CARtMEL PRIORY ANCI IEWEL- LMNG CHURCH Cartmel Priory Trust CIO Registratlon number: 1197202 Annual Report and Financial Statements 31 December 2025 dOdd&co
Cartmel Priory Trust CIO Contents R8ler8nc2 and Administrative Deta'ls Trustees, report Trustees, responsibil8$ Independent examinerfs report Statement ol finantya aCties Balance she¢t Notès to the financial stslements
Cartmel Priory Trust CIO Reference and Admlnlstratlve Detalls Charlty name Cartrnel Priory Trust CIO Charlty reg18tratlon nurnb8r 1197202 Prln¢lpal offi¢¢ The Vicarage Pnest Lane Cartmel GRANGE-OVER-SANDS LA116PU Rgglatorod offic• The Vicarage Pnost Lane C8rtmel GRANGE-OVER-SANDS LA118PU Tru•t• P Chamberlain. Chaim)8n Rèv N Deveni8h S Willi8m$ W A Ellis J C Iveson L C Thomson lappoinled 24 November 20251 Sollc5tor Brabners 7-8 Chapel Slreel PRESTON PR1 8AN Banker• Bsrclays Bank LEICESTER LE87 2BB Ae¢ountsnt Dodd & Co Limited FIFTEEN Rosehill Montgomery Way R058hill Estatè CARLISLE CA12RW Inve8knent Advlsor JM Finn 25 Copthall Avenue LONDON EC2R 7AH Page 1
Cartmel Prlory Trust CIO Trustees. Report for the Year Ended 31 December 2025 The financial statements have been prepared in accordance with th8 accounting policies set out in the accounts and comply wth th8 charills governing document. th8 Charities Act 2011 and Accounting and Reporting by Charities" Statement of Recommended Practice 8ppli¢able in the UK and Republic of Ireland. Structu, Governanct and Management The Cartmel Priory Tust CIO is 8 registered charity govemed by the deed of incorporation acc4pled by the Charities Commission and was registered on 17 Oacember 2021. The Tru5te8s, who meet formally on thraè occasions during the year, administer the affairs of thtt Chanty Reouesls for funds from The Priory Church ol Cartmel are con51dered at these me8ting3. Nevly appointed Trustee$ are given induction training when first appointèd and all Trustee$ are offered ongoing training, as 8ppropri818. Th8 Trustees have assessed the major risk8 to which the Charity is exposed, In partlcular thosÈ rèlating to th8 operations and finances ol the trust, and are satisfied that syst8ms 8r8 in place to mitigate our exposure to the major risks. Obl8CtIv88 and A¢tlvltle8 Th& primè obs8Ct of the Charity Is the advancAm8nt of Christian religion by the consetV8tion, Improvèmènt, enhancement 8nd plaCement ol the fabric, fiktures, fittings and furnishing of the Priory Church. and the advancement ol the Christian faith rnore oenerally in Cartmel and its surrounding are88. The Trustees ar6 èmpowered to pay or apply the nèl Incorno only of the Trust Fund at their discretion in the further8nc8 of the objects ol the Charity. Th• Ch8rity rnel these objectiv89 durlng thè ye8r by don8tiong to Cartmel PCC lor th• 1011oMring'. Fogarty High Level Maintenance.. £5,412 G8neral repairs.. £5,775 Rob8rts & Stone Architects.. £11,460 Events managemenVD Waltèr. £12,000 Organist.. £4.000 Rigby Eleetrie81 R&pairs.' £19,000 Great 8rilish Lighting.. £316 Narthex Rèfurbi8hm8nt depos. £10.000 An estimate of £50.000 has been committed to the PCC for the total Cost of the Narthex rafubishmèni, although the actual total cost is not Cufrenlly known. In detemining these obleciives and activities the Trustees have paid due reoard to the Charity C¢Jnmission oui¢Jance tsn public nefIt. Achievemerlts and Perfomiance During the year, the Tiust8e5 m8de donations totalling £67,963 12024.. £80,551) to Cartrnel PCC lor the conservation of the Priory Church. Page 2
