COMPANY REGISTRATION NUMBER: 03487590 CHARITY REGISTRATION NUMBER: 1068518 The Friars, Aylesford Company Limited by Guarantee Financial Statements 31 December 2024 BURGESS HODGSON AUDIT LIMITED Chartered accountants & statutory auditor Camburgh House 27 New Dover Road Canterbury Kent CT13DN
The Friars, Aylesford Company Llmlted by Guarantee Flnanclal Statements Year ended 31 December 2024 Page Trustees, annual report (incorporating the directors. report) Independent auditor's report to the members 32 statement of financial activities (including income and expenditure account) Statement of financial position 36 37 Statement of cash flows 38 Notes to the financial statements 39
The Frlars, Aylesford Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) {¢ontlnuedJ Year ended 31 December 2024 The trustees. who aro also the directors for the purposes of Company law, present Iheir report and Ihe financial statements of the charity for the year ended 31 December 2024. Reference and adrninlstrative detalls Registered charlty name The Friars, Aylesford Charlty reglstratlon number 1068518 Company registration number 03487590 Prln¢lpal offlce and reglstered CIO The Friars offi¢0 Aylesford Kent ME20 7BX The trustees Isabel Bodunrin Rev Michael Cox, O. Carm. Rev Brendan Grady, O. Carm. Rev Palrick O'Keeffe, O. Carm (Appoinled 4 January 20241 Advisers to the truslees Mr Jonalhon Louth Mrs Jan Wilkinson Mr Simon Howell {re$igned 30 January 2024> Company secretary Mrs Clare Abbolson Auditor Burgess Hodgson Audit Limited Chartered accountants & statulory auditor Camburgh House 27 New Dover Road Canterbury Kent CT13DN Bankers Royal Bank of Scotland plc 62-63 Threadneedle Street London EC2R 8LA Solicitors Pothecary Witham Weld 84 Eccleston Square London SW1V 1PX strateglc roport The followlng sectlons for achSevements and perform8n¢e and fSnancSal review form the strateglc report of the charity.
The Friars, Aylesford Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors. Report) (contlnuedj Year ended 31 December 2024 FOREWORD On behalf of the board of Trustees and Directors, I present the financial statements for the year ended 31 December 2024. Once again, we sel ourselves an ambitious budget in what we expecled lo be difficult economic conditions. Another strong trading performance from our retall operation, coupled with a substantial legacy and further generous donations from the Carmelite Charitable Trust, resulted in a healthy surplus for the year. The group made a positive contribution of £207,031, a much beller outcome than originally forecasted. During the year, we continued to invest heavSly in our infrastructure, enabling beller Wi-Fi reception throughout the site and continuing the work to upgrade our offer to guests and conference delegates alike. 2024 saw a full calendar of regular pilgrimages. Twenly-five in total, conlinuing the upward trend and marking a full recovery from Covid restrictions. We continued acting responsibly as stewards of the buildings and the physical environment by completing work lo provide extra energy capacity to the lower part of our site. There was conlinved focus on the developmenl of the Artisans. Yard under the guidance from our adviser Jonathan Louth and with the signing of the lease with the respective parties, we remain onfidenl this will help increase footfall and rental income in the y8ars to come. The Working Party continued their work in ensurlng staff achleved a meaningful and positive change al The Friars. The Board of Directors and Trustees met with staff to reintroduce the vision, mission, elhos, and values of Aylesford. Looking to the future, we will priorilise our ongoing commitment to improve our trading operations and benefit the charity. We will devise a strong growth strategy and ensure that our financial plans are sustainable. We have so much lo be proud of and Ihere is more lo do to make The Friars an amazing place to visit. Throughout this report, you can read about great examples of commitment, dedication and faith as people come together lo build and advocate for a belter future. We remain grateful to all our volunteers, donors, supporters of The Friars and to CCT for their continued support. As ever, I wish to offer slncere thanks to our staff. Board of Trustees, Directors, and advisers for their contribution to the su¢cess of The Friars. Jonathan Drew Operations & Business Development M8n8ger
The Friars, Aylesford Company Limited by Guarantee Trust8es' Annual Report (Incorporating the Directors, Report) (conllnued) Year ended 31 December 2024 The Trustees, who are the directors for the purposes of company law, are pleased lo present their slatulory report logelher with the consolidated financial statements of The Friars, Aylesford {Ihe 'Charily") and its subsidiary Aylesford Priory Limited for the year ended 31 December 2024. This report has been prepared in accordance with part Vl of the Charities Act 2011. The financial slalements have been prepared in accordance with the accounting policies sel out on pages 39 to 43 of the attached financial slalements and comply with the charitable company's Memorandum and Articles of Associalion, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice, applicable to charities preparing their accounts in accordance wilh the Financial Reporting Slandard applicable in the United Kingdom and Republic of Ireland {FRS 1021. These financial statements consolidate Ihe activities of The Friars, Aylesford and its wholly owned subsidiary Aylesford Priory Limited. The subsidiary company, which manages the commercial aclivilies, has been Irading since l January 2010. The Friars, Aylesford Historic Overview Aylesford Priory, better known as The Friars, first came into the hands of the Carmelites in 1242. There are a number of medieval buildings still slanding that are Grade I listed. They include two walks of the Cloisters, the Cloister Chapel, Priors, Hall, and Pilgrims, Hall which still provide hospitality to guests and pilgrims. One building provides accommodation to a community of Carmelite Friars. The Community returned in 1949 after leaving al the Dissolution of the Monasteries in 1538. A new Gothic style outdoor Shrine was built. Work began in 1958.11 has a fine collection of religious modern art and was recently Grade Il. listed. Aylesford Priory is now a 44 acre site of significant religious and historical interest. attracting around 100,000 10 120,000 visitors in 8 typical year. At its heart is a major religious shrine, the Shrine of Our Lady of Mount Carmel and St Simon Stock. The open air Marian shrine has a wide piazza which has room for up lo 6,000 pilgrims, and a series of five linked chapels of varying sizes.
The Friars, Aylesford Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors. Report) (contlnu•dJ Year ended 31 December 2024 Histori¢ Overvlew (continued) Our surviving medi&val buildings are now partly used as a home lo some members (friars) of the Carmelite Community, the remainder forming part of our hospilalily facilities, our guest house and conference suite, which with additional newer buildings can now accommodate up to 100 overnlghl visitors. The sile also has a tearoom, and a gift shop located in a refurbished 16th century Ihatched barn, ar)d some auxiliary buildings which are offered for rental lo individuals and local businesses. From 1949 Aylesford Priory formed a part of a Carmelite Charitable Trust, which covered England and Wales. However, in 1997, the management of Aylesford Priory was devolved to a separate charitable company. The Friars. Aylesford. The ownership of the sile and buildings remain5 with the overall charily, namely the Carmelite Charitable Trust bul Ihe administration, the maintenance and the development of the site and the management of the commercial activities have been enlrusled lo The Friars, Aylesford, and its wholly owned subsidiary company. Aylesford Priory Limited formed in 2010. Oblectlves and Actlvltles The purpose of The Friars, Aylesford, as sel out in Ihe Memorandum of Association, 18 primarily lo maintain and develop the Aylesford Priory site as a Marian shrine and relreatlconference centre al the 88Nice of the Roman Catholic community as well as other churches, people of olher faiths, groups and individuals who wish lo use the facilities. The trustees have given careful consideration to how aclivilies of The Friars meet their slalutory duly and have considered the Charity Commission's guidance on public benefit. This report sets out how our activities benefit those who visit The Friars, Aylesford Priory. as well as the local and wider community affected by our presence and outreach activities. Our Vlslon A meeting place and centre of Christian spirituality with a Carmelite community al ils heart- a space where people of all ages and all faiths and none, will find a welcome. where the Sacred is expressed through prayer, the arts and nature. Be still and know Ihal 18m God (Ps 46. 10) Our Mlssion • To work In partnershlp with others + To be inclusive • To act responsibly as stewards of the buildings and the physical envlronment • To be accountable to all our slakehold8rs Our Values Love one another as I have loved you (Jn 15.12)
The Friars, Aylesford Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) (¢ontlnuedJ Year ended 31 December 2024 Our ObJe¢tlvos • Such charitable purposes which advance the Roman Catholic religion in any part of Great Britain. • To promote for the benefit of the public the restoration, presentation and maintenance of the historic buildings, amenities and grounds of The Friars, Aylesford. Our Ethos We derive our values from the life. message and leachings of Jesus Christ and our inspiration comes from our models. the prophet Elijah, the Blessed Virgin Mary and the saints of the Carmelite Family. The basis of our work is an expression of our commitment to serve the people through friendship, hospitality and a desire to live out Ihe values that Christ preached. Principal Activiti95 We are pleased to report that The Friars, Aylesford principal activities fully mel our key objectives of partnership, inclusivity, stewardship, and accountability Commerclal Tradlng (Aylesford Prlory Llmlted) Aylesford Priory Llmlled, Company Registration Number 6740190 (England & Wales), Is a wholly owned subsidiary of The Friars, Aylesford. The company's principal activity is lo provide a profil on commercial activities at Aylesford Priory lo financially supporl: • The pastoral activity of the Charity The promotion of the benefit lo the public * The restoration, presentation and Maintenan of the historic buildings, amenities and grounds of The Friars, Aylesford The trading activity is primarily the provision of conference facilities, guests, catering and accommodation, events and sale of books. gifts. and refreshmenls. Daily visitors We conlinLFO lo live by our vision: "a meeting place and centro of Christian spirituality with a Carmeli18 community al ils heart., a space where people of all ages and all faiths and none, will find a welcome, where the sacred is expressed through prayer, the art8 and nature" We provide free access 365 days a year to all visitors of any age or nalionalily lo enjoy our place of peace. our venue for gathering. our community of prayer. In 2024, we saw numbers of local visitors once again increase, continuing the posl-pandemic recovery. 'VVF Visitors enjoying a plcnic on the lawn
The Friars, Aylesford Company Limlted by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) (¢ontlnued) Year ended 31 December 2024 Principal Activities (continued) Pilgrimages 2024 saw the return of all our regular pilgrimages, hosling 25 in total, marking a full recovery from Covid. As highlighted last year, the trend continued away from groups arriving in coaches towards individual travel arrangements. This puls significant pressure on car and minibus parking. For the larger pilgrimages, the Knights of Sl Columba act as parking stewards. In dry weather. they direct cars lo the fields adjacent lo the main and Tea Rooms car parks but in wel weather, this is not always possible. Therefore, active consideration is being given to extending the hard-slanding areas for parking. The Syro Malbar Pilgrimage is now one of the biggest allracting between 2,500-3,000 people from all over the country. Other pilgrimages include the Polish, Tamil, Italian, Divine Mercy, Legion of Mary, Caribbean, Goan, Filipino, Kerala Catholic Chaplaincy and Knights of St Columba. Total numbers of pilgrims for the year rose lo 9,740. Fr Michael Cox O. Carm. (Prlor of Aylesford) with the Syro Malabar Pilgrimage 2024 and Bishop Jo$eph Sramplckal.
