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2025-12-31-accounts

Order of Friars Minor CIO Annual Report and Accounts

Year ended 31 December 2025

Charity Registration Numbers: 1209374 (England and Wales) SC054068 (Scotland)

Contents

Reports

Reports
Reference and administrative details of
the charity, its trustees and advisers 1
Trustees’ report 2
Independent auditor’s report 17
Accounts
Statement of financial activities 21
Balance sheet 22
Statement of cash flows 23
Principal accounting policies 24
Notes to the accounts 30

Order of Friars Minor CIO

Reference and administrative details of the charity, its trustees and advisers

Trustees Rev Aidan McGrath
Rev David Collins
(all appointed on registration) Rev Michael Copps
Rev Patrick Lonsdale
Rev Antony Jukes
Administrative address Church of St Thomas of Canterbury
557 High Road
Woodford Green
IG8 0RB
Charity registration 1209374
numbers SC054068
Bankers NatWest Group
1st Floor 440 Strand
London
WC2R 0QS
Investment managers J M Finn & Co
4 Coleman Street
London
EC2R 5TA
Solicitors Stone King LLP
Upper Borough Court
Upper Borough Walls
Bath
BA1 1RG
Auditors Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL

Order of Friars Minor CIO 1

Trustees’ report 31 December 2025

The Trustees present their statutory report together with the accounts of Order of Friars Minor CIO for the year ended 31 December 2025.

The accounts have been prepared in accordance with the accounting policies set out on pages 24 to 29 and comply with applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102).

INTRODUCTION

The Order of Friars Minor was founded by St Francis of Assisi in 1209. It has maintained its essential character through the centuries. Friars live in communities, observing the Gospel of Our Lord Jesus Christ, under vows of poverty, celibate chastity and obedience, in accordance with the ‘Rule of 1223’ written by the Founder. The Minister General’s headquarters are in Rome where he is assisted by a General Definitory or Council, governing the Order Worldwide.

CONSTITUTION

The accounts accompanying this report are the accounts of the Charitable Incorporated Organisation (CIO), previously charitable trust on which the assets of the Order of Friars Minor CIO are held and through which its finances operate. The charity is governed by the constitution of Order of Friars Minor CIO registered on 1 August 2024. The charity was originally a Charitable Trust and was governed by a trust deed dated 1 December 1963 as amended by a scheme dated 12 June 1973, and is registered under the Charities Act 2011. The OFM CIO is also registered with the Office of the Scottish Charity Regulator (OSCR).

ACTIVITIES, OBJECTIVES AND SPECIFIC POLICIES

The principal aims of the charity are the support of charitable purposes connected with the Roman Catholic Religion and the support of the charitable work of the Order generally. This work is described in more detail in the following paragraphs. Although the majority of friaries are situated in England, the charity has one house in Glasgow, Scotland. The objectives described below apply in Scotland with special emphasis on the overseas mission work.

In setting out and planning the activities of the charity, the trustees have given careful consideration to the Charity Commission’s general guidance on public benefit.

Pastoral

The Order of Friars Minor CIO has four parishes in its care. Most of the friars are engaged in pastoral and educational work – supporting and encouraging prayer and worship, administering the sacraments, preaching, teaching, providing spiritual and material sustenance to those in need. In addition, they give retreats and talks and missions to other parishes and to convents. There is an obvious public benefit from these activities, as they are designed to promote harmony and cooperation in the parishes and groups concerned and in the wider community

Order of Friars Minor CIO 2

Trustees’ report 31 December 2025

Educational

To be able to provide the pastoral and spiritual support mentioned above, the members of the Province must have the opportunity to obtain firstly the initial formation needed in the preparation for their ministry and then the further training and formation to equip them to serve the Church and the faithful in a rapidly changing society. The trustees need, therefore, to keep a close eye on the requirements to remain active and fruitful preachers of the Gospel. In addition, the friars take an active interest and play a part in the provision of primary, secondary and tertiary education in the schools of their parishes. These schools have a Catholic ethos and have no restriction with regard to colour, race, or income, thus providing an obvious public benefit.

Overseas missions

The Order of Friars Minor is the largest missionary Order in the Church. The British Friars began missionary work in India and South Africa over 60 years ago. Initially they sent men out to those countries to begin the work of serving the people and establishing a Catholic presence there. Over time, these missions have grown and now provide their own indigenous friars. With the decline in vocations in this country, the support now takes the form of grants financed by donations from Franciscan parishes and educational assistance to overseas students.

Grant making policy

The bulk of the grants made by the charity usually arise through the restricted funds i.e. the Franciscan Missionary Union (FMU) and Saint Antony’s Bread. In both cases money is deposited with the friars by the faithful to be used in the Franciscan missions and for the relief of poverty. The policy of the charity, therefore, is to use all the money so contributed for the furtherance of those two aims.

In total, grants of approximately £408,291 (2024 – £2,705,246) have been made during the year both as direct donations from the income of the charity and from disbursement of contributions by the faithful to the FMU and St Antony’s Bread. As usual, the Franciscan Missionary Union made contributions to missionary areas, especially in India and South Africa, for both general support and specific projects amounting to approximately £210,792 during the year (2024 – £355,253). In 2024 a donation of £1,000,000 was made to Durham University for the establishment and maintenance of the “The Duns Scotus Chair in Franciscan Studies” for the advancement of the education of students at the University and the general public benefit in the Catholic faith & Catholic theology. Also a donation of £1,000,000 was made to Your Place for the provision of accommodation for the homeless, 5 self contained flats were purchased using these funds. In addition, the charity makes a regular annual donation to about a dozen charities that provide services allied to the Franciscan ethos e.g. Shelter, NSPCC and CAFOD totalling circa £95,000 (2024 – £90,000). More details are given in note 4 to the accounts.

Investment policy

On 31 December 2025, the charity had a portfolio of investments with a market value of £16,184,245 (2024 – £14,922,684).

Order of Friars Minor CIO 3

Trustees’ report 31 December 2025

The charity has set up a Sick and Retired Reserve to provide assistance to communities with elderly and infirm friars. This reserve is represented by a large part of the charity’s portfolio of stocks and shares, managed under the guidance of a fund manager. The fund managers have been asked by the trustees to keep a prudent balance between gilts and equities and to ensure the risk is spread by investing in a wide range of industrial shares of the larger companies. The twin aims are to raise some income to support the present elderly friars and to achieve a capital appreciation so as to build up the fund for future years.

The trustees have also instructed the fund managers to refrain from buying shares in companies associated with armaments, tobacco and contraceptives, as well as any pursuing activities at variance with the charity’s objectives. It has also recently disposed of its holdings in fossil fuel shares and invested in renewable energy instead, following the lead given by Pope Francis.

Review of the year

Pastoral work

Formation and training takes place in the current locations. The Postulancy is currently located in Glasgow, the Novitiate year is based in Killarney, Ireland, and the study of Philosophy and Theology takes place in Rome, Italy. Throughout the year there were no friars from Great Britain in initial formation.

Antony Jukes, in his capacity as Novice Director, has attended meetings of the Secretariat for Formation and Studies (SFS). These meetings are attended by all friars of the Province of Ireland involved in formation ministry.

