CHARITY COMMISION CARtMEL PRIOFIY ANCIENT JEWEL- LIVING CHURCH Cartmel Priory Trust CIO Reglstr•llon number.. 1197202 Annual Report and Flnanclal Statoments 31 December 2024 dOdd&co
Cartmel Prlary Trust CIO Contents R8feTence and Admini$tr8tN8 Details TnJstè•s' report Trustees. respo[bIl•S Independont &xamlnetrs report Statom8nt of finala1 activities Balance Sheet Notss to th8 finamal statem&nls
Cartm•l Priory Trust CIO R•feren¢è and Administrative Detalls Charlty nam• Cartmel Priory Trust CIO Charlty registralion number 1197202 Prfndpal b>ffl¢• The Wi¢arage Pfiest Lane Cartrn•l GRANGEQVER-SANDS LA116PU Reglstered offi¢• The Vkarage Priest Lano Cartm GRANGEQVER-SANDS LA116PU Tru5tee$ P Chamberfain, Chairman Rev N D8venlsh S W1116a W AEIIS J C Iveson Sollcltor Brabners 7-8 Chapel Street PRESTON PR18AN Bankers Barclays Bank LEICESTER LE87 288 Accountsnt Dodd & Co Limrted FIFfEEN R056hill Montgom8ry Way Rosehill Estste CARLISLE A1 2RW InvestmontAd¥isor JM Finn 25 Copthal Avenuè LONDON EC2R 7AH Page 1
Cartm•l Prlory Trust cio Trust8os' Rgpgrt for th• Y•ar End 31 Decgmber 2024 The financial stalernents have begn pr8pared in accord8nce with the accounting polici85 5trt out in the accounts d comply wth the charity's goveming tbcurnenl. the Ch8rities Act 2011 and AccountiThg an¢J Reporting by Ch8rities'. Stst8mÈnl of R8comm8nded Practice appli¢ablg in tho UK and Republi¢ of Ireland. structuro. Governance and ManaoEmtnt Govemi DocutDent Tho Cartmel Priory Tust CIO 1$ a reg6stered ¢haiity govorned by Ihè deod of incorporation acceptod by tho Ch8rikn'e$ Commission and was reglstered 17 Deeember2021. anisotional DecisvJn-Maknn The Trustees, meet formally on three occasions dwng Ihe year. admlnlster the affairs ol the Charity. Requests for funds from The Priory Church of Cartmel are consider8d at th8se rneetings. Newly appointed Tru$t••s a 9 Induction training en flysl appoinled all Trust•os arg offofoLI (ryory tralning, as approprlale. The Twst•os hav• a$s•ssad Ybe major ri$ks to whi¢h Charity is èxpo$gd, in particular Ihoso rdating lo the ¢)peratlons and flnan¢es of the Iru$t, and are satLsfled that $tern$ are In plaie to mlugate our exposure to the major rks. Obledlves and Arllvmes The pritne object of th8 Chaiity is the advancement of Christian r81iglon by the consgrvallon, irnwovernent, enhan¢em&nt and repkcernenl of the fabriG fixtuos, fitbngs and furnishin9 of the Prii*y Church. The Trustees are empowered to pay or appty the net inc(xne only of the Trust Fund at their dis¢xeUon In the lurtherare of the objects of the Charity. The Charity met these obje¢ts"ves durin9 the year by donath)ns lo Cartmel PCC for thè following.. Francis Roberts Archilects.. £1.080 Fogarty.. £3.120 General repairs: £9,857 Chri5 Bobyker Electriuan.. £11.394 Robwts & Stone Ar¢hlte¢ts'. £3,600 Ministry 011gr'. £28,000 Events Magement.. £1,500 D Walter'.£2,000 In detertnining Ihese objectNos and aCtI7t5 the Trustaes havè paid thje regard to the Charty Commission guida@ on public benefit. A¢hltvtm¢nts and Performan¢• During yoar, the Trustèes tn8d& (k)nations lotalliny £60.551 to Cartmd PCC for the cons8rvation of the Priory Church. Page 2
Cartmel Prl¢)ry Trust CK) Trustfjo$' RoPQrt for the Y•ar Endod 31 De¢emb•r 2024 The Trusto0$' Inveslmenl ¢Jbiecliv¢ 1$ to r8tum suffictent capltal to generate the income requlred to meet the antiapated ¢osts ol the ¢bje¢ts of Ihe Charity. The total value of the Charivs Inv8stments have increased by 0.65% from Deomber 2023 to December 2024, with 8 r8ducti£ of 0.94% expgrt8n¢èd ovor th& last Iw) y88rs. The Charty has a fairly favourable position In havlng 6.90% of its Inv8slm8nts In fixed inl8r8sts. ThSs Is In Ine th the plann2d fLX8d inlere6t investrnent perGenlage for the yew. Flnanclal Re¥lew The Trustees are