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← The Carmelite Charitable Trust

2024-12-31-accounts

Charity registration number 1061342

The Carmelite Charitable Trust

Report and Financial Statements

31-December-2024

Williams Chartered Accountants

Jade House 67 Park Royal Road London NW10 7JJ

Page 1 of 20

The Carmelite Charitable Trust Report and Financial Statements Contents

Page
Legal and administrative information 3
Trustees' report 4
Inependent Auditors' report 10
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Principal accounting policies 16
Notes to the financial statements 18

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The Carmelite Charitable Trust Legal and Administrative Information

Trustees The Reverend B Grady O.Carm
The Reverend K. Melody, O.Carm.
The Reverend G. Walsh, O.Carm.
The Reverend Dr. M. Cox, O.Carm.
Brother P. de Groot, 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
120 Bunns Lane
Mill Hill
London NW7 2AS
Charity number 1061342
Auditors Williams Chartered Accountants
Jade House
67 Park Royal Road
London NW10 7JJ
Bankers Royal Bank of Scotland pic
36 St Andrew Square
Edinburgh EH2 2YB
Investment Managers
CCLA Investment Management Limited
One Angel Lane
London EC4R 3AB
Epworth Investment Management Limited
Methodist Church House
25 Tavistock Place
London WC1H 9SF
Solicitors Stone King LLP
13 Queen Square
Bath BA1 2HJ

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The Carmelite Charitable Trust

Trustees' report

The Trustees present their Report and Financial Statements for the year ended 31st December 2024

INTRODUCTION

The Carmelite Charitable Trust holds the assets of the British Province of Carmelite friars whose use and scope this report describes. The Carmelite Friars (whose formal title is the Order of the Brothers of the Blessed Virgin Mary of Mount Carmel) are an international Catholic religious order, founded in the early 13th century on Mount Carmel, Israel. At the end of 2024 there were nineteen friars in the British Province, based in houses in England and Wales.

Vision

The Carmelite Charitable Trust, inspired by the Carmelite charism, works alongside all people of faith and goodwill. This is done through traditional Christian ministry and by being available to those who are often at the edges of Church and society. This “charism” gives the Carmelites a particular perspective and worldview in which the experience of the divine is found in the creative interplay of community, prayer, and service. Despite a general feeling in “secular” society that religion is largely a matter of personal preference, many non-believers recognize that religious belief provides practical guidance in ways of living. The impact of the Trust, therefore, is to supply a framework of meaning not only in teaching and belief, but in making social, moral, and spiritual choices.

Public Benefit

The Trustees have consulted the guidance made available by the Charity Commission for England and Wales on Public Benefit requirement of the Charities Act 2011. The Trustees are confident that they have complied with their duty under section 4 of the Charities Act 2011 in that they have had due regard to public benefit guidance published by the Commission. In furtherance of the Trust’s charitable purposes for the public benefit the Trustees give details of their activities in this report. In the activities reported here the Trustees are mindful that benefit is not only a question of how much is raised or spent, but what funds are spent on and to what effect.

Structure, Governance and Management

The Trust is governed by a scheme of the Charity Commission sealed on 31st December 1996. It is a registered charity – Charity No. 1061342. The Trustees are the elected members of the provincial council of the British Province of the Carmelite Friars. These are the prior provincial and four provincial councillors, who are elected by the members of the province.

Advisory Bodies

The Trustees are advised by a Finance Commission and a Formation Commission. The first is made up of three trustees: the Prior Provincial (ex officio) and two members of the Provincial Council (one who of whom is also the Provincial Bursar); another friar; and the lay Assistant Provincial Bursar. There are also two lay members, who have expertise in accounting, investments, and fundraising. The Commission monitors the work of the Provincial Financial Administration and makes recommendations to the Trustees.

The Formation Commission has oversight of recruitment and the training of new members (initial formation), as well as the inservice training for established members (ongoing formation). The Commission’s ex officio member is the Prior Provincial; with him is another member of the Council (two trustee members) – who is also the Formation Director. There are also three lay members with expertise in formation and education.

The Organisation and Activities of the Trust Members

The members of the Trust are organised in communities and in individual apostolates. These communities and individuals make up the British Province of Carmelites.

Aylesford, Kent

The Friars, Aylesford, Kent was founded in 1242 and is the oldest Carmelite house in the world that is still inhabited by the Order. This iconic status means that the Trust has a special regard for the preservation of the material and spiritual integrity of the site. At the end of 2024, the Community consisted of five friars: the Prior, who is also the Provincial Bursar, the Province’s Director of Formation; and three others.

The Friars is open throughout the year at no charge and welcomes thousands of visitors a year. The Shrine is dedicated to the Assumption of the Blessed Virgin Mary and St Simon Stock. It is a place where people of all ages and all faiths and sometimes none, will find a welcome; where the sacred is expressed through prayer, the arts and nature. Many groups come on pilgrimage from the southeast of England, especially from many the different ethnic communities that make up multicultural Britain today: Caribbean, Filipino, Goan, Italian, Keralan, Polish, and Tamil. A local community of Syro-Malabar Catholics, who do not have their own church building, are hosted weekly for worship and fellowship. Aylesford is also a place where Irish Travellers find a place of welcome. Half a dozen recovery retreats, for those suffering from addictions, are hosted annually.

