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2021-03-31-accounts

THE FRIENDS OF WHITEFRIARS OXFORD TRUST Registered Charity Number 207738

TRUSTEES’ REPORT

AND FINANCIAL STATEMENTS

31 MARCH 2021

Haysmacintyre LLP Chartered Accountants Registered Auditors

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2021

INCORPORATED TRUSTEE Charity of the Discalced Carmelites
TRUSTEES The Trustees of the Charity of the Discalced Carmelites
The Reverend Felix Okolo (appointed 5 August 2020)
The Reverend Alexander Ezechukwu (appointed 5 August 2020)
The Reverend Thaddeus Ekuma (appointed 5 August 2020)
The Reverend Anthony Parsons (appointed 5 August 2020)
The Reverend Michael McGoldrick (resigned 5 August 2020)
The Reverend Vincent O’Hara (resigned 5 August 2020)
The Reverend John Grennan
The Reverend James Noonan
The Reverend Liam Finnerty
The Reverend Christopher Clarke (resigned 5 August 2020)
PROVINCIAL SUPERIOR The Reverend John Grennan
PROVINCIAL BURSAR The Reverend Alexander Ezechukwu
PRINCIPAL OFFICE Carmelite Priory
Boars Hill
Oxford
OX1 5HB
CHARITY REGISTRATION NUMBER 207738
GOVERNING INSTRUMENT Trust Deed dated 24 March 1954 and codicil dated
1 July 1954 to the Will dated 23 June 1954.
INDEPENDENT EXAMINER AM Halsey
Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
SOLICITORS Stone King LLP
13 Queen Square
Bath
BA1 2HJ
PRINCIPAL BANKERS Barclays Bank Plc
Oxford Botley Branch
PO Box 333
Oxford
OX1 3H5
INVESTMENT MANAGERS CCLA Investment Management Ltd
Senator House, 85 Queen Victoria Street
London
EC4V 4ET
INVESTMENT POWER Under the Trust Deed the charity has the widest powers of
investment

1

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

TRUSTEES REPORT (Continued)

FOR THE YEAR ENDED 31 MARCH 2021

Introduction

The Friends of Whitefriars Oxford Trust is a part of an international Religious Order, the Discalced Carmelite Friars, which is represented in England by a number of charitable trusts. Most of these trusts, including the Friends of Whitefriars Oxford Trust, are administered by the Trustees of The Charity of the Discalced Carmelites as appointed by Charity Commissioners order dated 11 December 2001.

The Friends of Whitefriars Oxford Trust is registered with the Charity Commission under no 207738 and carries out the Trust’s exclusively charitable activities as well as holding all of its assets.

OBJECTIVES AND ACTIVITIES

It is the policy of the charity to undertake a broad range of charitable activities. There have been no material changes in policy during the last year. The principal areas in which the charity is involved are set out below:

  1. Retreats The charity operates the Carmelite Priory, Oxford as a retreat centre. The centre seeks to provide guests with an environment of quiet and peace where God can be more easily encountered. The witness of the community as people of prayer and faith is intended to give encouragement and strength to those who spend time in retreat.

2. Noviciate and students

3. Book Service

Mount Carmel also occasionally publishes books under the imprint Teresian Press.

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 & MANAGEMENT

Governance and management

The Governing instrument of the charity, a trust deed dated 24 March 1954 and a codicil dated 1 July 1954 to the Will dated 23 June 1954 states its principal objective to be “charitable work in the beneficial area (in or near the City of Oxford) carried on by the Roman Catholic Order of Men known as the Discalced Carmelite Friars”.

The Trustees of 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 and existing trustees.

The Trust’s Retreat/Formation centre is run by retreat/formation ministers. These are:

Liam Finnerty, OCD John Hughes, OCD Alexander Ezechukwu, OCD Thaddeus Ekuma, OCD

2

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

TRUSTEES REPORT (Continued)

FOR THE YEAR ENDED 31 MARCH 2021

They are assisted by a retreat team of secular Carmelites.

ACHIEVEMENTS AND PERFORMANCE

During the year the charity continued its Retreat work, Noviciate, Bookshop activities and the publishing of Mount Carmel. The Priory continues to be a place of study for members of the Order. Details of the income and expenditure of these activities is set out in note 1 to the accounts. Each activity, required a subsidy from the charity’s general funds which received grants from the Carmelite Provincial Fund. The publishing activity received grants from both the Carmelite Provincial Fund and the Community of Discalced Carmelites, Kensington.

