Charity Registration Number: 207781 THE ORDER OFTHE SECRET MONITOR FUND OF BENEVOLENCE FINANCIAL STATEMENTS 31 AUGusf 2024
THE ORDER OF THE SECRET MONITOR FUND OF BENEVOLENCE TRusfEES' REPORT FOR THE YEAR ENDED 31 AUGU 2024 The Trustees of The Order of the Secret Monitor Fund of Benevolence present their report and the financial 5tatemenls for the year ended 31 August 2024. LEGAL AND ADMINISTRAllVE DEfAIIS The Charity is The Order of The secret Monitor Fund of Benevolence and is a registered charity under re8lStration number 207781. The Charity's address is 86 St James's Street, London, SWIA IPL. TRUSTEES The Trustees of The Order of the Secret Monitor Fund of Benevolence, who Served during the year and to the date of signing thi5 report. are: M Barnes {Appointed l April 20251 S G Carley (Appolnted l Aprll 20251 G Flight M J J Singleton (Appointed l Aprll 20251 Newly appointed Trustees receive an induction from the President of the Executive Committee and Grand Treasurer and attend training courses as necessary. ORGANISATION The members of the Executlve Committee of the Order of the Secret Monitor are resp)n5ible for the administration of all aspects of The Order of the Secret Monitor Fund of Benevolence. The members of the Executive Committee of The Order of the Secret Monitor during the financial year and to the date of the signing of thi5 report are.. His Hon l D G Alexander. KC (Retired 14 November 20241 C J Aspinell- President P R Crudge R S Ellis K B Fergu50n G LGill D M Heath (Appointed 12 March 20241 H S Markham S C L Middleton IRetired 9 November 2023} R A H Morrow J C Roberts IAppointed 9 November 2023, Retired 14 November 20241 M J J Singleton M 8 Squires IAppointed 14 November 20241 J s stevens l R Sullivan A C Sweeney Drs A J Van der Burgh B Wegerhoff J C Whitaker IAppointed 14 November 20241 R A Williams (Resigned December 20231 Page 1
THE ORDER OF THE SECRET MONITOR FUND OF BENEVOLENCE TRusfEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGusf 2024 PRINCIPAL ADVISERS BANKERS AUDITOR Clydesdale Bank plc ITrading as Crowe U.K. LLP Virgin Moneyl 55 Ludgate Hill 7 Gold Street London Northampton EC4M 7JW NNI IEN INVESTMENT MANAGERS JMFinn&CoLtd 4 Coleman Street London EC2R STA CONSTITUTIONS AND OBJECTS The Order of the Secret Monitor Fund of Benevolence 15 governed by both statute Icharities Act 20111 and the Constitutions and RegUlaonS of The Order of the Secret Monitor. The trustee5 are aware of the Charity Governance Code published in 2017 which sets out the principles and recommended practice for good governance within the sector. The Charity is reviewin8 its cUrnt governance arrdngement5 against the principles within the code and will address any issues rdised where required. The objects of the charity are the Rellef of Needy Members of the Order and certain of their Dependants as well as making charitable grants for purposes specifically sanctioned by Grand Conclave. The Order of the Secret Monitor Fund of Benevolence is SUPPOrted by contributions from Brethren, Ladies, Conclaves and Provinces and these may tske the form of either donations, covenants, legacies or bequests. The Charity ha5 not engaged with third parties to raise funds and there has been no direct approach to members of the public for funding. A significant amount of the charity's income is from investments. No complaints were received in relation to our fundraising activrties. The Trustees confirm that they have tomplied with the duty In sertton 17 of the Charitie5 Act 2011 to have due regard to the guidance issued by the Charity Commission on the strdtegy towards and the achievements of the Charity against its objectives. GRANT MAKING POLICY The payments of grants are made to the needy and for such other charitable purposes as specificalty sanctioned by Grand Conclave. Page 2
THE ORDER OF THE SECRET MONITOR FUND OF BENEVOLENCE TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 RESERVES POUCY At 31 August 2024, the free reserves amounted to £939,524 12023.. £867.3101. The Trustees believe that the level of reseNes should provide a safety net for downturns in the market as well a5 providing a level of income to support donations. However, the Trustees continue to reviewthe level of reserves held. The Trustees consider that there are sufficient selVeS held at 31 August 2024 to manage any foreseeable downturn in the market. The Trustees considerthat there is a reasonable expectstion that the charity has adequate resources to continue in operational existence forthe foreseeable future and, for thi5 