2023-12-31-accounts

REGI￿ERE0 COMPANY NUMBER- CE022252 IEngland and Walesl REGI￿ERED CHARITY NUMBER: 1190035 of the Tntsiee5 and ated Flnanclal tatements for the Perl Ended 31 mber 2023 for Imont Gerberal CIO Thorne Wiijgery Accountancy Lid Chartered Accountants Statutory Auditors 2 Wyevale ￿sinesS Park Kings Acre Hereford Herefordshire HR4 7BS

Belmont Ab General CIO Content5 of the Financial Statements for the Pen¢yJ Ended 31 December 2023 Page Reference and Adrninistraiive Details Report of the Trustees 2 ￿ 9 Report ol the Independent Audtlors 10 to 12 Consolidated Statement ol Financial ktlvftle5 13 Consolldated and Charity Balance Sheet 14 Consolldared Cash Flow StatenEnl 15 Notes to the Cash Flow Staten*nl 16 Note5 to the Flnanclal 5taternents 17 lo 35

BelTTK)nl Abb General CIO Reference and Adminisirative Detail5 for the Period Ended 31 December 2023 TRu>fEES Rt Rev Abb R M Stonham (resig￿d 4 June 20241 Rt Rev K B M Thomas Rev A Berry (resigned 5 December 20231 Rev A Prirnave5i Rev M l Evans 05B Very Rev D J A Kenyon lappoinied 5 Decernber 20231 Rev M T Carney OSB lappointed 20 June 20241 SEcR￿ARy and DIRE￿oR of FINANCE Edmund Hayward REGISTERED OFFICE eelmont Abtw Ruckhall Lane BelrrK)nt Hereford HR2 9RZ CHARITY REGJSTRAnON NUMBER I1￿35 AUDITORS Thorne Wid8ery Accountancy Ltd Chartered Actountants Ststutory Auditors 2 Wyevale BUSI￿5 Park Kln85 Acre Hereford Herelord5hire HR4 7BS BANKERS Nati(￿al Westmlnster Bank PIC Broad Sireet Hereford HR4 9AH INVE￿￿ENT AiANAGER5 Iter (￿¥70t Llrnlied One Kingsway London WC2B 6AN CCLA Investment hlanagement Lirnited One Angel Lane LO[￿On EC4R 3AB SOLICITORS Lambe Comer LLP 36137 Bridge Street Hereford HR4 9DJ Stone King LLP Upper 8orwgh Court Upper e<rough Walls Bath BA11RG Page 1

Belmont Ab General CIO ort of the Tru5tee5 for the Period Ended 31 t}eCe￿thr 2023 The trustees present their report together ￿th the accounts of Belmont Abw Ge￿ra{ cio "group" or the"ClO"I coverlng the Six months period from 1s[ July to 315t DecemLEr 2023. The perfod under reiew wa5 half the duration of rormal and 501ely designed to return the charity's a£cauntlng period to calendar year basis. This report has treen p￿Pared by the new trustees following the retirernent of Ab￿[ Paul Stonham in June 2024 and the election of AbL¥)l 8rendan Thoma5 a5 the 12th Abbot of Belrnont in his siead. Much appreciation has been expre$5ed for Abbot Paul's seTh6ce as Abbot and Chalrman of the Trustees for nearly twenty-lour years. Under the circum5tance5. most of thi5 report Is therefore a [￿lItIOn of the re￿rt for the year ended 30th June 2023 but does Include relevant menl5on of achievernenls in the period= mnasteries are, by their nature, not place5 of rapid change. A fully revlsed reFOrt wTrll ￿ prepared for the year ended 31st Decernter 2024. The account5 have been prepared in accordance with the accounting Fdicles set out on pages 17 to 21 and comply wlth applicable Unlted Kingdom Accounting Standard5 (United King¢ksm Ge￿rallY Accepted Accountin8 Pracricel. The principle5 Set wt in Accountlns and Reporting by Charities- State￿￿nt of Recomrnended Practice applicable to charities preparing thelr accounts in accordarKe ￿th the FinarKial Rewrtln9 Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 have been lollowed in the preparation of this rey)rt and accounts. INTRODUCTION 8elrnont Abbey Is a rnona5tery ol the Engllsh Benediciine Cor@regaiion of the Order of St Benedict fou[￿ed in 1859 and dedicated to St Michael and All Ange15. It lie5 just two miles south of Hereford and, 51nce 1981. ha5 had a dependent house, which it founded in Peru. Altogether there are 33 [￿nks123 In ihe UK and 10 in Perul l-lhe Cornmunity'l. They engage In pastoral. retreat, edLKational and other work, thtyjgh st￿ are Still stuty"ng, whlle others are retlred. OBJECTIVES AND ACTIVITIES MISSION The charity and group's oblectlve 15 to 5UPFOrt the reil8lrJ5 and othtr charltable wwk tarrled on by Th￿MberS of tl Cornmunity. The prtncipal alms of the gr￿Jp are: To promote the interests of the Catholk fèiih and the rnonastlc Ilfe in the Un5ted Klngdorn and, by mean5 of It5 foundation. In Peru. Th15 Is ¢)ne by Nmber5 of the charlly who. as Benedlttlne rnonks and priests, Ilve a life of prayer, work, study and hospitalily, bjund by the tradllTronal Bene¢lictlne vow5 of obethence, stablllty and converslon of ITfe, wh115t en5urlng that the rnnks in ￿ert of care are properly looked after. The adrninlstratlon ol the Sacraments and celebratlc•) of the DIVI￿ Offtce Idaily services) In the Abbey Church, the monastery In Peru and the parlshes comrnitied io wr care. &JLh at Beirrnnt Abtw and in its dependencie5, member5 ol the charity are Involved in partsh, pastoral and reireal work, fvxpitallty. writins and manual work. Members ol the public can Share in Ihis life of prayer, servlce and witness wth the monasiic Comrnunity, whether as oblates, guests, $ltor5, volunteers or par15hioTrers. To fulfll these aciivllle5 faithfully, one of the main alms of the charity 15 the good upkeep and malntenance and constant iMprove￿Ent of the rnona5tic I￿71￿1n9S and grounds at Belmont Abbey and elsewhere. The provision of education in the broadest sense. irKludiThg education of new member5 of the Community training for the monastic life and priesthood, Is an essential aspeci of its life. Members of the charity care for sick and elderly rnembers of the Comrnuniiy. T￿ al¥0 th) g)thal and pastoral woth, particularly in ihe fleld of hospitality and retreats. SPECIFIC OBJECTIVES. ACTNMES AND RELEVAKf POLICIES The followlng descrlbes the objective5, aCil￿tieS relevant PDlicie5 of the grojp from 1st July 2023 untll 31rt December 2023. As stated under"Mi55ion", the grwp exists to promte the charitable works carrled or suptx)rted by the rnonk5 and which are conducive to the advaThce￿￿nt or rna1ntenar￿e of the Rotnan Cal￿17c faith alld offer educational activities and h05Pltality open io all sections ol ihe public. Mlnlstry The Monastlc Comrnunfty The central work of Ihe charity 15 to Sustain the community and prayer life of the Benediciine I￿nastery of Belmont Abbey according tc the Rule of sl 8enedict. The TTKmks ￿lebrate Ihe Eucharist and Sing the D)Wr￿ Office together in choir every day, in which are members of the wblic can participate. li is thi5 work which makes it possible for the monk5 to engage ITr, Support and promote a range of activities for the gwd of the ￿der community. Belrrnnt is pnwleged in hawng a nUm￿r of younger r[￿kS in forrnaliDn aftd siudw.ng Theology. Page 3

Belmont Ab General CIO rt of the Trustees for the Period Ended 31 Decernier 2023 OBJECTIVES AND ACTIVITIES continued Peruvlan FoundatTon Ten members of the lknna5t¥c Community are based ai ilE I1￿bastery of the Santa Maria de le Santtsima Trinidad, ai Lurln, 15 miles 50Uth of Lirna, In the Diocese of Lurin. This nK)na5tery forrns a separate charity under Peruvian law. Its life reflects thal of Ihe motherh(NJ5e In the United Klngdorn. For 35 year5, the Community also had pastoral care for a number of parfshe5 in IK)rt￿rn Peru. but pastoral work 15 rw limited to Ihe monastery and retreat hoLtse. Other works Indivldual mem￿r5 ol the rrK)nastic corr47)unity are a19) involved In sch(Aarly writing publication, retreat worf(, lecturin8, Splrttual dlrection and heartn8 coTrfessions. The monks also take parl in rnany ecumenical initlative5. Parfshes and pastoral work The charity aim5 to support and promote the Spiritual. soclal and charttable work of the Catholic Community in Herefordshire and elsewhere. The Aity Chvrch also serves a5 parish church fw the Parish of BelrTh)nt. Par15hes belonging ro the Archdiocese of Cardiff and Belnw)Tht AbWMisshoTr CIO have parish priests provided by the Community. In addition, there are many initiatives both spiritual and social io prorTh)te the wellbelng of all age sroups throughout these partshes. All wr parishes are rwltinatKJThal and multi-ethnic. Educatlon Educatlon ol young people Thls wa5 a major activiiy of the charity untll Belmnt Abbry School t105ed in 1994. Slnce then, educatlonal vlslts from Schools of all denomination5 or ol none have been encwraged and were forrnal55ed under the aegis ol the School Vi51t5 Department, involving several rnonks and an aclive team of volunteer5. Sadly. schools longer have bud8ets to enable such visit5 and the forrnal Str￿LUre has teen abandoned, but any wch ￿SItS are welcorre and meanwhlle c105e relaiions are mainlained with ihe EdLKation tpartsnent of the Archdloce5e of Cordiff, which held a staff sathering at Belrnont In November 2023. Adult educ)tlon Thls was a major activiiy of the charlty until Belmont Abbey Schth)I tl¢Jsed in 1994. Since then, educational visit5 from schools of all denominatlons or of none have been encouraged and wEre fomMlSsed under the ae815 of the School Vi51t5 Department, Involving several nK>nks and an actlve tearn of volunteers. Sadly. schools Th) longer have budgets to enable such vislt5 and the formal Structure has been abandoned, but any such visits are welcome and meanwhlle close relaiions are mainlained with the EdKatlon Department of the Archdiocese of Cardiff. which held a staff gatherlng at Belrnont in November 2023. There are also regular reclta15 and corKerts given by well-known cholrs and musicians and of Gregorian chant glven by the Monks ihemselves. The website, guldebwkaThd film of life at the Abbey provlde invaluable information to students and vlsltors allkÈ. Dom Jame5 Norris. the Librarlan. allows student5 and other ouisldtrrs to use the monastlc Ilbrary. He also runs the Abtey Shop, whKh sells book5, cards and other reli8K￿5 obJec¢5. Hospltallty Prior to Ihe Covid-19 pandernic, hospitaltly wa5 prlmadly provided through Pknnk50ft Lirnited, in Belmont'5 guesthouse, Hedley LDdge. In ordinary circurnstances. Hedley LLe was open to the gereral publlc for rneals. accommodatlon, function5 and conferences but a19) accommodated people visiting BelnTh)nt Abbey on retreat or for olher pastoral purp05e5, ￿th the Hedley Li)dge kitchens also supylwrtg catthng to Ihe r￿astiC communlty. In addition, the faclllties of Hedley Lodge were made available to local cornnwnity and charitable organi5ations at attractive rates. Clergy and adult rnales were able to make individual reireats in the tMna5tery itself and in a srnall wing of Hedley Lodge retained for the purpose. Since the start of ihe pandemic in early 2020. Herefordshire Council have rented the accornn¥)dation in Hedley Lodge for Short terrn use by otheM homeless people. This arrangemenl continues to the present day v￿th Monksoft'5 Staff working with the Council's soc6al worker5: the future of this arrangemenl 15 kept under close scrutiny but is es5enLially open-ended. Publlc benefit n formulating the charity's alms and in planning the work of the rnembeT5 of the Comnwjnity, the tnjstees have had regard to the ger￿ra[ guidance pUblis￿d by the Chanry Cornmission on public benefit. The trustees believe thai the Abbey and works of the rTh)nks have Infl￿nce￿ ihe lives and altitude5 and enha￿ed the spiritual wellbeing of those visiting the Abbey. The trustees, by making ¢)nations to individua15 and organisations In need, also demonsirate publlc benefit. for Instance by the prO￿510n of one of LIE Abbey's properties rent free Lo a Ukrainian refugee farnily. Page 3

