The English Trusts of The Instltute Of Our Lady Of Mount Carmel Charity No. 261382 Trustees. Report and Unaudlted A¢count$ 31 March 2026
The English Trusts of The Institute Of Our Lady Of Mount Carmel Contents Pages Tru5tee5' Annual Report Independent Examiner's Report Statement of Financial Activities 2to4 Sto5 6t06 Balance Sheet 7t07 Notes to the Accounts 8t014 Detailed Statement of Financial Activities ISto16 Page I
The English Trusts of The Institute Of Our Lady Of Mount Carmel Trustees Annual Report The trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2026. REFERENCE ANO AOMINISTRATIVE DETAILS Charlty No. 261382 Prlncipal Olfice 23 Highview Road Leek Staffordshire ST13 58S Trustees The following trustees served during the year: R. Kinman (Resigned 30 August 20251 V. Markham H.M. 0'8rien D.1. Ring Accountants ACCOTAX- Accountants & Tax Consultants 12 London Road Morden SM4 S8Q Bankers Barclays Bank PIC Leicester LE87 2BB ACHIEVEMENTS AND PERFORMANCE Page 2
The English Trusts of The Institute Of Our Lady Of Mount Carmel Trustees Annual Report Investments.. The financial investments of the charity with Quilter. supervised by our Financial Advisors Hanbury Wealth, have continued to make good progress although inevitably influenced by major world events. We carried out a review with our Advisors in October and they suggested a few changes, as the new investments put in place as a result of a large legacy a few years ago were not doing as well as might be expected. The changes were made and the results were promisin& howèver thè Current war in thÈ Middlè East has somewhat influenced our closin8 result. Charity donations.. We continue to disburse gifts annually to the charities we support (decided each year by the whole embership at our AGMI. This yearf5 total giving came to £3,580. The amount we give each year is decided by Trustees and Council on the basis of our finances at the time. Membership.. We remain a small group of 18 members. During the course of the year a new Bursar has trained alongside the outgoing Bursar and will take over the role fully from the new financial year. PLANS FOR FUTURE PERIODS The trustees have considered the risks which the charity faces and confirm they are taking steps to minimise risks. We will continue to review our investments annually with our Financial Advisor to ensure our funds are invested in the best way, and we are able to consult him at any time on queries. At the start of the financial year we had four trustees. Sadly our longstanding Trustee Rosemary Kinman died in August 2025. Although Rosemary was unable to attend meetings over the last years, she took part in Zoom meetings and was always available on the phone with wise advice and help with decision making. A second Trustee has 8radually become incapJciiated and can no longer attend meetings. The remaining Trustees, at our meeting in April 2026. decided to recruit two or three new trustees over the course of the coming months. Trustee intervention has been necessary over the year on a few occasions when it seeme¢J unwise decisions might be or were bein8 taken. We have had on8oinB enquiries from Nigerian ladies who wished to visit UK to observe us, however this would have required the Leaven to support visa applications, potentially financiallv. We are happy to invite people from overseas however we cjnnot, a5 a srnall charity, safely involve the Leaven in visa applications. We stressed that the Constitutions should be strictly followed when admitting members to the Leaven or to Vows. WÈ also reviewed the Hèalth and Safety 3sperts of our retreats and it was agrèed that all attendees must be able to evacuate independently and that room allocation should allow for members, limitations. Page 3
The English Trusts of The Institute OF Our Lady OFMount carn1 Tru5tee5 Annual Report sTRUURE, GOVERNANCE AND MANAGEMENT The Trust is constituted by a Declaration of Charitsble Trust Deed dated 1959. The Trustees live in different part5 of the country. We hold meetings in person at retreats or hybrKI Zoomlln person If needed. Where a meeting is needed in betsveen retreats this is held on Zoom. All major decisions rnust be signed by all the Trustees- none were needed during the financhal year 2025126. All meetin85 and decisions are minuted and dbsseminated first to the Counol and then to the rest of the membershSp at the retreats. Grant makin8 Poliaes.. As reported above. we make donations to charities each year. The amount Is declded by the trustees on the basis of our current financial position and Comments and suggestlons invited from the membership. Declslons on which charities to support are taken