THE COMMUNITY OFTHE ORDER OFTHE DISCALCED CARMELITES, KENSINGTON Registered Charity Number 253645 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Haysmac LLP Chartered Accountants London THE COMMUNITY OFTHE ORDER OF THE DISCALCED CARMELITES. KENSINGTON REFERENCE ANDADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 Incorporated Trustee The Charity of the Discalced Carnielites Trustees The Trustees of the Chariiy of the Discalced Carmelites The Reverend Pelix Okolo The Reverend Alexander Ezechukwu The Reverend Thaddeu5 Ekuma The Reverend Anihony Parsons {resigned i l May 2023} The Reverend James Noonan The Reverend Liam Finnerry (resigned 31 May 2023) The Reverend Micliael McGoldrick (appointed 31 May 20?3) The Reverend Vincent O'Hara (appointed 31 May 202i) Provineial Superior The Reverend James Noonan Provineial Bursar The Reverend Alexander Ezechukwu Prineipal 0￿1¢¢ Caimelite Priory 41 Kensington Church Street Loiidon W8 4BB Charity Registration Number 253645 Governing Instrument Trust Deed dated 23 August 1967 Auditors Haysmac LLP 10 Queen Street Place Loiidon EC4R IAG Solicitors Pothecary Witham Weld 70 St. George's Square London SWIV 3RD Principal Bankers Ro}'al Bank of Scotland PIC Londot) Notting Hill Gate Branch 78 Notting Hill Gate Loi)don W113HS Investment Managers CCLA Investment Management Limited Senator House, 85 Queen Victoria Street London EC4V4ET Investment Power The provisions of the Trustee Act 2000 apply ## **Introduction** ## **Governing instrument** ## **Governance** ## **OBJECTIVES AND ACTIVITIES** ## **Public benefit** ## **FOR THE YEAR ENDED 31 MARCH 2024** ## **ACHIEVEMENTS AND PERFORMANCE** ## **FINANCIAL REVIEW** ## **Reserves Policy** ## **FOR THE YEAR ENDED 31 MARCH 2024** ## **Risk Review** - 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 Baring Service (DAB). 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 on-going 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. ## **Investment Policy** COMMUNITY OFTHE ORDEROF DISCALCED CARMELITES, KENSINGTON TRUSTEES'ANNUALREPORT (eontinued) FOR THE ITAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES (coThtinued) Tlie trustees are resp0115ible for keeping proper accountiiig records which disclose with reasonable accuracy at any tiine the fiiiancial position ol'the Chariij and to enable them to ensure that tl)e fii)ancial statements Compl￿ ivith the Charities Act 201 I, the applicable Charity IAccoui)ts and Reports) Regulations ai)d with the Trust Deed dated 2J August 1967. They are also responsible lor safeguarding the assets of the charity and hence for tsking reasonable steps for the prevei)tion and detection of fraud and other irregularities. On 18 November 2024 the company's auditor changed its name from haysmacintyre LLP to Haysmac LLP. Approved by the Trustees on 20, January 2025 and signed as auihorised on Iheir behalf by.. Reverend Jatnes Nooiian Trustee **CARMELITES, KENSINGTON** - 31 March 2024 - for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. - ounting in the preparation of the financial statements is not appropriate; - or - the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant the going concern basis of accounting for a period of at least twelve - months from the date when the financial statements are authorised for issue. - adequate accounting records have not been kept by the charity, or returns adequate for our audit have not been received from branches not visited by us; or - sufficient accounting records have not been kept; or - the charity financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **CARMELITES, KENSINGTON (continued)** - Inspecting correspondence