REGISTERED COMPANY NUMBER: CE022252 (England and Wales) REGISTERED CHARITY NUII8EK' I1>35 Re rt of the Trustees and Conx)lidated Financial Staterrents for the Year E¢)ded 31 C*cember 2024 for Beirncnt Abbe GerEral CIO Thome Widgery AccoLO)tary Ltd Chartered ACCOtants Statutory ALllOr$ 2 Wyevale 8u5ine5s Park Kinss Acre Hereford Herefordshlre HR4 7BS
BeImct General CIO Contents of the Finalla1 Statements fc* the Year Ended 31 Decemter 2024 Page RefererKe aNI Admlnlstratfve Detalls Rewjrt of the Trustees Rew)rt of IndeFendent Audltors 10 to 12 Consolidated Statement of FinarKial Actiwities 13 Consclldated Balance Sheet 14 Balan St 15 Consolidated Cash Fl¢)w Statement 16 Notes to the Cash Flow Staternent 17 Notes to the Finanaal Staternents 18 to 37
Belmcfftt Gera1 CIO Reference Adrninistrati Detalls fe¢ the Year Ended 31 De¢emter 2024 TrUSTEES Rt Rev Abb R M swnham Ireslgnèd 4.6.241 Rev A Prlmaves5 Very Rev K B M Thoma5 Rev M l Evans O Dom P K D Nelson lapkyinted 28.8.241 Rev M T Camey OSB (appointed 20.6.241 Fr. D J A Kenyon REGISTERED OFFICE Belmonl Abbey RkhaIl La Belm¢t Hereford HR2 9RZ REGISTERED COIIPANY NUMBER CE022252 (England and Wales REGISTERED CHARITY NUMBER 1190J35 AUDITORS Thorne Widgery Acctyjntary Ltd Chartered Accotants Statutory Auth"tors 2 Wyevale Buslr*ss Park Kings kre Hereford HefOrdShire HR4 7BS SOLICITORS Lamte ccffjr LLP 36137 Brldge Street Hereford HR4 9DJ Stone King LLP Upper Borough (rt Upper B¢you8h Walls Bath BAI 1RG INVESTA•ENT hilNAGERS quilter Chèv(ot Lfmlted Ore King5way London WC2B 6 CCLA Invesrmènt Management Llmfted One Angel La London EC4R
Be1m¢t Ibbe Gerral CIO Re rt of the Ttee$ for the Year Ended 31 Decernter 2024 The trustees who are also dlrectors of the charity for t1 pwpxes of CcmpaniesArt 2(Th, present their repKJrt with the finanaal statements of the chartty for the year ended 31 Dember 2024. tnjstees have adopted the provislons of AccoLntingand Reporting bycharities: Statement of Reccmrnended Practlce applicable to thwltles preparfn8 t11r accounts In accordance wlth the Financial ReF¥Jrting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective f January 20191. The tnjstees rxesent their report together with the accc4mts of Belmcnt General CIO (the "group" rx the "CIO'I coverlng year to 31st Eecember 2024 IKrRODUCTION Be1mL Abbey is a monastery of the English BerEdictine Congregaticfi of the Order of St BenedKt founded in 1859 and dedicated to St Michael and All Angels. It lies just two rniles south of Hereford and, since 1981, has had a dependent ho. which it founded in Peru. Altetr there are 30 monks120 in the UK and 10 in Perul I'lhe Comrnuniwl, who engage in pastoral, retreat, edatIonal and other work. Some are still StY7n8, whilst others are retid. OBJEvE5 AND ACTNITtES Specific objectives and activitie5 MISgON The charity's objectiNE is to sUprm the reliw¢)u5 and other charitatrAe wk carried by nr$ of the Comrnunity. The pri7paI airn5 of the charity are: To promote the Interests of the Cathoilc falth and the monastic Ilfe in the Unlted KlngdTrn and, by means of Its fotjndatfon, in Peru. This is done by memters of the charity who, as Benedictine monks and priests, Ilve a Ilfe of wayer, work, stL and h05Pitality, boL4nd by tradittonal Beneithctine vows of obedierKe. siability and CCerS7on of life. vthilst enswing that monks in need of care are proFerly looked after. administraticffi of the Sacraments afKI celebration of the Divine Office (daily Servi$) in the Abw Church, in the Mtsnaery In Peru and elvkne. Both at eelmont Abbey and In Its dendeIe$, members of the charity are involved in parlsh, pastoral and retat work, hospllalfty, vthtlng and manual work Ilembers of general puL4K can Share in this life of prayer, seTrice and witne5S Wth rncna5tic Cornmunity, whetlEr as oblates, guests, yo1teerS or parishIcer$. In order to fulfll these actfvitles falthfully, one of the maln alms of the charfty Is the good upkeep, maintsnance and constant Imwovement of the monastk bulldlngs and groLmds at Belmont Abbey and elsewhère. The pmi5ion of educaiion in the broadest 5en5e, i1n9 the edatic of rew mernters of the Cmunity tralnlng for the monastlc Ilfe. Caring fty 51ck and el<krly memlxbr5 of Ctynmunlty. The prov4slon of 4)dal and pastoral work, partlcularly In the field of hospltslfty and retreats.