The Friars, Aylesford Company Limited by Guarantee Trustees. Annual Report (Incorporating th6 Directors, Report) (¢ontlnued) Year ended 31 December 2024 Prln¢lpal Actlvitles Iconlinuedl Pllgrimages (continued) Fr Michael Cox & Fr Ged Walsh with the Little Flower Pilgrimage In October 2024 Fr Mlcoai o'Neill and Rosie Bradshaw with the Travelllng Pilgrims. Icon
The Friars, Aylesford Company Limited by Guarantee Trustees. Annual Report (Incorporating th8 Directors, Report) (contlnuedj Year ended 31 December 2024 Prln¢lpal Activltles Icontinuedl Pllgrlmages {conlinued) Bishop Patrick Lynch with the Rellcs of the Scottish Salnts at the 2023 Knights of St Columba Pilgrimagg. EduGalional tour groups We offer educational tours for groups covering the history of the Carmelite Order here at Aylesford, the athork, and the development of Aylesford Priory. These tours are of interest lo historical, art and other educational groups and we often welcome foreign groups visiting the UK. Schools programme The number of schools bringing pupils for day retreats remained high in 2024 with 34 schools visiting compared to 27 in 2023. With the significant increase in the cost of coach hire, il is noticeable that wherever possible, schools are making multiple srllall number bookings and using their own school Iransporl. Good use continues lo be made of the North Barn where schools with larger numbers hire the Barn as a base for the day. The 'Welcome from a friar, slot at the start of their visit continues lo be very popular. The majority of schools join the 12 noon Mass, bul a significant minority have their own Mass or liturgy in one of the Chapels, St Joseph's Chapel being a favourile with schools.
The Friars, Aylesford Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) fconrfftued) Year ended 31 December 2024 Prln¢lpal Actlvltles (continued) Schools Programme (conlinued) Puplls on a school vislt Outreach programme for schools and young adults The two regular mulli-school events again proved very popular in 2024 although numbers were down in 2023. On 18th June, the Soulhwark Education Commission organised an event for all Kent Primary s¢hool8 when about 500 pupils and their teachers held a Eucharistic Liturgy on Ihe Main Shrine. Later in the year. on September 24th Kent Catholic Schools Partnership organised a Mass for over 850 pupils who filled the entire Main Shrine. The principal celebrant was Bishop Paul Hendricks. In 2024. some 99 groups made retreats and visits of various kinds to The Friars ranging from parish Confirmation, First Communion and RCIA groups, and groups such ag local community support groups and Universities. This figure was up from 82 in 2023. Below Is a table showing the total number of visitors received via schools and parishes. Visitors 2024 Pilgrims 9,740 School pupils 5,817 ParishlGroup visitors 4,019 Totals 19.576
The Friars, Aylesford Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Dlrectors, Report) (¢onllnuedJ Year ended 31 December 2024 Retreats We continue to offer a plac8 of retreat for individuals and groups. Members of the Carmelite Communily (the friars) often work alongside groups Ihal come to stay al The Friars, Aylesford and individuals are welcome to join community worship. As well as this work. the friars organise a few retreats each year which are open to anyone who wishes to particlpate. We successfully ran a series of Lent Talks each Saturday from 17 February to 31 March relating to The Apostles, Creed. People who have experienced bereavement are encouraged lo participate In the "Grlef and Loss" retreats whSch were held in March and October. We grieve, remember, hope. and give thanks for our loved ones in the light of the Resurrection of Jesus. Fundr8lslng actlvltles To maintain the historic bulldings at The Friars and lo financially support the free pastoral offers to visitors, there is a conllnued programme of fundraising events. These include Summer and Christmas fayres. musical and dramatic productions. We do not use professional fundraisers or participators. The Summer and Christmas Fayres remained our blggest fundraislng a¢livity, and they provide a chance for Ihe wider communlly to witness the vlbrancy and life of The Friars. The support of our volunteers ¢onllnues lo be Gruclal, ond we would like to acknowledge the support we receive from them during our Summer and Christmas fayres. We are fortunate to have volunteers who gFve Ihelr time to support our fundraising efforts. We are also extremely grateful for the contributions we have received through individual donors and legacies. 11 is a source of great hope and inspir81ion that so many conlinue to generously support The Friars in these difficult times. 10
The Friars, Aylesford Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) (contlnuedj Year ended 31 December 2024 4¥ V.•• Some of the volunteers at the 2024 summerfayre 11
The Friars, Aylesford Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors. Report) (continued) Year ended 31 December 2024 Summer fayre 2024 100+ Club This is a great way of supporting The Friars. A special thank you to Mike and Judy Collins for the many years they have run this club. Not only do we fundraise for our charity The Friars. but we also fundraise lo support other charities like CAFOD and Mary s Meals which are charities Ihal supporl poverty in countries around the world. We also collected food for Maidslone Chrislian Care Food Bank, a charity that supports the homeless and needy. Volunteers There are many volunteers who help The Friars in their Gharitable a¢livilies, giving their lime and invaluable support. Volunteers play a crucial role in the running of The Friars and wilhoul their support we would be unable lo operate in the way we do today. We are extremely grateful to all our volunteers who give their lime year in year out. Many of our volunteers have been helping for many years and continue lo be an integral parl of The Friars. Among the regular worshipping community at The Friars. volunteers supporl us al social events and fundraising aclivilies. In 2024, we had over 20 volunteers helping with the maintenance of the grounds and gardens. chapels. and events. The volunteer numbers are dwindling, and we need a strategy lo attract new members. 12
The Friars, Aylesford Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) (Goneinued) Year ended 31 December 2024 Prln¢lpal A¢tlvltle$ (continued) Volunteers (confinued) The Gardonlng Group Here is a message from Hugh McKearney, member of the Peace Garden Volunteer Group: 'The Friars, shrouded in its history and ancient bulldings, Is a beautiful and peaceful place which encompasses a spiritual haven for quiet reflection and silent contemplation. away from the maddening crowds of Ihe world beyond its boundaries. Pilgrims and visilors are attracted to The Friars from all over the country and the world. It quietly enthuses them lo offer something in return to preserve this repository of a Holy Shrine here at Aylesford "in England's green and pleasant land. The Peace Garden, though only thirteen years old by comparison, supports The Friars, ethos. The g8rden is, however, a non-denominational enclave secluded by long high Twelflh Century walls beyond the Archway of the Gatehouse. The garden is laid out in five separate smaller gardens with conventional sealing to facilitate a quiet relaxation and peaceful reflection. It also stimulates an opportunity for visitors lo amble along quietly apprecialing the colour and beauty of God's creation. The garden was constructed over a period of foulleen months by a group of volunteers professionally directed and enlhusiaslically motivated by Jayne and Bernard Hoose. 11 was officially opened in Aprll 2012 by the famous horlicullurist Tom Hart-Dyke of Lullingstone Castle, Eynsford, Kent. 11 was constructed based on the five elements,. Ihe gardens are reflected horticulturally, by a variety of planls and shrubs depicting Fire, Wind and Water. Some of the original volunteers are still maintalning and nurturing Ihese shrubs and plants and replacing them where needed. Our dedication is greatly appreciated by many visitors from far and wide, which encourages us lo continue undertaking the delightful tasks for as long as God permits. The volunteers of diverse nalionalilies, though now fewer in number, have form8d a companionable and therapeutic group. whilst still sustaining Ihe care and nursing allenlion required by this peaceful haven. God creates nature, bul He needs a little help with the weeding. We seek lo encourage more volunteers lo join our group so that this attractive en¢losure, close to the Holy Shrine and Rosary Way, may conlinue for as long as possible lo allract visitors and pilgrims to the Friars. Aylesford.. Hugh McK88rney The Gardening Group assists the Eslales Team to maintain the grounds and usually meet and garden every Thursday and Salurday. We also have the Pastor81 Team which has transformed Snto a regular Prayer Group and will continue to support the pastoral ministry of The Friars. The Team, which includes five volunteers, meets regularly to help plan and support retreat programmes and enhance Ihe pilgrim experience. The group members develop prayer opportunities, pilgrim tours and ways lo improve the pastoral areas of the site. 13
The Friars, Aylesford Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) (continu8d) Year ended 31 December 2024 The Peace Garden Prlnclpal a¢tlvltles (continued) Volunteers (continued) We are privileged lo have a small number of professionally qualified lay advisors who hold honorary positions and regularly attend Trustees, meetings for The Friars and Directors, meetings for its subsidiary trading company Aylesford Priory Limited. We also hosted volunteers from Europe who helped in our Catering and Eslales department. These international volunteers come here to improve their English and learn Some life skills and we are grateful for their support. Looking into the future, our vision is lo have an inclusive culture of volunleering. Everyone will be an advocate for volunteers and will understand the value they bring lo The Friars. Volunteering will be embedded in organisalional-wide planning and decision-making. Once again, the Iru51ees would wish lo record their recognition of the professionalism and commitment of all their staff, volunleers, advisors, and the individual members of the Carmelite Community. Their dedication and positive approach are invaluable. 14
The Friars, Aylesford Company Llmited by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) {¢ontlnued) Year ended 31 December 2024 Achievements and Performance in 2024 The Hospilalily industry nationwide continued to be challenged because of rising prices, inflation, and a sleep increase in minimum wage. We were no different, and were it not for a generous legacy, we would continue lo struggle to break even. Details in the table below illustrate our few achievements in 2024.. What we sald we would do In 2024 What we dld In 2024 q.Deliver the agreed 2024 budget The group posted a combined surplus of £207k with APL making a profil of £54k and TFA making a surplus of £153k. We had planned to make a small loss but were fortunate to receive a generous legacy for which we are enormously grateful. 2. Improve our IT infraslruclure To remain innovative and competitive. we continued lo invest in our technical needs and buill greater agility in our IT operations. We leveraged our cloud-based security. 3. Invest in priority capital and maintenance projecls Legacies and the continuing support of the Carmelite Charitable Trust has enabled us lo continue our programme of refreshment and renewal. 2024 saw further investment in securing the fulure. Continuing investments in the Guest House alongside upgrades lo our vital infraslruclure are part of our plan lo improve the suslainabilily of The Friars as a sile of peaceful conlemplalion. 4. Work with Partners The value of ParlnershSp Is central to the work we do. Having finalised the contract for the Artisans, Yard projecl and with financial backing from The Carmelite Charitable Trust. subslanlial progress has been made in creating a vibranl hub for the local artisan community. 5. Green Energy Inilialives The green energy focus group was formed, and initial strategy formulated. Planning is ongoing and forms a central parl of our thinking for sile wide sustainability. 6. Volunteers We conlinue to actively seek more volunteers to help us run our eslale in various capacities. but we continue lo struggle to increaso volunteer numbers. 15
