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2023-03-31-accounts

The Friends of Whitefriars Oxford Fund

Report and Accounts Year ended 31 March 2023

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2023

INCORPORATED TRUSTEE Charity of the Discalced Carmelites
TRUSTEES The Trustees of the Charity of the Discalced Carmelites
The Reverend James Noel Noonan
The Reverend Thaddeus Ekuma
The Reverend Vincent Ohara
The Reverend Michael McGoldrick
The Reverend Alexander Ezechukwu
PROVINCIAL SUPERIOR The Reverend John Grennan
PROVINCIAL BURSAR The Reverend Kelvin Ekhoegbe
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.
AUDITORS 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

Page 1

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

TRUSTEES REPORT (Continued)

FOR THE YEAR ENDED 31 MARCH 2023

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. In addition, the charity provides online retreats and education geared towards training participants in Carmelite spirituality which helps them navigate or assist those navigating through various challenges in their life.

  2. Student House The charity operates the Carmelite Priory, Oxford as a student house for members of the Carmelite Order. The life of both a student revolves around the Eucharist and regular daily prayer in addition to engaging in formal studies. In preparation for their life in the Priesthood, students attend studies at Blackfriars, Oxford. Their presence in the house helps to foster the prayerful environment much sought after by people today.

  3. Book Service

  4. The charity operates the Carmelite Priory, Oxford as a world-wide book service for Carmelite Literature. Rare texts from around the world are held providing a unique service for an international clientele.

  5. Mount Carmel

This is a quarterly review of the Spiritual Life, which is published through the charity. This aims to help people in every aspect of their lives by sharing and exploring with them the rich sources of Carmelite teaching on prayer within the broad perspective of Christian life experience.

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 Provincial Superior.

Page 2

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

TRUSTEES REPORT (Continued)

FOR THE YEAR ENDED 31 MARCH 2023

_______________

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

Alexander Ezechukwu, OCD Liam Finnerty, OCD Kelvin Ekhoegbe, OCD John Hughes, OCD Nicholas Macedon OCD Bartholomew Senewo OCD

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 the Order 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. New practical spirituality courses offered by the priory have become quite popular with many people benefiting from the trainings provided. The courses are geared towards meeting the hunger for deep spirituality that helps people solve practical day-to-day challenges that people face in the family and workplace.

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. In the past year, there was an extensive refurbishment of three buildings in the priory used for retreats. 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. Page 3

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

TRUSTEES REPORT (Continued)

FOR THE YEAR ENDED 31 MARCH 2023

__________________

New building project

There has been and expansion of the retreat and educational activities in the priory necessitating the plan for a building fit for the purpose. A planning permission for an appropriate building to house a library, conference hall and some ensuite rooms has been obtained. Preliminary works required by the local council have been carried out. Fundraising for the project has been initiated and work will start when funds become available.

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, bequests and grants decreased from £558,834 in 2022 to £481,385 this year Charitable activities increased from £267,370 in 2022 to £319,620 this year. Income from investments increased from £22,502 in 2022 to £80,741 this year. Expenditure increased from £518,687 in 2022 to £655,880 this year.

RESERVES POLICY

At the end of the year, the charity’s unrestricted reserves stood at £2,965,169 of which £2,422,389 consists of fixed assets required for the continuing activities of the charity.

The balance of net current assets and investments is £3,983,983 of which £3,413,950 is a total of loans that are interest free and unsecured received from Carmelites Kensington Community and Carmelite Provincial Fund.

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 decreased. The trustees were satisfied with the performance of investments in the year.

Page 4

THE FRIENDS OF WHITEFRIARS OXFORD TRUST

TRUSTEES REPORT (Continued)

FOR THE YEAR ENDED 31 MARCH 2023

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 13 August 2024 and signed as authorised on their behalf by:

James Noonan Trustee

Page 5

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF FRIENDS OF WHITEFRIARS OXFORD TRUST

Opinion

We have audited the financial statements of Friends of Whitefriars Oxford Trust for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other matters

The financial statements prepared for the prior year were not subject to an audit, therefore the comparative figures presented in these financial statements are unaudited.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF FRIENDS OF WHITEFRIARS OXFORD TRUST (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Canon law, employment law, health and safety regulations and charity law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and payroll taxes.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to recognition of income and management bias in certain accounting estimates. Audit procedures performed by the engagement team included:

Page 7

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF FRIENDS OF WHITEFRIARS OXFORD TRUST (continued)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

Haysmacintyre LLP Statutory Auditors

10 Queen Street Place London EC4R 4AG

Date: 21 August 2024

Haysmacintyre LLP is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.

