**Charity number: 294638** 

## **IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

**COUNCIL'S REPORT AND FINANCIAL STATEMENT** 

**FOR THE YEAR ENDED 31 MARCH 2024** 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **CONTENTS** 

||Page|
|---|---|
|**Reference and administrative details of the Charity, its Council and advisers**|1|
|**Council's report**|2 - 4|
|**Independent examiner's report**|5|
|**Statement of financial activities**|6|
|**Balance sheet**|7|
|**Statement of cash flows**|8|
|**Notes to the financial statements**|9 - 24|





**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS COUNCIL AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024** 

## **Council:** 

Professor Emeritus, Queen Mary University, London; former member, Medical Research Council and General Medical Council. Chairman, The Chartered Institution for Further Education; Conservative Member of the House of Lords. 

Sir Colin Berry (Knight President) 

The Rt. Hon. the Lord Lingfield (Knight Vice-President) Sir Jeremy Elwes, CBE (Knight Vice-President) 

Trustee of several health-related charities; former Human Resources Director. President, Welsh Tribunals; former Lord Justice of Appeal. 

The Rt. Hon. Sir Gary Hickinbottom (Knight Principal) 

The Rt. Hon. Sir Tony Baldry, Member, General Synod. Chairman, Church Buildings Council; Chairman, Trustees, St DL Ethelburga’s Centre for Peace and Reconciliation; Chairman, Westminster Group plc; (Registrar) former Member of Parliament and Minister of State. Sir Pritpal Singh Former Head, Drayton Manor High School; former Non-Executive Director of East (Treasurer) Berkshire NHS Trust; former Member of Education Committee of The Royal Society; 

Sir Pritpal Singh Former Head, Drayton Manor High School; former Non-Executive Director of East (Treasurer) Berkshire NHS Trust; former Member of Education Committee of The Royal Society; former Joint Director of London Leadership Strategy; former Chair of National Awards Panel, PTA-UK; Promethean Award for Head Teacher of the Year, London, 2004 Sir Ben Kingsley Actor. Sir Michael Hirst Former Chairman: Pagoda Public Relations Ltd; former Member of Parliament. Former Chairman Millstream Associates Ltd; past Global President, International Diabetes Federation. 

Sir Brian Pomeroy, CBE 

President, Financial Inclusion Commission; former Chairman, Age UK, Financial Inclusion Taskforce, Gambling Commission, Centrepoint; Senior Independent Director, Financial Conduct Authority; former Senior Partner, Deloitte Consulting. 

Sir Roger Fry, CBE Chairman, King’s Group British International Schools and King’s Group Academies; President, Council of British International Schools; Member, British Council Education Advisory Board. 

Sir Mark Pepys, FRS Director, Wolfson Drug Discovery Unit, & Emeritus Professor of Medicine, University College London; Hon. Consultant Physician, Royal Free London Foundation Trust; Hon Fellow, Trinity College, Cambridge. Sir Mark Rowley, QPM Commissioner of Police of the Metropolis of London. Sir Andrew Parmley, PhD, Director of the Royal College of Organists; former Lord Mayor of London. MusM Sir Anthony Everington General Practitioner, Bromley-By-Bow Partnership; Vice President Queens Nursing Institute; Honorary Professor, Queen Mary University London; Associate Director NHSR; Non-Executive ELFT Mental Health NHS Trust; Member of the RCGP Council. Sir Christopher Greenwood, Master, Magdalene College, Cambridge; a Judge of the Iran-United States Claims GBE, CMG, KC Tribunal; International arbitrator. 

## **Charity registered number** 

294638 

**Principal office** Magnesia House, 6 Playhouse Yard London EC4V 5EX **Clerk to the Council** Simon Doughty **Accountants** Berg Kaprow Lewis LLP Chartered Accountants 35 Ballards Lane London N3 1XW **Independent Examiner** Stephen Meredith FCA DChA Alliotts LLP Chartered Accountants, 13-21 High Street Guildford Surrrey GU1 3DL 

Page 1 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **COUNCIL'S REPORT FOR THE YEAR ENDED 31 MARCH 2024** 

## **COUNCIL’S REPORT** 

The Council, as trustees of the Charity, are pleased to present their report and the audited financial statements for the year ended 31 March 2024 The financial statements have been prepared in accordance with the accounting policies set out on page 9 and comply with the charity's deed and applicable law. 