The Friars, Aylesford Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) (contlnued) Year ended 31 December 2024 Fulfilling our mission 2024 Worklng in partnership with others It has already been menlioned that The Friars remains an important retreat and pilgrimage centre. Several groups would come to pray and worship at the Shrine each year. and it Is pl8asing to S86 that pilgrimage attendance is truly back to pre•pandemlc levels. Group worshlp at the Shrlne The Friars, Aylesford continues lo play host to the Aylesford Farmers, Market. the Vintage Motorcycle Rally, The All-Ford Car Show. The Kit Customer American Car Show and The Woodlurners, Exhibition. Theatre at The Friars continues to be very popular and again we hosted the This Is My Theatre Company, and they performed Midsummers Night's Dream in the month of July. We continued to work with Maidslone Churches Winter Shelter programme, which provides shelter for the homeless in winter months and assist by laundering their bed linen. As part of our ecumenical involvement, we continued to welcome different groups, celebrate mass, hear confessions and one of the Carmelite friars is also chaplain lo a local Catholic school. 16
The Friars, Aylesford Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) (Gon(Inued) Year ended 31 December 2024 Fulfllllng our mlsslon 2024 (contlnued) Be Incluslve Classes offered by Aylesford Pottery are proving very popular. They continued to offer classes to groups with learning disabilities, such as Emotional Behaviour Disorder. Pottery classes have increased, and plans are well advanced to expand their buildings lo accommodate more students. The Brocard Room has conlinued to be a very popular regular meeting place for Aylesford Scouts, school groups. the Syro-malabar group, the Enamellers and Woodlurners. We are pleased to continue lo support The Alcoholics Anonymous (AA) who have been offered a much bigger room as their numbers attending meetings have increased. Our guesthouse continued to welcome people from all walks of life. from all backgrounds. abilities, ages, faiths and none. We continued lo host mindfulness training groups, such as yoga and reiki groups. The Spiritual Direction group has also been offered 8 room for their training. As their needs grow, the need for more break-out rooms has become a challenge, bul we remain hopeful of meeting their requirements. We continued to support our local schools by welcoming four students for work experience who all enjoyed their lime working in the different departments of The Friars. We continued to pul our lottery funded North Barn to good use by hosting religious groups. The Woodturners also hold their yearly exhibitions here, showcasing their magnificent artworks to the public. We hired the North Barn to couples for their wedding receptions and hired it out for wakes, parties and meetings. We hosted several events in our 13th Century Pilgrims, Hall. Pilgrimage group using the Shrine. 17
The Friars, Aylesford Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) (contlnuedj Year ended 31 December 2024 Fulfilling our mission 2024 (continued) Acting responsibly as stewards of the bulldings and the physlcal envlronment Our buildings and the majority of the site are in continual use by worshippers, visitors. lodgers, and tenants. conference and overnight guests as well as the Community, our Staff, and our Volunteers. The activities mean there is a continual allendance and vicarious inspection throughout the year. In this way, nascent or emerging risks and emergencies are ordinarily spolled or reported, following which the eslale staff can make an immediate assessment. The buildings are additionally risk-assessed annually, and the Quinquennial architect is also vigilant when attending formal maintenance or construction projects under their guidance. All large events have a Duty Manager, and a First Alder assigned lo them and all hospilalitylconference areas fall under the leadership of the hospiialily team. Thus, we believe our site and facilities are as safe as IS r8asonably possible for the many visilors we welcome. Over the years the Carmelite Charitable Trust ICCT) has supported and promoted work with young people and young adults. Our Young Peoples Project is an excSting new project for people aged 18 30. The Carmelite Charitable Trust is developing a residential volunteer community based at The Friars. The vision for Ihe projecl comes from our desire lo accompany and collaborate with young people. lo share our experience, the Carmelite experlence and story, and lo journey logether irs finding new ways to live and share in the mission of the province. The new project was submitted for planning permission and listed building consent during 2022 and will offer greater support for young people and further collaboration with young adults. At the development stage the initiative is already producing resources for visiting groups and offers input 2nd support to large 'youlh' and school pilgrimages. Subject lo meeting planning and building regulalion conditions, it is expected the buildings will be based in the walled garden at The Friars and will offer programmes and support lo visiting groups: we have raised the relationship between CCT and TFA as regards appropriate lease back provisions which will be progressed with legal advice. Each year an experience of communlly, service, prayer, and formation will be offered lo young adults from different countries and backgrounds. The new team will also provide face lo face programmes for visiting groups and engage with aspects of the day-lo-day life of Aylesford Priory. Some of the physical facilities are expected lo contribute lo a renewal of some of the sile infraslnjrlure: electrics, water supplies, drainage and, polenlially, joint development of renewable energy generation on the site. Proactive exploration of opporiunities for collaborative partner organisalions and for the improved use of the whole sile look a greater pace. Talks begun in 2022 with the pollers and upholsterers have culminated in 2024 with the opening of the Artisans. Yard, a vibrant facility for local artisans lo practice their craft and welcome visitors. Whilst TFA will receive a rent on these areas at their unimproved value, the Charities Act report from Sibley Pares approved extension of an exisling discounted value lo be reduced every five years together wilh an annual rent increase in line with RPI. The Upholsterer WIIS invest reasonable, foreseeable renovation costs and reap the benefit of the buildings.. a sub-lease structure will permit other artisans to take up spare space in the Ariisans, Yard. 18
The Friars, Aylesford Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) (¢ontlnued) Year ended 31 December 2024 Fulfilllng our mlsslon 2024 (continued) Acting responslbly as stewards of the bulldlngs and tho physlcal onvlronment (¢onfinu8d) Subject to TFA accommodating part-lime hire groups elsewhere, an option for the Pollers to move their activilies partially into the Brocard room beslde the pottery will bring simllar b&nefils, enabling other artisans to occupy two vacated buildings. The Estales team met six limes this year, ordinarily attended by the quinquennial architect, and the group continued to report on significant maintenance concerns to the Iruslees. Mini refurbishment work conlinued in some of the guest rooms in the New Block. The architect was confirmed in three long-standing briefs for extended vehicle hard-slanding for major events, secure site gales. en-suite and services improvements on guesl rooms on the Old Block. Planning and listed building applications are currently being progressed. Principal masonry and other fabr5¢ repalrs lespecially the tall South wall of the walled gardenl arising from the 2013 QI report were completed in 2024. In 2023, with the assistance of two government grants. a major 2 year restoration of the Grade 2" shrine was completed and this has been followed in 2024 with restoration work lo the ceramics in the R05ary Walk, along with the continued expansion of our Wi-Filconlactless network, completing our project to bring inlernel facililies to all our conference rooms and Ihe Shrine area. St. Anne's Chapel warranted continued environmenlal moniloring during 2024, assessing why humidity and condensation occur in Sl Anne's Chapel continued and, though the Kossowski ceiling graffiti wall damages were repaired. deterioration was not fully arrested and it will come fOard for consideration after the further monitoring. Conversation was initiated with CCT regarding the lease structure and the balance of responslbililies for capital works, for planned maintenance and for running repairslwear & tear. There is an increasing sense that the size of the eslale and the size or capacity of the trading company are mismatched if the major costs are to be borne only by local income. Pending potential reorganisation, CCT agreed in 2023 to make grants available from Province funds in the foresBeable future, principally whero these arise out of death legacies that make reference to The Friars. One concern discussed by estates group is the evident lack of time or resources to keep the grounds in 'besl' order or to open up more and alternative uses of the wider estate- a proposition Ihal further tenants and lodgers might be welcomed lo18ke licenses and make beneficial use of parts of the esl8le (such as the tree surgeon and the IT consultant who became tenants on site during 2021122) has been approved. 19
The Friars, Aylesford Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) (contlnued) Year ended 31 December 2024 Fulfilling our mlsslon 2024 (continued) Acting responslbly as stewards of the bulldlngs and the physlcal envlronment (continued) Having replaced the 25-year-old steam boiler and two pieces of laundry equipment in 2022, the out-moded nature of the healing and electrical infrastructure became increasingly apparent during 2023 and discussions on the need for sustainable, renewable. reliable energy supplies have taken place. Initially under the Prior Provincial las Chair of TFAI, the estates group, quinquennial architect and services consullanl, convened a Green Strategy Group,. the consullanls, initial reports indicated that detail surveys will have lo be undertaken during 2025 for coherent proposals for phased transition lo renewables over something akin lo a 10-year plan. This loo will progress in discussion with the ProvincelCCT as freeholder and in collaboration with the Young Peoples, project team. We invested heavily in our IT infrastructure, enabling a faster Wi-Fi in the conference rooms, Pilgrims. Hall, the Money Room. the Shrine and Piazza. Water damage lo acoustic panels was addressed and these were also repaired. There is increased demand for more information about companies. environmental, social, and corporate governance (ESG) performance and we are aware that the charities commission are also keen lo see the eco credentials of charities and for that reason we embarked on our very own green energy strategy which would involve new technology with use of infrared healers lo heal people not buildings. Looking into the future. we aspire lo further refurbish the guest rooms in the Old Block, repair and extend the car park and fix electronic gates. We will continue investing in our IT infrastructure and be ready for when lelecommunicalions convert lo VOIP. We continue lo communic81e with our local community and visitors via our website and social media. New followers on Facebook have been keeping up to dale with our supporter-facing activities. hearing about campaigns and engaging with us. In 2024, we continued lo distribute The Aylesford quarterly newsleller lo over 6,000 people across the United Kingdom and the Republic of Ireland. Many ol those who receive the newsletter respond and share their views, thoughts. and aspirations for The Friars al Aylesford. We also published and distributed the monthly Friars News for our local community and staff. Our visitors continued lo share their feedback and ideas through a questionnaire which is available in all guest rooms. 20
The Friars, Aylesford Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) (continued) Year ended 31 December 2024 Fulfllllng our ObJe¢tlvo$ In 2024 Be a¢¢ountable to all stakeholders During the year, we actively responded lo feedback on Trip Advisor ensuring that our customers, voice was heard. We were swift in providing solulions and we take on board reviews very seriously because we know they have the polenlial to transform our brand and inspire our team lo be belter every day. Such ¢h8rltabl• purp050s whlch advance the Roman Cathollc rellglon In any part of Great Brilain Throughoul its long history, the Church has been a major source of soclal services like schooling and medical care- an inspiration for art, Gullure, and philosophy. and an influential player in politics and religion. In various ways il has sought to affect Western attitudes towards vice and virtue in diverse fields. Being Catholic and partaking in Catholic sorvlces strengthens people's relationship wlth God and with their community. Being Catholic reminds them of what life is all about, family 2nd helping others and setting time aside for the Lord. People can rely on their Catholic failh lo guide them Ihrough all aspects of Iheir lile. The Friars is primarily a Roman Catholic shrine and pilgrimage cenlre. Served by its Carmelile community, there are normally regular masses celebrated each day and the friars are available for confessions, counselling, and consultations. The chapels are open all day all year round for those looking for a place of quiet and medilalion. We are pleased lo have the Syro-malabar community who use our chapels on a regular basis. The Syro-malabar community also provide us with volunteering support during our big fundraising events. A pastoral team of friars and lay volunteers served the spiritual and religious needs of those visiting The Friars and delivered Ihe annual retreat program. As an important Marian shrine. pilgrims from all over the world visited Ihroughout the year. These international pilgrims prayed and celebrated in their own languages. The Friars is a religious s811ing op8n lo all people with all failhs and none. Its purpose is not just to hold masses. but it is also a place of welcome lo all. The Carmelite Community conlinued to support the many schools who visiled with Iheir individualised programmes. These programmes include history and arl appreciation. Apart from participating in these programmes, the school children also look part in Masses in the chapels. The friars normally also lake Ihem on ground tours explaining the history of the Carmeliles in England and giving them an understanding of the various artworks. To support families who have lost loved ones we maintain a Book of Friends Ihat offers the opportunily to commemorate their loved one. We also offer bereaved families a place lo celebrate Ihe life of their loved ones, provlding a venue and catering for funerals and wakes. 21