reason, the Trustses continue to adopt the golng concern basis in preparing the financial Statements. INVESTMENT POWERS Investment powers are set out and operated within the provisions of the Trustee Act 2LKJO. The investments are managed by the Investment Comrnittee, who are advised by J M Finn & Co Limited. INVEMENT POUCY AND PERFORMANCE The sources of income for the fund are donations from the members and any investment income lincluding capital gains). In accordance with these aims, the funds are managed by J M Finn & Co Limited. The Investment Commlttee reviews the funds on a gUlar basis. Changes are made to the investments held on the basis of seeking to malntsln the existing funds and to increase them so far as possible. The intention is to invest in Securities, which are likely to increase in value {including providing increased dividends), rather than by any other criteria. The value of the investments at the balance sheet date was £734,45512023'. £680,484). ACTIVITIES The amount of grdnt5 paid in the year to 31 August 2024 amounted to £17.38512023.' £13.6501. Page 3
ThE ORDER OF ThE SECR MONITOR FUND OF BENEVOLENCE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Trustee5' Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year in accordance with Unlted Klngdom Generally Accepted Accounting Practice (United Kingdom AccountinE Stsndard51 and applicable law. Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its net incomingloutgoing resources for that period. In preparing these financial 5tatementS, the Trustees are required to: select suitable accountlng policies and then apply them consistently,. observe the methods and principles in the Charities SORP; make judgments and estimates that are reasonable and prudent: prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charity will continue to operate. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with asOnable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounts and Reports) Regulations 2008 and the provi5i0ns of the charity's constitution. They are also responsible for Safeguarding the assets of the charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. AUDITOR Crowe U.K. LLP ha5 indicated its willingness to be reappointed as statutory auditor. Approved by the Trustees on 3 April 2025 and signed on their behalf by G Fli8ht Trustse Page 4
Independent Auditor's Report to the Trustees of the Order of the tret MonStor Fund of Benevolen Oplnlon We have audited the financlal statements of The Order of the Secret Monltor Fund of Benevolen for the year ended 31 August 2024 which comprise Statement of Financial Activities, the Balance Sheet and note5 to the financial statement5, includin8 518niticant accounting policies. The linancial reporting framework that ha5 been applied in their preparation is applicable law and United Klngdom Accounting Standaids, including Financial Reporffjng Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (united Kingdom Generally Accepled Accounts"ng Practicel. In our opinion the financial 5tstements.. 81Vè a true and fall view of the state of the charity's affairs as at 31 August 2023 and of Its Incorning resources and application of resourtès, includin8 Its income and expenditure for the year then ended- have been properly prepared in accordan with United Klngdom Generally Accepted kcounting Practice- and have been prepared in accordan wlth the requlrements of the Charities Act 2011. Bas15 for oplnSon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities underthose standards are further described in the Auditor's responsibilities forthe audlt of the financial statements section of our report. We are independent of the charity in accordan¢e wlth the ethical iequirements that are relevant to our audit of the financial statement5 in the UK, including the FRC'5 Ethical Stsndard, and we have fulfilled our other ethlcal responsibilie5 in accordan wlth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatln8 to 8oin8 concèrn In auditing the financial statements, we have concluded that the trustees, use of the going concern basls of accounting in the preparation of the financial statements 15 appfopfiate. Based on the work we have performed, we have not Identilied any material unrtaIntieS relatinB to events or conditions that, individually or collectively, rnay Tr5t signilicant doubt on the charlty's ability to Conttnue as a going concern for a period of at least twelve months from when the finandal staternents are authotisèd for155ue. Our ¥espon5ibilitie5 and the responsibilities of