Charlty Reglstration Number: 207781
THE ORDER OFTHE SECREf MONITOR
FUND OF BENEVOLENCE
FINANCIAL STATEMENTS
31 AUGUST 2025

THE ORDER OF THE SECRET MONITOR
FUND OF BENEVOLENCE TRUSTEES, REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
The Trustees of The Order of the Secret Monitor Fund of Benevolence present their ￿port and the
financial 5totements for the year ended 31 August 2025.
LEGAL AND ADMINISTRATIVE DETAILS
The Charlty is The Order of The Secret Monitor Fund of Benevolence and is a re8lStered charity under
registration 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 this report, are:
M Barne5 IAppointed l April 20251
S G Carley (Appointed l April 2025}
G Flight
M J J Singleton (Appointed l April 20251
Newly appointed Trustees receive an indurtion from the President of the Executive Committee and
Grand Treasurer and attend trainin8 courses as necessary.
ORGANISATION
The members of the Executive Committee of the Order of the Setret Monitor are responsible 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 Monltor durin8 the financial
year and to the date of the si8nin8 of this report are:
His Hon l D G Alexander. KC IRetired 14 November 20241
C J Aspinell - President (Retlred 13 November 20251
S G Carley- President (Appointed 13 November 20251
P R Crudge (Retlred 13 November 20251
P C Ellenor IAppointed 14 November 2024)
R S Ellis IRetired 13 November 20251
K B Feouson
G LGill
D M Heath
R F Knight IAppointed 13 November 2025)
H S Markham
R A H Morrow
J C Roberts IRetired 14 November 2024}
H S Sa800 (Appointed 13 November 20251
M J J Singleton (Retired 14 November 20241
M B Squires (Appointed 14 November2024. Retired 13 November 20251
J S Stevens
l R Sullivan
A C Sweeney
P W Tarrant (Appolnted 13 November 20251
Drs A J Van der Burgh
B Wegerhoff
J C Whltaker (Appointed 14 November 20241
Page 1

THE ORDER OF THE SECRET MONITOR
FUND OF BENEVOLENCE TRUSTEES, REPORT {CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
PRINCIPAL ADVISERS
BANKERS
AUDITOR
Clydesdale Bank pl¢ (Trading as Crowe U.K. LLP
Virgin Money)
55 Ludgate Hill
7 Gold Street
London
Northampton
EC4M 7JW
NNI IEN
INVESTMENT MANAGERS
JMFinn&CoLtd
4 Coleman Street
London
EC2R STA
CONSTITUTIONS AND OBJEcrs
The Order of the Secret Monltor Fund of Benevolence isgoverned by both statute (Charities Act 20111
and the Constitution5 and Regulations of The Order of the Secret Monitor.
The trustees are aware of the Charity Governance Code published in 2025 whlch sets out the principles
and recommended practice forgood governance within the sector. The Charity is reviewing its current
governance arrangements against the principles within the code and will address any issues raised
where required.
The objects of the charity are the Relief of Needy Members of the Order and certain of their
Dependants as well as making charitable grants for purposes specifically sanctloned by Grand
Conclave.
The Order of the Secret Monitor Fund of Benevolen￿ Is supported by contributions from Brethren.
Ladies. Conclaves and Provinces and these may take 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 activities.
The Trustees confirm that they have complled wtth the duty in Section 17 of the Charitie5 Art 2011 to
have due regard to the guidance issued by the Charity Commission on the strategy towards and the
achievements of the Charity against its objectNes.
GRArir MAKING POUCY
The payments of grants are made to the needy and for such other charitable purposes as specifically
sanctioned by Grand Conclave.
Page 2