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The Carmelite Charitable Trust

Trustees' report

Faversham, Kent

The Carmelite Community in Faversham ministers in the Parish of Our Lady of Mount Carmel and the Shrine of St Jude. At the end of 2024, the Community consisted of two friars: the Prior and Parish Priest and the Shrine Director.

The parish serves the Catholic population of Faversham and the surrounding villages, as well as working with other Christian Communities in the area under the umbrella of “Christians Together in Faversham.” Working with the other Christian Communities allows us to have a broader outreach. Pastoral support is offered by the parish to all age groups with a particular emphasis on the young, family life and the elderly.

The Shrine ministers to pilgrims who visit from many of the local towns and villages as well as a significant number of members of the immigrant population who travel here from London and surrounding areas. It is also popular with the Travelling Community, in particular Irish Travellers. All who visit are offered pastoral support and care in whatever way they seek it. The annual St Jude Pilgrimage is particularly popular with pilgrims.

Throughout 2024, the parish and shrine both continued their electronic and telephone outreach, in addition to in person ministry to visitors and regular worshippers in the church and shrine. A weekly parish email is sent to approximately 300 individuals, offering support and news.

The Carmelite Charitable Trust has enabled a volunteer refugee group to function in the parish. This involved the welcoming of a Syrian Family to Faversham, under the government’s scheme for community rehousing of refugees. By providing the facilities for their meetings and activities, the Carmelite Charitable Trust has enabled the group to prepare to welcome a family from Syria in late 2021, which continues to receive crucial support. Plans are in place to find a home for a family currently within the government’s hotel accommodation system.

The parish hall is made available to different groups to run community outreach projects, particularly with the elderly, young families and addiction recovery groups, as well as providing a temporary home to the local foodbank in 2024.

Reading, Berkshire

After consultation with the Diocese of Portsmouth, a property was acquired and a new Carmelite community established in Reading in August 2022. Two of the four friars are engaged in study, and all are involved in facilitating opportunities for spiritual and pastoral experiences in the local area and beyond. Friars from abroad have shared the life of the community, while engaged in short courses in English. It is hoped that other friars from other countries may come for a period of time for English language learning and other educational opportunities.

Mayfield Parish, East Sussex

The parishes of Mayfield and Wadhurst, East Sussex are in the Diocese of Arundel & Brighton and were served by one friar. After several years of service, he will leave the area in January 2025 to join the Reading community. As Carmelites we are grateful for the contribution, we have been able to make to the Church in Sussex.

Hexham & Newcastle Diocese

In September 2023 two friars moved to West Denton, Newcastle upon Tyne from other parishes in the same diocese to create a Carmelite foundation and are now responsible for the pastoral care of the neighbouring parishes of St. John Vianney in West Denton, St. Cuthbert in Throckley and St. Mark in Westerhope. Local people, together with friars and friends from around the country participated in a Welcome Mass presided by Rt. Rev. Stephen Wright (Bishop of Hexham & Newcastle Diocese) on 6th December 2023. These two friars are also engaged in retreat, chaplaincy and other ministries within and beyond the diocese and will explore ways to share the Carmelite charism more widely. It is hoped that 2025 a third friar will join them.

Coloma Court, Kent

Coloma Court is a purpose-built 60-bed residential care home run as part of the NHS by a specialised staff. The home was opened in October 2006 and provides nursing and residential care. It is located within the estate of the religious sisters the Daughters of Mary and Joseph, in West Wickham, Kent. Coloma Court offers nursing and dementia care, and the facilities also include a chaplaincy which is staffed by a Carmelite friar. People and their relatives receive personalised care and are supported to meet their spiritual and religious needs by the provision of daily services and the Christian ethos from the Carmelite friar.

Prison Ministry

In Thamesmead, Belmarsh is a Category A Prison holding prisoners from all over the United Kingdom. In addition, Belmarsh is a local prison, accepting different categories of prisoners from primarily the Central Criminal Court and Magistrates' Courts in Southeast London. A Carmelite friar serves this prison on a full-time basis.

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The Carmelite Charitable Trust

Trustees' report

Lay Carmel

Some members of the Carmelite Charitable Trust work with and support a number of groups of “Lay Carmelites. Members of a Third Order Chaplaincy Team were identified during 2024 consisting of three friars and three lay people. There are currently eleven Third Order Chapters and two Carmelite Spirituality Groups in Britain. The Third Order is considered a valued part of the worldwide Carmelite Family and has been in existence in Britain since the mid-1950s. Each Chapter has its own elected Leader and is self-governing, but all groups are regulated by a common set of Constitutions. Since October 2017 the Third Order in Britain has gathered to elect a central committee – the National Council – which promotes the welfare of the Chapters. In 2020-2021 the Carmelite Charitable Trust received two restricted legacies amounting to £77,302 for the expressed purpose of helping the Third Order Chapters develop. In 2024 they used £11,373 (2023 £24,622) to cover the costs incurred through retreats, courses, and other gatherings. The Spirituality Groups are one aspect of the Order’s outreach in Britain – they are informal gatherings of people interested in Carmelite Spirituality. These gatherings welcome people of different traditions and a number of Anglicans are regular attendees. In addition to the Third Order and Carmelite Spirituality Groups, the British Province of Carmelites has strong spiritual and pastoral bonds with the Institute of Our Lady of Mount Carmel, a lay group of women who are inspired by the Carmelite charism. Additionally, there are many others who are closely associated with the life, work and charism of the Order while not having specific formal bonds.