satisf18d *ryth the financial position of the Chafity and confirm that they have adequate assels available lo fu11 Iheir oblgatx)ns. They approve the record of trans8Ctiohs sel out he1. They have continued to make awards akjng the Ilne8 laid down in thoir gUelIneS to applicants. The 8mounts awar(led are showfi in ihese statern4Nts. The malty of cEsh is held on interest b•8ring aceounts. The Trustees hov¢ wlde Investmont powers. nam8ty'. To inve61 in 8uch secuiitios or other invt$trMnts or proporty whelher invdving liability or not and %4thether produdng incorne or not as the TnJ5tee5 shan in Ihew absolute discTetion think fil. Th8 Trustees may also hold any assets In nominee names provi¢Jing that any land shall be assured lo the Truste upon trust for sale. Th& Trust88s retain $ufficlent capital to gener818 the wulred to meet the antjclpated rwls of the maln objects of thè Charfjty. At ygar 8nd, the Charity had re58rv85 of £2,471,242 01 whith £1,783,925 was held irt End¢yMnent Funds and £687,317 was Unrestricted. £2,151.436 of Ihe total reserve5 were heks in inv8strnen¢s an9 free. unresthded r8S8rve5 a5 at 31 Decemb8r 2024 of £311,722. This is considered to be an appropriatelgvel of res8Tves. Donatlons to tho Cartmtl PrloryTru¥t Fund In the year ending 31 December 2024.. Th• late Maurice Howarth Approved by th8 7ruslees on 12 Mar¢h 2025 and Signed on th8ir by.. P Ch8mbèrlain Truste8 Pag• 3
Cartmel Prlory TNSI CIO Trustggs. R•sponJ5ibiliti9s in relatrt to tho Financial Statements Th8 trust8e5 are responsibl8 for prep8riry the Trust888' R8POrt and the finanaal State[nts in accordance 1th applicab18 law Uni18d lQngdom Accounting Standard5. The law applicable to chariti8s in England and Wales requires the trustees io prepare financial statements for eath finanoal year which gtve a tru8 and fair vi8w of the state of 3ffairs of the charty and of the incoming rèsour¢es and application ol resources ol the charity for that period. In prepaiing these financial statements. the InJste88 ar8 requir to.. sdect surtable acCounn9 kK)liC$ and then apply them uJnsistenUy', obseNe the rnethods and principles In the chare5 SORP.. rnake judgements and gstlmate81hat are reasonat4e and pruden(. $tste ¥¥hether applicable accountry $tandarfJ$ have been lolbwe<l. subject to any material departures disc1088d and 8xplained in thg financial $tatemgnts', and prepare the financial statoments ¢)n the 90in9 con¢wn basi6 unless rt is inappTopnate lo presume Ih8t the ¢h8rity 11 ¢ontinue in bu$lness. The trustees are re5PDn5ibl& for keeping proper arwunting records that disclose reasonablg 4rcuracy al any time th8 flnandal positlon of tho charity and gnablo Ihern lo ensure that the financlal statemenls ¢ompty wth the Charitie5 Acl 2011 85 amended by the Charibes Act 2022, the Charity (Accounts and R8POrtsl Regulations and the provisions of the tWU51 deeij. They are responsible for 5afeguardin9 the assets of the charity and hence for taking reasonablo steps for the prevention and detection of fraud and other irregularities. Page 4
Ind¥pondont Examln•f¥ Report to th• Trustw of Cartmel Priory Trust CIO I reporton the a¢¢ount8 of the chsrlty for the yoar 8nd8d 31 December 2024, thich are Set oul on pages 6 to 13. Your attention is to drawn to the fact that Ihe Charfty has prepared the financlal statements In accordance Actounling and Reporting by Charities preparlng th8ir accounts in accordanco ith Ihe Flnancial Reporting Standard applicable in Ih8 UK and Repubkc of Ireland IFRS 1021 pr8ference to the Accounting and Reportlng by Charities.. Stslement of Ro¢ommend8d Practice is5uod on 1 April 2005 which 18 r8f8rred to in the extant regulations blrt has sinoe been withdrawn. W8 unden{l Ihat this has been done in order fcrf Lhe accounts to provid8 a Irue and