Cartmel Priory Trust CIO Trustees. Report forthe Year Ended 31 December 2025 Th8 Trust8es' investment otr¥'e¢b've is to retum sufficiènt captsl to generate the income required to meet the anti¢ipated costs of the main objects of the Charity. The totsl value of the Charitys in%esbnents have increased by 9.83% from December 2024 to Decanter 2025, wth an inc¥ease of 10.55% ex[erien over last yeats. The Charity has a fairly favouraNe pos in hw'ng 8.94% 01 its inbestrnents in ffix&J 1Trtets. This is in line wth the planned fixed Inte$t invests)wit perntage forthe year. Financial Review The Trustees are satisfied with the finanaal position tsf Ihe Charity and cA)nfirrn thal they have adequate assets available to fulfil their obligations. They approve ts record of transa¢ons set out herein. They have conbnu8d to make awards alor%J the lines laky ¢knm in Ihesr guthltres to alWnts. The amounts awarded are shown in these ststements. The majority ofcash is held on interést Laring ar£ounts. Thè Trustèes ha widé investrn8nt power5. n8mèly." To invést in such securities or other inv8slments or property %the¢her involmng liabilty or not and %theth8r producing income or not as the Twstee5 shall in their absdute discrebon think fit. The Trustees may also hokl any assets in ncminee names providing that any land shall be assu to the Trustees upon trust for sale. The Tnjstees retain suffiaent tspital to generate the income r8quired to meet Ihe anticipatèd costs of the main objects of the Charity- At the year end, the Chanty had reserves of £2,711,082 of £1,971,027 was hdd in Endowment FunL1s and £740,055 was unthe. £2,362, ol the totsl Se *re held in investments leaving free, unrestricted reserves 85 at 31 08[rnber2025 of£342.451. This is consKler&Y to be an appropriate e1 of reserves. Donations to the Cartmel Prtory Tnt Fund In the year 8nding 31 December 2025.. Friends of Carbnel Pri)ry The late James Berdin The late JOYCÉ Dakin The late Dennis Vaughan Appr v8Y by the Trustees on 3 March 2026 and signed on the behaifby.. P Chamberlain Trustee PwJe 3
Cartmel Priory Trust CIO Trustees. Responsibilities in relation to the Financial Statements The trustees art responsible for preparing Ihe Trustees. Rewrt arKI the ffinanc4al statements in aC£Ordan wth applicable law and Unite¢Y "ngdC¥n AccountirYJ Standards. The law applicable to charibes in England and Waks requires the trustees to prepare finan(ial ststements for each financial year whid) give a true and fajr view of the state of affairs of the charity and of the inccming resour$ and application of r8sourc of the charity tor that r1(Al. In preparing these finanaal statements. the tru5te8s ar8 required to.. se18Ct suitable accounti policies and then appty th consistenty. observe the methods and prinuples in the Charities SORP". make judgements and estimates that are reasonab and [ent.. state whether applicable accounting Standards have been folkx4Ed. sthjject to any material departures disclosed and eyplained in the finanual statements.. and epare the financial statements on Ihe goÉng (Cern basis utless it is inapprcpriate to presume that the ¢haritywill continue in busirws. Th8 trustees are responsible for keeFng proper accountsry records that di5dose with reasonable accuiacy 8t any time the finanpial po$'0n of the charty and enable them to ensure that the finana81 statements umply with the Charities Act 2011 as amended by th8 Charities Act 2022. the Charity IAccL)unts and Reports) Regulations and the provisioll5 of the trust deed. They are responSie for safeguarding the assets of the chatty and hence for takn'rJ reasonab sier6 for the [WeV and detection of fraud and oth8r irwulanties. Page 4
