2022-12-31-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
Notes to the accounts			17

Trustees
		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 G Walsh		O.Carm
Secretary		Mrs S Payne
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 IRZ
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	2022	2021	fund	funds	Funds
Income
Voluntary income
Donations, fundraising	and legacie		I	331,864	5,785	3,834	341,483	],530,536	1,452,528	22,4]4	55,594
Pastoral income			2	]50,299			150,299	172,35]	]72,351
Investment income
Investment income			3	97,917	271,889	9,272	379,078	358,385	]00,663	257,722
Other interest
Other income
Miscellaneous income				189,524	600		190,124	206,677	206,077	600
Covid grant
Surplus on sale of assets				(47,389)			(47,389)	155,513	155,513
Total income				722,215	278,274	13,]06	],013,595	2,423,462	2,087,132	280,736	55,594
Expenditure
Raising funds
Newsletter and other costs			4	220,081		8,298	228,379	209,339	209,339
Charitable activities
Pastoral works				371,589	56,436	14,988	443,013	603,919	490,106	80,084	33,729
Province activities				307,544	57,849	41,215	406,608	435,313	328,229	35,031	72,053
Support and administration				200,580	(9,423)		191,157	130,221	117,943	12,278
Governance costs				11,860			11,860	10,924	10,924
Total expenditure				1,111,654	104,862	64,501	1,281,017	1,389,716	1,156,541	127,393	105,782
Income less expenditure				(389,439)	173,412	(51,395)	(267,422)	1,033,746	930,591	153,343	(50,188)
Net gains (losses) on investments			12	(436,950)	(1,390,518)		(1,827,468)	1,575,912	421,693	1,154,219
Net income (expenditure)		before
transfers				(826,389)	(1,217,106)	(51,395)	(2,094,890)	2,609,658	1,352,284	1,307,562	(50,188)
Transfers between funds			19	129,834	(109,334)	(20,500)			(1,950)	1,950
Net income (expenditure)				(696,555)	(1,326,440)	(71,895)	(2,094,890)	2,609,658	1,350,334	1,309,512	(50,188)
Balances brought forward		1January
As previously stated				5,362,464	17,286,990	1,100,295	23,749,749	21,538,572	4,012,130	15,977,478	1,548,964
Prior year adjustment			21					(398,481)			(398,481)
As restated				5,362,464	17,286,990	1,100,295	23,749,749	21,140,091	4,012,130	15,977,478	1,150,483
Balances carried forward		31December		4,665,909	15,960,550	1,028,400	21,654,859	23,749,749	5,362,464	17,286,990	1,100,295

as at 31De	cemb	er	2022
				Notes		2022		2021
Fixed assets
Tangible assets				11		5,893,190		4,693,112
Investments	at market		value	12		13,558,295		15,370,769
						19,451,485		20,063,881
Current assets
Stock				13	7,324		5,420
Loan to Carmelite		Curia		14	182,716		173,188
Debtors				15	679,675		1,077,923
Cash at bank	and in hand				1,433,033		2,489,304
					2,302,748		3,745,835
Creditors: amounts			falling due
within one year				16	(99,374)		(59,967)
Net current	assets					2,203,374		3,685,868
Total assets	less current
liabilities						21,654,859		23,749,749
						21,654,859		23,749,749
Capital and	reserves
Restricted Funds				18		1,028,400		1,100,295
Unrestricted	Funds
General funds						4,665,909		5,362,464
Designated funds				19		15,960,550		17,286,990
						20,626,459		22,649,454
						21,654,859		23,749,749
Appoved by	the Trustees
and signed on their		behalf

