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, responsibil￿8$
Independent examinerfs report
Statement ol finantya aC￿￿ties
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 1Trte￿ts. This is in line
wth the planned fixed Inte￿$t invests)wit per￿ntage 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 alW￿nts. The amounts awarded are shown in
these ststements.
The majority ofcash is held on interést L*aring 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 un￿th￿e￿. £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 Tn￿t 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 keeF*ng 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 responSi￿e for safeguarding the assets of the chatty and hence
for takn'r*J 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 D1￿CtionS 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 con￿rning 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 lncomellexpenditu￿I
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 lon￿ard
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 rneasu￿d
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 r￿1Ve￿ and the amount Can be measured ￿liablY and is not deferred.
Investment Income is recognised on a ￿ceIvable basis. Income re￿1Ve￿ 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 IndI￿ct 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. allOcat￿ng 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.
InV￿tments
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 $t8lemenl of fin8nci818cti￿tlts based on th8 markèt value al the year end.
Donatlon• and leg•el••
Unre8trl¢tèd Endowmènt Total Fund• Total Fund•
Fund8
Funds
2025
2024
Donatlon8 and l•gael•8
L8gacie5 and bequests
Appea16 and donations
2,500
32,417
34,917
2,500
32,417
34,917
10,000
190
10.1
All ol the donations and legacies income in 2024 related to unre$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 De￿mber 2025
As at 31 De￿mber 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
Ac￿￿ad 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