In September 2025, four men began their novitiate year at the International/Interprovincial Novitiate in Killarney. One was from the Province of Austria, one from the Custody of Switzerland, and two from the Province of France/Belgium.

In September 2025, one man from Ireland began the Postulancy in Glasgow.

Overseas missions

During the year ending 31 December 2025 the Franciscan Missionary Union (FMU) made contributions to missionary areas, especially in India and South Africa, for both general support and specific projects amounting to approximately £210,792 during the year (2024 – £355,235).

Promotion of vocations

During the year ending 31 December 2025, there were 35 enquiries received about the Franciscan way of life covering the area of Scotland and England. All enquirers are received by Donal Walsh and Patrick Lonsdale and receive an immediate reply and acknowledgement. In this period, there has been regular communication with 7 interested men. Obviously, part of this ministry is to have contact with those who come and go requiring some patient accompaniment.

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Trustees’ report 31 December 2025

O.F.S. Spiritual Assistance

There are 3 Assistants who cover and co-operate as a team for the whole of the Secular Franciscans in Britain. Like many aspects of Church life, there are fewer members joining the Order of Secular Franciscans (OFS), females and males with some who are elderly and sick. They may live at home, single, married, widowed, often scattered geographically , who try to meet as a group on a monthly basis for prayer, discussion and solidarity, supporting each other living the Franciscan ideals as brothers and sisters as local and periodically at a regional basis.

The OFS has slowly and with some hesitation begun to amalgamate or merge fraternities due to fewer numbers, age, ill health and mobility difficulty. Some meetings are done by Zoom but more and more post-Covid, members have come to be together face to face as a group.

The role of a National Spiritual Assistant is to attend regional fraternity meetings, special gatherings and elections, professions and annual retreat days covering 3 or 4 out of 9 regions of the UK which in total comprise about 60 local fraternities. Needless to say, due to distance and areas covered by the three Assistants, it is a mammoth task to visit all local groups over a year and so there is concentration on regional fraternal meetings and special events for Local Fraternities. Again, in 2024/25 virtual Zoom meetings of some regions were held particularly in the colder months.

The National Council and Chapter who are elected to special roles and elected regional ministers meet usually monthly for 2 hours mostly by Zoom in order to consider the life, structures, decisions and plans for the OFS in Britain. These meetings are attended also by each of the National Spiritual Assistants and are often of a business-like manner as well as for sharing and dialogue between members as a source of support and encouragement.

Vigilance with regard to the care of children and vulnerable persons and relevant training

There has been much activity during 2025 to complete what had already been done in previous years to comply with all the requirements of the Elliott report of 2020. First was that in “Leadership, Governance, Ministry and Culture” Safeguarding be firmly and plainly embedded.

Leadership needs to show awareness of the growing range of persons and situations to which they owe a duty of care. Then to communicate and facilitate this awareness and ensure it is being respected by all friars. A consequence of this is that the range of concerns of a safeguarding nature is constantly widening.

A new document of Policy and Practice for all friars in GB was drawn up and ratified by Trustees. There followed further policy statements including training and communication that are in process of implementation. The Trustees also reviewed and ratified many written documents tracing how the policies are to be implemented and are being

implemented. Evidence of any training each friar has completed as well as DBS clearances are all now filed. As a result there is now more documented evidence that all friars comply with training, DBS clearance standards, are well able to handle complaints and allegations, meet compassionately with victims and survivors and know the relevant safeguarding documents.

Order of Friars Minor CIO 5

Trustees’ report 31 December 2025

Guardians’ Report Year Ending 31 December 2025

Glasgow

For most of 2025 we were four solemnly professed friars in fraternity, one of whom is retired from active ministry and became unwell and moved to hospice care in October 2025. The community life among us continues and we support one another as friars. We are also a house of formation and currently the postulancy for the province is based in Glasgow. In early October 2025, Dylan Hannon from Galway, joined the programme and is still with us. The main ministry is still the parish. Numbers attending Mass has certainly lessened but we are busy still for Masses, certain ceremonies and Sacramental celebrations like Novenas, Funerals, and first Holy Communions. Many various self-help support groups use our facilities on a weekly basis which is a good Franciscan service to our locality and city of Glasgow and which is non-religious/Catholic. We also welcome for Sunday Masses, various ethnic chaplaincy groups from Sri Lanka, Vietnam, occasionally the local Catholic school community, other church and occasional Diocesan meetings.

We have the occasional request for material assistance, but we mostly give food. All friars and volunteers at the church and those involved with groups directly all have Safeguarding training and PVG Certification. Although we do have some young active members, we have an elderly population. We visit the sick, elderly and housebound, hospitals and hospice when requested.

We occasionally assist a local parish if requested. One of the friars also supports diocesan priests in supporting their wellbeing at the invitation of the Archbishop.

There is strong support for the Franciscan Missions here in Glasgow with people taking boxes to fill with coins as well as donations and legacies. Volunteers count and distribute the boxes, and the money has supported projects in Africa, India and Pakistan.

One of the friars was also assigned by the Minister General to assist with the reconfiguration of the Australian Province and so was away for a number of weeks in the early part of 2025.

Clevedon

There are three Friars in Clevedon.

Sunday Masses are celebrated in the Parish Church in Clevedon and in the nearby village of Yatton. The parish hall, attached to the church at Clevedon, is well used by the parish and other local groups, such as the Secular Franciscans, the Rotary Club, a mother and toddler group, Parish formation groups to which visitor members of other churches may attend and a number of exercise, art and language classes.

The Friars continue to minister to people in local residential and nursing homes.

Stratford

The formation of the International Fraternity in Stratford has been a journey of learning, integration, and discovering our gifts and differences. Rooted in the Franciscan charism, we seek to live fraternity and service amid East London's rich diversity. This experience reminds us that beyond systems, relationships, culture, and a willingness to adapt are essential.

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Trustees’ report 31 December 2025

By February 2025, four friars for the International Fraternity had arrived at St. Francis Friary, by the end of 2025 three friars remain. In their regular meetings, they revisit the mission, vision, and objectives formed for this mission. They recognise that living together in an international and intercultural community requires time, patience, and an ongoing commitment to mutual understanding, respect, and fraternity.

From the outset, the Irish Province has been a crucial support, especially through Friar Niall, whose presence helped us in both practical and relational aspects of settling in our context as international fraternity.

We serve a large and growing multicultural parish in East London. Our ministry is a shared pastoral response, with each friar respected in his unique role. In addition to liturgical and pastoral duties, the Parish Priest and friars also serve as chaplains to the Knights of St Columba and St. Francis Primary School, and now assist with hospital visits in rotation with priests from the deanery. Parish volunteers continue to support our outreach ministries:

Daily distribution of hot drinks and sandwiches at the friary. A winter night shelter for the homeless. These efforts are in collaboration with local charities and churches across Newham. The SVP team also remains active in supporting those in need.

We are deeply grateful to our staff and volunteers in Stratford, who walk with us in this mission. This year has been one of planting, listening, and growing. While challenges remain, the commitment of the friars, the support of volunteers, and the encouragement from the wider Franciscan family give us hope. We move forward, trusting that, through dialogue, openness, and fraternity, this initiative will bear fruit.

