persons.
The charitable company is a subsidiary of The Association of British Members of the Sovereign Military Order of St John of Jerusalem of Rhodes and of Malta (“BASMOM”), a charitable company (Company registration number 05039938 and Charity registration number 1103567). The trustees consider BASMOM to be the OMV’s parent company by virtue of BASMOM holding the majority of voting rights.
The Order of Malta Volunteers’ charitable objects include the service of the poor of Christ, the care of the sick and wounded and the advancement of religion.
## _**Method of appointment of election of trustees**_
The trustees are elected in accordance with the provisions of the Articles of Association. Normally, trustees are elected for a maximum six-year term, other than the Hospitaller of BASMOM, who is a trustee ex officio and whose period of office is extended indefinitely, and an outgoing OMV Chairman (of the OMV Committee, as opposed to the chairman of trustees) whose term of office may be a maximum of eight years upon his or her ceasing to hold an executive role.
## _**Organisation structure and decision making**_
The day to day running of the charity is delegated by the trustees to the OMV Executive Chairman, who appoints an organising committee to run activities and the charity’s functions as required.
The Order of Malta Volunteers **2**
**Trustees’ report** Year to 31 December 2020
## **Structure, governance and management** (continued)
## _**Organisation structure and decision making** (continued)_
The trustees meet four times a year (and more if required on an ad hoc basis) to review the progress relative to the business plan and to monitor compliance with policies, and to review and approve plans for the year ahead. A representative of the OMV attends and reports to the Council and Advisory Council of BASMOM.
## _**Investment policy**_
The OMV’s investment policy is published on its website, and is intended to protect the real value of its financial assets while providing a stream of income to support its charitable aims. Management is sub-contracted to professional advisers. The OMV’s investments are held in two funds at CCLA: the COIF Charities Investment Fund and the COIF Charities Deposit Fund.
Any cash deposits are held with retail banks or in liquidity funds, with the aim of maximising the rate of interest while at the same time protecting the capital value of such deposits.
It is the trustees’ opinion that the investments held by the OMV are consistent with the stated policy, and that they are performing satisfactorily.
Investment powers are in accordance with the Trustee Act 2000 as amended from time to time.
## _**Risk management**_
There are two main areas of risk within the OMV’s work: one financial and the other stemming from the interaction of their volunteers with people with disabilities. Financial risk is regularly examined at trustee meetings by reviewing budgets. In addition, budgets for the OMV’s main activities are set in consultation with the OMV’s Treasurer and the OMV Chairman.
No officer is empowered to offer employment contracts without the prior approval of the trustees. The charity currently has no employees.
With respect to the activities organised by the OMV, policies have been put in place covering Health and Safety and the Safeguarding & Protection of Children and Vulnerable Adults, by which all volunteers must abide. Risk assessments have been drawn up assessing the charitable company’s potential exposure to liability and policies for risk mitigation have been put in place. Risk management and other policies are published on the OMV’s website, omv.org.uk.
## _**Volunteers and supporters**_
A significant number of people work as volunteers at times during the year, mainly on the pilgrimages to Lourdes and elsewhere, and on fundraising events such as the White Knights Ball, although most events did not take place in 2020 due to coronavirus restrictions. The trustees wish to record their recognition of the professionalism and commitment of all the volunteers and the loyalty of their supporters. Their generosity and hard work are very much appreciated.
The Order of Malta Volunteers
**3**
**Trustees’ report** Year to 31 December 2020
## **Structure, governance and management** (continued)
## _**Key management personnel**_
The charity has no paid key management personnel. The administration of the charity is managed by volunteers on the OMV Committee and on the trustee board.
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 and the OMV Committee. No trustees or OMV Committee members were remunerated for their services during the year. Trustees are entitled to the reimbursement of any reasonable expenses incurred in carrying out the business of the charity, but are encouraged to keep their expense claims to a minimum. No trustees’ expenses were reimbursed during 2020.
## _**Public benefit**_
The trustees confirm that they have given due regard to the Charity Commission’s guidance on public benefit when reviewing the charitable company’s aims and planning its objectives.
