||||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|