Retreats

There is no charge for retreats. All who come on retreat are invited to make a voluntary offering and suggestions are made. Every attempt is made to make retreats accessible to everyone and finance must never be a reason for not coming on retreat. Much of the work is done by voluntary helpers.

The Trustees are pleased with the interest shown in their retreat work and in numbers attending the retreats. This would seem to be meeting a real need in our society today.

Ministry

Church services are held in the Chapel each day for those on retreat and local people. The priests also minister in local parishes and lead retreats in other places throughout the country.

Courses in Christian Instruction

Some courses are given at the Priory in scripture and spirituality and members of the community are also invited to give lectures and courses elsewhere.

Publications

The priory edits the spirituality journal, Mount Carmel magazine. It is well respected among those who work in the field of Christian spirituality. The priory continues to publish books under the Teresian Press imprint. The aim of the Teresian Press is to publish good quality books on Christian spirituality at an affordable price.

Library

The Priory houses an extensive library for use of the Members of the Order and others doing specialised studies in scripture, theology and spirituality. Caring for the library and keeping it updated is an important activity of the Charity and it helps to support the Charity’s other activities.

Maintenance of buildings and grounds

Each year the Charity carries our regular maintenance work on the buildings. The Charity owns approximately 17 acres of grounds most of which is open space though three and a half acres are woodland. There has been extensive tree surgery in the past year to ensure that trees are in good condition.

3

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

TRUSTEES REPORT (Continued)

FOR THE YEAR ENDED 31 MARCH 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

Carmelite Book Service

The Trustees regularly review the Book Service. The Charity considers the work of the Carmelite Book Service as an important part of its work of promoting the Catholic Religion, Carmelite Spirituality and prayer.

FINANCIAL REVIEW

Donations and bequests this year decreased from £48,502 in 2020 to £21,027 this year. This is a source of income which varies significantly from year to year. Grants decreased from £200,923 to £230,095 in the year mainly as fewer amounts were required.

Income from investments increased from £21,581 in 2020 to £22,069 in the year.

Expenditure decreased from £601,233 to £402,502 in the year.

RESERVES POLICY

At the end of the year, the charity’s unrestricted reserves stood at £2,338,738 of which £1,288,876 consists of fixed assets required for the continuing activities of the charity. The balance of net current assets and investments of £1,049,863 is considered by the Trustees, at about 12 months expenditure, to be an adequate but not excessive fund for the charity’s future work.

FUTURE DEVELOPMENTS

The priory continues to develop and extend the programme of retreats it offers in the coming year. The staff are working on offering a course in “Spiritual Direction in the Carmelite Tradition” which will explore the place of prayer in the Christian and other great religious traditions. They also plan to offer a Prayer Guides course for those who would like to learn how to lead groups in various forms of prayer.

CONNECTED CHARITIES

Details of the other charities through which the Discalced Carmelite Friars conduct their activities in Britain are set out in note 7 to the accounts.

RISK REVIEW

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust and are satisfied that systems are in place to mitigate our exposure to the major risks.

The Trustees have accepted and are putting into practice the policies and procedures of the Catholic Church of England and Wales for the protection of children and vulnerable adults from physical, emotional and sexual abuse and neglect. The trustees do all possible to create a safe environment for children and vulnerable adults wherever members of the Carmelite Order carry out their ministry.

The Trustee regularly review insurance provision. Also, health and safety checks are carried out regularly.

INVESTMENT POLICY

The charity’s funds are invested in a Common Investment Fund, COIF Charities Investment Fund.

During the year the value of the investments increased. The low interest rates, however, led to a decrease in interest received. The trustees were satisfied with the performance of investments in the year.

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THE FRIENDS OF WHITEFRIARS OXFORD TRUST

TRUSTEES REPORT (Continued)

FOR THE YEAR ENDED 31 MARCH 2021

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (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:

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 the Charities Act 2011, the applicable charity (Accounts and Reports) Regulations and with the Trust Deed dated 24 March 1954. 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 10 June 2022 and signed as authorised on their behalf by:

Alexander Ezechukwu Trustee

5

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

I report on the accounts of the Trust for the year ended 31 March 2021 which are set out on pages 7 to 18.