with regulators and tax authorities - Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud - revent and detect irregularities - Identifying and testing journals, in particular journal entries posted with unusual descriptions and those entered at the yearend; and - Challenging assumptions and judgements made by management in their critical accounting estimates. THE COMMUNITY OFTHE ORDER OFTHE DISCALCED CARMELITES, KENSINGTOP4 STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Un￿$triCted Funds Restrieted Funds Totsl 2024 2023 INCOME FROM.. Notes Doiiations and leg5acie5 MembeTS Stipends and pension5 Collecti0115, donations aiid bequests Other trading activities Investinents Other 3,626 396,514 3,626 396,514 1,564 29i,419 i6,i63 117,001 36,363 117,001 50,078 68,451 Total income 553,504 553,i04 41i,512 EXPENDITURE ON: Chgritable A¢tivities 507,676 507,676 488,412 Total ¢xp¢ndi¢ure 507,676 507,676 488,412 Net lexpenditurel before gain￿(lo$S¢S) on investments 45,828 45,828 {74,900) Net gains/{losses) on investments 110,595 110,595 185,828) Net movement in fund5 156,423 156,423 (160,728) RECONCILIATION OF FUNDS Fund balan£¢s brought forward l April 2023 3,599,875 11,620 3,611,495 3,772.223 Fund balance carried forward 31 March 2024 £3.756.298 £11,620 £3,767,918 £3,611,495 The notes on pages I l 10 18 fomi part of these accounts. THE COMMUNITY OFTHE ORDER OF THE DISCALCED CARMELITES. KENSINGTON BALAP4CE SHEET AS AT 31 MARCH 2024 2024 2023 Notes FIXED ASSETS Tangible fixed assets Investments 554.395 1.338,208 620,936 1,227.613 1,892.603 1,848,549 CURRENT ASSETS Debtors Cash ai bank and in hand 1.071,373 2,755,882 1,442,202 34i,456 3,827,255 1.785,658 CRF.DITORS: Amounts falling due within one year (1.951,940} (22,7121 NET CURRENT ASSETS 1,875,315 1,762,946 NET ASSETS £3,767,918 £3,611,495 FUNDS Unrestricted fund5'. De5iLFnated funds- Support of older men)bers Geiieral 10 800,000 2,956,298 800,000 2,799,875 3,756,298 3,599.875 Restricted funds 11,620 11,620 £3,767.918 £i.611,495 The financial statements were approved and authorised for issue by the Board of Trustees on 20th January 2025 and were signed below on its behalf by-. Reveiend JaTnes Nooi)an Trustee The notes on pages I I to 18 fomi part of these accounts. THE COMMUNITY OFTHE ORDER OF THE DISCALCED CARMELITES. KENSINGTON STATEMENT OFCASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating aetivities: Net cash provided byl {used in) operating activities (see below) 2,377,412 11,081,880) Cash flows from investing aetivities: Dividends and interest Irom investh)ents Investment disposal Purchase of tangible assets 48,978 950,000 (1.349) Net cash provided by investment activities 35.014 998.978 Change in cash and cash equivalents in the )'ear 2,412.426 (82,902) C95h and cash equivalents at th¢ start of the Year 343,456 426,358 C85h and cash equivalents at th¢ ¢nd of the year £2,755,882 £343,456 NOTES TO THE CASH FLOW STATEMENT RECONCILIATION OFNET INCOME TO NET CASH INFLOW FROM OPERATING ACTIVITIES 2024 2023 Nei incomel{expenditure) for the year (as per the Statement of Financial Actlvifies) Depreciaiion charges (Gains)/losses on investments Dividends & interesi from investments Increasel(decrease) in creditors Decreasel{increase) in debtors 156,42i 67,890 (110,595) (36,363) 1,929,228 370,829 (160.728) 104.i67 85,828 {48.978) {15.35i) (1.047,016) Nel cash provided byl(u5ed in) operating activiti¢5 £2,377,412 £(1,081,880) 10 ## **1. ACCOUNTING POLICIES** Preparation of the accounts requires the Trustees to make significant judgements and estimates. It also requires management cies. The items in the accounts where these judgements and