Belrnrnt Ge13[ CIO Re rt of Trthtees for the Year Ended 31 Decemttr 2024 oBJEyEs AND AcfiviTIES Speclfic objectlves and activities As stated under "Mlssion" the charfty exfsts to promote the chadtable works carried out or suwjorted the mcffiks and lch are c(J)dl¥e to the advartement or maintenarte of the Roman Catholic faith, a5 well as offering educaticnal activitie5 and hospitality open to all sections of the wblK. The charitys activities fall into four maln areas: Ministry Thè hk)nastlc Communl The central work of the chthly is to Sustain the community and life of prayer of the BenedKtine monastery of Belrnont Abtey according to the Rule of St Benedlct. The monks celebrate the Khar[St and slng the Dfvlne Offlce tOgetr In cholr every day. These rvices are oFen to public rticIpatIon. It is this work which rnakes it K51ble for the Monks to engage In, suwort and promote a rangè of actlwfllès for thè of thè der c(Mnmtnlty. Belmont Is prlvfleged In havlng a number of younger rnonks in forrnation at home and others stutyin8 Theow in Rcfne and Lima. Peruvian Foundati Ten memtxkrs of the h)nasttc CL¥nmunity are based at the Monastery of the Santa Marta de ie Santisima Trinidad, at Lwln, 15 miles south of Lima, in the rAse of Lurin. This monastery forms a separate charity under Peruan law. Its life reflects that of the MOtrho in the United Kingdcm. It engage5 in pasLoral. hospitality and artist1¢ work at monastery and nearby. Other works Indfvldual membersof monastic communityare also involved in xholarlywriting for publication, retreat work. Le¢turfng> spiritual direction and hearirB confes510n5. rncfftks also take part in rnany ecumenical Inltiattves. Commwity includes a number of retired mem1r$ and a numEEr of YO4er rnrs who are in f0MtIOn. Parlshes and pastoral work Ttr charityaitns to 5UPPOrt and pr¢Jnote the SPIdtl, 9xial atkl charitable work of thecatholic Ccrnrnunityin Herefcfd5hlre and elsew1re. The Abbey Chwch also 5erve5 a5 par15h church for Par5sh of BelmonL Parl$$ trel¢Jnglng to the Chdie8e of Carth'ff and Pknont Abbey Mission CIO have Farish wlests prOded by the Community. In ad<litlon. the charlty undertakès many Initlatlves, trL)th spiritual and social. to prornote the tIlbeIng of all age 0upS throUght these parishes. Educatlon Education of cwn Thls was a major tfitY of the charity until Belmont Abtey Schwl c105ed in 1994. Sln¢e then, e(knatlonal vtslts from schoJ15 of all derK)rninatiLS are fadlltated. Adult edLKatlon The charity aims to wovide an OPFrt)rtunity to the public for conffjnufng Chrlst(an educatlon and formation. An impxtant aspeci In thls area is the running of retreats and day e¥nts as well as online retreat5. For many years one of the rnks. a trained Iconographer has njn icon workshq)5. The charity also prowdes adult education through open days and tows of the Abtey for historical and cultural groups. 0 of the rnks organises a largè team tsf volunteers, both helcome wsitors and show thern arwnd. There are also Occasial recitsls and concerts given by choirs aThJ musicians, incI1n9 recita15 of Gregorian chant given by the monks themselve5. The ebSIte, guideLx)ok and film of life at the AbtEy wovide fnvaluable Infcfftatic to students and visitors alike.
Belfflt General CIO Re rt of the Tnrtees for the Year Ended 31 Derner 2024 oBcnyES AND ACTNlnES R•trats and hospltallty In normal circumstances retreats and hospltsllty are prfrnarily provl(W thrwgh Aknnkxjft Limited, Belmont's guesthou Hedley Lodge. Th15 has prded meals, accommodauon, fctIonS and conference5 for wsitors and a150 has accommcmjated people wsitlng Belmont Abw on retreat or for other pastcral purposes. The SSthOuse kbtchens also wpplied catering to the rnonastic comrnunity. In adthtion, the facilities of Hedley Lodge were also made available to local Ccmm1[tY and chatable nISatIonS at attrartfve rates. Clergy and adult males were able to make indivithal retreats in the monastery. At the stsrt of thè phndemlc In e¥ly 2020, the trustee5 agreed to the apFroach by Herefordshire Council to offer short-term accc¥nmodation for othernSe homelèss people. Thls Inltially short-tem arrangernent has ccmiinued in this year and PIKJnksoft's stsff ha workèd cl¢xÈly vAih CwrKil'$ Social worker5. It wa5 planrEd that the contract would come to an end and a refurbished and reneEd guesthouse OFen to guests again. Publlc beneflt In formuiatlng charltys alms Ènd In piannfng wk of the member5 of the Crnlty, the trustees ha had regard to the general guidance wbllshed by the Charlty C£ynrnis0n on public benefit. The trustees belie¥e that the Abbey and works of the monks have infLuend morals and attitudes of those w51ting the Abbey for retreat or wayer, as well as ethancing their spiritual wellbeing. The trustees. by maklng tJnatlons to Individuab and organisaticns in rEed, also demonstrate pubilc beneflt. FuNlralslr8 pollcy The chartty alrns to achle%t best praclKe in the way in which it coMrn1(ate5 with donors and other suppM)rters. It tes care with both the tone of cornmunication5 and the acojracy of its data to min7mise the pressures on sUprterS. It applies best practice to protectsupporters'data and neversellsdata, never swaps data and ensuresthatcc))munlcatlon preferee5 can Le changed at any tlme. The charity rnanage5 its fundraisin8 activit$ and does