The OMV 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 BASMOM. It is estimated that OMV members and volunteers undertook around 2000 hours of voluntary service in 2020 to promote the OMV’s charitable aims and the welfare of the general public.
## **Activities, specific objectives and relevant policies**
## _**Main activities**_
The main activities, by which the charitable company seeks to fulfil its charitable objects, are listed below. However with the exception of the White Knights Ball, all events and activities were cancelled in 2020 although where possible smaller, virtual events were held.
- ♦ the July pilgrimage to Lourdes;
- ♦ a Holy Week and Easter pilgrimage every other year;
- ♦ a summer camp for people with disabilities in the Lebanon;
- ♦ Christmas and Easter reunions at Worth and Downside Abbeys, respectively;
- ♦ a delegation sent to the Order of Malta’s International Camp;
- ♦ a delegation sent to the Spanish Order of Malta’s Camino de Santiago; and
- ♦ raising money to fund these activities at the White Knights Ball.
The Order of Malta Volunteers **4**
**Trustees’ report** Year to 31 December 2020
## **Achievements and performance**
## _**Review of activities**_
The OMV’s activities in 2020 were significantly impacted by coronavirus and its associated lockdown restrictions. This prevented The OMV from running its normal range of charitable activities summarised in the “Main activities” listed above. The OMV committee did organise a virtual event as a replacement for the Lourdes pilgrimage and undertook a programme of gift delivery to guests in December, within the bounds of government restrictions.
## _**Financial review**_
The OMV’s major annual fundraising event, the White Knights Ball, did however take place in January 2020 with 836 people attending. The event raised a net total of £36,651 (2019 - £82,137), representing income of £148,488 (2019 - £202,743) less event expenditure of £111,837 (2019 - £120,606).
Other activities and events were cancelled or severely restricted and an overall deficit was made of £13,892. Governance and general support costs were in line with the prior year at £20,165 (2019 - £18,050).
Overall the charitable company recorded an operating surplus for the year of £2,594 (2019 – £23,406 deficit) and a net surplus of £37,518 (2019 - £55,219) once unrealised gains on the charity’s investments were included.
## **Reserves policy**
The trustees have examined the requirements for reserves in light of the main risks to The OMV. The trustees have established a reserves policy to protect the OMV and its long-term charitable activities by providing time to adjust to changing financial circumstances.
The trustees have agreed that it would be in the best interests of The OMV to continue to manage the general fund to support its future charitable activities and provide the charity with an asset base to allow for its long term sustainability. The increase in the general fund has in recent years been generated from significant gains in the market value of its investments which have covered planned deficits from the charity’s primary charitable activities. At 31 December 2020 the general fund was £831,922 (2019 - £794,404) of which £613,253 (2019 - £518,329) is represented by the market value of the charity’s investments, excluding cash held by the investment manager. If the value attributable to the listed investments is excluded, The OMV’s free reserves were £218,669 (2019 - £276,075), which the trustees consider to be adequate to meet the charity’s long term financial objectives and exceeds the minimum target level of £200,000.
The Order of Malta Volunteers **5**
**Trustees’ report** Year to 31 December 2020
## **Fundraising**
The OMV does not actively solicit donations from the public, instead using its own members and the wider Order of Malta network. The OMV is therefore not registered with the Fundraising Regulator and does not subscribe to any fund raising codes of practice. When donations from individuals are received, The OMV aims to protect personal data and never sells data or swaps data with other organisations and undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During 2020, The OMV received no complaints about its fundraising activities
## **Post balance sheet events, future plans and going concern**
The OMV’s plans for 2021 continue to be impacted by coronavirus (“Covid-19”). The OMV has had to review all its charitable activities and the main fund raising event, the White Knights Ball, which occurs in January each year was cancelled. There is also uncertainty whether the main charitable activities: the pilgrimage to Lourdes, the summer camp for people with disabilities in the Lebanon and the International Holiday Camp will take place in 2021.