the trustees with respect to going concern are described in the relevant 5ection5 of thi5 report. Other Irfftirmatlon Thetrustees are responslble for the other InformatSon contained within the annual report. The other infomiation comprises the information included in the annual report, other than the financial statements and our auditor's port thereon. Our opinion on the financial statements does not cover the other information and we do not eXp$S any form of assurance conclusion thereon. Our responslblllty is to read the other information and, in doing so, consider whether the other inforniation is materlally inconsistent with the finantial statements or our knowledge obtained in the audlt or otherwise appears to be materially misstated. If we identify such material Inconslstencies or apPant materlal i55tatements, we are required to deterrnine whether this give5 rise to a material misststement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we a requ1 to report that fact. We have nothing to report in this regard. Page 5
Matters on vknich we a requlred to report by ex¢eptioib We have nothing to report in respect of the following matters in relation to which the Charlties (Accounts and Report51 Re8ulation5 2008 require us lo rèport to you if, in our opinion.. the information given In the flnancial ststements is incon5iStent in any material respect with the trustees, report; or sufficient accountinB records have not been kept; or the flnanclal statements are not in agreemerbt with the accDundng records and retUTns,' or we have not received all the information and èxplanations we require for our audit Responsibilities of trustee5 As explained rnore fully in the trustees, responsibilities statement set out on page 4, the trustees 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 frtsm material misstatement, whether due to fraud or error. In preparing the linancial statements, the trustees are responsible for assessing the charity's ability to ConnUe as a 8oinB concem, disclosing, as applicable, rnatters related to 8oinB concern and using the 8tsi concern basls of accountlng unless the trustees either Intend to liquidate the charlty or to cease operation5. or have no realistlc alternattve but to do so. Audltor's responslbllSiles for the audit of the financial st*ements Wè have bèèn appointed as auditor under section 144 of the Charitie5 Act 2011 and report In accordan with the Act and relewdnt regulations made or having effect thereunder. Our oblectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenl. whether due to fraud or error. and to i55ue an auditoi's report that includes our opinlon. Reasonable assurance is a high level of assurance, but is not a guaTantee that an audlt conducted Sn accordance with ISAS IUKI will alway5 detett a materral misststement 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 user5 taken on the basis of these financial 5tstements. Irregularities, including fraud, are Instances of non-compllance with law5 and regulation5. We desi&n procedures in line with our responsibilthe5, Outlined above, to detect material misstatement5 in respect of Irregularities, including fraud. The extent to which our procedures are capable of detethng Irregulartknes. including fraud is detailÈd below.. A further descrlpfjon of our respons1biles for the audit of the financial statements is located on the Financial Reporknng Council's website at.. www.frc.or auditorsres onsibilities. This description forms part of our auditor's report. Extent to whlch the audlt was conded capabte of detectlng irregularltles. Indudlngfraud Irregularlties, Includlng fraud, are Instsn$ of non-compliance with laws and re8ulations. We Identified and a5se55ed the risks of material misstatement of the linancial statements from irregularities, wheiher due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtainit)B audit evidence sufficient and appropriate to provide a bas15 for our opinion. We obtslned an understanding of the legal and regulatory framework5 Within whlch the charity and group Dperates, focusing on those laws and regulations that have a direct effett on the determlnation of materlal amounts and di5cIosures in the financial 5tstements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP IFRS 1021. We assessed the required compliance wlth these laws and regulations as part of our audit procedures on the related financial statement items. Page 6