Woodford Green

The community is comprised of nine Friars the majority of whom are either infirm or elderly. With the lifting of Covid restrictions people have returned to Sunday worship but not in such numbers as previously. Income is down. Daily services are provided in the parish church and local convent chapel as well as the weekday Mass in the Catholic High School chapel. The Friars are chaplains to the two Catholic schools in the parish. Local nursing homes are also visited by the Friars or appointed parishioners. As well as providing space for parish activities the church Becket Centre is hired out to local groups - Jiu Jitsu, Tai Chi, Pilates, Irish Dancing, Guides, Yoga, Spanish Classes, Under 5’s, Bridge Club and AA Twelve Step meetings. The parish SVP (Society of St Vincent de Paul) has been re-founded to provide financial and material help to the poor and needy in the area with donations provided by the Sunday congregation. Since July 2025 the two Ukrainian families who were living in several rooms in the front wing of our Friary free of charge have now moved elsewhere.

Cordate Community/OFM Birmingham

Mission Statement in Birmingham

We members and associates of the Franciscans (OFM - Order of Friars Minor) seek in a small way to help contribute and work towards a more inclusive, socially cohesive, just, and peaceful community/society, which celebrates our unity in rich diversity.

We want to be a friendly presence in a diverse ethnic, faith and secular community.

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Trustees’ report 31 December 2025

We aim to focus on helping to support marginalised groups of people in Birmingham city, including but not limited to homeless, refugee, asylum-seeking and LGBTQ+ people.

We seek to do this in a variety of ways, which include:

OFM Birmingham

Kieran Fitzsimons is a qualified social worker who lived in the “new” OFM house in Birmingham since Oct 2022. The house is conveniently located close to the city centre. In Feb 2023, Kieran was joined by a second friar, Gianfrancesco Sisto, from Italy. In Oct 2024, Gianfrancesco returned to Italy to care for his sick father, who died in March 2025. Subsequently, Gianfrancesco remained in Italy. Kieran worked alone until OFM Birmingham closed on 11[th] Nov 2025. In December 2025 it was decided to gift the Birmingham house to Father Hudson’s Caritas to provide accommodation for homeless people.

The following are a few examples of our voluntary work in social projects within the city:

Other work within Birmingham includes:

Work on a provincial level, seeking to animate/promote:

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Trustees’ report 31 December 2025

FUTURE PLANS

It was decided that the OFM in the UK would change to a CIO to allow overseas Trustees to join the board. Order of Friars Minor CIO (the “OFM CIO”) was registered with the Charity Commission on 1 August 2024. On 1 April 2025 the OFM CIO received all of the OFMs assets and liabilities, with the exception of some properties which will be transferred to the OFM CIO pending the relevant approval from the Secretary of State for Education, Archdiocese of Glasgow, or in a separate trust. The OFM CIO intends to continue in the same manner as the OFM with the same charitable activities and objectives. The next Chapter is in July 2026 which may bring some changes to the position and locations of the Friars.

The Birmingham House is being transferred to Father Hudson’s Caritas in 2026 to provide accommodation for homeless people.

FINANCIAL REVIEW

Investment performance

The portfolio comprises 74% equities, 10% gilts, 10% unit trusts and fixed interest funds and 6% property and alternatives. The overall value of the portfolio increase by £1,261,561 from a market value of £14,922,684 at the end of 2024 to a value of £16,184,245 at the 31 December 2025.

Income and expenditure

A summary of the year’s results can be found on page 21 of this annual report and accounts. Total income amounted to £1,220,924 compared to £1,233,756 in 2024. Total expenditure, decreased from £3,711,981 in 2024 to £1,440,763 in the year ending 31 December 2025 as a result of more grants and donations being made in 2024.

Net expenditure for the year before gains on investments, amounted to £231,976 (2024 – net loss of £2,478,225). Net gains on investments of £1,472,243 (2024 net loss on investments of £58,852) resulted in a net increase in funds for the year, of £1,240,267 compared to a net decrease of £2,537,077 in 2024.

Financial position and reserves policy

The balance sheet showed total funds of £20,332,593 (2024 – £19,080,188). Of this, £410,229 (2024 – £338,698) was restricted for specific purposes. £286,436 (2024 – £219,468) was restricted in respect of the Franciscan Missionary Union, which receives money specifically for the Order’s missions abroad. The remainder of the restricted funds represented a number of individually small funds made up of donations for specific purposes.

The charity had unrestricted funds of £19,922,364 (2024 – £18,741,490). Of this £2,904,996 (2024 – £2,954,013) represents tangible fixed assets. About 15 per cent of the total resources owned by the charity comprise tangible fixed assets. The Franciscan Custody in this country can only carry out the aims set out in the first part of this report if it has the use of such assets. Not only are the assets an essential prerequisite for the work of the Custody, but much of the property is not at the complete disposal of the Custody; if the trustees were to vacate any of this property they would regard themselves as obliged to offer it to the Bishop or some other religious order that was prepared to carry on the same work. In these circumstances, therefore, it seems advisable to recognise the resource as a separate fund rather than as an available resource.

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Trustees’ report 31 December 2025

The charity has a number of designated funds.

The Sick and Retired Reserve. The average age of the friars in the Custody is steadily increasing and the elderly and infirm friars now outnumber those who have to provide the supporting income. Given the small number of vocations in recent years, there may not be sufficient support available within the Custody unless some of the present resources are set aside for the future. A Sick and Retired Reserve has been set up to provide for the current members of the Order.

The Maintenance Fund standing at £1,500,000 at the end of the year. The last quinquennial reviews, carried out in 2023, on Stratford and Woodford indicated forthcoming expenditure of £150,000 and £120,000 respectively over the next five years.

As mentioned above, the Custody is faced with a reducing number of friars in the coming years. That will of necessity give rise to decisions on changes to present activities and new ventures necessitating additional capital expenditure. Therefore, it is deemed prudent to set aside through a designated Mission and Development Fund a reserve which the trustees can utilise as and when needed for new initiatives in furthering the mission of the OFM.

The relief of poverty fund which represents monies set aside by the trustees with the intention of helping those most in need. The trustees were looking at the possibility of collaborating with charities and housing associations that support refugees, homeless people or victims of domestic violence. A donation to Your Place for the homeless was made in the year ending 31 December 2024 it has been used specifically for the purchase of a residential property for homeless people.

The amount of free reserves available after deducting the above designated funds and tangible fixed assets is £5,517,368 (2024 – £4,287,477). The policy of the trustees towards the General Reserve is to hold an amount roughly equivalent to one and a half year’s unrestricted expenditure, approximately £3,500,000. The actual amount of free reserves held at 31 December 2025 clearly exceeded the amount demanded by the policy. However, the trustees are aware of the uncertainties created by the current macroeconomic and geopolitical climate and the need, therefore, to be cautious. In addition, in 2023 the charity embarked on a programme of quinquennial reviews of the charity’s properties and it indicated Stratford and Woodford would have forthcoming expenditure of £150,000 and £120,000 respectively over the next five years.

GOVERNANCE, STRUCTURE AND MANAGEMENT

Governance

Until 11 November 2014, according to the Statutes of the Order, the friars in Great Britain constituted a Province, i.e., an entity with more than forty professed friars. As such, the Province was administered by a governing body, known as the Definitory, consisting of the Minister Provincial, a Vicar-Provincial, and five other friars, elected by all the brethren at the triennial Chapter. The members of the Definitory were also trustees of the charity.

