THE MOST HONOURABLE ORDER OF THE BATH Trustees’ Annual Report 1st April 2023 - 31[st] March 2024
Charity registration number: 257501
Principal Office:
Central Chancery of the Orders of Knighthood St James’s Palace London SW1A 1BH
Objective
The main purpose of the charity is to meet the costs of Ceremonies connected with the Most Honourable Order of The Bath.
Achievements and performance
Throughout the year, memorial and other Christian services are held in Westminster Abbey to which a large number of the public are invited to attend.
Significant services during the year:
Weddings - 5 Baptisms - 10 Memorials - 3
Every four years the order holds a Ceremonial Service in Westminster Abbey, the last being on the 24[th] of May 2022, which was attended by over 2,000 people. The next Ceremonial Service is in May 2025.
The Trustees have regard to the guidance issued by the Charity Commission on Public Benefit.
Structure, governance and management
The Trust is a registered charity, number 257501. Trustees are selected by all the listed trustees and are subject to approval by His Majesty The King. Certain trustees are appointed ex officio , for example the Secretary of the Central Chancery of the Orders of Knighthood is the Deputy Secretary and the Dean of Westminster Abbey is the Dean of the Order. The others are notable holders of the Order of the Bath.
The charity is constituted by its governing document, a declaration of trust, dated 31[st] July 1914.
Clause 2 of the declaration of trust:
“The trust fund shall be held for the purpose of meeting the cost of Ceremonies connected with the said Most Honourable Order of the Bath and shall be administered by a Committee consisting of the persons who from time to time shall be the officers of the Order viz: the Dean, the King of Arms, the Registrar and Secretary, the Genealogist and the Gentleman Usher of the Scarlet Rod.”
Trustees
Dean The Very Reverend Dr David Hoyle KCVO MBE King of Arms Air Chief Marshal Sir Stephen Dalton GCB ADC Registrar and Secretary Major General James Gordon CB CBE Deputy Secretary Lieutenant Colonel Stephen Segrave Lady Usher of the Scarlet Rod Major General Susan Ridge CB Genealogist David White Esq
Risk Management:
Periodically, the Trustees identify and review the major risks that may affect the stability and successful operation of the Charity. An action plan is implemented to minimise or mitigate any highlighted risks.
Financial review
The major source of funding for the Order is from donations made by the Order's members, the tax rebates from these donations, and dividends from the Order's investments.
The total receipts for 2023-2024 is £45,607 while the total operating expenses is £6,599 (14% of income), resulting to a surplus of £39,009 of income over expenditure.
The cash held at Coutts totals £364,487, £300,000 of which was taken out from the Order’s investment to support the heating project of Westminster Abbey.
The market value of the investments in BlackRock at the end of the period is £1,056,676. The Trustees review the performance of the Investment Manager on a regular basis.
The Trustees regularly review the amount of reserves that are required to be able to support the Order’s services and charitable contributions.
General funds are unrestricted funds that are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.
Independent Examiner
G J Lowe Ltd, Pennyweights, 168 Welcomes Road, Kenley, Surrey CR8 5HB
Banker
Coutts & Co. Villiers Office, 440 Strand, London WC2R OQS
Investment Manager
BlackRock Investment Management (UK) Limited, 12 Throgmorton Avenue, London, EC2N 2D
Declarations
The Trustees declare that they have approved the Trustees’ report above during the Officers’ meeting on the 8[th] of July 2024.
Signed on behalf of the Charity’s Trustees:
_____ Major General Jamie Gordon CB CBE Registrar and Secretary
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THE MOST HONOURABLE ORDER OF THE BATH
STATEMENT OF RECEIPTS AND PAYMENTS OF
THE CHAPEL MAINTENANCE FUND FOR THE YEAR ENDED 31st MARCH 2024
2023 RECEIPTS 2024 PAYMENTS 2024 2023
£5,997.80 SUBSCRIPTIONS & DONATIONS £5,757.80 AT HOME £3,500.29 £697.91
WESTMINSTER ABBEY SERVICE £0.00 £21,043.65
DIVIDENDS & INTEREST
Coutts Money Market Interest £1,069.20 INSURANCE £979.92 £387.09
Coutts 90 Day Notice Account Int £970.91
BLK Charities UK Bond Fund £6,730.53 POSTAGE & CARRIAGE £299.64 £299.65
£39,632.96 BLK Charities UK Equity Fund/CGI £30,095.91 £38,866.55
ACCOUNTANCY FEE £480.00 £480.00
INCOME TAX REBATE
STALL PLATES
£938.76 2022-2023
2023-2024 £983.08 GALLOWAY BOOK STOCK
Closing stock £10,138.20
£0.00 £83.10
ORDER OF BATH - BOOK UPDATE £438.83 £0.00
£75.00 GALLOWAY BOOK SALES £0.00 STALL FURNISHINGS BY INSTALMENT £900.00 £610.50
£46,644.52 £45,607.43 £6,598.68 £23,601.90
SURPLUS OF INCOME OVER EXPENDITURE £39,008.75 £23,042.62
£46,644.52 £45,607.43 £45,607.43 £46,644.52
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| LIABILITIES FUNDS £1,974,572.60 Funds as at 31/3/23 -£139,574.93 Change in Value of Assets £23,042.62 Income surplus £1,858,040.29 |
BALANCE SHEET AT 31st MARCH 2024 ASSETS SHARES - MARKET VALUE @ 31/3/24 BLK Charities UK Bond Fund 166,149.53 £ £1,858,040.29 BLK Charities UK Equity Fund/CGI 890,526.05 £ £13,007.16 £39,008.75 PROPERTY Mantles 10.00 £ Property at Westminster 481,620.00 £ FUNDS AT BANK (COUTTS) Chapel Money Market Account 337,775.49 £ Chapel 90 Day Notice Account 26,712.29 £ BOOK STOCK The Order of the Bath Book STALL FURNISHINGS BY INSTALMENTS Amounts due or prepaid as at 31/3/24 GIFT AID £1,910,056.20 |
£1,056,675.58 £481,630.00 £364,487.78 £10,138.20 -£3,858.44 £983.08 £1,910,056.20 |
£1,306,841.98 £481,630.00 £60,210.28 £10,138.20 -£1,718.93 £938.76 £1,858,040.29 |
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The above accounts have been examined and Recommended for Approval in my opinion are true and fair Accountant, G J Lowe FCCA King of Arms, Bath Chapel Committee Approved Secretary, Bath Chapel Committee Great Master, Order of Bath
Independent Examiner’s Report to the Officers of The Order of The Bath
We report on the accounts of the Order for the year ended 31 March 2024, which are set out on the attached sheet.
Responsibilities and basis of report
As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Order’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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accounting records were not kept in accordance with section 130 of the Act or
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the accounts do not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Gary Lowe FCCA
G J Lowe Limited Chartered Certified Accountants
Pennyweights Welcomes Road Kenley Surrey CR8 5HB
25 June 2024