each year at the AGM. ELEcfioNS are held every 4 years. The next one 15 due In September 2027. The Qjuncll meets In person •t retreats lany unable to attend in persort link in by Zoom) and In between over Zoom as needed. Meetln85 a rnined and mernber5 advised of dec15ions either at the tirne via members, newsletter ff ur8ent, or at the foUowln8 retreat. POLICY MAKING The trustees. a5515ted by the Councll members. are responslble for the Pollcles of the Instltute. Statement of Tru5tees' responslbllitles In relatlon to the financial rtatementS The charity Trustees are responsible for preparing an annual report and financial statements in accordance with appllcable law and United Kln8dom Accountln8 Standards. The trustees are responslble for keepln8 proper accountlng records that dlsdose wtth reasonable accuracy the financial position of the Charity and enable them to ensure that the financial statements comply wlth the Charities Act 2011, the app15cable Charltles (Accounts and Reports) Re8ulatlon5, and the provl$10Th5 of the Trust Deed. The trustees are resp)nsible for safeguarding the assets of the Charlty and hen taking reasonable steps for the preventSon and detectlon of fraud and other Irre8ularlties. ststement of trustees. reSponbIlItIeS h) relatlon io the flnanclal statemeftts The charity trustees are responslble for prepaiin8 a trustees. annual report and financi•l statements In accordance wlth applicable law and Unrted Kin8dom Accountln8 Standards (United Kln8dom Generally Accepted Accountin8 Practice). The trustees are responsible for keeplng propel accountin8 records that dlsdose wrth reasonable accuracy at any tlme the finantial position of the charity and to enable them to ensure that the financial staternents compty with the Charitle5 Act 2011. the applicable Charities (Accounts and Reports} Regulations, and the provlslons of ihe Trust deed. The Trustees are also responsible for safe8uardin8 the assets of the charity and hence takin8 reasonable steps for the prevention and detection of fraud and other irregularities. Si8ned on behalf of the charity's trustees D.J. Ring Trustee 23 July 2026 Page 4
The English Trusts of The Institute Of Our Lady Of Mount Carmel Independent Examiners Report Independent Examlner's Report to the trustees of The Engllsh Trusts of The Instltute Of Our Lady Of Mount Carmel I report to the trustees on my examination of the financial statements of The English Trusts of The Institute Of Our Lady Of Mount Carmel for the year ended 31 March 2026. Responsibilitles and basis of report As the charity's trustees you are responsible for the preparation of the financial statement5 in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examirhation. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: the accounting records were not kept in respeci of the charity as required by section 130 of the Act., or the financial statements do not accord with those records; or the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities IAccount5 and Reports) Regulation5 2008 other than any requirement that the financial statements 8ive a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connertion with the examination to which attention should be drawn in this report in order to enable a proper under5tandin8 of the financial statements to be reached. Waqas Sagar ICAEW ACCOTAX- Accountants & Tax Consultants 12 London Road Morden SM4 SBQ 23 July 2026 Page S
The English Trusts of The Institute Of Our Lady Of Mount Carmel Statement of Financial Activities for the year ended 31 March 2026 Unrestrirted funds Total funds Total funds 2026 2026 2025 Notes Income and endowments from: Donations and legacies Investments Other 9.641 19,785 2,181 9.641 19,785 2,181 6.753 6,962 1,631 Total 31,607 31,607 15,346 Expendllure on: Charitable activities Other 19,262 2.790 19,262 2.790 14,117 2,557 Total 22,052 22,052 16,674 Net losses on investments 14,4391 14.4391 111,8331 113,1611 Net Incomellexpendlturel Transfers between funds 5,116 5,116 Net Incomellexpendlturel before other galn5lllosses) S.116 5,116 113,1611 Other galns and losses Net movement In funds 5.116 5,116 113,1611 RenCiliation Of funds.. Total funds brought forward 447,408 447,408 460,569 Total fund5 carried forward 452,524 452.524 447,408 Page 6