As part of their assessment of going concern, the trustees have considered the continued financial impact of Covid-19 and whether the charity has adequate resources to continue in operational existence for the foreseeable future. As noted in the Reserves Policy above, the charity has built up a general fund over recent years that provides it with assets and liquid funds to ensure its future sustainability. The OMV’s charitable activities are run to make planned and managed deficits, therefore the cancelled activities during 2021 will not adversely affect the charity’s operational results or its cash position. The charity’s income will be adversely effected by the loss of its primary fundraising event the White Knights Ball but even without its contribution, The OMV has sufficient cash reserves to continue as a going concern for the foreseeable future.
The Order of Malta Volunteers **6**
**Trustees’ report** Year to 31 December 2020
## **Statement of trustees’ responsibilities**
The trustees (who are also directors of The Order of Malta Volunteers for the purposes of company law) are responsible for preparing the trustees’ report and 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 a true and fair view of the state of affairs of the charity and the income and expenditure of the charity for 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 the Accounting and Reporting by Charities Statement of Recommend Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable United Kingdom 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 charity 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 charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps to prevent and detect fraud and other irregularities.
The above report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
This report was approved by the trustees and signed on their behalf by:
Tabitha Brenninkmeijer
Emily van Lier
Date:2 July 2021
The Order of Malta Volunteers **7**
**Report of the independent examiner** Year to 31 December 2020
## **Independent examiner’s report to the trustees of The Order of Malta Volunteers**
I report to the charity trustees on my examination of the financial statements of the charitable company for the year ended 31 December 2020.
## **Responsibilities and basis of report**
As the trustees of the charitable company (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s financial statements as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe:
- b. accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
- c. the financial statements do not accord with those records; or
- d. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
- e. the financial statements have not been prepared in accordance with the methods and principles of the “Accounting and Reporting by Charities: the 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) (effective 1 January 2015).”
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Catherine Biscoe Buzzacott LLP Chartered Accountants 130 Wood Street London EC2V 6DL
27 July 2021
The Order of Malta Volunteers **8**
## **Statement of financial activities** Year to 31 December 2020
(incorporating the income and expenditure account)
|
Notes|**Unrestricted**|
**Restricted**
**funds**
**£**|
**Total**
**2020**
**£**|Total
2019
£|
|---|---|---|---|---|
||
**General**
**funds**
**£**||||
|**Income from:**
Donations
1
Trading activities
2
Charitable activities
3
Investment income
4
**Total income**
**Expenditure on:**
Raising funds
5
Charitable activities
6
**Total expenditure**
**Income (expenditure) before gains**
**on investments**
Net gain on investments
8
**Net income and movement in funds**
**for the year**
**Reconciliation of funds:**
Funds brought forward
at 1 January 2020
**Funds carried forward**
**at 31 December 2020**
11|
**5,811**
**148,488**
**—**
**16,859**|
**— **
**—**
**—**
**—**|
**5,811**
**148,488**
**— **
**16,859**|6,100
202,743
129,236
15,986|
||**171,158**|
**—**|**171,158**|354,065|
||
**(112,187)**
**(56,377)**|
**— **
**— **|
**(112,187)**
**(56,377)**|(124,352)
(253,119)|
||**(168,564)**|
**— **|
**(168,564)**|(377,471)|
||**2,594**
**34,924**|
**— **
**— **|
**2,594**
**34,924**|(23,406)
78,625|
||**37,518**
**794,404**|
**— **
**—**|
**37,518**
**794,404**|55,219
739,185|
||
**831,922**|
**— **|
**831,922**|794,404|
All activities derive from continuing operations.
All recognised gains and losses are included in the statement of financial activities.
