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2023-06-30-accounts

Page
Reference and Administrative
Details
Report ofthe Trustees 2 to 9
Report ofthe Independent
Auditors		 10 to 12
Consolidated Statement
of Financial Activities		 13
Consolidated and Charity Balance Sheet 14
Consolidated Cash Flow Statement 15
Notes to the Cash Flow Statement 16
Notes to the Financial Statements 17 to 35

TRUSTEES Rt. Rev Paul Stonham Rt. Rev Paul Stonham Rt. Rev Paul Stonham Rt. Rev Paul Stonham (Chair of (Chair of trustees) (Robert
Maurice
Paul)
Rev Andrew
Berry		 (Peter James)
Rev Michael Evans (Irwin)
Rev Augustine Prlmavesi (Leo)
V Rev Brendan Thomas (Keith Brendan Martel)
SECRETARY and DIRECTOR of FINANCE Edmund
Hayward
REGISTERED OFFICE Belmont Abbey
Ruckhall
Lane
Belmont
Hereford
HR2 9RZ
CHARITY REGISTRATION NUMBER 1190035
AUDrrORS Thorne Widgery Accountancy
Ltd
Chartered
Accountants
Statutory
Auditors
2 Wyevale
Business Park
Kings Acre
Hereford
Herefordshire
HR4 7BS
BANKERS National
Westminster		 Bank Plc
Broad Street
Hereford
HR4 9AH
INVESTMENT MANAGERS Quilter Cheviot Limited
One Kingsway
London
WC2B 6AN
CCLA Investment Management Limited
One Angel Lane
London
EC4R 3AB
SOLICITORS Lambe Corner LLP
36/37 Bridge Street Hereford
HR4 9DJ
Stone King LLP
Upper Borough Court
Upper Borough Walls
Bath
BA11RG

for the Year Ended 30June 2023
30.6.23 30.6.22
Unrestricted Restricted Total Total
fund Designated funds funds funds
Notes E E E E E
INCOME AND ENDOWMENTS
FROM
Donations
and legacies		 2 386,603 58,462 445,937 449,446
Charitable
activities		 5
Support of members ofthe
Community
and their ministry		 34,932 34,932 34,936
Other trading activities 3 303,726 303,726 357,056
Investment
income		 4 309,405 309,405 300,272
Other sources 36 36 41
Transfer from Belmont Abbey General Trust 3,100 3,100 6,265,133
Total 1,037,802 872 58,462 1,097,136 7,406,884
EXPENDITURE ON
Raising funds
Investment
manager fees		 7,953 7,953 9,356
Investment
property expenses		 52,844 52,844 42,079
Commercial
trading operations		 205,820 5,504 211,324 228,599
Charitable
activities
Support of members ofthe
Community
and their ministry		 516,950 74,631 3,562 595,143 538,706
Donations
and support of
overseas missions		 ~59432 ~59432 ~20 476
Total ~783 567 ~80135 ~62 994 ~926 696 ~839 216
Net income before investment
gains/(losses) 254,235 (79,263) (4,532) 170,440 6,567,668
Net gains/(losses)
on
investments		 ~30992) ~30 992) ~125850)
NET INCOME/(EXPENDITURE)
Transfers between
funds		 19 223,243
~95,514)		 (79,263)
95,514		 (4,532) 139,448 6,441,818
Net movement
in funds		 127,729 16,251 (4,532) 139,448 6,441,818
RECONCILIATION
OF FUNDS
Totalfunds
brought
forward		 753,137 5,644,060 44,621 6,441,818
TOTAL FUNDS CARRIED
FORWARD		 ~880 866 ~5660 311 ~40 089 ~6581 266 ~6441 818

GROUP CHARITY GROUP CHARITY
30.6.23 30.6.23 30.6.22 30.6.22
Notes E E E E
FIXED ASSETS
Tangible assets 13 777,375 747,789 764,776 734,261
Investments 14 4,772,686 4,872,686 4,804,042 4,904,044
5,550,061 5,620,475 5,568,818 5,638,305
CURRENT ASSETS
Stocks 11,452 11,452
Debtors 15 127,521 92,953 79,597 166,048
Cash at bank and in hand 1,032,372 980,995 946,427 832,776
1,171,345 1,073,948 1,037,476 998,824
CREDITORS: amounts falling due within one year 16 (140,140) (106,394) (164,476) (177,210)
NET CURRENT ASSETS 1,031,205 967,554 873,000 821,614
TOTAL NET ASSETS 6,581,266 6,588,029 6,441,818 6,459,919
REPRESENTED BY:
Restricted
funds		 17 40,089 44,621 44,621
Unrestricted funds
. Designated funds 17 4,882,938 4,819,287 4,879,284 4,820,724
. Designated funds - Tangible fixed assets fund 17 777,373 747,787 764,776 734,261
.Generalfunds 17 880,866 980,866 753,137 860,313
6,581,266 6,588,029 6,441,818 6,459,919