The Friars, Aylesford Company Limited by Guarantee Trust8es' Annual Report {Incorporating the Directors, Report) (¢ontlnued) Year ended 31 December 2024 Financlal Revlew In another difficult year for all. the cosl-of-living crisis left many families struggling to afford basics. Most families are forced lo think twice before eating out and a large number relied on food banks to make ends meet. This had an impact on the Hospitality industry nationwide and we continued to see closures of restaurants and eateries. The Hospitality industry also struggled to keep staff, with many people opting to go to work in retail where wages were more compelilive. We are fortunate in relalning a Solid core of loyal slaff who, supported by our team of reliable casuals, provide a welcome lo all who visit The Friars. Staff costs are our most significant area of expenditure making up 46°k of our lolal cost base. However, the Operation81 Team have worked hard lo make the best use of staffing, reslricling the overall increase in staff costs lo 4.51J/o, largely due lo increases In mlnimum wage and a pay award lo all salaried slaff. High energy costs, coupled with rising supplier costs, meant that we had to work hard lo control our cost base. Bul despite all the challenges, our financial results for the year were stronger than we had hoped for, even with the challenging cost-of-living environment. We planned for a small deficit, bul robust financial control and a strong performance in our trading departments contributed to a positive result. We continue to seek ways to diverslfy our Income streams, to grow our nel income and we embarked on various income generating events which were less labour-intensive. As well as our regu18r calendar of events, we included Open Air Theatre and an Easter Egg Hunt, which proved very popular with children and families. We continued the work lo convert our outbuildings into an Artisans, Yard. This will improve our rental income considerably in years lo come. It is also worth noting that grants and donations for the year were significantly less than the previous year, 2023. General Funds The Trustees contlnue to ensure Ihe profitabllily of the day-lo-day operations In the wholly owned subsidiary Aylesford Priory Limited, and lo ensure the nel costs of Iheir charitable activities are mel by Ihe surplus made. The trading actsvities of Aylesford Prfory Llmlled resulted in a profil of £54,124 {2023: loss £16,568), (please see note 11. A surplus of £152.907 (loss of £7,235 in 20231 was made by the Charity, resulting in a Group profit of £207,031 (2023.. loss of £23,803). General reseN8s were £699,317 compared lo £403,365 in 2023. The increase in gener81 reseNes reflects the receipt ol a generous one-off legacy alongside a positive contribution from Aylesford Priory Ltd. 22
The Friars, Aylesford Company Llmlted by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) (continue Year ended 31 December 2024 Flnancial Review (continued) Restrfcted Funds forspeclal purposes These funds usually arise from legacies and donations and are limited lo spending on defined purposes. In January, £345.441 12023.. £391,420) of reslricled funds were brou9hl forward into 2024, represented by £16,91412023: £17.0541 for Ihe Peace Garden and £328,527 {2023'. £374,366) for the Resloralion Fund. As of 31 December 2024, carried forward restricted funds were £200,412 12023.. £324,863), comprising £184,357 for the Resloralion Fund and £16,055 for the Peace Garden. Total funds as of 31 December 2024 were £1,490,905 {2023'. £1,283,874) represented by £200,412 {2023: £345,441) of reslficled funds. £815.317 of Tangible Fixed Assets {2023'. £813,336), a shortfall of £224,141 in Aylesford Priory Limited FundslReserve8 {2023: £1278,2681) and £699.317 of general reseNes12023.' £403.365). Income The turnover of Ihe charity's trading subsidiary Aylesford Priory Limited, derived Irom the provision of hospilalily (conference facilities and 9uesl accommodation), events, sale of books, gifts and refreshments, at £1,171,177 il was up 7.10/0 from 2023. This represented a strong performance in retail activity. Our unrestricted donations were £124,785, down 40/. from last year (£207,087 in 20231. Shrine aclivity was £95,168, up 9.2°h on 20231£87.178). Summer and Christmas fayres brought in £55,487, down 13 % on 2023 (£64,317). The Carmelite Charitable Trust {CCT) continued lo provide financial support to the Charity in the form of an annual grant of £120.000 for ils ongoing activities. The group Income was £1,864,320, an increase of 12.50/0 in comparison to £1,657,389 in 2023. This was primarily down to receiving a generous one-off legacy. Expendlture The resul(s for the year end8d 31 December 2024 reflect another year of challenges presenled by rising inflation and supplier costs. We continued to follow through on various ¢osl-saving strategies and held new income generating evenls. We fo¢used on agreed margins for each of our trading activities and ensured adequate investment in our sile and facililies, to maintain a healthy and safe environment for our staff, volunteers, customers, and visitors. For more details of a¢livity In Ihe wholly owned subsidiary Aylesford Prlory Limited see note 16. The Iwing and personal expenses of the Carmelite Friars at Aylesford were £49,150 {£78,701 in 20231 down 3810 year on year. There are fewer Carmelite Community members now. Table 1 below shows that expenditure in 2024 on the upkeep of the shrine (note 51 was up 1.3% on 2023. Good cost control meant that non-staff costs were in line wilh the previous year. 23
The Friars, Aylesford Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) (contlnu¢d) Year ended 31 December 2024 Table 1 - 2024 Expenditure on upkeep of the shrine compared lo 2023. 2023 2024 Difforenco Governance costs £11220 -56.4 /0 Office costs £14,352 £9,050 Premises & Facilities costs £257.630 £283,682 10.1 % Indirect Staff costs £46,379 £49,680 Direct Shrine costs £110,853 £99,041 -10.7¥0 Total £440 434 £446 350 1.3Yo Reserves Reserves are needed both to maintain the level of The Friars Aylesford's current activities and lo enable the completion of long-term projects. Al 31 December 2024 unrestricted general funds amounted to £699,317 (£403,365 in 20231 an increase of 73.4°A. During the year, restricted funds have decreased from £345,441 131 December 20231 to £200,412 {made up of Peace Garden £16,913 and Resloralion fund £183,499} al 31 December 2024. The total funds al 31 December 2024 are a surplus of £1,490,905 (2023-. £1,283,874) equivalent to an increase of 16.10/0. These total funds are represented by tangible fixed assets of £1.027,506 (2023.. £908,341 }, net current assets of £511,066 {2023'. £426,866) included within nel current assets is a net cash position of £342,092 12023.. £370,234}. Bank accounts held are part of a cenlralised. pooled banking system, used logether with and managed by the Carmelite Charitable TrSt. Pooled bank accounts are managed lo oplimise return on investments. Any accumulated reserves will be invested in the resloralion, presentation and maintenance of the historic buildings, amenities and grounds of The Friars, Aylesford. The trustees continue lo recognise the importance of securing a long-lerm presence of the Carmelite Community al Aylesford Priory and working with a new Young Adults Community. The continued ambition is lo secure a commercial partnership agreement by considering a new commercial or social enlerprise partner or partners, to use part of the available assets. lo deliver activities that provide adequate income to meet or exceed the on-going costs and support the viability of the non-business charitable activities and in particular the maintenance of our historic buildings. 24
The Friars, Aylesford Company Limited by Guarantee Trustees, Annual Report (Incorporatlng the Directors, Reportl fcontlnu8d) Year ended 31 December 2024 Our key rlsks and uncertainties The Board of Trustees has responsibility for making sure there are adequate and effective rlsk management protocols and systems of internal controls in place lo manage The Friars. major risks and to achieve our strategic objectives. The risk register Is reviewed yearly by the Board of Truslees lo ensure that relevanl risks are identified and sound mitigating controls are in place. We have processes in place lo manage Ihe key risks that could affect the charily's ability to achieve its obje¢lives. While many risks from previous years remain, increased supplior costs could have an impact on our income. as volunteers and retail customers respond to the cost-of-living crisls, as well as having an impact on our running costs. We also don't know what Ihe knock-on impa¢l on public sector spending will be - a major source of income for the charity. We continued lo miligale inflation risks through good procurement practices, as well as continuing to review our pricing strategies in our trading outlets. Current labour markel conditions and the cosl-of-living crisis mean we also anticipate major risks around staff retenlion, recruitment. and satisfaction. The hospitality industry overall continues to suffer from recruitment and The Friars is no different. Processes are in place to manage the key rlsks thal could affect The Friars, ability lo achieve its objectives, including the following.. 1. Financial Performance and sustainablllty Risk: A significant reduction in our available resources due lo external economic and environmental factors. The continued rise in supplier costs is a risk to our trading operation and undermines our ability to achieve our strategic objectives. Mltlgatlons: Annual budget setting and then full half-year re-forecasling. Holding a signrficant valuo of free reserves at any point in lime, with a monthly review of these to make sure they remain adequate. Regular review of our pricing strategy to ensure we remain competitive and be flexible in our approach. Shopping around for competitive suppliers {including energy suppliers} lo minimise rising cosls. Regular review and scruliny of finan¢lal performance by senior management and Iruslees through the Finance Group. 2. Business Continuity Rlsk: Events adversely impact reputation 8ndlor operations, including loss of operations due lo a major incident Icyber-atlack, serious data security breach, a serious fraud, major health and safety incidents, internal control failures or an outbreak of a communicable disease). 25
The Friars, Aylesford Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dlrectors, Report) (¢ontlnuod) Year ended 31 December 2024 Mitigations: Regular review and update of business continuity and disaster recovery plans to help minimise disruption lo operations from unexpected events. We continue lo upgrade our IT systems. This includes using modern cloud computing that gives staff access lo betler storage. files and software, through internel-connected devlces. The Groups files are stored & operated behind an externally maintained firewall to protect against malicious cyber-allack. 3. Change Management Rlsk: Inability to implgmenl change and complete priority projects due lo constant changes in department managers. Risk of change fatigue, bum-out or high-altrition wlthSn teams. glven the lev81 of change. Mitigations: Conlinue to offer sUPPOrt for IndSvSduals. Staff welfare is always on the agenda at Trustees meelings. 4. Lack of fundlng for malntenance and repalrs of the bulldlngs Rlsk: Reduction in funding has a negative impacl on The Friars, ability lo achieve its objectives. A reduction in funding could be due to failure to qualify for certain funds or apathy of donors or due lo constr8ints on their available incom8 from the financial crises. Mltlgatlons: strengthen our existing relations and develop new relalionshlps to secure additional funding. Divergify our sources of funding. 5. Staff Recruitment and Retention Risk: Difficulty in atlracting qualified managers and keeping them and recruiting the right calibre of non-managemenl staff. Staff turnover continues to be high. Mltlgatlons.. Creale a lalenl pipeline to manage uncertainty in filling vacancies when staff retire. Work closely with recruitment agencies. Ongoing benchmarking of compensation and benefits to the rest of the sector. 26