This report is made solely to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that act. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my independent examiner's work, for this report.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for preparation of the financial statements, and they consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Act) and that an independent examination is not needed.

It is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

have not been met; or

Adam Halsey FCA Haysmacintyre LLP 10 Queen Street Place Chartered Accountants London EC4R 1AG Date: 10 June 2022

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THE FRIENDS OF WHITEFRIARS OXFORD TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted funds Unrestricted funds Restricted
Activities General Funds 2021 2020
Notes £ £ £ £ £
INCOME FROM
Donations and legacies
Donations - 20,068 959 21,027 48,502
Ministry - 12,580 - 12,580 26,117
Grants - 188,095 42,000 230,095 200,923
Coronavirus Job Retention Scheme - 37,476 - 37,476 -
Charitable Activities 2 197,113 - - 197,113 293,462
Investments 6 - 22,069 - 22,069 21,581
----------------- ---------------- ----------------- -------------------- --------------------
Total Income 197,113 280,288 42,959 520,360 590,585
----------------- ---------------- ----------------- -------------------- --------------------
EXPENDITURE ON:
Charitable activities 253,700 148,802 - 402,502 601,233
---------------- ----------------- ----------------- ---------------- ----------------
TOTAL EXPENDITURE 3 253,700 148,802 - 402,502 601,233
----------------- ------------------ ----------------- ---------------- ----------------
Net
(expenditure)/income		 before
investment gains (56,587) 131,486 42,959 117,858 (10,648)
Gains/(losses) on investments 9 - 110,204 - 110,204 (36,481)
----------------- ------------------ ----------------- ---------------- ----------------
Net (expenditure)/income (56,587) 241,690 42,959 228,062 (47,129)
Transfers between funds 12 56,587 (56,587) - - -
--------------- -------------------- ------------------ -------------------- --------------------
Net Movement in Funds - 185,103 42,959 228,062 (47,129)
Reconciliation of funds:
Balances brought forward at
1 April 2020 - 2,053,481 57,195 2,110,676 2,157,805
--------------- -------------------- ------------------ -------------------- --------------------
Balances carried forward at
31 March 2021 12 £- £2,238,584 £100,154 £2,338,738 £2,110,676
======= ========== ========= =========== ===========

See note 13 for the Statement of Financial Activities for 2020.

7

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

BALANCE SHEET

AS AT 31 MARCH 2021

2021 2020
Notes £ £ £ £
FIXED ASSETS
Tangible fixed assets 8 1,288,876 1,334,018
Investments 9 717,202 606,998
--------------------- ---------------------
2,006,078 1,941,016
CURRENT ASSETS
Stocks 38,404 55,243
Debtors 10 4,312 5,489
Cash at bank 299,771 139,520
---------------- ----------------
342,487 200,252
CREDITORS
Amounts falling due within one year 11 (9,827) (30,592)
----------------- -----------------
NET CURRENT ASSETS 332,660 169,660
---------------------- ----------------------
NET ASSETS £2,338,738 £2,110,676
=========== ===========
FUNDS
General – Unrestricted 12 2,238,584 2,053,481
Restricted funds 100,154 57,195
---------------------- ----------------------
£2,338,738 £2,110,676
=========== ===========

The financial statements were approved and authorised for issue by the Board of Trustees on 10 June 2022 and were signed below on its behalf by:

Alexander Ezechukwu Trustee

8

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2021

2021 2020
Cash flows from operating activities:
Net cash provided by operating activities
(see below) 138,182 14,698
Cash flows from investing activities:
Dividends and interest from investments 22,069 21,581
Purchase of fixed assets - (38,781)
---------------------- ----------------------
Net cash provided by (used in) investment activities
22,069		 (17,200)
------------------ ------------------
Change in cash and cash equivalents in the year 160,251 (2,502)
Cash and cash equivalents at the start of the
year 139,520 142,022
------------------ ------------------
Cash and cash equivalents at the end of the year £299,771 £139,520
========= =========
NOTES TO THE CASH FLOW STATEMENT
RECONCILIATION OF NET INCOME TO NET CASH INFLOW 2021 2020
FROM OPERATING ACTIVITIES £ £
Net income/(expenditure) in the year (as per the Statement of Financial Activities) 228,062 (47,129)
Adjustments for:
Depreciation charges 45,142 45,142
Loss/(gains) on investments (110,204) 36,481
Dividends & interest from investments (22,069) (21,581)
Decrease (increase) in stocks 16,839 (1,360)
Decrease (increase) in debtors 1,177 6,339
(Decrease)/increase in creditors (20,765) (3,194)
---------------------- ----------------------
Net cash provided by operating activities £138,182 £14,698
========== ==========

9

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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).

