DISCALCED CARMELITES UK CIO Registered Charity Number 1200259 TRUSTEES’ REPORT AND ACCOUNTS YEAR TO 5 APRIL 2024
HaysMac LLP Chartered Accountants London
DISCALCED CARMELITES UK CIO
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 5 APRIL 2024
REFERENCE AND ADMINISTRATIVE DETAILS
TRUSTEES The Reverend Alexander Ezechukwu (appointed 21 May 2023) The Reverend Thaddeus Ekuma (appointed 31 May 2023) The Reverend James Noonan (appointed 31 May 2023) The Reverend Liam Finnerty (appointed 31 May 2023) The Reverend Michael McGoldrick (appointed 31 May 2023) The Reverend Vincent O’Hara (appointed 31 May 2023) PROVINCIAL SUPERIOR The Reverend James Noonan PROVINCIAL BURSAR The Reverend Alexander Ezechukwu PRINCIPAL OFFICE Carmelite Priory 41 Kensington Church Street London W8 5BB CHARITY REGISTRATION NUMBER 1200259 GOVERNING INSTRUMENT CIO Association 2 September 2022 INDEPENDENT EXAMINER Jane Askew HaysMac LLP 10 Queen Street Place London EC4R 1AG SOLICITORS Stone King Sewell Upper Borough Court Upper Borough Walls Bath BA1 1RG PRINCIPAL BANKERS Royal Bank of Scotland Plc 36 St Andrew Square Edinburgh, EH2 2YB INVESTMENT MANAGERS CCLA Investment Management Limited Senator House, 85 Queen Victoria Street London EC4V 4ET INVESTMENT POWER Under the Society’s Trust Deed it has wide investment powers.
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DISCALCED CARMELITES UK CIO
TRUSTEES’ ANNUAL REPORT (Continued)
FOR THE YEAR ENDED 5 APRIL 2024
OBJECTIVES AND ACTIVITIES
Introduction
The Charity is governed by a Charitable Incorporated Organisation constitution registered with the Charity Commission on 2 September 2022. It began its operations on 31 May 2023 when it took over the assets. liabilities and activities from the Carmelite Provincial Fund (registered charity no 284525).
Transfer from Charitable Trust
In order to bring the Charity’s constitutional arrangements into line with latest best practice, the Trustees decided to establish this Charitable Incorporated Organisation (CIO) to take over the assets and activities of the former charity through which some of the charitable activities of the Charity in England and Wales were conducted. This was a charitable trust known as the Charity Provincial Fund (registered charity number 284525). It is the intention of the trustees that other related charities will be brought into the CIO in the near future.
At midnight on 31 May 2023, all of the assets, liabilities, commitments, and activities of the Carmelite Provincial Fund were transferred to the CIO. As the charity is adopting the merger accounting approach to the combination, the financial statements included in this report reflect the results of the Carmelite Provincial Fund for the two months from 6 April 2023 to 31 May 2024 and the results of the CIO for the ten months 1 June 2023 to 5 April 2024. In addition activities of the related charity – St Joseph’s Roman Catholic Church and Priory Gerrards Cross (registered charity 249602) were transferred on 1 August 2023 to the CIO.
Public Benefit
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity. The Trustees review the activities of the charity against its aims on an ongoing basis and are satisfied that all activities continue to be related to the aims which are set in such a way as to benefit society as a whole. The benefits are set out in the review of activities shown below.
STRUCTURE GOVERNANCE AND MANAGEMENT
The Governing instrument of the charity is that of a Charitable Incorporated Organisation.
The assets and income of the Fund are applied for the advancement of the Catholic religion by the relief of sick and aged members of the Order of the Discalced Carmelites and by the advancement of education of members of the Order undertaking studies and training in preparation for Public ministry and teaching and generally for such charitable purposes as the Trustees shall determine.
Governance
The Charity of the Discalced Carmelites has six Trustees, the Provincial Superior and five other members. The power of appointing new Trustees rests with the retiring trustees who can appoint new trustees in their place.
