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← The Monastery Of St Francis Gorton Trust Ltd

2024-12-31-accounts

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST. FRANCIS AND GORTON TRUST (A company limited by guarantee)

Trustees’ Report and Consolidated Financial Statements

For the year ended December 31st 2024

Charity number 1061457 Company number 03251869

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

TABLE OF CONTENTS

Administrative Information 2
Chairman’s Report 3 - 5
Trustees’ and Directors’ Report 6 – 12
Auditors’ Report 13 -15
Group Statement of Financial Activities 16
Charity Statement of Financial Activities 17
Group Balance Sheet 18
Charity Balance Sheet 19
Group And Parent Charity Statement of Cash Flows 20
Notes to the Financial Statements 21 – 33

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Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

ADMINISTRATIVE INFORMATION

TRUSTEES:

The Trustees who served during the year were as follows;

Paul Griffiths DL (Chairman & Company Secretary) Ray Hanks (Resigned 18 March 2025) David Oliver (Resigned 18 March 2025) Piers Sturridge Janet Wallwork Eleanor Holmes David Smith-Milne (Appointed 2 February 2024) Nathan Newman (Appointed 13 December 2024) Richard Johnson (Appointed 13 December 2024)

The Trustees are also the company’s directors for the purposes of company law.

CHIEF EXECUTIVE

Elaine Griffiths OBE, DL

REGISTERED OFFICE

The Monastery 89 Gorton Lane Manchester M12 5WF

REGISTERED CHARITY NUMBER

1061457

COMPANY NUMBER

03251869

STATUTORY AUDITORS

Royce Peeling Green Limited The Copper Room Deva City Office Park Trinity Way Manchester M3 7BG

BANKERS

The Co-operative Bank Balloon Street Manchester M60 4EP

SOLICITORS

Brabners LLP Horton House Exchange Flags Liverpool L2 3YL

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Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

CHAIR’S REPORT

This report covers the period January to December 2024.

It has been a year of positive progress as Manchester’s Modern-Day Monastery continued to develop new and welcome initiatives for local people and visitors.

By providing a dynamic blend of culture, education, celebration and community projects the Monastery satisfied a record number of visitors on many levels.

A substantial contribution was made to the region’s visitor economy and local communities throughout 2024, as demonstrated by impressive visitor numbers, community engagement, and generated social value.

The Monastery attracted 67,403 visitors in 2024; a dual-purpose operating model strengthens Manchester’s visitor economy by drawing both tourists and locals.

Commercial events—such as weddings and concerts on Fridays and Saturdays not only generate revenue to help maintain the heritage asset but also increase the visibility of Gorton as a cultural and heritage destination.

Activity contributed directly to the local economy, with overall social value estimated at £706,709 when including subsidised and free classes, workshops, and services.

In addition to economic input, The Monastery plays a critical role in community enrichment. Hosting over 50 community events each month, offering an inclusive space for creative arts, health, wellbeing & spiritual activities and heritage appreciation. These include initiatives such as the Music Café (for people living with dementia) with Manchester Camerata, mental health workshops, the Men’s Shed, and the Gorton Men’s Talking Circle, all of which tackle isolation and foster emotional resilience.

Volunteering is another pillar of the Monastery’s community impact, with 5,312 hours donated in 2024. This equates to a community contribution of over £200,000 and represents a profound example of grassroots civic engagement. Programmes like the Sanctuary’s Listening & Counselling Service and Deep Listening Training empower residents, particularly those with lived experiences, to become active community contributors.

Strategic partnerships with local organisations—including Big Life Group, Manchester Camerata, and environmental groups such as City of Trees—ensure The Monastery's activities align with broader regional goals in health, culture, and sustainability. Our work supports policies like the Manchester Locality Plan and the Greater Manchester Integrated Care Strategy by delivering trauma-informed care, reducing health inequalities, and promoting preventative wellbeing.

In summary, The Monastery has established itself as both a key contributor to Manchester’s visitor economy and a vital lifeline for the Gorton community. Its blend of heritage, health, arts, and inclusivity makes it a dynamic and sustainable model of place-based impact.

The Modern-Day Monastery is deeply committed to social and corporate responsibility, embedding inclusion, compassion, and community development into every aspect of its work. Its unique model blends heritage preservation with accessible wellbeing services and cultural programmes, creating a space that actively supports the most vulnerable while nurturing the next generation.

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THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

CHAIR’S REPORT (CONTINUED)

Social and Corporate Responsibility

Operating mostly without core revenue funding, The Monastery sustains itself through ethical commercial activities such as room hire and events, which directly support over 700 annual community programmes. In 2024, over £700,000 of social value was generated through subsidised and free services, including mental health support, breathwork, sound therapy, and legal advice sessions.

As a trauma-informed, inclusive heritage venue, The Monastery responds to social inequality through practical support: 5,312 volunteer hours contributed in 2024, and more than 12,000 individuals accessed health and wellbeing programmes. The Sanctuary of Peace and healing has provided free listening and counselling to hundreds of people, keeping them out of the NHS mental health system, while empowering volunteers with lived experience through transformational Deep Listening training.

Diversity and Inclusion

Diversity and inclusion are central to The Monastery’s ethos. With over 50 community events each month, its programming actively engages a wide cross-section of society. This includes partnerships with LGBTQ+ asylum seeker support groups (e.g. African Rainbow Family), initiatives for people living with dementia (Manchester Camerata’s Music Café), and culturally inclusive spiritual events such as Pagan Moots and multi-faith services.

The Monastery’s 2024 ‘Knowing Our Community’ survey revealed that 24% of visitors identified as “spiritual but not religious,” affirming the Monastery’s role as a safe and inclusive space for those of all faiths—or none. Ongoing accessibility improvements respond to feedback from visitors with physical and cognitive disabilities, ensuring all feel welcome and supported.

Supporting the Next Generation

The Monastery actively invests in young people. In 2024, 270 schoolchildren visited the heritage venue, up from 184 in 2023, offering pupils a rich introduction to heritage, culture, and community values in a unique setting. It also sponsors the Abbey Hey Primary Academy’s football team, providing both financial and moral support to help nurture local talent, confidence, and teamwork.