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:

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 31 March 2021, 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.

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.

10

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES (continued)

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:

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

Prior to 1 April 1996 all capital expenditure was written off as incurred. As at that date the trustees estimated the original cost of fixed assets required to be shown in the balance sheet. Subsequent acquisitions or improvements are capitalised at cost.

Improvements to land and buildings and the purchase of other assets costing more than £2,000 are capitalised.

Depreciation is calculated by the straight line method to write off the cash/values over their expected useful lives of assets as follows:

Freehold buildings 50 years
Furniture and equipment 5 years
Motor vehicles 4 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:

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

11

NOTES TO THE FINANCIAL STATEMENTS

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

FOR THE YEAR ENDED 31 MARCH 2021

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.

Stocks

Stocks are valued at the lower of cost and net realisable value.

2.

ACTIVITY INCOME -2021 Retreat Book Mount 2021 2020
Centre Courses Service Carmel Total Total
£ £ £ £ £ £
Income
Donations and retreat income 3,491 - - - 3,491 176,017
Sales - 145,268 31,476 - 176,744 62,820
Subscriptions - - - 16,878 16,878 10,589
----------------- --------------- --------------- --------------- ----------------- -----------------
3,491 145,268 31,476 16,878 197,113 297,017
Grants - - - - - 52,839
----------------- ---------------- --------------- --------------- ---------------- ----------------
3,491 145,268 31,476 16,878 197,113 349,946
Expenditure (87,286) (39,042) (36,714) (41,705) (204,747) (362,515)
---------------- --------------- ---------------- --------------- ------------------ ------------------
Surplus/(deficit) £(83,795) £106,226 £(5,238) £(24,827) £(7,634) £12,569
======== ======== ======== ======== ========= =========
ACTIVITY INCOME- 2020 Retreat Book Mount 2020
Centre Noviciate Service Carmel Total
£ £ £ £ £
Income
Donations and retreat income 172,372 3,645 - - 176,017
Sales - 78,222 30,445 - 108,667
Subscriptions - - 247 12,176 12,423
----------------- --------------- --------------- --------------- -----------------
172,372 81,867 30,692 12,176 297,107
Grants - - - 52,839 52,839
----------------- ---------------- --------------- --------------- ----------------
172,372 81,867 30,692 65,015 349,946
Expenditure (141,942) (67,628) (92,205) (60,740) (362,515)
---------------- --------------- ---------------- --------------- ------------------
Surplus/(deficit) £30,430 £14,239 £(61,513) £4,275 £12,569
======== ======== ======== ======== =========

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THE FRIENDS OF WHITEFRIARS OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

3. EXPENDITURE -2021 Staff Costs Other Depreciation 2021 2020
£ £ £ £ £
Charitable Expenditure
Retreat Centre
- Direct running costs 47,086 - - 47,086 67,730
- Premises and equipment - 28,463 11,737 40,200 74,212
--------------- ---------------- --------------- ---------------- ----------------
47,086 28,463 11,737 87,286 141,942
--------------- ---------------- --------------- ---------------- ----------------
Courses
- Direct running costs 22,363 - - 22,363 8,683
- Premises and equipment - 13,519 3,160 16,679 58,946
--------------- --------------- --------------- ---------------- ----------------
22,363 13,519 3,160 39,042 67,629
--------------- --------------- --------------- ---------------- ----------------
Bookshop
- Direct running costs 8,384 19,199 27,583 76,007
- Premises and equipment - 5,068 4,063 9,131 16,198
--------------- --------------- --------------- ---------------- ----------------
8,384 24,267 4,063 36,714 92,205
--------------- --------------- --------------- ---------------- ----------------
Mount Carmel
- Direct running costs 17,760 11,404 - 29,164 34,417
- Premises and equipment - 10,736 1,805 12,541 26,324
--------------- --------------- --------------- ---------------- ----------------
17,760 22,140 1,805 41,705 60,741
--------------- --------------- --------------- ---------------- ----------------
Activity expenditure 95,593 88,389 20,765 204,747 362,517
--------------- --------------- --------------- ---------------- ----------------
General
- Direct running costs 65,733 49,220 - 112,753 107,374
- Premises and equipment - 58,425 24,377 82,802 129,142
--------------- ----------------- --------------- ------------------ ------------------
65,733 105,445 24,377 195,555 236,516
--------------- ----------------- --------------- ----------------- -----------------
Governance - 2,200 - 2,200 2,200
------------------ ------------------- ---------------- ------------------ ------------------
Total Charitable Expenditure £161,326 £196,034 £45,142 £402,502 £601,233
========= ========= ======== ========= =========