not employ the rVi$ of professlonal fdral$erS. It undertakes to re&t to and Iiivesilgate ary crrnplaints re8arding fundraising activifjes and to leam frcm thern and irnprove Its serytce. Durlng year, there were no cLmplalnts abcAK fundra151ng &Uvities. Investment licY There are Th) restriclicns on the charfty's to Invest. ThrwghoLrt the year thè tru5tres' investment athiw5were lIter Cheviot Lirnited, who have been provided wth an investment pollcy statement whfth wowdes gtmdance a5 to how the asset managementfunctions delegated to them slwjuld IE exerclsed. The tA)licy staternent was formulated with a vlew to en$un4 that asset management functlc7s are exerclsed ¥thIn the tSt interest5 of the charity. The twstees. investment objectwe is that the real Val of the chariws assèts be maintained and enhand over long term by irNe5trnent in a portfolio comprisirw primarily equitie5, fixed inco stocks, prcyrty and cash. The trustees have adopted an ethical policy, the main purpose belng to avold Investment In and, therefore, 5UPtort for, activities that are contrary to the trelfefs of the Catholic Church. Due regard shall be glven to enronMental cCeM5 in all in¥e5tment dectSTons. ReprentativeS of the tnLStees re8ularly dfiscu vAth the Investment manager5 the tRrforrnance of the portfolio and the investment strategy. The thaty and the grojp has a portfollo of 115ted Investments wtth a market value of £1,287,582 lincludiry cash held for Investments inNtsted with Quilier CViol Limited of C54,145. Property InStment pollcy The charity ha5 a nurnber of propertles which it rents to tenants at commercial rents. The market value of these proFertles Is cOndered to be £3,516,460. Ernployee5 The charity strives to Ee an e¢wal OPPLYtunities employer and applies objective criteria to asS rnerit. It alms to enwre that Job applicant fx emploste receive5 les5 favowabie treatment cm grouThJs of age. race, cdow. natsonallty. relig1, ethnlc or naonal L*tgln, gender, rnarftal status, sexual orientatiuTr or disability.
Belmont AbÈe Gereral CIO Re rt of the Trustees for the Year Ended 31 Decemter 2024 STRATEGIC REPORT Achievements and perfonnance Charitablé actlvStles The trustee5 have carried oui their alms and attalned thelr goals In tt followlng ways: Education. retreats and hospitallty At Belmont and ils dependencies, cows are provided to prcffiote the teaching of the Cath¢Aic faith. During the pandemic residential retreats have teen pul on hold will be restarted w the refurbiSd gue5thou¥e is reopened. These attract rnany peoFle of all faiths and of nre. A series of monthly talks havè iwÈn orsanlzèd undèr the headline.. Horizons of Hw. The annual May Procession in honour of OUT Lady attracted several Indred pll8rlrns from far and near, as thd a day on the saint-to-be Blessed Carlo kutis. Belmcéit clergy Sup[ local xhocls as governors and chaplains, and teachers. grryJp5 regularly use the COnferee centre's tralnlng facillttes. The tharlty seeks to supk¥)rt (athdic edLallon in the locality at Belmont as well as in Peru. Mlnlstry Thè dally round of prayer. work. study and community life has been maintained at Belmont AblEy and in it5 dependencies. At Be1rnt and in Peru, the Divine Office is s8 by the mrkS every day. In all our thurthes and chals, the Eucharist Is celebrated on Sundays and Eekdays. Parlshes and pastoral work Many members of the monasiic comrnunity are involved In pastoral work at Belmc17t and in eight other parishes in England and Wales. Supply work iscarried out, particularly at ekendS and during the yjmmer months, ty members of the resident c¢ynrnunity, and they are chaplalns to a l¢xal Poor Clare CCVent. Our mcffiks in Peru also run a bakery, run a ten-a¢re farm producing rnostly fruit. arKI have a flourishing trade selling their pr¢>Jucts and other merchandise in the mona5lery shop. Covid-19 The aftermath of the Ccid-19 pandemic has continued to irnpact our wck. Our commercial am), hk)nksoft, saw the cessaticffi of normal crynmercial actItIeS at Hedley Lodge and the temt#Jrary closurè of thè txy)kshop during the year. However, as referred to under "ReLreats and H¢)5Pitallty- the gcvernment's plan to reh¢yne the homeless during the pandemic resulted In Hedley Lodge rented by Herefordshire Councll and thls arrangement continued in this year. As a consequerKe, there has been no loss of Income. Ultirnately, the greatest risk to Belmont remains the Lack of vcÉatlons a)d the dwindling number of younser, healthy and active monks to carry on the work and missicn of the General CIO and the Mlsslon CIO that finarKia(ly feeds into the General CIO. We do have monks in fomiation both at Belmont and in Peru, for Nthich we are thkfUl. tryjt there is no Sign of a sustained change to the declire in recent decades. The cifftmunlty discussed the best use of our I1(1n95 a5 thèy are the main r of income. For exam, the old school imjlldlngs are rented to the NHS. It was decided to rencvate the North Win8 of mCaSteryWhIth was under-utili5ed and no longer sultsbie to accommodate 8iWts. Work wa5 underway on a maJ(x refurblshment to create ten new enxrite room5, accessfjble by a new Ilft and stalrs. Thi5 would allow guests to be welcomed more closely Into the rnonastery and enable the c(Thmunlty to exerclse its ministry of hospltallty with eater care.