## **History** 

The founding of The Imperial Society of Knights Bachelor (‘The Society’) was triggered by a legal action against the Walker Trustees in Edinburgh who, as holders of the office (originally by purchase) of Usher of the White Rod under the Walker Trust Act of 1877, claimed entitlement to certain dues from those persons receiving honours from the Crown. Many Knights objected to this. In 1902 a change had been made in the procedure connected with promotions of honour. The Central Chancery of the Orders of Knighthood (instituted by King Edward VII in that year) was given control of procedure for the ceremonial admission and promotion of all members of the Statutory Orders, but not the Knights Bachelor. 

The Walker Trustees case highlighted the fact that Knights Bachelor had no representative body to speak for them.  In the face of the litigation, Sir William Bull MP called a meeting of Knights Bachelor in the House of Commons to consider this issue. As a result of this, a formal meeting was convened at 31 Essex Street, in the Strand, on 27 April 1908 at which the Society of Knights Bachelor was founded. 

In 1911 the Judicial Committee of the House of Lords held that the right of the Walker Trustees could no longer be enforced and that they were no longer entitled to claim fees from the recipients of honours.  The initial prime motive for the formation of the Society had thereby been achieved. 

In 1912 HM King George V permitted the Society its style of ‘Imperial’. 

## **Objectives and activities** 

## **a. Objectives** 

The Society is now concerned with upholding the dignity of Knights Bachelor, maintaining a Register of Knights Bachelor and the undertaking of charitable pursuits as set out in its Constitution. The Society was registered as a charity in May 1986 (Number 294638). 

The management and the affairs of The Society are vested in the Council.  At each Annual General Meeting one third of the elected members are required to retire but are eligible for re-election. Any two members of The Society may recommend to the Council any member of The Society as a candidate for election to the Council.  It is a policy of the Council to recruit Members and Officers of the Council who have a mix of skills and experience. 

## **b. Main activities** 

The Society derives its income mainly from annual and lifetime subscriptions from members together with donations.  In addition, income is received from commission on sale of insignia, merchandise and from investment income. 

In setting our objectives and planning our activities, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit. 

The Society continues to maintain the Knights’ Chapel, (part of St Faith’s Chapel) in the Crypt of St Paul's Cathedral, following the dedication of the Chapel in the presence of Her Majesty The Queen at a special service in 2008. 

The Society maintains Registers of all Knights Bachelor from 1257 to the present day. These Registers are kept in special display cabinets in the Knights’ Chapel. 

We continue to sponsor a chorister, who attends the St Paul’s Cathedral School. We have also in the past year given a donation to Family Action and to our Platinum Jubilee Trees project (see below). 

During this financial year, the Society held luncheons for members and their guests, followed by an address from a guest speaker. The Society’s Scottish Division also held an annual dinner and ladies’ luncheon. 

In addition to regular events, we held a charity auction in July 2023, which raised £10K for our charitable objectives. 

Page 2 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **COUNCIL'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 (Continued)** 

## **Objectives and activities(continued)** 

On 20[th] July 2023, the Society held its Annual Service of Dedication at St Paul’s Cathedral. The sermon was given by The Bishop of London. The service was followed by a reception in Stationers’ Hall. Guests included ISKB Members and their guests, and the widows and families of ISKB Members who had died during the past year. 

On 12[th] December 2023 the Society held a Carol Service in The King’s Chapel of the Savoy, conducted by the Chaplain 

of The King’s Chapel. 

In the autumn 2021, we launched a fundraising Trees for the Jubilee campaign. This has now been completed although not before the sad death of HM Queen Elizabeth II, our patron since 1975. The Knights’ Copse in the Walsall Arboretum (supported mostly by members residing in England) was formally opened on 28[th] April 2023 by the Lord Lieutenant of West Midlands. The Cashel Orchard on the banks of Loch Lomond (supported by our members residing in Scotland), was opened on 24[th] May 2024 by the Lord Lieutenant of Stirling and Falkirk. 

Each year, the Society responds to requests for information from Knights Bachelor, their families, and members of the public, regarding protocol and other related issues. We are frequently approached by professional organisations and solicitors to assist with the verification of Knight Bachelor titles, a task we undertake in consultation with the Central Chancery of the Orders of Knighthood and the Cabinet Office. 

The Society makes a particular effort to remain in touch with the widows of deceased Knights Bachelor. Widows are also invited to attend our annual service of dedication, together with members of their families. 