Emerging professionals also benefit: 15 trainee counsellors gain supervised practice hours annually through The Monastery’s Sanctuary services. Through collaborations like Manchester Camerata’s Music Ambassadors programme and opportunities to volunteer or train in therapeutic listening, the venue helps equip young people with the tools to support community wellbeing and pursue meaningful careers.

A National Lottery Heritage Fund grant of 2023 enabled the Trust to explore the new sustainable operational priorities for the ongoing Quinquennial heritage works and Carbon Management Plan we have for our historic site. These plans included reducing the environmental footprint. The scoping/market testing exercise was completed during 2024 and will be implemented subject to available funding.

As will be clear from the Financial Review, our financial position is improving and we work consistently to remain agile and cost effective.

The Organ Appeal to repair, reconfigure and reinstate a replacement and recently donated Victorian Wadsworth Organ is almost at its £120,000 target. This piece of musical heritage is almost an identical replica to the one removed from the Monastery and sold for scrap in 1989 when the church closed. The restored organ and its 1000 pipes will be installed during 2025.

Succession plans continue, with the recruitment in early 2025 of a new trustee, Richard Johnson and the retirement of two long serving Trustees in March 2025. Immense gratitude to Ray Hanks and David Oliver. Both have served the Charity with tireless distinction, sharing their wisdom and knowledge to lasting benefit. We will be forever grateful.

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THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

CHAIR’S REPORT (CONTINUED)

I am immensely grateful for the dedication of Trustees, volunteers and employees whose efforts make a difference to everything we do.

Our highest priority is organisational resilience and sustainability of the Trust.

Thank you to everyone who has, in any way, supported our work in Gorton.

Paul Griffiths DL

Chairman & Company Secretary-The Monastery of St. Francis & Gorton Trust

29 August 2025

Date: ………………………………….

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THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

TRUSTEES’ AND DIRECTORS’ REPORT

The Trustees present the annual report and the audited financial statements of the Charity and its wholly owned subsidiary for the year ended December 31st 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the Monastery of St. Francis & Gorton Trust constitution, the Charities Act 2011, and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102).

Objectives and activities

A precise version of the Trust’s charitable objects are as follows:

Beneficiaries

Beneficiaries of the Charity’s work include:

In shaping our objectives and planning our activities for the year, the Trustees confirm they have given regard to guidance published by the Charity Commission, including public benefit: running a charity (PB2) guidance.

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THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

TRUSTEES’ AND DIRECTORS’ REPORT (continued)

About Us

WHO WE ARE: The Monastery of St. Francis & Gorton Trust is a Building Preservation Trust and registered Charity set up almost 29 years ago to try to save, restore and find a viable new use for Pugin’s derelict architectural masterpiece, known locally as Gorton Monastery.

WHAT WE DO: The Trust’s charitable mission is to generate enough income to maintain this precious and sacred heritage asset as a local resource, back at the heart of the community once again.

HOW WE DO IT: By law, the Trust has a wholly owned trading subsidiary. This is the Monastery Manchester Ltd-which delivers community, educational and outreach activities and events. This includes charity dinners, community & family life events (weddings, funerals), meetings, community concerts and arts, health & well-being events.

WHY WE DO IT: The Trust constantly strives to be self-sufficient and sustainable by generating its own income through the Charity and the Monastery Manchester. It relies heavily on its volunteers and probono professional support.

YOUR EVENT HELPS US TO HELP OTHERS : Any proceeds from events held by The Monastery Manchester, are donated to the Charitable Trust for ongoing conservation and maintenance work and to support charitable community projects in education, skills, arts & health.

Achievements and Performance

The Monastery has won well over 30 prestigious national & regional awards for its work in regeneration, community benefit, heritage, as a much-loved visitor attraction and unique historic venue.

Considered by Manchester City Council as a strategically significant site, the Trusts diverse activities make possible the free to enter use of the building, while at the same time boosting the economy of Manchester and enhancing its reputation to all visitors… be they local Mancunians or from elsewhere. This historic and much-loved Manchester landmark continues to play a pivotal role in the improving fortunes of Gorton. The Monastery’s restoration is widely credited as the primary catalyst for the area’s regeneration.

Social and Economic Value

Investment in Gorton - for many local people, the saving of Gorton Monastery was the catalyst for the area’s regeneration. Its restoration helped to rebuild confidence and improve people’s lives. More than £13million raised by the Charitable Trust to bring the Monastery to this point has encouraged people to move to Gorton because they want to, not because they have to.

Supporting the local economy -The charity group endeavours to source goods and services locally. Spend in Manchester, and money remains in Manchester. We believe strongly in giving back to the community through this virtuous circle of buying goods and services locally.

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THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

TRUSTEES’ AND DIRECTORS’ REPORT (continued)

World Monument site saved -almost 30 years in the making it is self-evident that important heritage sites like the Monastery can have a positive social impact. They can help people thrive and develop pride in their communities. Such places can also make people feel better.

Community & Social Value - The charity group adds to its Community and Social value locally by working with a myriad of Community, not-for-profit & charitable partnership groups.

Regeneration & Homes- The Monastery sits at the heart of one of Manchester’s key regeneration areas, and it continues to act as a catalyst to regenerate the area. The perception of the area has improved, property prices have increased.

Employment & Jobs -We continue to employ as many suitably qualified people as possible from the local community, while our reliable volunteer cohort are drawn from the local area.

Volunteers are the heart of The Monastery. In 2024, with fewer employees than ever before, there was increased reliance on volunteers and from the Trust Chair and Trustees throughout the entire year. They donated 5,312 hours of time including travel. Their contribution valued at £200k in the year. In 2013, Trust volunteers were awarded a coveted Queen's Award for Voluntary Service, the highest award for a charity in the UK.

Education & Schools - In 2024, 270 schoolchildren visited the venue, up from 184 in 2023, offering pupils a rich introduction to heritage, culture, and community values in a unique setting.

Nationally Sharing Wisdom & knowledge with others- Our CEO regularly provides Pro-Bono advice and guidance to Trustees of other organisations who operate heritage buildings for community benefit, or who have ambitions to do so. It is clear that her skills at developing a strategic vision and successfully implementing, is much sought after.

Environment & Sustainability - The Carbon Management Plan for the historic building will feed into the NLHF project work, with its focus on creating sustainable solutions for the wider Heritage site.