fair view in a¢¢or¢an¢e vAth the Generally Accepted Accounting Practic8 effgctwe for reporting pèriods b8glnniThJ or aftgr 1 January 2019. Rospe¢tive respon8lblllt105 of tru81008 and examln•r The Charws tru$tè•s are responsible for th6 preparation of the accounts. The tru51885 conslder that 8n audlt 66 nol required for this year under sectK)n 144121 of tha Charitlos Acl 2011 as amendod by the Charities Ad 2022 (lho Act) and that an indepEndentexamination is needed. It 18 my responslknlty lo.. examine the &ccounts under $8Ction 145 the Act. folbw the proc8dur95 laid in Ihe Gènwal Diredtons given by the Charty Commi556on undar $gCtion 145151 Ibl of the A¢l-, and stats whether partul matters hav8 cometo my attention. Basis of Ind•pendent examln•rf8 r•port My examinalicn was Carried out in accordanGe wth Ihe Gener81 Directions given by th8 Charity Commission. An examination includes a review of the accounting record5 kept by the chadty and a comparison of th• a¢¢ounts pre88rit*d vlth Ihose records. It also In¢ludes consideration of any unusual iterns or dl$closure5 Sn the a¢¢ount$, and seekSng exp18nations frorn you as trust$ Gon¢orning any such rnatt8rs. The procedure5 undertaken do not provide all the evidenGe that wvuld be requiffjd In an audit and con5equenUy no opinion is given as lo whether the acwjnts pr6sont a 'tru8 and fair vievl and the r8POrt is limrted to those mattors set out in tho slatom8nl bglow. Indwnd¢nt•xamlnrfJ5 Statement In COectIon with my èxaminab"on. no matter has ¢om• to my attention.. {11 whlch 9wes me tsasonabl8 cau$8 lo believe that In any material respect the fequw8rnents.' to keep accounting rtcords in accordance with secknon 130 01 the Charilie5 Act 2011 as amended by the char8 Act 2022; and to prepare acwunts whh accord vllh thg acCnng r8cwd$, ccmpty with the a¢counting requirements olthe Act have not been mel., or 121 to which. in my opinlon, ottanlh)n should te drawn in ord8T lo able a prcyer understanding of the accounts to be reached. FIFfEEN R¢Ydehill Montgomery Way Rosehill Estate CARLISLF CA12RW ne Thomlinson FCA d & Co rnited harter8d Accountanls 12 March 2025 Pagè S
Cartmel Prfory Trust cio Statement of Financial Aetivltles for the Year Ended 31 DeCemr 2024 Unrestrlcted Endowm•nt Total Funds Total Funds Funds Fub)ds 2024 2023 Note Incornt Donation5 and kgaci8S Investrrent$ 10.190 10.190 513 80.873 91,[3 80.873 91,063 84,003 84,516 Total In¢omg Exp•ndllurè Expènditurè on chariiable acti*ities Total e¥penditurg 66,151 66.151 10.329 10,329 76.480 76.480 26.425 26.425 Gainslllosses) ¢Jn tnve5tmenl assets 14,0861 33.359 29.273 121.6951 Net incomellexp8nditurel 20.826 23,030 43.856 36.396 Transf•rs Transfers between fund5 Net movement in hjnds 20.826 23,030 43,856 36,396 Re¢01110110n tsl funds Total fund5 brougm forward Total funds Garried lOard 666.491 1,760,895 2,427,386 2,390.990 687.317 1,783,925 2.471.242 2,427,386 Th8 notas on pagos 8 to 13 fomi an integral part of th0 financial statom8nts. Page 6
Cartm•l Priory Tru¥t CIO Balance Sh¢et as at 31 Decembor 2024 2D24 2023 Noto Fixed a$$ets Investments 2,151.436 2,137.560 Current as$•ts D8btors Cash at bank aTrJ in hand 962 320,346 321,308 1.313 289.946 291.259 Crodltor8: Amounts falllng du9 wlthln ne year 10 11,502 11.4331 Not ¢uThgnt ass•ts 319.806 289,826 N*t •88éts 2,471.242 2,427,386 Tho lunds of ¢harlty. End0wmt funds 1,783,925 1,760.895 Unrestrfctod lund• UnrestM¢ted I[orne funds 687,317 666,491 Totsl charityfunds The ffinanclal s¢at8menls hav? been rKepar¥d in accordance with the Financwl Repotllng St8nd8rd 8ppIiGHble in Ihè UK and Republic of Iroland IFRS 1021. 2,471,242 2,427.386 Approved by the Board on 12 March 2025 and signed Dn tts behaw by.. P Chamb8r181n Trustee The notes on pagos 8 to 13 forn an integral part of these financial 5totements. Pag8 7