ACHIEVEMENTS AND PERFORMANCE
The charity has particular responsibility for the following:
-
Care of the sick, elderly and retired members of the Order.
-
The administration of the Order in England.
-
The promotion of the Orders' work and teaching through publications, internet and other means of communication.
-
The education of the Order's new members.
-
The continuing education of its existing members.
-
The maintaining of libraries and other aids to study for the use of the Order's members and others who are engaged in Christian and particularly Carmelite studies.
Some of the above work is carried out directly by the Charity but much of it is done through grants given to Friends of Whitefriars Oxford Trust.
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DISCALCED CARMELITES UK CIO
TRUSTEES’ ANNUAL REPORT (Continued)
FOR THE YEAR ENDED 5 APRIL 2024
During the year the Charity provided funding for the following projects:
- Friends of Whitefriars Oxford Trust for the support and development of its retreat ministry., towards the running of courses and the bookshop and towards the publication of Mount Carmel.
FUTURE PLANS
All the activities outlined above continue in a similar manner to this year.
FINANCIAL REVIEW
Investment income decreased from £45,922 to £3,586 mainly due to lower levels of cash deposits in the year. Total income increased from £51,163 in 2023 to £244,668 mainly due to the inclusion of assets and income from St Joseph’s Roman Catholic Church and Priory Gerrards Cross. Expenditure increased from £565,229 in 2023 to £755,580 in 2024. This resulted in a loss before investment gains and losses of £450,089 (2023: (£514,066). After investment gains of £60,823 (2023: losses of £163,520) the net movement in funds was a loss of £450,089 (2023: loss of £677,586), resulting in carried forward funds of £2,783,677 (2023: £3,233,766).
Investment policy
The vast majority of the charity's funds are invested in Common Investment Funds.
During the year the value of the investments increased in line with the market indices. It is anticipated that their value will increase further in the longer term as the markets and general economic conditions recover.
Reserves
The charity's unrestricted funds at the year-end stood at £2,735,119. £1,200,000 of this has been designated towards the refurbishment of premises belonging to Friends of Whitefriars Oxford, a related trust. The balance of £1,535,119 is available for the general purposes of the charity and represents approximately 6 years normal expenditure which the trustees' consider to be a reasonable provision for the ongoing requirements of the charity.
Risk review
The Trustees have considered the major risks to which the Charity is exposed. Every effort is being made to mitigate those risks. The key risks for the charity, as identified by the trustees, are described below together with the principal ways in which they are mitigated:
-
The Order has an obligation, both moral and legal, to provide care for its members, none of whom has resources of his own and all of whom have devoted a significant part of their lives to the activities of the charity. Wherever possible, care is provided for frail and unwell members within the community. The incidence of such care needs is impossible to predict and the Trustees therefore believe that it is incumbent upon them to maintain reserves at an appropriate level to ensure that the charity is able to meet this obligation – see Reserves Policy above.
-
Along with all other organisations who serve in the community, the Trustees recognise the absolute necessity of ensuring the protection and safety of all those the Charity serves. This means that all Fathers who are in any kind of ministry in Great Britain have had to obtain clearance from the Disclosure and Barring Service (DBS). The Trustees are committed to implementing all policies and procedures of the Catholic Safeguarding Advisory Service (CSAS).
-
It is absolutely necessary to ensure that our property continue to be safe places for the Fathers and visitors to use. Attention is given to keeping our properties in good repair. General maintenance is regularly carried out. There is an ongoing programme to ensure compliance with the increasing demands of Health and Safety Regulations particularly with regard to Fire Regulations. The Trustees regularly review insurance provision.
-
The trustees are mindful that at some time in the medium to longer term, there may be issues in relation to succession planning for the governance of the charity. With an ageing group of Fathers, it may be necessary to consider appointing lay trustees (that is trustees who are not members of the Congregation) and/or Fathers from overseas areas where there is a greater pool of younger members. Such steps may require constitutional changes for the charity. The Trustees are in the process of exploring the issues and the options.
