The Association of British Members of the Sovereign Military Hospitaller Order of St. John of Jerusalem of Rhodes and Malta (BASMOM)

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1 The Association of British Members of the Sovereign Military Hospitaller Order of St. John of Jerusalem of Rhodes and Malta (BASMOM) (known prior to 10 December as Hospitaller Limited) Trustees report and financial statements 31 December Company Limited by Guarantee Registration Number (England and Wales) Charity Registration Number (England and Wales) Charity Registration Number SCO (Scotland)

2 Contents Reports Reference and administrative information 1 Trustees report 3 Independent auditor s report 10 Financial statements Statement of financial activities 13 Balance sheet 14 Statement of cash flows 15 Principal accounting policies 16 Notes to the financial statements 20 BASMOM (Hospitaller) (A company limited by guarantee)

3 Reference and administrative information Information relating to the overall charity Trustees Company registration number (England and Wales) Charity registration number Registered office (England and Wales) SCO (Scotland) Craigmyle House 13 Deodar Road London SW15 2NP Company Secretary Independent auditor Buzzacott LLP 130 Wood Street London EC2V 6DL BASMOM (Hospitaller) (A company limited by guarantee) 1

4 Reference and administrative information Bankers Solicitors Investment advisors HSBC Bank Plc 69 Pall Mall London SW1Y 5EY Stone King 13 St Queen Square Bath BA1 3HJ CCLA 85 Queen Victoria Street London EC4V 4ET C Hoare & Co. 32 Fleet Street London EC4P 4DQ BASMOM (Hospitaller) (A company limited by guarantee) 2

5 Trustees report Year to 31 December The Trustees (who are also directors of the charitable company for the purposes of the Companies Act) present their annual report together with audited financial statements of The Association of British Members of the Sovereign Military Hospitaller Order of St. John of Jerusalem of Rhodes and Malta (BASMOM) (the charitable company) for the year ended 31 December. The financial statements have been prepared in accordance with the accounting policies set out on pages 16 to 19 of the attached financial statements and comply with the charitable company s governing document, applicable laws and 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 from accounting periods commencing 1 January or later. Structure, governance and management Constitution and background The Association of British Members of the Sovereign Military Hospitaller Order of St. John of Jerusalem of Rhodes and Malta (BASMOM) is a company limited by guarantee and a registered charity established on 10 February 2004, and governed by its memorandum and articles of association. Charity Registration Number , Company Registration Number It is also registered as an English and Welsh charity with the Office of the Scottish Charity Regulator under number SCO The directors of the charitable company are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees. The charitable company is a subsidiary of the Association of British Members of the Sovereign Military Order of St John of Jerusalem of Rhodes and of Malta ( BASMOM ), a charitable trust (Charity Registration Number ). All of the Trustees of the charitable company are also Trustees of BASMOM. As a result, BASMOM exercises control over the charitable company. BASMOM s charitable objects include the service of the poor of Christ, the care of the sick and wounded and the advance of the Roman Catholic faith. BASMOM is a membership organisation and raises, through an annual levy on its members, to support the work of the charitable company. Following an extensive governance review, a major reorganisation of the Order of Malta s activities in the UK was implemented in. This included the merging of BASMOM Foundation and BASMOM (the unincorporated association) into Hospitallers Ltd. This company has adopted new articles of association and changed its name to BASMOM with effect from 1 January BASMOM (Hospitaller) (A company limited by guarantee) 3