Page 8

The Friends of Whitefriars Oxford Fund

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2023

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income and endowments
EXPENDITURE ON:
Charitable activities
6
Total expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
17
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
17		 Unrestricted
Funds
£
481,386
319,620
80,741
881,747
655,880
655,880
(29,678)
196,189
100,154
296,343
2,668,826
2,965,169		 Restricted
Funds
£
-
-
-
-
-
-
-
-
(100,154)
(100,154)
100,154
-		 Total
Funds
2023
£
481,386
319,620
80,741
881,747
655,880
655,880
(29,678)
196,189
-
196,189
2,768,980
2,965,169		 Total
Funds
2022
£
558,834
267,370
22,502
848,706
518,687
518,687
100,223
430,242
-
430,242
2,338,738
2,768,980

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The notes on page 13-19 form part of these accounts.

Page 9

The Friends of Whitefriars Oxford Fund

BALANCE SHEET

AS AT 31 MARCH 2023

Note
FIXED ASSETS
Tangible assets
8
Investments
9
CURRENT ASSETS
Stock
10
Debtors
11
Cash at bank and in hand
12
CREDITORS: Amounts falling
due within one year
13
Net current assets / (liabilities)
Total assets less current liabilities
CREDITORS: Amounts falling due
14
after more than one year
TOTAL NET ASSETS
FUND BALANCES
17
Unrestricted Funds
General funds
Restricted Funds		 Unrestricted
Funds
£
2,422,389
787,747
3,210,136
32,385
28,545
3,135,286
3,196,216
(2,394,696)
801,521
4,011,657
(1,046,488)
2,965,169
2,965,169
2,965,169
-
2,965,169		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
Funds
2023
£
2,422,389
787,747
3,210,136
32,385
28,545
3,135,286
3,196,216
(2,394,696)
801,521
4,011,657
(1,046,488)
2,965,169
2,965,169
2,965,169
-
2,965,169		 Total
Funds
2022
£
1,781,947
817,425
2,599,372
49,530
7,491
222,738
279,758
(110,151)
169,608
2,768,980
-
2,768,980
2,668,826
2,668,826
100,154
2,768,980

The financial statements were approved by the Board of Trustees and were signed on its behalf by:

James Noonan Date: _______21/08/2024 Charity number: 207738

The notes on page 13-19 form part of these accounts.

Page 10

The Friends of Whitefriars Oxford Fund

FOR THE YEAR ENDED 31 MARCH 2023

CASH FLOW STATEMENT

Note
Cash flows from operating activities:
Net cash provided by/(used in) operating activities
a
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Net cash provided by/(used in) investing activities
Cash flows from financing activities:
Repayments of borrowing
Cash inflows from new borrowing
Net cash provided by/(used in) financing activities
b
b
Cash and equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and equivalents in the reporting period		 2023
£
211,841
80,741
(693,984)
(613,243)
(100,000)
3,413,950
3,313,950
2,912,548
222,738
3,135,286		 2022
£
449,082
22,502
(548,617)
(526,115)
-
-
(77,033)
299,771
222,738

Analysis of changes in net debt:

At start of
year
Cash-flows
£
£
Cash
222,738
2,912,548
Concessionary loans:
Falling due within one year
(100,000)
2,267,462
Falling due after one year
-
1,046,488
Total net funds / (debt)
122,738
6,226,498
Note a: Reconciliation of net income/(expenditure) to net cash flow from operating activities
2023
£
196,189
Adjustments for:
Depreciation charges and provisions for impairment
53,542
(Gains)/losses on investments
29,678
Dividends, interest and rents from investments
(80,741)
(Increase)/decrease in stocks
17,145
(Increase)/decrease in debtors
(21,055)
Increase/(decrease) in creditors
17,083
Net cash provided by (used in) operating activities
211,841
Note b: Analysis of cash and cash equivalents
2023
£
Cash at bank with immediate access
3,135,286
Total cash and cash equivalents
3,135,286
Net income/(expenditure) for the reporting period (as per the statement of financial
activities)		 At end of
year
£
3,135,286
(2,367,462)
(1,046,488)
(278,664)
2022
£
430,242
55,546
(100,223)
(22,502)
(11,126)
(3,179)
100,324
449,082
2022
£
222,738
222,738

Page 11

The Friends of Whitefriars Oxford Fund

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

1 Statutory Information

The charity is trust registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain assets, which are measured at fair value through the Statement of Financial Activities.

