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2021-12-31-accounts

The Order of Malta Volunteers

Annual report and unaudited financial statements

31 December 2021

Company Limited by Guarantee Registration Number 9801949 (England and Wales)

Charity Registration Number 1164242 (England and Wales)

Contents

Reports

Reference and administrative details Trustees’ report Report of the Independent Examiner

Financial statements

Statement of financial activities Balance sheet Statement of cash flows Principal accounting policies Notes to the financial statements

The Order of Malta Volunteers

Reference and administrative details

Trustees 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
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)
Website https://www.omv.org.uk
Executive Chairman Hugo Whyte
Charity Registration Number 1164242 (England and Wales)
Registered and Principal Office 13 Deodar Road
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

Reference and administrative details The Order of Malta Volunteers

Trustees’ report Year to 31 December 2021

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 2021.

The financial statements have been prepared in accordance with the accounting policies set out on pages to 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 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.

The Order of Malta Volunteers 3

Trustees’ report Year to 31 December 2021

Structure, governance and management (continued)

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 2021 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.

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 by 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 2021.

The Order of Malta Volunteers 4

Trustees’ report Year to 31 December 2021

Structure, governance and management (continued)

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 3,300 hours of voluntary service in 2021 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 all events and activities were cancelled in 2021 although, where possible, smaller events were held.

Achievements and performance

Review of activities

The OMV’s activities in 2021 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 two Reunion events with guests in the financial year, within the bounds of government restrictions: a one-day event hosted by St Mary’s Ascot in July and a two-day residential activity hosted by Treloar’s in October.

Financial review

Coronavirus significantly impacted on the number of events and activities that The OMV was able to undertake in 2021, including the cancellation of its major annual fundraising event, the White Knights Ball, in January 2021. Charitable activities were cancelled although two Reunion events were able to take place in 2021.

Achievements and performance (continued)

Financial review (continued)

The OMV incurred an operating deficit of £7,229 (2020 – operating surplus of £2,594) after charging governance and support costs of £16,885 (2020 - £20,164), which was eliminated by the unrealised gains on the market value of the charity’s investment portfolio of £93,520 (2020 –

The Order of Malta Volunteers 5

Trustees’ report Year to 31 December 2021

£34,924) and overall The OMV recorded a surplus for the year of £86,291 (2020 – surplus of £37,518).

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 2021 the general fund was £918,213 (2020 - £831,922) of which £706,773 (2020 - £613,253) 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 £211,440 (2020 - £218,669), 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.

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 fundraising 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 2021, The OMV received no complaints about its fundraising activities.

Post balance sheet events, future plans and going concern

The OMV’s plans for 2022 continue to be impacted by coronavirus (“Covid-19”). The main fundraising event, the White Knights Ball, did go ahead in January 2022 and over 1,000 people attended. Although there remains uncertainty as to whether the main charitable activities: the pilgrimage to Lourdes, the summer camp for people with disabilities in Lebanon and the International Holiday Camp will take place in 2022, the trustees are optimistic that the OMV will be able to run these activities, albeit on a smaller scale.

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 have not adversely affected the charity’s operational results or its cash position. The charity’s income and cash reserves has been improved by a successful White Knights Ball in 2022 and the trustees consider that The OMV has sufficient cash reserves to continue as a going concern for the foreseeable future.

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:

The Order of Malta Volunteers 6

Trustees’ report Year to 31 December 2021

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:

Date:

The Order of Malta Volunteers 7

Report of the independent examiner Year to 31 December 2021

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 2021.