Education

The public benefit offered by the Carmelite Charitable Trust is also seen in its commitment to education in several different ways.

For many years one friar served as a chaplain at St. Edward’s Independent Day School, but because the school is no longer a Catholic School, he finished his chaplaincy in June 2024.

The Trust has supported for many years the Carmelite Institute of Britain and Ireland (CIBI), which runs a distance learning programme in Carmelite spirituality and history. CIBI offers courses at certificate, diploma, and degree level up to a Master of Theology in Carmelite studies. Since 2019 the Institute has been governed by a group of trustees, made up of the Priors Provincial of the British Province of Carmelites, the Irish Province of Carmelites, and the Anglo-Irish Province of Discalced Carmelites. CIBI, based in Dublin, is run by a Director of Studies, supported by an administrator and two assistants.

The CCT’s contribution in 2024 of £19,332 (€22,000) was used to cover the costs of administration and pedagogical activities. The total costs are shared with the Irish Province of Carmelites and the Anglo-Irish Province of Discalced Carmelites. CCT pays approximately 25% of the total cost.

The Trust financed 4-year scholarship for two lay students in Philippines. The amount of £5,843 (€6,672) was transferred to the Carmel Care Philippines Foundation in March 2024.

In addition, Carmelite friars and lay Carmelites are involved in giving talks and lecturing at every level from popular local groups to tertiary level education.

Fundraising

An important source of income for the Trust comes from fundraising carried out by a team at the Shrine of Saint Jude in Faversham. This is overseen by a management committee and managed on a day-to-day basis by a lay manager and staff. The management committee is made up of two friars (the Chaplain and Chair of Trustees) and three volunteers.

A quarterly newsletter is mailed to approximately 12,000 addresses in the UK and other countries via post and email. It also mails out other communications during the year. The Shrine has over the last few years worked hard to enhance and invest in the supporter experience. In addition, many people contact the Shrine looking for support and spiritual encouragement, whether they have donated or not: this forms an important part of the apostolate of the shrine and the Carmelite Order. The Shrine has also raised restricted funds, including the new 'Footprints of Hope' path which was opened in 2024.

The Trust also engages in fundraising in Aylesford to raise money for the work of the community and the maintenance of its very popular shrine to Mary. A newsletter is sent to approximately 5,500 supporters four times a year. Beyond the financial dimension of this activity, the Aylesford Newsletter is a form of pastoral outreach to supporters, many of whom can no longer attend events in person due to age, infirmity, or the rising cost of travel. It is written by the Prior.

The Trust is registered with the Fundraiser Regulator and follows its Code of Practice. The Data Lead ensures the Trust is kept fully appraised of changes or developments to GDPR. No commercial partners are involved in the Trust’s fundraising. The Trustees are satisfied that internal financial controls are adequate and that the activities do not pose a risk to the charity’s reputation. The fundraising is honest, open, and respectful.

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The Carmelite Charitable Trust

Trustees' report

Communications

The Trust communicates its activities to the public in many ways. This is through regular newsletters, and the various forms of social media on the internet. The Province’s St Jude’s Newsletter is published quarterly and ensures that the Trust’s supporters are informed of how their donations are used in the support of local Carmelite ministry and particularly Carmelite foreign missions. This is seen as part of the benefit the Trust offers to its supporters in increasing knowledge of missions around the world and therefore a sense of solidarity with them. The Province has its own website (www.carmelite.org), which provides a wealth of information from scholarly articles to summaries of activities and diary dates.

Projects

The Trust pays considerable attention to the needs of various projects both at home and abroad.

The Trust has agreed to contribute directly to the Australian Timor-Leste Province’s mission in Timor-Leste the sum of €25,000 per annum for a long term education program. In 2024 this came to £21,901. This will continue to 2025 and will be reviewed thereafter. This mission is located in one of the poorest countries in the world. It has a large complex for the education of friars near Dili, the capital, as well as a parish in Zumalai. The Province’s Mission Office, located in Australia, regularly supplies the Trust with information about achievements in Timor-Leste to which the Carmelite Charitable Trust has contributed.

In May 2024, the Trust responded to the humanitarian crisis in Gaza caused by the military conflict with Israel. The donation of £60,000 was paid to CAFOD.

In June, £10,000 was paid to CAFOD for the emergency appeal in Sudan caused by the internal conflict. In November 2024, the Trust responded to another CAFOD appeal, to help many refugees in Lebanon. In August 2024, £10,000 was sent to Philippines Carmel Care Foundation for the Typhoon Carina relief effort.