Belrnont Abbe General CIO ort of the Tru5lee5 for rhe Period Ended 31 December 2023 OBJECTIVES AND ACTIVITIES continued POLICIES Fundralslng policy The charity aim5 to achieve be5l practice Sn the way in whlch it comnwnica￿5 With doncn aThd other supporters. It takes care with both the tone of cotnmunications an(J the accuracy of rl5 data to minitni5e the pressures on supporter5. It applies LE5t practice to prO￿t 5UFV)rters' data and never sells dats, rfftr Swaps data and en5ure5 that cornrnunicatlon preferences can be changed at ally time. The charily manages 115 own fundraising activities and does nor employ the services of profe5Stonal luniJrai5ers at present. It undertakes to react io and investigate any complaints regarding fundraising activities and to learn from ihem and Improve its service. During the wiod, there were no complaints abDur fundraising actiwties. In¥￿tment pollcy There are no restrictions on the chariiy's pM)wer to invest. Throughout the perf￿j the trustees. investrnent advi50r5 were Quilter Cheviot Limited, who have been provided with an investment policy statement which provides guidance as to how the asset rnanagemenr function5 delegated to them be exercised. The policy 5latement was formulated wth a view ¢0 ensuring that the asset management functions are exercised ￿thfjn the best interests of the charity. The trustees. In¥e5trnent objective 15 that the real value of the charity5 assets be maintained and enhanced over the long term by investrnent in a portfolio comprising prlmarily equitfjes. fixed ir￿Orne st￿kS. property and cash. The trustees have dopted an ethical wlicy, the maln purr#)5e being to avoid investment in and, therefore, support for. activities that are contrary to the beliefs of the Catholic Church. Due regard shall be given to envlronrnental contems In all trwestnnt decislons. Reyeseniatlve5 of the trustee5 regularly d15CU55 Wlth the investment rnanagers the Ferforrnance of the kXrtfolio and the Investment strategy. The charlty has a portfolio of Ilsted investmtnt5 ￿￿th a markei value of £1,322,233 Ilncludin8 cash hetd for Investn￿ne5 Invested with CCLAI. Property InY•stment pollcy The charity has a nurnber of propertles whkh It rents to tenants at Comr￿ClaI rents. Tr market value of these propertles 15 considered to be £3.489,828. Employees The charlty strlves to be an equal opmunllles empl¢)yer and applle5 oblecllve criierla io a55es5 merit. It alm5 to ensure that no job applicant or employee recelve5 less favtyjrable treatment on the grounds of age, rate, colour, nationalityi religion, ethnlc or natlonal ts¥igin. gender. marttal 5tatU5. sexual orleniation or dlsablllty ACHIEVEMENT AND PERFORhtANC£ Thé tru5tee5 have carrled wt thelr alms and alialned t￿r qoals in the following ways: Educatlon, retreats and hospfjtallty At Belmont and it5 dependencies. courses are pr￿ided to promote the ieathing of the Cathollc falth and at Belmont there was a full programme of re51dential iet¥eat5 before the pandernK. These aiiracled rnany people of all faiths and of none. Sorne of these c￿rSe5 rr)ved onllne during the ILKk(knwn restriclion5. In recent years, a number of school and parish groups have vi51ted the monastery for day events and the annual May PrcKe5sion in honour of Our Lady attracts as rnany as a t￿usand pilgrims f￿rn far and neav. MLKh work ha5 teen done to promote, encourage and make more attractive our educational work for SC￿¥)1$. A number of are actively engaged in pastoral work in the schools attached to our par15hes and staff of ikne $ch￿lS re4ularty attend day5 of reflection here at Belmont. As part of our desire to support Catholic education, the charity continues to (brsate money to our local Catholic schools to improve facilities for their F4Jpi15. Likewlse. schwls and several to)r students are suptM)rted in Peru. Mlnlstry The dally round of prayer, wo¥k. stuity anil co￿unItY life ha5 rnainialned al BelnKnt Abbey and in its dependencies. At 8elmont and in Peru. Ihe Divire Office 15 wng by nK>nks every day. In all our churches and chapels, the Eucharist is celebrated on Sunday5 and weekthy5. AtrAMJt 8,(MXI people In all attend servlces in the course of a week, over half a million in the course of a year. Page 4

Belmonr Abb General CIO Re ort of the Trustees for the Period Ended 31 December 2023 ACHIEVEMENT AND PERFORIWICE continued Pad5he5 and pastoral work A number of member5 of the rrortastic cornrnunity are involved in pastoral work ai Belrnont and in nine other parishes In England and Wales. Two are school chaplains. one a h)spital chaplairb. and is a retired bishop. Supply work is carried out, particularly at weekends and during ihe nwsths. by nmber5 of the resi¢nt community. Our monkg in Peru also run a ￿n- acre farm. producing fruit. vegetable5, wultry and wine, run a bakery and have flourishing trade selling their prfyjucts and other mercharKlise in the monastery shop. Covld.19 The aftermath of the Covid-19 pandemic ha5 continued lo impact our work. commercial arm, Monksolt, Saw the cessation ol normal commerclal actiwties at Hedley Lodge in Marth 2020 15ee above) but the arrangernents ￿th Herefordshire Countll ￿EanS that rhe￿ has been no loss of irK0￿￿. The Abbty shop has been relocated and reopened. In 2023, we found thai Foople wefe keen to relurn to church and our numbers have returned to nonnal. Thus far we have weathered the storm of Covld ar￿ Lckthwn. Ultimately, the greatest rtsk to Belrnont remalns the lack of vocatlon5 and the dwindling nvmber of younger. healthy and active rrK)nk5 to carry on the work and mi551Dn of Ihe General CIO and the Mission CIO that flnarKially feeds into the Gereral CIO. Al Belmont we have three younger monks in forrnation and in Peru there are foul, bul It ￿MaInS to be seen whether there will be a 5U5tained change to the decline in receni decade5. The communlly 15 actively considering ways we can enhance ￿r outreach aTrd prorTh)re the Benedlctlne life here at Belmont. Development and management ol our lacllltles- North Wlng The decision was made by Chapter in 2022 to undertake the refurbi5hrrent of the underutlllsed north win8 01 the rnonastery for guests. Planning permlsslon was obtained and Iwilding contract slgfied, wth the contractors start on slte during the pericxj under revlew. This work require5 a significant capital investment of about £1 and 15 a clear demon5tratlon of our falth in 8elmont'5 rn155ion both and ITr the future. I tls anticipated that the new accommodation wlll te rea¢ty for use early in 2025. Meanwhlle, a new 10 year lease 9Th the old schcrf)l ￿￿ilding5, Vaughan and Benet. was s18ned wlth the IGral Wye Valley NH5 Trust. provlding sectsre incon for the irrwnediaie future. Futur* Plan5 By their nature, mna5teries are Th)t plates of radical change of ccrtjrse, Ilke every or8anisation, the charlty ha5 to plan for the future. As referred to above, we are reviewing use of our J￿IldIng$ bur are well aware that any major Investment needs to be lustifled tjoth In terms of flnanclal 5UStalThablllty and how It would irnpact on the charlty'S mlssl0Th. The trusrees have carried ¢JJt a review of Inve5trrtht poly to ensure that our Investments are managed In accortlance wlth the principles of the Rcffian Cathollc church. It)vestmEnt5 are r￿ managed by the CCLA, IChurche5, Charities and Local Authorities ICCLAI InVeStn￿￿t Management Limiied. i and held Trn their Cathollc Fund, which Invest5 501ely In Investments whlch are 5n accord with the church's teachlfi8S. On the pastoral side, the Comrnunity wll continue its supkx)rt for those in special need and has rnade accornmodation avallable to two UkraTnian famllles under the governmpnt's Homes for Ukralne scheme and there 15 a monthly Ukralnlan Llturgy celebrated the Abbey. Overall, the charity plans to continue to foll¢)w all the aims of its mission Isee p31 vryour in the forthcomlng year. Page 5

Belmont Abb General CIO rr of the Trustees for the Peri(Ml EndÈd 31 December 2023 ACHIEVEMEKf AND PERFORMANCE continued Flnancial review Results for the perfod A sumrnary of the iesults of the grwp for the 1 ￿lY 2023 to 31 tknember 2023 can be found on page 13 of the accounts. Income for the group for the perlod to 31 December 2023 arn￿nted to (584,494 12023.. 11.097.136). Incorne frorn donation5 and legacies for the perk)d w 31 December 2023 iotalled £231,860 Iyear ending 30 June 2023.. £445,937). Income from other trading acti¥riiie5 which compri5e5 the income from the charitys subsidiarie5 for the period ro 31 December 2023 arrK)unted to £174.467 Iyear ending 30 Jut 2023.. £303.726I. ItKorne from listed and property Investments, together wth ifiterest receivable. for ￿TIOd to 31 DecemiEr 2023 arrKJunted to £160.860 Iyear endlng 30 June 2023.. £309,405I and itKorne from charitable actiwtie5, including retreat centre incorne. for the period to 31 Decernber 2023 amounted to 115.677 (Yea¥ ending 30 June 2023.. £34,932I. Expenditure for the group for the perKO l July 2023 to 31 December 2023 amLwnted to £540,538 (Year ending 30 June 2021.. E926,6981. The cost of ralsing fund5 comprised Inve5tnThl proputy expenses for th? period to 31 December 2023 of £20,821 (Year ending 30 June 2023.. £52,844> and ccnmerc5al tradin8 operalTon5 relating to ihe charitls subsidiaries for the period to 31 December 2023 amounted to t109.251 (Year ending 30 June 2023.. £211,324>. The £05t5 In relation to supportlng members of the Communlty ar￿ their min151ry for the perkxl to 31 Decern￿r 2023 arnounted ro 1396,853 Iyear ending 30 June 2023.. C595,1411. Donal￿n5 and 5uppori of missions oversea5 for the period 10 31 Decernber 2023 lotalled £13,613 Iyear endin8 30 June 2023: (59,4321. Net expen¢Jlture for the group, before net Invest￿￿nI losses and galns and for the Fer6tsd to 31 December 2023 allkxjnted to £43,95612023.' C170,4381. The nei investrneTht gains on listed investments for the teriod to 31 Oecerntrr 2023 totalled £73,182 (Year endlng 30 June 2023.. 130.9921. The realised losses on sale of investment property for the period to 31 Decernber 2023 totalled £17,345 (Year ending 30 Jure 2023= £Nill. The net fjnco￿ and net increase Sn fund5 for the period to 31 December 2023 period, therefore. a￿￿Trted to £99,793 (Year ending 30 June 2023.. £139,446>. Reserves pollcy It Is the tru5tees' current wllcy to Main￿1n free. ￿tIes14naLed of tetween one- arsd two-year5' expendlture. The trystee5 are of the opinioTr that %Kh a level Is the mlnimum requlred to enable the charlty to meet temwrary shortfalls In Income, to contlN to supm the 1sx)rk of the Community, and w cope ￿th the rfsks and uncertalnties of the future. Flnanclal posltlon The balance Sheet ai 31 Decern￿r 2023 total fund5 for the group of 16,681.059 (Year endin8 30 JuThe 2023: C6,581,2661. These fund5 Include an arnount of 1132,917 Iyear ending 30 June 2023: C40,0891 which is restricted. These rnonies have elther been ralsed lor. and thelr use restricred ￿ 5pecifK wrpJ5e5, or they comprise donat50ns subject to donor- Imposed conditions. Full details of these restricted fund5 can be fwnd In Tr)te 17 to the account5 together wlth an analysis of mowemen15 In the period. Funds totallirfj £5,660, 101 Iyear endlng 30 ￿Tre 2023.. E5.660,3121 have teen deslgnaled. or ¥et aside, by the tru5tee5 for speclfic purposes a5 lollows- An amount of £4.680,C(Q (Year ending X) Jure 2023.. C4.680.rn)I has been designated to t￿1 the costs ol the care and welfare of member5 of the CommunTrty as they grow old or frail. The memter5 are wholly dependent on the charity lor their mainlenance and care. The arTh)uni of funds set aside has been calculaied usin8 actuarial principles nd will provide c¥Trly modest J￿Int$ in the future. I1(K),￿o ha5 been set aside towards ihe c05t of future improvenntS Lo, ar￿ maintenance of. the Vaughan and Benet building which 15 rented out to NHS Property Services Limited. 139.574 has been sei aside towards education and training wihin the Belmont Comrnnity- A b3[a￿e of C63,944 (Year enthng 30 June 2023.. E63.6511 represents the funds of ihe charity's two 5ub5idiaries. The langible fixed a55ets fund equal to the net value of the Langible fixed assets and amouniTng Lo £776,583 (Year ending 30 June 2023- £777,373) ha5 identified as a separate fund in recognition of the fact that Such assets are required w enable the ComnwEnity to carry￿t it$(harita￿e work and are [￿L available to fund activFties or meet future commitrneni5. Further details of tlE purtx)ses of the designated [￿J$ arml an anal￿1$ of the rrK)vement5 on the fvnds are Set out In note 18 to the accounts. Page 6