6 Trustees report Year to 31 December Structure, governance and management (continued) Method of appointment of election of Trustees The Trustees are elected in accordance with the provisions of the new Articles of Association which was adopted at the Extraordinary General Meeting held on 10 December. Normally, Trustees are elected for three year terms, other than the President and Senior Vice President who are elected for six year terms. In the first elections of the new incorporated BASMOM, the three year term was extended until June 2019, thereby enabling the electoral cycle to revert to St John s Day. Organisation structure and decision making The Trustees plan to meet at least six times a year; they make all policy decisions and receive reports from the officers and the organising committees for the various activities, judging these against the business plan. Investment policy In order to achieve the stated aim of providing a regular revenue stream to support the charitable company s activities, it has a policy of investing in a diversified portfolio, principally of equities and particularly quoted unit trusts. Towards the end of the year following a review of potential investment managers, CCLA was appointed and 1.5m was invested in the COIF Investment Fund. At the year end it was yielding 3.8%. Risk management There are two main areas of risk within the charitable company s work: one financial, and the other stemming from the interaction of the charity s voluntary workers with people with disabilities. Financial risk is regularly examined at Trustee meetings. Investment policies for the charitable company s fund balances have been supervised by the Company Secretary and approved by the Trustees. These policies are subject to annual review. In addition, budgets for the charitable company s main activities are set in consultation with the Trustees. No officer is empowered to offer employment contracts without the prior approval of the Chairman. The charitable company has put in place policies covering Health and Safety and the Protection of Children and Vulnerable Adults, and it is the Trustees intention that all volunteers shall agree to abide by these guidelines. Risk maps have been drawn up assessing the charitable company s potential exposure to liability, and policies for risk mitigation have been put in place. Copies of these documents are available on request. Volunteers and supporters A significant number of people work as volunteers at times during the year, mainly on the pilgrimages to Lourdes and fundraising events such as the White Knights and Edinburgh Balls. BASMOM (Hospitaller) (A company limited by guarantee) 4

7 Trustees report Year to 31 December Volunteers and supporters (continued) The trustees wish to record their recognition of the professionalism and commitment of all the volunteers and the loyalty of their supporters. Their generosity and hard work are very much appreciated. Key management personnel The charitable company has no employees and the trustees are considered the key management personnel. Public benefit The Trustees confirm that they have given due regard to the Charity Commission s guidance on public benefit when reviewing the charitable company s aims and planning its objectives. BASMOM (Hospitaller) meets its obligations to provide a public benefit by working with anyone in need, regardless of race, creed, gender or colour. Our Pilgrimages and other events do not discriminate against applicants in any way. In addition, we estimate that our members and the members of our branches undertook more than 43,000 hours of voluntary service to promote our charitable aims and public welfare. Activities, specific objectives and relevant policies Activities and specific objectives in the period The principal object of the charitable company is to serve the poor of Christ, the care of the sick and wounded and the advancement of the Roman Catholic religion. Main activities The eight main works relevant to these accounts, by which the charitable company seeks to fulfil its charitable objects, are: A pilgrimage to Lourdes in May Support of the Order of Malta s work internationally The International Holiday Camp of the Order of Malta and the Lebanese Camp for Handicapped Children. The Order of Malta Volunteers (OMV) pilgrimage to Lourdes in July The provision of OMV volunteers to various charitable activities The work of the Companions of the Order of Malta (COM) in the UK and globally Fundraising at the White Knights Ball Fundraising at the Knight s Ball in Scotland BASMOM (Hospitaller) (A company limited by guarantee) 5

8 Trustees report Year to 31 December Activities, specific objectives and relevant policies (continued) Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. In making this assessment they have considered the revised structure of the group. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. Achievements and performance Review of activities Goals in A pilgrimage to Lourdes in May successfully completed Support of the Order of Malta s work internationally successfully completed The International Holiday Camp of the Order of Malta and Lebanese Camp for Handicapped Children successfully completed The Order of Malta Volunteers (OMV) pilgrimage to Lourdes in July successfully completed The provision of OMV volunteers to various charitable activities successfully completed The work of the Companions of the Order of Malta (COM) successfully completed Fundraising at the White Knights Ball successfully completed Fundraising at the Knight s Ball in Scotland successfully completed Financial review The charitable company made a surplus for the year of 2,736,540 (2014 deficit of 58,598). This was mainly the result of a grant of 2,746,447 from The BASMOM Foundation (which owned 58 Grove End Road). Of this amount, 1,500,000 was intended for the purchase of investments and 1,246,447 for the purchase of 13 Deodar Road; see notes 1 and 9. Grant making policy The charity aims to make grants to support the Order in accordance with the Statutes of the Order and as finances permit. BASMOM (Hospitaller) (A company limited by guarantee) 6

