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2021-08-31-accounts

Charity Registration Number: 208563

GREAT PRIORY OF THE ORDER OF THE TEMPLE FUND OF BENEVOLENCE FINANCIAL STATEMENTS 31 AUGUST 2021

GREAT PRIORY OF THE ORDER OF THE TEMPLE FUND OF BENEVOLENCE TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

The Trustees of Great Priory of the Order of the Temple Fund of Benevolence present their report and the financial statements for the year ended 31 August 2021.

LEGAL AND ADMINISTRATIVE DETAILS

The Charity is the Great Priory of the Order of The Temple Fund of Benevolence and is a registered Charity under registration number 208563. The Charity’s address is 86 St James’s Street, London, SW1A 1PL.

TRUSTEES

The Trustees of the Great Priory of the Order of the Temple Fund of Benevolence who served during the year and to the date of signing this report, unless otherwise stated, are:-

J Prizeman R Wallis

Newly appointed Trustees receive an induction from the President and Great Treasurer and attend training courses as necessary.

ORGANISATION

The Members of the Grand Master’s Council are responsible for the administration of all aspects of the Great Priory of the Order of The Temple Fund of Benevolence.

The members of the Grand Master’s Council of the Great Priory are Ex officio, appointed by the Grand Master with the exception of the Great Treasurer who is elected by the Great Priory of England and Wales.

His Honour I D G Alexander QC A C Rainbow J M Beard M E Slater G E Bonham T J Wheeler B D Burridge J Whitaker P R Calderwood P R Clement P M Collins Rt.Hon. The Viscount Gough J N G Howitt K J Jones GL Perkins W J T Pratt

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GREAT PRIORY OF THE ORDER OF THE TEMPLE FUND OF BENEVOLENCE TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

PRINCIPAL ADVISERS

BANKERS FUND MANAGERS AUDITOR Clydesdale Bank plc J M Finn & Co Ltd Crowe U.K. LLP 146–158 Kensington High Street 4 Coleman Street 55 Ludgate Hill London London London W8 7RL EC2R 5TA EC4M 7JW

CONSTITUTIONS AND OBJECTS

The Great Priory of the Order of The Temple Fund of Benevolence is governed by statute (Charities Acts), the Trust Deed dated 30 May 1928 and Statutes of the Order 1957. The objects of the charity are Relief of members of the Order and their widows and children.

The Fund of Benevolence is supported by contributions from Brethren, Ladies, Preceptories and Provinces and these take the form of either donations, covenants, legacies or bequests. The Charity’s main income is from investments, the Charity has not engaged with third parties to raise funds and there has been no direct approach to members of the public for funding. No complaints were received in relation to our fundraising activities.

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission guidance on the strategy towards and the achievements of the Charity against its objectives.

GRANT MAKING POLICY

The payments of grants are made to the needy who qualify according to the statutes of Great Priory.

RESERVES POLICY

At 31 August 2021, the free reserves amounted to £ 1,032,824 (2020: £ 955,850). The Trustees believe that the level of reserves should provide a safety net for downturns in the market as well as building up for large donations in the future. However, the Trustees are aware that the reserves are high and continue to review the level held. The Trustees consider that there are sufficient reserves held at 31 August 2021 to manage any foreseeable downturn in the UK economy. The Trustees consider that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and, for this reason, the Trustees continue to adopt the going concern basis in preparing the financial statements.

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GREAT PRIORY OF THE ORDER OF THE TEMPLE FUND OF BENEVOLENCE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 INVESTMENT POWERS Investment tx)wers are set out and operated within the provisions of the Trustee Act 20rA). The investrnents are managed by the Investment Committee, which 15 advised by IM Finn & Co Limited. INVESTMENT POUCY AND PERFORMANCE The policy of the trust deed is to provide quickly grants In rellef of need for Knights Templar and their dependents. The only sources of income for the fund are receipts from individual Preceptories and any investment income (including capital gains). Changes are made to the investments held on the basis of seeking to malntain the existing funds ènd to increase them so far as possible. The intentlon Is to Inve51 In seturltles, whlch are Ilkely to Increase in value (including providin8 increased dividend51, rather than by any other criterla. In accordance wlth these aims, the funds are managed by l M Flnn & Co Limited. The Investment Commlttee, appointed by the Trustees, revlews the funds on a regular basis. The value of the Investments at the balance sheet date wa5 £1,040,689. A￿1VITIEs Grants were paid in the year to 31 August 2021 amounting to £IOO,00012020'. £100,000). TRUSTEES. RESPONSIBILITIES The Trustees are responslble for preparin8 the Trustees, Report and the financi31 statements In accordance with applicable law and regulatlons. Charlty law requires the Trustees to prepare financlal statements for each flnancial year In accordance wlth Vnlted Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Under charlty law the Trustees must not approve the finantial statements unless they are satisfied that they give a true and falr vlew of the state of affairs of the charlty and of its net incomin￿0Utg0ln8 resources for that period. In preparing these flnancial statements, the Trustees are reoulred to.. select suitable accounting policies and then apply them consistently,. observe the methods and prlnclples in the Charlties SORP; make judgments and estimate5 that are reasonable and prudent,. prepare the financial statements on the golng concern basis unless it is inappropriate to presume that the Charity will contlnue to operate. The Trustees are responsible for keeping adequate accounting records that are sufficient to Show and explain the charity'5 transactions and disclose with reasonable accuracy at any time the financial P051tion of the chartty and enable them to ensure that the financial statements comply with the Charities Ad 2011, the Charity IAccounts and Reports) Regulations 2008 and the provisions of the charFtVs constitution. They are also responslble for safeguardlng the assets of the charity and hence for taking reasonable steps for the prevention and detectlon of fraud and other irregularities. AUDITOR Crowe U.K. LLP has indicated it5 willingness to be reappointed as statutory auditor. Approved by the Trustees on 26 January 2022 and s18ned on their behalf by- J Prizeman, Trustee Page 3

Independent Auditor’s Report to the Trustees of the Great Priory of the Order of the Temple Fund of Benevolence

Opinion

We have audited the financial statements of the Great Priory of the Order of the Temple Fund of Benevolence for the year ended 31 August 2021 which comprise Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement 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 are required to report that fact.