The Engltsh Trusts of The Instltute Of Our Lady Of Mourt Cannel Balance Sheet at 31 Marth 2026 Charlty No. 26138Z 2026 2025 Flxed assets Investments 391.(KM) 391,OlXI 375,655 375,655 Current assets Debtors Cash at bank Bnd In hand io 1,407 61.737 63,144 11,6201 61,524 1,388 71,985 73,373 11,6201 71,753 Credltor5: Amount falling due within one year Net current assets li Total assets less ¢urreffl Ilabllltles 452.524 447,408 Net assets excludlng penslon asset ar Ilabilhy 452.524 447,408 Total net assets 452.524 447,408 The funds of the fharltv Restrlrted funds Unrestrlct•d fund5 General funds 12 12 452,524 447,408 452.524 447,408 R•s•rv•s 12 Totsl funds 452,524 447,408 Approved by the tfU5tee5 on 23 July 2026 And slgned on their behalf by: D.1. RSng Trustee 23 July 2026 Page 7
The English Trusts of The Institute Of Our Lady Of Mount Carmel Notes to the Accounts for the year ended 31 March 2026 l Accounting policies Basls of preparatlon The financial statement5 have been prepared in accordance with Statement of Recommended Prartice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland IFRS 1021 i55ued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Change in basis of accounting or to previous accounts There has been no change to the accounting policies Ivaluation rules and method of accounting) since last year and no chanBes have been made to accounts for previous years. Fund accounting Unrestricted funds These are available for Use at the discretion of the trustees in furtherance of the general objects of the charity. These are unrestrirted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of income Income is included in the Statement of Financial Activities ISOFAI when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SOFA. Donations and legacies Voluntary income received by way of grants, donation5 and gift5 is included in the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaim5 on Income from tax reclaims is included in the SOFA at the same time as the donations and gifts 8iftldonation to which it relates. Donated services These are only included in income Iwith an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/llossesl on This includes any gain or loss resulting from revaluing investment5 to market value revaluation of fixed at the end of the year. assets Gains/llossesl on investment a55et5 This includes any gain or loss on the sale of investments. Page 8
The English Trusts of The Institute Of Our Lady Of Mount Carmel Notes to the Accounts Expenditure Recognition of expenditure Expenditure 15 recognised on an accruals ba515. Expenditure include5 any VAT which cannot be fully recovered. and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of it5 activities and charitable activities services in the furtherance of its objects. including the making of grants and 8ovèrn3nce costs. All grant expenditure is accounted for on an artual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any auditlindependent examination fees, costs linked to the strategic management of the Charity. together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity. Grants payable Governance costs Taxatlon The charity is exempt from tax on Its charitable activities. Freehold Investment propertv Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. Stocks Stock is Included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willin8 to pay for the items on the open market. Trade and other debtors Trade and other debtor5 are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with bank5 and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Statement of financial position, bank overdraft5 are shown within borrowin85 or current liabilities. In the Statement of Cash Flows. cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other creditors Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation re5ultinB 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. Creditor5 and provi5ion5 a normally recognised at their settlement amount after allowing for any trade discounts due. Page 9
The English Trusts of The Institute Of Our Lady Of Mount Carmel Notes to the Accounts Research and development Expenditure on research and development is written off in the year in which it is incurred. Forelgn cUrnCle5 Monetary assets and liabilities denominated in currencies other than the funrtional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded 3t the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net incomelexpenditure. Leased assets Where the charity enters into a lease which entsils tskin8 substsntially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operatin8 lea5e5. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the Inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation $0 a5 to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with ihe charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recogni5ed as a liability. The a8gTe8ate benefit of incentives is recoBnised as a reduction of rental expense on a straight-line basis. Penslon costs The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in a¢cruals in the balance sheet. The assets of the plan are held Separately from the charity in independently administered fund5. Recelpt of donated goods, fadlltles and ser¥lce$ All donated goods, facilities and services received are recognised within incoming resource5 and expenditure at an estimate of the value to the charity. Page 10