Belmcnt Abbe Ge[ra( C Re of the Trustees for the Year Ended 31 Oecemter 2024 srRATEGIC REPORT Flnanaal review Results for the year A summary of the results of the for tl year to 31 December 2023 can be found on page 13 of the accounts. IoMe for group for the ar to 31 Decemter 2024 amounted to £1,428,68612023: £584,494). Inccffle frcffl thJnation5 and legacies for the year to 31 December 2024 totalled £696,81312023'. £231,860). Inc(me from other trading actlvltles which compri5e5 the income from the chariW5 yJb5idiarie5 f(x the year to 31 Decernr 2024 amoted to £332,619(243. £174,4671. Income frcn listed and property investments, together wtth interest recelvable, for the year to 31 December 2024 arnowted to E366,47212023: £160,8eiJi and inc¢Th frC charitable activitie5, including retreat centre Inccrne, for the year to 31 December 2024 amCHj)d to E32,58712023: £15,677). EndIture fcf the group for the sear to 31 Decemter 2024 amounted to £1,154,11912023: £54J,538I. rhe cost of ra15ing fund5 cornprised inve5trnent proF¢rty expenses for year to 31 DeCernr 2024 of £64,545 121T23: £20,821) and commercial trading OFeraknons relating lo the charitys subsidiaries for the year to 31 December 2024am(MJnted to £239,59812023- £109,251). costs in relation to suppcrting memters of the Commwity and tTr ministy for the year to 31 December 2024 amounted to £8,()812023. £396,853). Dcfftations and support of mlsslons overseas for the sear to 31 Dernber 2024 totalled E49,96812023.' £13,613). Net eXrdItUre for the group, efOre net in¥stment losses and gains and for the period to 31 December 2024 amwnted to £274.56712023: £43,956). The net investment gain5 on listed investments period to 31 December 2024 totalled £25,36712023'. £55,837). net incOw and net ireaSe in funds for the period to 31 December 224 perlod, therefore. arnnted to £299,93412023.' E99,7931. Inv•stsn•nt Frformanc• Durin8 the year to 31 Decernker 2024, the charitys listed investments prothxed an income of £38,3(2023'. £18,689). The charlty's Ifsted Investments Iread In value durfng the year, glving ri* to net investment gains of £25,367 12023: £55,837). Investment Ffoperties prced rental incOw of £322,344 during the year to 31 December 2024 I223. £158,607). Reserves pollcy It is the trusiees, current pclicy to maintain free, uThJesignated reseryes of tetsyeen one- aThl two-years, expendlture. trustees are of the oplnion that such a level 15 minirnurn required to enable the charily to et temporary shortfalls in I(The, to continue to sUprt the work of the Ccffirnunity. and to CO wth the risks and UnrtaIntieS of the future.
Belmcfflt Abbe General CIO Re rt of the Trustees for the Year Ended 31 DeCeMr 2024 rnTEGIC RÉPORT Flnanclal revlew Flnandal posltlon The baiarKe 51Eet at 31 DecemLEr 2024 5h¢)ws total fldS for the group of £6.980,99312023: £6,681,059). These funds Indude an amcyjnt of £99,43412023: £132,917) which is restricted. These McleS have either been raised for, and t1r use restricted to specific purposes, or they cornw5e donatlons wbject to ()nor-Impod ctsThllt6ons. Full detalls of these restricted funds can te foLnd in note 19 to the accoLmts togethef an analysis of movements in the year. FLmds totalling £4,820,86912023: £4,819,574 haye teen designated. excluding fixed assets. Cf Set aside, by the trustees for SFecific PUrpS as follows: An amount of £4,680.(K¥J12023: £4,680,OLXJI ha5 been designated to meet the costs of thè carè and welfare of memters of the Community as grow old or frall. The rneMrs are wholly deFendent on the charity for their maintenarKe and care. The amount of fLmds t aside has been calculated using Kluarial principles and will wovide only modest amrAJnts lrt the fe. c1¢J),( has been set aside towards the cost of future irnprovements to, and rna1ntenae of, the Vaughan and Benet building which is rented out to NHS Property Services Limited. £,869 has been Set ade toward5 edLfatlgn arml traln5ng th1Th Belmont Community. The tanble fixed assets fund equal to the net bwk value of the tanqlble flxed aets and amcwntlng to £754,038 {223. £776,583) ha5 been identified as a separate fd in recognitiw of the fact that such as5et5 are requlred to enable the Community to carry out its charitable rk and are not available to fund actMtie5 or mt futsre commltments. Further detai15 of the purpeS of the designated funds and an analysls of tlE mMentS on the funds are t out in note 19 to the accounts. General fd5 Or Yree resetve¥ of the greAJP at 31 December 2024 total £1.306,652 (2023: £951,985). The tru5tee5 CCffi5ider the level of free reserves to be adequate but not excessive and they are CLtent that Lwjth the charlty and group are a going c(xKem. Future plans By thelr natwe. m¢J)asterfes are not places of radfcal chan8e but of cwrse. Like every orgaftlsatlon, the charlty has to Flan f¢y the future. We are well aware that any major investrnent needs to justified b)th in terms of financial sustainabillty and how it would impact on the chariW5 mi5510n. The trustees are carrying out a re¢W of our inNEstment polky to ensure that our investments are managed in accordarte th the principles of Rcfflan Catholic chLfCh. On the pastoral s(de, the Community will contlnue its support for those in especial reed, and has, slnce the year end, made accrynrnodaknon available tr> two Ukrainian families und2r government's Homes for ura7 scheme. C¢)rnmunity has also Invlted the Ukrainian Orthodox church to make Ltse of the Abtey. rall, the tharfity lans to contlnue to follow all the aims of its mlsslon {Flea* see page 31 with vi8wr in the forthcrffiing year.