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:

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

The Order of Malta Volunteers 8

Statement of financial activities 31 December 2021 (incorporating the income and expenditure accounts)

Notes
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
(Expenditure) income 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 2021
Funds carried forward at 31 December 2021
11		 Unrestricted
Total
2021
£
Total
2020
£
9,233
5,811
—
148,488
3,800
—
18,198
16,859
31,231
171,158
(1,528)
(112,187)
(36,932)
(56,377)
(38,460)
(168,564)
(7,229)
2,594
93,520
34,924
86,291
37,518
831,922
794,404
918,213
831,922		 Unrestricted
Total
2021
£
Total
2020
£
9,233
5,811
—
148,488
3,800
—
18,198
16,859
31,231
171,158
(1,528)
(112,187)
(36,932)
(56,377)
(38,460)
(168,564)
(7,229)
2,594
93,520
34,924
86,291
37,518
831,922
794,404
918,213
831,922
Total
2021
£
9,233
—
3,800
18,198		 5,811
148,488
—
16,859
31,231 171,158
(1,528)
(36,932)		 (112,187)
(56,377)
(38,460) (168,564)
(7,229)
93,520		 2,594
34,924
86,291
831,922		 37,518
794,404
918,213 831,922

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

Balance sheet 31 December 2021

Notes 2021
£		 2021
£		 2020
£		 2020
£
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:
Unrestricted funds:
General fund
11		 250
120,203
140,454		 798,088
120,125		 250
8,350
141,399		 686,555
145,367
260,907
(140,782)		 149,999
(4,632)
918,213 831,922
918,213 831,922
918,213 831,922

For the year ended 31 December 2021 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:

Date:

The Order of Malta Volunteers 10

Statement of cash flows Year ended 31 December 2021

Notes
Net cash used in operating activities
A
Net cash provided by (used in) investing activities
B
Change in cash and cash equivalents
Cash and cash equivalents at 1 January 2021
Cash and cash equivalents at 31 December 2021		 2021
£		 2020
£
(53,112)
(43,141)
(946)
18,014
17,068
214,701		 (96,253)
310,954
231,769 214,701

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

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

2021
£
86,291
(93,520)
(18,198)
(111,669)
136,150
(946)		 2020
£
Net income
Gains on investments
Investment income receivable
(Increase) decrease in debtors
Increase (decrease) in creditors
Net cash used in operating activities		 37,518
(34,924)
(16,859)
66,122
(104,969)
(53,112)

B Cash flows from investing activities

Cash flows from investing activities
2021
£
18,014
—
18,014		 2020
£
Investing activities
Investment income received
Purchase of investments
Net cash flows provided by (used in) investing activities		 16,859
(60,000)
(43,141)

C Cash and cash equivalents

Cash and cash equivalents
2021
£
140,454
91,315
231,769		 2020
£
Cash at bank
Cash held by investment manager
Total		 141,399
73,302
214,701

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 11

Principal accounting policies – Year to 31 December 2021

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

Basis of preparation of financial statements

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

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.

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 2019 FRS 102’) 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.

Assessment of going concern

The trustees of the charity have not identified any material uncertainties relating to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees have considered the ongoing impact of the coronavirus pandemic on the charity and have concluded that although there may continue to be some negative consequences, it is appropriate for the charity to continue to prepare its accounts on the going concern basis.

Income

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Donations and legacies comprise 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 (continued)

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.

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Principal accounting policies – Year to 31 December 2021

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:

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.

Fixed asset investments (continued)

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:

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Principal accounting policies – Year to 31 December 2021

Financial assets – accrued income and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 9. 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 10. 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.

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.

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Notes to the financial statements – Year to 31 December 2021

1. Donations

Donations
Unrestricted
Total
funds
2021
£
Total
funds
2020
£
9,233
5,811
9,233
5,811
Total
funds
2021
£
9,233
9,233
Donations
2021 Total funds		 5,811
5,811

2. Income from trading activities

Income from trading activities
Unrestricted
Total
funds
2021
£
Total
funds
2020
£
—
148,488
—
148,488
Total
funds
2021
£
—
—
White Knights Ball
2021 Total funds		 148,488
148,488

3. Income from charitable activities

Income from charitable activities
Unrestricted
Total
funds
2021
£
Total
funds
2020
£
—
—
—
—
—
—
—
—
3,800
—
3,800
—
Total
funds
2021
£
—
—
—
—
3,800
3,800
Easter Pilgrimage
International Holiday Camp (Delegation)
Lebanon
Lourdes
Reunions
2021 Total funds		 —
—
—
—
—
—

Due to covid-19 restrictions, the charity’s primary charitable activities in both 2021 and 2020, with the exception of two reunion events, were cancelled.