All other costs are directly attributable to the activities to which they relate. Staff costs, where members of staff work on multiple activities are allocated on the basis of time spent.

13

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

3. EXPENDITURE - 2020 Staff Costs Other Depreciation 2020
£ £ £ £
Charitable Expenditure
Retreat Centre
- Direct running costs 67,730 - - 67,730
- Premises and equipment - 62,475 11,737 74,212
--------------- ---------------- --------------- ----------------
67,730 62,475 11,737 141,942
--------------- ---------------- --------------- ----------------
Courses
- Direct running costs 8,683 - 8,683
- Premises and equipment - 55,786 3,160 58,946
--------------- --------------- --------------- ----------------
8,683 55,786 3,160 67,629
--------------- --------------- --------------- ----------------
Bookshop
- Direct running costs 52,100 23,907 - 76,007
- Premises and equipment - 12,135 4,063 16,198
--------------- --------------- --------------- ----------------
52,100 36,042 4,063 92,205
--------------- --------------- --------------- ----------------
Mount Carmel
- Direct running costs 22,578 11,839 - 34,417
- Premises and equipment - 24,518 1,806 26,324
--------------- --------------- --------------- ----------------
22,578 36,357 1,806 60,741
--------------- --------------- --------------- ----------------
Activity resources expended 151,091 190,660 20,766 362,517
--------------- --------------- --------------- ----------------
General
- Donations
- Direct running costs 22,577 84,797 - 107,374
- Premises and equipment - 104,766 24,376 129,142
--------------- ----------------- --------------- ------------------
22,577 189,563 24,376 236,516
--------------- ----------------- --------------- -----------------
Governance - 2,200 - 2,200
------------------ ------------------- ---------------- ------------------
Total Charitable Expenditure £173,668 £382,423 £45,142 £601,233
========= ========= ======== =========

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THE FRIENDS OF WHITEFRIARS OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 MARCH 2021

3. EXPENDITURE (continued) 2021 2020
Total Total
£ £
Expenditure includes:
Accounts preparation 2,200 2,200
====== ======
4. STAFF COSTS 2021 2020
£ £
Wages and Salaries 127,091 127,091
Social security costs 14,701 14,701
Pensions 3,256 3,256
Friars’ allowances (previously included in other) 28,620 28,620
----------------- -----------------
£173,668 £173,668
========= =========
The average number of employees in the year was: No. No.
Retreat House and Mount Carmel 7 7
Book Service 1 1
------------- -------------
8 8
====== ======

No employee earned £60,000 or more during the year.

5. TRANSACTIONS WITH TRUSTEES 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.

6. INVESTMENT INCOME 2021 2020
£ £
Income from quoted investment 21,581 21,581
---------------- ----------------
£21,581 £21,581
======== ========

7.

CONNECTED CHARITIES

Name Registered Charity Number
Carmelite Provincial Fund 284525
The Charity of the Discalced Carmelites 272242
Community of the Order of Discalced Carmelites, Kensington 253645
St Joseph’s Roman Catholic Church and Priory Gerrards Cross 249602

During the year, the charity received £203,423 (2020: £203,423) from the Carmelite Provincial Fund and £nil (2020: £nil) from the Community of the Order of Discalced Carmelites, Kensington.