These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Income Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations includes: i) Recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from the retreat centre, running courses and pilgrimages, the bookshop and subscriptions to Mount Carmel, a quarterly magazine.

Investment income represents income generated by the charity's assets and includes bank interest and dividend income.

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

The charity's overheads, being costs that have not been incurred directly on a charitable activity, have been have been disclosed separately in the notes under the heading 'Costs incurred on support and administration'. These costs have been allocated to the charity's various activities using an appropriate basis such as the relative use of space.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

Page 12

The Friends of Whitefriars Oxford Fund

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects. Endowment funds are donations that are retained as capital in accordance with the donor's wishes. The nature of the restriction determines whether the endowments represent permanent endowments or expendable endowments.

e) 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.

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £2,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Freehold land Is not depreciated (because it is not consumed by use) Freehold buildings Over 50 years Equipment Over 5 years Motor Vehicles Over 4 years

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f) Investments

Fixed asset investments are held to generate income and / or for their investment potential. Current asset investments are investments that are held specifically for sale or are investments that the charity expects to sell by the next balance sheet date. Investments, other than social investments (see below), are valued as follows: i) Listed investments are valued at their market value (fair value) at the balance sheet date.

g) Stocks

Stocks of goods purchased for re-sale are stated at the lower of cost and net realisable value.

h) Pension scheme arrangements The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.

i) Taxation The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income. j) Financial instruments The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).

k) Foreign currency translation

These financial statements are presented in sterling, which is the charity's functional currency.

i) Income and expenditure denominated in a foreign currency is translated into sterling at the exchange rate prevailing on the date of the transaction. ii) Monetary assets and liabilities denominated in a foreign currency are re-translated at the exchange rate prevailing at the balance sheet date. All differences arising from the application of the above policy are charged (or credited) to the Statement of Financial Activities. l) Critical accounting estimates and areas of judgement ln preparing financial statements certain judgements, estimates and assumptions have to be made that affect the amounts recognised in the financial statements. The trustees consider the following to be significant:

Page 13

The Friends of Whitefriars Oxford Fund

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

3 Donations

Donations of cash and similar Other grants receivable

2023
£
10,266
471,120
481,386		 2022
£
16,513
542,321
558,834

4 Income from charitable activities

me from charitable activities
Retreat Centre
Courses & Pilgrimages
Book Service
Mount Carmel subscriptions
Masses income
Cottage rental income		 2023
£
42,588
208,387
37,035
1,589
21,071
8,950
319,620		 2022
£
6,363
201,506
55,901
3,600
-
-
267,370

5 Investment income

Income from quoted investments Deposit account interest

2023
£
22,905
57,836
80,741		 2022
£
22,502
-
22,502
ysis of expenditure
Incurred directly on activities
Staff costs
Other direct costs
Support costs
Premises costs
Other support costs
Depreciation
Governance		 Retreat
Centre
36,996
16,296
26,185
3,391
26,771
203
109,842		 Courses &
Bookshop &
Pilgrimages Mount Carmel
23,724
9,569
143,347
119,400
-
2,000
14,618
939
-
2,677
822
152
182,511
134,737		 Boar's Hill
Community
36,132
117,532
25,228
19,662
24,094
6,142
228,790		 Total
Charitable
Expenditure
2023
106,420
396,575
53,412
38,610
53,542
7,320
655,880

a Analysis of expenditure

Incurred directly on activities
Staff costs
Other direct costs
Support costs
Premises & equipment costs
Other support costs
Depreciation
Governance		 Retreat
Centre
19,663
-
45,019
14,442
29
79,153		 Courses &
Bookshop &
Pilgrimages Mount Carmel
9,339
10,917
-
66,311
21,381
24,996
3,888
7,221
907
268
35,515
109,713		 Boar's Hill
Community
27,450
142,475
91,770
29,995
2,617
294,307		 Total
Charitable
Expenditure
2022
67,369
208,786
183,166
-
55,546
3,820
518,687

Page 14

The Friends of Whitefriars Oxford Fund

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

7 Analysis of staff costs, the cost of key management personnel and trustee remuneration

Gross wages and salaries
Social security
Pension costs
Friars' allowances		 2023
£
66,883
1,123
1,404
35,853
105,263		 2022
£
33,471
3,059
1,779
29,060
67,369

The average monthly number of employees during the year was 2.6 (2022: 8). Most of the charity's activities are carried out by volunteers.