The Order of Malta Volunteers **9**
## **Statement of financial activities** Year to 31 December 2019
(incorporating the income and expenditure account)
|_Notes_|_Unrestricted_|_Restricted_
_funds_
_£_|_Total_
_2019_
_£_|
|---|---|---|---|
||_General_
_funds_
_£_|||
|_Income from:_
_Donations_
_1_
_Trading activities_
_2_
_Charitable activities_
_3_
_Investment income_
_4_
_Total income_
_Expenditure on:_
_Raising funds_
_5_
_Charitable activities_
_6_
_Total expenditure_
_Income (expenditure) before gains on investments_
_Net gain (loss) on investments_
_8_
_Net income (expenditure) and movement in funds_
_for the year_
_Reconciliation of funds:_
_Funds brought forward_
_at 1 January 2019_
_Funds carried forward_
_at 31 December 2019_
_11_|_6,100_
_202,743_
_129,236_
_15,986_|_—_
_—_
_—_
_—_|_6,100_
_202,743_
_129,236_
_15,986_|
||_354,065_|_—_|_354,065_|
||_(124,352)_
_(95,119)_|_—_
_(158,000)_|_(124,352)_
_(253,119)_|
||_(219,471)_|_(158,000)_|_(377,471)_|
||_134,594_
_78,625_|_(158,000)_
_—_|_(23,406)_
_78,625_|
||_213,219_
_581,185_|_(158,000)_
_158,000_|_55,219_
_739,185_|
||_794,404_|_—_|_794,404_|
All activities derive from continuing operations.
All recognised gains and losses are included in the statement of financial activities.
The Order of Malta Volunteers **10**
## **Balance sheet** 31 December 2020
|Notes|
**2020**
**£**|**2020**
**£**|2019
£|2019
£|
|---|---|---|---|---|
|**Fixed assets**
Investments
8
**Current assets**
Stocks
Debtors
9
Cash at bank and in hand
**Creditors**: amounts falling due
within one year
10
**Net current assets**
**Net assets**
**The funds of the charity:**
Restricted fund
11
Unrestricted funds:
General fund
11|
**250**
**8,350**
**141,399**|**686,555**
**145,367**|250
74,472
253,910|575,373
219,031|
||**149,999**
**(4,632)**||328,632
(109,601)||
||
||||
|||**831,922**||794,404|
|||**—**
**831,922**||—
794,404|
|||**831,922**||794,404|
For the year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 (“the Act”) relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the financial period in question in accordance with section 476 of the Act.
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved by the trustees and signed on their behalf by:
Tabitha Brenninkmeijer
Emily van Lier
Date:2 July 2021
The Order of Malta Volunteers **11**
**Statement of cash flows** Year ended 31 December 2020
|Notes|**2020**
**£**|2019
£|
|---|---|---|
|**Net cash(used in) provided by operating activities**
A
**Net cash (used in) provided by investing activities**
B
**Change in cash and cash equivalents**
**Cash and cash equivalents at 1 January 2020**
**Cash and cash equivalents at 31 December 2020**|**(53,112)**
**(43,141)**|104,245
15,986|
||**(96,253)**
**310,954**|120,231
190,723|
||**214,701**|310,954|
## **Notes to the statement of cash flows for the year to 31 December 2020**
## **A Reconciliation of net movement in funds to net cash flows from operating activities**
||**2020**
**£**|2019
£|
|---|---|---|
|Net income
Gains on investments
Investment income receivable
Decrease in debtors
Decrease in creditors
**Net cash(used in) provided by operating activities**|**37,518**
**(34,924)**
**(16,859)**
**66,122**
**(104,969)**|55,219
(78,625)
(15,986)
165,186
(21,549)|
||**(53,112)**|104,245|
## **B Cash flows from investing activities**
|**Cash flows from investing activities**|||
|---|---|---|
||**2020**
**£**|2019
£|
|**Investing activities**
Investment income received
Purchase of investments
**Net cash flows(used in) provided by investing activities**|**16,859**
**(60,000)**|15,986
—|
||**(43,141)**|15,986|
## **C Cash and cash equivalents**
|**Cash and cash equivalents**|||
|---|---|---|
||**2020**
**£**|2019
£|
|Cash at bank
Cash held by investment manager
**Total**|**141,399**
**73,302**|253,910
57,044|
||**214,701**|310,954|
## **D Analysis of changes in net debt**
The change in net debt is represented by the change in cash and cash equivalents.
The Order of Malta Volunteers **12**
**Principal accounting policies –** Year to 31 December 2020
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 preparation of financial statements**
These financial statements have been prepared for the year ended 31 December 2020.