## **RESULTS FOR THE YEAR** 

The Society had an income of £117,559 (2023: £138,159) and had total expenditure of £144,318 (2023: £189,824) before the Society enjoyed investment gains of £54,396 (2023: loss of £23,636) to show an overall net movement in funds of £27,637 (2023: £(75,301)). Total net assets were £1,066,805 ( 2023:£1,038,928) comprising restricted funds of £435,951 ( 2023:£401,236) and unrestricted funds of £630,854 (2023;£637,692). 

## **a. Reserves policy** 

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to at least six months unrestricted expenditure. This provides sufficient funds to cover grants, management, administration and support cash. 

Unrestricted funds were maintained comfortably above this level throughout the year and free reserves were £630,854 (2023:£637,692) at the year end.. 

## **b. Investment Policy** 

The Council seeks to optimise income on funds held, most of which are invested into COIF funds whose performances are regularly reviewed. Our investment portfolio has been reviewed during the past year. 

## **c. Risk review** 

The Council is aware of the risks that the Society is exposed to relating to operational, legal and financial matters and has satisfactory systems in place to manage the risks. We have a risk register in place which has been reviewed during the last year. 

## **d. Accounting services** 

Throughout this financial year our accounting services have been provided by Berg Kaprow Lewis LLP. 

## **e. Fundraiser** 

No professional fundraisers are used by the charity. 

2 

Page 3 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **COUNCIL'S REPORT** 

## **FOR THE YEAR ENDED 31 MARCH 2024 (Continued)** 

## **Statement of Council's responsibilities** 

Law applicable to charities in England and Wales requires the Council Members to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year.  In preparing financial statements giving a true and fair view, the Council should follow best practice and: 

- select suitable accounting policies and then apply them consistently; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and 

- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Society will continue in operation. 

The Council is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable it to both ascertain the financial position of the charity and which enable it to ensure that the financial statements comply with applicable law, regulations, and its constitution.  They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention of fraud and other irregularities. 

Approved by order of the members of the board of council on 

by: 



…………………………………………. …………………………………………. **The Rt. Hon. Sir Gary Hickinbottom Sir Pritpal Singh** Knight Principal Treasurer 

3 

Page 4 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024** 

## **Independent examiner's report to the Council of Imperial Society of Knights Bachelor ('the Charity')** 

I report to the charity Council on my examination of the accounts of the Charity for the year ended 31 March 2024. 

## **Responsibilities and basis of report** 

As the Council of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). 

I report in respect of my examination of the Charity'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 2011 Act. 

## **Independent examiner's statement** 

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. 

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

This report is made solely to the Charity's Council, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Council those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Council as a body, for my work or for this report. 

Signed: Dated: Stephen Meredith FCA DChA Alliotts LLP Friary Court 13-21 High Street Guildford Surrey, GU1 3DL 

Page 5 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024** 

|**Note**<br>**Income from:**<br>Donations and legacies<br>3<br>Charitable activities<br>4<br>Investments<br>5<br>**Total income**<br>**Expenditure on:**<br>Charitable activities<br>8<br>**Total expenditure**<br>**Net movement in funds before other**<br>**recognised gains/(losses)**<br>**Other recognised gains/(losses):**<br>Gains/(losses) on revaluation of fixed<br>assets<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>**-**<br>**-**<br>**17,716**<br>**17,716**<br>**37,397**<br>**37,397**<br>**(19,681)**<br>**54,396**<br>**34,715**<br>**401,236**<br>**34,715**<br>**435,951**|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**60,450**<br>**23,724**<br>**15,669**<br>**99,843**<br>**106,921**<br>**106,921**<br>**(7,078)**<br>**-**<br>**(7,078)**<br>**637,692**<br>**(7,078)**<br>**630,614**|**Total**<br>**funds**<br>**2024**<br>**£**<br>**60,450**<br>**23,724**<br>**33,385**<br>**117,559**<br>**144,318**<br>**144,318**<br>**(26,759)**<br>**54,396**<br>**27,637**<br>**1,038,928**<br>**27,637**<br>**1,066,565**|_Total_<br>_funds_<br>_2023_<br>_£_<br>_75,241_<br>_39,741_<br>_23,177_<br>_138,159_<br>_189,824_<br>_189,824_<br>_(51,665)_<br>_(23,636)_<br>_(75,301)_<br>_1,114,229_<br>_(75,301)_<br>_1,038,928_|
|---|---|---|---|---|



The Statement of financial activities includes all gains and losses recognised in the year. 