Belmont Ab General CIO rt of the Trustees for the Period Ended 31 December 2023 ACHIEVEMENT AND PEflFORIAANCE contlnued General funds or'free reserves. of the group at 31 Decerntrtr 2023 total 1888.042 (Year en(lin¥ 30 June 2023.. £880,866). The trustee5 consider the level of free reserves to be adequate but excessive and they are content thar borh rhe charity and group are a going concern. Investment and performance During the period to 31 Decenknr 2023. the charitys listed investnn15 wothKed an income of £18,689 (Year endin8 30 June 2023.. £35,316). The charity's li51ed investments Increased in value during ihE yEar. giving rise to net investment gains of 173,182 (Year ending 30 June 2023- 130.9921. Investment propertle5 produced rental income of £158.607 during the year to 31 Ilecember 2023 (Year endFn8 30 June 2023.. £312,627>. STRUCTURE. GOVERNANCE AND IAANAGEMEI The charity 15 a Charitable IKOrpOra￿ Organisat￿n ICIOI govemed by a c(wtslitution and registered ￿th the Chartiy Commlssion on 21 June 2020. Charity Regisifation No. 119Q)35. At midnight on 30 jur￿ 2021, the actiwtie5, a55ets, and Ilabllitie5 of Belmont Abbey General Trust Ichari¢y rburnter 2262781 were Iransferred into this charity and are shown as income In the charliys staiernent of financial actiwis. For the time being, the Abbot shall autornatically. by ￿rtue of hoidlng that office, be the sole member of the CIO for as long as he holds that office. If the CIO Is wound up, the member of the CIO has rn Ilability to contribute to Its a55ets and no personal resrx)nsibility for seiiiing it5 debts and Iwbiliiies. Trustee5 The names of the irusiee5 of the CIO are 8lven on page 1 of this doC￿￿t. At any time there musi te a minin*Jm of flve trustte5 aThY al all times the malortty of the iN5tee5 must be memt)ers of Belmont Abbey. There is no rnaxlrnum nvmbers of trustees that may be appointed to the CIO. In selecting Indlvlduals lor appoTntrrent the charlty tn15tees have regard ￿ the skllls, k[￿rted9e and experlence needed for the elfectlve admlnistration of CIO. Structure and manage￿￿nt r•portl The trustees are ultimately reswn5ible for the polkles. activities, and assets of the char5ty. They meet regularly to review developments with regard to the charily or Its actlvltles and make any important decisions. When necessary, the trustees seek advke and SUPPJTt from the charlty5 s￿leSS1o￿al a¢fvlsers lrtludlng inve5trrent managers, solicltors, and aecountant5. Key management personnel The twstees consider that, the ¢irre telng, thty torTyi¥e the key managemenL personnel of the charity. The trustee5 receive no remufieration in resFQCt of ihelr duties. Rlsk management The overall objective of the group's risk policy 15 to ensure ihat all r15k5 which arTr5e are ideniified and minimised to an acceptable level. The trustees are responslble for the management of the risk5 faced by the charity. The tru5Lees, in consultation and alfvice frotn their professional adwser5. recomrnend the risk managernenl Strategy and are responsible for taking an ove￿eW to ensure that all rlsks emanating from the charfty's act]￿lIeS are proFerly managed. Detailed con51derations of fisk a￿ delegated to those resF¥)nsibie for the supervision of discrete aciiwtie5 undertaken by the charity. These indiwduals formally rewew thelr risk map on a regular basis and at least annually. Each of those re5pon5ible ieForts annually on their n5k management activities to the tnjstees. The rewJrt confirm5 whether or not risks have been reviewed and highlights any specific risk issue if applicable. Page 7

Belmont A General CIO rt of the Trustees for the Period Ended 31 December 2023 STRucfuRE. GOVERNANCE AND AWIAGEMENT continued The trustees believe that by followng these p￿￿edUreS, monTtorifig resetve leve15, ensuring controls exist over key financial system5 and by exarnining the operational bJ51r￿sS risks faced by the charity they ￿11 continue to ensure that there are effective Systems lo mitigate risks. The trustee5 worked together with the Inde￿ndent Inquiry into Child Sexual Abuse, which investigated historical cases of abuse and actively co-operated as required. They have Studied the IICSA Report on the English Benedictine Congregation and have worked to implement all nece55ary changes envisaged in rhe report. They are participating actively in the Improve￿￿ntS taking place in the Calhoiic Chvrch in England and Wales. The key risks for the charity, as identified by the trustees, are described below together wilh the principal ways Sn which they are mltigated: Protectlon of flnance and assets Alihough linancially S￿ble and sufffciently endowed with asse15, the charity ha5 limited income streams. Accordingly, the trustees are actively examinlng how to make the best Use of the asset5 to generate fuwre Income, provide adequate facilitie5 for the work of the charity and Identify other revenue siream5 to help future proof our acti￿tIeS and mission. The trustees authorise all rnajor financial decisions within the chartty apart from tkn5e that require the consent of the Monastic Comrnuniry In accordance wth the Con5titvlions of the English Benedictine Consiitutlon. Consent is required for any project involving eXtra￿dinary expenditure exceeding £180,COJ or expenditure on repairs and restorations of bulldings exceeding 1180,1W. The trustees are aware that there 15 both a rrn)ral and legal obllgatlon to care for the older member5 of our communlty. None of rhe member5 have resources of their own as all earnings. pensions. and other IntorrE have been ¢Jonated tD the charlty under a Gifi Aid compliani Oeed of Covenani. As the age prolile increases, so tw does the need to provide care for the members. Key elements of the management ol thls risk are: ia) ensuring that there are avallable flnancial resource5 to finance thls care both now and in the years ahead by setting aS￿e a55et5 Fn a designated fund., and Ibl ensuring that processe5 are In place to revlew regularly the ministries and needs of indI￿dual rnembe¥s encoura8in8 those who ￿ed It to take on less demandlng minlstrles and fcv Iden¢lfying t￿e wh) need extra care and help. S4feguardlng Operatlonally the group workswlth persons at rlsk IrKluding chlldren and the elderly. The trustees recosnise the absolute necessily of ensuring the protection and safety of all those that they serve. This means that members engaged in any rnlnistry and all th)se work or volunteer for the charity and work ￿￿th chlldren or vulnerable adult5 rnust obtaln clearance from the Disclosure and Barring Servke IDBSI. The trustees ale cornmitted lully to implerrenting the policie5 ol the Catholic Safeguardlng Slandaids Agency ICSSAI under the dlrectTOn of ihe newly established RLSS IReliglous Llfe Safe8uarding Service). The Belrnont Part5h will continue under the Safe8uarding co.ordinator and 5afeguardin8 Commlsslon of the Archdiocese of Cardlff of which Herefordshire Is a part. The trustees a150 recogn15e their duty ol care to members ol the Cornrnunlty who are accused of mlsirealing chiltlren or adults, at rfsk and they will seek to ensure that 5UPWrt Is glven to such member5 Ihrc4ffjtrK)ui the often protracted w(￿eSS of investl8atlon and beyond. Investrnents The principal asset of the chartty, apart from lar￿ aThJ bthldlng5, coffffjJrlse5 Ilsted investment5, the value of which 15 dependent on moven￿ntS In UK and world stock markets. The investnnts are managed by reputable investment rnana8ers who adhere to a rw)Ilcy agreed by the trustee5. The trusiees rrEet regularly ￿￿th the investment rnanasers and the manager's perforrnance and that ol the portfolio are nK)nitored. The inve5trneTrt strategy Is assessed regularly to ensure it retnain5 appropriaLe- tKJth and in the future- and to the cat￿Alc ethos. Page 8

Belrrrtjnt Abbe General CIO ort of the Trustee5 for the Period Ended 31 December 2023 STATEMENT OF TRUSTEES. RESPONSIBILITIE5 The trustees are resw)nsible lor preparing the ReKM)rt of tIE Trustees and the financial statements In accordance with applicable law and United Kiry(k)m Accounting Standards Iunited Kingdom Geneially Accepled Accounting Practice). The law applKable to Iharitie5 in England and Wales require5 the trust￿ lo wepare accounts for each financlal year which give a true and fair view of the Slate of affairs of the charity and of ihe inco￿￿ and expenditure of the charity for ihat year. In preparing accouThts the trustee5 are requtrred to- select suitable acccwnting polkle5 and then apply consistently- observe Ihe rnethod5 and principles of Accounting and Repx)rting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Flfiancial Re￿rtiThg Standard appllcable in the UnTted Kingdom and Republic of Ireland IFRS 1021. make judgernent5 and estimates Ihat are reasonable ar￿ prudeni. state whether applicable United Kingdorn Accounting Stsndard5 have been followed, yjbject to any materlal departures di5c105ed and explained in the ￿Count$,. prepare the financial s￿terneTrts on the going corKem basls unle55 It 15 inappropriate to pre5urne that the chartty will continue In buslne55. The trustees are re5Fvnsible for keeplng proper accountiry records whlch dlsclose ￿th rea$￿Ible accuracy at ary tlme the flnancial position of the charity and which enable ihem to enwre that the account5 comply with the Charities Act 2011. the relevant Charity (Accounts and Rewt51 Regulations and the provisions of the tiust deed. They are also responsible for safeguardlng the assets of the charity and hence for taking reasonable Steps for the preventlon and detectlon of fraud and other irregularilies. AUDITORS The audFtor5, Thorne WldgeryAccwntaw Ltd, ￿11 te w0￿￿ed for re-apw)Inimeni at the forlhcomlng Annual General Meeting. Approved byorderof ihe boartlof uu5tee5Cffi............................ and slgned on the trx)ards behalf by.. Ri. Rev Brendan Thomas. OSB - Trustee Page 9