The Trust makes a regular donation to the Carmelite General Curia in Rome. This is effectively the world-wide headquarters of the Carmelite Order and the Trust’s donation of £64,020 represents about 6% of the total budget of the Curia. This contribution is used not only for the expenses of the central administration but also enables the Curia to give financial support to Provinces in the developing world. This takes the form of subsidising the education of Carmelite students in Rome from Africa, Asia and Latin America. The Bursar General of the Order supplies a detailed report each year on the disbursements made so that the Trustees are fully apprised of the destination of resources.

In Central America the Trust supports the work of a hospice in El Salvador. The £3,000 grant from the Carmelites is used for the running costs – that is for the palliative care offered to the patients. The Trust continued to support financially the international work of the Carmelites in Zimbabwe – the annual grant of £6,000 is used for the formation of students there.

Two parts of a terraced property in York, owned by the Trust, have been made available to the City of York Housing Agency, YORHome, for the use of refugee families from Syria. Currently, there is a family with four children in the upstairs half of the house and a sister with her brother in the other part.

One of the largest donations that the Trust made was towards building of a spiritual centre in Naromoru, Kenya. The work has been carried by the Kenyan Delegation of Carmelites and the British Province contributed £150,000 to this project. In July 2024 the Trust donated £21,216 to the Carmelite Nuns in Kenya. The money was used to buy a solar system and furniture in their Formation House in Machakos.

Together with friars from other European countries, one friar is engaged in developing links with lay Carmelites and young adults in Lithuania. In 2024 travel costs amounted to £959.

Risk Assessment

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the governance, operations, finances, safeguarding and data breach. All these risks are being addressed by the Trustees and are reviewed on a regular basis to ensure that the appropriate systems are in place to mitigate exposure to major risks from within the Trust.

The properties owned by the Trust and the individual members are fully covered by comprehensive insurance policies. The Trustees are advised by a firm of specialised insurance brokers, PIB Insurance, and apart from property insurance and employers’ liability insurance, there are comprehensive policies to cover all personal belongings, the vehicles owned by the Trust and full travel insurance for individual members and employees of the Trust.

Safeguarding

The safeguarding of children and adults at risk is a key governance priority for the Trustees. In particular, they recognize the importance of providing a safe and trusted environment for anyone who comes into contact with them, including staff and volunteers. The Trust employs a part-time Safeguarding Coordinator, who has been consulted regularly to advise the Trustees and offer additional training. The Trust works with the Catholic Safeguarding Standards Agency (CSSA) and the Religious Life Safeguarding Service (RLSS) to develop and keep updated safeguarding policies, procedures and practices. All members of the Trust engaged in public ministry are subject to an Enhanced Disclosure from the Disclosure and Barring Service and are engaged in ongoing safeguarding training.

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The Carmelite Charitable Trust

Trustees' report

Statement of Trustees’ Responsibilities in Respect of the Trustees’ Annual Report and the Financial Statements Under charity law, the Trustees are responsible for preparing the Trustees' Annual Report and the financial statements for each financial year which show a true and fair view of the state of affairs of the charity and of the excess of income over expenditure for that period. In preparing these financial statements, generally accepted accounting practice entails that the Trustees:

The Trustees are required to act in accordance with the trust deed of the charity, within the framework of the Charity Acts. They are responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

Financial Review

The Trust employs twelve people, five of whom are part-time. The Trust pays everyone above the Living Wage. No employee earns more than £60,000 p.a.

For management purposes, the income and expenditure activities of the Trust are divided into separate accounts:

During 2024 the total income received by the Carmelite Charitable Trust was £2,406,620 (2023 £1,761,598). The total expenditure of the Trust in 2024 was £1,826,581 (2023 £1,585,310). Overall, the Trust recorded a surplus of £993,717 after net gains on investments of £413,678 (in 2023 it was a surplus of £1,268,672 after net gains on investments of £1,092,384).

Investment Policy

The Trustees have considered how best the activities of the Trust may be funded and a key part of the income strategy is investment. Together with expert advisors, they have also considered what types of investment they should make. The Trust has a number of portfolios, one each linked to the General, Retirement, and EF Funds respectively, managed by CCLA Investment Management Limited and one each for the Formation, Mission and Development Funds, managed by Epworth Investment Management Limited. The portfolios are expected to generate a reliable income stream over the medium to long term.

The performance of the portfolios is monitored by the Finance Commission and the choice of investments regulated by a set of ethical principles established by the Trustees which are reviewed periodically.

Reserves Policy

The Carmelite Charitable Trust provides resources for its members to fulfil the object of the Trust to advance the Roman Catholic religion. The Trust is responsible for its members from the time they join until the time they die. Generally, this is a period of 50 years or more. Therefore, the Trust has developed a reserves policy that justifies and clearly explains keeping of reserves by means of a system of funds.