The notes on pages 9 to 24 form part of these financial statements. 

Page 6 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **BALANCE SHEET AS AT 31 MARCH 2024** 

||||**2024**|**2024**|_2023_|_2023_|
|---|---|---|---|---|---|---|
||**Note**||**£**||_£_||
|**Fixed assets**|||||||
|Intangible assets|12||**2,092**||_3,137_||
|Tangible assets|13||**47,861**||_49,077_||
|Investments|14||**655,335**||_600,938_||
||||**705,288**||_653,152_||
|**Current assets**|||||||
|Stocks|15|**16,155**||_16,561_|||
|Debtors|16|**9,000**||_30,686_|||
|Cash at bank and in hand||**548,008**||_553,894_|||
|||**573,163**||_601,141_|||
|Creditors: amounts falling due within one|||||||
|year|17|**(42,596)**||_(49,347)_|||
|**Net current assets**|||**530,567**||_551,794_||
|**Total assets less current liabilities**|||**1,235,855**||_1,204,946_||
|Creditors: amounts falling due after more|||||||
|than one year|18||**(169,290)**||_(166,018)_||
|**Total net assets**|||**1,066,565**||_1,038,928_||
|**Charity funds**|||||||
|Restricted funds|21|**435,951**||_401,236_|||
|Total restricted funds|21||**435,951**||_401,236_||
|Unrestricted funds|21||**630,614**||_637,692_||
|**Total funds**|||**1,066,565**||_1,038,928_||
|The financial statements were approved and|authorised|for issue by the Council and signed on their behalf by:|||||
|................................................||................................................|||||
|**The Rt. Hon. Sir Gary Hickinbottom**||**Sir Pritpal Singh**|||||
|Knight Principal||Treasurer|||||
|Date:|||||||



The notes on pages 9 to 24 form part of these financial statements. 

Page 7 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024** 

|**Cash flows from operating activities**<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Income from investments<br>**Net cash provided by investing activities**<br>**Net cash provided by financing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>The notes on pages 9 to 24 form part of these financial statements|**2024**<br>**£**<br>**(39,271)**<br>**33,385**<br>**33,385**<br>**-**<br>**(5,886)**<br>**553,894**<br>**548,008**|_2023_<br>_£_<br>_(59,531)_<br>_23,177_<br>**23,177**<br>**-**<br>**(36,354)**<br>_590,248_<br>_553,894_|
|---|---|---|



Page 8 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **1. General information** 

Imperial Society of Knights Bachelor is a mutual membership society governed by rules adopted in May 1986 and amended in June 2000. 

## **2. Accounting policies** 

## **2.1 Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

Imperial Society of Knights Bachelor meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

## **2.2 Going concern** 

At the time of approving the financial statements, the Council has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Council continue to adopt the going concern basis of accounting in preparing the financial statements. 

## **2.3 Income** 

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. 

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. 

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 

Page 9 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **2. Accounting policies (continued)** 

## **2.4 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. 

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. 

All expenditure is inclusive of irrecoverable VAT. 

## **2.5 Members annual subscriptions** 

Members’ annual subscriptions are accounted for on receipt. Life members’ subscriptions are credited to the Statement of Financial Activities (SOFA) over the average active life of the members, which is calculated to equate to the rate of 6.25% per annum. That portion not included in the SOFA is treated as deferred income in the balance sheet. 

## **2.6 Interest receivable** 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 

## **2.7 Intangible assets and amortisation** 

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life. 

Amortisation is provided on the following basis: 

Computer software 

- % 20% on reducing balance 

## **2.8 Tangible fixed assets and depreciation** 

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. 

Page 10 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **2. Accounting policies (continued)** 

## **2.8 Tangible fixed assets and depreciation (continued)** 

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following bases: 

- Furniture and library 10 to 25% on reducing balance - Painting 1% per annum straight line 

## **2.9 Investments** 

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities. 

## **2.10 Stocks** 

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 

## **2.11 Debtors** 

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **2.12 Cash at bank and in hand** 

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **2.13 Liabilities and provisions** 

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 

## **2.14 Financial instruments** 

The Charity only 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 their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

Page 11 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **2. Accounting policies (continued)** 

## **2.15 Pensions** 

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. 