THE ORDER OFTHE SECR￿ MONITOR
FUND OF BENEVOLENCE TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
RESERVES POLICY
At 31 August 2025, the free reserves amounted to £l,010.91612024.. £939,5241. The Trustees believe
that the level of reserves Should provide a safety net for downturns in the market as well as providing
a level of income to support grants. However, the Trustees continue to review the level of reserwes
held.
During the year ended 31 August 2025, the Trustees reviewed its Reserves Policy and agreed to
maintain the reserves at a level sufficient to generate adequate investment income to meet current
funding requirements. Thi5 will be reviewed annually.
The Trustees consider that there are sufficient reserves held at 31 August 2025 to manage anv
foreseeable downturn in the market. The Trustees consider that there is a reasonable expectation
thatthe charity has adequate resources to continue in operational existence forthe foreseeable future
and. for thi5 reason, the Trustees continue to adopt the going concern basls in preparing the financial
statements.
INVESTMENT POWERS
Investment power5 are set out and operated within the provisions of the Trustee Act 20￿. The
investments are managed by the Investment Commlttee, who are advised by J M FSnn & Co Limited.
INVESTMENT POUCY AND PERFORMANCE
The sources of income for the fund are donations from the members and any investment income
(including capital gains).
In accordance with these aims, the funds are managed by J M Finn & Co Limited. The Investment
Committee reviews the funds on a regular basis.
Changes are made to the investments held on the basis of seeking to maintain the exlstlng funds and
to increasè them so far as posslble. 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 £851.55012024.- £734,455).
ACTIVITIES
The amount of grants paid in the year to 31 August 2025 amounted to £14,35012024.- £17,385>.
Pa8e 3

THE ORDER OF THE SECRET MONITOR
FUND OF BENEVOLENCE TRUSTEES, REPORT (COTrrnNUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
TRUSTEES, RESPON51BIUTIES
The Trustee5 are responsible for preparing the Trustees, Report and the financial Statements in
accordance with applicable law and regulations.
Charity law requires the Tru5tee5 to prepare financial statements for each financial year in accordance
with United Kln8dom Generally Accepted Accounting Practice (United Kingdom Accounting Standards)
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 statements, the Trustees are required to:
select suitable accounting policies and then apply them con515tently:
obserye the methods and principle5 in the Charities SORP;
make judgments and estlmates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue to operate.
The Trustees are reswnslble for keepin8 adequate accounting records thot are Sufficient to show and
explain the charivs transactions and 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
Charities Act 2011, the Charity IAccounts and Reports) Regulations 2008 ond the provisions 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 statLrtory auditor.
Approved by the Trustees on
and slgned on their behalf by
G Flizht
Trustee
Page 4

Independenl Auditorfs Repwt to theTrustees of the Order of the Secret Monitor Fund of Benevolence
Oplnlon
We have audited the financial statements of The Order of the Secret Monitor Fund of Benevolence for the year
ended 31 August 2025 which comprise Statement of Financlal Art5vltles. the Balance Sheet and notes to the
financial statements, includlng significant accountin8 policie5. The financial reporting framework that has been
applled in thelr PTeparation15 applScable law and United Kingdom Accounting Standards, includin8 Financial
Reporting StandaTd 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited
Kingdom Generally Accepted Accounting Prattiol.
In our opinion the financial staternents:
give a true and fair view of the state of the charlws affairs as at 31 August 2025 and of its Incotning
resources and application of resources. induding it5 income and expenditure for the year then ended;
have been properly prepared in attordan￿ wlth Unlted Klngdom Generally Accepted Accounting
Practice,. and
have been prepared In accordance with the requirements of the CharitSes Act 2011.
Basis for oplnlon
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applirable
law. Our responslbllities under those standards are further described in the Auditorfs responsibilities for the
audit of the financial staternents 5ertion of our rèport. We are independent of the tharity accordance with
the ethical requirements that are relevant to our audit of the financial Statemènts in the UK, including the FRrys
Ethical Standard, and we have fulfilled our other ethical responsibilities In accordance wlth these requirement5.
We believe that the audit evlden¢e we have obtalned is sufficient and appropriate to provide a basis for our
opinion.
Condusions relating to golng concern
In auditing the financial statements, wè have concluded that the trustees, use of the golng concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have peiformed, we have not Identified any material uncertainties relating to events or
condition5 that, Individually or collectively, may cast significant doubt on the charity's abillty to contlnue as a
going concern for a period of at least twelve months from when the financial statements are authorlsed for
Issue.
Our responsibilities and the re5pon5ibilitie5 of thè trustees with respect to going contèrn are described in the
relevant sections of this report.
Other Informatlon
The trustees are responsible for the other Information contained wlthin the annual report. The other
information comprise5 the infomiation included In the annual report. other than the flnancial statements and
our auditorfs report thereon. Our opinion on the financial statements does not coverthe other infom)ation and
we do not express any form of assurance con¢luslon thereon.
Our responsibility is to read the other Infom)atlon and, in dolng so, consider whether the other infomiation is
rnaterially incon51Stent with the financial statements or our knowledge obtained In the audit or otherwlse
appears to be materially misstated. If we identify such material Inconsistencies or apparent materlal
mi55tatement5, we are required to determlne whether this gives rise to a material mlsstatement in the financial
statements thern5elve5. If, based on the work we have performed. we conclude that the￿ Is a materlal
misstatement of this other informatlon. we are required to report that fact.
We have nothlng to ￿port In this regard.
Page 5