9 Trustees report Year to 31 December Reserves policy The Trustees have examined the requirement for free reserves for the group as a whole i.e. those unrestricted not invested in tangible fixed assets, designated for specific purposes of otherwise committed. The Trustees consider that, given the nature of the group s work, the level of free reserves should be the equivalent to 3 months expenditure to meet future costs. No specific reserves target has been set for the free reserves within the charitable company. As at 31 December, the group s free reserves were 218,995 ( ,338), which comfortably exceeds the target level. As at 31 December, all of the charitable company s unrestricted reserves of 2,984,300 ( ,878) were designated for specific uses by the trustees. Future plans Goals in 2016 A pilgrimage to Lourdes in May Support of the Order of Malta s work internationally The International Holiday Camp of the Order of Malta and the Lebanese Camp for Handicapped Children The Order of Malta Volunteers (OMV) pilgrimage to Lourdes in July The provision of OMV volunteers to various charitable activities The work of the Companions of the Order of Malta (COM) Fundraising at the White Knights Ball Fundraising at the Knight s Ball in Scotland BASMOM (Hospitaller) (A company limited by guarantee) 7

10 Trustees report Year to 31 December Statement of trustees responsibilities The trustees (who are also directors of Hospitaller Limited for the purpose of company law) are responsible for preparing the trustees report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give and true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company in 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 Statement of Recommended Practice (Accounting and Reporting by Charities) (the Charities SORP); make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the trustees confirms that: so far as the trustee is aware, there is no relevant audit information of which the charitable company s auditor is unaware; and the trustees has taken all the steps that ought to have been taken as a trustee in order to make himself/herself aware of any relevant audit information and to establish that the charitable company s auditor is aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. BASMOM (Hospitaller) (A company limited by guarantee) 8

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12 Independent auditor s report Year ended 31 December Independent auditor s report to the trustees and members of The Association of British Members of the Sovereign Military Hospitaller Order of St. John of Jerusalem of Rhodes and Malta (BASMOM) We have audited the financial statements of The Association of British Members of the Sovereign Military Hospitaller Order of St. John of Jerusalem of Rhodes and Malta (BASMOM) for the year ended 31 December which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS102 the financial Reporting Standard in the United Kingdom and republic of Ireland. This report is made solely to the charitable company s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company s trustees as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations Our audit work has been undertaken so that we might state to the charitable company s members 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 charitable company and its members as a body, for our audit work, for this report, or for the opinion we have formed. Respective responsibilities of trustees and auditor As explained more fully in the statement of trustees responsibilities set out in the trustees report, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report to you in accordance with those Acts. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board s (APB s) Ethical Standards for Auditors. BASMOM (Hospitaller) (A company limited by guarantee) 10

13 Independent auditor s report Year ended 31 December Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free form material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the trustees report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on the financial statements In our opinion the financial statements: give a true and fair view of the state of the charitable company s affairs as at 31 December and of its income and expenditure for the year then ended; have been properly prepared in accordance with the United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the trustees report for the financial year for which the financial statements are prepared is consistent with the financial statements. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion: the charitable company has not kept proper and adequate accounting records or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or BASMOM (Hospitaller) (A company limited by guarantee) 11

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15 Statement of financial activities Year ended 31 December (incorporating income and expenditure account) Notes Restricted Unrestricted Total Total 2014 Income and expenditure Income from: Donations and legacies 1 15,118 2,765,153 2,780,271 33,706 Other trading activities 2 338, , ,740 Charitable activities 3 215, , ,543 Total income 15,118 3,319,223 3,334, ,989 Expenditure on: Raising 4 226, , ,970 Charitable activities 5,6 5, , , ,617 Total resources expended 5, , , ,587 Net income (expenditure) resources before gains on investments 10,118 2,721,971 2,732,089 (58,598) Net gains on investments 10 4,451 4,451 Net income (expenditure) and net movement in for the year 10,118 2,726,422 2,736,540 (58,598) Fund balances brought forward at 1 January 257, , ,476 Fund balances carried forward at 31 December 10,118 2,984,300 2,994, ,878 The notes on pages 20 to 26 form part of these financial statements. All of the above results are derived from continuing activities. recognised gains and losses other than those stated above. There were no other BASMOM (Hospitaller) (A company limited by guarantee) 13

