Charity Re8iStratlon Number: 208563 GREAT PRIORY OF THE ORDER OFTHETEMPLE FUND OF BENEVOLENCE FINANCIAL STATEMENTS 31 AUGusf 2023
GREAT PRIORY OF THE ORDER OF THE TEMPLE FUND OF BENEVOLENCE TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 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 2023. 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 Charivs address is 86 St Jamegs Street, London, 5WIA IPL TRUSTEES The Trustees of the Great Priory of the Order of the Temple Fund of Benevolence who served durin8 the year and to the date of si8nin8 this report, unle55 Othenvise stated, are:_ J Prizeman R Wallis Newly appointed Trustees receive an indualon from the President and Great Treasurer and attend training courses as necessary. ORGANISATION The Members of the Grand Masterfs 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 Masterfs 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 Wale5. His Honour l D G Alexander, KC J M Beard D Burridge (Deceased 24 September 2022) P R Calderwood, JP P R Clement P M Collins (Retired 17 May 20231 G D A Elgood (Retlred 17 May 20231 G R Goddard IRetired 17 May 2023) J N G Howitt IDeceased 29 July 20231 G Hutchinson (Appointed 17 May 20231 K J Jones G L Perkins WJTPratt A C Rainbow R Scott (Appointed 17 May 20231 Dr N F J Scott-moncrieff (Appointed 17 May 20231 M E Slater, Ostl S J Wanwick (Appointed 17 May 20231 TJ Wheeler J Whitaker. JP. DL Page I
GREAT PRIORY OF THE ORDER OFTHE TEMPLE FUND OF BENEVOLENCE TRUSTEE5' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 PRINCIPAL ADVISER5 BANKERS FUND MANAGERS Clydesdale Bank plc (Trading as J M Firtn & Co Ltd Virgin Money) 4 Coleman Street 7 Gold Street London Northampton EC2R STA NNI IEN AUDITOR Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW CONSTITUTIONS AND OBJEcrs 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, Ladie5, Preceptories and Provinces and these take the form of either donations, covenants, legacies or bequests. The Charit¢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 confim 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 objectwes. GRAP MAKING POLICY The payments of grant5 are made to the needy who qualify according to the statutes of Great Prlory. RESERVE5 POUCY At 31 August 2023. the free reserves amounted to £836,02712022- £ 833,3521. The Trustees belleve that the level of reseNes should provide a fety net for downturn5 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 2023 to mana8e 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 finantial statements. Page 2
GREAT PRIORY OF THE ORDER OF THE TEMPLE FUND OF BENEVOLENCE TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 INVEsTMEP POWERS Investment powers ore set out and operated within the provisions of the Trustee Act 2000. The investments are managed by the Investment Commlttee, which 15 advised by JM Finn & Co Limited. INVESTMENT POLICY AND PERFORMANCE The policy of the trust deed is to provide quickly grants in relief 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 maintain 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. In accordance with these aim5, the funds are managed by J M Finn & Co Limited. The Investment Committee, appointed by the Trustees, review5 the funds on a regular basis. The value of the investment5 at the balance sheet date was £815,822. ACTIVITIES Grants were paid in the year to 31 August 2023 amountin8 to £nil12022'. £IC4),0001. TRUSTEES, RESPONSIBIUTIES The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trusteesto prepare financial statements for each financial year in accordance with United Kingdom 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 incoming/outgoing resources for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently, observe the methods and principles in the Charities SORP,. make judgments and estimates that are reasonable and prudent,. prepare the financial statements on the going concern basis unless it 15 inappmpriate 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 wrlh reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements compty with the Charities Act 2011. the Charity (Accounts and Rewrtsl Regulations 2008 and the provisions of the chariws constitution. They are also responsible for Safeguarding the assets of the charity and hen for taking reasonable step5 for the prevention and detection of fraud and other irregularities. AUDITOR Crowe U.K. LLP has indicated its willingness to be reappointed as statutory auditor. Approved by the Trustees on 13th March 2024 and signed on their behalf by- J Prizeman, Trustee Page 3