Belmont Abbe
General
CIO
Consolidated
Cash Flow Statement
for the Year Ended 30June 2023
30.6.23 30.6.22
Notes E
Cash flows from operating
activities
Cash generated
from operations		 1 ~135,153) 752&722
Net cash (used in)/provided
by operating		 activities ~135,153) 752,722
Cash flows from investing
activities
Purchase oftangible
fixed assets		 (91,771) (36,479)
Purchase of fixed asset investments (1,288,823) (148,881)
Expenditure
on investment
property		 (6,429) (37,861)
Sale of tangible fixed assets 3,100
Sale of fixed asset investments 1,242,215 170,799
Investment
income and interest receivable		 309,405 ~300 272
Net cash provided
by investing
activities		 167,697 ~247 850
Change in cash and cash equivalents in
the reporting
period		 32,544 1,000,572
Cash and cash equivalents
at the
beginning
ofthe reporting
period		 ~1000 572
Cash and cash equivalents
at the end		 of
the reporting
period		 ~1033 116 ~1000 572
for t he Year Ended 30June 2023 he Year Ended 30June 2023 he Year Ended 30June 2023 he Year Ended 30June 2023 he Year Ended 30June 2023 he Year Ended 30June 2023
RECONCILIATION
OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
30.6.23 30.6.22
E E
Net income for the reporting period (as per the Statement of Financial
Activities) 139,448 6,441,818
Adjustments
for:
Depreciation
charges		 79,172 71,008
Gain on investments 30,992 125,850
Profit on disposal of fixed assets (3,100)
Investment
income and interest		 receivable (309,405) (300,272)
Non-cash element oftransfer from BAGT (5,980,779)
Decrease/(increase)
in debtors		 (47,924)
(Decrease)/increase
in creditors		 (24,336) 391,520
GeneralTrust 3,577
Net cash (used in)/provided by operations {135,153) 752,722
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.7.22 Cash flow At 30.6.23
E E E
Net cash
Cash at bank and in hand 946,427 85,945 1,032,372
Cash held by investment managers ~54 145 ~53 401) 744
1,~000 572 ~32 544 1,033,116
Total 1,000,572 ~32 544 1,033,116