In this report, the Trustees explain to funders, beneficiaries, the public and the Charity Commission itself the purpose for which reserves are kept and the criteria for their use. The reserves policy is operated by the Provincial Bursar and Finance Office and the Trustees regularly monitor and review the effectiveness of the policy in the light of the changing funding and financial climate and other risks.

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The Carmelite Charitable Trust

Trustees' report

At 31st December 2024 the total Capital and Reserves of the Trust amounted to £23,917,248 (2023 £22,923,531) of which £6,106,977 is represented by the Land and Building Fund, £15,263,124 by other Fixed Assets and Investments and Net Current Assets of £2,547,148. The General Fund stands at £5,659,573. The purpose of this fund is to meet the day-to-day running costs.

The Retirement Fund is £5,706,970. Its income is expected to meet any needs during the retirement period of members, including residential care. The Development Fund amounts to £2,000,238. The fund was built up to cover the development at Aylesford. The East Finchley (EF) Fund has £1,505,771. This fund was created to provide for brothers removed from ministry. There are currently two brothers who are supported by this fund.

The Formation Fund is £818,280. The purpose of this fund is to provide for the formation of members of the Carmelite Order. In previous years, The Trust received large number of restricted legacies (“for the further education of priests and students to priesthood”). At the end of the year the restricted funds amounted to £921,205 so this fund will meet the needs of any of our members during initial and ongoing formation. One of our friars is currently studying philosophy at Blackfriars Studium, Oxford, which is run by the Dominican Order. The Trust is committed to supporting young people in discerning their futures.

The Mission Fund stands at £1,198,234. The aim of this fund is to assist with mission projects around the world, particularly for formation of the Carmelite friars in the developing world and support for rebuilding in the event of loss of the friaries due to natural disasters.

Objectives accomplished in 2024.:

Objectives for 2025:

Signed on behalf of the Trustees:

Rev. Dr. Michael Cox O.Carm. Trustee Approved by the Trustees on 24th October 2025

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The Carmelite Charitable Trust

Independent Auditors' Report

Independent auditors' report to the Trustees of the The Carmelite Charitable Trust

We have audited the financial statements of The Carmelite Charitable Trust (the 'charity') for the year ended 31-December-2024 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, including a summary of significant accounting policies. 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).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing ((UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Financial Statements and Reports) Regulations 2008 requires us to report to you if, in our opinion: -

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The Carmelite Charitable Trust

Independent Auditors' Report

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditors under Section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, was as follows:

•the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations;

•we identified the laws and regulations applicable to the Charity through discussions with management and trustees, and from our knowledge and experience of the Charity sector;

•we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the activities of the charity. These included but were not limited to the Charities Act 2011, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019); and Safeguarding Regulations as they affect the direct charitable activities of the charity; and

•we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and those charged with governance and reviewed minutes of Trustees’ meetings.

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

•making enquiries of management and trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

•considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

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The Carmelite Charitable Trust

Independent Auditors' Report

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Financial Statements and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Denver Dias (Senior Statutory Auditor)

For and on behalf of Williams

Chartered Accountants Statutory Auditors Jade House 67 Park Royal Road London NW10 7JJ

Dated: 24th October 2025

Williams Chartered Accountants is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006

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The Carmelite Charitable Trust

Statement of financial activities (incorporating an income and expenditure account) for the year ended 31 December 2024

General
Designated
Restricted
Notes
fund
fund
fund
2024
Income
£
£
£
£
Voluntary income
Donations, fundrasing and legacies
1
1,453,238
525
7,358
1,461,121
Pastoral Income
2
169,117
-
-
169,117
Investment income
Investment income
3
99,303
330,844
21,914
452,061
Other Interest
-
-
-
-
Other income
Miscellaneous income
314,835
5,861
-
320,696
Surplus on sale of assets
3,625
-
-
3,625
Total income
2,040,118
337,230
29,272
2,406,620
Expenditure
Raising funds
Newsletter and other costs
4
274,569
-
-
274,569
Investment managers fees
-
12,977
6,524
19,501
Charitable Activities
Pastoral works
5
446,023
66,644
43,124
555,791
Province activities
5
554,067
149,038
114,019
817,124
Support & Administration
6
143,431
122
-
143,553
Governance costs
7
16,042
-
-
16,042
Total expenditure
1,434,132
228,781
163,667
1,826,580
Total income less expenditure
605,986
108,449
134,395
-
580,040
Net gains (losses) on investments
70,990
273,579
69,109
413,678
Net income (expenditure) before transfers
676,976
382,028
65,286
-
993,718
-
Transfers between funds
266,895
-
266,895
-
-
Net movement in funds
410,081
648,923
65,286
-
993,718
Balances brought forward 1 January
5,249,493
16,687,547
986,491
22,923,531
Balances carried forward 31 December
5,659,574
17,336,470
921,205
23,917,249		 General
Designated
Restricted
2023
fund
fund
fund
£
£
£
£
908,436
896,180
6,770
5,486
175,036
175,036
-
-
443,640
102,836
319,236
21,568
2,721
2,721
228,515
228,065
450
-
3,250
3,250
-
-
1,761,598
1,405,367
329,177
27,054
248,383
248,383
-
-
17,903
-
12,826
5,077
495,306
397,032
70,456
27,818
648,232
360,648
242,101
45,483
163,798
160,128
3,670
-
11,688
11,688
-
-
1,585,310
1,177,879
329,053
78,378
176,288
227,488
124
51,324
-
1,092,384
309,049
753,920
29,415
1,268,672
536,537
754,044
21,909
-
-
-
47,047
27,047
-
20,000
-
1,268,672
583,584
726,997
41,909
-
21,654,859
4,665,909
15,960,550
1,028,400
22,923,531
5,249,493
16,687,547
986,491

Continuing operations

None of the charity's activities were acquired or discontinued during the above two financial years.