The English Trusts of The Institute Of Our Lady Of Mount Carmel Notes to the Accounts 2 Statement af Flnantlal Actlvltles- prlor year UnStricted funds Total funds 2025 2025 Income and endowments from: Donations and legacies Investments 6,753 6.962 1,631 6,753 6,962 1,631 Other Totsl 15.346 15.346 Expenditure on: Charitable activities 14,117 14,117 2,557 Other 2,557 Total 16,674 16,674 Net gains on investments Net Income 111,8331 111,8331 113,1611 113.1611 Net Income before other 8alnslllossesl Other galns and losse5: Net movement In tunds 113.1611 113,1611 113,1611 113,1611 ReconclllatSon of funds.. Total funds brought forward Total funds Carrled forward 460,569 460,569 447,408 447,408 3 Income from donations and le8acles Unrestrirted Total Total 2026 2025 Donations and gifts 9,641 9,641 9,641 9,641 6,753 6,753 4 Income from Investments Unrestrirted Total Total 2026 2025 19,785 19,785 6,962 19.785 19,785 6,962 Page 11
The English Trusts of The Institute Of Our Lady Of Mount Carmel Notes to the Accounts 5 Other Income Unre5trirted Total Total 2026 2025 2,181 2.181 2,181 2,181 1,631 1.631 6 Expenditure on charltable artivities Unrestrl¢ted Total Total 2026 2025 Expenditure on choritoble octivities Charitable Donations 3.580 15,682 3.580 15,682 3,349 10,768 Retreats Governance costs 19,262 19,262 14,117 7 Other expendlture Unrestrlcted Total Total 2026 2025 Motor and travel costs 118 118 446 General administrative costs 1,052 1,620 2.790 1,052 1,620 2,790 491 Legal and professional costs 1,620 2,557 8 Staff costs No employee received emoluments in excess of £60.0W. 9 Invesiments Other Investments Listed Total Cost or revaluation At l April 2025 Revaluation 385.418 19,406 404,824 385,418 19,406 404,824 At 31 March 2026 Provisions and impairment At l April 2025 Provided during the year At 31 March 2026 9,763 4,061 13.824 9,763 4,061 13.824 Net book values At 31 March 2026 At 31 March 2025 391,000 375.655 391,(K)O 375.655 Page 12
The English Trusts of The Institute Of Our Lady Of Mount Carmel Notes to the Accounts 10 Debtors 2026 2025 Other debtors 1.407 1,407 1,388 1,388 11 Creditors: amounts falling due within one year 2026 2025 Accruals 1.620 1,620 1,620 1,620 12 Movement in funds In¢omln8 resour¢es At31 liniluding other At l April gainsllosses 2025 Resources expended March 2026 Restrlrted funds.. Unrestricted funds: General funds 447,408 27,168 122,0521 452,524 Total fund5 13 Analysls ol net assets between funds 447,408 27,168 122,0521 452,524 Unrestrlcted funds Total Investments 391,000 61,524 452,524 391,000 61,524 452,524 Net current assets 14 Reconclllatlon of net debt At31 March 2026 At l Aprll 2025 Cash flows Cash and cash equivalents 71,985 71.985 110,2481 110,2481 61,737 61,737 Net debt 71,985 110,2481 61,737 Page 13
The English Trusts of The Institute Of Our Lady Of Mount Carmel Detailed Statement of Financial Artivities for the year ended 31 March 2026 Unrestricted funds 2026 Total funds 2026 Total fund5 2025 Income and endowments from: Donations and legacies Donations and gifts 9.641 9,641 9,641 9,641 6,753 6,753 Investments 19,785 19.785 19,785 19.785 6,962 6.962 Other 2.181 2,181 2.181 2,181 1.631 1,631 Totsl Income and endowments 31.607 31.607 15.346 Expendlture on: Charitable activities Charitable Donations Retreats 3.580 15,682 19.262 3,580 15,682 19.262 3.349 10,768 14.117 Totsl of expendlture on charltable actlvltles 19.262 19,262 14,117 Motor and travel costs Fares 118 118 118 118 446 446 General administrative costs, including depreciation and amortisation Software, IT support and related costs 44 44 Stationery and printing 1,008 1.052 1,008 1.052 447 491 Legal and professional costs Accountancy and bookkeeping 1,620 1.620 1,620 1,620 1,620 1,620 Total of expenditure of other costs 2,790 2,790 2,557 Total expenditure 22.052 22,052 16,674 Net gain5 on investments 14,4391 14,4391 111,8331 Net Incomellexpendlture) 5.116 5,116 113,1611 Net in¢ome/lexpendilurel before other gainsl{10ssesl 5.116 5.116 113.1611 Page 14
The English Trusts of The Institute Of Our Lady Of Mount Carmel Detailed Statement of Financial Activities Other Gains Net movement in funds 5,116 5,116 113,1611 Reconciliation of funds.. Total funds brought forward 447.408 447.408 460.569 Total funds tarrled forward 452.524 452,524 447,408 Page 15