Cartmel Priory TTU¥t CIO Nots$ to th¢ Flnanclal Statements for tho Y•ar Ended 31 D•c•mb•r 2024 Accounting poli¢ls Stst•mont of complianc• Th8 accounts lfinanclal staiementsl have been prepwed In accordance vAth the Statement ol Ro¢(mmended Practicg.. Accounting and Reporting by Charities preparing their account5 in accordaneg th the Financial Reporting Stand0 appllcabl$ in th8 UK and Republic of Ireland IFRS 1021 and th8 Financial Reporting StsdaTd applicabl& in the United Kingik)m and Republi¢ of Irelsnd IFRS 1021 and thè Charities Ad 2011 and UK G8n8r81ty Accept Practice as it applies from 1 January 2019. Basis of prèparation The ¢hanty meets the definitlon of a publ1¢ benofit gntity under FRS 102. Assets and liablllles arg initlalty Cognised at historical cost or transaction value laSS Oth8MSè Statèil in the relevant 8ccounting policy r¥Jles. Going concem Th8$8 financi81 statements h8w bean prepared a going ¢onc8m basis. Fund accoun¢in9 policy Unrestric18d incorne funds are gen8r81 hjnts Ihat arè avallable lor use at the trusle88' discrètim In furtheran¢e ol th& objo¢tives of th8 charity. FUrfrd•t#lls of each fund are disc1088d in 12. Income and •ndowmonts L6ga¢les ara recognised where Ihère Is enllUemenL receipt is probat48 and the arnounl can be measur8d ilh Sufficiènt TalbIlity. Inc8 from Govemmèni and other grants. Wther'c¥)rlaI. grants or'r6venu¢' grants. r9¢0gnisad when th8 charity has enbuement to the fund8, 8ny performanco tondthons attached to the grant8 have been met. It Is probable that the income will be recwved aTK5 Ihe amount w be measured reliabty and is not deferred. Inccyning re50uro5 frorn tax re¢lalms 8re included M the 51atement of finantl81 actlvltles 8t Ihe s8mé time as the gNtto whl¢h they relate. Investment Income ig recognlsed on a r8C8ivable basis. Incorne received from endowments is treated as nStricte Exp¢ndl¢ur• abilities are recognised a5 s(th as there is a legal or constrle ebllgatlon ¢¢mmitling th8 charity to thè expendiluw. All expenditure is accounted for on an acc4ual$ basis and has been ¢lassrf18d under hewjings tat aggregate all rxJ8ts related to the category. Expenditure on ralslng fuNls are th8 WSt8 associatedlth attracting donauons and18ga¢lg$. Charitable expendllure comprises t)Se ¢gSts incurred by the charity in the delivery ol ils actNities and 58r%qees for its ben8fi¢iarie$. 11 includes both etssts thai can be allocated LI1¢y to such and those costs ol an Indirect nature nec855ary to 5UPP(t them. Support costs Support Costs include Contral fun¢tions and h8v8 b88n allocated to activty Gost ¢8tegori8s on a basis consistent wth th8 use of resources. for exarnple, allocating proporty costs by floor areas. or per ¢atlta. slafl costs by the time spent and otherc05ts by thr us4e. Page 8
C•rtmel Prlory Trust CIO Notes to the Fln•n¢lal Statemènts for thè Year Endèd 31 Decomber 2024 .. eontinugd Cash and Cash Equival•nt8 Cash and cash equivalents compri58 C8sh on hand and call depos, and other short-tèrm highty liquid Investments that are allYnvertIbto a known amountof cash and a $uble¢t to an Inslgnffi¢ant risk of ¢hange in value. Investm•nt8 Fixed asset irwgslrri8nts are Included atfalr value at the bslance sh88t date. Reallse¢J gains and loss&s on inveslmtrnts talculated a$ th• diff$ren¢e befven sakn proceeds and their fair valua at the start of the ar, or thair subsequenl ¢osl, and are charged or cxediied io the st8tem8nt ol th8 financial actsvities in the p8riod of disposal. Unrealised gains and losses repres8nt movement in fair values durfng Ihe year and aio credlted or ¢harged to the 6tatementof financlal a¢tiwtse$ based on the market value at Ihe year end. Donations and 18gackes Ilnre5trlctod Endowmènl Ttstal Funds Total Funds Fund5 Funds 2024 2023 D<>nations and legacios L8gacies and bequests App8als and donations Grf( Aid tax reclairned 10,1 10,000 190 270 243 513 10,190 10,190 All of the donats.ons aThJ legacies income In 2023 rdated to unrestrided funds. In¥e•tments Uw08trlctsd Endowrn•nt Total Fund# Totsl Fund8 Funds Funds 2024 2023 DIVIde incorne Gross tond int8r8st Gross bank inteTest 68.611 211 12,051 68.611 211 12.051 76.826 2.730 4.647 80,873 80,873 84,003 AJI of Ihe investment incCe in 2023 related to unrestricted fvrnds. Page 9
