2021-12-31-accounts

				Page
Legal and administrative			information
Trustees'	report
Auditors'	report			10
Statement	offinancial	activities		12
Balance sheet				13
Statement	ofcash flows			14
Principal	accounting	policies		15
Notes to the accounts				17

Trustees		The Reverend KAlban O.Carm	The Reverend KAlban O.Carm	(Until 4th May 2021)
		The Reverend BGrady O.Carm
		The Reverend M Cox O.Carm
		The Reverend KMelody	O.Carm.
		The Reverend P O'Keeffe O.Carm
		The Reverend GWalsh	(From 23rd September 2021)
Secretary		Mrs SPayne
Provincial Bursar and
Correspondent		The Reverend Dr M Cox O.Carm
Trust office		The Carmelite Charitable	Trust
		Suite 320/321 Churchill	House
		120Bunns Lane
		Mill Hill
		London NW7 2AS
Charity number		1061342
Auditors		Borucki k.Co
		42 Radnor Road
		Harrow
		Middlesex HA1 1RZ
Investment	manager!	CCLA Investment Management		Limited
		One Angel Way
		London EC4V 4ET
		Epworth Investment Management		Limited
		9Bonhill Street
		London EC4R 2AB
Bankers		Royal Bank ofScotland	pic
		62-63 Threadneedle Street
		London EC2R 8LA
Solicitors		Stone King LLP
		13Queen Square
		Bath BA1 2HJ

				General	Designated	Restricted			General	Designated	Restricted
		Note		fund	funds	Funds	2021	2020	fund	funds	Funds
Income
Voluntary income
Donations, fundraising	and legaci&		1	1,452,528	22,414	55,594	1,530,536	1,902,712	691,296	13,187	1,198,229
Pastoral income			2	172,351			172,351	180,366	180,366
Investment income
Investment income			3	100,663	257,722		358,385	336,478	94,587	241,891
Other interest								3,011		3,011
Other income
Miscellaneous income				206,077	600		206,677	201,841	201,241	600
Covid grant								10,000	10,000
Surplus on sale ofassets				155,513			155,513	130,394	130,394
Total income				2,087,132	280,736	55,594	2,423,462	2,764,802	1,307,884	258,689	1,198,229
Expenditure
Raising funds
Newsletter and other costs			4	209,339			209,339	213,610	213,610
Charitable activities
Pastoral works				490,106	80,084	33,729	603,919	543,080	418,284	124,796
Province activities				328,229	35,031	72,053	435,313	496,053	381,266	65,106	49,681
Support and administration				117,943	12,278		130,221	180,611	191,477	(10,866)
Governance costs				10,924			10,924	10,584	10,584
Total expenditure				1,156,541	127,393	105,782	1,389,716	1,443,938	1,215,221	179,036	49,681
Income less expenditure				930,591	153,343	(50,188)	1,033,746	1,320,864	92,663	79,653	1,148,548
Net gains (losses) on investments			12	421,693	1,154,219		1,575,912	449,902	189,456	260,446
Net income (expenditure)		before
transfers				1,352,284	1,307,562	(50,188)	2,609,658	1,770,766	282,119	340,099	1,148,548
Transfers between funds			19	(1,950)	1,950				208,561	(208,561)
Net income (expenditure)				1,350,334	1,309,512	(50,188)	2,609,658	1,770,766	490,680	131,538	1,148,548
Balances brought forward		1January
As previously stated				4,012,130	15,977,478	1,548,964	21,538,572	19,369,325	3,521,450	15,845,940	1,935
Prior year adjustment			21			(398,481)	(398,481)
As restated				4,012,130	15,977,478	1,150,483	21,140,091
Balances carried forward		31December		5,362,464	17,286,990	1,100,295	23,749,749	21,140,091	4,012,130	15,977,478	1,150,483

as at 31De	cemb	er	2021
				Notes		2021		2020
Fixed assets
Tangible assets				11		4,693,112		4,697,755
Investments	at market		value	12		15,370,769		13,780,783
						20,063,881		18,478,538
Current assets
Stock				13	5,420		4,144
Loan to Carmelite		Curia		14	173,188		185,360
Debtors				15	1,077,923		1,159,944
Cash at bank	and in hand				2,489,304		1,351,250
					3,745,835		2,700,698
Creditors: amounts			falling due
within one year				16	(59,967)		(39,145)
Net current	assets					3,685,868		2,661,553
Total assets	less current
liabilities						23,749,749		21,140,091
						23,749,749		21,140,091
Capital and	reserves
Restricted Funds				18		1,100,295		1,150,483
Unrestricted	Funds
General funds						5,362,464		4,012,130
Designated funds				19		17,286,990		15,977,478
						22,649,454		19,989,608
						23,749,749		21,140,091