The financial statements have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
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 FRS 102 SORP 2015’) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements are presented in sterling and are rounded to the nearest pound.
## **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.
Areas requiring the use of estimates and critical judgements that may impact on the charity’s financial activities and financial position include the trustees’ use of investment managers to provide valuations of the investment portfolio. The valuations are based on bid prices where available or mid-market prices if not.
In addition to the above, the full impact following the global coronavirus pandemic is still unknown. It is therefore not currently possible to evaluate all the potential implications for the charity’s activities, beneficiaries, funders, suppliers and the wider economy.
## **Assessment of going concern**
The trustees of the charity have not identified any material uncertainties relating to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The basis for the assessment is provided on page 6 of the trustees report where the trustees have considered the impact of the pandemic on the charity and have concluded that although there may continue to be some negative consequences, it is appropriate for the charity to continue to prepare its accounts on the going concern basis.
The Order of Malta Volunteers **13**
**Principal accounting policies –** Year to 31 December 2020
## **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 general, non-specific donations and legacies; 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 as income.
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.
## **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 costs are inclusive of irrecoverable VAT.
Expenditure comprises direct costs and support costs. 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. No allocation of support costs is made against these activities.
- Expenditure on charitable activities comprises expenditure on the charity’s primary charitable purposes and includes grants payable, costs that can be allocated directly to the charitable activities and support costs.
The Order of Malta Volunteers **14**
**Principal accounting policies –** Year to 31 December 2020
## _**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 and other overheads such as the maintenance of websites etc.
Governance costs comprise the costs related to the public accountability of the charity and costs in respect of its compliance with applicable regulations and good practice.
## **Fixed asset investments**
The charity’s investments 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 the trade date where a purchase or sale of an investment is made 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.
## **Financial assets and liabilities**
Financial assets and financial liabilities are recognised in the balance sheet when the charity becomes party to the contractual provisions of the instrument.
## **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 8. 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 9. 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.
## **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.
The Order of Malta Volunteers **15**
**Principal accounting policies –** Year to 31 December 2020
## **Cash at bank and in hand**
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.
## **Creditors and provisions**
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be measured or estimated reliably.
Creditors and provisions are initially recognised at fair value, being the amount the charity anticipates it will pay to settle the debt, and subsequently at amortised cost.
## **Fund accounting**
General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objects.
Restricted funds comprise monies received for, or their use is restricted to, a specific purpose or have donor imposed conditions.
The Order of Malta Volunteers **16**
**Notes to the financial statements –** Year to 31 December 2020
## **1. Donations**
|**Donations**|||||||
|---|---|---|---|---|---|---|
|||**Unrestricted**|
|**Restricted**
**funds**
**£**||**Total**
**funds**
**2020**
**£**
**5,811**
**5,811**
_Total_
_funds_
_2019_
_£_
_6,100_
_6,100_
**Total**
**funds**
**2020**
**£**|
|||**General**
**funds**
**£**|||||
|Donations
**2020 Total funds**||**5,811**||**—**|||
|||**5,811**||**—**|||
|||_Unrestricted_||_Restricted_
_funds_
_£_|||
|||_General_
_funds_
_£_|||||
|_Donations_
_2019 Total funds_||_6,100_||_—_|||
|||_6,100_||_—_|||
|**Income from trading activities**||**Unrestricted**
**General**
**funds**
**£**|
|**Designated**
**funds**
**£**|
||
|White Knights Ball
**2020 Total funds**||**148,488**||
**—**||**148,488**|
|||**148,488**||
**—**||**148,488**|
|||_Unrestricted_
_General_
_funds_
_£_|
|_Designated_
_funds_
_£_|
|_Total_
_funds_
_2019_
_£_|
|_White Knights Ball_
_2019 Total funds_||_202,743_||
_—_||_202,743_|
|||_202,743_||
_—_||_202,743_|
|**Income from charitable activities**||||||**Total**
**funds**
**2020**
**£**
**—**
**—**
**—**
**—**
**—**
**—**|
|Easter Pilgrimage
International Holiday Camp (Delegation)
Lebanon
Lourdes
Reunions
**2020 Total funds**||**—**
**—**
**—**
**—**
**—**|**—**
**—**
**—**
**—**
**—**||||
|||**—**|**—**||||
## **2. Income from trading activities**
## **3. Income from charitable activities**
No income was derived from charitable activities in 2020 due to covid-19 restrictions.