Re ort of ihe Ind ndent Auditor5 to the hlembers of eelmont Abb General CIO Oplnlon We have audited the fIna￿Tal 5taretTEnts of BelrrM)nt Ably General CIO It￿ 'paren¢ charity and group'l and Its subsidiarTe5 1"the group") for the rEriod en¢kd 31 December 2023 which comprise the Con501idated statement of Financial Activities, the Con501idared and Chaiity Balance sheet, the Consolidated Cash now Statetnent and notes to the financial statetnents. including a summary of significant accwniing policies. The fifiancial reth)rting framework that ha5 been applied in their preparation 15 applicable law aThJ United Kingdom AccLyJnting Standard5 (United Kingdotn Generally Accepted Accounting PractTcel. In our opinion the financial statements.. give a true and fair view of the state of the grtyJp and pareni charit15 affai￿ as al 31 December 2023 and ol the group's IncorrE and expenditure for the year i￿n ended., have been properly prepared in accordance with Uniied Xingdom Generally Accepted kcounting Practice.. and have been prepared in accordance wAth the rewlrenEnts of the Charities Act 2011. Basls for opln5on We conducted our audlt in accordance with Intemational Standards on Audlting IUKI IISAS IUKII and appllcable law. Our re5ponsibiliiies under those standards are further described in the Auditors. reswnsibilitles for the audit of the financial starernent5 Section of our report. We are indepe[￿eTht ol the grcAJp in accordance with the ethical requirements that are relevant to our audii of the financial 5taternents In the UK, including the FRCS Ethlcal Standard. and we have fulfilled our other ethital re5ponsibilltie5 in accordance these rewirements. We belleve that the audit e￿dence we have obtained 15 sufficient and appr¢)prtale to prowde a basis for our opinion. Concluslons relatln8 to golw concern In auditlng the linancial Sialements, we have concluded that the trustees. use of the 8oirva concern ba51s of accounting In the preparation of the financial 5taterrenis Is appropriate. 8ased on the work we have performed, we have not identifed any materlal urKertalntles relatlng to events or conditions that, Tndividually or collectively, may cast slgnificant doubt on the CIO and group's abillty to continue as a golng concern for a perlod of at least twelve rr)nths Irom when finaKial staterr￿t5 are authod5ed for Issue. Our responsibllities and thè res￿SIbIlItIeS of the iru5lees respect to golng t(KKern are descr5bed in the relevant 5ectlon5 of thls rerort. Other Informatlon The trustee5 are re5p)nsibie for the other informaiknn. The Other Informatw)n compri5e5 the information included In the nual Report, other than the flnanclal statements and cAJr Rewrt of ihe Independent Audltors thereon. Our oplnlon on the financial sratements does cover the other informatlon and, except ¢0 the extent otherwise expllcitly stated in our repori, we do rKJt express any forrn of assurants corKlusion thereon. In connection ¥￿th our atyjlt of fina￿la1 statements. our resp)nslblllty is to read ihe other InfomatI￿ and, in &)lftg 50, conslder whether the other Informati￿ is materially inconsT5tent with the financial staiernent5 or our knowled8e obtained in the audit or oiherwi5e appear5 to be maierrally mlsstated. If we l(Sentify matertal inconsistentle5 or apparent material mlsstatements, we are requ5red to deterrnine wheiher this gives rise to a material m5sstatemeni in the financial statements themselves. If, based on the work we have Ferforrned, we conclude that Ihere is a matertal rnlsstatement of thls other inforMat5L￿. we are required to rewr¢ that faci. We have Njthlng to re￿rt In this regard. Page 10

Re ort of the Inde endent Auditors to the Members of Belmont Ab General CIO Matter5 on which we are requlred to report by exceptlon We have nothing to report in respect of the following tnatter5 Whe￿ the Charities 2011 require5 US to report to you if, in our opinion.. the informatlon glven in the trvstees, annual rermyt 15 1ncons1s￿nt fn ary material respect with the accounts., or Sufficient accounting record5 have not been kepi- or the account5 are rrfjt in agreemeni with the accounting record5 and return5. or we have not recelved all the info￿nal￿￿ and exFlanatfon5 we require for our autlit. Responslbllltle5 of trustees % explained more fully In tIE State[r￿t of Trusiee5' Re¥KJThsibilities, trnstee5 are responsible for the preparation of the financial 5taternents aDd for being Satisfied thai they give a true aThJ faif view, and lor such Internal control as the trustees determine is nece553ry to enable the weparation of financ￿1 5Latetnent5 that are free from material missiaiement, whether due to fraud or error. In preparing the flnanclal statements, the tru5lee5 are resp)nsible for a55e55ing the parent and the 8roup'5 ability to continue as a going corKern, dlsc105ing. a5 applicable, matters related to going concern and using the going concern basis of accounllng unles5 the trustees either intend to liquidate the group or to cease operations, or have no rea115tic alternatlve but to do 50. Our respon51bllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free frorn rnaterial rn155taternent, whether to fravd or error, and to 155ue an auditor's report that lficlude5 our opinion. Reasonable assurance is a hlgh level of assurance but 15 rK)t a 8(taraniee that an audit coThducted in accordance wlth 15A5 IUKI will alway5 detect a marerlal m155taterrent when It exists. Mi5Statements can arise from fraud or error and are considered rnaterial if, individually or In the a8gregate, they could reasonably be expected lo inflUe￿e the econom1£ declslons of users taken on the basis of these acc￿￿¢5. Irregularitle5, including fraud, are insta￿e5 of non-compliarKe with law5 and regulatksns. We thlgn procedure5 in line with our responslbilitle5, Outlined above. to detect material misstaiemen15 In respect of irregularities, includlng fraud. The extent to which our procedure5 a￿ capable of detecting irregularities, IrKludlng fraud. Is detalled below. The extent to which our procedures are capable of detect1￿ Irre8￿￿ties, incluthng fraud Is de￿iled below.. Fraud and breaches of law5 and regulatkns . ablllly to detect. Identlfying and respondlng to rfsk5 of rnaterlal MI￿tatement th to frwd To identlfy rlsks of material misstatement due to fraud 1-fra￿l rlshs") we a55essed events or condltlons ihat could Indlcate an incentive or pressure io c￿rnIt fraud or p￿de an OPFQrtunlty w commli fraud. Our risk assessrnent prixedures Included.. o Enquirln8 of tru5tee5, finance commlliee and Inspectlon of {￿lI￿ dccumentation as to the Charlty5 hlgh-level pollcies and procedures to prevent and detect fraud ts well as thty have krThiled8e of any actual, suspected or alleged fraud. o Reading Trustees, r￿tIngS and finarKe cornmittee mlnutes. o Considering perforrnance tar8els for management. We conwnunlcated identified fraud rtsks thr￿Shout the audlt tearn and rernained alert to any indicatlon5 of fraud thr¢yJgP¥)ul the audit. As required by a(￿llIng standard5, and taking into atcount ow overall knowled4e of Ihe control enwronn*ni, we perform pr￿eduleS io address the risk of manage￿￿nI overrid2 of controls, in partbcular the rlsk that mana8ernent rnay be in a position ro make Inappropriale accwniing entries. On ihis audit we do not believe there is a fraud risk related to revenue recognilion because the revenue is roTr-)￿nta1 and straightforward, Limited opportunity for rnanipulation. We did not i4Jentify any ad(litional fraud risks. We ￿rfOrffled procedure5 Tncluding identl￿.ng journal entrfes to test based on risk crTteria and ccmpariTrg It￿ identified entrie5 to supporting documentation. These included those Posied by finance managementl t￿e posted and approved by the same u5erl LI￿ rx)sted to Unusual acC￿￿t5. Page11

Report of the Inthpendent A￿jItorS to Ihe lknbers of BÈlmont Abw General CIO Identifying alld re¥x)nding to risks ot material misstatement due ￿ rK)n-compliance with laws and regulations We idenrified areas of laws arsd regulations that C￿ld reasonably be expected ￿ have a material effect on the financial statements from our general commercial and sector expErience. and through discussion with management la5 required by auditing standards) and discussed with management the rM)IKies ar￿ P￿￿edureS regarding compliance wilh law5 and regulations. We cornmunicaled identified law5 and re4ulalioTrs througlKMJt our team and remained aleri to any Indication5 of non- compliance throughout Ihe a￿lit. The potential effect of these laws and regulations on Ihe fIna￿lat slalements varfe5 conslderably. Firstly. the CIO and group 1$ subject to laws a￿1 regulations that directly affect the finarKlal statement5 including financial reporllng legislation. taxation legi51atioTh and the Charities Act legislation and we assessed the extent of compliance with these law5 and regulations as Part ol rK(Kedures on the related financial statement item5. Secondly, the CIO and group is sub2ecl lo many other law5 and regulation5 where the consequence5 of noncompliance could have a material effect on arrM)unts or di5c105ure5 in the financial $talen￿nts, for instance through the imwsition of fines or litigation or the loss ol the Charfty's license to operale. We identified the followng area5 a5 Ih05e Th)st likely to have such an effect.. health and safety, anti-brSbery. ernpl0yr￿nt law, data protection, anti-money laundering and specific area5 of other legislat5on recogn151n8 the nature of the Charitys activltles. Auditlng 5tandard5 limit the required audlt procethtre5 w identify non-ccffipiiar(e with these laws and regulation5 to enquiry of mana8ernent, inspectlon ol resulatory and legal correspondence. If any. T￿refore. if a breach of operational iegulatlons Is noi d15c105ed to 115 or evident from relevant corresF￿denCe. an audit will not detect ihat breach. Context of the ablllty of the audit to detect fraud or ￿cheS of law or regulatl¢)n Owlng to the Inherent Ilmltallons of an audit, there Is an unavoidable risk ihai we may not have detected sorne materlal mlsstaternent5 ITr the financlal staiements. even Ih)ugh we have proFeriy plaDned and performed our audit in accordance wlth audltln4 standards. For example, Ihe fvthr removed non-compliance with law5 and regularions Is from the events and transactions reflected in the financlal 5taierTEnls. ￿ less likely the inherently Ilrnited proce¢Sure5 required by auditlng standard5 would identify It. In additlon. a5 Wlth any audlt, there remained a hlgher rlsk of rKJn-detection of fraud, as these rnay Involve colluslon, forgery, Intentlonal omi55ion5, misrepresentations. or the ovwride of internal controls. Our audlt Pfocedure5 are designed ¢0 detect rnaterial MlsstateTh￿nt. We are not responsible for preventing Mn.compliance or fraud and cannot be expected io deteci non.compliance vAth all law5 and regvlaiions. A further descrlptlon of tyjr re5ponsibilltles for audlt of the accwnt5 15 IKa¢ed on the Financlal Reportlng Councll'5 web51te at bYww.frc.ors.uklaudiiorvespJn51bilitie5. Thls des¢rfplk)n fwm5 part of c*Jr audito￿5 repxjrt, Use of our report This report Is made solely to Ihe charitys trustees, a5 a b)dy, In accLvdarte wlth section 144 of the Charllles Act 2011 and with regulation5 made under 5ectlon 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those rnalters we are rewlred to state io them In an auditor's Tewrt and for m other purw5e. To the fullest extent permitted by law, we do not accept or a55ume responsibility to anyone other than the charity and the charity's trusLees as a L￿, for our audit work, lor this report. or for the opinions we have foirTEd. ILsot-VKL la,d kcc{x￿oy Thorne Widgery Accounta Chartered Accountants Statutory Auditors 2 Wyevale Business Park Kin85 Acre Hereford Herefordshire HR4 7BS Ltd Date.. Thome Widgery Chartered Acco¢Jniary Limited is eligible to act as an audiior in term5 of sectton 1212 of the Companie5 Act 21JM. Page 12

Belmont Ab General CIO Consolidated Statetnent of Financial Acti￿lIeS for the Period Ended 31 Decernber 2023 31.12.23 Total fund5 30.6.23 Total funds Unrestricted fund Restricted funds Desfgnated Trth)tes INCOME AND ENDOWMENTS FROM Donations and legacies 125,132 287 106.441 231.860 445,937 Charltable actlvltle5 Supporr of mernber5 of the Community and their ministry 15,677 15.677 34,932 Other trading activities Inve5trnent income Other sources 174,467 f60.860 1,630 174,467 160,860 1,630 303,726 309,405 3,136 Total 287 1 097 136 EXPENDITURE ON Raising lund5 Inve5trnent rnana8er lees Investment property expenses Commerclal trading werations 7,953 52.844 211,324 20,821 109.251 20,821 109,251 Charltabl• actlvltle5 Support of rnember5 of the Community and thelr mlni5try Donaiion5 and support of overseas misslons 349,758 47,Q95 396.853 595, 143 Total 926 696 Net Income befor* Inv•stment 84lnsll10s5esl 12,0641 146.8081 92.828 43,956 170,440 Net galns/l1055esl Inve5trnents 30 9921 NET INCOMEIIEXPENDITUREI Transfers betwe•n lund5 53.n3 I46.￿8￿ 92,828 99,793 139,448 18 Net m¢)v•m•nt In lunds 7,176 92,828 99.793 139,448 RECONCILIATION OF FUNDS Total funds broughi forward 880.865 5.660.312 40.089 6,581,266 6,441,818 TOTAL FUNDS CARRIED FORWARD 5 660 101 132 917 6 681 059 6 581 266 The [￿LeS form part of t￿ h"narKial statemenis Page 13