The Friars, Aylesford Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) (conllnued) Year ended 31 December 2024 Our plans forthe future In¢omo generatlon Our key objective is to generate as much income as we c8n lo remain viable. W6 know thal the coming years ahead aren't going lo be easy but in Challenging limes people need places of respite, beauly, and solace more than ever- and people need Ihe certainly of knowing we are still here, caring for the grounds that are important and dear lo them. Because of these reasons, we will aspire lo deliver the 2025 budget as best as we can. We will improve the effectiveness of our trading activities by operating an effective pricing slrategy, source new suppliers and continue to urge staff to work smarter. We will need to find ways lo encourage our visitors lo increase contribulions. The external and economic environment remains very uncertain. and we are clear thal we need to remain agile and flexible lo meet changing demands and needs. Invest in priority capltal and malntenance projects We will continue lo ensure that every decision we make will support our core aim and obleclive to promote for the benefit of the public the restoration, pres8nlation and maintenance of the historic buildings, amenities and grounds of The Friars, Aylesford. We will conlinue refurbishing our guest house facilities and improve our conference facilities. We will continue working with the Eslales sub-group and Ihe Estates Manager to regu18rly review progress on agreed projects. Working with partners With the introduction of Creative Aylesford and Ihe Artisans, Yard we hope to conlinue working with partners and suppllers whose lo¢al network will expand the oulreach and the effective mission of the Carmelite Community. Environmental sustainabllity Initlatlvès Climate change is now widely acknowledged as one of the most important issues facing society today and with growing concerns for the environment, il is now becoming critical for organisalions to adopt and take corporate suslainabilily initiatives that focus on people, planet, alongside profits. Sustainability practices can boost The Friars, Aylesford's longer-term by giving us a competitlve edge, enhancin9 our brand image, attracting a loyal customer base. reducing operalional costs, and creating new opporlunilies for success in the long run. We Can slarl off small by recycling all our packaging, find olher ways of using energy {solar}, work towards minimizing single-use cups and other plastics. Plans are already in place lo form a comprehensive green energy strategy. Improve IT We will conlinue to invest further in our information and technology infraslruclure so that we can operate more efficiently and effectively. We identify that IT is a key enabler for both seNice quality and financial sustainability- In today's dynamic business environment, technology pl8ys an increasingly 27
The Friars, Aylesford Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) (Gontlnued) Year ended 31 December 2024 Our plans for the future {¢ontlnugd) vital role as a powerful enabler for continuous improvemenl initiatives. Digital technology advancements have revolulionised how organisalions approach improvement processes, providing V8luable digilal tools and resources to drive operation81 efficiency, increase produclivily. and meet future strategic goals. The Board of Trustees have agreed the entire IT Infraslrudure of the sile be upgraded. Volunteers People volunteer for 8 range of reasons, and each volunteering opportunity provides ils own unique experience. The Friars, Aylesford depends on volunteers lo ensure that we remain a place of welcome and prayer to our numerous and dlverse visitors. The volunteer numbers are dwindling so we will develop 8 robust volunteering strategy, lo be the charity of choice in the Kenl area. Going concern We are doing everything we c8n to build on our financi81 stability, seeking new income streams and developing new partnerships to keep this beautiful place as a sustainable charitable and commercial venture. The Trustees have assessed The Friars. Aylesford's financial position. and the work we are doing to diversify our income through partnerghips and the creation of the Artisans, Yard. and they feel confident in Ihe charity's ability lo operate as a going concern. The Trustees have confidence that the charity and ils subsidiary company will be able lo withstand all challenges presented by e cost-of-living crisis and be financially sustainable in the short lo medium term. structure, governance, and management The Friars, Aylesford is consliluled as a company limited by guarantee governed by its own Memorandum and Articles of Association. The members are the individual Iriars of the British Province of the Carmelite Order, who meel in Annual General Meetings to elect the Trustees, lo review the financial slalements for the previous year and to discuss any other relevant business. The Trustees are appointed to oversee the straleglc governance of The Friars and its subsidiary. They sel the strategy. agree an annual budget and monilor performance. In particular, the Trustees make all decisions where the reputation and ethos may be impa¢led. During 2024, the Trustees m8t 6 limes, with an Annual General Meeling on 18 July 2025. There are two specialist sub-groups which meet regularly providing advice and recommendations to the Board. The Finance Group Chair.. Fr Brendan Grady The Estates Group Chair- Jonathan Louth larchitectl The Trustees are supported by advisors- Jan Wilkinson (Financel, Jonathan Louth (Estates and Developmenll. 28
The Friars, Aylesford Company Limited by Guarantee Trustees, Annual Report (Incorporatlng the Directors, Report) (¢ontlnved) Year ended 31 December 2024 Our plans for the future (contlnued) New Trustees are briefed on the role of a Trustee and provided with relevant literature plus copies of the Memorandum and Articles of Association. Trustee indemnity insurance premiums are paid for by the charitable company lo provide protection for the Trustees in the execution of their dulles. In December 2017, we undertook a review of our CUTrenl practices compared lo the Charity Commission's Code of Governance and were pleased that there were few areas (hal were identified as ne8ding minor improvement. The Trustees delegate the day-lo-day operations of the charity to the Management Team also known as the Trading Operations Management Team ITOMTI. The TOMT comprises the Operations & Business Developmenl Manager IOBDM) and five other members with clear lines of regponsibility for specific deparlmenls of the organisation. The Trustees have worked with the TOMT lo develop Ihe longer-term strategic plans for the charity. Responsibility for the implemenlalion of the plans is delegated lo the TOMT through agreed one-year business plans also known as Operational Plans. The TOMT has clear terms of reference, regularly reviewed by the Trustees, and its prime and collective responsibility is lo self-manage the trading operations of The Friars, Aylesford and to achieve a balanced budget, in lin8 Wlth the budget presented lo and agreed by the Trustees in December of the prior year. Within the TOMT, Certain managers are expecled to occasionally attend Trustee meetings, reporting from, and represenling Ihe TOMT. These managers can also refer urgent mallers that are outside the remit of the TOMT to the Trustees. TOMT members al the start of 2025 are: Jonalhan Drew - The Business Operations & Manager (Lead): Ros Duddell Gifl Shop Manager- Steve Hayden Eslales Manager, Karen Slevens Hospitality Manager, Natalie James - Catering Manager and Clare Abbotson Prior's and Trustees, Secretary. Key management remuneration is first informed by current local market ratos for similar roles, and by maintaining appropriate differentials for job responsibililies within the organisation. A proposal is considered by the Finance Group and a re¢ommendalion made to the Trustees. The Trustees authorise all key management salaries. Statement of Fundraislng The Charilies (Protection and Social Investment) Act 2016 requires us to make a slalemenl on fundraising. This statement outlines how we will behave when we fundraise and ensures our fundraising is legal. honest, open, respectful, fair. transparent and accountable. Al The Friars, we need lo raise a considerable amount of funds lo maintain our 22-8cre sile and provide the religious activities that go with it. Our teams work tirelessly to raise funds mainly via our Summer and Christmas fayres lour main fundraiser}, other small events like the new Easter Egg Hunt, Shakespeare plays, postal and online donations. We do all we can to ensure that fundraisers and volunteers comply wilh our Fundraising Promise. We do not use professional fundraisers or commercial participators to help us and in the pa81 Iwelve months we did not work with any "on behalf of, fundraisers. 29
The Friars, Aylesford Company Llmlted by Guarantee Trustees, Annual Report (Incorporatlng the Dlrectors, Report) (contlnu8d) Year ended 31 December 2024 statement of Fundralslng (contlnuedl We are registered wilh the Fundraising Regulalor, have paid the levy 8nd uphold the code of practice. We comply with current regulations and best practice sel out by the Regulator. We acknowledge that as we 8ngage volunteers to fundraise on our behaw. it is Imperative that we have the right safeguards in place to support them. We insist that any fundraising carried out by any third party complies with dala protection legislation as set out in the code of Fundraising practice, Sn¢luding requirements of the Telephone, Mailing and Fundraising Preference Service5. We work ¢losely with our volunteers lo ensure that they are polite, respectful and aware that anyone can be in a vulnerable situation evon If it is nol immediately apparent. If il is known or there are reasonable grounds for believing that an individual lacks capacity lo make a decision lo donale. a donation will nol be taken or il il is already taken will be refunded. It also means Ihal nobody should be pressurised or made to feel guilty for not supporting us. If our supporters do not wanl lo give or wish lo cease giving. we respect their decision and act on this. We offer them choices about how they wish to be conlacled and we respond to r8qLse5ts lo end contact. Our volunteérs make it clear when communicating on our behalf how a person can régisler f6edback or a complaint directly with us. We encourage any feedback from the public and we regularly review any feedback that we recelve. 30
The Friars, Aylesford Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) {contlnued) Year ended 31 December 2024 Trustees. responslbllltles statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and Ihe financial statements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Ac¢epled Accounting Practice). Company law requires the charity trustees to prepare financial slalemenls for each year which give a true and fair view of the slate of affairs of the charitable company and the incoming resources and applicallon of r6sources, including the income and expenditure, for that period In preparing Ihese financial slatemenls. the trustees are required to: select suitable accounting policies and then apply Ihem conslstently-, obsetve the methods and princlples In the applicable Charities SORP- make judgmen18 and accounling estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slalements., prepare the financlal statements on the going concern basis unless il is inappropriale to presume that the charity will conllnue in business. The Iruslees are responsible for k88ping adequate accounting records that are sufficient to show and explain Ihe charity's transactions and disclose with reasonable accuracy al any lime the financial P0511ion of the charity and enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularilies. Audltor Each of Ihe persons who is a trustee at Ihe date of approval of this report confirms that- so far as they are aware, there is no relevant audit information of which the charit$ auditor is unaware., and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any ¥elevanl audit information and to establish thal the charity's auditor is aware of that information. The Iruslees. annual report and the strategic report were approved on on behalf of the board of Iruslees by.. and signed Rev Brendan Grady O. Carm. Trustee 31