Financial review

An operating model which has been in place since August 2021, provides for the Monastery to be open to the Public Sunday through Thursday, with Friday’s and Saturday’s set aside for weddings and events which provide income from which to maintain the historic property. The Trust’s trading subsidiary saw revenues increase to £1,379k (2023: £985k). Operating profit in the subsidiary was £8k (2023: £137k). The charity group consolidated result for the year saw revenues of £1,536k (2023: £1,303k) and net income of £68k (2023: £102k net income) after depreciation of £48k (2023: £51k).

Trading subsidiary The Monastery Manchester Limited generated a profit of £8k (2023: £137k). While the charity group boosted overall by grant and donation support in the period, and cash reserves is not facing any short-term solvency or cash flow problems.

Reserves policy and financial risk management

Trustees believe that having de-risked its activities by outsourcing and refocusing on core charitable activities, the charity has enhanced its future fund-raising prospects. During 2021, the charity group realised its long-term ambition to build unrestricted reserves to over £200,000. Reserves were at £333,708 at 31 December 2024.

The Trustees are aware that one of the main risks to be managed relates to their own diligence and competence in overseeing the charity group’s affairs. At the time of signing these accounts, the Trustees consider that they have undertaken a rigorous analysis of the main risks of that confront the charity. They have approved appropriate plans that mitigate the risks and have in place appropriate financial reporting procedures to ensure they are able to exercise effective oversight.

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THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

TRUSTEES’ AND DIRECTORS’ REPORT (continued)

Going Concern considerations

The subsidiary is budgeted to achieve a surplus in 2025, while the Trust looks to raise grant funding to support important initiatives in the year. Support of Historic England through its Regional Capacity Building Fund in 2024, continues to help the trust implement other important initiatives.

At the date of signing these accounts, the current group cash flow forecast for the period to December 31[st] , 2025, predicts that the group will enjoy positive current account balances more than £400k. This projection does not include any potential future funding.

Trustees expect this forecast to reflect a realistic estimate of fundraising income for the next year and that the current projected cash balances will be increased.

Acknowledging that uncertainties remain regarding a challenging economic climate, including a change in political government, the Trustees are confident that they are fully entitled to prepare the accounts on a going concern basis.

Environmental policy

The Monastery is committed to being environmentally responsible in the way it operates. The key components of this policy are addressing climate change, reducing waste and encouraging responsible business practice. This policy will be further informed and enhanced by the current NLHF and Historic England funded projects.

Future plans

The Trustees were delighted to receive confirmation from the National Lottery Heritage Fund in July 2025 of a grant of almost £250k in support of site wide sustainability initiatives, designed to future proof the heritage site.

Structure, governance and management

The Charity is a company limited by guarantee. It is governed by its memorandum and articles of association dated September 19[th] 1996, as amended by special resolutions dated March 7th 1997, March 19th 1997, February 3rd 2006 and October 23[rd] 2019. It was registered with the Charity Commission on March 20th 1997.

The Directors acting as Governing Body have the power to admit or refuse membership to any individual or corporation. Membership may be terminated by resolution of an extraordinary general meeting called for that purpose by the Governing Body. There are currently eight members of the company, each of whom has agreed to contribute a sum not exceeding £100 in the event of the Charity being wound up.

Appointment, induction and training of Trustees

The Directors, who are the Trustees, together form the Governing Body. The Trustees who served during the year, together with any changes up to the date of approving this report, are listed on page 1. It is recognised that the changing nature of the Trust’s focus, from restoring an important historic building to ensuring that its multi-faceted role is sustainably established. In the year, no new Trustees were appointed. However, in keeping with our developing succession plans, the appointment of two new trustees took place in the first quarter of 2025. We expect additional appointments to follow, along with resignations as the board is reshaped.

Trustees are appointed for their specialist skills, knowledge and sound judgement. A relevant skill-set is sought that is appropriate for the successful delivery of the trust aims and objectives and its public benefit strategy. These skills inevitably vary as the trust progresses. We set out to establish a complementary board with a broad mix of skills, which satisfy our charitable objectives.

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THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

TRUSTEES’ AND DIRECTORS’ REPORT (continued)

Succession planning

In this the 29[th] year since the Charity was formed to save and restore Gorton Monastery, the Trustees remain committed to planning for future. In this regard planned changes continue with David Smith-Milne appointed in February 2024 as Trustee and Vice-Chair. Nathan Newman joined in December 2024, while more recently two long standing Trustees resigned as part of the future succession planning process. Ray Hanks and David Oliver served with tireless dedication over many years.

The evolution of the board of Trustees will continue in 2025. The Trust’s co-founders Elaine and Paul Griffiths are supportive of a carefully considered approach to succession planning. Paul Griffiths has reduced his volunteering hours year on year and will continue to do so. Elaine Griffiths who leads the Charity, has commitments in delivering several projects to completion and will consider reducing her hours, but not for several years.

Organisation

The Governing Body, which must have not less than one and not more than 20 members, administers the Charity and meets as necessary and usually not less than six times a year. Through appropriate discussion, the planning into future community activities helps to ensure that the Trust’s vision of its role and purpose is realised. The management skills required, and the abilities of colleagues employed in the business of the Trust and its subsidiary, The Monastery Manchester, are naturally different.

Delegated authority rests with the Chief Executive & co-founder of the Trust Elaine Griffiths OBE, DL. Trust Chairman Paul Griffiths DL is Chairman of the subsidiary. He is actively involved as a volunteer, Chair’s board meetings throughout the year and fulfils Company Secretary and other duties. This approach ensures transparency between parent and wholly owned subsidiary. Comprehensive reports are provided to Trustees on performance by way of monthly P&L and management information reports on a stand-alone and consolidated basis. Key Performance Indicators are used to report against targets.

Pay policy for staff

The Trustees of The Monastery of St. Francis & Gorton Trust Limited and its leadership team are the key management personnel of the Charity in charge of directing, controlling, running and operating the Charity. All Trustees freely give their time, and no Trustee received remuneration in the year.

At the end of December 2024, 30 employees (includes waiting crew who may work one-off events) were on the books (2023: 13), mostly in trading subsidiary The Monastery Manchester, serving all activities and events in pursuit of our charitable objectives .