Matters on which we are requlred to report by exceptlon
We have nothing to rèport In respect of the following rnatters In relatlon to whlch the Charities (Accounts and
Report51 Regulations 2Q)8 rèquire us to report to you if, in our opinion-.
thè Information given in the finan(ial statements Is Inconsistent in any material respect with the
tru5tees' report,. or
sufficlent accountlng records have not been kept,. or
the financial ststements are not in agreement wlth the accounting records and returns.. or
we have not received all the information and explanation5 we require for our audlt
Re4>onslbllltles of trustee5
As explained more fully in the tTU5tees' responsibllStles statement set out on pagè 4, the trustee5 are
sponsible for the preparation of the financial statements and for belng satisfied that they give a true and fair
view, and for such internal control as the trustees determine 15 necessary to enable the preparation of financial
statements that are free from rnaterial misstatement, whether due to fraud or error.
In preparin8 the financial 5tstements, the trustees are re5pon5ible for assesslng the charit(s ability to continue
as a going concern, disclosin& as appllcable. matters related to going concern and uslng the 8oinB concern
basls of accounting unless the trustee5 either intend to liquidate the charlty or to cease operations, or have no
realistic alternative but to do so.
Audltorfs responsibilities farthè audit of thè flnanclal statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report In accordance wlth
the Act and relevant regulation5 made or having effect thereunder.
Our objectives are to obtain reasonable 355uranrp about whether the financial Statements as a whole are free
from material misstatement. whether due to fraud or error, and to Issue an auditorfs report that includès our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit ¢ondu¢ted in
accordance with ISA5 IUKI will always detect a material misstatement when it exists. Misstatement5 can arise
from fraud or error and are considered material if, Individually or in the a88regate, they could reasonably be
eycted to influence the economic decisions of users taken on the basis of these finan¢i31 statements.
Irregularities, includlng fraud, are instan￿5 of non-complian￿ with law5 and regulatlons. We design
procedures in line with our responsibilities, outllned above, to detect material mlsstatements In respect of
irre8ularities, intludlng fraud. The extent to which our procÈdurÈs are capable of dete¢tin8 Irregularttles.
including frau(i is detailed below:
A further description of our responsibilities for the audit of the financial 5tstements is located on the Flnancial
Reporting Councifs website at- www.frc.or .uk
auditorsreg
onsibilities. Thi5 description fomis part of our
uditorfs report.
Extent to which the audit was consldered capable of detectlng IrreBularltles, Indudlngfraud
Irregvlaritie5, Indudlng fraud, are instances of non-compliance with laws and regulatlons. We identified and
assessed the risks of material misstatement of the financlal statement5 from irregularities. whetherdue to fraud
or error, and discussed these between our audit team members. We then designed and performed audlt
procedures responslve to those rlsks, Including obtsining audit evidence sufficient and appropriate to provlde a
ba51s for our opinion.
Page 6