					Note	2021	2020
Cash generated (used) in operating		activities			A	659,587	127,967
Cash flows	from investing activities
Investment	income					358,385	339,489
Proceeds ofinvestment sales						1,196,000	186,000
Purchases	ofinvestments					(1,209,941)	(186,000)
Proceeds on sale ofassets						156,350	897,318
Purchase offixed assets						(22,194)	(22,903)
Cash provided (used) in investing		activities				478,600	1,213,904
Increase in	cash and cash equivalents		in year			1,138,187	1,341,871
Movement	in year
(Decrease)	increase in cash at bank		and in hand			1,138,054	606,142
(Decrease)	increase in cash held by		investment	managers	for re-investment	133	735,729
						1,138,187	1,341,871

		2021	2020
Net income (expenditure)		2,609,658	2,169,247
Deduct investment income		(358,385)	(339,489)
Add depreciation		26,000	34,820
Surplus on sale ofassets		(155,513)	(130,394)
Add/(deduct) net movement	on investments.	(1,575,912)	(449,902)
Increase (decrease) in creditors		20,822	743
(Increase) decrease in stock		(1,276)	29,885
(Increase) decrease in Curia	Loan	12,172	4,735
(Increase) decrease in debtors		82,021	(1,191,678)
		659,587	127,967

fo	r the year ended 31D	e	cem	ber 2021
					General	Designated			Restricted			General	Designated	Restricted
					fund	fund			fund	2021	2020	fund	fund	fund
1	Donations, fundraising		and	legacies									f.
	Appeals and donations				366,352	22,41		4	6,073	394,839	343,262	330,075	13,187
	Legacies				1,086,176				49,521	1,135,697	1,559,450	361,221		1,198,229
					1,452,528	22,414			55,594	1,530,536	1,902,712	691,296	13,187	1,198,229
2	Pastoral income
	Mass stipends				86,580					86,580	90,474	90,474		45,672
	Salaries and pensions				85,771					85,771	89,892	89,892		141,915
					172,351					172,351	180,366	180,366		187,587
	The salaries and pensions		arise from income earned by			Members		of	the Order all	ofwhich is	covenanted to the	trust.
3	Investment income				General	Designated			Restricted			General	Designated	Restricted
					fund	fund			fund	2021	2020	fund	fund	fund
	Dividends and interest	from		investment	100,599	257,722				358,321	335,665	93,774	241,891
	Bank interest				64					64	813	813
					100,663	257,722				358,385	336,478	94,587	241,891
4	Newsletter costs
	Staff costs				111,863					111,863	104,910	104,910
	Newsletter printing and distribution				97,476					97,476	108,700	108,700
					209,339					209,339	213,610	213,610
5	Charitable activities
	Pastoral works
	Staff costs				142,052	12,637			7,887	162,576	155,904	110,071	45,833
	Depreciation				26,000					26,000	34,818	34,818
	Premises				92,809	3,174			7,783	103,766	68,588	63,988	4,600
	Other costs				229,245	64,273			18,059	311,577	283,770	209,407	74,363
					490,106	80,084			33,729	603,919	543,080	418,284	124,796
	Province activities
	Donations, grants and contributions				120,082	35,031			43,045	198,158	314,412	216,266	62,017	36,129
	Donations to The Friars.		Ayles ford		208,147					208,147	165,306	165,000	306
	Formation and training								29,008	29,008	16,335		2,783	13,552
					328,229	35,031			72,053	435,313	496,053	381,266	65,106	49,681
6	Support and administration
	Provincial Commission	expenses			17,145					17,145	9,529	9,529
	Exchange losses				572	12,171				12,743	(5,216)	5,664	(10,880)
	Central administrative	costs			100,226		107			100,333	176,298	176,284	14
					117,943	12,278				130,221	180,611	191,477	(10,866)
7	Governance costs
	Audit fees				6,800					6,800	6,800	6,800
	Accountancy fees				4,124					4,124	3,784	3,784
					10,924					10,924	10,584	10,584
8	Net incoming (outgoing)		resources before transfers
	This is stated after charging			(crediting)
	Staff costs (note 9)				253,915	12,637			7,887	274,439	260,814	260,814
	Auditors remuneration				6,800					6,800	6,800	6,800
	Accounting and other				4,124					4,124	3,784	3,784
	Depreciation ofowned	assets			26,000					26,000	34,820	34,820