Independent Examinerfs Report to the Trustees of Cartmel Prlory Trust CIO I rèport on the accounts ol the charity lor the year 8nded 31 December 2025, which are sel out on pages 6 to 13. Your attention is to drawn lo the fact th81 the Charity has prepared the financial statements in accordanc8 With A¢oounting and Reporting by Charities preparing their 8ccounts in accordan wth the Flnancial Reporting Standard applirAb1e In the UK and Republic ol Ireland IFRS 1021 in preference to the Accounling and Reporting by Charities.. Slalement ol Recomrnended Practs'ce issued on 1 Apnl 2005 which is referred to in the ext8nt regulations but has since been withdrawn. We understsnd that this h8$ been done In order for the accounts to provide a true and lair view in accordance with tha Ganarally Accepted Accounting Practice effective for reports'ng p8n1$ beginning on or after 1 January 2019. Ro8pectlv• ro8pon$lbllltl¢$ of tru8t•68 and èxamlnar The Charitls trustees are responsible for the pr8paration of the accounts. Th8 trustè8s consider that an audit is not requirad lor this year under section 144121 of the Ch8ritie8 Act 2011 as arnended by the Ch8riti8s Act 2022 (the Acti and that an Independent examination is needed. It is my responsibility lo.. examine the accounts under section 145 of the Aet, follow the procedures18ld down in the General D1CtionS given by the Ch8rity Commission undèr 8e¢tion 1451$) Ibl of the Act,. and slate whether particular matters h8ve come lo my attention. 8•818 of Indepgndgnt gx¥mlnorf• report My examination was carried out In accordan with the General Directions given by the Charity Comrnission. An examination Includes a review ol th6 accounting records kept by the charity and a comparison of the accounts presenleij with those records 11 also in¢lude5 consideration of any unusual It8ms or discjosures In the accounts, and seeking explanations from you as trusle8s conrning any such matters The procedure5 undertaken do not prowdè 811 th6 6vidancè that would be required In an audit and consequently no opinion is given as to wh8lh8r the accounts prèsént 8 'truè and lair Mèw, and the report is limited to those matters set out in the statement below. Indep¢ndont ¢x¥mln•rf• •tstsment In connection wth my examination, no m8tt8r h85 come to my Attention." 111 Nthich gives rne reasonable ¢8use lo believe that in any m818ri81 re5pectthè raquirements". lo keep accounting 00rd9 in 8ccordance with se¢lion 130 of the Charities Act 2011 85 amended by the Charities Act 2022.. and to preparè accounts whlch accord with the accounting records, comply with the accounting quirements of the Act have not been met,. or 121 to which, In my opinion, attention should be dra¥vn in order to enable a proper understanding of th8 accounts to b6 IÈ8ched. FIFTEEN Rosehill Montgomery W8y Ros8hill Estate CARLISLE CA1 2RW ne Thomlinson FCA odd & Co Litniled Chartered Accountants 3 March 2026 Page 5
Cartmel Prlory Trust CIO statement of Financial Actlvllies for the Year Ended 31 December 2026 Unrestrfcted Endowm•nt Total Fund$ Total Funds Fund$ Fund¥ 2026 2024 Note Income Don8tion$ and 9aCieS Inv8Stmen18 34,917 34,917 68.434 103,351 10,190 80,873 68,434 103,351 Total IncDme 91,063 Expandlturg Expenditure on charitable activitie6 Total expenditure 73.146 10,622 10,622 83.768 83.768 76,480 76.480 73,146 GainsllloBse81 on inve81rnent 88sets 22,533 197,724 220,257 29,273 Nel lncomellexpendituI 52,738 187,102 239.640 43.856 Trantslern Transfers between funds Net movement in lunds 52,738 187,102 239.840 43,856 Rfreont151atlon of fundi Total funds broughl lonard Total funds carried forward 687,317 740,055 1,783,925 1,971,027 2.471.242 2,711.082" 2,427,38e 2,471,242 The notes on pages 8 10 13 form an inte9ral part of these financial statements. Page 6
Cartmel Priory Trust CIO Balance Sheet as at 31 DK8mber 2025 2025 2024 Not• Flxed 881•1$ Investments 2.362.966 2,151.436 Current aslets Debt¢ys Cash 81 bank aThJ in hand 923 348.768 349,691 962 320.346 321,308 Crèdltorn- Amount8 lalllng du• ¥rtthln onè yoar 10 11,5751 {1.5021 Not eurr•nt a•••ts 348.116 319,8C6 2.711,082 2,471.242 Th• lunds of thg ch•rlty- endowmont fund• 1,971,027 1,783.925 Unr68trfcted fund• Unreslrictecl IncA)me funds 740.055 fj87,317 Total Gharlty fund• The financAal statemenls have been prepar&J in accrytsn¢e the Finarval R¢porDThJ Stsndèrd aFplicat4e in tho UK and Republic ol11914nd IFRS 1021. 2,711.082 2,471.242 App ved by the Board on 3 M8rth 2026 and 8KJn8d on its t•hallby. P Charnberlain Trustee The not&s on pag8s 8 10 13 fom) an inb3ral partofthese financ4al stataments. Page 7