We have nothing to report in this regard.

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Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more 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 from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

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

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether 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 obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

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We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context for the UK operations included General Data Protection Regulation (GDPR).

Auditing standards limit the required audit procedures to identify 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 the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within 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 Management Board about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, sample testing of income, reviewing regulatory correspondence, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor

London

Date: 18 March 2022

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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GREAT PRIORY OF THE ORDER OF THE TEMPLE FUND OF BENEVOLENCE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021

Notes
Income and endowments from:
Donations
Investments
TOTAL
Expenditure on:
Raising funds
Investment management costs
Charitable activities
Legal Fees
Benevolent grants
3
TOTAL
OPERATING SURPLUS / (LOSS)
Net realised and unrealised gains on investments
NET INCOME / (EXPENDITURE)
NET MOVEMENT IN FUNDS
FUNDS
Balance at 1 September 2020
BALANCE AT 31 AUGUST 2021		 2021
£
1,519
24,943
26,462
4,624
0
100,000
104,624
(78,162)
155,136
76,974
76,974
955,850
1,032,824		 2020
£
10,000
31,001
41,001
4,595
0
100,000
104,595
(63,594)
(5,661)
(69,255)
(69,255)
1,025,105
955,850

All of the above are represented by continuing operations. There are no recognised gains or losses other than those shown above.

The notes on page 8 to 9 form part of these financial statements.

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GREAT PRIORY OF THE ORDER OF THE TEMPLE FUND OF BENEVOLENCE BALANCE SHEET 31 AUGUST 2021 2021 2020 Notes FIXED Ass￿ INV£STMENT5 Quoted securltles at market value Cost £654,93812020.' £652,061) 1,040,689 890,177 CURReNT A55Ers Debtors Cash at bank 20 42,365 65,923 42,385 65,923 CURRENT LIABILITIES Sundry creditors 50,250 250 NET CURRENT ILIABILlnESI / ASSETS 17,8651 65,673 TOTAL ASSETS 1.032,824 955,850 Represented by: UNRESTRicfED FUNOS 1,03Z,824 955,850 Approved by the Board and authorised for Issue on 26, January 2022 and signed on their behalf by.. witt Great Treasurer The note5 On pa8e 8 to 9 form part of these financial statements. Page 8

GREAT PRIORY OF THE ORDER OF THE TEMPLE FUND OF BENEVOLENCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1. CHARITY INFORMATION

The Charity is a Public Benefit Entity registered as an unincorporated charity registered in England and Wales (registration no. 208563) and operates from its registered office Mark Masons' Hall, 86 St. James's Street, London, SW1A 1PL.

2. ACCOUNTING POLICIES

(a) Basis of Accounting

The financial statements have been prepared in accordance with the Charities SORP (FRS102) 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 as it applies from 1 January 2015. The financial statements have been prepared to give a “true and fair” view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a “true and fair” view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The charity constitutes a public benefit entity as defined by FRS 102.

Having considered post year end results and reserves, and the impact of Covid-19, the Trustees consider 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

Fixed asset investments are revalued to market value at the balance sheet date and the surplus or deficit of this revaluation represents unrealised gains or losses.

The differences between the carrying value (or cost if acquired in the year) and the proceeds of investments disposed of represent realised investment gains or losses. Net realised and unrealised gains or losses are shown as a combined figure in the Statement of Financial Activities.

(c) Investment Income

Investment income is accounted for on a receivable basis.

(d) Grants Payable

Grants are accounted for when they are paid.

(e) Financial Instruments

The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash and bank and in hand, together with accrued income. Financial liabilities held at amortised cost comprise grants payable and accruals.

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GREAT PRIORY OF THE ORDER OF THE TEMPLE FUND OF BENEVOLENCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

(e) Financial Instruments (continued)

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.

(e) Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, Trustees 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 assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised 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 periods 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 sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

3. GRANTS

All benevolent grants in the year were paid to the St John of Jerusalem Eye Hospital.

4.

INVESTMENTS
Market value at 1 September 2020
Less: Disposal proceeds
Add: Acquisitions at cost
Net realised and unrealised gains/(losses)
Market value at 31 August 2021
Cost at 31 August 2021		 2021
£
890,177
(112,818)
108,194
155,136
1,040,689
654,938		 2020
£
1,050,433
(286,842)
132,247
(5,661)
890,177
652,061

Unrealised gains/(losses) amounting to £385,751 (2020: £238,122) are based on a valuation at the year-end which is unlikely to equate to the actual gains and losses which will arise on the subsequent realisation of those investments.

5. TRUSTEE REMUNERATION

No Trustee received any remuneration or reimbursement of expenses during the current or previous year.

There are no related party transactions in the reporting period.

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