Belrnont Abbe General CIO Balance Sheet 31 December 2023 &goup 31.12.23 cHAR￿y 31.12.23 GR¢XJP 30.6.23 CHA￿Ty 30.6.23 es FIXED ASSETS Tangible assets Investrnents 14 776.583 15 4.812.(*3 5.588.646 729,928 4,912,C63 5,641,991 777.375 4,7n,686 5,550,061 747,789 4.872,686 5,620,475 CURRENT AS￿5 Stocks Debtors Cash at bank and in hand 10.977 130.917 1.132,843 1,274,737 11.452 127,521 1,032,372 1.171.345 16 118.952 1.on.cK)8 1,191,020 92,953 980,995 1,073,948 CREDITORS.. amounts falling ¢kn vAthin one ￿r 17 1182.3241 1162.5511 1140,1401 1106,3941 NET CURRENT ASS￿5 1,092.413 1,028.469 1,031,205 967,554 TOTAL NET ASSETS 6.681,059 6.670,460 6.581,266 6,588,029 REPRESEKfED BY.. Restricted lund5 Unrestrlcted fund5 Deg1gnated funds Deslgnated fund5 - Tangible ftxed assets ftThl General fund5 18 132,917 132.917 40,089 10,089 18 4,883,518 18 776.583 18 888.041 4,819,574 729,927 988,042 4.882.938 777,373 880.866 4,819,287 747,787 980,866 6,681.059 6,670.460 6,581,266 6,588,029 The financial 5taternents were approved by the Board of Trustees arhd authorfsed for issue on . and were on Its behalf by: R¢. Rev Brendan Th)mas, OSB. Tru5iee The Th>te5 fomi part of these fina￿la[ stslernenls Page 14

Belrnonl Abbe General CIO Con501idated Cash Flow state￿nE for the Period Ended 31 December 2023 31.12.23 30.6.23 Notes Cash fl¢)ws from operallng actlvltles Cash generated from operaiion5 32.1461 135 1531 Net cash lused inllprovided by operating activitie5 32.146 135 1531 Cash flows from Investing actlvltles Purchase of tangible fixed a55et5 Purchase of fixed asset investments Expenditure on investment Property Sale of tanglble fixed assets Sale of fixed asset Inve5[￿EntS Sale of Inve5trrEnt property Investment income and interest recelvabie 146.3031 11.288,8231 16,4291 3, 10) 1,242,215 169.5791 1,6 85.295 Net cash provided by investlng attlvltfje5 131 873 167 697 Change In Cash and cash equlvalents In the reportlng perlod Cash and cash equlvalents at the beslnnlng of the reportlng perlod 99,T27 32.544 1 033 116 1 OLfl 572 Cash and cash equlvalents at th• •nd ol the r•portSng p•rlod 1 132 843 1 033 116 The ￿leS forrn rort of t1￿ finarKial statement5 Page 15

Belmont Ab General CIO Notes to the Consolidared Cash Flow State￿￿nt for the Period Ended 31 Decern￿r 2023 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING AcfMTIES 31.12.23 30.6.23 Net income for the reportlng perlod la5 per the Statement of Flnandal Actlv5tle51 Adjustments for: Depreciation charges Gain on investments Profit on dtsposal of fixed assets Investment incorne and interest receivable Non-cash element ol transfer from BAGT Decrea5e/lincrea5el in debtors Decreasellincreasel in stock IDecreasellirKrea5e in creth'lors General Trust 99,793 139,448 47,1>)5 155,8371 I1,6￿) 1160,8601 79,17Z 30,992 I3,1￿) 1309,4051 13,3961 475 42,184 147,9241 124,3361 Net cash lused Invprovlded by operatlons 135 1531 ANAL Y51S OF CHANGES IN NET FUNDS At 1.7.23 Cash flow At 31.12.23 N•t Cash Cash at bank and In hand Cash held by Investment managers 1,032,3n 744 1￿),471 . 132,843 Total 1.033 116 1,132 843 Page 16 contFnued...

Belmont Ab General CIO Notes to the Financial Stalernent5 for ihe Period Ended 31 December 2023 ACCOUNTING POLICIES Basls of preparlng the flnandal statements The acc(xJnts have been prepared under the hlstoricai cost conveniion Items recognTr5ed at cost or transaction value unless otherwise stated in the relevant accounting policie5 below or the notes to these accounts. The hccounts have Eeen prepared in accorda￿e ￿th Accounting and Rep¥xtlng by Charities.. Statement of Recommended Practice applKable to charities prepanng their accounts in accordance with the Financial Reporting Standard appI￿able in the United Kingdom and RewblK of Ireland ICharitie5 SORP FRS 1021 and the Charitie5 Act Z011. The charlty constltule5 a public be￿IlL entTty as defined by FRS 102. The accounts are presented in sterling and are rounded to the nearest pjund. aasls of consolld•tlon The consolidated Statement of financial aCtI￿lIeS and the grwp balance sheet £on5011date the accounts of Belmont Abbey General CIO aDd its subsldlary cornpanies, ￿￿￿ksOft Llmlted and Benedomus Limited, to 31 December 2023. Crltlcal aecountlng estlrnates and area5 of Jud8ement Preparation of the acctyjnts rewbre5 the tntstee5 and management to make slgnlfltani ludgernents and estimates. The Items In the accc￿nIS where these Judgrnnt5 a￿1 eStIma￿ have been made include: a55esslng the wobablllty of recelpt of legacy Income; derermlnlng the basis for the allrKatlon of yjppyt and gOverna￿e costs across the varlous categorle5 of expenditure on tharltable activities- asse551n8 the recoverability ol any debts and the need for prwsion against doubtful or bad debt5; the judsemenls made by the trustees and managerrtht is estlmatlng the falr values attributed to the grijjp and charl1￿5 investment propertles- e5tirnatin8 the useful ecommic Ilfe of unglble flxed assets for the pu￿5 of talculatlns the depreciation charge., deterrninin8 the value of de5i8Thated funds needed at the pen.od end. In particular In respect to the assumptions made In deteminiTrg ihe value of the retirement fund., and esiimatlng the future Income and exFenditure fl¢)w5 of the chthty for the wrpose5 of assessing goin8 concern. A$5essm•nt of golng concern The trustees have asse55ed whether the use of the going corKern assumptlon Is appropriate in preparlng these accounts. The trustee5 have matle thls asSe55rr￿l in yes￿( to a period of at least one year frorn the date of approval of th25e accounts. With regard to the next acc(*Jntlng Fer￿d li.e. the p2rlod ending 31 December 20231, Ihe rmst siinificant areas thal may affect the carrwThg Valve of i￿r assets are the level of Investment return, the performance of the investrnenl rnarkets and the value of the inveslrneThi propErties Iplease See the investrnent policy section ol the trustee5' report for more informatioTrl and the perforn)arKe of the tradlng subsidiary Aknnksoft Limlted. Whilst Monksoft Limlted saw the closure of Hedley Lodge and the trf)oksl%)p in March 2020. the government's initiative to rehome rhe knrnele55 during the pandemic resulted in Hedley LLxlge teing rented by Hereford5hire County Council. As a consequence, there has been no loss of IrK0￿ since the end of March 2020. This arrangernent has continued into 2022 and is expected to C￿tInUe inio 2023. The trustees affim) ihai ihere are r￿> maierial U￿er¢a￿nlleS related to event5 or conditions that may cast significant doubt on the ability of the CIO to Conlin￿ a5 a going concern. The trusiees are of ihe opinion that the group and the CIO will have wfficient re50urce5 lo rreel their lfjabllfjlie5 as they fall due. Page 17 continued...

Belmont Ab General CIO Notes to the Financial Statements - contInL￿d for the PerTod Ended 31 December 2023 ACCOUNTING POLICIES - continued Asse$5rnent of goln8 Concern The m05t significant area5 of judgement that affect liems in the accwnts are detailed atove. Income recognltlon Income 15 recognised in kEriod irb which ihe charity has entitle￿nt to the income, the arnount of income can be measured reliably and li is probable thai the inco￿￿ will be ￿e1Ve￿. is deferred only when ￿ charoty ha5 to fulfll condition5 before becornlng entitled to It or where the donor has 5￿cIfIed that the IrKorT is to be expended in a future accounting period. Income compn5e5 donations and legacies, income from trading activities. investment IncorrE and interest receivable, income Irorn charitable activitles and other Incorr￿ including the surplu5 on disposal ol tangible flxed assets. Donations, iThclvdin4 53larie5 and ￿nSIOnS of indivi(k￿l reirylc￿S recelved under Gift Aid or deed of covenant, are recogn15ed when the charity has conflrmation of txjih the arrK)unt anij settlernent date. In the event of donatTrons pledged but not received. the a￿￿Unt is accrued for where the receipt is considered probable. In the event that a donation Is stsblect to conditions that require a level of ￿rforn￿nce before the charity Is entltled to the funds. the iKorne is deferred and not recognised until either th)se eonditions are fully met, or the fulfilmeni of those conditions is wholly within the crffjtrol of the charlty. and it is probable that those conditions wlll be fullilled in the rep)rtiTh8 pwiod. In actordance with Charitle5 SORP FRS 102 %￿lunteer tlme Is rK)t recognlsed. Legacies are Included In the 5taterrent of flnancTal activitle5 when the charity Is entltled to the legacyi the executors have e5labli5hed that there are wfficlent surplu5 assets in the estate to pay the legacy, and any condiiion5 attached w the legacy are withln the ¢￿trol of the tharlty. Entitlement Is taken as the earlier of the date on which elther.. the charity Ss aware that probate has been granted, the estate has been flnalised and notificaikjn has Ixen made by the executor to the charlty that a distr1t￿t￿n wlll be made, or when a dIstri￿tknn Is received from the estate. Receipt ol a legacy, in whole or in part, 15 only considered probable when the anx)unl can be rrEa5ured reliably, and the charity has been notified of the executor'5 fjntent￿n to make a disinbution. Where legacie5 have been notified to the charTty. or the charlty 15 aware of the grantirfj of probaie, but the crSlerla for income recognltion 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 finarKial assei traded on a recognlsed stock exchange, recognition is subieci to the value of the gilt being reliably measurable wlth a degree of reasonable accvrary and the tltle of the asset having been iransferred ¢0 the charlty. Into￿£ frorn other trading actiwties compri5e5 irKome from Irading subsidlarfes and is recognised in the period to which the subsldlary company and grcJp has entitlement LO the incorre, the amount of income can be meayjred rellably and It 15 probable thai the i￿orr* wlll be recelved. Dividends are recognised the dfvldend ha5 been declared and notlfication has been received of the dI￿dend due. frorn investment properties comprise5 rent recefvable and it is recognlsed in the statement of financial actlvitle5 when due under teThancy or lease agreements. IncorrE from charitable actlvFties Includ25 irKorre from PrO￿511)n of relreais, Slipend5 and income frorn the hire of the charlly5 prerni5e5 and 15 ff￿asUred at falr Val￿ of the consideration received or receivable, excludlng dlscount5 or rebates. The surplu5 on the th5P05al of laTrgible fixed assets Is calculated as the (Jifference bethten Ehe sate proceeds net of sale cost5 and the net LKM)k value of the a55et immediately prior to th'sposal. It is accounted for once legal cornpletion of the di5&K>sal ha5 taken place. Page 18 continued...

Belmont Abbe General CIO Note5 lo the Financial Statemenis - contin for the Period Ended 31 December 2023 ACCOUNTING POLICIES- continued Income recognltlon Coronavirus Job Retention Scheme grants are crediled to the statement of finarKial activitie5 when the charity and group are entltled lo the fvnds aThl when the an¥)unt re￿VatIe has been quantified. Other inclyne is measured at fair value aThJ accounted for on an accrua15 bas15. All income is Stated exclLtsive of VAT. Expendlture recognltlon Liabilities are recogni5ed a5 ex￿ndItU￿ as SOC￿ as there 15 a leyal or constructive obligation cornrnitting the group or charity to make a paynnt to a third party. It is probable that a transfer of econornic belleflt5 ￿11 be required in settlement and the arr￿nt of ihe obligation can be measured reiTably. All expenditure is accounted on an accruals basis. Expendllure comprises direct costs and support costs. All expense5, includin8 supp)ri cosis, are allrKated or appjrtioned to the applicable expenditure headlng5. The classlflcatlon between actiwties is as follows: Expendltuie comprlw ihe followin8'. al Expenditure on raising funds cornprise5 the following.. Direct cost5 associated with the delivery of the 5ubsldlary companws 5ervice5 as well as general administrative SUPkX)rt Costs. Fees pald io investrrent managers In conntctlon vAth the management of the group's and charitls Investment5. bl Expendlture on charltable activftles compr15es the follo￿nI. Expendlture on the SUFVOrt of Nmber5 of the Cwrwnity and thelr mlnlstry which allows members to carry our the work of the charity in provlding 5plrttual wellare to Rornan Catholics through sayin8 ma5se5, administering sacramenis and providiTh8 other spiritual supwrt and guidance as well as the relief of poverty and addiction. The provision of donations and flnanclal 5UPPOrt to the Communitys ovefseas mlssions. All expendliure 15 slated IrKIu5ive of irrecoverable VAT. Allocatlon of support and governance costs Support Costs represent inthrect charitable expenditure. In order to carrytyji the prlmary purpJ5e5 of the charlty it 15 necessary to pro￿de YJFPOrt in the form of penonnei developrrent, flnarKial procedures, PTOV15ion of offlce services and equipment and a sultable workin8 environN*nt. GoverTharKe costs compnse the C0S15 Involvirv4 the wbllc accounrablllry of the charlty Ilncludlng aLKJIt C05¢51 and costs In respect to it5 compliarKe with regulatlon aThd grA)d practice. Support costs and governance cosis are all(Kated to 5upIth of members of the Comrnunlty and thelr rnlni5try. Tanglble flxed a55ets and depreclatlon Depreciation is prowded at Ihe fotlown8 aThTrual Ta￿ in order io write off each asset over it5 estimated useful All as5et5 cosllng more than £1,CrfJ) aNI whkh have an expected life exceeding one year are capltallsed. Freehold land and bvlldlng5 Freehold land and buildifigs. and major fjmprovernents to Ixjildings, are included in the accounts at cost. Deprecialion is pro¥Aded at 1% 2% w annum on a straight line ba515 in Order to write the original cost of the building5 off over their eslimaied useful ecornrnic life to the charity. Page 19 continued..

