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 carn￿1
Tru5tee5 Annual Report
sTRU￿URE, 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￿ rnin￿ed 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. reSpon￿bIlItIeS 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
Re￿nCiliation 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 cUr￿nCle5
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
Un￿Stricted
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