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17 Statement of cash flows 31 December Notes 2014 Cash inflow (outflow) from operating activities A 2,736,428 (2,178) Cash outflow from investing activities. Payments to acquire investments (1,500,000). Payments to acquire fixed assets (1,246,447) Decrease in cash and cash equivalents B (10,019) (2,178) Reconciliation of changes in cash and cash equivalents Cash and cash equivalents at 1 January 307, ,841 Cash and cash equivalents at 31 December 297, ,663 Notes to the statement of cash flows for the year to 31 December. A. Reconciliation of net movement in to net cash flow from operating activities 2014 Net expenditure 2,736,540 (58,598) Investment gains (4,451) Decrease (increase) in stocks 230 (1,027) Decrease in debtors 16,489 26,840 (Decrease) increase in creditors (12,380) 30,607 Net cash inflow (outflow) from operating activities 2,736,428 (2,178) B. Decrease in cash and cash equivalents At January Cash flows At December Cash at bank and in hand 307,663 (10,019) 297,644 Total 307,663 (10,019) 297,644 BASMOM (Hospitaller) (A company limited by guarantee) 15

18 Principal accounting policies Year ended 31 December The principal accounting policies, adopted judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below: Basis of accounting These financial statements have been prepared for the period 1 January to 31 December which is a period of 12 months. The financial statements have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The financial statements have been prepared 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) ( Charities FRS 102 SORP ) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charitable Act 2011 and the Companies Act The charity constitutes a public benefit entity as defined by FRS 102. The accounts are presented in sterling and are rounded to the nearest pound. Critical accounting estimates and areas of judgement The most significant areas of adjustment and key assumptions that affect items in the financial statements are to do with estimating the useful economic life of fixed assets. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the charity are the level of investment return and the performance of investment market. Going concern The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements. The trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ending 31 December 2016, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees report for more information). BASMOM (Hospitaller) (A company limited by guarantee) 16

19 Principal accounting policies Year ended 31 December Company status The company is a company limited by guarantee. The members of the charitable company are the Trustees named on page 1. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to 1 per member of the charitable company. Incoming resources All incoming resources are included in the Statement of financial activities when the charitable company has entitlement to the, certainty of the receipt and the amount can be measured with sufficient reliability. Donations are recognised when receivable and the amount can be measured reliably by the charity. Legacies are included in the statement of financial activities when there has been a grant of probate, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity. Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charity. In accordance with the charities SORP FRS102 volunteer time is not recognised. BASMOM (Hospitaller) (A company limited by guarantee) 17

20 Principal accounting policies Year ended 31 December Resources expended Expenditure is recognised once there is a legal or constructive obligation to make a payment 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. All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Support costs are allocated entirely to charitable activities because any allocation between expenditure headings will be immaterial. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Charitable activities comprise the direct costs incurred in furtherance of the charitable activities. Governance costs are those incurred in connection with administration of the charitable company and compliance with constitutional and statutory requirements. All resources expended are inclusive of irrecoverable VAT. Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial year are accrued. Grants where the beneficiary has not been informed or has to fulfil performance conditions before the grant is released are not accrued for but are disclosed as financial commitments in the notes to the financial statements. Tangible fixed assets All assets costing more than 1,000 and with a useful life exceeding one year are capitalised. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over the expected useful lives on the following basis: Leasehold property Office equipment Office equipment (OMV) Grand Priory office equipment - 2% straight line - 20% reducing balance - 20% straight line - 20% straight line No depreciation is charged on assets in the year of acquisition or disposal. BASMOM (Hospitaller) (A company limited by guarantee) 18

21 Principal accounting policies Year ended 31 December Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Fund accounting Designated comprise unrestricted that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted comprise monies received for, or their use restricted to, a specific purpose or contributions subject to donor imposed conditions. Investments Investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year. The charity does not acquire pot options, derivatives or other complex financial investments. Debtors Debtors are recognised at the settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. Cash at bank and in hand Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Creditors and provisions Creditors and provisions 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. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. Transition to FRS 102 The opening fund balances at the date of transition not been restated in making the transition to FRS 102. This is with the exception of the change to the presentation of governance costs which are now part of the costs of support costs. The transition date was 1 January BASMOM (Hospitaller) (A company limited by guarantee) 19