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THE FRIENDS OF WHITEFRIARS OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 MARCH 2021

8. TANGIBLE FIXED ASSETS Freehold Land Furniture and Motor
and Building Equipment Vehicles Total
COST £ £ £ £
At 1 April 2020 1,879,362 88,778 27,758 1,995,898
Additions - - - -
Less Disposals - - - -
-------------------- --------------- -------------- -------------------
At 31 March 2021 1,879,362 88,778 27,758 1,995,898
-------------------- --------------- -------------- -------------------
DEPRECIATION
At 1 April 2020 564,180 73,949 23,751 661,880
Charge for the year 37,587 5,551 2,004 45,142
---------------- --------------- --------------- ----------------
At 31 March 2021 601,767 79,500 25,755 707,022
---------------- --------------- --------------- ----------------
NET BOOK VALUE
At 31 March 2021 £1,277,595 £9,278 £2,003 £1,288,876
=========== ======== ======= ==========
At 31 March 2020 £1,315,182 £14,829 £4,007 £1,334,018
=========== ======== ======= ==========
Net book value as at 31 March 2021 represent Fixed Assets used for charitable purposes.
9. INVESTMENTS 2021 2020
£ £
Balance at 1 April 2020 606,998 643,479
Revaluations 110,204 (36,481)
------------------ ------------------
Balance at 31 March 2022 £717,202 £606,998
========= =========
The investments consist entirely of a holding of COIF, Charities Investment Fund income shares.
10. DEBTORS 2021 2020
£ £
Trade debtors 285 960
Prepayments and accrued income 4,027 4,529
----------------- -----------------
£4,312 £5,489
======== ========
11. CREDITORS: Amounts falling due in one year 2021 2020
£ £
Trade creditors - 11,628
Other creditors and accruals 9,827 18,964
---------------- ----------------
£9,827 £30,592
======== ========

16

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 MARCH 2021

12. FUNDS – 2021 Brought Income & Carried
forward Gains/ losses Expenditure Transfers forward
GENERAL FUNDS £ £ £ £ £
Activities - 197,113 (253,700) 56,587 -
General 2,053,481 390,492 (148,802) (56,587) 2,238,584
--------------------- ----------------- ------------------ ---------------- ---------------------
2,053,481 587,605 (402,502) - 2,238,584
RESTRICTED FUNDS
Renovations appeal 57,195 42,959 - - 100,154
--------------------- ----------------- ------------------ ---------------- ---------------------
TOTAL FUNDS £2,110,676 £630,564 £(402,502) £- £2,338,738
========== ======== ========= ======== ==========
FUNDS – 2020 Brought Income & Carried
forward Gains/ losses Expenditure Transfers forward
GENERAL FUNDS £ £ £ £ £
Activities - 297,107 (298,391) 1,284 -
General 2,135,881 165,242 (246,358) (1,284) 2,053,481
--------------------- ----------------- ------------------ ---------------- ---------------------
2,135,881 462,349 (544,749) - 2,053,481
RESTRICTED FUNDS
Courses - 3,645 (3,645) - -
Mount Carmel fund - 52,839 (52,839 - -
Renovations appeal 21,924 35,271 - - 57,195
--------------------- ----------------- ------------------ ---------------- ---------------------
TOTAL FUNDS £2,157,805 £554,104 £(601,233) £- £2,110,676
========== ======== ========= ======== ==========

Book service grant was received for the Carmelite Provincial Fund towards the running of the bookshop.

Courses grant was received from the Carmelites Provincial Fund towards the provision of courses.

The Mount Carmel grant was received from the Community Order of Discalced Carmelites towards the publication of Mount Carmel.

Renovations appeal – this consists of amounts received for an appeal to renovate the Church.

17

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 MARCH 2021

13. STATEMENT OF FINANCIAL ACTIVITIES – 2020

Unrestricted funds Unrestricted funds Restricted
Activities General Funds 2020
£ £ £ £
INCOME FROM
Donations and legacies
Donations 3,645 17,339 27,518 48,502
Ministry - 26,117 - 26,117
Grants - 136,686 64,237 200,923
Charitable Activities 293,462 - - 293,462
Investments - 21,581 - 21,581
----------------- ---------------- ----------------- --------------
Total Income 297,107 201,723 91,755 590,585
----------------- ---------------- ----------------- --------------
EXPENDITURE ON:
Charitable activities 298,391 246,538 56,484 601,323
---------------- ----------------- ----------------- ----------------
TOTAL EXPENDITURE 298,391 246,538 56,484 601,323
----------------- ------------------ ----------------- ----------------
Net (expenditure) before
investment gains (1,284) (44,635) 35,271 (10,648)
(Losses) on investments - (36,481) - (36,481)
----------------- ------------------ ----------------- ----------------
Net (expenditure)/income (1,284) (81,116) 35,271 (47,129)
Transfers between funds 1,284 (1,284) - -
--------------- -------------------- ------------------ --------------------
Net Movement in Funds - (82,400) 35,271 (47,129)
Reconciliation of funds:
Balances brought forward at
1 April 2019 - 2,135,881 21,924 2,157,805
--------------- -------------------- ------------------ --------------------
Balances carried forward at
31 March 2020 - £2,053,481 £57,195 £2,110,676
======= ========== ========= ===========