Independent Auditorfs Rèport to the Trustees of the Great Priory of the Order of the Temple Fund ol Benevolence Oplnion 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 2023 which cornprise Statement of Financial Actwities, the Balance Sheet and notes to the finanual statements. Sncludlng significant accounting policies. The financial reportln8 framework that has been applied in their preparation is applicable law and United KinÈdom Accounting Standards, includin8 Financial Reporting Standard 102 The Financial Reportlng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel- In our opinlon the financial statements: give a true and fair view of the state of the tharitls affèirs as at 31 August 2023 and of Its Incomlng resour$ and application of resources, Including its income and expenditure for the year then ended; have been properly prepared in accordan with United Kingdom Generally Accepted Accountin8 Pradice- and have been prepared in accordance with the requirements of the Charitie5 Act 2011. Basls for oplnion We conducted our audit in accordance with International Standards on Audltlng IUKI IISAS IUKII and applicable law. Our responslbilities under those standard5 are further described in the Auditorfs Sponsibl11t1es 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 Dur audit of the financial statement5 in the UK, including the FRCS Ethical Standard, and we have fulfillèd 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 OUT opinion. Conduslons relatln8 to golng con¢ern In auditing ihe financial statements, we have concluded that the trustees, use of the goin8 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 UnrtaInlIeS relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's abillty to continue as going conrn for a period of at least twelve months from when the financial statements are authorised for Issue. Our re5pon5ibilities and the responslbllities of the trustee5 Wlth respect to golng concern are descrlbed In the relevant sections of this report. Other Snformation The trustees are responsible for the other information contained within the annual report. The other Informatlon comprises the infom)ation include(l in the annual report. other than the financial statements and our auditorfs report thereon. Our opinion on the financlal statements does not cover the other infom)atSon and we do not express any form of assuran conclusion thereon. Our responsibility 15 to read the other Information and, in doing so, conslder whether the other information Is materially inconsistent with the financlal statements or our knowled8e obtained in the audit or otherwise appears to be materially rnisstated. If we identify such material Inconsistencies or apparent material rniS5tatements, WÈ arè required to determine whether thls gives rlse to a material misstatement in the financlal statements themselve5. If, based on the work we have performed, we conclude that there is a m3terl81 misstatement of this other information, we are required to report that fad. We have nothlng to report In this regard. Page 4
Matters on which wè are required to report by emcèptlon We have nothing to report in respèct of the following matters in rèlation to which the Charities IAccounts and Reportsl Regulations 2008 require u5 to report to you if, in our opinion= the information given in the financial statements Is Inconsistent in any material respect with the trustees, report.. or sufficient accountlng records have not been kept,. or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanatlons we require for our audlt Responsibilitles of trustees A5 explained more fully in the tru5tees' responsibllities statement set out on page 3, the trustees are responsible for the preparation of the financial 5tsternents and for being satisfied that they Elve 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 mi55tatement, whether due to fraud or error. In preparlng the financial staternents, the trustees are responsible for assessing the charitvs ability to ttjntinuè a5 a gCsin8 concern, dlsclosln& as applicable, matters ielated to going conrn and using the going conr basis of accounting unless the trustees either intend to liquidate the charlty or to cease operations, or have no realistic alternative but to do 50. Audltorfs responsibilltles for the audlt of the flnarKial #atements We have been appointed as auditor under section 144 of the Charitie5 Act 2011 and report in accordance with the Act and relevant regulations made or havlng 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 auditorfs report that includes our opinion. Reasonable assurance 15 a hi8h level of assurance. but is not a guarantee that an audit conducted in accordance wlth ISAS IUKI will always detect a rnaterial misstatement