for t he Year Ended he Year Ended 30Ju 30Ju ne 2023 ne 2023
2. DONATIONS AND LEGACIES
30.6.23 30.6.22
Unrestricted Restricted Total Total
GROUP funds funds funds funds
E E E E
Pensions etc receivable under Gift Aid 77,456 77,456 75,136
Other Donations 105,439 38,462 143,901 109,514
Legacies 204,580 20,000 ~224 580 264,796
387,475 58,462 445,937 ~449 446
30.6.23 30.6.22
Unrestricted Restricted Total Total
CHARITY funds funds funds funds
E E E E
Pensions etc receivable under Gift Aid 77,456 77,456 75,136
Other Donations 105,439 38,462 143,901 109,514
Legacies 204,580 20,000 224,580 264,796
Trading subsidiary profits donated under
deed of covenant 130,002 130,002 156,614
~517477 58,462 575,939 606,060
3. OTHER TRADING ACTIVITIES
30.6.23 30.6.22
Unrestricted Unrestricted
GROUP funds funds
E E
Accommodation charges 276,912 286,371
Bar and restaurant sales 89,935 89,481
Room hire 3,178 3,486
Shop sales 8,593 6,867
Other income 15,247 15,248
393,865 401,453
Less income from parent charity (90,139) (44,397)
303I726 357,056
4. INVESTMENT INCOME
30.6.23 30.6.22
Unrestricted Unrestricted
GROUP funds funds
E E
Income from listed investments 35,316 34,276
Deposit account interest 1,462
Income from investment properties 272,627 265,996
309,405 300,272
for th e Year Ended 3 0June 2023 0June 2023 0June 2023
4. INVESTMENT INCOME (continued)
30.6.23 30.6.22
Unrestricted Unrestricted
funds funds
f. E
Income from listed investments 35,316 34,276
Deposit account interest 1,462
Income from investment properties 312,627 305,996
349,405 340,272
5. INCOME FROM CHARITABLE ACTIVITIES
30.6.23 30.6.22
Unrestricted Unrestricted
GROUP funds funds
E
Retreats and related income 2,150
Stipends receivable 19,932 17,786
Contributions from Belmont Abbey Parish 15,000 ~15 000
34,932 34,936
30.6.23 30.6.22
Unrestricted Unrestricted
CHARITY funds funds
E E
Retreats and related income 12,000 14,150
Stipends receivable 19,932 17,786
Contributions from Belmont Abbey Parish ~15000 ~15000
46,932 46,936
RAISING FUNDS - commercial trading operations
30.6.23 30.6.22
Unrestricted Unrestricted
GROUP funds funds
E E
Cost of sales (direct costs of operating the retreat centre, guest house and 157,072 157,855
restaurant)
Administration expenses 11,241 17,048
Establishment expenses 35,452 42,448
Other expenditure 7,561 11,248
211,326 228,599
for t
 he Year Ended 30June 20 he Year Ended 30June 20 23
6. RAISING FUNDS
30.6.23 30.6.22
Unrestricted Unrestricted
CHARITY funds funds
E E
Establishment
expenses		 52,844 42,079
Portfolio management 7,953 ~9356
60,797 ~51 435
7. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see 30.6.23 30.6.22
GROUP Costs note 8) Totals Totals
E E E
Support of members ofthe
Community and their ministry Unrestricted funds 520,085 75,058 595,143 538,706
Donations and support of
overseas missions Restricted funds 59,432 59,432 20,476
579,517 75,058 654,575 559,182
Support
Direct costs (see 30.6.23 30.6.22
CHARITY Costs note 8) Totals Totals
E E E
Support of members ofthe
Community and their ministry Unrestricted funds 617,399 78,682 696,081 583,103
Donations and support of
overseas missions Restricted funds 59,432 59,432 20,476
676,831 78,682 755,513 ~603 579
8. SUPPORT COSTS
Governance
Management costs (see Totals
note 9)
E
GROUP
Support of members		 of the Community and their
ministry 30June 2023 34,799 40,259 75,058
CHARITY Support of members of the Community and their
ministry 30June 2023 38,423 40,259 78,682
9. GOVERNANCE
COSTS
GROUP AND CHARITY 30.6.23 30.6.22
E E
Legal and professional fees 13,779 17,761
Auditor's remuneration 26,480 10,500
40,259 28,261
or th
10.		 e Year Ended 30June 2023
NET INCOME/(EXPENDITURE)
Net income/(expenditure)
is stated		 after charging/(crediting):
30.6.23 30.6.22
Auditois'
remuneration:
Current year 13,000
Prior year 13,480 10,500
Depreciation
- owned assets		 73,669 64,837
Depreciation
- owned assets (Monksoft)		 5,503 6,172
Operating
lease rentals		 4,673
Surplus on disposal of fixed assets J3,100)
11. STAFF COSTS
GROUP 30.6.23 30.6.22
E. E
Wages and salaries 217,714 223,216
Social security costs
Other pension costs		 19,180
~4519		 15,372
~4730
241,413 243,318
CHARITY 30.6.23 30.6.22
E E
Wages and salaries 115,824 109,246
Social security costs 9,935 10,116
Other pension costs 2&225 2&488
127,984 121,850
30.6.23 30.6.22
E E
Staff costs per function were as follows:
Support of members ofthe Community and their ministry (charity) 127,984 121,850
Operation
of the retreat centre, guest		 house and restaurant 113,429 ~121 468
241,413 243,318
The average
number ofemployees		 analysed by function, was:
30.6.23 30.6.22
Support of members ofthe Community 5 5
Operation ofthe retreat centre, guest house and restaurant 5 5
10 10

TANGIBLE FIXED ASSETS
Long Furniture Motor
GROUP leasehold and fixtures vehicles Totals
Prop. ft
improvements
COST E E E E
At 1 July 2022 1,236,565 1,439,796 44,520 2,720,881
Additions
Disposals		 4,484 33,410 53,877
~20,548)		 91&771
~20,548)
At 30June 2023 ~1241 048 1,473,206 77,849 ~2,792 104
DEPRECIATION
At I July 2022 752,491 1,159,094 44,520 1,956,105
Charge for year
Eliminated
on disposal		 39,479 32,817 6,876
~20 548)		 79,172
~20 548)
At 30June 2023 ~791 971 ~1,191911 ~30 848 ~2014 729
NET BOOK VALUE
At 30June 2023 449,079 281,295 47,001 777,375
At 30June 2022 484,074 280,702 764,776
Long Furniture Motor
CHARITY leasehold and fixtures vehicles Totals
Prop. 8
improvements
COST E E E E
At I July 2022 1,213,597 1,224,076 44,520 2,482,193
Additions
Disposals		 33,318 53,877
~20 548)		 87,195
~20,548)
At 30June 2023 ~1213,597 ~1257 394 ~77 849 2,548,840
DEPRECIATION
At 1 July 2022 750,076 953,334 44,520 1,747,930
Charge for year
Eliminated
on disposal		 38,472 28,321 6,876
~20 548)		 73,669
~20 548)
At 30June 2023 ~788 548 ~981 655 ~30 848 ~1801 051
NET BOOK VALUE
At 30June 2023 425,049 ~275 739 47,001 747,789
At 30June 2022 463,521 ~270 742 734,263