No staff received salaries at a rate of more than £60,000 per annum.

As members of the order, not for serving as trustees, the Trustees living expenses during the year were borne by the Trust; these payments are permitted by the charity's governing document. The Trustees received no remuneration or other benefits during the year.

8 Tangible fixed assets

Cost
At 1 April 2022
Additions
At 31 March 2023
Accumulated depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Freehold
Property
£
2,416,978
691,646
3,108,624
650,108
48,340
698,448
2,410,176
1,766,870		 Fixtures,
fittings and
equipment
£
99,779
2,338
102,117
84,702
5,202
89,904
12,213
15,077		 Vehicles
£
27,728
-
27,728
27,728
-
27,728
-
-		 Total
2023
£
2,544,485
693,984
3,238,469
762,538
53,542
816,080
2,422,389
1,781,947

9 Fixed asset investments

Cost or fair value brought forward
Change in value of investments
Cost or fair value carried forward		 Income
Shares
817,425
(29,678)
787,747		 2023
£
817,425
(29,678)
787,747		 2022
£
717,202
100,223
817,425

The investments consist entirely of a holding of COIF, Charities Investment Fund income shares.

10 Stock

Stock of books, at cost
ors
Falling due within one year:
Trade debtors
Tax recoverable
Other debtors
Prepayments and accrued income		 2023
£
32,385
32,385
2023
£
-
3,043
15,492
10,011
28,545		 2022
£
49,530
49,530
2022
£
680
4,025
-
2,786
7,491

11 Debtors

Page 15

The Friends of Whitefriars Oxford Fund

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

12 Cash at Bank and in Hand

Cash at bank with immediate access
itors: liabilities falling due within one year
Trade creditors
Other creditors
Accruals
Loans
itors: amounts falling due after more than one year
Loans		 2023
£
3,135,286
3,135,286
2023
£
21,693
2,061
3,480
2,367,462
2,394,696
2023
£
1,046,488
1,046,488		 2022
£
222,738
222,738
2022
£
3,820
6,331
-
100,000
110,151
2022
£
-
-

13 Creditors: liabilities falling due within one year

14 Creditors: amounts falling due after more than one year

15 Loans and finance leases

The liabilities for loans, finance leases and concessionary loans referred to in note 14 fall due for repayment as follows:

Repayable:
Within one year

Between one and five years
After five years		 Otherwise
than by
instalments
2,367,462
1,046,488
-
3,413,950		 By
instalments
-

-
-
-		 2023
2022
£
£
2,367,462
100,000
1,046,488
-
-
-
3,413,950
100,000
Concessionary loans		 2023
2022
£
£
2,367,462
100,000
1,046,488
-
-
-
3,413,950
100,000
Concessionary loans
100,000

The concessionary loans as detailed below are interest free and unsecured; the loan to the Community Order of Discalced Carmelites has no repayment date, but the loan to the Carmelite Provincial Fund was repaid in March 2024.

Community of the Order of Discalced Carmelites, Kensington (a £1,046,488 connected charity, registered charity number: 253645)

Carmelite Provincial Fund (a connected charity, registered charity £2,367,462 number: 284525)

16 Pension commitments

During the year employer’s pension contributions totalling £1,404 (2022: £1,779) were payable to defined contribution personal pension schemes. No pension contributions were owing at the balance sheet date (2022: £175).

Page 16

The Friends of Whitefriars Oxford Fund

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

17 Funds

During the year the movements in the charity's funds were as follows:

General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Renovations appeal fund
Aggregate of funds		 Opening
balance
2023
£
2,668,826
2,668,826
100,154
100,154
2,768,980		 Incoming
resources
2023
£
881,747
881,747
-
-
881,747		 Outgoing
resources
2023
£
(655,880)
(655,880)
-
-
(655,880)		 Transfers
in the year
2023
£
100,154
100,154
(100,154)
(100,154)
-		 Gains and
losses
2023
£
(29,678)
(29,678)
-
-
(29,678)		 Closing
balance
2023
£
2,965,168
2,965,168
-
-
2,965,168

The transfers referred to above were made for the following reasons:

a) From the renovations appeal fund to the general fund which represents restricted expenditure on building renovations which has been capitalised.