when it exists. Misstatements can arise from fraud or errL)r 3nd are considered mateTlal if, individually or In the a8gregate, they could reasonably be expected to inffluen the economlc decisions of users taken on the basis of these financial statements. Irregularitie5, intluding fraud. are instan5 of non<ompllance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respert of irregularltles, including fraud. The extent to whlch our procedures are capable of detectlng irregularities, includin8 fraud Is detailed below.. A fvrther descrlption of our responsibilitie5 for the audlt of the financial statements is located on the Financial Reporting Council'5 website at= www.frc.or .uk auditorsres on5ibilities. This description forms part of our audltorfs report. Extent to whlch the audil wa5 considered capable of detertin8 irrelar1tleS, Including fraud Irregularities. includin8 fraud, are instances of non-ttjmpllance wlth laws and regulations. We Identified and assessed the risk5 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 responslve to those risks, includln8 obtaining audit evidence sufficient and appropriate to provide basis for our opinion. Page S
We obtained an understanding of the legal and regulato¥y frameworks within which the charity and group operates, fpcusin8 on those law5 and regulations that have a direct effect on the determination of material amounts and disc105ures in the financial statements. The laws and regulatlons we considered in this context were the Charities Act 2011 together with the Charitie5 SORP IFRS 1021. We a55essed ihe required complian 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 thlt 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 abllity to operate orto avoid a material penalty. We also Consldered the opportunitles and incentives that may exist within the charity and the group for fraud. The law5 and regulations wè considered in this context for the UK operations Included General Data Protertion Regulatlon IGDPRI. Auditlng standards limit the required audit procedures to identify non-cornpliance WTth these laws and regulations to enquiry of the Trustees and othèr managemont and inspection of regulatory and legal Correspondence, if anv. We identified the greatest risk of material impact on the financial 5taternents from irregularltles, 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 managemènt and thè Management Board about their own identlflcation and assessment of the rlsks of irregularitie5, sample testing on the posting of journals, reviewing accounting estimates for biase5, sample testing of incomè, revlewlng regulatory corresponden, and reading minutes of meetings of those charged with governance. Owing to the inherent limitation5 of an audit, there 15 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 audlt In accordance wlth audltlng standards. For example. the further removed non-compliance w*th laws and regulations lirre8ularilie51 is from the events and transactions reflected in thefinancial statements, the les5 likely the inherently limited procedures required by auditin8 5tandard5 would identify It. In addition, as with any audit, there iemained a higher risk of non-detectlon of irregularities, as these may involve collusion. forgery. ntentional omissions, mlsrepresentations. or the override of internal controls. We are not responsiblè for preventin8 non-compliante and cannot be expected to detect non<ompliance with all laws and regulations. Use of our report This report is made solely to the charItS trustees, as a body, in accordancè with Part 4 of the Charities Ikcounts and Reports) Regulations 2W8. Our audit work has been undertaken 50 that we might State to the charity'5 trustees those matter5 we arè required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept OT assume responsibility to anyone other than the charity and the charitvs trustees as a body, for our audit work, for thls report. or for the opinions we have formed. tmvL UK. LIP Crowe U.K. Lip Statutory Auditor London Date: 16.04.2024 Crowe U.K. LLP Is ellgible forappolntment as aUOrOf the charty by virtue of it5 eligibiityforappointment as auditor of a company undersection 1212 of the Companles Att 2Cffi. Page 6
GREAT PRIORY OFTHE ORDER OF THE TEMPLE FUND OF BENEVOLENCE STATEMENT OF FINANCIAL A1VITIEs FOR THE YEAR ENDED 31 AUGUST 2023 Notes 2023 2022 Income and endowments from: Donations Bank Interest Investments 53,981 20.432 25,893 26.141 TOTAL 81,183 46.573 Expenditure on: Raising funds Investment management costs Charitable activitie5 Legal Fees Benevolent grants 4,658 1177,000 TOTAL 104.658 OPERATING SURPLUS / (L055) 77,135 (58,085) Net realised and unrealised gains on investments {74,460) (141.387) INCOME I (EXPENDITURE) 2,675 (199,472J NET MOVEMENT IN FUNDS 2,675 f199,472) FUNDS Balance at I September 2022 833,352 1,032,824 BALANCE AT 31 AUGUST 2023 836,027 833,352 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 9 to 10 forrn part of these financial statements. Pa8e 7