## **2.16 Fund accounting** 

General funds are unrestricted funds which are available for use at the discretion of the Council in furtherance of the general objectives of the Charity and which have not been designated for other purposes. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

Investment income, gains and losses are allocated to the appropriate fund. 

## **3. Income from donations and legacies** 

|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Donations<br>18,678<br>Annual membership subscriptions<br>23,210<br>Life membership subscriptions<br>11,768<br>Gift Aid<br>6,794<br>60,450<br>_Total 2023_<br>_75,241_<br>**Income from charitable activities**<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Income from charitable activities<br>23,724<br>_Total 2023_<br>_39,741_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**18,678**<br>**23,210**<br>**11,768**<br>**6,794**<br>**60,450**<br>_75,241_<br>**Total**<br>**funds**<br>**2024**<br>**£**<br>**23,724**<br>_39,741_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_31,805_<br>_23,130_<br>_11,208_<br>_9,098_|
|---|---|---|
|||_75,241_|
|||_Total_<br>_funds_<br>_2023_<br>_£_<br>_39,741_|
||||



## **4. Income from charitable activities** 

Page 12 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **5. Investment income** 

|Dividend Income<br>Interest Income<br>_Total 2023_|**Restricted**<br>**funds**<br>**2024**<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**£**<br>17,716<br>-<br>-<br>15,669<br>17,716<br>15,669<br>_17,763_<br>_5,414_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**17,716**<br>**15,669**<br>**33,385**<br>_23,177_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_17,763_<br>_5,414_|
|---|---|---|---|
||||_23,177_|
|||||



## **6. Analysis of grants** 

|Grants, Upholding the Status, Dignity and Standing of<br>Knights Bachelor<br>Grants, Supporting Good Causes<br>_Total 2023_<br>**Grants payable**<br>**Grants to institutions:**<br>Family Action<br>St Paul's Cathedral - Chorister support<br>Cashel Forest Trust<br>Walsall Council - Trees<br>Mobility Trust|**Grants to**<br>**Institutions**<br>**2024**<br>**£**<br>9,500<br>10,000<br>19,500<br>_49,045_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**9,500**<br>**10,000**<br>**19,500**<br>_49,045_<br>**2024**<br>**£**<br>**10,000**<br>**7,500**<br>**2,000**<br>**-**<br>**-**<br>**19,500**|_Total_<br>_funds_<br>_2023_<br>_£_<br>_34,045_<br>_15,000_|
|---|---|---|---|
||||_49,045_|
||||_2023_<br>_£_<br>_15,000_<br>_3,500_<br>_10,244_<br>_20,201_<br>_100_|
||||_49,045_|



## **7. Grants payable** 

Page 13 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **8. Analysis of expenditure on charitable activities** 

## **Summary by fund type** 

|Charitable activities<br>Grants payable<br>_Total 2023_|**Restricted**<br>**funds**<br>**2024**<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**£**<br>37,397<br>96,921<br>-<br>10,000<br>37,397<br>106,921<br>_36,565_<br>_153,259_|**Total**<br>**2024**<br>**£**<br>**134,318**<br>**10,000**<br>**144,318**<br>_189,824_|_Total_<br>_2023_<br>_£_<br>_174,824_<br>_15,000_|
|---|---|---|---|
||||_189,824_|
|||||



## **9. Analysis of expenditure by activities** 

|Charitable activities<br>Grants payable<br>_Total 2023_|**Activities**<br>**undertaken**<br>**directly**<br>**2024**<br>**£**<br>73,324<br>-<br>73,324<br>_92,762_|**Grant**<br>**funding of**<br>**activities**<br>**2024**<br>**£**<br>9,500<br>10,000<br>19,500<br>_49,045_|**Support**<br>**costs**<br>**2024**<br>**£**<br>51,494<br>-<br>51,494<br>_48,017_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**134,318**<br>**10,000**<br>**144,318**<br>_189,824_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_174,824_<br>_15,000_|
|---|---|---|---|---|---|
||||||_189,824_|
|||||||



Page 14 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **9. Analysis of expenditure by activities (continued)** 