Risk management

The Trustees have a risk management strategy that comprises an annual review of the principal risks and uncertainties the charity faces, coupled with the leadership team’s ongoing measurement of risk factors.

Related parties

The following transactions and balances are disclosed as related party transactions in accordance with the Charities SORP, FRS 102 and Companies Act 2006. Throughout this year, as in all preceding accounting periods, Mr Paul Griffiths has served as an unpaid Trustee of the Charity, and an unpaid director of The Monastery Manchester Limited (MML), the Charity’s trading subsidiary. During the accounting period, Mr Griffiths donated 1,520 hours to the Trust and The Monastery Manchester, and he continues to make no claims for travelling expenses.

Mr Griffiths also purchased goods for both The Monastery Manchester and the Trust totalling £12,939 (2023: £10,147). This was the expenditure for exceptional items required by The Monastery Manchester and the Trust, where there was no trading account for either company available. The amount has been reclaimed in the proper manner for expenses.

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THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

TRUSTEES’ AND DIRECTORS’ REPORT (continued)

Elaine Griffiths, co-founder and Paul Griffiths’ wife, is employed by the Charity as Chief Executive Officer and received gross salary of £63,567 (2023: £65,767). Expenses of £4,101 (2023: £1,533) were reimbursed. This was the expenditure for exceptional items required by The Monastery Manchester and the Trust, where there was no trading account for either company available. The amount has been reclaimed in the proper manner for expenses.

Katy Griffiths, daughter of Elaine and Paul Griffiths, is employed as Sales & Marketing Co-ordinator, she received gross salary of £33,192 (2023: £27,717).

Trustees’ responsibilities in relation to the financial statements

The Trustees (who are also directors of The Monastery of St Francis and Gorton Trust for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding

the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to Auditors

We, the directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

• there is no relevant audit information of which the company’s auditors are unaware; and

• We have taken all the steps that we ought to have taken as directors to make ourselves aware of any relevant audit information and establish that the company’s auditors are aware of that information.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

TRUSTEES’ AND DIRECTORS’ REPORT (continued)

Auditors

The Auditors, Royce Peeling Green Limited, have expressed their willingness to continue in office and a resolution regarding their appointment and remuneration will be submitted to the Annual General Meeting.

Small company provisions and approval

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption.

Approved by the Board of Trustees and signed on its behalf by:

P Griffiths Director

29 August 2025

Date: ………………………………….

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THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

AUDITORS REPORT TO THE MEMBERS OF THE MONASTERY OF ST FRANCIS AND GORTON TRUST

Opinion

We have audited the financial statements of The Monastery of St. Francis and Gorton Trust (the ‘charitable company’ or ‘the charity’) and its subsidiaries (together ‘the Group’) for the year ended 31 December 2024 which comprise the group and charity statements of financial activities, the group and charity balance sheets, the group and charity statements of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements 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 group and charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements 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 financial statements 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 financial statements 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.

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THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

AUDITORS REPORT TO THE MEMBERS OF THE MONASTERY OF ST FRANCIS AND GORTON TRUST (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the sstatement of Trustees' rresponsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group and 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 group or the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Companies Act 2006 and relevant regulations made or having effect thereunder.

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

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

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THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

AUDITORS REPORT TO THE MEMBERS OF THE MONASTERY OF ST FRANCIS AND GORTON TRUST (continued)

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

A further description of our responsibilities is located on the Financial Reporting Council’s website at: https:// 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. 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.

Martin Chatten 29 August 2025 For an on behalf of Royce Peeling Green Limited Date……………………………… Chartered Accountants Statutory Auditor The Copper Room Deva City Office Park Trinity Way Manchester M3 7BG

Royce Peeling Green Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

15

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

GROUP STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED DECEMBER 31st 2024 (including the income and expenditure account)

Notes
INCOME
Public donations
Charitable activities
2
Other trading activities
3
TOTAL INCOME
EXPENDITURE
Cost of raising funds
5
Charitable activities
6
TOTAL EXPENDITURE
NET INCOME/ (EXPENDITURE)
10
Tax charge in year
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Balances brought forward
17
Balances carried forward
17		 Unrestricted funds Restricted Funds
Total
Unrestricted funds Restricted Funds
Total
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
110,169
-
110,169
203,992
-
203,992
4,258
-
4,258
3,814
24,805
26,619
1,421,269
-
1,421,269
1,069,901
-
1,069,901
1,535,696
-
1,535,696
1,277,707
24,805
1,302,512
1,290,424
149,820
1,440,244
1,016,466
132,957 1,149,423
26,494
-
26,494
51,104
-
51,104
1,316,918
149,820 1,466,738
1,067,570
132,957 1,200,527
218,778
(149,820)
68,958
210,137
(108,152)
101,985
2,505
-
2,505
-
-
-
216,273
(149,820)
66,453
210,137
(108,152)
101,985
4,040,246
5,163,239
9,203,485
3,830,109
5,271,391
9,101,500
4,256,519
5,013,419
9,269,938
4,040,246
5,163,239
9,203,485

The notes on pages 21 to 33 form part of these financial statements

16

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

PARENT CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED DECEMBER 31st 2024 (including the income and expenditure account)

Notes
INCOME
Public donations
Charitable activities
2
Other trading activities
3
TOTAL INCOME
EXPENDITURE
Cost of raising funds
5
Charitable activities
6
TOTAL EXPENDITURE
NET INCOME/ (EXPENDITURE)
Transfers between funds
NET MOVEMENT IN FUNDS
10
RECONCILIATION OF FUNDS:
Balances brought forward
17
Balances carried forward
17		 Unrestricted funds Restricted Funds
Total
Unrestricted funds Restricted Funds
Total
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
362,169
-
362,169
203,992
-
203,992
4,258
-
4,258
3,814
24,805
28,619
144,050
-
144,050
144,433
-
144,433
510,477
-
510,477
352,239
24,805
377,044
272,885
149,820
422,705
228,049
132,957
361,006
26,494
-
26,494
51,104
-
51,104
299,379
149,820
449,199
279,153
132,957
412,110
211,098
(149,820)
61,278
73,086
(108,152)
(35,066)
-
-
-
-
-
-
211,098
(149,820)
61,278
73,086
(108,152)
(35,066)
4,040,943
5,163,239
9,204,182
3,967,857
5,271,391
9,239,248
4,252,041
5,013,419
9,265,460
4,040,943
5,163,239
9,204,182