Cartmel Priory Trust CIO Notes to the Financial Statements for the Year Ended 31 December 2025 Accounting policies Statement of compllance The accounts (financial stalemenlsl have been prepared in accordanee with the Statement of Recommended practi." Accounting and Reporting by Charities preparing their accounts in awordan wth the Financial Reporting Standard applicable In the UK and Republi¢ of Ireland IFRS 1021 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charibes Act 2011 and UK Generally Accepted practi as il applies Irorn 1 January 2019. Basis of pr8P8ratlon The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are Initially ctsgni5ed at historioal cDst or transactjon value unless otherwse stated in the relevant accounting policy notes. Going eoncern These finanaal 5tatern8nts have been prepared on a going concem basis. Fund a¢¢ountlng policy Unrestricted income funds are general funds that a available for use at the tru5tees' discreb'on in further8nce of the objectives of the charity. Further details of each fund are disclased in note 12. Ineome and endowments Legacies are recognised where there is entitlement, receipt is probable and the amount can be rneasud th sufficient reliability. Income trorn Government and other grants. whether 'capital' grants or'revenue. grants. is recognised when the charity has entitlement to the funds. any performanc£ condition5 attached to the grants have been mel, it Is probable that the income will be r1Ve and the amount Can be measured liablY and is not deferred. Investment Income is recognised on a ceIvable basis. Income re1Ve from endowments is treated as unrestricted. Expenditure Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the eYpencfitU. All expenditure Is a¢counled for on an accruals basis and has been dassified under headings that aggregate all casts related to the category. Expenditure on raising funds a the costs associated wth attracting donations and legacies. Charitable expenditu comprises those costs incurred by the charity in the deliv8ry of its activit18s and sefvi$ for ils beneficiaries. It Includes both costs that ran be allocated direcyy to such activities and those costs of an IndIct nature necessary lo support thetn. Svpport ¢08ts Support costs indude ntraT functions 8nd have been allocated to activity cost categories on a basis consistent with the use of resources, for example. allOcatng property costs by floor areas, or per capila, stsff costs by the tim8 sp6nt and other costs by their usag&. P8ge e
Cartmel Priory Trust CIO Notes to tha Flnancial Statements for the Year Ended 31 Decèmber 2025 .. conbnu6d ¢a8h and Co8h Equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term hlghly liquid nwestments that are adIlY convertible to a known amount Of cash and are subjeel lo an insignificant risk of change in value. InVtments Fixèd 8ssèt Investments arè included at fair value al the balance Sheol dat8. Realised 9ains and losses on investments are ralculated as the diffèr6nc6 beiween sales proceeds and their lair value at the start ol the year, or their subsequent cost, and are ch8ryed or credited to the statement of thè financial aclivlts"&s In the period of disposal. Unrealised gains and Ioss6s represent the movement in fair values during the year and aré credited or charged to the $t8lemenl of fin8nci818ctitlts based on th8 markèt value al the year end. Donatlon• and leg•el•• Unre8trl¢tèd Endowmènt Total Fund• Total Fund• Fund8 Funds 2025 2024 Donatlon8 and l•gael•8 L8gacie5 and bequests Appea16 and donations 2,500 32,417 34,917 2,500 32,417 34,917 10,000 190 10.1 All ol the donations and legacies income in 2024 related to unre$tri¢led funds. Inv•8tmènts Unr•8trlet•d Endowmènt Tot81 Fund8 Totsl Fund$ Fund8 Funds 2026 2024 Dividend income Gross bond Interest Gross bank Interest 52,391 3,754 12.2e9 52,391 3,754 12,289 68.611 211 12,051 68,434 68,434 80.873 All of the investment income in 2024 related lo unrestricted funds. Page 9