estimates have been made include: 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 2024, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and 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. ## **1. ACCOUNTING POLICIES** (continued) 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** ## **Fund Accounting** ## **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** THE COMMUNITY OFTHE ORDER OF THE DISCALCED CARMELITES. KENSINGTON NOTES TO THE FINANCIALSTATEMENTS {continued) FOR THE YEAR ENDED 31 MARCH 2024 CHARITABLE PAYMENTS 2024 2023 Charitable payments comprise.. ODC Camielites- Retreat House Chester Friends of Whitefriars Oxford Trust Others 6,000 3,058 10,281 9,650 11,596 £19,339 £21.246 GOVERNANCE COSTS 2024 2023 These coniprise.. Auditors remiineration- Audit 2021 Auditors remiineration- Audit 2022 Audiiorg remuneration- Audii 2023 Auditors remuneration-Audit 2024 Accountancy 260 2,560 7,935 5,135 9,100 4,900 4,367 4,840 Legal fees £23,502 £15,595 STAFF COSTS 2024 2023 Wages and orher staff costs Social security costs Pension cosis 65,160 1,802 4,266 78,456 5,604 2,136 £71.228 £86.196 The average number of employees in the year was.. Church and Communit), No niember of staff received remuneration in excess of £60,000 {202i the same). The charity's key Tnana¥enient personnel are its tru5tee5 who are unreniunerated. TIi4NSACTIONS WITH TRUSTEES The trustees of the Charity are also Inembers ol. the Order and as such have taken vows of poverty under ivhich they have rei)oui)ced all personal rights io income and capital. The Chariij provides for all the essential needs of all members of the Order to enable them to live and work together in devotion to the aims of the Order. The living costs of the tnjstees are therefore bome by the Chariry. THE COMMUNITY OFTHE ORDER OF THE DISCALCED CARMELITES. KENSINGTON NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 6. TANGIBLE FIXED ASSETS Long L¢as¢hold Land #nd Buildings Freehold Land and Buildings Computers. IT & ML'dia Furniture And Equipment Property Improvtment Motor Vehieles Total Valuationlcost Ai l April 2023 Addiiions 284,02) 1,250.0(X) 4,335 22,825 13,754 1.349 85,514 1,660,451 1,349 Ai i l March 2024 284,02) 1,250.000 4,335 22,825 15,103 85,514 1,661,800 Depreciation Ai l April 2023 Charge for year 247.575 36.448 675,000 25,000 2.296 85 21.154 1.671 7,976 4,686 85,514 .039,515 67.890 At 31 March 2023 284.023 700,000 2.381 22.825 12,662 85,514 1.107,405 Net Book Value Ai 31 March 2024 £550,000 £1,954 £2,441 £554,395 At 31 March 2023 £36,448 £575,000 £2,039 £5,778 £620,936 Net book value at 31 March 2024 represents Fixed Assets used for direct charitable putposes. INVESTMENTS 2024 2023 Listed investments at rnarket (fair) value Balance at l April 2023 Additions Disposals Gains 1.227,613 2.263,441 {9iO,0001 (85,8281 110,595 Balance at 31 March 2024 £1,338,208 £1,227,613 Represented by.. Lisied on. or valued by referenced tLI, a UK stock exchange Common Investment Fund- COIF Charities Investment Fund- income shares Equities and preference shares 1,328,819 9,389 1,218,677 8,936 £l,i38,208 £1,227.613 Investment income eomprises.. From listed investinents Bank deposit ii)terest 26,986 3,685 48,767 £30.67] £48.978 THE COMMUNITY OFTHE ORDER OF THE DISCALCED CARMELITES. KENSINGTON NOTES TO THE FINANCIALSTATEMENTS {eontinued) FOR THE YEAR ENDED 31 MARCH 2024 DEBTORS 2024 2023 Amounts owed to related companies Suiidry debtors Prepayinents 1,046,499 15,967 8,907 1,4i6,628 5,574 £1,071,373 £1.442.202 CREDITORS 2024 2023 Trade creditors Amounts oM'ed to related companies Accruals and deferred income Oiher taxes and social securiry 17,791 