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DISCALCED CARMELITES UK CIO
TRUSTEES’ ANNUAL REPORT (Continued)
FOR THE YEAR ENDED 5 APRIL 2024
CONNECTED CHARITIES
Details of the other charities through which the Discalced Carmelite Friars conduct their activities in England are set out in Note I of the financial statements.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
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state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with statutory requirements and with the Charity’s constitution. 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 irregularities.
Approved by the Trustees on 5 February 2025 and signed as authorised on their behalf by:
Reverend James Noonan Trustee
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF DISCALCED CARMELITES UK CIO
I report to the Trustees on my examination of the accounts of Discalced Carmelites UK CIO for the year ended 5 April 2024 which are set out on pages 6 to 17.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”). The trustees are satisfied that an audit is not required for this year under section 144(2) of the Charities Act 2011 and have chosen instead to have an independent examination.
I report in respect of my examination of the Trust’s accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicable Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Jane Askew FCA HaysMac LLP, Chartered Accountants 10 Queen Street Place London EC4R 1AG
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DISCALCED CARMELITES UK CIO
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Restricted | Unrestricted | Total | Total | ||
| Notes | £ | £ | £ | £ | |
| INCOME FROM: | |||||
| Donations and legacies | |||||
| Donations and bequests | 2 | - | 156,787 | 156,787 | 4,410 |
| Grants | 84,000 | - | 84,000 | - | |
| Investments | - | 3,586 | 3,586 | 45,922 | |
| Other | - | 295 | 295 | 831 | |
| ---------------- | ----------------- | ----------------- | ----------------- | ||
| Total Income | 84,000 | 160,668 | 244,668 | 51,163 | |
| ---------------- | ----------------- | ------------------ | ------------------ | ||
| EXPENDITURE ON: | |||||
| Charitable activities | 3 | 24,501 | 731,079 | 755,580 | 565,229 |
| ---------------- | --------------- | ----------------- | ----------------- | ||
| Total expenditure | 24,501 | 731,079 | 755,580 | 565,229 | |
| ---------------- | --------------- | ----------------- | ----------------- | ||
| Net (expenditure) before gains on | |||||
| investments | 59,499 | (570,411) | (519,912) | (514,066) | |
| Gains/(losses) on investments | 6 | - | 60,823 | 60,823 | (163,520) |
| ---------------- | ----------------- | ------------------ | ------------------ | ||
| Net movement in funds | 59,499 | (509,588) | (450,089) | (677,586) | |
| Reconciliation of funds: | |||||
| Fund balances brought forward | |||||
| 6 April 2023 | - | 3,233,766 | 3,233,766 | 3,911,352 | |
| --------------------- | --------------------- | ---------------------- | ---------------------- | ||
| Fund balance carried forward | |||||
| 5 April 2024 | £59,499 | £2,724,178 | £2,783,677 | £3,233,766 | |
| ========== | ========== | ========== | ========== |
The notes on pages 8 to 17 form part of the accounts.