The Order of Malta Volunteers **17**
**Notes to the financial statements –** Year to 31 December 2020
## **3. Income from charitable activities** (continued)
|**Income from charitable activities**(continued)||||
|---|---|---|---|
||_Unrestricted_
_General_
_funds_
_£_
_Designated_
_funds_
_£_
_11,451_
_—_
_5,850_
_—_
_16,015_
_—_
_93,028_
_—_
_2,892_
_—_
_129,236_
_—_||_Total_
_funds_
_2019_
_£_|
|_Easter Pilgrimage_
_International Holiday Camp (Delegation)_
_Lebanon_
_Lourdes_
_Reunions_
_2019 Total funds_|_11,451_
_5,850_
_16,015_
_93,028_
_2,892_|_—_
_—_
_—_
_—_
_—_|_11,451_
_5,850_
_16,015_
_93,028_
_2,892_|
||_129,236_|_—_|_129,236_|
## **4. Investment income**
||**Unrestricted**
**General**
**funds**
**£**
**Designated**
**funds**
**£**
**16,859**
**—**
**16,859**
**—**
_Unrestricted_
_General_
_funds_
_£_
_Designated_
_funds_
_£_
_15,986_
_—_
_15,986_
_—_
**Unrestricted**
**General**
**funds**
**£**
**Designated**
**funds**
**£**
**111,838**
**—**
**349**
**—**
**112,187**
**—**
_Unrestricted_
_General_
_funds_
_£_
_Designated_
_funds_
_£_
_120,606_
_—_
_3,746_
_—_
_124,352_
_—_|**Unrestricted**
**General**
**funds**
**£**
**Designated**
**funds**
**£**
**16,859**
**—**
**16,859**
**—**
_Unrestricted_
_General_
_funds_
_£_
_Designated_
_funds_
_£_
_15,986_
_—_
_15,986_
_—_
**Unrestricted**
**General**
**funds**
**£**
**Designated**
**funds**
**£**
**111,838**
**—**
**349**
**—**
**112,187**
**—**
_Unrestricted_
_General_
_funds_
_£_
_Designated_
_funds_
_£_
_120,606_
_—_
_3,746_
_—_
_124,352_
_—_|**Total**
**funds**
**2020**
**£**|
|---|---|---|---|
|Other investment income
**2020 Total funds**|**16,859**|**—**|**16,859**|
||**16,859**|**—**|**16,859**|
||||_Total_
_funds_
_2019_
_£_|
|_Other investment income_
_2019 Total funds_|_15,986_|_—_|_15,986_|
||_15,986_|_—_|_15,986_|
|**Expenditure on raising funds**|||**Total**
**funds**
**2020**
**£**|
|White Knights Ball
Malteser magazine
**2020 Total expenditure**|**111,838**
**349**|**—**
**—**|**111,838**
**349**|
||**112,187**|**—**|**112,187**|
||||_Total_
_funds_
_2019_
_£_|
|_White Knights Ball_
_Malteser magazine_
_2019 Total expenditure_|_120,606_
_3,746_|_—_
_—_|_120,606_
_3,746_|
||_124,352_|_—_|_124,352_|
## **5. Expenditure on raising funds**
The Order of Malta Volunteers **18**
## **Notes to the financial statements –** Year to 31 December 2020
## **6. Expenditure on charitable activities**
||**Unrestricted**
**General**
**funds**
**£**|**Unrestricted**
**Restricted**
**funds**
**£**|**Total**
**funds**
**2020**
**£**|
|---|---|---|---|
|**Activities undertaken directly**
International Holiday Camp (Delegation)
Lebanon
Lourdes
Reunion
Walsingham
**Support costs**
General support costs
(incl. printing, website, bank fees)
Governance costs
(incl. insurance, accountancy, legal fees)
**2020 total expenditure**|**6,040**
**16,467**
**8,981**
**3,725**
**1,000**
**7,864**
**12,300**|**—**
**—**
**—**
**—**
**—**
**—**
**—**|
**6,040**
**16,467**
**8,981**
**3,725**
**1,000**
**7,864**
**12,300**|
||**56,377**|**—**|
**56,377**|
Activities were cancelled in 2020 due to covid-19 restrictions with the exception of the International Holiday Camp where a “virtual” alternative was held. However the charity was unable to recover all costs paid in advance on some activities, and in addition where events were cancelled, the charity made donations to the organisers. Included within expenditure are donations to Walsingham of £1,000, Lebanon of £15,000 and Lourdes of £7,003.