We obtained an understsnding of the legal and regulatory frameworks wlthin which the charlty and group
operates, focusing on those laws and regulations that have a direct effect on the determinatlon of material
amounts and disclosures in the financial statements. The laws and re8ulations we considered in thls tontext
were the Charlties Act 2011 together with the Charltles SORP (FR5 1021. We assessed the required complian
with these law5 and regulatlons a5 part of our audit prO￿dureS on the related financlal Statement Items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the
financial statement5 but compliance with which might be fundamental to the charitfs and the group's ability to
operate or to avoid a material penalty. We also considered the opportunitie5 and incentives that mayexlst within
the chailty and the group for fraud. The laws and regulatlons we considered in this context forthe UK operations
included General Data Protettitsn Regulation IGDPRI.
Auditing standards lirnit the required audit procedvres to idèntlfy non-compliance with these laws and
regulations to enquiry of the Trustees and other management and inspection of regulatory and legal
correspondence, If any.
We identified thegreatest risk of material impact on the financial statements from irregularities, includlngfraud.
to be within the timing of recognition of income and the override of controls by management. Our audit
procedures to respond to these risks induded enquiries of management and the Management Board about their
own identlflcation and assessment of the rlsks of irregularities, sample testlng on the posting of journals,
reviewing accounting estimates for biases. sample testinE of income, reviewng regulatory Correspondence, and
readinB minute5 of meeting5 of those rhatged with governance.
Owing to the Inherent Ilmltatlons of an audlt, there Is an unavoidable risk that we may not have detetted some
material misstatements in the ffinancial statements, even though we have properly planned and performed our
audit in accordance with auditin8 Standards. For example, the further removÈd non-compliance with laws and
regulations Ilrregularitiesl Is from the events and transactions reflected in the financial statements, the less1ikely
the inherently Ilmited procedure5 required by auditing standards would Identlfy It. In addition, a5 Wlth any audit,
there remained a hlgher risk of non-detection of irregularitie5. as these may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal Controls. We are not responslble for
preventing non-compllance and cannot be expected to detect non-compliance wtth all law5 and règulatlons.
Use of our report
ThSs report is made solety to the charitV5 trustees, a5 a body, In accordan￿ with Part 4 of the Charlties
(Accounts and Reports) Regulations 2¢YJ8. Our audit work ha5 been undertaken 50 that we ml8ht State to the
charity's trustèes thosè mattèrs wè are rÈquired to state to them in an auditor's report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other
than the Charity and the charitls trustees as a body, for our audit work, for this report. or for the oplnlons we
have formed.
Crowe U.L LLP
Statutory Auditor
London
Date: 15th May 2026
Crowe U.K. LLP 15 eligible for apw)iThtrnentas auditor of the charity byvirbje of i(5 ell￿bilty1orapp0Intsnent as audltorol
company under sectlon 1212 of the Companles Act 2006.
Page 7

THE ORDER OF THE SECR￿ MONITOR
FUND OF BENEVOLENCE
STATEMENT OF FINANaAL AcfiviTIES
FOR THE YEAR ENDED 31 AUGUST2025
Note5
Total
Total
2025
2024
INCOME AND ENDOWMENTS FROM:
Generatsd funds
Donations
Bank Interest
Investments
44,380
851
23,900
15,915
19,292
Total Incomln8 resources
69,131
35.207
EXPENDITURE ON:
Ralslng funds
Jewel Costs
Investment managementfees
Charftable expendlture
Sundry Expenses
Grant makin8
447
3.701
3.385
83
14,350
63
17.385
Totsl reSoUr￿S expended
18,582
20.833
OPERATING SURPLUS
50,549
14.374
Net realised and unrealised gains
20,843
57,840
INCOME
71.392
72.214
NEf MOVEMENT IN FUNDS
71,392
72.214
FUND BALANCES
A5 at I September 2024
939,524
867,310
FUND BALANCES CARRIED FORWARD
1.010,916
939,524
All of the above are represented by continuin8 operations and are unrestricted. There a￿ no
recognised gains or losses other than those shown above.
Th¢ notes on page 10 to 12 form part of th¢s¢ flnan¢lal statements.
Page 8

THE ORDER OF THE SECR￿ MONITOR
FUND OF BENEVOLENCE
BALANCE SHEET
31 AUGUS[ 2025
Notes
2025
2024
FIXED ASSET INVESTMEfrITS
Quoted securities at market value
Cost £679,515 {2024.' £550.6161
851,550
734.455
CURRENT ASSETS
Debtors
Cash at bank
15
143,779
6.228
198,841
NEf CuRRE￿r ASSETS
159,366
205.069
TOTAL ASSETS
1,010,916
939,524
Represented by:
UNRESTRicfED FUNDS
1,010,916
939,524
Approved by the Trustee and authorised for issue on
signed on his behalf by:
RA H Morrow
onorary Treasurer
The notes on page io to 12 form part of these financial ststements.
Page 9