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DISCALCED CARMELITES UK CIO
BALANCE SHEET
AS AT 5 APRIL 2024
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| FIXED ASSETS | |||||||
| Tangible fixed assets | 6 | 57,688 | - | ||||
| Investments | 7 | 955,769 | 894,946 | ||||
| -------------------- | -------------------- | ||||||
| 1,013,457 | 894,946 | ||||||
| CURRENT ASSETS | |||||||
| Cash at bank and in hand | 37,637 | 76,215 | |||||
| Debtors | 8 | 2,150,522 | 2,655,706 | ||||
| ----------------- | ----------------- | ||||||
| 2,188,159 | 2,731,921 | ||||||
| CREDITORS:Amounts falling due | |||||||
| within one year | 9 | (415,433) | (393,101) | ||||
| ----------------- | ----------------- | ||||||
| NET CURRENT ASSETS | 1,722,726 | 2,338,820 | |||||
| --------------------- | --------------------- | ||||||
| NET ASSETS | £2,783,677 | £3,233,766 | |||||
| ========== | ========== | ||||||
| FUNDS | |||||||
| Restricted funds | 11 | ||||||
| Unrestricted funds: | 59,499 | - | |||||
| General | 1,524,178 | 2,033,766 | |||||
| Designated | 10 | 1,200,000 | 1,200,000 | ||||
| --------------------- | --------------------- | ||||||
| £2,783,677 | £3,233,766 | ||||||
| ========== | ========== |
The financial statements were approved and authorised for issue by the Board of Trustees on 5 February 2025 and were signed below on its behalf by:
Reverend James Noonan Trustee
The notes on pages 8 to 17 form part of these accounts.
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DISCALCED CARMELITES UK CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
1. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019).
The charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
In accordance with Section 27 of SORP FRS102, merger accounting has been adopted for the purposes of drawing up the accounts. Therefore, the assets, liabilities and funds of the current entity, the CIO, and of its predecessor charity, the Carmelite Provincial Fund, are combined as though they had always been part of the same reporting charity.
Although the merger took place part way through the year to 5 April 2024, the accounts have been drawn up to include the results of the combining charities for the whole of that year. Details of the Net Assets transferred from the Carmelite Provincial Fund to the CIO are set out in note 16. Comparative figures for the prior year are those of the Carmelite Provincial Fund for the year ended 5 April 2023.
In addition activities of the related charity – St Josephs Roman Catholic Church and Priory Gerrards Cross (registered charity 249602) were transferred on 1 August 2023 to the CIO. This transfer has been accounted for as an acquisition.
Critical accounting estimates and areas of judgement
Preparation of the accounts requires the Trustees to make significant judgements and estimates. It also requires management to exercise judgment in applying the Charity’s accounting policies. The items in the accounts where these judgements and estimates have been made include:
- estimating the economic useful life of tangible fixed assets.
Assessment of going concern
The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.
The Trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ending 5 April 2025, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the Trustees’ Report for more information).
Income recognition
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.
Income received in advance is deferred until the criteria for income recognition are met.
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DISCALCED CARMELITES UK CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
1. ACCOUNTING POLICIES (continued)
In accordance with the Charities SORP FRS102, volunteer time is not recognised.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Expenditure recognition and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
-
Expenditure on raising funds comprise fees paid in respect of fund management in relation to the charity’s quoted investments.
-
Expenditure on charitable activities includes the costs of running the charity’s community as well as all other costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. These costs comprise charitable grants and donations, direct and support costs in respect to the support of members of the Congregation and their ministry. It also includes governance costs.
Charitable grants and donations are made where the Trustees consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period end.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Tangible Fixed Assets
The purchase of fixed assets costing more than £2,000 are capitalised.
Depreciation is calculated by the straight line method to write off the cost/value, less anticipated residual value, over the expected useful lives of assets as follows.
Furniture and equipment
5 years
Investments
Quoted investments are stated at their fair value.
Realised and unrealised gains (or losses) are reflected in the Statement of Financial Activities in the year in which they occur. No distinction is made between realised and unrealised gains in the Statement of Financial Activities as the Trustees consider that the disclosure of total gains/losses show a truer and fairer view.
Fund Accounting
Funds held by the charity are either:
-
Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
-
Designated funds – these are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.
