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|||||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<br>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<br>Management||Limited|
|||One Angel Way|||
|||London EC4V 4ET|||
|||Epworth Investment<br>Management||Limited|
|||9Bonhill Street|||
|||London EC4R 2AB|||
|Bankers||Royal Bank ofScotland|pic||
|||62-63 Threadneedle<br>Street|||
|||London EC2R 8LA|||
|Solicitors||Stone King LLP|||
|||13Queen Square|||
|||Bath BA1 2HJ|||





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|||||General|Designated|Restricted|||General|Designated|Restricted|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||Note||fund|funds|Funds|2021|2020|fund|funds|Funds|
|Income||||||||||||
|Voluntary<br>income||||||||||||
|Donations,<br>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<br>income||||||||||||
|Investment<br>income|||3|100,663|257,722||358,385|336,478|94,587|241,891||
|Other interest||||||||3,011||3,011||
|Other income||||||||||||
|Miscellaneous<br>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<br>and other costs|||4|209,339|||209,339|213,610|213,610|||
|Charitable<br>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<br>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<br>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<br>funds||||19||17,286,990||15,977,478|
|||||||22,649,454||19,989,608|
|||||||23,749,749||21,140,091|



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||||||Note|2021|2020|
|---|---|---|---|---|---|---|---|
|Cash generated<br>(used) in operating||activities|||A|659,587|127,967|
|Cash flows|from investing<br>activities|||||||
|Investment|income|||||358,385|339,489|
|Proceeds ofinvestment<br>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<br>(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<br>income||(358,385)|(339,489)|
|Add depreciation||26,000|34,820|
|Surplus on sale ofassets||(155,513)|(130,394)|
|Add/(deduct)<br>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|





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|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<br>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<br>to the|trust.|||
|3|Investment<br>income||||General|Designated|||Restricted|||General|Designated|Restricted|
||||||fund|fund|||fund|2021|2020|fund|fund|fund|
||Dividends<br>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<br>costs||||||||||||||
||Staff costs||||111,863|||||111,863|104,910|104,910|||
||Newsletter<br>printing<br>and distribution||||97,476|||||97,476|108,700|108,700|||
||||||209,339|||||209,339|213,610|213,610|||
|5|Charitable<br>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,<br>grants<br>and contributions||||120,082|35,031|||43,045|198,158|314,412|216,266|62,017|36,129|
||Donations<br>to The Friars.||Ayles ford||208,147|||||208,147|165,306|165,000|306||
||Formation<br>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<br>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<br>costs||||||||||||||
||Audit fees||||6,800|||||6,800|6,800|6,800|||
||Accountancy<br>fees||||4,124|||||4,124|3,784|3,784|||
||||||10,924|||||10,924|10,584|10,584|||
|8|Net incoming<br>(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<br>remuneration||||6,800|||||6,800|6,800|6,800|||
||Accounting<br>and other||||4,124|||||4,124|3,784|3,784|||
||Depreciation ofowned|assets|||26,000|||||26,000|34,820|34,820|||





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|Staff costs|and trustees'<br>remuneration|||
|---|---|---|---|
|||2021|2020|
|Staff costs|during<br>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|



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|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<br>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|



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|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|



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|Analysis ofnet ass|ets between funds|||||
|---|---|---|---|---|---|
|||General|Designated|Restricted||
|||fund|funds|funds|2021|
|Tangible assets||39,895|4,653,217||4,693,112|
|Investments<br>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|



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