22 Notes to the financial statements Year ended 31 December 1 Donations and legacies Restricted Unrestricted Total 2014 General donations 3,706 3,706 23,706 Legacies 15,000 15,000 Grants 10,000 Grant from The BASMOM Foundation 15,118 2,746,447 2,761,565 Total 15,118 2,765,153 2,780,271 33, Total 33,706 33,706 On the sale of Fortescue House, 58 Grove Road a grant was made from the BASMOM Foundation of 2,746,447. Of this amount 1,500,000 was intended for the purchase of investments (note 10) and 1,246,447 for the purchase of 13 Deodar Road (note 9). During the prior year, a restricted donation of 25,118 was received by The BASMOM Foundation. After making a grant of 5,000 in the year (2014-5,000), the balance of 15,118 was transferred to BASMOM (Hospitaller), where charitable grants if this nature are generally made. 2 Other trading activities 2014 Shop sales and events 18,929 13,230 White Knights Ball 238, ,851 Retreats and reunions 3,536 2,582 Edinburgh Ball 69,496 57,180 London Project 2,447 Lebanon Project 8,304 11, , ,740 The income stated above is unrestricted in both and Charitable activities 2014 Lourdes Pilgrimage 85,073 61,449 OMV Pilgrimage 67,743 75,974 Companionships of Order of Malta 38,539 41,029 Walsingham Pilgrimage 14,986 16,457 International Holiday Camp 3,814 3,634 Rome Pilgrimage 5, , ,543 The income stated above is unrestricted in both and BASMOM (Hospitaller) (A company limited by guarantee) 20

23 Notes to the financial statements Year ended 31 December 4 Expenditure on raising Total 2014 Total Uniforms, badges etc Fundraising expenses 19,019 13,753 Edinburgh Ball 28,341 28,843 White Knights Ball 145, ,993 London Project 4,030 Lebanon Project 26,388 34,418 Retreat and reunion expenses 7,473 1, , ,970 The expenditure stated above is unrestricted in both and Expenditure on charitable activities Total 2014 Total Charitable activities Lourdes pilgrimage 72,952 82,017 Walsingham Pilgrimage 21,559 18,497 Rome Pilgrimage 18,345 OMV pilgrimage costs 125, ,960 Malta pilgrimage 4,175 International Holiday Camp expenses 16,392 12,940 St Patrick s Church, Soho 10,609 Grants payable (note 6) 103,797 76,876 Charitable support costs Newsletter and website 2,040 1,416 Postage, stationery and phone costs 1,487 1,825 Insurance 1,314 Bank charges Governance costs. Audit 5,550 5,500. Accounting 3,100 2, , ,617 The expenditure stated above is unrestricted in both and BASMOM (Hospitaller) (A company limited by guarantee) 21

24 Notes to the financial statements Year ended 31 December 6 Grants payable Restricted Unrestricted Total 2014 Total Payable to institutions. Lebanon Project 3,715 3,715. Somalia Project 5,000 5,000. Holy Family Hospital 4,500 4, Scottish Weekend for Care 3,734 3,734 1,475. Malta Project 3,739. Companion s Cafe 10,394 10,394 5,915. Dial-A-Journey 10,250. Open House, Soho Square 22,130 22,130 10,683. St John Care Homes 18,728 18,728 16,951. Forgotten People 35,596 35,596 27,049 Total 5,000 98, ,797 76, Total 76,876 76,876 7 Net income (expenditure) 2014 Auditor s remuneration. Audit 5,550 5,550 8 Trustees remuneration and employees and key management personnel The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis comprise the trustees. No trustees were remunerated for their services or reimbursed any expenses during the year (2014 none). The company did not have any employees during the year (2014 none). BASMOM (Hospitaller) (A company limited by guarantee) 22

25 Notes to the financial statements Year ended 31 December 9 Tangible fixed assets Leasehold property Cost At 1 January Addition 1,246,447 At 31 December 1,246,447 Depreciation At 1 January and 31 December Net book value At 31 December 1,246,447 At 31 December Investments 2014 Listed investments Market value at 1 January Additions 1,500,000 Unrealised gains on revaluation 4,551 Market value at 31 December 1,504,551 Cash held by investment managers for reinvestment Total investments held 1,504,551 Cost of listed investments at 31 December 1,500,000 All the fixed asset investments are held in the UK. The following holdings constituted material holdings when compared to the value of the total listed investment portfolio at 31 December : Market % of value portfolio % COIF Charity Investment Fund Income Units 1,504, Debtors and prepayments 2014 Amounts owed by group undertakings 27,782 53,248 Prepayments and accrued income 61,900 53,531 Tax recoverable 5,241 4,633 94, ,412 BASMOM (Hospitaller) (A company limited by guarantee) 23