THE ORDER OF THE SECR￿ MONITOR
FUND OF BENEVOLENCE
NOTES TO THE FINANaAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
CHARITY INFORMATION
The Charity 15 a Public Benefit Entity registered as an vnincorporated charity in England and
Wales (registration no. 2077811 and operates from its registered ofFice Mark Masons, Hall.
86 St. James's Street. London. SWIA IPL.
AccouTrifiNG POLiaES
{al Basi5 of Accounting
The financial statements have been prepared In accordance with the Charities SORP
IFRS1021 applicable to charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011
and UK Generally Accepted Practice.
The financial statements have been prepared to give a "true and fairt view and have
(leparted from the Charities (Accounts and Reports) Regulations 2CKJ8 only to the extent
required to provide a 'true and fairt view.
The charity constitutes a public benefit entity as defined by FRS 102.
Having tonsidered post year end results and reserves. the Trustees conslder the charlty has
adequate resources to continue in operational existence for the foreseeable future and
there are no material uncertaintie5. Accordingly* the accounts have been prepared on
going concern basi5.
{b) Investments
Fixed asset investmènts are revalued to market value at the balance sheet date and the
surplus or deficit of this revaluation represent5 unrealised gains or losses.
The differences between the carrying value lor cost if acquired in the year) and the proceeds
of inve5tment5 disposefl of represent reali5ed investment gain5 or losses.
Net realised and unrealised gains or10sses are shown as a combined figure in the Statement
of Financial Activities.
Incomlng Resources
Donations are accounted for on a receipts basis. Income from investments and bank interest
15 recognised on an accruals basis.
(d) Resource5 Expended
Expenditure is accounted for on an accruals basis. Charitable expenditure represents
payments of grants and other expenses. Raising fund5 are the jewel costs and the
investment management costs.
Page 10

THE ORDER OF THE SECRET mON￿OR
FUND OF BENEVOLENCE
NOTES TO THE FINANaAL STATEMENTS
FOR ThE YEAR ENDED 31 AUGUST 2025 {CONTINUEDI
(e) Financial Instruments
The charity has financial assets and financial liabilitie5 Qf a kind that qualify as basic financial
instruments. Basic financial instruments a￿ initially recognised at transartion value and
subsequently measured at amortised c05t Using the effectwe interest method. Financial
assets held at amortised cost comprise cash and bank and in hand, together with accrued
income. Financial liabilities held at arnortised cost comprise grants payable and accruals.
Investments, including bonds held as part of an investment portfolio are held at fair value at
the Balan￿ Sheet date, with gains and losses being recognised within income and
expenditure.
Crltical accounting judgements and key sources of estlmatlon uncertalnty
In the application of the charitls accounting policies. Tru5tee5 are required to make
judgements, estimates. assumptions about the carrying values of assets and liabilities that
are not readily apparent from other sources. The estimates and underlying assumptlons are
based on historical experience and other factors that are considered to be relevant. Actual
results may differ from these estimates.
The estimates and underlyin8 assumptions are reviewed on an on*oing basis. Revisions to
accounting estimates 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 perlods If the
revision affects the current and future periods.
In the view of the Trustee5. no assumptions concerning the future or estimation uncertainty
affecting assets and liabilities at the balance sheet date are likely to result In a material
adjustment to their carryin8 amounts In the next financial year.
GRANTS
From the total grants paid of £14.350, £nil was paid to individuals and the total was paid to
various external charities as approved by the Executive Council and the Trustees.
INVESTMENTS
2025
2024
Market value at I September 2024
Less: Disposal proceeds
Add: Additions at cost
Net ￿alIsed and Un￿alISed gains
734,455
680.484
1191,995) 195,306)
288,247
91.440
20.843
57,840
Market value at 31 Au8USt 2025
851,550
734.455
Historic cost
679,515
550.616
Page11

THE ORDER OFTHE SECRET MONITOR
FUND OF BENEVOLENCE
NOTES TO THE FINANCIAL STATEMENT5
FOR THE YEAR ENDED 31 AUGUST 2025 (CONTINUED)
INVEsfMENTS (COPrnNUED)
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 tomprised..
2025
106,630
622,277
122.643
851,550
2024
89.887
536,027
108.542
734.455
Fixed interest
Equitie5
Other
Unrealised gains amounting to £172,03612024.' £183,839) are based on a valuation at the
year-end which is unlikely to equate to the artual gain5 and losses which will arise on the
subsequent reallsation of these Investments.
TRUSTEE REMUNERATION
No Trustee received any ￿MUneratIon or reimbursement of expenses durlng the current or
previous year.
RELATED PARTIES
There are no ￿lated party transaetions in the reporting period.
Page 12