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Trustees’ report 31 December 2025

Because of the decreasing numbers and ageing of the friars, the Province became, as of the Chapter held in November 2014, a Dependent Custody of the Province of Ireland. In effect, for Canon law purposes, the friars in Great Britain became a semi-autonomous entity, led by the Custos and a Council of three friars. They were appointed by the Minister General of the Order, but after three years there was an election of the Custos and Council and thereafter there would be an election every three years. Major appointments and decisions regarding the friars and houses of the Custody needed to be ratified by the Provincial of Ireland and his Definitory. The trustees, however, continued to administer the charity and they were solely responsible for the financial management of the Custody.

The Council assigned friars to the various friaries and parishes served by the Franciscans and appointed officers needed for the administration of the Custody. Each friary has a Guardian and Vicar, appointed by the Council, who have responsibility for the friars in their community. The running of each friary is discussed regularly by the whole community.

Since August 2023 the Friars in GB have amalgamated with the Province of Ireland. They are governed by the Minister Provincial who resides in Dublin and his Definitory (Council) which consists of the Vicar Provincial and four Definitors.

The British Charity established a CIO on the 1 August 2024 to allow for trustees to be appointed from Ireland or elsewhere. The Minister Provincial is the Chair of the Trustees.

As all trustees are members of the Order they have a detailed knowledge of the work of the charity and of its structure. On being appointed, new trustees are required to spend one full day with those trustees leaving office. They also meet with the Order’s legal, accounting, investment and property advisers during the course of a day to obtain a full briefing of their responsibilities and the charity’s position.

The names of the trustees who served during the year ending 31 December 2025 are set out as part of the reference and administrative details on page 1 of this annual report and accounts and brief biographical details on each of the trustees who served during the year are given below:

Reverend Michael Copps OFM

Father Michael Copps has been a member of the Order since 1965. After initial formation he was involved in pastoral work in parishes and the education of new members as Novice Director. From 1981 to 1990 he was elected Guardian of the community at Chilworth and held the post of Novice Director for the same period. From 1990 to 1999 he was a parish priest in Nottingham and was Guardian of the community from 1994 to 1997. In 1999 he became parish priest in Forest Gate, East London and in 2002 in Stratford and Guardian of the community. In 2005 he was elected Minister Provincial of the Province of Friars Minor in this country and served in that capacity until 2014. He has also served on the Finance Committee of the Province. After a period as parish priest and Guardian at Stratford he was elected as Custos in 2018. He gave up the role of Guardian in Woodford Green in 2022. He is now Parish Priest at Woodford.

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Trustees’ report 31 December 2025

Reverend Patrick Lonsdale OFM

Father Patrick Lonsdale entered the Order in 1965. He gained a BA at the University of Kent in Canterbury. Since Ordination in 1974 he has worked in various friaries and parishes of the Custody, and has been Guardian at Craigmillar, Woodford, Forest Gate, Glasgow, Chilworth and Nottingham. He was also Parish Priest at Craigmillar, Glasgow and Chilworth. He was a Trustee and Definitor from 1996 to 2005. He served as Custos and Trustee from 2014 to 2018, and is currently a Definitor of the Province of Ireland, to which the British friars belong since August 2023, and a Trustee. From 1990 to 1996 he was National Assistant to the Secular Franciscan Order. From 1996 to 2002 he was a member of a hermitage community at Penmaenmawr, which was a joint project with the Capuchins. Over the years Patrick has also served as Secretary of the Province, Secretary of Formation, and as Animator of Vocations. He is currently Guardian of the community at Woodford Green and is Religious Assistant to the Federation of Poor Clares in Great Britain.

Reverend Antony Jukes OFM

Father Antony Jukes joined the Order of Friars Minor in 2002, having previously worked and completed his training as an accredited Chartered Accountant. As part of his formation as a Franciscan Friar, Antony completed a BA and an MA degree in Theology at the Franciscan International Study Centre in Canterbury. After ordination as a priest, he served in our Franciscan parish in the Gorbals area of Glasgow for two years and then worked for two years in youth ministry at the Cold Ash Centre before returning to Canterbury to help with the formation of friars and to teach in what was the Franciscan International Study Centre. With the closure of the Study Centre in June 2017, Antony moved to the friary in Killarney, Ireland, where he is now the Novice Director in the Interprovincial Noviciate.

Reverend Aidan Mc Grath OFM

Born 5th March 1954 in Banbridge, Northern Ireland. Educated at St Patrick’s Primary School, Banbridge, and St Colman’s College, Newry. BA (NUIG) 1976; STB (PUG) 1979); JCL (PUG) 1981; JCD with specialisation in Ecclesiastical Jurisprudence (PUG) 1985. Entered the Franciscans (OFM) 1972. First profession 1973; priestly ordination 1980. 1984-2009: Successively Judge and Presiding Judge of the Dublin Regional Marriage Tribunal. 19952009: President of the Canon Law Society of Great Britain and Ireland. 1995-present: Professor invitatus in the Faculty of Canon Law at Pontifical Gregorian University, Rome. 2009-2017: Secretary General of the Order of Friars Minor. 2017-present: Minister Provincial of the Franciscan Province of Ireland. Consultant to many religious institutes and dioceses in different part of the world. Has written extensively on different topics related to Canon Law.

Reverend David Collins OFM

Fr David Collins entered the Order in 2008. Prior to this he had worked in University Chaplaincy and in the financial sector. He has a BA in Theology and a Masters in Leadership & Pastoral Care. He is also a qualified and certified hospital chaplain which is certified by the HCB (Ireland). Since his Ordination in 2014, he has work in various friaries (Dublin, Killarney, Galway, & Ennis) and ministries in the Province, working in areas such as formation, retreat work, sacramental ministry and administration. In 2017, he was elected to the leadership team and serves as a trustee to the charity Order of Friars Minor in Ireland. Since 2023 he has served as Vicar-Provincial in the Province, and is also working as Secretary to the Province, Provincial Bursar, Deputy Safeguarding liaison person. In 2024, David was appointed as a trustee in the Centre for Catholic Studies (CCS) in Durham University. On 1st August 2024 (CIO Inception) David became a trustee of the Order of Friars Minor CIO.

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Trustees’ report 31 December 2025

Structure and management

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet periodically to review developments with regard to the charity and its activities and make any important decisions. When necessary, the trustees seek advice and support from the charity’s professional advisers including property consultants, investment managers, solicitors and accountants. The day to day management of the charity’s activities, and the implementation of policies, is delegated to the appropriate members of the Order or senior staff. Financial decisions are overseen by the trustees. Mandates with the principal bankers are in place, to the effect that any cheque or online payment above £5,000 must have two authorisations, including one by a trustee. Online banking has been introduced at the OFM enabling daily monitoring of bank balances and other financial controls.

The OFM CIO comprises 25 friars (as at 31 December 2025) who lived as part of five communities during the year. Three of these community houses are situated in the South of England (Clevedon, Somerset; Stratford in East London and Woodford Green, Essex), the fourth is in Birmingham, whilst the fifth community house is in Glasgow, Scotland. The five houses that remain open continue to exercise parochial responsibilities in collaboration with the bishops of the dioceses concerned.