18

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

INCOME AND EXPENDITURE ACCOUNT – FOR THE INFORMATION OF THE TRUSTEES ONLY FOR THE YEAR ENDED 31 MARCH 2021

Retreat Book Mount
Centre Courses Service Carmel General 2021 2020
INCOME £ £ £ £ £ £ £
Donations and retreat income 3,491 - - - 37,858 41,349 220,874
Grants - - - - 213,264 213,264 200,923
Sales - 145,268 31,476 - - 176,744 108,667
Dividends and interest - - - - 22,069 22,069 21,581
Ministry - - - - 12,580 12,580 26,117
Subscriptions - - - 16,878 - 16,878 12,423
---------------- --------------- -------------- -------------- --------------- ------------------- -------------------
3,491 145,268 31,476 16,878 285,771 482,884 590,585
---------------- --------------- -------------- ------------- --------------- ------------------- -------------------
EXPENDITURE
Charitable Expenditure
Food and agency chefs 5,686 2,701 1,012 2,145 7,938 19,483 90,291
Motor expenses 1,492 709 266 563 2,083 5,112 9,614
Post/phone/stationery and
telephone 1,705 810 304 643 2,380 5,840 8,319
Travel and speakers fees - - - - 3,030 3,030 26,636
Education/books 5,165 2,453 920 1,948 7,211 17,698 4,200
Bank charges 489 232 87 184 683 1,676 3,155
Books for sale - - 19,199 - - 19,199 23,907
Office consumables 511 243 91 193 714 1,752 4,946
Miscellaneous 1,723 818 307 650 2,406 5,905 42,125
Chapel/ministry - - - - 49,220 49,220 53,797
Production costs - - - 11,404 - 11,404 11,840
Publicity - - - - 5,387 5,387 848
---------------- --------------- ---------------- --------------- ---------------- ---------------- ----------------
16,772 7,966 22,185 17,730 81,053 145,706 279,678
---------------- --------------- ---------------- --------------- ---------------- ---------------- ----------------
Premises and Equipment
House/grounds maintenance
and waste 5,536 2,629 986 2,088 7,729 18,969 31,144
Office
maintenance		 and
Equipment 60 29 11 23 84 207 16,921
Light and Heat, Insurance and
Rates 6,095 2,895 1,085 2,299 8,509 20,882 50,316
Depreciation – Buildings 9,773 2,631 3,383 1,503 20,298 37,588 37,588
Depreciation - Motor Vehicles 521 140 180 80 1,082 2,004 2,004
Deprecation - Furniture and
Equipment 1,443 389 500 222 2,997 5,550 5,550
---------------- --------------- --------------- --------------- --------------- -------------- --------------
23,428 8,713 6,145 6,215 40,699 85,200 143,523
---------------- --------------- ---------------- --------------- --------------- ---------------- ----------------
Wages and allowances 47,086 22,363 8,384 17,760 65,733 161,326 173,668
---------------- --------------- ---------------- --------------- --------------- --------------- ---------------
Audit and accounting fees - - - - 2,200 2,200 2,694
Other professional fees 7,440 7,440 -
Legal and professional fees - - - - 630 630 1,670
---------------- --------------- ---------------- --------------- --------------- ---------------- ----------------
Total expenditure 87,286 39,042 36,714 41,705 197,755 402,502 601,233
----------------- ---------------- ---------------- --------------- --------------- ----------------- -----------------
Surplus / (deficit) £(83,795 £106,226 £(5,238) £(24,827) £88,016 £80,382 £(10,648)
======== ======== ======== ======== ======== ========= =========

19