1.914,720 19,041 388 1.924 18,620 1,868 £1,951,940 £22,712 10. DESIGNATED FUNDS (a) Support of older members The trnstees have desigt]ated fvnds to provide for the charity's cornmittnent to provide for the retirement and care in old age and sickness of tlie Order's members. {b) Analysis of movements- 2024 Expenditure, Gains and Transfers l April 2023 31 Mareh 2024 Income Support of older members 800,000 800.000 Analysis of movements- 2023 Expenditure, Gain5 and Transfers April 2022 31 March 2023 Income Support of older niembers 800,000 800.000 11. RESTRICTED FUNDS- 2024 Balance at l April 2023 B#lance at 31 Mareh 2024 Gains and Transfers Income Expenditure Priest's Training Fund 11,620 11,620 £11.620 £11,620 16 THE COMMUNITY OFTHE ORDEROF THE DISCALCED CARMELITES, KENSINGTON NOTES TO THE FINANCIALSTATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 RESTRICTED FUNDS- 2023 Balance at April 2022 Balan¢¢ at 31 March 2023 Gains and Transfers Income Expenditure Priest's Training Fund 11,620 11,620 £11,620 £11,620 Priest's Training Fund As part of tl)e Grtswing in Faith ProgTamine. a grant was provided ii) the previous year for training of priests. This amount has been carried torward for luture spending. Choir Fund Funds were transferred from the Camielite Church Choir Trust ivhen that Trust deregistered from the Chariry Commission. Funds are to be used io maintain and proniote the Church s choir and have been spent on this in the year. 12. ALLOCATION OF NET ASSETS BETWEEN FUNDS- 2024 Unrestricted Fund Restricted Fund 2024 Total 2023 Total Fixed assets Investments Ciirrent assets Creditors 554,395 1,338,209 3,815,634 {1,951,940) 554,395 1,338,209 3,827,254 (1,951,940) 620,936 1.227,613 1,785,658 {22,712) 11,620 £3,756,298 £11,620 £3,767,918 £3,611,495 ALLOCATION OF NET ASSETS BETWEEN FUNDS-2023 Unrestricted Fund Restricted Fund 2023 Total Fixed assets In&estmenis Current assets Creditors 620,936 1,227,613 1.774,038 (22.712) 620,936 1,227.613 1,785,658 (22,712) 11,620 £i,599,875 £11,620 £3,611,495 17 THE COMMUNITY OFTHE ORDEROF THE DISCALCED CARMELITES, KENSINGTON NOTES TO THE FINANCIALSTATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 13. CONNECTED CHARITIES The following are connected chk)rities'. Charit), Registration No Discalced CaTnielite5 UK CIO Discalced Cartnelites IEngFland) Frieiids of Whitefriars Oxford Trust St Joseph's Roman Catholic Church and Priory Gerrards Cross 284525 27224 207738 249602 During the year £Nil12023.. £nil) was paid to the Carmelite Provincial Fund, £Nil (2023.. £nil} was paid to Friends of Whitefriars Oxford Trust. Within amounts owed to related companies, are balance5 due to Discalced Cannelites of £1,914,720 {202i'. £iiil) and witliin Sundry Debtor5 are atnouiits owin¥ froin the Friend5 of Whitefriar5 Oxford Trust of £1,046,499 (2023.. the same} and nil12023 £390,129) froin the ca￿]£11tE Provincial Fuiid. 14. STATEMENT OF FINANCIALACTIVITIES- 2023 Unrestri¢ted Funds Restri¢tcd Funds Total 2023 INCOME FROM: Doiiations and legacies Members stipends and pension5 Collections, donationg and bequests Other trading activities Investinents Other 1,564 293,419 1,564 293,419 50.078 68,451 50,078 68,451 Total ineome 413,512 413,512 EXPENDITURE ON: Charitable Activities 487,049 1,363 488,412 Total expenditure 487,049 1,36i 488,412 Net inconie before gains and losses on investments (73,537) (1,363) (74,9001 Net losse5 on investments (85,828) 185.828) Net rnovement in fuThd5 1159,365} 11,363} (160,728) RECONCILIATION OF FUNDS Fund balances brought forward l April 2022 3,759,240 12,98i 3,772,223 Fund balance Carried forward 31 March 2023 £3,599,875 £11,620 £3,611,495