As stated above, each community has a local guardian appointed by the Council. The local guardian is responsible for both the needs and the care of the friars in his community and he liaises regularly with the trustees. All local superiors meet together occasionally with the trustees to discuss developments and future plans and strategy.

Key management personnel

The strategic direction and the day-to-day management of the work of the charity is in the hands of the trustees and the Guardians at each friary. They are all members of the Order of Friars Minor and receive no remuneration for this work. All these friars have had many years‘ experience in the Order and are well aware of their responsibilities without the need for specific performance indicators.

Working with other organisations

The friars in the parishes served by the OFM in GB work very closely with the bishops administering the dioceses within which the parishes are situated. That will include membership of the local deanery and helping out in neighbouring parishes where possible. In addition, most communities have a primary school in the parish and there is close connection with these schools as well as secondary schools serving the parishes of the friars. The friars are also engaged in working with statutory bodies, other Christian Churches, other faith communities, and other voluntary groups.

Trustees’ responsibilities statement

The trustees are responsible for preparing the trustees' report and the accounts 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 and in Scotland requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these accounts, the trustees are required to:

Order of Friars Minor CIO 13

Trustees’ report 31 December 2025

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the provisions of the charity’s constitution. 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.

Risk management

The trustees undertake an annual review of the principal risks and uncertainties that the charity faces categorising the risks between those affecting the governance and management of the charity, operational risks, financial risks, reputational risks and those which occur because of circumstances outside of the charity's control such as changes in government policy, laws and regulations. They regularly review the measures already in place, or needing to be put in place, to establish policies, systems and procedures to mitigate those risks identified in the annual review. They also ensure that action is taken to implement changes to those policies, systems and procedures should they be needed to minimise or manage any potential impact on the charity should those risks materialise.

The trustees have identified five main areas where risks may occur: governance and management; operational; financial; reputational; and regulatory.

Order of Friars Minor CIO 14

Trustees’ report 31 December 2025

Having assessed the major risks to which the charity is exposed, the trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks. They also work in close collaboration with their insurers so as to maintain adequate coverage of the risks.

The key risks for the charity, as identified by the trustees, are described below together with the principal ways in which they are mitigated:

Fundraising statement

The charity does not carry out any direct fundraising with the public. It does not use the services of any third party organisation to help in its fundraising activities and no complaints were received about its fundraising activities during the financial year. However, if a complaint was to be received, it would be handled by a trustee.

Order of Friars Minor CIO 15

Trustees’ report 31 December 2025

MEMBERS OF THE ORDER

The trustees wish to record their recognition of the professionalism and commitment of the individual members of the Order. Their dedication and positive approach are much appreciated.

Signed on behalf of the trustees:

Michael Copps

Trustee

Approved by the trustees on: 30 June 2026

Order of Friars Minor CIO 16

Independent auditor’s report 31 December 2025

Independent auditor’s report to the members of Order of Friars Minor CIO

Opinion

We have audited the accounts of Order of Friars Minor CIO (the ‘charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. 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 accounts:

Basis for opinion

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 accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Order of Friars Minor CIO 17

Independent auditor’s report 31 December 2025

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the accounts themselves. 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 13, the trustees are responsible for the preparation of the accounts 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 accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, 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.

Order of Friars Minor CIO 18

Independent auditor’s report 31 December 2025

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with those Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:

Order of Friars Minor CIO 19

Independent auditor’s report 31 December 2025

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts 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 Part 4 of the Charities (Accounts and Reports) Regulations 2008. and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. 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 and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott Audit LLP 12 July 2026 Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Order of Friars Minor CIO 20

Statement of financial activities Year end 31 December 2025

Notes Unrestricted
funds
£		 Restricted
funds
£		 2025
Total
funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 2024
Total
funds
£
Income from:
Donations and legacies
1
Investments and bank interest
2
Charitable activities
. Church repository sales
Other sources
3
Total income
Expenditure on:
Raising funds
. Investment management fees
Charitable activities
. Grants and donations in support of
the work of the Order and other
charities
4
. Support of members of the Order
and their ministry
5
. Supplies for church repositories
Total expenditure
Net (expenditure) income before
gains (losses) on investments and
transfers
7
Net investment gains (losses)
Net income (expenditure) before
transfers
Transfers between funds
15
Net income (expenditure) and net
movement in funds for the year
Reconciliation of funds:
Total funds brought forward
at 1 January 2025
Total funds carried forward
at 31 December 2025		 363,940
514,392
7,235
23,677		 311,680
-
-
-		 675,620
514,392
7,235
23,677		 337,399
603,499
7,901
36,025		 248,998
-
-
-		 586,397
603,433
7,901
36,025
909,244 311,680 1,220,924 984,758 248,998 1,233,756
72,818
190,256
933,583
3,957		 -
218,035
22,114
-		 72,818
408,291
955,697
3,957		 76,147
2,340,137
905,879
7,969		 -
365,109
16,740
-		 76,147
2,705,246
922,619
7,969
1,200,614 240,149 1,440,763 3,330,132 381,849 3,711,981
(291,369)
1,472,243		 71,531
-		 (219,839)
1,472,243		 (2,345,374)
(58,852)		 (132,851)
-		 (2,478,225)
(58,852)
1,180,874
-		 71,531
-		 1,252,404
-		 (2,404,226)
-		 (132,851)
-		 (2,537,077)
-
1,180,874
18,741,490		 71,531
338,698		 1,252,404
19,080,188		 (2,404,226)
21,145,716		 (132,851)
471,549		 (2,537,077)
21,617,265
19,922,364 410,229 20,332,593 18,741,490 338,698 19,080,188

As described in the Trustees report, this CIO was newly established to continue the activities of its predecessor Charitable Trust, with assets and activities being transferred with effect from midnight on 31 March 2025.

Merger accounting has been applied in these financial statements in accordance with paragraphs 27.12 - 27.13 of the Charities SORP FRS 102 in recognition that the new legal entity is continuing with the charitable purposes and serving the same beneficiaries of the previous entity. Consequently, the comparative figures presented above and in these accounts relate solely to the Charitable Trust for the year ended 31 December 2024 as the CIO was dormant during that period. The results for the year ended 31 December 2025 relate to the Charitable Trust until 31 March 2025 and the CIO from 1 April 2025.

All recognised gains and losses are included in the statement of financial activities above.