||_Unrestricted_
_General_
_funds_
_£_
_Restricted_
_funds_
_£_
_23,913_
_—_
_12,223_
_—_
_29,476_
_—_
_3,821_
_158,000_
_5,062_
_—_
_574_
_—_
_2,000_
_—_
_9,472_
_—_
_8,578_
_—_
_95,119_
_158,000_|_Unrestricted_
_General_
_funds_
_£_
_Restricted_
_funds_
_£_
_23,913_
_—_
_12,223_
_—_
_29,476_
_—_
_3,821_
_158,000_
_5,062_
_—_
_574_
_—_
_2,000_
_—_
_9,472_
_—_
_8,578_
_—_
_95,119_
_158,000_|_Total_
_funds_
_2019_
_£_|
|---|---|---|---|
|_Activities undertaken directly_
_Easter Pilgrimage_
_International Holiday Camp (Delegation)_
_Lebanon_
_Lourdes_
_Reunion_
_Camino de Santiago_
_Walsingham_
_Support costs_
_General support costs_
_(incl. printing, website, bank fees)_
_Governance costs_
_(incl. insurance, accountancy, legal fees)_
_2019 total expenditure_|_23,913_
_12,223_
_29,476_
_3,821_
_5,062_
_574_
_2,000_
_9,472_
_8,578_|_—_
_—_
_—_
_158,000_
_—_
_—_
_—_
_—_
_—_|
_23,913_
_12,223_
_29,476_
_161,821_
_5,062_
_574_
_2,000_
_9,472_
_8,578_|
||_95,119_|_158,000_|
_253,119_|
## **7. Staff costs, trustee expenses and remuneration of key management personnel**
The Order of Malta Volunteers has no paid employees and has therefore incurred no personnel costs during the year.
The key management personnel of the charity in charge of controlling, running and operating the charity on a day to day basis comprise the OMV Committee and the trustees.
No trustees were remunerated for their services or reimbursed any expenses during the year.
The Order of Malta Volunteers **19**
## **Notes to the financial statements –** Year to 31 December 2020
## **8. Investments**
|**Investments**|||
|---|---|---|
||**2020**
**£**|2019
£|
|Listed investments:
Market value at 1 January 2020
Additions at cost
Gain / (loss) on changes in market value
Market value at 31 December 2020
Cash held by investment manager:
Total investments held|**518,329**
**60,000**
**34,924**|439,704
_—_
78,625|
||**613,253**
**73,302**|518,329
57,044|
||**686,555**|575,373|
The following holdings constituted material holdings at 31 December 2020:
||Market
value
£|% of
portfolio
%|
|---|---|---|
|COIF Charities Investment Fund Income Units|**613,253**|100|
|**Debtors**
Prepayments and accrued income
Investment income receivable
Other debtors|**2020**
**£**
**3,927**
**4,423**
—
**8,350**|2019
£|
|||67,961
3,821
2,690|
|||74,472|
## **9. Debtors**
## **10. Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2020**
**£**
**4,632**
**4,632**|2019
£
109,601
109,601|
|Accruals and deferred income|||
Included in accruals and deferred income were monies received for events that were to take place in the ensuing year (2019 – the White Knights Ball £99,160).