The notes on pages 21 to 33 form part of these financial statements

17

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED

YEAR ENDED DECEMBER 31st 2024

GROUP BALANCE SHEET AS AT DECEMBER 31st 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 11 2,313,668 2,359,407
Heritage Assets 12 7,053,117 6,997,177
9,366,785 9,356,584
CURRENT ASSETS
Stock 48,143 40,341
Debtors 14 53,171 195,680
Cash at Bank and in Hand 528,838 359,807
630,152 595,828
CREDITORS
Amounts falling due in one year 15 (316,966) (315,474)
NET CURRENT ASSETS 313,186 280,354
TOTAL ASSETS LESS CURRENT LIABILITIES 9,679,971 9,636,938
LONG TERM CREDITORS
Amounts falling due after more than one
year		 16 (410,033) (433,452)
NET ASSETS 9,269,938 9,203,486
FUNDS
Restricted funds 17 5,013,419 5,163,239
Unrestricted funds
Designated funds 17 3,918,333 3,734,893
General funds 17 338,186 305,354
Total unrestricted funds 4,256,519 4,256,519 4,040,247
TOTAL FUNDS 17 9,269,938 9,203,486

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

29 August 2025

Approved by the Board of Directors and authorised for issue on ………………………………….

Paul Griffiths

DIRECTOR

Company registration number: 03251869

The notes on pages 21 to 33 form part of these financial statements

18

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

PARENT CHARITY BALANCE SHEET AS AT DECEMBER 31st 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 11 2,313,668 2,359,407
Heritage Assets 12 7,053,117 6,997,177
Investments 13 100 100
9,366,885 9,356,684
CURRENT ASSETS
Stock - -
Debtors 14 32,401 175,682
Cash at Bank and in Hand 342,256 307,173
374,657 482,855
CREDITORS
Amounts falling due in one year 15 (66,049) (201,905)
NET CURRENT ASSETS 308,608 280,950
TOTAL ASSETS LESS CURRENT LIABILITIES 9,675,493 9,637,634
LONG TERM CREDITORS
Amounts falling due after more than one
year 16 (410,033) (433,452)
NET ASSETS 9,265,460 9,204,182
FUNDS
Restricted funds 17 5,013,419 5,163,238
Unrestricted funds
Designated funds 17 3,918,333 3,734,894
General funds 17 333,708 306,050
4,252,041 4,040,944
TOTAL FUNDS 9,265,460 9,204,182

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

29 August 2025

Approved by the Board of Directors and authorised for issue on ……………………………………….

Paul Griffiths

DIRECTOR Company registration number: 03251869

The notes on pages 21 to 33 form part of these financial statements.

19

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

GROUP AND PARENT CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31st 2024

Notes
Cash flows from operating activities
Cash generated from operations
Income taxes paid
19
Investing activities
Purchase of tangible fixed assets
Purchase of heritage assets
11
12
Net cash used in investing activities
Financing activities
Repayment of borrowings
Net cash used in financing activities
20
Net increase in cash and cash
equivalents
Cash and cash equivalents at beginning
of year
Cash and cash equivalents at end of year
Cash and equivalents consist of:
Cash at bank and in hand
Bank overdrafts		 Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
251,829
(1,010)
54,214
-
116,871
-
103,242
-
250,819
54,214
116,871
103,242
(2,429)
(55,940)
(4,686)
-
(2,429)
(55,940)
(4,686)
-
(58,369)
(4,686)
(58,369)
(4,686)
(23,419)
(18,470)
(23,419)
(18,470)
(23,419)
(18,470)
(23,419)
(18,470)
169,031
31,058
35,083
80,086
359,807
328,749
307,173
227,087
528,838
359,807
342,256
307,173
528,838
359,807
342,256
307,173
-
-
-
-
528,838
359,807
342,256
307,173

20

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

NOTES TO THE FINANCIAL STATEMENTS.

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared: under the historic cost convention through the Statement of Financial Activities (SoFA) in accordance with the Statement of Recommended Practice – Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective January 1st 2019; FRS102; and the Companies Act 2006. The Charity constitutes a public benefit entity as defined by FRS102.

Going Concern

At the date of signing these accounts, the group is meeting all its liabilities as they fall due. Detailed financial projections have been prepared for the period to December 31st, 2025 and to December 2026. These forecasts predict that the group has adequate resources to meet its liabilities throughout this period without recourse to new borrowing.

In their consideration of insolvency risks, the Trustees have reviewed the reliability and prudence of the assumptions that underpin their financial forecasts. They have also interrogated the charity group’s employed staff and relevant advisers, as appropriate. The Trustees are confident that, for reasons explained more fully in the Financial Review Section of the Trustees’ Annual Report, the assumptions on which the financial projections are based are robust.

Concerning the group's longer-term financial prospects, the board is confident that the de-risked business model for its trading subsidiary, and the fund-raising potential of the Trusted partner collaborations of the Charity, will eventually enable the group to reduce its indebtedness and further build cash reserves beyond existing levels of £333k. For these reasons, the Trustees are fully satisfied that the Charity's accounts should continue to be prepared on a going concern basis.

A grant from National Lottery Heritage Fund (NLHF) of £232k awarded in March 2013 was used to support the development and exploration of sustainability plans, aimed at securing the future of the Monastery

This grant helped the charity enormously as it not only helped with energy costs, overheads and resources, but it also enabled the development of appropriate Trustee succession plans, which are being implemented on a phased basis. This funded project work included a review of all of our current and future outsourced work ensuring we are getting the best possible value and service in each sector.

Some of this grant funding for used to test and trial two main areas of work: Heritage & Integrated Health Innovation Centre and Heritage & Hospitality Solutions.

The Heritage Resilience and Recovery grant complete in June 2024 and as reported elsewhere the Trust is delighted to have been awarded a further grant from National Lottery Heritage Fund of £249,650 awarded July 2025. Designed to future proof our precious heritage site with key infra-structure improvements and testing out environmentally friendly heating in the Nave. All this in a year when the Trust begins to celebrate from September 2025, as the Trust enters the 30[th] year since formation.