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

Tangible fixed assets
Fixed asset investments
Stock
Debtors
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after one year		 General
Designated
funds
funds
£
£
2,422,389
-
787,747
-
32,385
-
28,545
-
3,135,286
-
(2,394,696)
-
(1,046,488)
-
2,965,169
-
Unrestricted Funds		 Restricted
funds
£
-
-
-
-
-
-
-
-		 2023
£
2,422,389
787,747
32,385
28,545
3,135,286
(2,394,696)
(1,046,488)
2,965,169

In the previous year the movements in the charity's funds were as follows:

General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Renovations appeal fund
Aggregate of funds		 Opening
balance
2022
£
2,238,584
2,238,584
100,154
100,154
2,338,738		 Incoming
resources
2022
£
848,706
848,706
-
-
848,706		 Outgoing
resources
2022
£
(518,687)
(518,687)
-
-
(518,687)		 Transfers
in the year
2022
£
-
-
-
-
-		 Gains and
losses
2022
£
100,223
100,223
-
-
100,223		 Closing
balance
2022
£
2,668,826
2,668,826
100,154
100,154
2,768,980

Page 17

The Friends of Whitefriars Oxford Fund

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

17 Funds (cont.)

Analysis of net assets by fund

In the previous year, the assets and liabilities of the various funds were as follows:

Tangible fixed assets
Fixed asset investments
Stock
Debtors
Cash at bank and in hand
Creditors falling due within one year		 General
Designated
funds
funds
£
£
1,781,947
-
817,425
-
49,530
-
7,491
-
122,584
-
(110,151)
-
2,668,826
-
Unrestricted Funds		 Restricted
funds
£
-
-
-
-
100,154
-
100,154		 2022
£
1,781,947
817,425
49,530
7,491
222,738
(110,151)
2,768,980

The Renovations appeal fund is for renovation costs of the Priory.

18 Transactions with related parties including connected charities

The following are connected charities:

sactions with related parties including connected charities
following are connected charities:
Registered
charity no.
Charity of the Discalced Carmelites 272242
Community of the Order of the Discalced Carmelites 253645
Carmelite Provincial Fund 284525
St Joseph's Roman Catholic Church & Priory, Gerrards Cross 249602

During the year, the charity received £451,453 (2022: £490,030) from the Carmelite Provincial Fund and £nil (2022: £19,778) from the Community of the Order of Discalced Carmelites, Kensington.

During the year, the charity paid a grant of £20,000 to St Joseph's Roman Catholic Church & Priory, Gerrards Cross for building work

In addition there are two loans given by connected charities (see note 15 for full details).

Page 18

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income and endowments
EXPENDITURE ON:
Charitable activities:
6
Total Expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
17
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
17		 DETAIL The Frie
ED STATEMENT O
FOR TH		 nds of Whitefriars
F FINANCIAL ACT
E YEAR ENDED 31		 Total
2023
£
481,386
319,620
80,741
881,747
655,880
655,880
(29,678)
196,189
-
196,189
2,768,980
2,965,169
Oxford Fund
IVITIES WITH COMPAR
MARCH 2023		 ATIVES
4
3		 Unrestric Designated
2023
£
-
-
-
ted funds		 Restricted
2023
£
-
-
-		 Total
2023
£
481,386
319,620
80,741
881,747
655,880
655,880
(29,678)
196,189
-
196,189
2,768,980
2,965,169		 G
5
2
 Unrestric Designated
2022
£
-
-
-
ted funds		 Restricted
2022
£
-
-
-		 Total
2022
£
558,834
267,370
22,502
848,706
518,687
518,687
100,223
430,242
-
430,242
2,338,738
2,768,980
General
2023
£
81,386
19,620
80,741		 eneral
2022
£
58,834
67,370
22,502
48,706
18,687
18,687
00,223
30,242
-
30,242
38,584
68,826
8 81,747 - - 8 - -
6 55,880 - - 5 - -
6 55,880 - - 5 - -
( 29,678) - - 1 - -
1
1		 96,189
00,154		 -
-		 -
(100,154)		 4 -
-		 -
-
2
2,6		 96,343
68,826		 -
-		 (100,154)
100,154		 4
2,2		 -
-		 -
100,154
2,9 65,169 - - 2,6 - 100,154

Page 19