Belmont Ab General CIO Notes to the Financial Statements - continued for the Period Ended 31 Decetnber 2023 ACCOUNTING POLICIES - continued Tanglble flxed assets an¢J depreciatlon A150 included vrithin freehold land and buildings are improvements made to the Abtey and Church using fund5 prowded by the Heritage Loiiery Fund. Deprecialion is prowded ai 4% per annum on a strai4ht-line basi5 in order to write these irnprovernents off over their estimated useful economic life to the charity and the group. Certain other improverrents to freeknld land and trMJildings are tleprecaled at 10% per annum on a 5traight- line basis in order to wriie them off over iheir estimated useful economic life to the chariLy and the group. Furnlture and flxtures ExpEnditure on the purchase and replacernent of flmifjiure and fixtures is capltalf5ed and (with exceptlon of an Organ - ￿ease see below) depreciated over ten years on a straight-line basts, in ￿der lo write off the cost of each asset over its estimated useful life. Also included in fumiture and fixture5 are enhantements to an Organ. txpenditure on these enha￿c¢￿￿ntS wa5 capitali5ed and is depreciated at 4% per anwm on a stral4ht- line basis, In order to write off the cost of each asset over it5 estimated useful Itfe. Olflce equlpmnt Expendlture on the wreha5e and replacement of office ewiprneTht is capitalised and depreciated over four years on a strai8ht-Ilne basis, in order to write off c05t of each asset over it5 estimated useful Ilfe. Motor vehlcles Motor vehicle5 are capitalised and depreciated over four ypars on a slraight-llne basls, In order io write off ihe c05¢ of each vehicle (P￿ its esiimated useful Ille. Herlta8e assets Belrnont Abw General CIO has a substantial body of a55et5 8ifted for reienlion In pe￿etUf1Y Ito form a permanent record of the Abbeys history) and which a￿ requlred to be presetved for their educational and 5plritual value, and thr¢)u8h reasonable wblic access to them. as a contrlbution to the narion's culture and educatlon both national and I(￿ally. These comprise Trumerous artefacts whose intrinslc value is Fn part bound up wlth the Abbeys hlstory. hl)st of ihese are irreplaceable Originals to which no reliable value can be attributed, or to do so would incur an excessive cost. An inventory was conducted in 2(J)4 for insurance purposes only. The Ildlng5 consist of chtsrches. presbyierle5 and parish ha115 and were consiructed up to 100 years ago. Recent additTons and Improvements have been capiralised at cost. These assel5 are not, therefore, 5U5ceptible to a meaningful valuation and where there 15 Th) reliable infomwtlrffi as lo thelr cost, they are excluded frorn the accourst5. Investrnents Listed Investrnenl5 are a form of basic financSal In5trurrnt and are initially recogn15ed at their transactlon value and subsequently measured at ihelr fair value as at the bala￿e sheet date using the closing quoted market prtce. The charlty does not acw5re put options, derlvatives or other complex financlal 1Th5lruments. As noted aÈove the main forrn of flnancial rlsk faced by the tharity is that of volatlllty in equity market5 and investrrent markets ¢Jue to wider economic conth"tlon5. the attitude of Inve5tor5 to investment rtsk, and changes in 5enriment concerning equitie5 and wrthin particular sectors or yjb sectors. The valuatlon of Ifivestw￿nt proFerties li.e. t1￿￿ K•t occupled by the charity). whlch are rented out, Is based on current OFen market valualion. Tle woperties are Trjl depreciated. Realiseé gains loi losse51 on inve5t￿￿nI asseis are calculated as the dIffere￿e between disposal proceeds and thelr OFening carrying value or their Wfchase value is acquired subsequenl to the first day of the financial period. Unrea115ed gains and 1055es are calculated a5 the diffeTence between the fair value at the period end and their carrwng value at that date. Realised and unrealised investment gains lor lossesl are cornbined in the statement of fina￿la1 acrivitie5 and are creth.ied debited) in the period in which tlEy arise. Page 20 continued...

Belmont Abb General CIO Note5 to the Financial Staternent5 - contin(d for the Period Ended 31 December 2023 ACCOUNTING POLICIES - contlnued Debtors Debtors are recognlsed at their settle￿￿nt amount, le55 any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted present value of the future cash receipt where 5LJch discounting is rnaterial. Cash at bank and In hand Cash at bank and in hand repre5ertts s￿h aCCo￿tS and instruiYnis that are available on demand or have a rnaturity of less than three n￿nthS from the date of acquisition. Dewsits for more than three months but le55 than one year have been disc105ed as 5h)rt temi deposits. Cash placed OTh de￿51t for more than one year is dlsclosed as a fixed asset investment. CredStor5 Creditors are recognised when there Is an obligation at the balance sheei date a5 a result of a past event. it 15 probable that a transfer of economic benefit wll te required in settlerrEnt. and the amount of the settlement can be esiimated reliably. Creditor5 are recognised at the arrnunt the charity anticipates it will pay to Settle the debt. They have been disc￿nted to the present value of the future cash payment where Such discountingls material. Fund structure Restricted funds are rrthles ralsed for. and their thÈd restrlcted to, a sFeclflt purpo¥e, or donations sublKt to dorK)r lrnposed cond5tlons. Deslgnated fund5 are rTh)nles Set aside of unre51rkted general funds arKI de5i8nated for speclflt purp05e5 by the tn15tees. The tangible fixe(l a55ets fund comprlses the net book value of chartty's ianglble flxed a55ets, the exlsrence of whlch 15 fundamental to the charity being able to perform ils charitable work and thereby athleve Its charitable oblectlves. The value represented by yxh assels slrtwld rK)t be regarded, therefort. J5 realisable. General funds represent those monles that are freely avallable for applkation towards achlevin8 any charltable purpose that fall ￿thin the charttls charitable oblects. Servlces provlded by meMb•rs of the communlty For the purpose of ihese accouTht5. no value ha5 been placed on the adminlstratlve and other 5eTrices provlded by members of the chariiy. Leased assets Renta15 applicable to operatin8 leases where 5ubslaniially all benefits and rtsks of the ownershlp rernaln wlth the lessor are charged on a stralghl line basls over the lease ￿rrn. Penslon costs The group and charlty offer t￿ffir ￿EmberShIp of a defined conirfbution ￿nSiOn scheme admln15tered by the National Employmeni Savings Trusi INESTI. cOntrit￿l￿n5 to the scheme are debited to the statement of flnancial actlvitle5 in Ihe period in which they are payable to the Sche￿￿. The assets of rhe scherne are held by an independent corporate trustee. whose activitie5 are govemed by the National Ernployment Savings Trust Order 2010, rnade by the Secretary of State in exerclse of pjwers confim*d under the Penslons Act ZQJ8. The group and charity a150 conlritxjte to a deferred annuity Conlract administered by the charity to provide benef115 in respect to indivi¢Jual rnemters of the cornrnunity. This wlicy is held with Aviva. Page 21 continued...

BelnY)ni Ab General CIO Notes to the Financlal Statement5 - continued for the Period Ended 31 December 2023 DONATIONS AND LEGACIES 31.12.23 Total fund5 30.6.23 Total fund5 Unrestricted funds Re5trfcted funds GROUP Pension5 etc rece?vable under Gift Aid Other Donations Le8acie5 35,343 70.076 35.343 176,517 20.IYKI 77,456 143,901 224,580 106,441 125 419 fl)6.441 CHARITY 31.12.23 Total lunds 30.6.23 Total fund5 Unre5trkted fvnijs Restncted funds Pensions etc recelvable under GTft Aid Other Donations Legacies Tradlng subsidiary proflts d(Nbaled under deed of covenant 35.343 71.076 20,C 35.343 177,517 20,(KIJ n,456 143,901 224,580 106,441 202 323 575 939 OTHER TRADING ACMVITIES 31.12.23 30.6.23 Unrestrkted Unrestricted lund5 fund5 GROUP Accornrnodation charges ear and restaurant sales Room hire Shop sale5 Other incorr 153.369 59.725 276,912 89,935 3,178 8,593 15,247 5,956 7,623 226,673 393,865 Less Income from pareni thjrlty 152,2061 190.1391 INVESTMENT INCOME 31.12.23 30.6.23 Unrestricted Unrestricted fund5 funds GROUP Dep051t account Interest Incorne from listed Investr￿lS Incorne from Invest￿￿nt propertle5 1,462 35,316 272,627 18,689 138.607 309 405 Page 22 conlinued...

Belmont Abbe General CIO Notes to the Financial Statemenrs - continued for the Period Ended 31 tlecernber 2023 INVESTMENT INCOME IcontinLFedl 31.12.23 ToLal fund5 30.6.23 Total funds CHARITY Unrestricted funds Restricted fund5 Deposlt account interesi Income from inve5tmenl5 Income from inve5trrent property 3,564 18.689 158,607 1.462 35,316 312.627 18.689 180.860 INCOME FROM CHARITABLE ACTNMES 37.12.23 30.6.23 Unrestricted Unrestrtcted funds funds GROUP Retreat5 and related inco Stlpend5 receivable Contributions from Bellr￿Trl Abbey Parlsh 8.177 19,932 15,000 31.12.23 Unrestricted fvnds 30.6.23 Unrestrlcted funds CHARITY Retreat5 and related I[Ko￿ Stlpends receivable Contributions from BelrrK)nt Abtey Parlsh 6.5fy) 8,177 12,ty 19.932 RAISING FUNDS- commerclal tradlng rperatlo 31.12.23 30.6.23 lJnrestrKted Unrestricted funds fund5 GROUP Cost of sales Idirect Costs of yrating the retreat centre. swt I￿￿Se and restaurant) Adrninistration expenses Establishment expenses Othe¥ expenditure .762 157,072 5.623 33.951 11,241 88.296 272 123 Page 23 conlinued...

Belrnonl Abb General CIO Notes to the Financial Staternents - continued for the peri(￿ Ended 31 December 2023 RAISING FUNDS 31. 12.23 30.6.23 Unrestricted Unrestricted fund5 funds CHARITY Estab175h￿ent expense5 Portfolio managernent Adrnin15trative expenses 20,821 52,844 7.953 CHARITABLE AcnvmES COSTS Support Direct costs isee Costs rote 81 31.12.23 Tota15 30.6.23 Totals GROUP Support of ￿￿rnber5 of ihe Community and their ministry Unrestrlcted funds Donations and support ol overseas rni5sions 374.530 22.667 397,197 595,143 Restrlcled funds 410 810 654 575 Support Dlrect C05t5 (see Costs te 81 31.1Z.23 Totals 30.6.23 rotals CHARITY Support of mernter5 of the Communlty and their rninlstry Unrestrkted fund5 Donations and gjpport of overseas mlsslon3 412,6% 22,667 435,363 696,081 Restricted fund5 755 513 SUPPORT Cosrs Governance ost$ 15ee note 91 Ilanagement Tota15 GROUP Support of members of the CLNnrThJnity and t￿￿r ministry 30 June 2023 CHARITY Skjpport of mernbers of the Communlty and t￿fjr mlnisiry 30 June 2023 18,CQ9 21.438 39.447 GOVERNANCE COSTS GROUP AND CHARITY 31.12.23 30.6.23 Legal and profe55ional fees Auditor's rernvneratlon 4,658 14,040 13,779 26.4 Page 24 continued...