4. Investment income

Investment income
Unrestricted
Total
funds
2021
£
Total
funds
2020
£
18,198
16,859
18,198
16,859
Total
funds
2021
£
18,198
18,198
Investment income
2021 Total funds		 16,859
16,859

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Notes to the financial statements – Year to 31 December 2021

5. Expenditure on raising funds

Expenditure on raising funds
Unrestricted
Total
funds
2021
£
Total
funds
2020
£
1,223
111,838
305
349
1,528
112,187
Total
funds
2021
£
White Knights Ball
Malteser magazine
2021 Total expenditure		 1,223
305		 111,838
349
1,528 112,187

6. Expenditure on charitable activities

Unrestricted
Total
funds
2021
£
Total
funds
2020
£
—
6,040
—
16,467
320
8,981
19,727
3,725
—
1,000
5,391
7,864
11,494
12,300
36,932
56,377		 Unrestricted
Total
funds
2021
£
Total
funds
2020
£
—
6,040
—
16,467
320
8,981
19,727
3,725
—
1,000
5,391
7,864
11,494
12,300
36,932
56,377
Total
funds
2021
£
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)
2021 total expenditure		 —
—
320
19,727
—
5,391
11,494		 6,040
16,467
8,981
3,725
1,000
7,864
12,300
36,932 56,377

Activities were cancelled in 2021 due to covid-19 restrictions with the exception of two Reunion events.

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.

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.

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Notes to the financial statements – Year to 31 December 2021

8. Investments

Investments
Listed investments:
Market value at 1 January
Additions at cost
Gains in market value
Market value at 31 December
Cash held by investment manager:
Total investments held		 2021
£
613,253
—
93,520
706,773
91,315
798,088		 2020
£
518,329
60,000
34,924
613,253
73,302
686,555

The following holdings constituted material holdings at 31 December 2021:

COIF Charities Investment Fund Income Units Market
value
£
706,773		 % of
portfolio
%
100%

9. Debtors

2021
£
115,596
4,607
120,203		 2020
£
3,927
4,423
8,350
Prepayments and accrued income
Investment income receivable

10. Creditors: amounts falling due within one year

2021
£		 2020
£
Accruals and deferred income 140,782 4,632
140,782 4,632

Included in accruals and deferred income are monies of £136,838 received for the White Knights Ball that took place in January 2022 (2020 – £Nil).

The Order of Malta Volunteers 17

Notes to the financial statements – Year to 31 December 2021

11. Statements of funds

At 31
December
2020
£
831,922
831,922
At 31
December
2019
£		 Income
£
31,231
31,231
Income
£
171,158
171,158
171,158		 Expenditure
£
(38,460)
(38,460)
Expenditure
£		 Transfers/
gains
£
93,520
93,520
Transfers/
gains
£
34,924
34,924
34,924		 At 31
December
2021
£
918,213
918,213
At 31
December
2020
£
General funds
General fund
Total of funds
General funds
General fund
Total unrestricted funds
Total of funds
794,404 (168,564) 831,922
794,404 (168,564) 831,922
794,404 (168,564) 831,922

12. Analysis of net assets between funds

Fund balances at 31 December 2021
are represented by:
Investments
Total current assets
Creditors: amounts due within one year
Total net assets
Fund balances at 31 December 2020
are represented by:
Investments
Total current assets
Creditors: amounts due within one year
Total net assets		 Unrestricted
funds
£
798,088
260,907
(140,782)
918,213
Unrestricted
funds
£
686,555
149,999
(4,632)
831,922		 Restricted
funds
£
—
—
—
—
Restricted
funds
£
—
—
—
—		 Designated
funds
£
—
—
—
—
Designated
funds
£
—
—
—
—		 Total
funds
2021
£
798,088
260,907
(140,782)
918,213
Total
funds
2020
£
686,555
149,999
(4,632)
831,922

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.

The Order of Malta Volunteers 18

Notes to the financial statements – Year to 31 December 2021

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 2021, 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

1. Post balance sheet events

The Order of Malta Volunteers 19