## **Analysis of direct costs** 

|Staff costs<br>Function costs<br>Printing and stationery<br>Knights' Chapel<br>Insignia costs<br>_Total 2023_<br>**Analysis of support costs**<br>Rent, rates and insurance<br>Printing and stationery<br>Telephone and website<br>Bank charges<br>Postage<br>Calligraphy<br>Accountancy and independent examination/audit fees<br>Office equipment<br>Amortisation<br>Depreciation<br>Sundry expenses<br>Travel and accomodation<br>_Total 2023_|**Charitable**<br>**activities**<br>**2024**<br>**£**<br>37,397<br>30,404<br>3,808<br>1,064<br>651<br>73,324<br>_92,762_<br>**Charitable**<br>**activities**<br>**2024**<br>**£**<br>19,619<br>4,466<br>1,751<br>346<br>4,173<br>2,007<br>10,544<br>-<br>1,045<br>1,216<br>5,144<br>1,183<br>51,494<br>_48,017_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**37,397**<br>**30,404**<br>**3,808**<br>**1,064**<br>**651**<br>**73,324**<br>_92,762_<br>**Total**<br>**funds**<br>**2024**<br>**£**<br>**19,619**<br>**4,466**<br>**1,751**<br>**346**<br>**4,173**<br>**2,007**<br>**10,544**<br>**-**<br>**1,045**<br>**1,216**<br>**5,144**<br>**1,183**<br>**51,494**<br>_48,017_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_36,565_<br>_51,444_<br>_4,753_<br>_-_<br>_-_|
|---|---|---|---|
||||_92,762_|
||||_Total_<br>_funds_<br>_2023_<br>_£_<br>_14,082_<br>_4,006_<br>_2,039_<br>_346_<br>_3,817_<br>_2,960_<br>_11,460_<br>_5,938_<br>_1,045_<br>_1,216_<br>_-_<br>_1,108_|
||||_48,017_|
|||||



Accountancy costs include independent examination fees of £5,490 (including VAT) (2023: Audit fees £9,600 including VAT). 

Page 15 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **10. Staff costs** 

|Wages and salaries<br>Social security costs<br>Contribution to defined contribution pension schemes|**2024**<br>**£**<br>**33,200**<br>**3,023**<br>**1,174**<br>**37,397**|_2023_<br>_£_<br>_32,330_<br>_3,061_<br>_1,174_|
|---|---|---|
||||
|||_36,565_|



The average number of persons employed by the Charity during the year was as follows: 

||**2024**|_2023_|
|---|---|---|
||**No.**|_No._|
|Clerk|**1**|_1_|



No employee received remuneration amounting to more than £60,000 in either year. 

## **11. Council's remuneration and expenses** 

During the year, no Council member received any remuneration or other benefits _(2023 - £NIL)_ . 

During the year ended 31 March 2024, no Council expenses have been incurred _(2023 - £NIL)_ . 

Page 16 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

|**NOTES TO THE FINANCIAL STATEMENTS**<br>**FOR THE YEAR ENDED 31 MARCH 2024**<br>**12.**<br>**Intangible assets**<br>**Cost**<br>At 1 April 2023<br>At 31 March 2024<br>**Amortisation**<br>At 1 April 2023<br>Charge for the year<br>At 31 March 2024<br>**Net book value**<br>At 31 March 2024<br>_At 31 March 2023_|**Computer**<br>**software**<br>**£**<br>**5,600**|
|---|---|
||**5,600**|
||**2,463**<br>**1,045**|
||**3,508**|
||**2,092**|
||_3,137_|



Page 17 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **13. Tangible fixed assets** 

|**Cost or valuation**<br>At 1 April 2023<br>At 31 March 2024<br>**Depreciation**<br>At 1 April 2023<br>Charge for the year<br>At 31 March 2024<br>**Net book value**<br>At 31 March 2024<br>_At 31 March 2023_<br>**14.**<br>**Fixed asset investments**<br>**Cost or valuation**<br>At 1 April 2023<br>Revaluations<br>At 31 March 2024<br>**Net book value**<br>At 31 March 2024<br>_At 31 March 2023_|**Fixtures and**<br>**fittings**<br>**£**<br>**74,685**<br>**74,685**<br>**25,929**<br>**1,176**<br>**27,105**<br>**47,580**<br>_48,756_|**Other fixed**<br>**assets**<br>**£**<br>**2,984**<br>**2,984**<br>**2,663**<br>**40**<br>**2,703**<br>**281**<br>_321_|**Total**<br>**£**<br>**77,669**|
|---|---|---|---|
||||**77,669**|
||||**28,592**<br>**1,216**|
||||**29,808**|
||||**47,861**|
||||_49,077_|
||||**Listed**<br>**investments**<br>**£**<br>**600,939**<br>**54,396**|
||||**655,335**|
||||**655,335**|
||||_600,939_|