21

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES (continued)

Funds structure

Unrestricted funds are available at the discretion of the Trustees in furtherance of the general objectives of the Charity. From time to time, the Trustees may designate some or all of these funds for specific purposes; however, such designations may be varied or removed at the Trustees absolute discretion.

Restricted funds, donations or other charitable income, subject to specific conditions by the donor or grantor, or by the appeal’s nature, restricted the funds to be used for specific areas of the Charity’s work. Details of restricted funds at the year-end are given in Note 17.

Designated funds comprise the charity's fixed assets which are no longer subject to restrictions and the associated long-term debt which are unavailable for distribution due to their illiquid nature and fundamental importance to the objects of the Charity.

Income recognition

All income is recognised once the Charity has an entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. The following applies to particular types of income:

Grants , whether of a capital or revenue nature, are recognised when the Charity has an entitlement to the funds, any performance conditions have been met, and it is probable that the income will be received.

Donations from individuals and other bodies (not being of the nature of a grant) are recognised when receivable.

Earned income is measured at the fair value of the consideration received or receivable for services and goods supplied, net of discounts and VAT.

Deferred income

Income is only deferred and included in creditors when:

• Not all the terms and conditions of the grant have been met, including the incurring of expenditure, and the grant conditions are such that unspent grant must be refunded Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party; it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds including those associated with fund-raising activities, managing investments and commercial

Charitable activities costs of undertaking the work of the Charity

The Charity is registered for VAT and can recover all input tax charged. Costs are stated exclusive of VAT where charged.

Allocation of support costs

Support costs are those attributable to functions that assist the Charity’s work either by supporting the delivery of charitable activities, or by supporting the generation of funds. They include property costs, back-office functions, staff costs and professional fees. The basis of allocations is set out in Note 7.

22

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES (continued)

Pension contributions

The Charity operates a defined contribution pension scheme for its employees, agreeing the contribution rates with each individual. The contributions are paid to a third party who invests the contributions in a money purchase plan. Contributions are charged to the SoFA as they become payable.

Heritage assets

The core of the Monastery is the significant built heritage asset and certain integral features which were restored through various investment phases over some twenty years. These assets are recognised at their cost to the charity but are not depreciated as the Trustees consider the assets to have indefinite lives. Heritage assets are reviewed for potential impairment by the Trustees on at least an annual basis. Should there be any evidence of physical degradation or irreparable damage to these assets their carrying value would be impaired accordingly.

Tangible fixed assets and depreciation

Individual fixed assets costing more than £500 are capitalised at cost and are depreciated over their estimated useful lives on a straight-line basis, as set out below.

Depreciation rates are as follows:

Buildings 1% Kitchen equipment 5 -10% Equipment & furniture 20%

Investments, gains and losses

Fixed asset investments are a form of basic financial instrument and are initially recorded at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The SoFA includes the net gains and losses arising on revaluation and on disposals throughout the year.

Gains and losses on are taken to the Statement of Financial Activities as they arise. Realised gains and losses are calculated as the difference between sale proceeds (net of transaction costs) and the opening carrying value or cost, if acquired during the year. Unrealised gains and losses are calculated on the difference between opening and closing fair values.

Debtors

Trade and other debtors are recognised at the settlement amount due, and prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting 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. Creditors and provisions are normally recognised at their settlement amount.

Financial instruments

The Charity has only basic financial instruments, which are initially recorded at cost, and with the exception of investments (as set out above) subsequently measured at their settlement value.

Group financial statements

The financial statements consolidate the results of the Charity and its wholly-owned subsidiary, The Monastery Manchester Ltd, on a line-by-line basis.

23

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

NOTES TO THE FINANCIAL STATEMENTS

2. INCOME FROM CHARITABLE ACTIVITIES

31/12/2024 31/12/2024 31/12/2023 31/12/2023
Revenue income Unrestricted
Restricted
 Total Unrestricted Restricted Total
£ £ £ £ £ £
Project grants 4,258 - 4,258 3,814 24,805 28,619
4,258 - 4,258 3,814 24,805 28,619
. OTHER TRADING ACTIVITIES
31/12/2024 31/12/2023
Unrestricted
Restricted
Total Unrestricted
Restricted
Total
£
£		 £ £
£
£
Rental Income 144,050
-
144,050		 144,433
-
144,433
Management charge -
-		 - -
-
-
Other income - - - - - -
Total per charity 144,050
-
144,050		 144,433
-
144,433
Less eliminated on consolidation:
Rent re subsidiary (102,000)
-
(102,000)		 (60,000)
-
(60,000)
Management charge -
-		 - -
-
-
Add subsidiary income 1,379,219
-		 1,379,219 985,468
-		 985,468
Total per group 1,421,269 -
1,421,269		 1,069,901
-
1,069,901

3. OTHER TRADING ACTIVITIES

4. INVESTMENT INCOME

Neither of the companies in which the company has investment has paid dividends in the last two years and the Group has not had surplus funds available to invest.

24

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

NOTES TO THE FINANCIAL STATEMENTS

5. COSTS OF RAISING FUNDS

Direct staff costs
Advertising & printing
Support costs (Note 7)
Total per charity
Analysed as
Restricted funds
Depreciation
Other costs
Grant to subsidiary
Unrestricted funds
Depreciation
Other costs
Total per charity
Eliminated on
consolidation
Subsidiary
Total per group		 31/12/2024
Support of
subsidiary
External
fundraising
£
£
149,820
-
5,961
-
117,104
149,820		 31/12/2023

Total
Support of
subsidiary
External
fundraising
£
£
£
149,820
107,097
-
5,961
263
-
266,924
120,689
132,957
Total
£
107,097
263
253,646
272,885
149,820		 422,705
228,049
132,957		 361,006
-
-
-
149,820
-
-		 -
-
25,860
149,820
-
107,097
-
-
-		 25,860
107,097
-
-
149,820
48,168
-
224,717
-		 149,820
-
132,957
48,168
25,510
-
224,717
202,539
-		 132,957
25,510
202,539
272,885
-		 272,885
228,049
-		 228,049
272,885
149,820		 422,705
228,049
132,957		 361,006
-
1,017,539
1,440,244		 -
788,417
1,149,423

