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 re*iew 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 reil8lr*J5 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 N*mber5 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 t*partsnent 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 LL*e 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 trwestn*nt decislons. Reyeseniatlve5 of the trustee5 regularly
d15CU55 Wlth the investment rnanagers the Ferforrnance of the kX*rtfolio 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 BelnK*nt 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 n*mber5 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￿ Lc*kthwn. 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 Inve5tn*Thl proputy expenses for th? period to 31 December 2023 of £20,821 (Year
ending 30 June 2023.. £52,844> and cc*nmerc5al 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 Oecerntr*r 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 improven*ntS 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 investn*n15 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 actiwi*s.
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 investn*nts 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 identif*ed 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 grc*Jp 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 payn*nt 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 N*mber5 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 In5trurr*nt 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. Tl*e 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 instruiY*nis 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 r*x 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 foilty*Ang:
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 s*ar
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