The Order of Malta Volunteers **20**
**Notes to the financial statements –** Year to 31 December 2020
## **11. Statements of funds**
|**Statements of funds**||||||
|---|---|---|---|---|---|
||**At 31**
**December**
**2019**
**£**|**Income**
**£**|**Expenditure**
**£**
**(168,564)**
**(168,564)**
**(168,564)**|
**Transfers/**
**gains**
**£**|**At 31**
**December**
**2020**
**£**|
|**General funds**
General fund
Total unrestricted funds
Total of funds|794,404|**171,158**||**34,924**|
**831,922**|
||794,404|**171,158**||**34,924**|
**831,922**|
|||||||
||794,404|**171,158**||**34,924**|
**831,922**|
||_At 31_
_December_
_2018_
_£_|_Income_
_£_|_Expenditure_
_£_
_(219,471)_
_(219,471)_
_(158,000)_
_(377,471)_|
_Transfers/_
_gains_
_£_|_At 31_
_December_
_2019_
_£_|
|_General funds_
_General fund_
_Total unrestricted funds_
_Restricted funds_
_Lourdes pilgrimage_
_Total of funds_|_581,185_|_354,065_||_78,625_|
_794,404_|
||_581,185_|_354,065_||_78,625_|
_794,404_|
||_158,000_|_—_||_—_|
_—_|
|||||||
||_739,185_|_354,065_||_78,625_|
_794,404_|
## _**Restricted funds**_
## _Lourdes Legacy_
This fund was a legacy restricted to the funding on the OMV’s annual trip to Lourdes, France. The fund was fully utilised in 2019.
## **12. Analysis of net assets between funds**
|**Analysis of net assets between funds**|||||
|---|---|---|---|---|
||**Unrestricted**
**funds**
**£**
**686,555**
**149,999**
**(4,632)**
**831,922**|**Restricted**
**funds**
**£**|**Designated**
**funds**
**£**|**Total**
**funds**
**2020**
**£**|
|**Fund balances at 31 December 2020**
**are represented by:**
Investments
Total current assets
Creditors: amounts due within one year
**Total net assets**||_—_
_—_
_—_|_—_
_—_
_—_|**686,555**
**149,999**
**(4,632)**|
|||_—_|_—_|**831,922**|
||_Unrestricted_
_funds_
_£_
_575,373_
_328,632_
_(109,601)_
_794,404_|_Restricted_
_funds_
_£_|_Designated_
_funds_
_£_|_Total_
_funds_
_2019_
_£_|
|_Fund balances at 31 December 2019_
_are represented by:_
_Investments_
_Total current assets_
_Creditors: amounts due within one year_
_Total net assets_||_—_
_—_
_—_|_—_
_—_
_—_|
_593,373_
_328,632_
_(109,601)_|
|||_—_|_—_|_794,404_|
The Order of Malta Volunteers **21**
**Notes to the financial statements –** Year to 31 December 2020
## **13. Taxation**
The Order of Malta Volunteers is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
## **14. Related parties**
The charitable company is a subsidiary of The Association of British Members of the Sovereign Military Order of St John of Jerusalem of Rhodes and of Malta (“BASMOM”).
The company has taken advantage of the exemption in section 33 of FRS 102, “Related Party Disclosures”, from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by its immediate parent.
In the year ended 31 December 2020, there have been no related party transactions that require disclosure.
## **15. Members’ liability**
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.
## **16. Ultimate parent undertaking and controlling party**
The trustees regard BASMOM, a charity registered in England and Wales, as the ultimate and immediate parent entity. Copies of the parent’s consolidated financial statements can be obtained from BASMOM, 13 Deodar Road, London, SW15 2NP. This is the largest and smallest group for which group accounts are prepared.
## **17. Post balance sheet events**
Covid-19 has continued to impact on the charity’s operations with most events and projects being cancelled or deferred in 2020. The charity’s ability to run charitable activities in 2021 is subject to easing of covid-19 restrictions both within the UK and Europe to allow travel and gatherings. It is likely that the charity’s financial performance for the financial year ended 31 December 2021 will continue to reflect lower levels of activity.
The Order of Malta Volunteers **22**