6. CHARITABLE EXPENDITURE

Community provision
Per charity & group
Analysed between:
Direct costs
Support costs		 31/12/2024
31/12/2023
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
£
£
£
£
£
£
26,494
-
26,494
51,104
-
51,104
26,494
-
26,494
51,104
-
51,104
26,494
-
26,494
12,244
-
12,244
-
-
-
38,860
-
38,860
26,494
-
26,494
51,104
-
51,104

25

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

NOTES TO THE FINANCIAL STATEMENTS

7. SUPPORT & GOVERNANCE COSTS

Support costs
Support staff
Property costs
Depreciation
Grant funded projects
Finance charges & interest
Office costs & other costs
Governance costs
Professional fees
Support staff
Total support costs
Support costs
Staff expenses, training & recruitment
Property costs
Depreciation
Grant funded projects
Finance charges & interest
Office costs & other costs
Governance costs
Professional fees
Support staff
Total support costs		 31/12/2024
Community
Capital
project
The
Monastery
Manchester
Limited
External
Fundraising
Total
£
£
£
£
£
-
-
-
-
-
-
-
44,625
-
44,625
-
-
48,167
-
48,167
-
-
-
-
-
-
-
41,267
-
41,267
-
-
132,865
-
132,865
-
-
266,924
-
266,924
26,494
-
-
-
26,494
-
-
-
-
-
26,494
-
-
-
26,494
26,494
-
266,924
-
293,418
31/12/2023
Community
Capital
project
The
Monastery
Manchester
Limited
External
Fundraising
Total
£
£
£
£
£
-
-
-
-
-
-
-
(39,113)
-
(39,113)
-
-
51,370
-
51,370
-
-
-
-
-
-
-
37,156
-
37,156
-
-
205,067
-
205,067
-
-
253,646
-
253,646
12,244
38,860
-
-
51,104
-
-
-
-
-
12,244
38,860
-
-
51,104
12,244
38,860
253,646
-
304,750

26

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

NOTES TO THE FINANCIAL STATEMENTS

8. TRADING SUBSIDIARY

. TRADING SUBSIDIARY
Turnover
Cost of sales
Gross profit
Administration expenses
Other income
Net profit before and after tax (See Note 20)		 31/12/2024
31/12/2023
£
£
1,379,219
985,468
(269,447)
(352,601)
1,109,772
632,867
(1,102,092)
(495,816)
-
-
7,680
137,051

Rent of £102,000 payable to the charity (2023: £60,000) and a donation of £252,000 (2023: £Nil) are eliminated on consolidation.

Current assets
Creditors due within one year
Total net assets/ (liabilities)
9. PAYROLL COSTS
a
The group payroll costs are as follows:
Salaries
Social security costs
Employer pension contributions		 261,891
274,917
(255,817)
(275,513)
6,074
(596)
31/12/2024
31/12/2023
£
£
512,076
304,298
14,495
17,676
33,887
20,274
560,458
342,248

One employee earned more than £60,000 but less than £70,000 per annum (20232: one).

Remuneration & benefits 74,321 78,343
c The average number of employees was as follows: Number Number
The Monastery Manchester Limited 30* 16
Fundraising and events 6 2
36 18
Note* Includes part-time/casual staff, working on event activity such as weddings.
10. GROUP NET INCOMING RESOURCES
This is stated after charging:
Auditor's remuneration:
Audit fees - current year
Accountancy fees - current year
Depreciation other tangible fixed assets
Directors' remuneration (Trust directors)
Trustee's expenses		 31/12/2024
31/12/2023
£
£
6,000
7,500
3,500
3,500
48,168
51,370
-
-
-
-

27

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

NOTES TO THE FINANCIAL STATEMENTS

11. TANGIBLE FIXED ASSETS

GROUP & CHARITY

ROUP & CHARITY
Cost
As at 1 January 2024
Additions
As at 31 December 2024
Depreciation
As at 1 January 2024
Charged in the year
As at 31 December 2024
Net Book Value
As at 31 December 2024
As at 31 December 2023		 Freehold Land
& Buildings
Fixtures and
Fittings
Total
£
£
£
2,585,957
867,179
3,453,136
-
2,429
2,429
2,585,957
869,608
3,455,565
285,852
807,877
1,093,729
26,606
21,562
48,168
312,458
829,439
1,141,897
2,273,499
40,169
2,313,668
2,300,105
59,302
2,359,407

12. HERITAGE ASSETS

GROUP & CHARITY
Cost
As at 1 January 2024
Additions
As at 31 December 2024		 £
6,997,177
55,940
7,053,117

There have been no disposals of heritage assets in the last five years.

28

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

NOTES TO THE FINANCIAL STATEMENTS

13. INVESTMENTS

13. INVESTMENTS
2024 2023
% Shares % Shares
Name of Subsidiary Trading activity held held
The Monastery Manchester Limited Management services/ event management
100		 100
14. DEBTORS
Group
Group		 Charity Charity
31/12/2024
31/12/2023		 31/12/2024 31/12/2023
£
£		 £ £
Trade debtors 16,745
15,011		 - -
Grants and income receivable -
66,914		 - 66,914
Amount due from subsidiary -
-		 - -
Other debtors 18,560
79,060		 18,560 79,060
Prepayments 17,866
34,695		 13,841 29,708
53,171
195,680		 32,401 175,682

15. CREDITORS : amounts falling due within one year

Bank loan (see also note 16)
Trade creditors
Amount due to subsidiary
Social security and other taxes
Income received in advance
Accruals and other creditors		 Group
31/12/2024
Group
31/12/2023
Charity
31/12/2024
Charity
31/12/2023
£
£
£
£
25,000
25,000
25,000
25,000
45,994
84,171
5,609
4,852
-
-
6,396
161,944
25,086
15,628
4,076
3,230
166,930
163,618
-
-
53,956
27,057
24,968
6,879
316,966
315,474
66,049
201,905

16. CREDITORS: amounts falling due after more than one year

Bank loan
Other loans		 Group
31/12/2024
Group
31/12/2023
Charity
31/12/2024
Charity
31/12/2023
£
£
£
£
410,033
433,452
410,033
433,452
-
-
-
-
410,033
433,452
410,033
433,452

In January 2021 the charity drew down a CBILs loan of £500,000 which is repayable over 12 years from drawdown including an initial 12-month capital repayment holiday. The loan is secured by a first charge over the Charity’s freehold land and buildings, guarantee from the subsidiary company and a debenture over its assets. Before the six-year anniversary the loan will be renegotiated for the final six-year term of the loan.