GREAT PRIORY OF THE ORDER OFTHE TEMPLE FUND OF BENEVOLENCE BALANCE SHEEr 31 AUGUST2023 2023 2022 Notes FIXED ASSEf INVESTMENTS Quoted Securities at market value Cost £628,35012022 £631,168) 815,822 894.644 CURRENT ASSErs Debtors Cash at bank 7,634 12,821 100 38,858 20,455 38,958 CURRENT LIABILITIES Sundry creditors 250 100,250 NEf CURRENT ASSETS I IUABILITIES) 20,205 (61.292) TOTAL ASSETS 836.027 833,352 Represented by= UNRESTRICTED FUNDS 836,027 833,352 Approved by the Board and authorlsed for issue on 13 March 2024 and signed on their behalf bv.. G L Flight Acting Great Treasurer The notes on page 9 to 10 form part of these flfianclal 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 2023 CHARITY INFORMATION The Charity is a Public Benefit Entity registered as an unincorporated charity registered in England and Wales (registration no. 2085631 and operates from its registered office Mark Masons, Hall, 86 St. James's Street, London, SWIA IPL. ACCOUNTING POLICIES (a) Basls of Accounting The financlal statements have been prepared in accordance with the Charities SORP IFR51021 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from l January 2015. The financial statements have been prepared to glve a "true and fairf view and have departed from the Charities (Accounts arbd Reports) Regulations 2008 only to the extent required to provide a "true and fairt view. This departure has involved following Accounting and Reporting by Charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFR51021 issued on 16 July 2014 rather than the Accounting and Reportlng by Charities.. Statement of Recommended Practice effective from l 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 resetves, and the impact of Covid-19, the Trustees consider the charity has adequate resources to continue in operational existence forthe foreseeable future and there are no material uncertainties. Accordingly. the accounts have been prepared on a going concern ba51S. (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 lor cost if acquired in the yearl and the proceeds of investments disposed of represent realised investment gain5 or losses. Net realised and unrealised gains or losse5 are shown as a combined figure in the Statement of Financial Activities. Investment Income Investment income is accounted for or7 a receivable basis. (d) Grants Payable Grants are accounted for when they are paid. Flnanclal Instruments The charity has financial assets and financial liabllitSes of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transattion value and subsequently measured at amortised c05t Using the effertive interest method. Financial assets held at amortlsed cost comprise cash and bank and in hand, together with accrued income. Financial Ilabllities held at amortised cost comprise grants payable and accruals. Page 9
GREAT PRIORY OF THE ORDER OF THE TEMPLE FUND OF BENEVOLENCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 {e) Financial Instruments lcontinuedl Investments, including bonds held as part of an investment portfolio are held at tair value at the Balance Sheet date, with gains and losses belng recognised within income and expenditure. (n Critical accounting judgements and key sour$ of e5tlmatlon uncertainty In the application of the charit¢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 underlylng assumptlons are reviewed on an on*oing 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 Ilkely to result in a material adjustment to their carrying amounts in the next financial year. GRANTS There were no benevolent grants paid in the year. INVESTMENTS 2022 2022 Market value at I September 2022 Less= Oisposal proceeds Add.. Acquisition5 at cost Net realised and unrealised 8ainslllossesl Market value at 31 August 2023 894.644 1,040.689 1132,835) f83,245J 128,473 78,587 174.460) (141,387J 815,822 894,644 Cost at 31 August 2023 628,350 631,168 Unrealised gains/llossesl amounting to £187,47212022: £263,4761 are based on a valuation at thè year-end which is unlikely to equate to the actual galns and losses whlch will arise on the subsequent realisation of those investments. TRU5fEE REMUNERATION No Trustee received any remuneration or reimbursement of expenses durin8 the current or previous year. There are no related party transactions in the reporting period. Page 10