Order of Friars Minor CIO 21

Balance sheet 31 December 2025

Notes 2025
£		 2025
£		 2024
£		 2024
£
Fixed assets
Tangible fixed assets
11
Investments
12
Current assets
Debtors
. Amounts falling due after one year
13
. Amounts falling due within one
year
13
Cash at bank and in hand
Creditors: amounts falling due
within one year
14
Net current assets
Total net assets
The funds of the charity
Restricted funds
15
Unrestricted funds
. Designated funds
16
. Tangible fixed assets fund
17
. General fund		 40,820
61,201
1,197,553		 2,904,996
16,184,244		 81,100
46,165
1,110,083		 2,954,013
14,922,684
19,089,240
1,243,353		 17,876,697
1,203,491
1,299,574
(56,221)		 1,237,348
(33,857)
11,500,000
2,904,996
5,517,368		 11,500,000
2,954,013
4,287,477
20,332,593 19,080,188
410,229
19,922,364		 338,698
18,741,490
20,332,593 19,080,188

Approved by and signed on behalf of the trustees by:

Michael Copps

Trustee

Approved by the trustees on: 30 June 2026

Order of Friars Minor CIO 22

Statement of cash flows Year end 31 December 2025

Notes
2025
£

(532,931)
514,392
(104,671)
7,889,889
(7,411,997)
887,613
354,683
1,174,308

1,528,991

2024
£
(2,893,916)
603,433
(10,979)
2,684,674
(2,438,668)
838,461
(2,055,456)
3,229,764
1,174,308
Cash flows from operating activities:
Net cash provided by (used in) operating activities
A
Cash flows from investing activities:
Investment income and bank interest received
Purchase of tangible fixed assets
Proceeds from the disposal of investments
Purchase of investments
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January 2025
Cash and cash equivalents at 31 December 2025
B

Notes to the statement of cash flows for the year ended 31 December 2025.

A Reconciliation of net movement in funds to net cash provided by (used in) operating activities

activities
2025
£		 2024
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
(Gains) losses on investments
Investment income and bank interest receivable
Decrease in debtors
(Decrease) increase in creditors
Net cashprovided by (used in) operating activities		 1,252,404
153,688
(1,472,243)
(514,392)
25,248
22,364		 (2,537,077)
147,743
58,852
(603,433)
39,999
-
(532,931) (2,893,916)

B Analysis of changes in cash and cash equivalents i.e. net debt

31
December
2024
£
1,110,083
64,225
1,174,308		 Cash flows
£
87,470
267,213
354,683		 31
December
2025
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 1,197,553
331,438
1,528,991

Order of Friars Minor CIO 23

Principal accounting policies 31 December 2025

The principal accounting policies adopted, judgements and key sources of estimation and uncertainty in the preparation of the accounts are laid out below.

Basis of accounting

The accounts have been prepared for the year ended 31 December 2025 with comparative information given in respect to the year ended 31 December 2024.

This CIO was newly established to continue the activities of its predecessor Charitable Trust, with assets and activities being transferred with effect from midnight on 31 March 2025.

Merger accounting has been applied in these financial statements in accordance with paragraphs 27.12 - 27.13 of the Charities SORP FRS 102 in recognition that the new legal entity is continuing with the charitable purposes and serving the same beneficiaries of the previous entity. Consequently, the comparative figures presented in these accounts relate solely to the Charitable Trust for the year ended 31 December 2024 as the CIO was dormant during that period. The results for the year ended 31 December 2025 relate to the Charitable Trust until 31 March 2025 and the CIO from 1 April 2025.

The accounts have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with the principles set out in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Assessment of going concern

The trustees have assessed and confirmed 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 at least one year from the date of approval of these accounts.

Order of Friars Minor CIO 24

Principal accounting policies 31 December 2025

Income recognition

Income is recognised in the year in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises donations, legacies, investment income, interest receivable, church repository sales, the surplus on disposal of assets and other income.

Donations, including salaries and pensions of individual religious received under Gift Aid or deed of covenant, are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charity.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Income from repository sales is recognised when the risks and rewards of ownership have transferred to the buyer.

All other income is measured at fair value and accounted for on an accruals basis.

Order of Friars Minor CIO 25

Principal accounting policies 31 December 2025

Expenditure recognition and the basis of allocating costs

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and governance support costs.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice. These costs are allocated directly to support of members of the Order and their ministry. All other costs are directly allocated to the headings in the statement of financial activities and there is no apportionment. The classifications in the statement of financial activities are as follows:

All expenditure is stated inclusive of irrecoverable VAT.

Order of Friars Minor CIO 26

Principal accounting policies 31 December 2025

Tangible fixed assets

All assets costing more than £1,500 and with an expected useful life exceeding one year are capitalised.

The Order of Friars Minor CIO are the legal owners of churches and other parish land and buildings. In the event of the Order ceasing its ministry in a parish, the Order of Friars Minor CIO would consider itself obliged to allow such assets to continue to be used indefinitely and rent free to meet the needs of the parish for a church and related accommodation. As such assets are not therefore susceptible to a meaningful valuation and there is no reliable information as to their cost, they are not valued for the purposes of these accounts.

The buildings consist of churches, presbyteries and parish halls and were constructed up to 100 years ago, with additions and improvements since. They are situated in Clevedon (Somerset), Yatton (Somerset), Stratford (London) and Woodford Green (Essex).

The freehold of the land and buildings legally owned by the charity and occupied rent free on behalf of the Trustees of Nottingham Academy are valued at £nil. The trustees consider that no meaningful value can be attributed to these assets, since they are not used directly by the charity, do not generate income and cannot be disposed of in the open market or put to alternative use while such occupation, which may be indefinite, continues.

Order of Friars Minor CIO 27

Principal accounting policies 31 December 2025

Fixed asset investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

As noted above the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Debtors

Debtors are recognised at the settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Funds structure

The funds of the charity are in the main unrestricted and available for use in furtherance of the charity's objectives at the discretion of the trustees. Within the total unrestricted funds of the charity are funds representing non-liquid assets and funds which the trustees have designated for specific purposes. Details of these are provided in notes 16 and 17.

Details of funds raised for a specific purpose or subject to donor-imposed conditions, and therefore restricted, are given in note 15.

Services provided by members of the Order

For the purposes of these accounts, no monetary value has been placed on the administrative and other services provided by the members of the Order.

Order of Friars Minor CIO 28

Principal accounting policies 31 December 2025

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.

Leased assets

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight-line basis over the term of the lease.

Order of Friars Minor CIO 29

Notes to the accounts 31 December 2025

1 Income from: Donations and legacies

Unrestricted
funds
£		 Restricted
funds
£		 2025
Total
funds
£


Unrestricted
funds
£

Restricted
funds
£

2024
Total
funds
£
Donations
. Pastoral offerings
. General donations
Legacies
Salaries and pensions of
individual religious
received under deed of
covenant and Gift Aid		 160,118
50,837		 -
140,880		 160,118
191,717
125,805

48,723
-

238,423
125,805

287,146
210,955
13,512
139,473		 140,880
170,800
-		 351,835
184,312
139,473
174,528

54,377

108,494
238,423

10,575

-
412,951

64,952

108,494
363,940 311,680 675,620
337,399
248,998
586,397

2 Income from: Investments and bank interest

Unrestricted
funds
£		 Restricted
funds
£		 2025
Total
funds
£


Unrestricted
funds
£

Restricted
funds
£

2024
Total
funds
£
Income from listed
investments
Other interest receivable
Unwinding of debtor held
at present value (note
13)		 487,971

24,821
1,600		 -
-
-		 487,971
24,821
1,600		 564,102
39,331
-		 -

-
-		 564,102
39,331
-
514,392 - 514,392 603,433 - 603,433

3 Income from: Other sources

Income from: Other sources
Unrestricted
funds
£		 Restricted
funds
£		 2025
Total
funds
£		 Unrestricted
funds
£