-
Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
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Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
DISCALCED CARMELITES UK CIO
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 5 APRIL 2024
1. ACCOUNTING POLICIES (continued)
Financial Instruments
The charity only holds financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Debtors
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
Cash at bank and in hand
Cash at bank and in hand includes cash and bank accounts.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
| DONATIONS AND BEQUESTS | 2024 | 2023 | ||
|---|---|---|---|---|
| £ | £ | |||
| Donations | 84,998 | 4,410 | ||
| Transfer of net assets from St Joseph’s | Roman Catholic | 71,788 | - | |
| Church and Priory Gerrards Cross | ||||
| ----------------- | ----------------- | |||
| £156,786 | £4,410 | |||
| ======== | ======== | |||
| EXPENDITURE - 2024 | Total | Total | ||
| Depreciation | Other | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Charitable activities | ||||
| Direct costs | - | 679,104 | 679,104 | 525,964 |
| Community expenditure | 1,397 | 30,223 | 32,532 | 4,620 |
| Governance costs | - | 43,944 | 43,944 | 34,645 |
| -------------- | ------------------ | ------------------ | ------------------ | |
| £1,397 | £753,271 | £755,580 | £565,229 | |
| ======= | ========= | ========= | ========= | |
| EXPENDITURE - 2023 | ||||
| Depreciation | Other | 2023 | ||
| £ | £ | £ | ||
| Charitable activities | - | |||
| Direct costs | - | 525,964 | 525,964 | |
| Community expenditure | - | 4,620 | 4,620 | |
| Governance costs | 34,645 | 34,645 | ||
| -------------- | ------------------ | ------------------ | ||
| - | £565,229 | £565,229 | ||
| ======= | ========= | ========= |
2. DONATIONS AND BEQUESTS
3.
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DISCALCED CARMELITES UK CIO
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 5 APRIL 2024
3a DIRECT COSTS
| 3a | DIRECT COSTS | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Grants to Friends of Whitefriars Oxford Trust | 488,741 | 451,453 | |
| Grant to St Joseph’s Priory Gerrards Cross | - | 23,240 | |
| Priory expenses St Joseph’s Gerrards Cross | 96,445 | - | |
| Youth Encounter work | 24,501 | - | |
| Bank charges | 446 | 124 | |
| Ministry | - | - | |
| Medical costs and insurance | 23,278 | 50,188 | |
| Pilgrimage | 455 | - | |
| Other | 45,238 | 959 | |
| ----------------- | ----------------- | ||
| £679,104 | £525,964 | ||
| ======== | ======== | ||
| 4. | GOVERNANCE COSTS | 2024 | 2023 |
| £ | £ | ||
| Auditor’s remuneration | |||
| - Audit – Current year | - | 9,730 | |
| - Accountancy | 14,790 | 3,850 | |
| - Legal and professional | 29,154 | 21,065 | |
| -------------- | -------------- | ||
| £43,944 | £34,645 | ||
| ======= | ======= |
5. TRUSTEES AND STAFF
As members of the order the Trustees’ living expenses during the year were borne by the Trust but the Trustees received no remuneration or other benefits in connection with their duties as trustees during the year.
The charity does not employ any staff. Its key management personnel are its trustees who are unremunerated.
6. TANGIBLE FIXED ASSETS
| Furniture, fixtures, | ||
|---|---|---|
| fittings & equipment | Total | |
| £ | £ | |
| COST OR VALUATION | ||
| At 6 April 2023 | - | - |
| Transferred from St Joseph’s | ||
| Roman Catholic Church and | ||
| Priory Gerrards Cross | 59,085 | 59,085 |
| --------------------- | --------------------- | |
| At 5 April 2024 | 59,085 | 59,085 |
| --------------------- | ---------------------- | |
| DEPRECIATION | ||
| At 6 April 2023 | - | - |