Statement of total recognised gains and losses

The charity has no recognised gains or losses other than those shown above and therefore no separate statement of total gains and losses has been prepared.

Page 13 of 20

The Carmelite Charitable Trust Balance Sheet

as at 31 December 2024

Notes
Fixed assets
Tangible assets
11
Investments at market value
12
Current assets
Stock
13
Loan to Carmelite Curia
14
Loan to the Friars Aylesford
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due
within one year
16
Net current (liabilities)/assets
Capital and reserves
Unrestricted Funds
General funds
Designated funds
19
Restricted funds
18		 9,066
156,678
51,334
633,770
1,934,894
2,785,742
238,593
-		 2024
£
6,139,637
15,230,463
21,370,100
2,547,149
23,917,249
5,659,574
17,336,470
22,996,044
921,205
23,917,249		 9,156
164,017
55,000
940,604
1,352,606
2,521,383
235,517
-		 2023
£
5,897,356
14,740,309
20,637,665
2,285,866
22,923,531
5,249,493
16,687,547
21,937,040
986,491
22,923,531

Approved by the Trustees and signed on their behalf

Rev. Dr. Michael Cox O.Carm. Trustee Approved by the Trustees on 24th October 2025

Page 14 of 20

The Carmelite Charitable Trust

Statement of cash flows

for the year ended 31 December 2024

Note
Cash generated in operating activities
A
Cash flows from investing acivities
Investment income
Proceeds of investment sales
Purchases of investments
Purchase of fixed assets
Gain from Sale of Assets
Proceeds from repayments of Loan Given
Cash provided (used) in investing activities
Increase in cash and cash equivalents in year
Movement in year
(Decrease) increase in cash at bank and in hand
(Decrease) increase in deposits and cash held by investment managers for re-
investment		 2024
£
479,448
452,061
1,080,540
1,069,502
-
265,029
-
3,625
3,666
205,361
684,809
582,288
102,521
684,809		 2023
£
139,321
-
168,744
2,092,006
1,994,300
-
21,780
-
244,670
105,349
184,893
79,543
-
105,350

A. Reconciliation of net movement in funds to net cash flow from operating

Net income (expenditure)
Deduct investment income
Add depreciation
Add/(deduct) net movement on investments.
Increase (decrease) in creditors
(Increase) decrease in debtors
(Increase) decrease in stock
Add/(Deduct) Income from Exchange Gain
Add/(Deduct) Gain from Sale of Assets		 2024
£
993,718
(452,061)
22,748
(398,671)
3,076
306,834
90
7,339
(3,625)
479,448		 2023
£
(1,058,920)
(168,744)
16,646
1,008,531
778
62,388
(139,321)

Page 15 of 20

The Carmelite Charitable Trust Principal accounting policies for the year ended 31 December 2024

1 Basis of preparation and assessment of going concern

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 1st January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.

2 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations are recognised when the Trust has been notified in writing of both the amount and settlement date. Legacies are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield in the investment portfolio.

3 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. The cost of generating funds includes the fees paid to investment managers in respect of the management of the charity's investment portfolios.

Expenditure on charitable activities comprises direct expenses incurred on the defined charitable purposes of the charity and includes staff costs attributable to the activity.

Governance costs comprise of expenditure on compliance with and advice on constitutional and statutory matters.

As all expenditure can be attributed to specific categories no apportionment between headings has been necessary. Irrecoverable VAT is included in the items of expenditure to which it relates.

4 Tangible fixed assets

Freehold land and buildings are included at a valuation based either on a value estimated by the trustees or on historical cost. The Trustees do not consider that the expense of a professional valuation in order to ascertain the separate values of the land and buildings is justified.

The buildings are in constant use in furtherance of the charitable objectives and are maintained to standards that ensure that their residual value is not less than the book value. Buildings are not depreciated, for reason stated, they have a very long useful economic life such that annual depreciation would be immaterial.

All assets costing more than £1,000 and with an expected life of more than one year are capitalised. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant, equipment, fixtures and fittings 20%

Motor vehicles 25% on cost

After five years plant, equipment, fixtures and fittings with a net book value of nil are written out of the accounts as in the opinion of the Trustees such assets have a negligible residual value.

5 Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the statement of financial activities.

Page 16 of 20

The Carmelite Charitable Trust

Principal accounting policies for the year ended 31 December 2024

6 Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

7 Fund accounting

The general fund comprises those monies, which may be used towards meeting the charitable objectives of the charity at the discretion of the Trustees.