Restricted
funds
£

2024
Total
funds
£
Sundry income 30,912 - 30,912
43,926
-
43,926

4 Expenditure on: Grants and donations in support of the work of the Order and other charities

charities
Unrestricted
funds
£		 Restricted
funds
£		 2025
Total
funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 2024
Total
funds
£
Grants to institutions
Support of the Order’s
Generalate
. Foreign Missions of the
Order of Friars Minor
. Miscellaneous grants to
institutions
Other donations		 -
-
190,256
-		 -
210,792
-
7,243		 -
210,972
190,256
7,243		 13,331
-
2,326,806
-		 -
355,253
-
9,856		 13,331
355,263
2,326,806
9,856
190,256 218,035 408,291 2,340,137 365,109 2,705,246

Order of Friars Minor CIO 30

Notes to the accounts 31 December 2025

5 Expenditure on: Support of members of the Order and their ministry

Unrestricted
funds
£		 Restricted
funds
£		 2025
Total
funds
£		 Unrestricted
funds
£

Restricted
funds
£

2024
Total
funds
£
Living and personal
expenses of friars
Premises
Depreciation of freehold
property
Grants to former members
Friars’ formation
Governance costs (note 6)
Other costs		 235,878
138,756
110,140
49,820
140,252

186,533
72,204		 8,157
-
-
-
6,892
-
7,065		 244,035
138,756
110,140
49,820
147,144
186,533
79,269
253,133

176,068

130,195

44,982

74,328

192,171

35,002
9,208

-

-

-

2,358

-

5,174
262,341

176,068

130,195

44,982

76,686

192,171

40,176
933,583 22,114 955,697
905,879
16,740
922,619

6 Governance costs

Governance costs
Unrestricted
funds
£		 Restricted
funds
£		 2025
Total
funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 2024
Total
funds
£
Legal and professional
Meeting costs		 180,581
5,952		 -
-		 180,581
5,952		 183,491
8,680		 -
-		 183,491
8,680
186,533 - 186,533 192,171 - 192,171
Unrestrictedfunds Unrestrictedfunds
2025
Total
funds
£		 2024
Total
funds
£
Auditor’s remuneration (including VAT)
. Statutory audit services
Depreciation		 41,400
153,688		 39,000
147,743

Order of Friars Minor CIO 31

Notes to the accounts 31 December 2025

8 Staff costs and remuneration of key management personnel

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis comprise the trustees and the Guardians at each friary. They received no remuneration in the year (2024 – none).

There are no staff costs as the charity does not employ staff (2024 – none).

9 Trustees expenses and transactions with trustees

As members of the Order, the trustees’ living expenses during the year were borne by the charity.

As members of the Order, none of the trustees have resources of their own as all earnings, pensions and other income have been donated to the charity under gift aid. During the year the amount donated by the trustees to the charity was £11,942 (2024 – £20,879).

The trustees have purchased insurance to protect the charity from any loss arising from negligent acts, errors or omissions on the part of the trustees and to indemnify the trustees or other officers against the consequences of any neglect or default on their part. The insurance premium paid by the charity during the year totalled £747 (2024 – £894) and provides cover of up to a maximum of £500,000 (2024 – £500,000).

10 Taxation

Order of Friars Minor CIO is a registered charity and, therefore, is not liable to taxation on income and gains derived from its charitable activities, as it falls within the various exemptions available to registered charities.

Order of Friars Minor CIO 32

Notes to the accounts 31 December 2025

11 Tangible fixed assets

Tangible fixed assets
Freehold land
and buildings
£
Improvements
to freehold
buildings
£
Motor
vehicles
£
Furniture
and
equipment
£
2025
Total
£
Cost or valuation
At 1 January 2025
Additions
At 31 December 2025
At cost
At deemed cost (1983 valuation)
Depreciation
At 1 January 2025
Charge for the year
At 31 December 2025
Net book values
At 31 December 2025
At 31 December 2024		 3,766,795
-
1,097,172

78,124
87,741

26,547
7,907

-
4,959,615

104,671
3,766,795
1,175,296
114,288
7,907
5,064,286
766,488
3,000,307
1,175,296

-

114,288

-


7,907

-

2,063,979

3,000,307
3,766,795
1,175,296
114,288
7,907
5,064,286
1,654,988
75,336
266,896

58,765
75,812

19,587
7,907

-
2,005,603

153,688
1,730,324
325,660
95,399
7,907
2,159,290
2,036,471
849,636

18,889


-

2,904,996
2,111,807
830,276
11,929
-
2,954,012

As permitted under Financial Reporting Standard 102 (FRS 102), the charity has continued to adopt a policy of not revaluing its tangible fixed assets.

It is likely that there are material differences between the open market values of the charity’s land and buildings and their book values. These arise from the specialised nature of some properties, i.e. the churches and other parish buildings, and the effects of inflation. The amount of such differences cannot be ascertained without incurring significant costs, which, in the opinion of trustees, is not justified in terms of the benefit to the users of the accounts.

The historical cost of the freehold land and buildings included above at a 1983 valuation cannot be ascertained with accuracy. Under the transitional rules of FRS 102 this valuation is now regarded as deemed cost.

Order of Friars Minor CIO 33

Notes to the accounts 31 December 2025

12 Investments

Investments
31
December
2025
Total
£		 31
December
2024
Total
£
15,163,317
2,438,668
(2,804,310)
60,785
14,858,459
64,225
14,922,684
11,949,079
Listed investments
Market value at 1 January 2025
Additions at cost
Disposals at opening book value (proceeds: £ 7,889,893, realised
losses £ 50,414)
Unrealised gains
Market value at 31 December 2025
Cash held by investment managers for reinvestment
At 31 December 2025
Historical cost of listed investments		 14,858,459
7,411,997
(7,940,308)
1,522,657
15,852,807
331,438
16,184,245
12,569,123

Listed investments held at 31 December 2025 comprised the following:

31
December
2025
Total
£		 31
December
2024
Total
£
UK government securities
Unit trusts
UK fixed interest
Equities
Property and alternatives		 1,470,732
1,497,875
546,600
11,566,351
771,249		 771,936
745,176
296,580
11,793,623
1,251,144
15,852,808 14,858,459

There were no individual holdings as at 31 December 2025 which were deemed material in comparison with the market value of the entire listed portfolio held at that date (2024 – none).

Order of Friars Minor CIO 34

Notes to the accounts 31 December 2025

13 Debtors

Debtors
31
December
2025
Total
£		 31
December
2024
Total
£
Prepayments and other sundry debtors
Proceeds from disposal of freehold properties (see below)
. Amounts falling due within one year
Proceeds from disposal of freehold properties (see below)
. Amounts falling due after one year		 22,017
39,180		 7,265
38,900
61,197
40,820		 46,165
81,100
102,617 127,265

In 2012, the charity disposed of a freehold property in Dundee, Scotland for agreed proceeds of £510,000. Under the agreed payment schedule, £350,000 was received prior to 31 December 2023. The balance will be received as follows: 2024 - 2027, £40,000 annually. This sale agreement constitutes a financial arrangement as defined by FRS 102. Therefore, in order to comply with the Charities SORP FRS 102 and FRS 102 itself, the proceeds receivable from the disposal of the property have been discounted to their present value using an effective discount rate of 0.25%. The notional interest is credited to the statement of financial activities as the discount is “unwound”.