Be1rnt Ab General Ch) Re of the Ttee5 for the Year Ended 31 rernr 2024 srRucfuRE, GOVERNANCE AND MANAGEMENT Risk management The overall obJÈctfvè of the chthtys rlsk lIcY is to ensure that all risks vthich ari are idenllfied and minlmlsed to an acceptable leNEI. The trustees are responsible for the rnanagement of the risks faced by the charity. trustees, in consultation wth their professional ath5er5, recrynrnend the risk management strategy and are re5$7b1e for taking an oVeW to ensure that all risks emanating frm the charitys aCtitieS are woperly managed. Detalied conslderatlcms of rlsk are delegated to those resFonslble for the supers7on of dlscrete tltIeS undertaken by the charity. These individuals formally review their risk map on a regular basis and at least annually. Each of tkjse responslble ts annually on their risk management aCtItIeS to the tntstees. The repcrt confSmis whether or not rlsks have teen rewewed and highlights any specific risk is5 if aFolicable. The trustees belleve that byfollowing ttse produre$, m(ffiitorfng reseNe levels, enyjrlng controls exlst over key finaTal Sy5tem5 and by exarnining the 0rational and buNnes5 ri5k5 faced by charity, they will continue to ensure that there are effective systems to mitigate risks. The tnJst&s are aware that the In&Fendent In(yJlry tnto Chlld Sexual Abuse Investlgated hiSc31 ca5e5 of atAJse and actively co-operated with the Inquiry. They have studied the IIC&4 Report on the Engllsh Benedlctlne congregati and have worked to implement all the necessary changes envisaged in the rem. They are partldpatln8 actl%tly In the Improvements taking place in Catholic Church in England and Wales. The key risk5 for the charity, as identified by the trustees, are descrited kelow together wlth the prfnclpal ways In whlch tly are mitigated: Protection of finarKe and a95ets Although financially stable and suffKlently endowed vAth assets, the charlty has Ilmlted Inc¢Jne stream5. Accordingly, the tru5tee5 a act(vely exarnining how to make the best w of the assets to gererate future income and wovide adequate facilities for the work of the charity. The trustees athIse all major ffnanclal dèdsl(M)s wfthln the char6ty apart from those that require the consent of the h)nastlc CommLnlty In accordarte wfth the crstitutIOnS of tl Engllsh BedICti Constltution. Consent is required for any project TnvoIr extraordinary expen(liture exceethng £180.(KM) evn(lite on repairs and restorations of buildings exceedin8 E180,WJO. The trustees are aware that there is both a moral and legal obligation to care frx the older members. None of the memteis have res(HJrces of their own as all earnings, pensions, and other Income have been donated to the charfty under a Glft Ald compltant Deed of Co%nant. As the age profile increases, so tCA) does the need to proide care for the memtrs. Key elements of the managernent of this rlsk are.. lal enswln8 that there are available finanaal resc¥Jrces to finan tms care both now and in years ahead by setting aside a55ets in a designated fund. and Ibl ensuring that pr((e5ses we in place lo reeW regularly the ministries and needs of individual members eKouraglng those need It to take on less demanding mlnlstries and for Identlfwng those who e<l exra Ca and I1p. Saf•guard5ng Operationally the charity works with vulneraL4e group5 incluthng children and the elderty. The trustees recognise the ab501ute necessity of ensLrin8 the prOtectic and Safety of all those that they serve. Thls means that meMr$ engaged in any rninlstry and all those who or volunteer for the charity and work with children or vultEratle adults must obtaln clearance from the DIl05ure and Barring servi IE8SI. The trustees are cornmitted fully to implernenling the polic5 of the Catholic Safeguarding Standards AgeKy ICSS41 under the direction of the established RLSS (Rellglous Llfe Safeguardlng SeCe). The Belmont Par15h wll continue unr the Safeguarth'ng C0-dinator and Safeguarding Cornmission of the Archdicrese of Cardiff, of %thich Herefordshlre Is a part. The tnjstees also rErognise their duty of care to members of the Communlty are accLtsed of mlstreat(ng chlldren or wlrerable adult5, and they [( seek to ensure that suprKfft is given to sh rnemtrRrs throughout the often protracted pr¢xess of Investlgation and WcThJ. Investments
Be1m<t Gera1 CIO Re rt of the Trustees the Year Ended 31 Decemter 2024 The prirKipal asset of the charity, apart frorn land and buildings, comprises listed iwestments, Val of whlch Is dendent on tnovements In UK and world stock markets. The investments are managed by repuiabie investment managers adhere to a policy agreed by the twstees. The tllh51ees meet regularly th the Investment rn8ger and their FErfCrnan, along with that of the portfolio, is monltored. The fnvestment strategy is assessed re8ularly to ensure it remains apw¢)priate . both n¢)w arnl In the fLtture . and to the Catholic ethos. STATEMEfr OF TrUSTEES' RESPONSIBILITES The tnjstees l¥tho are also the directors of Belmont Abw General CIO for the purp05es of company lawl are rewnsible for preparing the Report of the Trustees and the financial siatement51n accordan th applicable law and United Kin8(bm ACcOting Standards (United Kingdom Generally ACpted Accoufitlng Practtel. Compary law re¢wires the trustees to prepare financial statements for each financial year which give a true and falr eW of the state of affairs of the Charitable company and of the incc¢Thing resources and apFlication of resources, ILuding the income and expenditure, of the charitable ccrnpany fcr that period. In prepartng those financial statements, the tTUStees are requlred to selèct suitable accolmting policies and then apply thern con5iStently' 0¢ve the methcmjs and pritKiples in the Charity )D.. make IeMentS and eslimates that are reasonable and wudent. epare the financial statements on the going conrn basi5 unless It Is 1naFfJroate to wesume tt charitsble cornp)ry wlll conttnue in business. The trustees are responsible for kew'ng wcper accounting records %thich dlsclose th reasonable accuracy at ary time finanaal position of the charitable company and to enable them to enswe that the finarKial staternent5 comply wlth the Companies Art 26. They are a150 reswnslbie for safeguarding the assets of the charitable cornpany and nce for takin8 reasonable slep5 for the preveniion and detectil of fraud and other irregularities. In so far as the trustees are aware: there is no relevant aL*Jit inforrnation of which the charitable company's auditors are unaware. and the twstees have taken all steps that they ought to have taken tt) make tMSelveS aware of any relevant autht Informatlon and to establish that the auditors are aware of that informatkni. AUDITORS The aLsditcfs. Thc¥ne WidBery kcolntarry Ltd, wfll be prop)sed for re-appointment at the fortlt(ynlng Annual General leetlng. Report of the trustee5, incorpxatin8 a strateg1¢ rekwt. apprOd by order of the board of tru5teè5, as the company dlrectors, on ..1Jial..-...-................ . and slgned on the tx)ards behalf by: Very Rév K B MThomas. Trustee
Re rt of the Inde ent Audltors to the PI£Mr5 of Be1mt Abbe Ge[ra1 CIO Oplnlon We have alite{l flnartlal statements of Belmont General CIO {l'pare¢7t chartty and grtxjp'l and Its subsidiaries 1.the grow'l for period ended 31 DeCemr 2024 which comprise the Consolidated Statement of FinarKial ktfvities, the Consolidated and Charity Balance Sheet, the Consolidated Cash FI Statement and notes to the financial statements, including a wmmary of slgnlflcant accountlng policies. finaKial reportfng framework that has been applied in their prerA4raUon ls appllcabie law and Unlted Kingdcrn counting Standards Iunited Klngdc4n Generally ts£cepted Ac¢wntln4 Praetthi. In oplnlon the financial statements: give a true and fair wew of the State of the grwp and parent chariW5 affairs a5 at 31 DecemEer 2024 and of the group's I(ne and exKtndlture the year tTr ended. ha%t been woperly prepared In accordan wlth Unlted Klngdom Crerally Accepted Accountln8 Practlce. a1 hale been wepared in aCcOrdae with the requirements of the Charitie5 Act 2011. Ba515 for oplnlon We con¢knted ow athit in accordance with International Standards on Auditing IUKI IISAS IUKII and appltable taw. Our resp)nsibilities er those standards are further dexrited in AudItC5, resp)nsibilities for the audit of the fina¢Kial statements section of our report. We are indeFendent of the group in accoidance wlth the ethlcal requlrements that are relevant to our audlt of the finarKial statements in the UK, including the FRC'S EthKal Standard, and we have fLlfilled our other ethical rponsibl11t1eS in accordanc? with these requirements. We belieNp that the alt ewderKe we have obtsvEd is sufflclent ènd approwfatè to a basls for opinM)n. Conclu51on5 relating to 8oin8 concern In auithting the financial statements, we have concluded that the trustees, use of t going concem basls of actOLmttr4 In the preparation of the finala1 statements is approwlate. Based on the work we have rfQnned, have N)t Identlfled any materlal urcertslntles relatlng to events or conthtions that, IndidalLY or collectively, may cast Sl8nrficani doubt cn the CIO and group's abTlity to continue as a going ccr for a Feriod of at least tplve rnonths frcth when the final rtaternents are authwi5ed for i55ue. Our resPY1b7lI7es and the rest•Jnsibilities of the trustee5 With resFect to going (Cern are descrited in the relevant sections of thls ret. Other irfonnation The trustee5 are resnsible for the other Informatlon. other inforrnation comprises the inforrnation iKluded in the Annual Report, other than the financial staiernents and our Rewrt of the Independent Auditors there(. Our opinion on the financial 5tatement5 d5 not cover the other information and, except to the extent OtrWIse explicitly stated In wr repor¢ we not exwess any fomi of aSSUrar COluSIon there(m. In eonnecknon wih our audit of the financial statement& Oltr restKffisibility Is to read the other Infomiatlon and, In dol so, consider whetr the other informati(A) is materially InCs7stent with thè fin2tl41 ststements our knowledge obtafjd in the audit or otherwi* aparS to te materially misstated. If we identify such material Inconslstendes or apparent materlal mlsstatements, we are requlred to detemiine wther this glves rlse to a matertal mlsstatement In the financial statements themselve5. If, based on the work we have performed, we corKtude that there is a material mi55taternent of this information, we are reqLrired to report that fact. We have nothin8 to rem In thos regard. 10