29

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

NOTES TO THE FINANCIAL STATEMENTS

17. STATEMENT OF FUNDS

2024 2024
GROUP 31/12/2023 Income Expenditure Transfers 31/12/2024
£ £ £ £ £
Unrestricted general funds 4,040,246 1,535,696 (1,319,423) - 4,256,519
Restricted funds 5,163,239 - (149,820) - 5,013,419
Total funds 9,203,485 1,535,696 (1,467,747) - 9,269,938
2023
GROUP 31/12/2022 Income Expenditure Transfers 31/12/2023
£ £ £
£		 £
Unrestricted general funds 3,830,109 1,277,707 (1,067,570) - 4,040,246
Restricted funds 5,271,391 24,805 (132,957) - 5,163,239
Total funds 9,101,500 1,302,512 (1,200,527) -
9,203,485
Funds analysed between charitable and non-charitable: 2024 2023
£ £
Charity unrestricted and designated 4,252,041
 4,040,942
Charity restricted 5,013,419
 5,163,239
9,265,460 9,204,181
Trading subsidiary 4,478 (696)
9,269,938 9,203,485

30

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

NOTES TO THE FINANCIAL STATEMENTS

17. STATEMENT OF FUNDS

(continued)

17. STATEMENT OF FUNDS
(continued)
CHARITY
Unrestricted general funds
Restricted funds:
Capital grants expended on fixed
assets
Total funds
CHARITY
Unrestricted general funds
Restricted funds:
Capital grants expended on fixed
assets
Total funds		 2024
31/12/2023
Income
Expenditure
Transfers
31/12/2024
£
£
£
£
£
4,040,943
510,477
(299,379)
-
4,252,041
5,163,239
-
(149,820)
-
5,013,419
9,204,182
510,477
(449,199)
-
9,265,460
2023
31/12/2022
Income
Expenditure
Transfers
31/12/2023
£
£
£
£
£
3,967,857
352,239
(279,153)
- 4,040,943
5,271,391
24,805 (132,957)
-5,163,239
9,239,248
377,044(412,110)
-
9,204,182

31

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

NOTES TO THE FINANCIAL STATEMENTS

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 31 December 2024
are represented by:
Fixed assets (incl heritage assets)
Net current assets/(liabilities)
Creditors due in more than one year
Fund balances at 31 December 2023
are represented by:
Fixed assets (incl heritage assets)
Net current assets/(liabilities)
Creditors due in more than one year
Fund balances at 31 December 2024
are represented by:
Fixed assets (incl heritage assets)
Net current assets/(liabilities)
Creditors due in more than one year
Fund balances at 31 December 2023
are represented by:
Fixed assets (incl heritage assets)
Net current assets/(liabilities)
Creditors due in more than one year		 GROUP
Unrestricted funds
Restricted
funds
Total
Designated
General
£
£
£
£
4,353,366
-
5,013,419
9,366,785
(25,000)
338,186
-
313,186
(410,033)
-
-
(410,033)
3,918,333
338,186
5,013,419
9,269,938
GROUP
4,193,345
- 5,163,239
9,356,584
(25,000)
305,354
-
280,354
(433,452)
-
-(433,452)
3,734,893
305,354
5,163,239
9,203,486
CHARITY
Unrestricted funds
Restricted
funds
Total
Designated
General
£
£
£
£
4,353,366
100
5,013,419
9,366,885
(25,000)
333,608
-
308,608
(410,033)
-
-
(410,033)
3,918,333
333,708
5,013,419
9,265,460
CHARITY
4,193,345
100 5,163,239
9,356,684
(25,000)
305,950
- 280,950
(433,452)
-
-(433,452)
3,734,893
306,050
5,163,239
9,204,182

Restricted funds comprise of monies received for the restoration, conservation and maintenance of the former monastery and church of St Francis.

Designated funds comprise the charity's fixed assets which are no longer subject to restrictions and the associated long term debt which are unavailable for distribution due to their illiquid nature and fundamental importance to the objects of the Charity.

32

Docusign Envelope ID: 45B228DA-177A-4CA2-A955-146C0B2F3053

THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2024

NOTES TO THE FINANCIAL STATEMENTS

19. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES

Net movement in funds
Depreciation and other fixed asset adjustments
Decrease/ (increase) in stocks
Decrease/ (increase) in debtors
(Decrease)/ increase in creditors
Net cash generated from/(used in) operating
activities		 Group
2024
Group
2023
Charity
2024
Charity
2023
£
£
£
£
68,958
101,985
61,278
(35,066)
48,168
51,370
48,168
51,370
(7,803)
831
-
-
298,058
(148,586)
143,281
(78,560)
(155,552)
48,614
(135,856)
165,498
251,829
54,214
116,871
103,242

20. MOVEMENT IN NET DEBT

GROUP
Cash and cash equivalents
Cash at bank and in hand
Debt
Loans		 At 31
December
2024
Cash flows
Non cash
flows
At 31
December
2023
£
£
£
£
528,838
169,031
-
359,807
(435,033)
23,419
-
(458,452)
93,805
192,450
-
(98,645)

The parent company had net debt of £151,279 at 31 December 2023 (2022: £249,835).

21. CONSTITUTION

The Charity is a company limited by guarantee and does not have a share capital. In the event of winding up the members are liable to contribute up to £100 each. The number of members at the year-end was 8 (2023: 5).

22. CAPITAL COMMITMENTS

The Group and the parent company had no capital commitments at the year end.

23. TAXATION

The company is a registered charity and is entitled to claim annual exemption from UK corporation tax under sections 466 to 493 of the CTA 2010. The tax charge of the trading subsidiary, The Monastery Manchester Limited is £2,505.

24. RELATED PARTIES

The transactions and balances are disclosed on page 10 and 11 of the Trustees’ and Directors’ Report as related party transactions in accordance with the Charities SORP, FRS 102 and Companies Act 2006.

33