The Friars, Aylesford Company Limited by Guarantee Independent Auditor's Report to the Members of The Friars, Aylesford Year ended 31 December 2024 Opinion We have audited the financSal statements of The Frlars, Aylesford (the '¢haritable parent company'} and of The Friars, Aylesford and ils subsidiary Aylesford Priory Limited Ilhè 'group'l for the year ended 31 December 2024 which comprise the group statement of financial activities (including income and expenditure a¢counll, the group and charitable parent company slalemenl of financial position, the consolidated slalemenl of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that ha8 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in th8 UK and Republic of Ireland (United Klngdom Generally Accepted Accounting Practice). In our opinlon the financial statements- give a true and fair view of the state of Ihe group and of the charitable parent company's affairs as al 31 December 2024 and of ils incoming resources and application of resources, inGluding its income and expenditure, for the year then ended., have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with th8 reqviremenls of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK} IISAS {UKII and applicable law. Our responsibilities under those slandards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the elhical requirements Ihal are relevanl lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with Ihese requirements. We believe that the audit evidence we have obtained is sufficienl and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalemenls, we have concluded that Ihe trustees, use of the golng Concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on Ihe work we have performed, we have not identified any malerial uncertainties relating lo events or conditions that. individually or collectively, may cast significant doubt on the charity's ability lo conlinue as a going concern for a period of at least tW81ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibililies of the trustees with respect to going concern are described in the relevant sections of this report. 32
The Friars, Aylesford Company Limited by Guarantee Independent Auditor's Report to the Members of The Friars, Aylesford {conilnu8d) Year ended 31 December 2024 other Informatlon The other information comprises the information included in the annual report. other than the financial statements and our auditor's report Ihereon. The Iruslees are responsible for the other information. Our opinion on the financial slalemenls does not cover the other informalion and, except to the exlent otherwise explicilly slated in our report, we do nol 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 malerially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such malerial inconsistencies or apparent material misslalements, we are required to determine whether there is a material mis51alemenl in the financial slalemenls or a material misslalement of the other informalion.11. based on the work we have performed, we conclude thal there is a material misstalement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Companies Act 2006 In our opinion, based on lh6 work undertaken In the course of the audit.. the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial stalemenls., and tho Irustees, report has been prepared In accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charily and ils environmenl obtained in the course of the audil, w6 have not identified material misstatements in the Irustees, report. We have nothing to report in respect of the following mallers in relation lo which the Companies Act 2006 requires us lo report to you if. in our opinion.. adequate accounting records have not been kepl, or returns adequate for our audit have nol been received from branches not visiled by us- or the financial slatements are not in agement with the accounting records and returns. or certain disclosures of trustees, remunoration specified by law are not made- or we have nol received all the information and explanations we require for our audit. the Iruslees were not enlilled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the trustees. report and from the requirement lo prepare a slralegic report. 33
The Friars, Aylesford Company Limited by Guarantee Independent Auditor's Report to the Members of The Friars, Aylesford (contlnued) Year ended 31 December 2024 Responsibilitie5 of trustees As explained more fully In the trustees, responslbilitles statement, the trustees (who are also the dire¢lor$ for the purposes of company law} are responsible for the preparation of the financi31 statements and for being Satisfied that they give a true and fair view, and for such internal control as the truglees determine is necessary lo enable the preparation of financial statements that are free from malerSal misslalement, whether due to fraud or error. In preparSng the financial slalemenls. the Iruslees are responsible for assessing Ihe charitls abllity to continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basi5 of accounting unless the Iruslees either intend lo liquidale the charity or lo cease operations, or have no realistic allernalive but to do so. Audltorfs respon$lbllltles for th• audlt of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslalement, whether due lo fraud or error, and lo issue an auditor's report Ihal includes our opinion. Reasonable assurance is a high level of assurance, bul is nol a guarantee that an audit conducted in accordance with ISAS (UK) will always delecl a malerial misslalemenl when il exists. Misslalemenls 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 thes0 financial slalemenls. Irregularities. including fraud, are instances of non-compliance wilh laws and regulations. We design procedures in line with our responsibilities, oullined above, lo delecl material misslalemenls in respect of irregularities, including Iraud. The exlenl lo which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the risks of material misslalement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive lo those risks, Including obtaining audil evidence that is sufficient and appropriate lo provide a basis for our opinion. In identifying and assessing risks of material misslatemenl in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered., the nature of the industry, control environment and business performance. We also consider the results of our enquiries of management relating to their own identification and assessment of the risks of irregularities and possible re181ed fraud which includes reviewing available documenlalion on their policies and procedures. Throughoul the audit lesling we are considering the incentives that may exist within the organisalion for fraud. Key areas include liming of recognising income around the year end and posting of unusual journals. In common with all audits under ISAS {UKI, we are also required to perform specific procedures lo respond to the risk of management override. We ensure we have an understanding of the r81evant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audil work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misslalemenls in the financial slalemenls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 34
The Friars, Aylesford Company Limited by Guarantee Independent Auditor's Report to the Members of The Friars, Aylesford (contlnued) Year ended 31 December 2024 As part of an 8udil in accordance with ISAS IUKI, we exercise professional judgment and maintain professional sceplicism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial s18lements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit eviden that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a material misst8temenl resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intentional omissions. misrepresenlalions. or the override of intern81 control. Obtain an understanding of inlernal control relevant to the audit in order lo design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounling policies used and the reasonableness of accounting estimates and relaled disdosures made by the Irustees. Conclude on the appropriateness of Ihe trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audilor'5 report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, slructure and content of the financial statements. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other mallers, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the charity's members those matters we are required lo stale 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 members as a body, for our audit work, for this report, or for the opinions we have formed. Kenton Ma BSC FCA CTA MAE (Senior Statutory Auditor) Burgess Hodgson Audit Chartered accountants & slalulory auditor Camburgh House 27 New Dover Road Canterbury Kent CT13DN 13, if 35
The Friars, Aylesford Company Llmited by Guarantee Statement of Flnanclal Actlvltles {including income and expenditure account) Year ended 31 December 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Note Income and endowments Donations, grants and legacies Charitable activities Other trading activities Other income 476,037 98.743 1,264,194 24,946 400 476,437 98,743 1,264.194 24.946 348,424 91,279 1,215,686 2,000 Total Income 1,863,920 400 1,864,320 1,657,389 Expenditure Exp8nditure on raising funds.. Costs of other trading activities Expenditure on charitable activities Other expenditure Total expendSture 1,161,789 398,129 49,150 1,607.068 1,181.789 446,350 49,150 1,657.289 1.162,057 440,434 78,701 50,221 10 50,221 1,681,192 Net income (expenditure) before transfers Transfers between funds Nèt incomellèxpendlture) and net movement In funds 256,852 95.208 149.8211 195.2081 207,031 (23.803) 352,060 {145,0291 207,031 (23.803) Reconclllatlon of funds Total funds brought forward Total funds carrled fOard 938,433 345,441 2QO.412 1,283,874 1,307,677 1,283,874 1.290,493 1,490.905 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing 8Ctivities. The notes on pages 39 to 52 fomi part of those flnanclal Statements. 36
The Friars, Aylesford Company Limited by Guarantee Statement of Flnancial Position 31 December 2024 Group 2024 Charity 2024 2023 2023 Notes Flxed assets Tangible assets Investmenls 15 16 1,027,506 908,341 815.317 813.334 1,027,506 908,341 815,318 813,335 Current assets Stock Debtors Cash at bank and in hand 17 18 35,733 337.089 342.092 714,914 36,916 152,694 370,234 559,844 2,643 756,901 259,185 1,018.729 6,178 602,755 222,380 831.311 Credltors: amounts falling (Jue wilhin one year 19 {203,848) (132,978) (71,334) (31,173) Net current {Ilabllllles) assets Credltors: amounts falling duo after one year Total net {liabilities) assets 511,066 426,866 947,395 800,138 20 47,667 51.333 47,667 51,333 1.490.905 1,283,874 1,715,046 1,562,140 Ropresented by Funds and reserves Restricled funds Unrestricted funds General funds Tangibl8 fixed assets fund Non-charitable trading 21 200,412 345,441 200.412 345,441 699,317 815.317 403,365 813,336 699,317 815,317 403,365 813,334 (224,141) (278,268) Tolal funds 1.490,905 1.283,874 1,715,046 1,562,140 These financial statements were approved by the board of truslees and authoris6d for issue on nd are signed on behalf of the board by: Rev Brendan Grady O. Carm. Trustee The notos on pages 39 to 52 forni part of these flnonclal st8temgnts. 37
The Friars, Aylesford Company Llmlted by Guarantee statement of Cash Flows Year ended 31 December 2024 2024 2023 Cash flows from opgrating actlvities Net Sncomel{expendilure) 207,031 123,803} Adjustments for.. Depreciation of langible fixed assets 82.018 75.556 Changes In.. stocks Trade and other debtors Trade and other creditors 1,183 (184.395) 70.870 9,593 38,908 22,288 146,345 Cash generated from operations Net cash fromllused inl operating activitias 130,3241 176.707 122.542 Cash flows from Invgsting a¢tlvitle$ Purchase of tangible assets Net cash used in investing activities {201,183) {201,183} 174.492} 174,492) Cash flows from flnanclng activitles Proceeds from borrowings Nel cash (used inyfrom financing activities 13,667) {3,667} 50,000 50,000 Net in¢reasel(decrease) in cash and cash equlvalents Cash and cash equivalents at beginning of year Cash and Cash equlvalonts at ènd of year (28,142} 370,234 98,050 272,184 370,234 342,092 The notes on pagès 39 to 52 fomi part of these flnanclal statemonts. 38