					Note	2022	2021
						K
Cash generated (used) in operating		activities			A	(145,768)	659,587
Cash flows	from investing activities
Investment	income					379,078	358,385
Proceeds ofinvestment sales						2,667,270	1,196,000
Purchases	ofinvestments					(2,667,270)	(1,209,941)
Proceeds on sale ofassets						67,387	156,350
Purchase offixed assets						(1,341,975)	(22,194)
Cash provided (used) in investing		activities				(895,510)	478,600
Increase in	cash and cash equivalents		in year			(1,041,278)	1,138,187
Movement	in year
(Decrease)	increase in cash at bank		and in hand			(1,056,271)	1,138,054
(Decrease)	increase in cash held by		investment	managers	for re-investment	14,994	133
						(1,041,277)	1,138,187

		2022	2021
Net income (expenditure)		(2,094,890)	2,609,658
Deduct investment income		(379,078)	(358,385)
Add depreciation		27,120	26,000
Deficit (Surplus) on sale of	assets	47,389	(155,513)
Add/(deduct) net movement	on investments.	1,827,468	(1,575,912)
Increase (decrease) in creditors		39,407	20,822
(Increase) decrease in stock		(1,904)	(1,276)
(Increase) decrease in Curia	Loan	(9,528)	12,172
(Increase) decrease in debtors		398,248	82,021
		(145,768)	659,587

fo	r the year ended 31D	e	cem	ber 2022
					General	Designated		Restricted			General	Designated		Restricted
					fund	fund		fund	2022	2021	fund	fund		fund
1	Donations, fundraising		and	legacies
	Appeals and donations				362,185	5,785		3,834	371,804	394,839	366,352	22,414		6,073
	Legacies				(30,321)				(30,321)	1,135,697	1,086,176			49,521
					331,864	5,785		3,834	341,483	1,530,536	1,452,528	22,414		55,594
2	Pastoral income
	Mass stipends				77,750				77,750	86,580	86,580			45,672
	Salaries and pensions				72,549				72,549	85,771	85,771			141,915
					150,299				150,299	172,351	172,351			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	2022	2021	fund	fund		fund
	Dividends and interest	from		investment	97,917	271,889		9,272	379,078	358,321	100,599	257,722
	Bank interest									64	64
					97,917	271,889		9,272	379,078	358,385	100,663	257,722
4	Newsletter and other	costs
	Staff costs				119,629			8,298	127,927	111,863	111,863
	Newsletter printing and distribution				100,452				100,452	97,476	97,476
					220,081			8,298	228,379	209,339	209,339
5	Charitable activities
	Pastoral works
	Staff costs				70,568				70,568	162,576	142,052	12,637		7,887
	Depreciation				27,120				27,120	26,000	26,000
	Premises				108,147	4,223		2,421	114,791	103,766	92,809	3,174		7,783
	Other costs				165,754	52,213		12,567	230,534	311,577	229,245	64,273		18,059
					371,589	56,436		14,988	443,013	603,919	490,106	80,084		33,729
	Province activities
	Donations, grants and contributions				131,556	57,849		22,462	211,867	198,158	120,082	35,031		43,045
	Donations to The Friars.		Aylesford		175,988				175,988	208,147	208,147
	Formation and training							18,753	18,753	29,008				29,008
					307,544	57,849		41,215	406,608	435,313	328,229	35,031		72,053
6	Support and administration
	Provincial Commission	expenses			31,052				31,052	17,145	17,145
	Exchange losses				1,459	(9,528)			(8,069)	12,743	572	12,171
	Central administrative	costs			168,069		105		168,174	100,333	100,226		107
					200,580	(9,423)			191,157	130,221	117,943	12,278
7	Governance costs
	Audit fees				6,800				6,800	6,800	6,800
	Accountancy fees				5,060				5,060	4,124	4,124
					11,860				11,860	10,924	10,924
8	Net incoming (outgoing)		resources before transfers
	This is stated after charging			(crediting)
	Staff costs (note 9)				190,197				190,197	274,439	274,439
	Auditors remuneration				6,800				6,800	6,800	6,800
	Accounting and other				5,060				5,060	4,124	4,124
	Depreciation ofowned	assets			27,120				27,120	26,000	26,000