26 Notes to the financial statements Year ended 31 December 12 Creditors: amounts falling due within one year 2014 Amounts owed to group undertakings 17,118 Accruals and deferred income 132, , , , Deferred income 2014 At 1 January 154, ,800 Incoming resources deferred in the year 127, ,875 Amounts released from previous years (154,875) (108,800) At 31 December 127, ,875 Deferred income relates to income received in for the Lourdes pilgrimage in 2016 (7,769) the White Knights Ball in 2016 (118,501) and the Edinburgh Ball in 2016 (1,200). 14 Statement of At 1 January Income Expenditure Gains At 31 December Restricted Somalia 15,118 (5,000) 10,118 Unrestricted Designated Association Pilgrimage fund 54, ,316 (110,307) 44,811 OMV Pilgrimage fund 135, ,885 (351,673) 122,826 Companions of Malta 55,307 62,212 (69,550) 47,969 Scottish Delegation fund 12,155 71,363 (65,722) 17,796 Investment fund 2,746,447 4,451 2,750, ,878 3,319,223 (597,252) 4,451 2,984,300 Total 257,878 3,334,341 (602,252) 4,451 2,994,418 Somalia This fund consists of a restricted donation intended for use on delivering charitable work in Somalia. Association Pilgrimage fund This fund is organised by members of the Association and exists to provide facilities for pilgrims to visit shrines, particularly that at Lourdes. BASMOM (Hospitaller) (A company limited by guarantee) 24

27 Notes to the financial statements Year ended 31 December 14 Statement of (continued) OMV Pilgrimage fund This fund is organised by the Order of Malta volunteers and exists to provide facilities for pilgrims to visit shrines, particularly that at Lourdes. Companions of the Order of Malta fund This fund supports the work of the Companions of the Order of Malta. Scottish Delegation fund This fund supports the annual Scottish fundraising ball held in Edinburgh. The likely timing of is as and when events occur. Investment fund This fund consists of the property at 13 Deodar Road and the capital invested with CCLA during the year. The fund is held to generate income and support the charity in its activities. 15 Analysis of net assets between Restricted Unrestricted Total Fund balances at 31 December are represented by: Tangible fixed assets 1,246,447 1,246,447 Investments 1,504,451 1,504,451 Total current assets 10, , ,614 Creditors: amounts due within one year (150,094) (150,094) Total net assets 10,118 2,984,300 2,994,418 Reconciliation of movements in unrealised gains on investment assets. Restricted Unrestricted Total Unrealised gains at 1 January Add: gains on revaluation 4,551 4,551 Total unrealised gains at 31 December 4,551 4,551 BASMOM (Hospitaller) (A company limited by guarantee) 25

28 Notes to the financial statements Year ended 31 December 16 Related party transactions The charitable company is a wholly owned subsidiary of the Association of British Members of the Sovereign Military Order of St John of Jerusalem of Rhodes and of Malta ( BASMOM ), a charitable trust (registration number ). The company has taken advantage of the exemption in section 33 of FRS 102, Related Party Disclosures, from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by its immediate parents. During the year, Stichting Benevolentia (of which trustee Mark Brenninkmeyer is also a trustee) donated 10,000 to FAS. At 31 December this amount is included within the amounts owing to group undertakings of 17, Ultimate parent undertaking and controlling party The directors regard BASMOM, a charity registered in England and Wales, as the ultimate and immediate parent entity. Copies of the parent s consolidated financial statements can be obtained from BASMOM, 13 Deodar Road, London, SW15 2NP. This is the largest and smallest group for which group accounts are prepared. 18 Post balance sheet events Following the reorganisation agreed on 10 December and with effect from 1 January 2016, BASMOM (unincorporated) and BASMOM Foundation have merged with Hospitaller Ltd and that company has changed its name to BASMOM. BASMOM (Hospitaller) (A company limited by guarantee) 26