Re rt of the Inde ndent Auditors to the Alemr5 of Belmcnt Abbe GerEral CIO Matters on whlch we are requlred tr report by exception We have nothin8 to report in respect of the follort9 rnatLers where the Charltle5 kt 2011 requlres u5 to report to ytsu If, in our op1n1(. the Informatfjon given In the trustees. annual rewi is iKcnsistent in any material resFect with the accounts. or sufficient accounting recdS have nol been kept,. or the xcou)ts are rKJt in agreement W7th the accounting records and retwns. OT we have Th)t recelved all infomiation and eyplanaiics we require for otJ audiL Responsibilities of trustees As explaird more fully in the Statement of Trustee5' Re5FDn5ibilfjtles, the trusteès arè resrK)nslble for the preparatlon of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as t trustee5 detertnine is nece55ary to enable the preparaiion of flnancfjal statements that are free frcn material misstalement, whether tg fra[ or error. In preparing the financial statetnents, trustees are responsible for assessing the parent and the group's ability to ontinue as a going corKern, diK105ing, as applicable, matters related to golng concern and usirE the going corKern basis of accounting urtiess the trustees eittrpr intend tollquldate the group or to cease OFerations, or have no realistic altemative but to do 9). Our resFxJnsibilitie5 for the audit of the finanaal 5tstements Our objectives are to obtain reasonable assurance atx)ut whether the accounts a5 a Nvh(Ae are free from matertal mi55tatement, whether due tofraud errOr, and tOi55ue an aUdIt'S reportthat IKIuttss wroplnlon. Reasonable assurance 15 a hish level of assurance but 15 not a guarantee that an audlt conducted in accordance with ISAS IUKI will alway5 detect a material mlsstatement when it exists. Misstatements can ari frorn fraud or error and are Crsidered rnaterial if, individually or in the aggregate, they Cld rea5ablY be eypected to Influen the ecorK)rnk dedslons of users tsken on the basis of these 7Lcounts. Irregulartties, fncludlng fraud, are InStanS of non-comp11ae with laws and regulations. We design PredureS in lire wth our rtrsponslbllllles, outifned aVe, to detect materfal mSsstatemenis fn respect of Irregulayltles, Inciudlng fraud. The extent to which our prc(edures are capable of detecting irregularitles, including fraud, Is detsiled bel¢M. The extent to which our prcredwes are capable of detecti irregularitie5, irKludi fraud Is dÈtalled elow.. Fraud and breache5 of law5 and regulations" ability to dete¢L Identifwn8 and resnding to risk5 of material rni5Statemont due to fraud To Identify risks of material misstatement due to fraud 1'fraj risks") we assed events or condition5 that ¢wLd Indkate an incentive or pressure to comrnit fraud or provide an opportunity to cornmit fraud. Our r(sk assessment prcKedures included: o Enquirfng of trustees, the flnarte c(Mnrnlttee and fnspectlon of wllcy documentation as to the ChariW5 high-level pdtle5 and prcKedures to prevent and detect fraud as well as whether they have knOWi$e Of any actual, SuskC or alleged fraud. o Reading Trustees, meetings and finance c¢Ynmlttee rninutes. o Considering rfOrn1ance targets for management. We cornmunicated identified fraud risks throUght the a[t team and rernained alert to any indications of fraud thr(xJghout the audlt. As requlred by alitIng standards, and taking into account our overall knowledge of the control enwronment, we perform procedures to address the risk of management override of controls, in particular the risk that managernent rnay LE in a px)sition to rnakE inapprowate eLCoting entries. On this audit do not Ixslieve there Is a fraud risk related to revenue recognltton t*cause revenue Is non-judgemental and straightforward, with limited oppjrtunity for manlpulation. We did not identify ary athjitional fraud risks. We performed procethJre5 irKluding identifying jLwmal entrie5 to test based on rtsk crfteria and comparlng the Identffled entrfjes to supFx)rtfng dc£umentation. These iKluded those k>)Sted by flnwre managernentl those posted and approved by the same userl those sted to unusual accounts. Identifyin8 and respKJThJing to risks of material misstatement due to non<cThpliarKe wth law5 and regulation5
Re rt of the Inde ndenr Audltors to the knbers of Belmc4)t bbe General CIO We identified area5 of law5 and regulat1(% that could reag)nably be expected to have a material effect on the finaKlal staternents fr our general commerclal and sector experien, and through discussion with mana8ernent las reqLrired by auditing standards) and dxu55ed with rnanagernent poilcles and ProdeS rerdIng compllance wlth laws and regulatiL¥)S. We communicated identified laws and règulatlons thrtyJgIwt iyjr team and remalned alert to any Indlcatlons of non. ¢ompliarKe throughout Ihe audit. The potenual effect of these law5 as)d re8ulatIor on the financial staternents vade5 £1¥151derably. Firstly the CIO and group is subject to laws and regulati{S that threctly affect the financial staternents iKludiTr4 finarKial