Cartmèl Prlory Tru¥t CIO Notas to the Financial Statements for the Yr Ended 31 Decèmber 2024 . conllnuod Exp•ndlturè Upkeepof Prlory church Totsl 2024 Totsl 2023 Dlre¢t ¢o$ts Admirnstration of invgstmonts Charitable donations 12,545 60,551 73.096 12.545 60.551 73,096 12,439 11,180 23,599 Support CO8t8 Insurance Sundry expenses Accountancy f8eS Indèpondont examin6ffs fe6 326 193 2,265 8C#) 3,384 326 193 2,265 600 3,384 321 97 1,808 600 2.826 76.480 76,480 26,425 01 the &Npenditure in 2023 £18.302 related tts unrestricted funds and £10.123 related tts endowmentfunds. G¢>vernanco c08t8 2024 2023 AccounteY fees Indopendont examlng¢$ f989 2,265 600 2.865 1,808 600 2,408 Tru$to•$' remuneration and expen$ ttU5tee$ received any remuneration thrring the yw. Page 10
Cartmel Priory Trust ¢10 Notes to the Flnanclal Statements for the Year Ended 31 Oecember 2024 .. conlirnRd Taxatlon Tl registèred charity k8 exemptfrom tayation on incorne and gains. Investments held as fixtd •$#et$ Listsd Inve&trnent5 Markot value As 811 January 2024 RevalUaOn A(klilloTrs Dl$posals As at 31 December 2024 2,137,557 29,273 431,773 447,167 2,151.436 N•t book valu• As at 31 Dmber 2024 As at 31 Docomber 2023 2,151.436 2,137.55T Invesfmentassets be furtheranatysed as f¢)IoK'. VK Ov•r¥eas L48ted investments 1,640,777 1.640.777 510.659 510.659 Debtors 2024 2023 Ae(¥ued Interest and In¢¢)me 982 1.313 10 Cr•dltor$: Amounts falllng du• wlthln one 2024 2023 Accruals and d8f•rT8d income 1,502 1.433 Page 11
Cartmol Prfory Trust cio Motos to th• Flnancial Statgmonts for tho Yoai Ended 31 Decomber 2024 .. conunued 11 Related partles Controlling 8ntlty The charity is controlled by the trus188S. 12 Anal16 of fvnd$ Other r•cogn158d oaln$lloss•$ At31 December 2024 At 1 January 2024 Incomlno rosovTC88 Resourc•s expended General Funds unrès1ri¢t income fund 666.491 91,C63 166,1511 14,0861 687,317 P•mian•nt Endowm¢nt PermaneDt endobwnent 1,760,895 110.3291 33,359 1.783,925 2,427,386 91,C63 176,4801 29,273 2,471,242 General Fund$ - the general lur>d$ recdve investment IrKome and a used to pay for the upkeep of Ihe Priory Church. Pemanent Endowm8nt- th8 pemian8nt endoNnents are used to generate the funds needèd to perform the charitys objective5 *nd are revalued annualty. Prlor perlod Incomlng r•souree$ Resources expended Other r•¢¢9nId galnsl1os$ At31 January 2023 DeCemr 2023 rxneral Funds Unrèstiicted income lund 627,458 84,516 116,3021 129,1811 666,491 Pèmianenl Endowm•nt Pemianen¢ Endowmenl 1.763.532 2.390,990 110.1231 126,4251 7.486 121,6951 1.760,895 2,427.386 84,516 Pagè 12
C•rtmel Prlory Twjt CIO Notes to the Financial Statements for the Year Ended 31 Dember 2024 13 N•t •s$gts by fund Unr¢$¢rlded Funds endowment Funds Totsl Fund$ 2024 Total Fund¥ 2023 Invè$irnènts Current assets Crediiols". Amounts falling due thin one year Net assets 375,595 313,224 1.775.841 8,084 2.151,438 321,308 2.137.560 291,259 17.$021 687.317 11.5D21 2.471,242 11.4331 2.427,386 1,783,925 Prfor pgriod Unrgstrld•d Funds Endowrnent Funds Total Fund$ 2023 Total Fund$ 2022 Inv85tmenis Current assets Creditors.. Amounts falling due wilhin one year Net assets 384.536 283.388 1,753,024 7,871 2,173.560 291,259 11,4331 2,427,386 2,171,890 220.465 11,3651 2,827,727 11,4331 666,491 1,760.895 Page 13