GROUP CHARITY
GROUP		 CHARITY
30.6.23 30.6.23
30.6.22		 30.6.23
E E
E		 E
Listed investments
(note		 14a) 1,249,795 1,249,795
1,287,582		 1,287,582
Investment
properties		 (note 14b) 3,522,889 3,522,889
3,516,460		 3,516&460
Investment
in subsidiaries		 (note 14c) 100,002 100,002
4,772,684 4,872,686
4,804,042		 4,904,044
TED INVESTMENTS
30.6.23 30.6.22
GROUP AND CHARITY E E
Market value at 1 July 2022 1,233,437
Value transferred
in on		 1 July 2021 1,381,205
Additions at cost 1,288,823 148,881
Disposals at book value (1,548,116) (192,261)
Net unrealised
gains/(losses)		 274,907 (104,388)
Market value at 30June 2023 1,249,051 1,233,437
Cash held by investment managers for re-investment at 30June 2023 54,145
1,249,795 1,287,582
Cost of listed investments at 30June 2023 1,252,034 1,080,334
Listed investments
held at		 30June 2023 comprised the following:
30.6.23 30.6.22
GROUP AND CHARITY E E
UK equities 1,249,795 299,491
UK fixed interest 149,050
Overseas equities 567,485
Overseas fixed interest 42,855
Alternative
assets		 174,556
1,249,795 1,233,437

FAIR VALUE
At 1 July 2022
Additions		 3,516,460
~6429
At 30June 2023 ~3522 889
NET BOOKVALUE
At 30June 2023 ~3522,889
At 30June 2022 ~3516460

ISSUED SHARE CAPITAL
-Monksoft
Limited (100X)		 100,000
- Benedomus
Limited
(100X)		 2
~100002
mmary
of the r
below:		 esults o f Monksoft Limited
and
Benedomus		 Limited for the year ended 30 June 2023
Monksoft Benedomus
Limited Limited
E E
Turnover 378,618 15,247
Cost of sales (153,527)
Gross profit 225,091 15,247
Administration and establishment expenses (93,644) (13,247)
Finance costs (3,445)
Operating
profit		 128,002 2,000
Gift aid payable (128,002) (2,000)
Profit on ordinary activities before taxation
Taxation
Profit for the financial period
The total net assets an d fu nds of Monksoft
Limited
and Benedomus
 Limited at 30June 2023 are shown below:
Monksoft Benedomus
Limited Limited
E E
Tangible fixed assets 39,250
Current assets 155,881 10,671
Creditors amounts falling due within one year (95,131) (7,770)
Total net assets 100,000 2,901
Capital and reserves
Called up share capital 100,000 2
Retained earnings 2,899
Equity interests 100&000 2,901
15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
GROUP 30.6.23 30.6.22
E E
Accommodation,
retreat,		 and related debtors 94,688 49,500
Trade debtors 1,3'54
Other debtors 17,060 2,827
Prepayments and accrued income ~14419 27,270
127,521 ~79 597
CHARITY 30.6.23 30.6.22
E E
Trade debtors 1,354
Amounts
owed by group undertakings		 69,155 132,951
Other debtors 8,025 2,827
Prepayments and accrued income 14,419 30,270
92,953 166,048