Belrnonl Abbe General CIO Note5 to the Financial 5ta¢ernent5 - coniinued for the Period Ended 31 December 2023 10. INCOMEIIEXPENDITUREI Net I￿ome1{eX￿nd￿l￿rel is stated after chargingllcreditingl.. 31.12.23 30.6.23 Auditors. remuneration: Current year Prior year Depreclation - owned assets Depreciation - owned assets114ty)nk50ftl Operaiing lease renta15 5urplu5 on disrK)sal of flxed a55ets 14.040 13,( 13,480 73,669 5,503 43.513 3,925 STAFF Co￿5 GROUP 31. f2.23 30.6.23 Wage5 and ￿larte$ Social security costs Other pension c05ls 115,173 5,647 217,714 19,180 124 919 241 413 CHARITY 31.12.23 30.6.23 Wages and salaries Soclal security tosts other pension costs 60,518 5,647 115.824 9,935 127 984 31.12.23 JO.6.23 Staff costs per furttlorb were as follows: Support ol ￿EMberS of the Comrnunity and their ministry Itharltyl Operation of the ￿treat centre, gue5l house and restaurant 67,393 127,984 113 429 124 919 241 413 The averaye numter of employees analysed by function. wa5: 31.12.23 30.6.23 support of member5 of the Community Operat￿n of the retreat tenlre, guest h)use and restaurant 10 10 No emplosw recelved ernoluments in excess of £60.￿XI in t*￿ current or prior year. Page 25 continued...

Belmont Ab General CIO Notes to the Financial Statements continued for the Period Ended 31 DecernLEr 2023 rAFF COSTS Icontlnuedl The key management personrEI in charge of directing and controtling, running and operating the group and charity on a day-to-day basis compT15e the trustees, and the Secretary to the trusiee5 aTrd the Bursar of the charityb who is alg) the Manag?n4 Direcwr of h)nksoft Limited. As member5 of the Comn¥Jnity. the trustees. liwng and personal e¥Fense5 dvring the pericxj were ty)rne by the charity, ￿t tw received no remuDeration or reiftknrsernent of expense5 in connectlon ￿th their duties as trustees or rnembers of key managernenl personnel duriThg the period to 31 Decernber 2023. The remuneration of the remaining key managernent personnel wa5 133,739 (Year enth'ng 30 June 2023.. E64,141 was paid to the key rnanagemenl Fer50nnell. The key managernent personnel of ihe subsidiary companies. comprises its di¥eciors. None of the directors of Monk50ft Limited or Bene&)mus Limited received any remureration for their Services to these companles durin8 the period to 31 December 2023. Trust￿$, r•muneratlon There were no trusiees. ￿mureration or othpr benefits for the ypar ended 30 June 2023 rx for the period ended 31 December 2023. Trustees. exp•ns•s There were no tru5tees' expenses pald for the year ended 30 June2023 nor the period ended 31 December 2023. TAXATION Belmont Abbey General CIO is a reglstered charity and ihErelore is rtt)t liable to Incorne tax or corporatlon tax on into￿￿ derived from Its charttable actlvllles. a5 il falls within the vJrfiw5 exernptions avaliable to reg15tered Durins the perlod to 31 Decernber 2023, one of the charfty'5 tradin8 subsldlarles, fvb)nksoft Llrnited, commltted to Gift Ald [75.904 to Belmont Abbey General CIO Iyear ended 2023 . £128.C¥)21 via a Glft Ald compllant deed ol covenant. Benedornus Llmlted Is subject to corporaikln tax t￿t no tax charge wa5 applicable for the perlod (Year endlnB 30 June 2023 £nlll. Page 26 continued...

Belmont Ab General CIO Notes to the Financial Statement5 - continued for the Period Ended 31 December 2023 COMPARATIVES FOR THE STATEMEKf OF FINANCIAL ACTivmES 30.6.23 Total funds 30.6.22 Total funds Unrestricted fund Resiricted funds Designated tes INCOME AND ENDOWMEtrfrs FROM Donation5 and tegacies 386,603 872 58.462 445,937 449.446 Charltable actfvltfes Support of rnernbers of the Community and their rnini5try 34,932 34,932 34.936 Other trading activitie5 Investment income Other sources Transfer from Belmont AW Ge￿ra1 Tr￿t 303.n6 309,405 303.726 309,405 36 357,056 300,272 41 6 265 133 Total 8n 1 097 136 EXPENDITURE ON Raising funds Invesiment manager fee5 Investrnent property expertses Comrnerclal trading cferalkn5 7,953 52.844 205,820 7,953 5Z.844 211,324 9,356 42,079 228.599 Charltable actlvltl•s Support of member5 of the Community and their minlstry Donations and support of over5ea5 missions 516,950 74,631 3,562 595,143 538,706 Total 926 696 839 216 Net Income before Investm•nt galnslllossesl 254.235 179.263) 14.532} 170,440 6.567,668 Net gainsll1055esl on investments INCOMEIIEXPENDITUREI Transfers between funds 223.243 95 5141 179,2631 14,5321 139,448 6.441,818 19 Net rnovement In funds 127.n9 16,251 14,5321 139.448 6,441,818 RECONCILIATION OF FUNDS Total funds brought forward 753.137 5,644,060 44,621 6.441.818 TOTAL FUNDS CARRIED FORWARD 5 660 311 6 581 266 6 441 818 Page 27 colltin￿d...

Belmont Ab General CIO Note5 to the Financial Statements . ¢[￿tInUed for the Period Ended 31 Decetnber 2023 14. TANGIBLE FIXED ASSET5 Long leasehold Prop. & iryjrovements Fumiture and fixture5 Motor Yehicle5 GROUP Totals COST Al 1 July 2023 Additions 1,241.049 1.473.205 77,849 s.0￿1 2,792,104 46,303 At 31 December 2023 1 241.049 1 514 508 2 838 407 DEPRECIATION At 1 July 2023 Charge for year Ellrninated on dispwl 791,970 19,786 1.191.910 20,053 30,848 7.255 2.014.728 47,095 Al 31 December 2023 1 211 963 NEf BOOK VALUE At 31 Decernber 2023 429 293 776 583 At 30 June 2023 449.080 281 296 777,374 Lonq leasehold Prop. improvements Furnlture and fixtures tor vehicles CHARITY Totals COST At l July 2023 Addit?ons 1.213,597 1,257.394 77,849 2,548,840 At 31 Decen*er 2023 1 213 597 2 574 492 DEPRECIATION At 1 July 2023 Charge for year Ellmlnated on disposal 788,548 19,236 981,655 17,OZ2 30,848 7,255 1,801,051 43,513 At 30 Decernber 2023 38.103 1 844 564 BOOK VALUE At 31 December 2023 279 369 729 928 At 30 June 20Z3 275 719 747 789 It 15 likely thai there are material dIffere￿e$ between the market values of the charity's land and buildings and their book value5. These arise frorn the 5pecialised nature of some PToperties and the effects cf inflation. The anTh)unt of such (h'fference5 cannot be ascerLained ￿t￿)ut TrtKurrin8 significant C05ls, which. in the opinion of trustee5, is not Justified ITh tem5 of the benefit to user5 of the acC￿nIs. Page 28 £onlTnued...

Belrnonl Ab General CIO Note5 to the Financial Staietnents - contin for the Period Ended 31 Decernber 2023 FIXED ASSET INVE¥fMEKrs &goup 31.12.23 CHARrrY 31.12.23 GR¢WP 30.6.23 CHARITY 30.6.23 Listed invesiment5 IrK)te 15al Inve5trnent properties Inoie 15bl Investment in sub5idiarie5 Inote 1kl 1.322,233 3,489,B28 1,322,233 3.489.828 1Q).(N)2 4.912,C63 1.249,795 3,522,889 1,249.795 3,522,889 100,002 4,8n,686 4,812,¢Y)1 4,772.684 15a. LISTED INVESTMENTS 31.12.23 30.6.23 GROUP AND CHARITY Market value at 1 July 21Y23 Addition5 at Cost Di5posa15 at t)ok value Net unrealised galn51l1o￿5I Market value 41 31 December 2023 1.249,795 1,233,437 1,288,823 11,548,116) 274,907 1,249,051 73,182 1,322,233 Cash ￿ld by investment managers for re-lnvestment ai 31 December 2023 744 1.322,233 1,249,795 Cost of Ilsttd Investments at 31 Dectwr&Jer 2023 1.252,034 1,252,034 Llsted Invesirnenls held al 31 t)ecember 2023 (￿prIsed the foiltyAng: 31. 12.23 30.6.23 GROUP AND CHARITY UK equities 1,322,233 1.322,233 1,249,795 1,249,795 Page 29 continued..

Belmont Ab General CIO r4otes to the Financial Staiwnent5 - contin for the Period Ended 31 December 2023 15b. INVESTMENT PROPERTY GROUP AND CHARITY FAIR VALUE At 1 July 2023 Additions Disposa15 3,522,889 69,579 102,6401 At 31 December 2￿23 3 489 828 NET BOOK VALVE At 31 December 2023 3 489 828 At 30 Jure 2023 3 522 889 ring the year ro 30 June 2021, the charltl5 predecessor charily commissioned professlonal valuations of the investment land and pryrl5e5 transferred to Ihe charity with effect frorn rnidnight on 30 June 2021. The trustees are of the vlew that these profe55KJnal valuatlon5 Continue to represeni current market values ol the land and propertle5. Sunderland5 LLP. Offa House, Hereford (Chartered Surveyors) valued the charltys interest in prernises leased to NHS Property Services Llmlted at C1,6C#J,co) in 2021. The trustee5 have reviewed this valuatlon a5 at year end 30 June 2023 and are of the oplnlon that there ha5 been Th) materlal fluctuatlon in the market value slnce the valuation. They have based this on current market rate5. Balfours LLP. Whltfleld, Hereford Ichaitered Surveyorsl valued the charity's inte￿t In 10 Sr Mlchae15 Court, Abtw Lodge 1-3 Woodview, 1 Abbey Cottage, 2 Abbey Cottage, land at knryhlll Farm, land at the Golden Post Fleld and land at Broad Oak In the total svm of 11.650.(KKI in 2021. The trv5tees have revlewed these valuations at year ended 30 Jure 2023 and are of the opinwn that there has been t)0 matertal fluctuation in the market value since the valuatlons. They have based thls on current market rates. Turner & Company. Chartered Surveyors. 5A St Peter'5 Square. Hereford, valued the Trust's interest In Hedley Lodge and the eookshop, (both leased to the Trust's subsidiary, fvknnksoft Limited), ai £515,QIJO in Oecember 2016. The tru5tee5 have reviewed thi5 valuation a5 at 30 Jure 2023 and are of the opinion that there has been no material fluctuatlon In the market value SI￿e Elecemter 2016. 15¢. INVESTME1￿ IN SuBSIDIA￿Es The charity has two wholly ON￿ed sub51dlarles whlch are irKorporated In the United Kingdorn. Monksoft LTmited, Company Reg15lration Number 02315916 (England and Wale51, OFerates a retreat centre. guest house and restauranl. Benedornus Limlled. Cornpany Reg15lration Number 02T27844 IEngland and Walesl, Is Involved in the mana8ement of houses at Belrnoni Abtey. The registered oflice address of both cornpanies 15 eelrnont Abbey. Herelord. HR2 9RZ. The charlty's Investmen15 in Its subsldlary companles Is as follo￿. ISSUED SHARE CAPITAL Monksofi Limited 11(Kl%l Benedornus Limited 11CIXI 1LK),C Page 30 coniinued...