| Charge for the year | 1,397 | 1,397 |
| -------------------- | ---------------------- | |
| At 5 April 2024 | 1,397 | 1,397 |
| --------------------- | ---------------------- | |
| NET BOOK VALUE | ||
| At 5 April 2024 | £57,688 | £57,688 |
| ============ | ============ | |
| At 5 April 2023 | £- | £- |
| ============ | ============ |
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DISCALCED CARMELITES UK CIO
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 5 APRIL 2024
| 7. | INVESTMENTS | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| Market value of listed investments | |||
| Balance at 6 April 2023 | 894,946 | 3,908,466 | |
| Additions | - | - | |
| Disposals | - | (2,850,000) | |
| Gains on revaluation | 60,823 | (163,520) | |
| ---------------------- | ---------------------- | ||
| Balance at 5 April 2024 | £955,769 | £894,946 | |
| =========== | =========== | ||
| Valued by reference to a UK stock exchange: | |||
| Common Investment Fund - COIF Charities | |||
| Investment Fund - Income shares | £955,769 | £894,946 | |
| =========== | =========== | ||
| Investment income comprises: | |||
| Dividends | 3,586 | 44,881 | |
| Bank deposit interest | - | 1,041 | |
| ----------------- | ----------------- | ||
| £3,586 | £45,922 | ||
| ========= | ========= | ||
| 8. | DEBTORS | 2024 | 2023 |
| £ | £ | ||
| Loan recoverable (see below) | 245,000 | 262,500 | |
| Other debtors | 1,905,522 | 2,393,206 | |
| ------------------ | ------------------ | ||
| £2,150,522 | £2,655,706 | ||
| ========= | ========= |
The loan shown above is due from Our Lady of Walsingham, a registered charity. As terms of the loan have not yet been agreed it is currently repayable on demand.
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DISCALCED CARMELITES UK CIO
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 5 APRIL 2024
| 9. | CREDITORS | 2024 | 2023 | |||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Accruals and deferred income | 19,250 | 19,140 | ||||
| Due to Community Order of Discalced | Carmelites, Kensington | - | 372,761 | |||
| Other Creditors | 396,183 | 1,200 | ||||
| ------------------ | ------------------ | |||||
| £415,433 | £393,101 | |||||
| ========= | ========= | |||||
| 10. | DESIGNATED FUNDS – 2024 | Balance at | Movement in Funds | Balance at | ||
| 6 April | Gains and | 5 April | ||||
| 2023 | Income | Expenditure | Transfers | 2024 | ||
| £ | £ | £ | £ | £ | ||
| Refurbishment of property | £1,200,000 | £ | £- | £- | £1,200,000 | |
| =========== | ======== | ======== | ========== | ========== |
The designated fund has been set up to cover the cost of renovations (including assisting with complying with health and safety legislation) of the premises belonging to the Friends of Whitefriars Oxford Trust, a related charity.
| DESIGNATED FUNDS – 2023 | Balance at | Movement in Funds | Balance at | ||
|---|---|---|---|---|---|
| 6 April | Gains and | 5 April | |||
| 2022 | Income | Expenditure | Transfers | 2023 | |
| £ | £ | £ | £ | £ | |
| Refurbishment of property | £1,200,000 | £- | £- | £- | £1,200,000 |
| =========== | ======== | ======== | ========== | ========== |
11. RESTRICTED FUNDS – 2024
Units of the Charities Official Investment Income Shares were purchased from the money donated for the purposes of the education and maintenance of students, the maintenance of the Oxford House and related costs. The income received from the shares is utilised for these purposes. If the needs of the beneficiaries of this fund could not be met solely from this income, then either the shares would be sold or the costs financed from unrestricted funds.