The designated funds are monies set aside out of general funds and designated for specific purposes by the Trustees.

The restricted funds are monies received from donors for specific purposes within the charitable objectives of the trust.

Page 17 of 20

The Carmelite Charitable Trust

Notes to the Financial Statements for the year ended 31 December 2024

1
Donations, fundraising and legacies
Appeals and donations
Legacies
2
Pastoral Income
Mass Stipends
Salaries and pensions
3
Investment income
Dividends and interest from investments
Bank and other interest
4
Newsletter and other costs
Staff Costs
Newsletter printing and distribution
5
Charitable activities
Pastoral Works
Staff costs
Depreciation
Premises
Other Costs
Province activities
Donations, grants and contributions
Donations to The Friars. Aylesford
Formation and training
6
Support and administration
Provincial Commission expenses
Exchange losses
Central administrative costs
7
Governance Costs
Audit Fees
Accountancy Fees		 General
Designated
Restricted
fund
fund
fund
2024
£
£
£
£
316,585
525
7,358
324,468
1,136,653
-
-
1,136,653
1,453,238
525
7,358
1,461,121
General
Designated
Restricted
fund
fund
fund
2024
£
£
£
£
73,834
-
-
73,834
95,283
-
-
95,283
169,117
-
-
169,117
General
Designated
Restricted
fund
fund
fund
2024
£
£
£
£
99,303
330,844
21,914
452,061
-
-
-
-
99,303
330,844
21,914
452,061
General
Designated
Restricted
fund
fund
fund
2024
£
£
£
£
145,599
-
-
145,599
128,970
-
-
128,970
274,569
-
-
274,569
General
Designated
Restricted
fund
fund
fund
2024
£
£
£
£
88,323
6,434
-
94,757
22,748
-
-
22,748
107,911
5,089
-
113,000
227,041
55,121
43,124
325,286
446,023
66,644
43,124
555,791
General
Designated
Restricted
fund
fund
fund
2024
£
£
£
£
259,137
149,038
32,475
440,650
294,930
-
-
294,930
-
-
81,544
81,544
554,067
149,038
114,019
817,124
General
Designated
Restricted
fund
fund
fund
2024
£
£
£
£
19,120
-
-
19,120
-
124,311
122
-
124,433
143,431
122
-
143,553
General
Designated
Restricted
fund
fund
fund
2024
£
£
£
£
13,880
-
-
13,880
2,162
-
-
2,162
16,042
-
-
16,042		 General
Designated
Restricted
2023
fund
fund
fund
£
£
£
£
340,902
330,011
6,770
4,121
567,534
566,169
-
1,365
908,436
896,180
6,770
5,486
General
Designated
Restricted
2023
fund
fund
fund
£
£
£
£
-
93,464
-
-
81,572
81,572
-
-
81,572
175,036
-
-
General
Designated
Restricted
2023
fund
fund
fund
£
£
£
£
443,640
102,836
319,236
21,568
-
-
-
-
443,640
102,836
319,236
21,568
General
Designated
Restricted
2023
fund
fund
fund
£
£
£
£
139,520
139,520
-
-
108,863
108,863
-
-
248,383
248,383
-
-
General
Designated
Restricted
2023
fund
fund
fund
£
£
£
£
101,006
76,285
15,757
8,964
22,391
22,391
-
-
118,253
111,912
4,217
2,124
253,656
186,444
50,482
16,730
495,306
397,032
70,456
27,818
General
Designated
Restricted
2023
fund
fund
fund
£
£
£
£
382,810
117,927
242,101
22,782
242,721
242,721
-
-
22,701
-
-
22,701
648,232
360,648
242,101
45,483
General
Designated
Restricted
2023
fund
fund
fund
£
£
£
£
39,630
39,630
-
-
3,456
124
-
3,580
-
120,712
120,622
90
-
163,798
160,128
3,670
-
General
Designated
Restricted
2023
fund
fund
fund
£
£
£
£
6,900
6,900
-
-
4,788
4,788
-
-
11,688
11,688
-
-

Page 18 of 20

The Carmelite Charitable Trust Notes to the Financial Statements for the year ended 31 December 2024

8
Net incoming (outgoing) resources before transfers
This is stated after charging (crediting)
General
Designated
Restricted
fund
fund
fund
£
£
£
Staff costs (note 9)
233,922
6,434
-
Auditors remuneration
13,880
-
-
Accounting and other
2,162
-
-
Depreciation
22,748
-
-
9
Staff costs and Trustees' remuneration
Staff costs during the year were as follows:
Wages and salaries
Pension Costs
Social security costs
The average number of employees, analysed by function was:
Fundraising
Domestic
Administrative
No employee earned more than £60,000 per annum (including benefits) during the year or in the previous		 2024

£
240,356
13,880
2,162
22,748
2024
£
139,747
5,053
17,197
240,356
2
1
5
8
year.		 General
Designated
Restricted
2023
fund
fund
fund
£
£
£
£
240,526
215,805
15,757
8,964
6,900
6,900
-
-
4,788
4,788
-
-
22,391
22,391
-
-
2023
£
222,769
4,106
13,651
240,526
3
1
4
8

No trustee received any remuneration or reimbursement of expenses in respect of services as a trustee during the year or in the previous year. All members of the Order, including the trustees, are maintained by the Trust.