The Friars, Aylesford Company Limited by Guarantee Notes to the Financlal Statements Year ended 31 December 2024 General Information The charity is a public benefil entity and a private company limited by guarantee, registered in England and Wales and a registered charily in England and Wales. The address of the registered office is CIO The Friars, Aylesford, Kent, ME20 7BX. Statement of compliance These financial statements have been prepared in compliance wilh FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Slatemer)l of R8commended Practice applicable lo charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Charilies SORP {FRS 1021} and Ihe Companies A¢1 2006. Accountlng pollcles Basls of preparatlon The financial slalements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properlies measured at falr value through income or expenditure. The financial statements are prepared in sterling. which is the funclional CuencY of the entily. Basls of con$olldatlon The consolidal&d statemènl of financial acliviti&s and group balance sheet consolldat8 each reporting line of the financial slalements of The Friars. Aylesford and ils subsidiary company, Aylesford Priory Limited. made up at the balance sheet date. Going con¢grn The Iiuslees have assessed whether Ihe use of the going concern assumption is appropriate in preparing these accounts. The trustees have made the assessment in respect lo a period of al least one year from the dale of approval of these accounts. Having reviewed the financial position and future plans for Ihe Gharily, the Trustees have identified no material uncertainties related to events or conditions Ihal cast significant doubt on the Charity's ability to continue its aclivities for the foreseeable future. The long-term economic oullook remains uncertain and the team here al The Friars have put a few measures in place lo ensure financial stability. This includes finding smarter ways of working, embarking on various cost saving initiatives and regular cashflow forecasting. We will continue to closely monitor the impact of any government decision making and the impact on the economy from any crisis, and we will actively respond to any rapid changes. Therefore. the financial slalemenls have been prepared on a going concern basis given the undertaking of the C8rmelite Charitable Trust lo support the group and charity financially whilst they continue with the work to restore the aclivilies al Aylesford to a sustainable basis. 39
The Friars, Aylesford Company Llmited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 December 2024 Judgomènts and kgy sour¢os of •stlmation uncgrtainty The preparalion of the financial slatemènls requires management to make judgements, estimates and assumptions that affect the amounts reported. These eglimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The significant eslimales and judgements are estimating the expected useful1rf8 of tangible fixed assets, assessing the probability of the receipt of legacy Income, determining the basis for allocating shared overhead costs belween Ihe charity and subsidiary company, and estimating future income and expenditure llows for the purpose of assessing going concern. Fund accountlng Unreslricled funds 8re available for use al the discretion of the trustees lo further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Reslricled funds are Sblected to restrictions on their expenditure declared by the donor or through the tems of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. The tangible fixed assets fvnd rèpresents the net book value of the land and buildings occupied by the charity and other tangible fixed assets held by the charity. Such assets are vital to the charity being able to carry out its charitable work and the value invested in the assets cannot, therefore. be realised in order to meet future expenditure or contingencies. To emphasise this point the nel book value of the assets is represented by a specific tangible fixed assets fund on the balance sheet. Non charitable trading fundg comprise the retained surplus or accumulated deficit on the aGlivities of Aylesford Priory Limited. Incomlng resources All incoming resources ar6 included in the slalemenl of financial activities when entillemenl has passed lo th8 charity-, il is probable that the economic benefils associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specific policies are applied lo particular categories of income.. Income from donations or grants are recognised when there is evidence of enlillemenl lo the gift, receipt is probable, and its amounl can be measured reliably. In the event of donations or grants pledged bul not received, Ihe amount is accrued for where Ihe receipt is considered probable. In Ihe event that a donation or grant is subject lo conditions Ihal require a level of performance before the charitable parent company andlor group is enlilled lo the funds, the income is deferred and not recognised until either those conditions are fully mel, or the fullilmenl of those conditions is wholly within the control of the charitable parent company andlor group and il is probable that those conditions will be fulfilled in the reporting period. Legacy income is recognised when receipt is probable, and enlillement is established. Entillemenl is taken as the earlier of the dale on which either= the charity is aware that probat8 has been granted, the eslale has been finalised, and notification has been made by the executor to the charity that a dislribulion will be made, or when a distribution is received from (he estate. Receipl of a legacy, in whole or in part, is only considered probable when the amounl can be 40
The Friars, Aylesford Company Limited by Guarantee Notes to the Financial Statements {¢ontinu8dJ Year ended 31 December 2024 measured reliably, and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charily. or the charity is aware of the granting of probale, but the criteria for income recognition have nol been met. then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other Ihan cash. or a financial asset traded on a recognised stock exchange, recognilion is subject lo the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having been Iransferred to the charity. Income from donated goods is measured at the fair value of the goods unless this Is impractical lo measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. Income from ¢onlr8cls for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a conlraclual requirement for il to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. In accordance with the Charilles SORP, volunteer hours are not recognised. Income from trading aclivilles is recognised to the extenl that it is probable that the economic benefits will flow to the company and Ihe revenue can be reliably measured.11 is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added lax and other sales taxes. Income from charitable aclivilies, comprising income in connection with the shrine and retreats, is recognised lo the exlenl Ihal it is probable that the economic benefits will flow lo the charity and the revenue can be reliably measured. Income is deferred only when the ¢harily has lo fuffil conditions before becoming enlilled lo il or where the donor or funder has specified Ihal the income is lo be expended in a future accounting period. No separate statement of financial activities has been presented for the Charity alone, as permitted by s408 ofthe Companies Act 2006 and the Charities SORP FRS 102. The charity had total income in the year of £693,143 12023.. £563,622), lolal expenditure of £540.237 12023: £570.857}, resulting in nel income of £152,90612023: net loss of £7,235). Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities lo which il relates.. Expenditure on raising funds includes the costs of all fundraising activities. events, non-charilable trading activities, and the sale of donated goods. Expendilvre on charitable activities includes all costs incurred by the group in undertaking activities that further ils charitable aims for the benefit of its beneficiaries, including Ihose support cosls and costs relating to the governanc6 of the group apportioned to charilable aclivilies. Other expenditure includes all expenditure th81 is neither relaled lo lSing funds for the charity nor part of its expenditure on charilable activities. All costs are allocated to expendSlure categories refleGtin9 the use of the resource. Direct costs 41
The Friars, Aylesford Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2024 attributable to a single activity are allocated directly lo that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, juslifiable and Gonsistenl basis. Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect lo its compliance with regulation and good practice. Support Gosls and governance costs are apportioned based on area occupSed, level of activily and 8laff time as appropriat8. Certain support costs incurred are shared between the charity and ils subsSdiary company, Aylesford Priory Limited. This allocation is based on area occupied, level of activity and staff time. Those costs which would be incurred whether or not Aylesford Priory Limited existed are allocated 1 OOQ/o lo the charity. Tangible assets Tangible assets are initially recorded al cost and subsequently slated at cost less any accumulated depreciation and impairmenl losses. Any tangible assets carried al revalued amounts are recorded at the fair value al the dale of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. All assets costing more than £1.000 wilh an expected useful life exceeding one year are capitalised. No value is allached in these financial slalemenls lo the leasehold land occupied by the group and charity. The site is of historic importance generally and specifically to the Roman Catholic Church and the principal objective of the charity is to preserve the sile for the enjoyment of future generations. As such, the asset meets the definition of herilage assets in the Charities SORP FRS 102 and is not valued for the purposes of these financial slalemenls. Depreciation Depreciation is calculated so as lo write off the cost or valuation of an asset. less ils residual value, over the useful economic life of that asset as follows.. Leasehold improvments Plant and machinery Fixtures and equipment Motor vehicles 4 - 10 /0 Slraighl line 10 - 200/0 Straight line 20 % slraight Ine 20 % slraighl line Impalrment of fixed assets A review for indicators of impairment is carried out al each reporting date, with the recov8rabl8 amount being eslimaled where such indicators exist. Where the carrying value exceeds the recoverable amount. the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal al each reporting dale. stocks Stocks are measured al the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing Ihe stock lo ils present location and condition. 42
The Friars, Aylesford Company Llmited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 December 2024 Deflned contrlbutlon plans Contributions lo defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the exlenl that the prepayment will lead to a reduction in future payments or a cash refund. Financial instruments Financial liabilities and equity instruments are classified according to the substance of tho contractual arrangements entered Into. Debtors and creditors with slated Interest rale and receivable of payable within one year are recorded al transaction price. Any losses arising from impaimient are recognised in the profil and loss account in other administrative expenses. Loans and borrowings are initially recognised al the transaction price including transaction costs. Subsequently, they are measured al amorlised cost using the effective interest rate method, less impairment. If an arrangement conslilutes a finance transaction il is measured al present value. Donations, grants and legacies UnreslTicled Funds Restricted Total Funds Total Funds Funds 2024 2023 Group Legacies Donations Grant from the Carmelite Charitable Trust 231,252 124,785 231,252 125,185 20,278 208,146 400 120,000 120,000 120,000 476.037 400 476,437 348,424 Charltable actlvltles Unrestricted Funds Restricted Total Funds Tolal Funds Funds 2024 2023 Group Shrine income Car park contributions 95.168 3,575 95,168 3,575 87.178 4.101 98,743 98,743 91,279 Oth•r trading activities Unrestricted Funds Restricted Total Funds Total Funds Funds 2024 2023 Group Provision of conference facilities, guest accommodation, events and sale of books, gifts and refreshments Other Rental income 1.146,231 55,487 62,476 1,146.231 55,487 62,476 1.093,767 64,316 57,603 1,264,194 1.264.194 1.215.686 43
The Friars, Aylesford Company Llmlted by Guarantee Notes to the Flnancial Statements (¢onNnu•d) Year ended 31 December 2024 other Income Unr8slricted Funds Restricted Total Funds Tolal Funds Funds 2024 2023 Group Business support scheme 24,946 24.946 2.000 Costs of other tradlng aGtlvltles Unreslricled Funds Restricted Total Funds Total Funds Funds 2024 2023 Group Provision of conference facilities, guest accommodation, events and sale of books, gifts and refreshments Other 1,117,052 44,737 1,117,052 44,737 1,110,334 51,723 1.161,789 1.161.789 1,162.057 Expendllure on Upkeep of thè Shrlne at Aylesford Unreslricled Funds Reslricled Total Funds Total Funds Funds 2024 2023 Group Direct Costs Other indirect staff costs Premises and facllilies Office costs Governance costs 99,041 49.680 233,461 9,050 4,897 99,041 49,680 283,682 9,050 4,897 110,853 46.379 257.630 14,352 11,220 50,221 396,129 50,221 446.350 440.434 10. Other expenditure UnrestTiCted Funds Restricted Total Funds Total Fund$ Funds 2024 2023 Group Support of the Carmelite Friars of the Aylesford communily 49,150 49,150 78,701 11. Taxatlon The Friars, Aylesford Is a registered charlty and, therefore, is not liable lo corporation tax or Income tax on income or gains derived from its charitable activilies. as they fall within the various exemptions available to reglSt8red charities. Profits of Aylesford Priory Limited, if any, are subject to corporation lax calculated on Ihe basis of tax rates and laws that have been enacted or substantially enacted by the balance sheet date. 44