Belrnonl Ab General CIO Notes to the Financial statements continued for the Period Ended 31 DetetlliEr 2023 A summary of the rewlts of lknnkwft Limiied and Bene¢k)mu5 Lim?led for the perfiL>J ended 31 December 2023 are shDwn below.. Aknksoft Lirnited Benedornu5 Limited Turnover C05t of sales Gross profil 219,050 80.762 138,288 7,623 7.623 Administration and e5tabli5hment expen5e5 Finance costs Operating woftt 43.807 1,564 121,270 6,623 Glft ald yyable 75,904 1.000 Profit rxb ￿dInary activities befo￿ taxalion Taxation Proflt for the flnanclal perlod 17,018 17.018 The total net as5et5 and funds of Akjnksoft Llmlted and 8e￿dtsr[￿S Lirnited at 31 DÈ¢ember 2023 are shown below: Aty)nksoft Limlted Benedornu5 Llmited Tanglble Ilxed a55ets Current assets Credltor5 arrK)vnts falllng vAthln one year 55,975 150.995 189,9521 9,6Z6 16,7251 Total Mt assets 117,018 2,901 Capltal and r•s*fft5 Called up share capllal Retalned earnln89 Equlty Interests 1QJ,lYJ) 17,018 1f7,018 2,899 2,901 16. DEBTOR5: AM¢WNTS FALLING DUE WTHIN ONE YEAR GROUP 31.12.23 30.6.23 Accommodation, retreat. and related ￿btOrS Trade debtors Other debtor5 Prepayments and accrued incL¥nt 75,178 94,688 1.354 17,060 32,C4)8 23,731 130917 127 521 CHARITY 31.12.23 30.6.23 Trade debior5 Arnount5 owed by group undertaking5 Oiher debtor5 Prepayments and accrued IrK0￿ 1,354 69,155 8,OZ5 75.gm 19,317 23,731 118 952 Page 31 continued...

Beltnont Ab General CIO Notes to the Financial Statement5 - iontinued for the Period Ended 31 December 2023 17. CREDITORS.. AAouKrs FALLING DUE wrrHIN ONE YEAR GROUP 31.12.23 30.6.23 Trade credit Social 5ecurily and other taxes VAT Other credit￿5 Accrua15 and deferred incorne 31,703 8.829 7,393 10.318 13,848 19,389 7.65XI 12,455 183 324 140,140 CHARITY 31.12.23 30.6.23 Trade creditLYS Social Security and other laxe5 VAT Other creditors Accrua15 and deferred Income 29.126 174 7.393 8,410 2,934 7,690 602 162.551 18. MOVEMENT IN FUNDS GROUP Transfers between funds movement In funds At 31.12.23 At 1.7.23 Unre5trlcted funds General fund 880.865 53,773 146,5971 888,041 080.865 53,773 146.5971 888,041 De51gnated funds Rellrernenl fund Vaughan and Be￿1 bulldlng fund Training fund Subsidiary undertaklns funds Tangible fixed assets fund 4,6W,CKXI I(￿.( 39,287 63.651 4,680,￿0 100,0 39,574 63,944 776 583 287 293 5.660.312 I40,￿8) 46.597 Restrlcted funds 5,660,101 Frtend5 01 Belmnt ￿￿beY fund Peru Fund North Wing Developmeni Fund Ukraine Fund 12,940 12.213 14,¢XJ8 928 105 17,6841 ICIJ, 120 287 13,045 4,529 114,128 132 917 TOTAL FUNDS 6 581 266 6 681 059 Page 32 continued...

Belrnont Abbe General CIO Note5 to the Fin3ncTal 5taternents cont?nued for the Period Ended 31 DÈcemiEr 2023 18. MOVEMENT IN FUNDS GROVP Net moven*nt in fund5, included in the are as follows: IrKoming res￿r(e5 Regyjrces exFended Gain5 and Pknvement ir5 funds Unre5trlcted fund5 General fund 4n,766 479 8301 53,773 4n.766 1479.8301 Deslgnatetj fund5 55,837 53,773 Train7ns fund Tanglble fixed assets fund 287 287 47 0951 287 147,0951 Restrfcted funds 146,8081 Frlend5 of Belmont fu￿1 Peru Fund North Wing Developn￿nt FuThl Ukralne Fund 105 105 17,6841 11X),720 287 19.5871 ILKJ.120 TOTAL FUNDS CHARITY Nei Transfers between funds At 31.12.23 At 1.7.23 In funds Unr•strfcted fund5 General fund Retlrernent fund Vaughan and Benet bullding fund Training fund Tangible fixed assets fund 980.866 4,6e4J,Q)J 1C#),(KKI 39,287 747 787 32.828 125,6521 988,042 4,680.QIO loo,000 39,574 287 43 5121 6.547,940 R•strlcted funds Friends of Belrnont Abbey fund Peru Fund North Wing DeveloprreTrt Fund Ukralne Fund 110,3971 6,537,S43 12,940 12,213 14,Cl)8 928 105 17,6841 1CQ,120 287 13,045 4,529 114,128 132 917 TOTAL FUNDS 6 670 460 Pa4e 33 continued...

Belrnont Ab General CIO Notes to the Financial Staternents - contin￿d for the Period Ended 31 December 2023 18. MOVEMENT IN FUNDS - continued CHARITY Net movement in fund5, Incl￿ in the aLMive are as follow5: I￿ornIng re5wrces Resources expEnded Gains and losse5 vernent In fund5 Unrestrlcted lunds General fund Training fund Tangible fixed assets lund 406.203 287 1429,2121 55,837 32.828 287 43.5121 43 512 .49) Restrlcted funds Friends of BelnN)nt Abbey fund Peru Fund North Wing Developrnent Fund Ukraine Fund 1472,7241 55,837 110,3971 105 1,9)3 1￿,720 105 17,6841 l(X.120 287 19,5871 106.441 13 6131 92,828 TOTAL FUNDS 512 931 55.837 The Incorne lund5 of the chailty include restricted fund5 comprising the following unexpended balances of (bnatlons and grants hetd on ¢rusts io èe applied lor SFecific wrp05e5. The Specific purw5e5 for whlch the fU￿1S were to be applled are as follows.. Frfends of Belmont Abbey fund The Friends ol Belmont Abbey f￿d was established ¥Ath donatlons re￿IVed for the general upkeep on the monastery. Peru fund The Peru fund was inlllally Set up In 1984 to fund the e51abilshment of a dependant mNastery In Peru and to 5upwrt the work of rTr)nks In Peru. North Wlng Developrr*nt fund The Plorth Wlng Developrnenl fund was estalAished wlth ck)natlons received for the refurblshment of the North Wlng ol tIE ￿￿TraStery for guests. The fund5 of the group and charfty IrKluded the followng thiqnated fund5 which were Set aside out of unre5tricte¢J funds by the trustees for 5Feclflc purpose5. These fund5 We￿ transferred to the 8eln%)nt Ab General CIO at midnlght on 30 JurE 2021. Ukralne Fund ThTrs was set up follo￿n8 the Rv5Stan Invasion of Ukraire in February 2022 and the call by the UK government lor accornrrodation for Ukrainian refugees. Local parishioners. working other inter-denominational groups, in Hereford5hire, asked the Abbey if it cwld manage the fund5 Ihey raised to 5UPPDrt their aim5. The Fund Is controlled by the charity on advice of the l(Kal sUPkKrt grwp. Retlrement fund The ￿tirernent fund represented monie5 set aside by the tNstee5 to look after the rrhmks in their retiremeni. Page 34 continued...

Belmont Ab General CIO Note5 to the Financial Staternents - continued for the Period Ended 31 Decernber 2023 MOVEMENT IN FUNDS- continued Vaughan and Benet building fvnd Th15 fund wa5 set up in 2015 to be retained for any fulure repalrs to the charitls Vaughan and BeTret ￿]ldIng5. These buildin8 were irKluded within investr￿t woperties. Tralnlng fvnd Thi5 fund wa5 Set up in 2012 u5iTh4 a legary received by Faiher Wrig to be used for education and iraining ￿th the Beimnt community. 5ubsldlary funds The subsidiary fund5 represented the nei current assets of the charfty's Iwo yjbsidiaries and as such wele not avallable for 8ewal use by the charity- Tanglble flxed a55et fund The tangible fixed a55et5 fuThd represented the net book Val￿ of the charltys tangible fixed a55etS Used for the 5upw)rt of the ￿rnber5 ol tl cornmunity and their ministry. A decision was made to separate this fund from the general fund recognition of the fact that the assets are used in the day to day work of the charity, and the fund value would noi te realisable easily if needed to meet future contin8encies. 19. ANALYSIS OF NET ASSET5 BEfwEEN FUNDS The fund balances were represented by the followlng a55et5 aTrJ liabilities: Tawlble GeMal i)esignated fixed assets fund5 funds fur Total Restricted 31 December funds 2023 GROUP Tanglble flxed assets Investrnents Current assets Credltor5.' armunts fallln8 ¢be wlthln one sar Total net asseis 776,583 776,584 4.812,063 1,274,737 195,0191 1,165,385 4.819.573 63,944 87,509 45,408 1182.3241 8B8.04f 1182,3241 6,681,059 4,883,517 776.583 132,917 rangible r*signated fixed assets fund5 fund Total Restricted 31 Oecember fund5 2023 Gerwal funds CHARITY Tanglbie flxed assets In￿tMentS Current as5el5 Credil¢ys: amounts fallin8 729.928 729.928 4,912.C63 1.191,020 4,824,554 14.9811 87,509 59,554 1,136,446 within one year Total net a55ets 1148.4041 988,042 114,1461 132.917 1162.5511 6.670,460 4,819,573 729,928 Page 35

BelnN)nr Abbe General CIO Notes to the Financial Statemenis continued for the Period Ended 31 De(ernL￿r 2023 20. CONTINGENT LIABILITIES Included withln the c￿t of free￿Id land and bullding5 of the grtyjp and the charity are costs assoclated ￿th the restoration of Belmont Abty. The original costs of this restoration were funded by a grant totalling £827,494 from the Heritage Lottery Fufid. In the event of the sale or disw5al by other of any of the asseis for which the grant was received prlor to December 2023, the charity may LY required to repay imTTEdiately aThy grant which ha5 been received. CAPITAL COMMITMEp¥rs 21. 31.12.23 30.6.23 Contracted bul r￿t provided lor In the finaKial 5taterrents Durlng the period to 31st December 2023 the North Wlng deVelopn￿L wrnmenced, as descrfbed In the tru5tees' report. The total contractor fee5 that have been committed to at 31st DeCeffl￿r 2023 are in the region of 1650,000. all costs Incurred to date have been 5ncluded in the accoun¢5. 22. RELATED PARTY DISCLOSIJRES During the period to 31 DeCe￿r 2023. IIR charity recelved levy irKow￿ of £24, 165 Iyear endin8 30 June 2023.. C48,3311 and rental income of I4.3￿ Iyear ending ]0 June 2023: 11S,(KlJl from Belmont Abbey MIs51on CIO (Charity Reglstration Number 11912211, whlch is un<ler comntrx contiol. There were no other relaied party trar￿aCtIOnS thrlnq the Ferlctyj (Year endin8 30 June 2023 - nonel. ULTIMATE CONTROLLING PARTY 23. The charlty, which is constltuted a5 a tnJst, was controlled thr￿gI￿)Ut the period ty the Engllsh Benedictlne Communityof BelnK)nt Abty byvlrtue of the fact that the Ibbot of the cornmunityb è150 known a5 the Controller, and is apwinted by the member5. and ￿ and the Community appolTrl the trustee5. The Community does not hold any assets, Ir￿ur liabilit￿S ￿ enter into any iransactlon5 in its own rtght. A55et5 and liabilitles of the Community are vested in the irustees of the charlly. ￿thake all transactions entered Into In the course of the Communitys charitable acti￿tIeS. 24. PENSION CONTRACTS The chartty Contr1tr￿led io a delerred annultycontract athnintstwed by the char(ty w provlde beneflts In respeti to indivldual mem￿r5 of the Cornmunity. Under the terms of the deferred annuity coniraci the a55el5 are Invested in a With Profits Deferred Policy on the lives of certain sche￿￿ rrembers to prowde a penslon on the rnern￿r reaching the normal vesiing date, which is the age of 70. The wlicy a150 I￿lUdeS a 8uaraThteed £a5h option at nomal vestlng date under whlch the charity May exchange pension for a cash sum to te used In rnanrer as the iru5lee5 decide. The deferred annuity contract 15 With Aviva. Page 36