In additlon. we considered prowsions of other laws and regulations that do not have a direct effect on the financial statements but compllance wlth which might be fundamental to the charitv's and the group's ability to operate orto avoid a material penalty. We also considered the opportunitles and incentives that may exist within the charity and the group forfraud. The laws and regulations we considered In this context fof the UK operations included General Data Protection Re8ulation IGDPRI. Auditing standards limlt the required audit procedures to identlfy non-compliance with these laws and regulations to enquiry of the Trustees and other management and Inspethon of re8ulatory and legal corresponden. if any. We identified the greatest risk of material irnpact on the hnancial statements from Irre8ularities, includingfraud, to be wlthin the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Managernent Board about their own identification and a55es5ment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for blases, sample testing of income, reviewing regulatory correspondence, and reading minutes of meetings of those char8ed with governance. Owing to the inherent lomitsOnS of an audlt, there is an unavoidable risk ihat we may not have detected some matèrial mlsstatements in the financial Statements, even though we have properly planned and performed our audit in accordance wlth auditing standards. For example, the further rèmoved non-compliancè with lawl and regulations lirregularittesl is from the events and transacttons reflected in the financlal statements, the less likelv the Inherently limited procedures required by auditing stsndards would identify it. In addition, as with any audlt, there remained a higher riskof non-dètèthon of irregularities, as these may involve collusion, forgery, intentional ornlssions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- Compliance and cannot be expected to detect non-complian wlth all laws and regu13tion5. Use of our report This report is made solely to the Charity's trustees, as a body. In accordance with Part 4 of the Charities IAccounts and Reports) Regulation5 2fKJ8. Our audlt work has been undertaken $0 that we might state to the charity'5 trustees those matter5 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 a55ume responsibility to anyone other than the charity and the charity's trustees as a body, for our audlt work. foi thls report, or for the opinions we have formed. &¢>bollkLIP Crowè U.L LLP Statutory Audltor London Date: 23.04.2025 Crowe U.K. LLP is ellgible forappoirtrnenta5 audttor of the chartty by virtue of its el¥ibilTty for appolntrnent as audltor of company under section 1212 ofthe Cornp3nie5 Att 2CK6. Page 7
THE ORDER OF THE SECRET MONITOR FUND OF BENEVOLENCE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Notes Totsl 2024 Total 2023 INCOME AND ENDOWMENTS FROM: Generated funds Donations Investments 15,915 19.292 8.575 20,113 Totsl Incomln8 resources 35,207 28,688 EXPENDITURE ON: Ralslng funds Investment management fees Charitsble expendlture Jewel Costs IPresident & Vice President pins) Sundry Expenses Grant making 3,385 3.382 63 17,385 13,650 Totsl resouros expend¢d 20,833 18,836 OPERAnNG SURPLUS 14,374 9.852 Net realised and unrealised gains1{1055esl 57,840 (64.462) NET INCOME I (EXPENDITURE) 72,Z14 154,610J NEf MOVEMENT IN FUNDS 72.214 (54.610) FUND BALANCES As at 15eptember 2023 867,310 921.920 FUND BALANCES CARRIED FORWARD 939,524 867,310 All of the above are repSented by continuing operations and are unstrIcted. There are no reco8nised 8ains or losses other than those shown above. The notes on page 10 to 12 forni part of these financial statements. Page 8
THE ORDER OF THE SECR MONITOR FUND OF BENEVOLENCE BALANCE SHEET 31 AUGUST 2024 Notes 2024 2023 FIXED ASSET INVESTMENTS Quoted 5ecuritie5 3t market value Cost £550,61612023.. £541,046) 734,455 680.484 CURRENT ASSETS Debtors Cash at bank 6,228 198,841 205,069 7.084 182,016 189.1 CURRENT LIABILITIES Sundry creditors 2,274 CURRENT ASSETS 205,069 186.826 TOTAL ASSErs 939,524 867.310 Represented by: UNRESTRicfED FUNDS 939,524 867,310 Approved by the Trustee and authorised for issue on 3 April 2025 and signed on his behalf by: RA H Morrow Honorary Treasurer The notss on page 10 to 12 fonn part of these financbal 5tstements. Page 9