The Frlars, Aylesford Company Llmited by Guarantee Notes to the Flnanclal Statements {¢onllnu6d) Year ended 31 December 2024 12. Net Incomel(expendlture) Net incomellexpenditure) is slated after chargingllcredilingl: 2024 2023 Group Staff costs Audltor's remuneralion Slatulory audit services Other setvi¢es'. lax compllance Deprecialion of tangible fixed assets 763.357 730,510 10,291 2,000 82,018 16,245 2,400 75,556 During the year, the company's auditor changed from Burgess Hodgson LLP to Burgess Hodgson Audit Limited following a change Sn legal structure of the audit firm. The responslble Indlvidual rèmains the same. 13. Staff costs Group 2024 2023 staff costs during the year w8re as follows: Wages and salaries Soclal security costs Other pension costs Other staff relaled costs 702.575 40,987 14,409 5.386 665,373 36,663 15,278 13,196 763.357 730,510 2024 2023 staff costs per function were as follows.. Upkeep of the Shrine Provlsion of conference facilities, guest accommodation. 8v8nts and sale of books, gifts and refreshments Support functlons 140.320 133.657 501.449 121,588 467.321 129.532 763.357 730.510 The average head count of employees during the year was 57 (2023: 54). The average number of full-lime equivalent employe8s during Ihe year is analysed as follows.. Group 2024 2023 Shrine maintenan¢e Commercial trading operations Support costs 22 18 30 26 No employee received employee benefits of more than £60,000 during the year {2023: Nil). 45
The Friars, Aylesford Company Limlted by Guarantee Notes to the Flnanclal Statements (Gontlnued) Year ended 31 December 2024 14. Trustèe r6mun8ratlon and expens6S A number of the Iruslees are members of the Carmelite Order and. as such. certain of their personal living expenses are borne by the charity. bul they received no remuneralion in connection with their duties as Iruslees during the year {2023.' none). No incidenlal expenses were reimbursed to Irustees (2023- None). The charity has purchased Iruslees and individual insurance to indemnify the trustees or other officers against the consequences of any claim for a wrongful acl. The insurance premium paid by the charily during the year lotalled £89312023.. £893) and provides cover up to a maximum of £1 million12023: £1 million). In addition lo the trustees. the key management p8rsonn81 of the charily in charge of directing 8nd controlling, running. and operating the charily on a day-lo-day basis during 2024 comprised the Operations and Business Development Manager, the Estates Manager, Ihg Catering Manager, the Hospitality Manager and the Prior's and Truslees, Secretary. The lotal remuneration (including taxable benefits, employer's pen$ion contributions and employers national insurance conlributionsl of these employees was £187,65512023'. £182,450). 15. Tangible flxed assets Group Leasehold Plant and Fixtures and Motor Office Improvements machinery equipment vehicles equipment Total Cost At 1 January 2024 Additions Disposals At 31 December 2024 909,013 228.194 111,029 130.464 85,752 19,945 7,779 1,295,395 4.401 201.183 {4.167> 14.167) 8.013 1,492.411 909.013 339,223 216.216 19.945 Depreciation At 1 January 2024 Charge for the year Disposals At 31 Dgcember 2024 182,147 49,362 112,538 16,292 76,276 13,893 8,495 2,290 7,598 181 (4,167) 3,612 387,054 82,018 (4,1671 464.905 231.509 128,830 90,169 10,785 Carrying amount At 31 December 2024 677,504 210,394 126,048 9,160 4,401 1.027.506 At 31 December 2023 726,866 115,656 54,188 11,450 181 908,341 46
The Friars, Aylesford Company Limited by Guarantee Notes to the Financial Statements (conllnutd) Year ended 31 December 2024 Charlty Leasehold Plant and Fixtures and Motor improvements machinery equipment vehicles Total Cost At 1 January 2024 Additions 909.013 96,218 36,166 69,122 32,979 19,945 1,094,298 69,145 At 31 December 2024 909,013 132,384 102,101 19,945 1,163,443 Depreciation Al 1 January 2024 Charge for the year At 31 D6¢omber 2024 182,147 49.362 62,583 4,342 27,739 11,168 8,495 2,290 280,964 67,162 231,509 66,925 38,907 10,785 348,126 Carrying amount At 31 December 2024 677.504 65.459 63,194 41,383 9,160 11.450 815,317 At 31 December 2023 726,866 33,635 813.334 The charity's objective Is to promote for the benefit of the public the restoration, presentation and maintenance of Ihe historic buildings, amenities and grounds of The Friars, Aylesford. The freehold li15e to The Friars, Aylesford is held by The Carmelite Charitable Trust, a regislered charity and a connected enlily lo the charity. In 2002 the charity was granted 8 99-year lease over tho sile and pays an annual rènl of £nil lo the Carmelite Charitable Trust. No value has been assigned lo this lease in these financial statements. The site is of historic importance generally and specifically to the Roman Catholic Church and, as noted above. the principal objective of Ihe charily is to preserve the sile for the onjoymenl of future generations. As such, the asset meets the definition of heritage assets in the Charities SORP FRS 102 and is not valued for the purposes of these financial statements. 16. Investments Group 2024 Group 2023 Charity 2024 Charity 2023 Investment in subsidlary company All investments shown above are held at valuation. Investment In subsldlary ¢ompany The charity holds 100 /. beneficial ownership interest in its wholly owned subsidiary, Aylesford Priory Limited (company no. 067401901. This holding was acquired on incorporation of the company on 10 November 2008. Their registered office is, The Friars, Aylesford Priory, Ayleslord, Kenl, ME20 7BX. The following is a summary of the financial stalemenls of Aylesford Priory Limited for the year ended 31 December 2024. which have been included in the consolidated financial statements. 47
The Friars, Aylesford Company Llmlted by Guarantee Notes to the Flnancial Statements (¢onllnued) Year ended 31 December 2024 2024 2023 Turnover Cost of sales Gross proflt Adminislralive expenditure Net proflt for the period bofore Glft Ald Gift Aid lo The Friars, Aylesford Net Prollt for the yoar Accumulated profrt at 1 January 2023 Reta5ned proflt at 31 December 2024 1.171,177 (967.086) 204,091 (149,967) 54,124 1.093,767 (941,963) 151,804 (168,372) 116,568) 54,124 (278,268) (224,144) (16,568) (261,71)0) {278,268) Al 31 December 2024 Ihe company had total net liabilities of £224,143 (2023.. total net liabilities of £278,267 represented by called up share capital of £1 12023.. £1) and negative reserves of £224,144 (2022.. £278,268>. 17. Stocks Group 2024 2023 Raw materials and ¢onsumables 35,733 36,916 18. Debtors Group 2024 Charlty 2024 2023 2023 Trade debtors Amounts due from the Camelite Charitable Trust other debtors Legacies receivable Prepayments Social Security and Other Taxes Amounts due from Aylesford Priory Limited 24,956 45,779 10.584 3,553 2,653 8,415 228,900 72,166 7.065 9.097 18,051 72,285 418 2,411 5,343 228,900 66,057 6,842 6,522 18,051 65,466 443.606 756,901 502,321 602,755 337,089 152.694 48
The Friars, Aylesford Company Limited by Guarantee Notes to the Financlal Statements (¢onllnued) Year ended 31 December 2024 19. CT•ditors: amounts falling duo withln one yoar Group 2024 Charlty 2024 2023 2023 Expense creditors Other creditors Amounts due lo Carmelite Charilable Trust Accruals and deferred income 76,729 27,990 3,667 31,329 39,136 3,667 48,949 1,591 3,667 13.027 1.366 3.667 95,462 203,848 58,846 132,978 17,127 71,334 13,113 31,173 Income has been deferred where it relates clearly to future periods andlor where the charity has not yet mel the conditions for recognising the income. The movements in deferred income are analysed below.. 2024 2023 Brought Forward Released in the year New designations 17.780 23,243 117.780) (23,2431 28,548 17,780 28,548 17,780 20. Credltors.. amounts falllng due after more than one year Group 2024 Group 2023 Charity 2024 Charity 2023 Amounts due to Carmelite Charitable Trust 47,667 51,333 47,667 51,333 The Carmelite Charitable Trust loaned £55,000 to The Friars lo assist with the works on the Artisans, Yard project. The repayment term for this loan is 15 years with no interest. This implies a yearly repayment figure of £3,667. 21. Restricted funds The income funds of the charity include reslricled funds comprisir)g the following unexpended balances of donations and grants held on trusts lo be applied for specilic purposes: Transfer General Reserves Funds At1 January 2024 Incoming resources Expenditure At31 December 2024 Group Restoration fund Peace garden fund 328,527 400 149,3621 (95,208) 184,357 16,914 1859) 16,055 345,441 400 50,221 95,208 200.412 49
The Friars, Aylesford Company Llmlted by Guarantee Notes to the Flnanclal Statements (¢onllnued) Year ended 31 December 2024 Restoratlon fund This fund represents donations received from the C8rmelile Charitable Trust for maintenance projects which are only lo be carried out after approval by the Trustees of the Carmelite Charitable Trust together with grants from the Programme of Major Works Scheme which 1$ part of the Cultural Recovery Funds towards repairs io the roof of the church situaled on the site of The Friars, Aylesford. The transfer from the restoration fund to UnstrICted funds represents eligible expenditure incurred and capilalised during the year. Peace garden This fund represents donations received for the creatk)n of a peace garden al the enlranGe lo the Friars. 22. Analysls of charltable funds Tangible rixed asset fijnd Non- Charitable trading funds General funds Reslricled funds Total 2024 Group Fund balan¢6s at 31 December 2024 are roprosontod by: Tangible fixed assets Net current (liabilities> assels Non Current Liabilities Total nel (Ilabllltles) assets 815,317 212,189 (436,328) 1,027,506 511,066 746,984 200,412 47,667 47,667 699,317 815,317 224,141 200,412 1.490,905 Tanglble fixed asset fund Non- Charitable trading funds General funds Reslricled funds Total 2023 Group Fund balances at 31 December 2023 are represented by: Tangibl8 fixed assets Net current (liabilities) assets Non Current Liabilities Total net {liabllltles) assets 813.336 95.005 (373,273) 908,341 426,866 454.698 345.441 51,333 51,333 403.365 813,336 278,268 345,441 1,283,874 50
The Friars, Aylesford Company Limited by Guarantee Notes to the Financial Statements (¢ontlnved) Year ended 31 December 2024 Tangible fixed asset fund General funds Restricted funds Total 2024 Charlty Fund balances at 31 December 2024 are represented by: Tangible fixed assets Investments Net current (liabilities) assets Non Current Liabilities Total net {liabilities) assets 815,317 815,317 746,984 200.412 947,396 47.667 699,318 815.317 200,412 1715,047 Tangible rixed asset fund General funds Restricted funds Total 2023 Charlty Fund balances at 31 Dec8mb0r 2023 are represented by: Tangible fixed assets Investments Net current (liabilities) assets Non Current Liabilities Total not (liabilities) assets 813.334 813,334 454,697 345,441 800,138 51,333 403,365 813.334 345,441 1.562 140 23. Analysis of changes in net debt At At 1 Jan 2024 Cash flow$ 31 De¢ 2024 Cash al bank and In hand Debt due within one year Debt due after one year 370.234 (3.667) (51,333) 315.234 128,142) {225) 3,667 342,092 13,892) 147,6661 290,534 124,7001 24. Related partles The Friars. Aylesford is connected lo the Carmelite Charitable Trust by virtue of the fact that several of the trustees of the charitable company ar8 also trustees of the Carmelite Charitable Trust {Charily Registration No. 1061342}. 51
The Friars, Aylesford Company Llmlted by Guarantee Notes to the Financlal Statements (¢ontlnued) Year ended 31 December 2024 The transactions wlth Ihe Camelite Charitable Trust during the year are as follows.. The Friars, Aylesford received an unreslricled grant of £120,000 {2023.' £120,000) and rent of £nil {2023- £nil) from Ihe Carmelite Charitable Trust. Al 31 December 2024 The Carmelite Charitable Trust owed £42,918 lo The Friars, Aylesford {2023'. £47,935 owed to The Friars, Aylesford}. The Carmelite Charitable Tnjsl also loaned £55.000 to The Friars lo assist with the works on the Artisans, Yard project in 2023. The repayment terms for this loan is 15 years wlth no interest. This implies a yearly repayment figure of £3,667. The Carmelite Charilable Trust holds the freehold of Aylesford Priory. No rent was paid by the charity In the period. During Ihe p8riod the Carmelite Charitable Trust carried out various improvements lo the property as permitted under the lease. These improvements have been capitalised in the accounts of the Carmelite Charitable Trust and are not included in the accounts of the charity. However, the charity and ils subsidiary absorbed all the general running costs of the Priory. The Carmelite Charilable Trust has confim)ed that it will continue to provide financial support to the group as and when requlred lo enable it to meet its liabilities as they fall due over th8 short to medium term. The charity has taken advantage of the exemption provided by FRS 102 for the requirement lo disclose transactions with ils subsidiary undertaking. 52