Page 18 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

|**15.**<br>**Stocks**<br>Finished goods and goods for resale<br>**16.**<br>**Debtors**<br>**Due within one year**<br>Other debtors<br>Prepayments and accrued income<br>**17.**<br>**Creditors: Amounts falling due within one year**<br>Other taxation and social security<br>Other creditors<br>Accruals and deferred income<br>**18.**<br>**Creditors: Amounts falling due after more than one year**<br>Deferred income|**2024**<br>**£**<br>**16,155**<br>**2024**<br>**£**<br>**9,000**<br>**-**<br>**9,000**<br>**2024**<br>**£**<br>**5,670**<br>**8,358**<br>**28,568**<br>**42,596**<br>**2024**<br>**£**<br>**169,290**|_2023_<br>_£_<br>_16,561_|
|---|---|---|
|||_2023_<br>_£_<br>_29,638_<br>_1,048_|
||||
|||_30,686_|
|||_2023_<br>_£_<br>_1,288_<br>_13,900_<br>_34,159_|
||||
|||_49,347_|
|||_2023_<br>_£_<br>_166,018_|



Page 19 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **19. Deferred income** 

|**Deferred income is included within:**<br>Current liabilities<br>Non current-liabilities<br>**Movements in the year:**<br>Deferred income at 1 April 2022<br>Resources deferred during the year<br>Amounts released from previous periods<br>**20.**<br>**Financial instruments**<br>**Financial assets**<br>Financial assets measured at fair value through income and expenditure|**2024**<br>**£**<br>**11,768**<br>**169,290**<br>**181,058**<br>**2024**<br>**£**<br>**177,226**<br>**15,600**<br>**(11,768)**<br>**181,058**<br>**2024**<br>**£**<br>**548,008**|_2023_<br>_£_<br>_11,208_<br>_166,018_<br>_177,226_<br>_2023_<br>_£_<br>_165,634_<br>_22,800_<br>_(11,208)_<br>_177,226_<br>_2023_<br>_£_<br>_553,894_|
|---|---|---|



Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand. 

Page 20 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **21. Statement of funds** 

## **Statement of funds - current year** 

|**Unrestricted funds**<br>General Funds - all funds<br>**Restricted funds**<br>Chapel fund<br>**Total of funds**|**Balance at 1**<br>**April 2023**<br>**£**<br>**637,692**<br>**401,236**<br>**1,038,928**|**Income**<br>**£**<br>**99,843**<br>**17,716**<br>**117,559**|**Expenditure**<br>**£**<br>**(106,921)**<br>**(37,397)**<br>**(144,318)**|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**54,396**<br>**54,396**|**Balance at**<br>**31 March**<br>**2024**<br>**£**<br>**630,614**|
|---|---|---|---|---|---|
||||||**435,951**|
||||||**1,066,565**|



Page 21 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **21. Statement of funds (continued)** 

## **Statement of funds - prior year** 

|**Unrestricted funds**<br>General Funds - all funds<br>**Restricted funds**<br>Chapel fund<br>**Total of funds**|_Balance at_<br>_1 April 2022_<br>_£_<br>_670,555_<br>_443,674_<br>_1,114,229_|_Income_<br>_£_<br>_120,396_<br>_17,763_<br>_138,159_|_Expenditure_<br>_£_<br>_(153,259)_<br>_(36,565)_<br>_(189,824)_|_Gains/_<br>_(Losses)_<br>_£_<br>_-_<br>_(23,636)_<br>_(23,636)_|_Balance at_<br>_31 March_<br>_2023_<br>_£_<br>_637,692_|
|---|---|---|---|---|---|
||||||_401,236_|
||||||_1,038,928_|



## **22. Summary of funds** 

## **Summary of funds - current year** 

|General funds<br>Restricted funds|**Balance at 1**<br>**April 2023**<br>**£**<br>**637,692**<br>**401,236**<br>**1,038,928**|**Income**<br>**£**<br>**99,843**<br>**17,716**<br>**117,559**|**Expenditure**<br>**£**<br>**(106,921)**<br>**(37,397)**<br>**(144,318)**|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**54,396**<br>**54,396**|**Balance at**<br>**31 March**<br>**2024**<br>**£**<br>**630,614**<br>**435,951**|
|---|---|---|---|---|---|
||||||**1,066,565**|



The income funds of the charity include restricted funds comprising unexpended balances of donations and grants held on trust for specific purposes. The Chapel Fund arose from an appeal for funds to support the restoration of the Society's chapel at St Paul's Cathedral. 