14 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
31
December
2025
Total
£		 31
December
2024
Total
£
Accruals 56,221 33,857
56,221 33,857

Order of Friars Minor CIO 35

Notes to the accounts 31 December 2025

15 Restricted funds

The income funds of the charity include the following restricted funds, comprising the unexpended balances of donations received for specific purposes. The balances below represent the movements on the funds immediately prior to transfer to the CIO.

At 1
January
2025
£		 Income
£		 Expenditure
and
transfers
£		 At 31
December
2025
£
Franciscan Missionary Union
Stratford Building Project
Other restricted funds		 219,468
11,920
107,310		 299,874
-
11,806		 (232,906)
-
(7,243)		 286,436
11,920
111,873
338,698 311,680 (240,149) 410,229
At 1
January
2024
£		 Income
£		 Expenditure
and transfers
£
At 31
December
2024
£
Franciscan Missionary Union
Stratford Building Project
Other restricted funds		 353,785
11,920
105,844		 237,676
-
11,322		 (371,993)
-
(9,856)		 219,468
11,920
107,310
471,549 248,998 (381,849) 338,698

The Franciscan Missionary Union represents monies received specifically for the Order’s missions abroad.

The Stratford Building Project represents monies received specifically to assist with the remodification of buildings of a parish administered on behalf of the local diocese by the friars in Stratford, London. The majority of the building work was undertaken in 2010.

Other restricted funds represent a number of individually small funds made up of donations for specific purposes.

Order of Friars Minor CIO 36

Notes to the accounts 31 December 2025

16 Designated funds

Immediately prior to transfer to the CIO, the unrestricted funds of the charity included the following funds designated for specific purposes.

At 1
January
2025
£		 Designated
in year
£		 Utilised/
Released in
year
£		 At 31
December
2025
£
Sick and retired reserve
Maintenance fund
Mission and development fund
Relief of poverty fund		 6,700,000
1,500,000
2,300,000
1,000,000		 37,511
-
-
-		 (37,511)
-
-
-		 6,700,000
1,500,000
2,300,000
1,000,000
11,500,000 37,511 **(37,511) ** 11,500,000
At 1
January
2024
£		 Designated
in year
£		 Utilised/
Released in
year
£		 At 31
December
2024
£
Sick and retired reserve
Maintenance fund
Mission and development fund
Formation fund
Relief of poverty fund		 6,700,000
1,500,000
2,300,000
1,000,000
2,000,000		 52,370
-
-
-
-		 (52,370)
-
-
(1,000,000)
(1,000,000)		 6,700,000
1,500,000
2,300,000
-
1,000,000
13,500,000 52,370 _(2,052,370) _ 11,500,000

This consists of monies which the trustees have set aside in order to provide for older friars and those in ill health. The reserve has been calculated so as to provide income to communities with elderly or sick friars to care for.

♦ Maintenance fund

The maintenance fund represents monies set aside by the trustees for the upkeep and repair of the buildings of the Custody. The last quinquennial reviews, carried out in 2023, on Stratford and Woodford indicated forthcoming expenditure of £150,000 and £120,000 respectively over the next five years.

♦ Mission and development fund

The mission and development fund comprises monies set aside towards funding new initiatives in furtherance of the mission of the Order.

♦ Formation fund

The formation fund comprises monies set aside towards funding the formation and education of friars. The monies held in the formation fund are reviewed on a regular basis during the year by the trustees.

♦ Relief of poverty fund

The relief of poverty fund represents monies set aside by the trustees with the intention of helping those most in need. The trustees are looking at the possibility of collaborating with charities and housing associations that support refugees, homeless people or victims of domestic violence. A donation to Your Place specifically for the purchase of a residential property for the homeless was made in 2024.

Order of Friars Minor CIO 37

Notes to the accounts 31 December 2025

17 Tangible fixed assets fund

Tangible fixed assets fund
31
December
2025
Total
£		 31
December
2024
Total
£
3,090,776
(136,763)
2,954,013
At 1 January 2025
Net movement during the year
At 31 December 2025		 2,954,013
(49,017)
2,904,996

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets. This fund has been established to recognise the fact that the assets are required for the day-to-day operation of the charity and are not available for other purposes or as a general reserve.

18 Analysis of net assets between funds

The fund balances at 31 December are represented by the following assets and liabilities:

General
funds
£		 Designated
funds
£		 Tangible
fixed assets
fund
£		 Restricted
funds
£		 Total funds
31
December
2025
£
2,904,996
16,184,244
1,243,353
Fund balances at 31
December 2025 are
represented by:
Tangible fixed assets
Investments
Net current assets
Total net assets		 -
4,684,244
833,124		 -
11,500,000
-		 2,904,996
-
-		 -
-
410,229
5,517,368 11,500,000 2,904,996 410,229 20,332,593
General
funds
£		 Designated
funds
£		 Tangible
fixed assets
fund
£		 Restricted
funds
£		 Total funds
31
December
2024
£
2,954,013
14,922,684
1,203,491
Fund balances at 31
December 2024 are
represented by:
Tangible fixed assets
Investments
Net current assets
Total net assets		 -
3,422,684
864,793		 -
11,500,000
-		 2,954,013
-
-		 -
-
338,698
4,287,477 11,500,000 2,954,013 338,698 19,080,188

Order of Friars Minor CIO 38

Notes to the accounts 31 December 2025

The total unrealised gains at 31 December 2025 constituted movements on revaluation and are as follows:

are as follows:
Total
2025
£		 Total
2024
£
Unrealised gains included above:
On investments
Total unrealised gains at 31 December 2025
Reconciliation of movements in unrealised gains
Unrealised gains at 1 January 2025
In respect to disposals in the year
Net (losses) gains arising on revaluation in the year
Total unrealisedgains at 31 December 2025		 3,615,122 2,973,605
3,615,122 2,973,605
2,973,605
(881,140)
1,522,657		 3,313,297
(400,477)
60,785
3,615,122 2,973,605

19 Ultimate control

The charity, which is constituted as a charitable incorporated organisation, was controlled throughout the period by the Franciscan Province of Ireland by virtue of the fact that the Superior of the Province has the power to appoint the trustees.

20 Related party transactions

During the year we paid £22,849 (2024 £97,610) to the Franciscan Province of Ireland for administration and forwarding onto other charities. As at 31 December 2025, there was nothing due to or from the Franciscan Province of Ireland (2024 – nil). Other than those disclosed above and in note 9 there were no further related party transactions.

21 Analysis of principal SoFA components for the current reporting period

The Order
of Friars
Minor
(pre-
merger)
£		 Order of
Friars Minor
CIO
(pre-
merger)
£		 Order of
Friars Minor
CIO
(post-
merger)
£		 Combined
total
£
Total income
Total expenditure
Net income/(expenditure)
Other gains/(losses)
Net movement in funds		 439,866
270,697		 —
—		 781,058
1,170,066		 1,220,924
1,440,763
169,169
(241,164)		 —
—		 (389,008)
1,713,407		 (219,839)
1,472,243
(71,995) — 1,324,399 1,252,404

Order of Friars Minor CIO 39