16. CREDITORS: AMOUNTS FA LL ING DUE WIT HIN ONE YEAR
GROUP 30.6.23 30.6.22
E E
Trade creditors 13,848 31,184
Social security and other taxes 19,389 27,829
VAT 7,690
Other creditors 12,455 16,239
Accruals and deferred income ~86 758 89,224
140,140 ~164476
CHARITY 30.6.23 30.6.22
E E
Trade creditors 8,410 26,472
Social security and other taxes 2,934 9,935
VAT 7,690
Other creditors 602 5,293
Accruals and deferred income 86,758 ~135 510
106,394 177,210
17. MOVEMENT
IN FUNDS
GROUP Net Transfers
movement between At
At. 1.7.22 in funds funds 30.6.23
E E E E
Unrestr(cted
funds
Generalfund 753&137 223,243 (95&514) 880,866
753,137 223,243 (95,514) 880,866
Designated
funds
Retirement
fund		 4,680,000 4,680,000
Bee-keeping
fund		 1,347 (1,347)
Vaughan
and Benet building		 fund 100,000 100,000
Training
fund		 39,377 (90) 39,287
Subsidiary
undertaking
Tangible fixed assets		 funds
fund		 58,560
~764 776		 ~79 173) 5,091
~91 770		 63,651
~777 373
5,644,060 (79,263) 95,514 5,660,311
Restricted funds
Friends of Belmont Abbey fund 12,390 550 12,940
Peru Fund 19,980 (7,767) 12,213
Abbey Church Audio System Fund 3,562 (3,562)
North Wing Development Fund 8,689 5,319 14,008
Ukraine
Fund		 928 928
~44 621 ~4 532) ~40 089
TOTAL FUNDS 6,441,818 ~139448 6,581,266

Net movement Net movement in funds, included included included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
E E E E
Unrestricted funds
Generalfund 1,037,802 (783,567) $30,992) ~223 243
1,037,802 (783,567) (30,992) 223,243
Designated
funds
Training
fund		 872 (962) (90)
Tangible fixed assets fund ~79,173) ~79 173)
872 (80,135) (79,263)
Restricted funds
Friends of Belmont Abbey fund 550 550
Peru Fund 40,676 (48,443) (7,767)
Abbey Church Audio System Fund (3,562) (3,562)
North Wing Development Fund 5,319 5,319
Ukraine
Fund		 11,917 $10,989) 928
~58 462 $62,994) ~4,532)
TOTAL FUNDS 1,097,136 ~926 696) ~30,992) ~139 448
CHARITY Net Transfers
movement between At
At 1.7.22 in funds funds 30.6.23
E E E E
Unrestricted funds
Generalfund 860,313 206,401 ~85,848) 980,866
860,313 206,401 (85,848) 980,866
Designated
funds
Retirement
fund		 4,680,000 4,680,000
Bee-keeping fund 1,347 (1,347)
Vaughan
and		 Benet building fund 100,000 100,000
Training
fund
Tangible fixed		 assets fund 39,377
~734 261		 (90)
~73 669)		 87,195 39,287
~747 787
5,554,985 (73,759) 85,848 5,567,074
Restricted funds
Friends of Belmont Abbey fund 12,390 550 12,940
Peru Fund 19,980 (7,767) 12.213
Abbey Church Audio System Fund 3,562 (3,562)
North Wing Development Fund 8,689 5,319 14,008
Ukraine
Fund		 928 928
44,621 ~4532)
TOTAL FUNDS ~6459,919 ~128 110 ~6588 029

Net movement in funds, included in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
Unrestricted
funds		 E E E E
Generalfund ~916078 (678,685) @30,992) 206,401
916,078 (678,685) (30,992) 206,401
Designated
funds		 E E E E
Training
fund		 872 (962) (90)
Tangible fixed assets fund $73,669) ~73 669)
872 (74,631) (73,759)
Restr(cted funds
Friends of Belmont Abbey fund 550 550
Peru Fund 40,676 (48,443) (7,767)
Abbey Church Audio System Fund (3,562) (3,562)
North Wing Development Fund 5,319 5,319
Ukraine
Fund		 11,917 @10,989) 928
~58 462 ~62 994) ~4532)
TOTAL FUNDS ~975412 {816,310) ~30,992) 128,110

The fund b alances were represe nted
by the fog		 owing assets a nd liabilities:
Tangible Total
General Designated fixed assets Restricted 30June
funds funds fund funds 2023
GROUP E E E E E
Tangible fixed assets 2 777,373 777,375
Investments (46,603) 4,819,287 4,772,684
Current assets 1,067,605 63,651 40,089 1,171,345
Creditors: amounts falling
due
within
one		 year (140,140) (140,140)
Total net assets 880,866 4,882,938 777,373 40,089 6,581,266
Tangible Total
General Designated fixed assets Restricted 30June
funds funds fund funds 2023
CHARITY E E E E E
Tangible fixed assets 747,787 747,787
Investments 52,657 4,819,287 4,871,~
Current assets 1,034,603 40,089 1,074,692
Creditonn amounts falling
due
within one year (106,394) (106,394)
Total net assets 980,866 4,819,287 747,787 40,089 6,588,022