## **Summary of funds - prior year** 

|General funds<br>Restricted funds|_Balance at_<br>_1 April 2022_<br>_£_<br>_670,555_<br>_443,674_<br>_1,114,229_|_Income_<br>_£_<br>_120,396_<br>_17,763_<br>_138,159_|_Expenditure_<br>_£_<br>_(153,259)_<br>_(36,565)_<br>_(189,824)_|_Gains/_<br>_(Losses)_<br>_£_<br>_-_<br>_(23,636)_<br>_(23,636)_|_Balance at_<br>_31 March_<br>_2023_<br>_£_<br>_637,692_<br>_401,236_|
|---|---|---|---|---|---|
||||||_1,038,928_|



Page 22 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **23. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current period** 

|Tangible fixed assets<br>Intangible fixed assets<br>Fixed asset investments<br>Current assets<br>Creditors due within one year<br>Creditors due in more than one year<br>**Total**|**Restricted**<br>**funds**<br>**2024**<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**£**<br>-<br>47,861<br>-<br>2,092<br>435,951<br>219,384<br>-<br>573,163<br>-<br>(42,596)<br>-<br>(169,290)<br>435,951<br>630,614|**Total**<br>**funds**<br>**2024**<br>**£**<br>**47,861**<br>**2,092**<br>**655,335**<br>**573,163**<br>**(42,596)**<br>**(169,290)**<br>**1,066,565**|
|---|---|---|



## **Analysis of net assets between funds - prior period** 

|Tangible fixed assets<br>Intangible fixed assets<br>Fixed asset investments<br>Current assets<br>Creditors due within one year<br>Creditors due in more than one year<br>**Total**|_Restricted_<br>_funds_<br>_2023_<br>_£_<br>_-_<br>_-_<br>_390,610_<br>_10,626_<br>_-_<br>_-_<br>_401,236_|_Unrestricted_<br>_funds_<br>_2023_<br>_£_<br>_49,077_<br>_3,137_<br>_210,328_<br>_590,515_<br>_(49,347)_<br>_(166,018)_<br>_637,692_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_49,077_<br>_3,137_<br>_600,938_<br>_601,141_<br>_(49,347)_<br>_(166,018)_<br>_1,038,928_|
|---|---|---|---|



Page 23 



**IMPERIAL SOCIETY OF KNIGHTS BACHELOR** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **24. Reconciliation of net movement in funds to net cash flow from operating activities** 

|Net expenditure for the period (as per Statement of Financial Activities)<br>**Adjustments for:**<br>Depreciation charges<br>Amortisation charges<br>Investment income<br>Decrease in stocks<br>Decrease/(increase) in debtors<br>Increase/(decrease) in creditors<br>**Net cash used in operating activities**|**2024**<br>**£**<br>**(26,759)**<br>**1,216**<br>**1,045**<br>**(33,385)**<br>**405**<br>**21,686**<br>**(3,479)**<br>**(39,271)**|_2023_<br>_£_<br>_(51,665)_|
|---|---|---|
|||_1,216_<br>_1,045_<br>_(23,177)_<br>_1,011_<br>_(3,231)_<br>_15,270_|
||||
|||_(59,531)_|



## **25. Analysis of cash and cash equivalents** 

|Cash in hand<br>**Total cash and cash equivalents**<br>**26.**<br>**Analysis of changes in net debt**|**2024**<br>**£**<br>**548,008**<br>**548,008**|_2023_<br>_£_<br>_553,894_|
|---|---|---|
||||
|||_553,894_|
||||



|Cash at bank and in hand|**At 1 April**<br>**2023**<br>**£**<br>**553,894**<br>**553,894**|**Cash flows**<br>**£**<br>**(5,886)**<br>**(5,886)**|**At 31 March**<br>**2024**<br>**£**<br>**548,008**|
|---|---|---|---|
||||**548,008**|



## **27. Related party transactions** 

There were no related party transactions during the year (2023 - none). 

Page 24