THE ORDER OF THE SECR MONITOR FUND OF BENEVOLENCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CHARITY INFORMATION The Charity is a Public Benefit Entity registered as an unincorporated charlty in England and Wales (registration no. 2077811 and operate5 from its registered office Mark Masons, Hall, 86 St. James's Stet. London, SWIA IPL. ACCOUNTING pouaES la) Basls of Accounting The financial statements have been prepared in accordance with the Charitres SORP IFRS1021 applicable to charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generdlly Accepted Prartice as it applies from l January 2015. The financial statements have beeft prepared to gwe a "true and fair. vlew and have departed frorn the Chartlies {Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair" view. Thi5 departure has involved following Accounting and Reportill8 by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charities- Statement of Recommended Prartice effective from l April 2005 which has since been withdrawn. The charity constitutes a public benefit entity as defined by FRS 102. Having considered FM)5t year end results and reserves. the Trustèes conslder the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties. Accordingly, the accounts have been prepared on a going concern basis. (b) Investments Flxed asset Investments are revalued to market value at the balance sheet date and the surplu5 or deficit of this revaluation represents unrealised gains or losse5. The differences between the carrying value lor cost if acquired in the yearl and the proteeds of investments dlsposed of represent realised investment gains or195ses. Net reali5ed and unreali5ed gains or losses are shown as a combined figure in the Statement of Financial Activities. (c} Incomlng Resources Donations are accounted for on a receipts basis. Income from investments and bank interest is recognised on an accruals basis. (d) Resources Expended Expenditure is accounted for on an accruals basi5. Charitable expenditure represents payments of 8rant5 and other expenses. Raising funds are the investment management Q5t5. Page 10
THE ORDER OF THE SECR MONITOR FUND OF BENEVOLENCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2024 (CONTINUED) (e) Flnandal Instruments The charity ha5 financial assets and financial liabilities of a kind that qualify as basit financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost uslng the effective interest method. Financial assets held at amortised cost comprise cash and bank and in hand, together with accrued income. Flnancial liabilities held at amorhsed cost comprise grant5 paable and accruals. Investments, including bonds held as part of an investment portfolio are held at fair value at the Balance Sheet date, with gains and losses being recognised within income and expenditure. {fj Critiul acmunting judgements and key sources of estimation uncertainty In the application of the charity's accounting policles, Trustees are required to make judgements, estimates, assumptions about the carrying values of a55ets and liabilities that are not readily apparent from other sources. The estimate5 and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these esbrnates. The estimates and underlying assumptions are reviewed on an on%oing basis. Revisions to accounting eshmates are reco8nised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future period5 if the revision affects the current and future periods. In the view of the Trustees. no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheei date are likely to result in a material adjustment to their carrying amounts in the next financial year. GRANTS From the total grants paid of £17,385, £nil was paid to individuals and the total was paid to various external charitles as approved by the Executive Council. INVEsfMENTS 2024 2023 Market value at I September 2023 Less= Disposal proceeds Add: Additions at cost Net realised and unrealised gains Ilossesl 680,484 748,566 195,306) (117,267) 91A40 113.646 57,840 {64.462J Market Wdlue at 31 August 2024 734,455 680.484 Historic cost 550,616 541.046 Page 11
THE ORDER OF THE SECRET MONITOR FUND OF BENEVOLENCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2024 (CONTINUED) INVESTMENTS (CONTINUED) All investments are listed on a recognised stock exchange and managed in the UK by J M Finn & Co Limited. The investments at the year-end comprised: 2024 89,887 536,027 108.541 734.455 2023 72.139 470,S85 137,760 680,484 rixed interest Equitles Other Unrealised gains amounting to £183,83912023.' £139.438J are based on a valuation at the year-end whith is unlikely to equate to the actual gains and losses which will arise on the Subsequent realisation of these investments. TRUEE REMUNERATION No Trustee received any remuneration or reimbursement of expenses durin8 the current or previous year. RELATED PARTIES There are no related party transactions in the reporting period. Page 12