| Balance at | Movement in Funds | Balance at | |||
|---|---|---|---|---|---|
| 6 April | Gains and | 5 April | |||
| 2023 | Income | Expenditure | Transfers | 2024 | |
| £ | £ | £ | £ | £ | |
| Youth Encounter Project | - | 84,000 | (24,501) | - | 59,499 |
| ------------------- | ----------------- | ----------------- | ----------------- | ------------------- | |
| £- | £84,000 | £(24,501) | £- | £59,499 | |
| ========= | ======== | ======== | ======== | ========= |
13
DISCALCED CARMELITES UK CIO
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 5 APRIL 2024
| RESTRICTED FUNDS – 2023 | ||||||
|---|---|---|---|---|---|---|
| Balance at | Movement in Funds | Balance at | ||||
| 6 April | Gains and | 5 April | ||||
| 2022 | Income | Expenditure | Transfers | 2023 | ||
| £ | £ | £ | £ | £ | ||
| Sick and retired Priests Fund | - | - | - | - | ||
| -------------------- | ----------------- | ----------------- | ----------------- | ------------------- | ||
| £- | £- | £ | £ - | £- | ||
| ========== | ======== | ======== | ======== | ========= | ||
| 12. | ANALYSIS OF NET ASSETS BY | Restricted | Unrestricted | Total | ||
| FUND – 2024 | Fund | Fund | Funds | |||
| £ | £ | £ | ||||
| Fund balance at 5 April 2024 are | ||||||
| represented by: | ||||||
| - | 55,183 | 55,183 | ||||
| Tangible fixed assets | - | 955,768 | 955,768 | |||
| Investments | 59,499 | 2,128,660 | 2,197,746 | |||
| Current assets | - | (415,433) | (415,241) | |||
| Current liabilities | ------------------- | --------------------- | --------------------- | |||
| £59,499 | £2,724,178 | £2,783,677 | ||||
| Total Net Assets | ========= | ========== | ========== | |||
| ANALYSIS OF NET ASSETS BY | Restricted | Unrestricted | Total | |||
| FUND - 2023 | Fund | Fund | Funds | |||
| £ | £ | £ | ||||
| Fund balance at 5 April 2023 are | ||||||
| represented by: | ||||||
| Tangible fixed assets | - | |||||
| Investments | - | 894,946 | 894,946 | |||
| Current assets | - | 2,731,921 | 2,731,921 | |||
| Current liabilities | - | (393,101) | (393,101) | |||
| ------------------- | --------------------- | --------------------- | ||||
| Total Net Assets | £- | £3,233,766 | £3,233,766 | |||
| ========= | ========== | ========== |
14
DISCALCED CARMELITES UK CIO
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 5 APRIL 2024
13. CONNECTED CHARITIES
| Name | Registered Charity Number |
|---|---|
| The Charity of the Discalced Carmelites | 272242 |
| Community of the Order of Discalced Carmelites, Kensington | 253645 |
| The Friends of Whitefriars Oxford Trust | 207738 |
During the year, the charity paid a total of £488,434 (2023: £475,652) to the Friends of Whitefriars Oxford Trust, to support its building project and fundraising costs. It received no funds from the Community Order of Discalced Carmelites, Kensington.
14. STATEMENT OF FINANCIAL ACTIVITIES 2023
| 2023 | |||||
|---|---|---|---|---|---|
| DISCALCED CARMELITES UK CIO | Restricted | Unrestricted | Total | ||
| £ | £ | £ | |||
| NOTES TO THE FINANCIAL STATEMENTS (Continued) INCOME FROM: |
|||||
| FOR THE YEAR ENDED 5 APRIL 2024 Donations and legacies |
|||||
| Donations and bequests | - | 4,410 | 4,410 | ||
| 15. ANALYSIS OF STATEMENT OF FINANCIAL Investments |
ACTIVITIES BETWEEN ENTITIES - 45,922 |
45,922 | |||
| Other | - | 831 | 831 | ||
| ---------------- | ----------------- | ----------------- | |||
| Total Income | 2 months from 5 April 2023 to - ---------------- |
8 months from 1 June 2023 to 51,163 ----------------- |
Total 51,163 ----------------- |
||
| EXPENDITURE ON: | 31 May 2023 | 5 April 2024 | 5 April 2024 | ||
| Carmelite | CIO | ||||
| Charitable activities | Provincial Fund | - | 565,229 | 565,229 | |
| £ ---------------- |
£ --------------- |
----------------- | £ | ||
| INCOME from Total expenditure |
- | 565,229 | 565,229 | ||
| ---------------- | --------------- | ----------------- | |||
| Donations and legacies Grants Net income/(expenditure) before gains and losses on investments |