Staff costs	and trustees' remuneration
		2021	2020
Staff costs	during the year were as follows:
Wages and	salaries	224,009	240,576
Redundancy	payments	32,673
Pension costs		4,106	4,837
Social security costs		13,651	15,401
		274,439	260,814

Tangible fixed assets
	Freehold		Furniture
	land and	Motor	and
	buildings	vehicles	equipment	Total
Cost
At 1 January 2021	4,653,217	206,677	22,701	4,882,595
Additions		20,010	2,184	22,194
Disposals		(22,034)	(4,184)	(26,218)
At 31December 2021	4,653,217	204,653	20,701	4,878,571
Depreciation
At 1 January 2021		172,414	12,426	184,840
Charge for the year		21,860	4,140	26,000
On disposals		(22,034)	(3,347)	(25,381)
At 31December 2021		172,240	13,219	185,459
Net book value
At 31December 2021	4,653,217	32,413	7,482	4,693,112
At 31December 2020	4,653,217	34,263	10,275	4,697,755

for	the year ended 3	1Dec	ember 2	021
					2021	2020
12	Investments
	Market value at 1 January		2021		12,486,523	12,036,621
	Additions at cost				1,209,941	186,000
	Sale proceeds from	disposals			(1,196,000)	(186,000)
	Net gain (loss) in year				1,575,912	449,902
	Market value at 31December 2021				14,076,376	12,486,523
	Cash held by investment		managers	for re-investment	1,294,393	1,294,260
					15,370,769	13,780,783
	Cost oflisted investments		at 31December 2021		12,315,315	12,210,118
13	Stock				2021	2020
	Goods for resale				5,420	4,144
					5,420	4,144
14	Loan to Carmelite	Curia			2021	2020
	Loan to Carmelite	Curia			173,188	185,360

15	Debtors			2021	2020
	Tax refunds	due		2,317	3,510
	Prepayments	and accrued income		7,768	3,022
	Legacies			949,937	1,027,711
	Other debtors			117,901	125,701
				1,077,923	1,159,944
16	Creditors: amounts		falling due within one year	2021	2020
	Accruals			9,000	9,000
	Masses unsaid			3,640	7,835
	Sundry creditors			47,327	22,310
				59,967	39,145

The restri	cted funds consist ofmonies	received for specific purposes	.
						At 31
		At 1January		Incoming	Utilised/	December
		2021	Transfers	resources	realised	2021
Third Order Fund		40,750		36,552	(21,726)	55,576
Education	Fund	1,041,561	66,237	12,969	(76,274)	1,044,493
Formation	Fund	66,237	(66,237)
Funds at	Faversham	1,935		6,074	(7,783)	226
		1,150,483		55,595	(105,783)	1,100,295

trust by the tr	ustees for specific purp	oses:
						At 31
		At 1 January		Incoming	Utilised/	December
		2021	Transfers	resources	realised	2021
Capital Fund		4,653,218				4,653,218
Retirement		4,897,305	(28,250)	788,052	(30,712)	5,626,395
Mission		1,358,617	9,129	185,340	(31,108)	1,521,978
Development	fund	1,947,279		7,685	(34,634)	1,920,330
Formation		1,763,981	13,871	256,276	(1,401)	2,032,727
EFfund		1,357,078	7,200	219,466	(51,402)	1,532,342
		15,977,478	1,950	1,456,819	(149,257)	17,286,990

Analysis ofnet ass	ets between funds
		General	Designated	Restricted
		fund	funds	funds	2021
Tangible assets		39,895	4,653,217		4,693,112
Investments at market value		3,555,683	11,815,086		15,370,769
Fixed assets		3,595,578	16,468,303		20,063,881
Current assets		1,826,853	818,687	1,100,295	3,745,835
Creditors: amounts	falling
due within one year		(59,967)			(59,967)
		5,362,464	17,286,990	1,100,295	23,749,749