10 Taxation

The trust as a registered charity, is exempt from taxation on its income and gains falling within Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. No tax charge has arisen in the year.

11 Tangible fixed assets

Cost
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
12
Investments
Listed Investments
Market value at 1 January 2024
Additions at cost
Disposal proceeds
Gain (loss) in year
Market value at 31 December 2024
Cash held by investment managers for re-investment
Cost of listed investments at 31 December 2024
13
Stock
Goods for resale		 Freehold land
and buildings
Motor vehicles
£
£
5,862,081
217,815
244,895
18,750
-
10,935
-
6,106,976
225,630
-
185,276
-
20,627
-
10,935
-
-
194,968
6,106,976
30,662
5,862,081
32,539		 Furniture and
equipment
Total

£
£
11,009
6,090,905
1,384
265,029
1,788
-
12,723
-
10,605
6,343,211
8,273
193,549
2,121
22,748
1,788
-
12,723
-
8,606
203,574
1,999
6,139,637
2,736
5,897,356
2024
2023
£
£
12,819,621
12,248,908
1,069,502
12,681,427
1,080,540
-
13,203,099
-
398,671
1,092,385
13,207,254
12,819,621
2,023,209
1,920,688
15,230,463
14,740,309
12,666,704
12,602,516
2024
2023
£
£
9,066
9,156
9,066
9,156

Page 19 of 20

The Carmelite Charitable Trust

Notes to the Financial Statements

for the year ended 31 December 2024

14
Loan to Carmelite Curia
Loan to Carmelite Curia
Loan-The Friars-Artisan Yard Project
15
Debtors
Tax refunds due
Prepayments and accrued income
Legacies
Other debtors
16
Creditors: amounts falling due within one year
Accruals
Masses unsaid
East Timor Spiritual Centre project
Sundry creditors
The loan to the Curia Rome, of Euro 500,000, was originally repayable over ten years from 31 March 2006. Euro 310,937 has been received to
date. Interest of 1½% per annum was receivable on the outstanding balance. No interest was receivable in respect of 2024 (2023-£2,721.45)
The Loan to The Friars-Artisan Yard Project, of £55,000, is an interest free loan repayable over fifteen years. £3,666 has been received in 2024.		 2024
2023
£
£
156,678
164,017
51,334
-
208,012
164,017
2024
2023
£
£
4,583
4,124
18,155
75,820
491,517
626,667
119,515
233,993
633,770
940,604
2024
2023
£
£
11,940
10,000
4,600
2,787
196,350
196,350
25,703
26,380
238,593
235,517

17 The Friars, Aylesford

During the year the Trust donated £294,930 ( 2023: £242,721) to the Friars, Aylesford (a Company Limited by Guarantee) which manages the Marian ,Shrine and other activities at Aylesford.

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and other monies held on trust to be applied for specific purposes

Third Order Fund
Education Fund
Funds at Faversham		 At 1 January
2024
Incoming
resources
Utilised/ realised
At 31 December
2024
£
£
£
£
11,373
-
11,373
-
-
971,462
91,023
141,720
-
920,765
3,656
7,358
10,574
-
440
986,491
98,381
163,667
-
921,205

The specific purposes for which the funds are to be applied are as follows:

The Legacy fund consists of legacies left to individual Sisters by their families. The income from the monies held by this fund belongs to the trust while the disposition of the capital remains with the Sisters.

19 Designated funds

The income funds of the charity includes the following designated funds, set aside from the unrestricted funds of the trust by the trustees for specific purposes:

Capital Fund
Retirement
Mission
Development Fund
Formation
EF fund		 At 1 January 2024
£
5,862,082
5,486,404
1,220,231
1,903,785
743,088
1,471,957
16,687,547		 Transfers
Incoming
resources
Utilised/
realised
At 31 December
2024
£
£
£
£
244,895
-
-
6,106,977
-
262,943
42,377
-
5,706,970
-
113,793
135,790
-
1,198,234
-
96,453
-
2,000,238
12,000
69,987
6,795
-
818,280
10,000
78,757
54,943
-
1,505,771
266,895
621,933
239,905
-
17,336,470

During the year £244,895 was transferred to the Capital fund from the General fund being the net change in land and buildings.

20
Analysis of net assets between funds
Tangible Assets
Investments at market value
Fixed assets
Current assets
Creditors: amounts falling due
within one year		 General
Designated
Restricted
fund
funds
funds
2024
£
£
£
£
32,661
6,106,976
-
6,139,637
3,503,580
10,728,753
998,130
15,230,463
3,536,241
16,835,729
998,130
21,370,100
2,147,728
628,673
9,341
2,785,742
24,395
-
127,932
-
86,266
-
238,593
-
5,659,574
17,336,470
921,205
23,917,249

Page 20 of 20