- - |
146,277 84,000 (514,066) |
(514,066) | 146,277 84,000 |
|
| Investments Other income (Losses) on investments |
758 - |
- | 758 295 (163,520) |
(163,520) | 3,586 295 |
| ---------------- | ----------------- | ------------------ | |||
| Total Income Net movement in funds |
-------------------------- 758 |
- | -------------------------- 233,400 (677,586) |
----------------------- 234,158 (677,586) |
|
| Reconciliation of funds: | -------------------------- | -------------------------- | ----------------------- | ||
| EXPENDITURE on Fund balances brought forward 6 April 2022 |
- | 3,911,352 | 3,911,352 | ||
| --------------------- | --------------------- | ---------------------- | |||
| Charitable activities Fund balance carried forward |
1,372 -------------------------- |
731,513 -------------------------- |
732,885 ----------------------- |
||
| Total expenditure 5 April 2023 |
1,372 £- ========== |
731,513 £3,233,766 ========== |
£3,233,766 ========== |
732,885 | |
| -------------------------- | -------------------------- | ----------------------- | |||
| Net expenditure before gains on | |||||
| investments | (614) | (498,113) | (498,367) | ||
| Other recognised gains and losses | |||||
| Net gains on investments | - | 60,823 | 60,823 | ||
| -------------------------- | -------------------------- | ----------------------- | |||
| Net income and net movement in funds | |||||
| for the year | (614) | (437,290) | (437,904) |
15
| Fund balances brought forward at | |||
|---|---|---|---|
| beginning of year | 3,233,766 | - | 3,233,766 |
| 1 June 2023 transfer of net assets | |||
| from Carmelite Provincial Fund to CIO | (3,233,152) | 3,233,152 | - |
| Total funds carried forward at | -------------------------- | -------------------------- | ------------------------ |
| end of year | £ - | £2,795,862 | £2,795,862 |
| ============= | ============= | ============ |
16
DISCALCED CARMELITES UK CIO
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 5 APRIL 2024
16. TRANSFER OF ASSETS:
FROM CARMELITE PROVINCIAL FUND
With effect from midnight on 1 June 2023, in accordance with a legal transfer of undertakings, all the assets, liabilities, commitments and activities of the Carmelite Provincial Fund (registered charity number 2845252) were transferred to the charity. As the charity is adopting the merger accounting approach to the combination, the financial statements included in this report reflect the results of the Carmelite Provincial Fund for the two months from 6 April 2023 to 31 May 2024 and the results of the CIO for the ten months 1 June 2023 to 5 April 2024.
The net assets transferred at 1 June 2023 comprised the following:
| £ | £ | |
|---|---|---|
| Investments at market value | 894,946 | |
| Debtors and prepayments | 2,655,706 | |
| Cash at bank and in hand | 75,601 | |
| Creditors | (393,101) | |
| --------------------- | ||
| £3,233,152 | ||
| ========== | ||
| The net assets were represented by | ||
| ACCUMULATED FUNDS | ||
| - Unrestricted Funds | 2,033,152 | |
| - Designated Funds | 1,200,000 | |
| --------------------- | ||
| 3,233,152 | ||
| --------------------- | ||
| £3,233,152 | ||
| ========== |
FROM ST JOSEPH’S ROMAN CATHOLIC CHURCH AND PRIORY GERRARDS CROSS
With effect from midnight on 1 August 2023, in accordance with a deed of covenant, all the assets, liabilities, commitments and activities of St Joseph’s Roman Catholic Church and Priory Gerrards Cross (registered charity number 249602) were transferred to the charity. The nature of this charity combination is that of a gift, and it has therefore been accounted for as such in these accounts. The net assets transferred at that date comprised the following:
| £ | £ | ||
|---|---|---|---|
| Tangible fixed assets | 45,803 | ||
| Cash at bank and in hand | 25,985 | ||
| Creditors | (-) | ||
| --------------------- | |||
| FFUNDS | £71,788 | ||
| ========== |
17