Cartmel Prbory Trust CIO Notes to the Financial Statements for th• Year Ended 31 December 2025 Expenditure Upk8•p of Priory Church Total 2025 Total 2024 Dlrect Costs Administration of Invesknents Charrtable donations 12,854 67.3 80.817 12,854 67.963 80,817 12,545 60,551 73,0 Support costs Insuran Sundry expenses Accountancy fees Independent examirers fee 341 17 1.993 600 2.951 341 17 1.993 fjoo 2.951 326 193 2,265 600 3,384 83.768 83.768 76.480 Of the 8xp8nditure in 2024 £66,151 felatedto unrestricted funds and £10.329 related to endowment fvnds. Governance costs 2025 2024 Aco)untancy fees Independent examinels fees 2,265 600 2,865 2.593 Trustees. r•mvneratioTr and expenses No trustees recei any remunerat*)n durir¥J thè yèar. Page 10
Cartm&l Priory Tru$t CIO Notes to the Financial Statements for the Year Ended 31 December 2025 . n'nUed Taxation The registered charity is exempt from taxation on incom8 and gains. Inv88tm8nts hèld as fixèd a¥s$ts Listed nve6tments Mar*et value As at 1 January 2025 Revaluation A¢Jditions Disposals As at 31 December 2025 2,151,436 220,257 477,074 1485,8011 2,362,966 Net book value As at 31 Dember 2025 As at 31 Dember 2024 2,362,966 2.151,436 Investment assets can be further analysed as follows." UK Overseas Listed investrnents 1.566.683 1,566.683 796,283 796.283 Debtors 2025 2024 Acad int&rest and incomÉ 923 962 10 Creditor8= Amount8 falling due within on8 year 2025 2024 Accrua15 and deferred Income 1,575 1,502 Page11
Cartmol Prlory Trust CIO Notes lo the Flnancial Statements for the Year Ended 31 December 2025 . confr'nuèd 11 Related partlès Controlllng èntlty The charity is controlled by the trustees, 12 An•ly818 of fund• Other r¢cognlsèd galn$llo$$e• At31 D•cemb6r 2025 At 1 January 202S Incomlng r680urcti Re80urc08 8XP8nded Gèn•ral Fund8 Unrestricted incomo fund 687,317 103.351 173,1461 22,533 740,055 PeThanent Endowmont Permanent endowment 1.783,925 110,6221 197,724 1,971,027 2.471,242 103,351 183.7681 220.257 2,711,062 Gèneral Funds- the general funds rècèi investment income and are usad to pay for the upkeep ol th Priory Church. Perrnanent Endowmènt- th8 permanent endo¥Mnents Are u80d to ggnerate the fund5 needed to perfom the charity's objectivé$ 8nd are revalued annually. Prlor porlod Incomlng resourc98 Re8ource8 Qxpgnded Other reeognl$&d galnsllo$$g8 At31 December 2024 January 2024 General Fund• Unrestricted income fund 666.491 91,063 166,1511 14,0861 687.317 Pemianent Endowment Pemianent EndowTh8nt 1.760,895 2.427,386 110,3291 176.4801 33,359 29,273 1,783,925 2,471.242 91.063 Paoo 12
Cartmel Prlory Trust CIO Notes to the Financial Statements for the Year Ended 31 December 2025 .. continued 13 N•t assets by fund Unrestri¢t8d Fund$ Endowment Fund$ Total Fund8 2025 Totsl Funds 2024 Investrnents Current assets Creditors.. Amounts falling due within one year Net assets 397.604 344,026 1,965.362 5,665 2,362.966 349,691 2,151,436 321.308 11,5751 740.055 11,5751 2,711.082 11.5021 2.471.242 1,971.027 Prlor pèriod Unre8tri¢ted Funds Enilowment Funds Totsl Funds 2024 Total Funds 2023 Investments Current assets Creditors.. Amounts falling due within one year Net 8S88ts 375,595 313,224 11,5021 687,317 1,775.841 8,084 2,151,436 321,308 11,5021 2.471.242 2,137,560 291.259 11,4331 2,427,386 1.783.925 Page 13