Staff costs	and trustees' remuneration
		2022	2021
Staff costs	during the year were as follows:
Wages and	salaries	172,440	221,528
Redundancy	payments		32,673
Pension costs		4,106	4,837
Social security costs		13,651	15,401
		190,197	274,439

Tangible fixed assets
	Freehold		Furniture
	land and	Motor	and
	buildings	vehicles	equipment	Total
Cost
At 1 January 2022	4,653,217	204,653	20,701	4,878,571
Additions	1,319,738	21,098	1,139	1,341,975
Disposals	(114,777)	(9,200)	(3,431)	(127,408)
At 31December 2022	5,858,178	216,551	18,409	6,093,138
Depreciation
At 1 January 2022		172,238	13,221	185,459
Charge for the year		23,438	3,682	27,120
On disposals		(9,200)	(3,431)	(12,631)
At 31December 2022		186,476	13,472	199,948
Net book value
At 31December 2022	5,858,178	30,075	4,937	5,893,190
At 31December 2021	4,653,217	32,415	7,480	4,693,112

for	the year ended 3	1De	cember 2	022
					2022	2021
12	Investments
	Market value at I January		2022		14,076,376	12,486,523
	Additions at cost				2,667,270	1,209,941
	Sale proceeds from	disposals			(2,667,270)	(1,]96,000)
	Net gain (loss) in year				(1,827,468)	1,575,912
	Market value at 31	December 2022			12,248,908	14,076,376
	Cash held by investment		managers	for re-investment	1,309,387	1,294,393
					13,558,295	15,370,769
	Cost oflisted investments		at 31December 2022		12,3]5,315	12,3]5,315
13	Stock				2022	2021
	Goods for resale				7,324	5,420
					7,324	5,420
14	Loan to Carmelite	Curia			2022	2021
	Loan to Carmelite	Curia			182,716	173,188

15	Debtors			2022	2021
	Tax refunds	due		3,597	2,317
	Prepayments	and accrued income		19,404	7,768
	Legacies			486,005	949,937
	Other debtors			170,669	117,901
				679,675	1,077,923
16	Creditors:	amounts	falling due within one year	2022	2021
	Accruals			10,000	9,000
	Masses unsaid			2,047	3,640
	Sundry creditors			87,327	47,327
				99,374	59,967

The restri	cted funds consist ofmonie	s received for specific purposes	.
						At 31
		At I January		Incoming	Utilised/	December
		2022	Transfers	resources	realised	2022
Third Order Fund		55,576	(15,000)		(4,581)	35,995
Education	Fund	1,044,493	(5,500)	9,272	(57,519)	990,746
Funds at	Faversham	226		3,834	(2,401)	1,659
		1,100,295	(20,500)	13,106	(64,501)	1,028,400

						At 31
		At 1 January		Incoming	Uti]ised/	December
		2022	Transfers	resources	realised	2022
Capital Fund		4,653,2]8	1,204,961			5,858,179
Retirement		5,626,395	(177,000)	149,540	(679,767)	4,9]9,168
Mission		],521,978	32,000	31,875	(22],777)	1,364,076
Development	fund	],920,330	(]2,795)	26,270	(]]2,862)	1,820,943
Formation		2,032,727	(1,151,700)	30,644	(257,757)	653,914
EFfund		],532,342	(4,800)	41,144	(224,416)	1,344,270
		]7,286,990	(]09,334)	279,473	(1,496,579)	15,960,550

Analysis o	fnet ass	ets between funds
			General	Designated	Restricted
			fund	funds	funds	2022
			K
Tangible assets			35,012	5,858,178		5,893,190
Investments	at market value		3,118,733	10,439,562		13,558,295
Fixed assets			3,153,745	16,297,740		19,451,485
Current assets			1,611,538	(337,190)	1,028,400	2,302,748
Creditors:	amounts	falling
due within	one year		(99,374)			(99,374)
			4,665,909	15,960,550	1,028,400	21,654,859