reportlng leglslatlon, xatiOn legislaticm and Charities Act lesislatlon and we assessed the extent of ccrfnpIlae these law5 and regulatIf$ as part of our PredureS on the related finarKlal statement items. Secondlyi the CIO and group is subject to many otlEr law5 and regulaticTh where conseqnCeS0f nCoMplIar(e ¢Id have a material effect on amwnt5 or discL05ure5 in the financlal statements, for InstaKe through the ImposftlC of flnes or iftlgatlon or the loss of the CharFWs license to operate. We identified the following areas a5 those m05t likely to have such an effect: health and safety anti-briiEry etnployrnent law, data wotectlon, antl-money iaunderlng and specfjfic areas of other leglsiatlcN) recognising the nature of the Charitys actiwties. Auditing standards limit reqirired audit prccedures to identify non-cornpllan wlth tlpse lawsand regulabws toen¢wlry of rnanagement, in5PECtion of regulatory and legal correspondee, If any. Therefore, If a eath of operatI(al re8ulatlons Is not disclosed to U5 or ewdent from relevant cCfreWdee, an audit will not detect that breach. Context of ability of autht to detect fraLI or breaCS of law or regulatlon I1n9 to the inherent lirnitations of an autht, there Is an unavoldabie rtsk that we may not have detected sc))e matertal mi5Staternent5 in flnarcial ststsments, even thougth we haNe propErly planned and perfcmed our audlt In accordarte th auditing Standards. For example, the further removed Th)n-compllance with Laws and regulatity)s is from events and Iranwlions reflected in tIE financlal staternents, tIE less Ilkely Inherendy Ilmlted pr{KeduS requlred by audltlng standards would identify it. In addltion, as with any autht, there remained a higher risk of ncm-detsction of frayd. as the* may Involve ¢olluslon, fLYgery. intenknonal c#nlssions, mlsrewesentations, or the override of internal controls. Ow audit prccedure5 are designed to detect material misstatement. We are not resn$7Ae for preventing nm-cornpliarKe or fraud and cannot be eXrted to detect non-c0mpi1an wlth all laws and regulations. A further description of our responsibilltles for the audlt of the accojnts Is located on the Flnancial Reportlng Cou11'S webslte at www.frc.org.uk/auditorsrespcfftsibilities. This dexription forms part of our alItor'S rerA)rt. Use of our rewirt This report Is made solely to tIE charitys trustees, as a body, in accordance with Section 144 of the Charfjtles Act 2011 and th regulatlons made er section 154 of that Art. Our aLtdlt w has been undertaken so thai might state to the eharlty's trustees those matters we are reqjired to state to them in an auditor's rep¥)rt and for no other purp05e. To the fullest extent m)led by law, we do ¢t acpL or assume respKJnsibility to ane other than the charity and thechariws trusiees as a body, for audit worK for this rep)rt, or for the oplnions we have formed. Thorne Widgery Acc Chartered ACCJntants Statutory Audltors 2 Wyevale Bu5ine55 Park Kings Aue Hereford Herefordsmre HR4 7BS rKy Ltd Thorne Wl<l4¢ry Charted cOuntaIY Limited is eligible to act as an auditor in term5 of section 1212 of the Ccfflpaniè5 Act 2L. 12
Belmont Abte Gereral CIO Statement of FinwKlal tltIeS for the Year Ended 31 DeceMr 2024 Period 1.7.23 to 31.12.23 Totsl funds Year Ended 31.12.24 Total funds Uwestricted fund Restricted funds Designated Notes INCOME AND ENCQWMENTS FROM Donatic and lecleS 679,033 1,295 16,485 696,813 231,860 Charttable actlvbties Support of rnernr5 of the Community and their ministry 32.587 32,587 15.677 Other trading aCtitieS IestInent income Other income 332,619 366,472 332,619 366,472 195 174,467 160,860 1,630 Total 1,410,9C 1,295 16.485 1,428,686 584,494 EXPENDITURE ON Raisirq fund5 304,143 304,143 130,on Charltable acVItIes Support of mèmLers of the Comrnunity and thelr ministry tk)natlons and supwrt of overseas misslons 708,618 91,390 396,853 Total 1,012,761 91,390 49,968 1,154,119 540,538 Net gains on investments INCOMEIIEXPENDITUREI Translers between funds 423,512 68,8451 190,0951 68,845 133,4831 299,934 99,793 19 Net movÈmÈnt In funds 354,667 121,2501 133.4831 299,934 99,793 RECONaLIATION OF FUNDS Total funds trnuO>t forward 951,985 5,596,157 132,917 6,681.059 6,581.266 TOTAL FUNDS CARRIED FORWARD 1,3CkJ,652 5 $74 907 99,434 6,98),993 6,681 059 The notes fom part of these financial statements 13
Belm¢fit Abbe Gerral CIO CorbsoI?datsd Balance Sheet 31 December 2024 31.12.24 31.12.23 Notes FIXEO ASSETS Tanglble assets Investrnent$ Investments Investment woFerty 13 754,038 776.583 14 15 1.347.6CD 1.322.235 3 489 828 6.548,786 5.588,646 CURREKf ASSETS Stock Debtc Cash at bank and In hand 10,477 187,786 361 468 10.977 130,917 1 132,843 16 559,731 1,274,737 CREDoRs Amounts fallfng thin ore >far 1127,5241 1182.3241 cuRNT ASS5 432.207 1 (A2 413 TOTAL ASSEfs LESS CURRENT LIABILlnES 6,9),993 6,681,059 NET ASSETS 69993 FUNDS Unrestricted flmds Re5trkted fund5 19 6,881,559 99,434 6.Y8,142 132,917 TOTAL FUNDS 6.9KJ,993 6 681 059 The fi andal statements were appro%d by the Board of Trustee5 and authorlsed for issue and were sigrEd on its behalf by: Very Rév K B M TiK)rnas. Trustee The Th)tes form part of these fIr0la1 statements 14
Belmont Ab Gerra1 CIO Balan Sheet 31 Dernber 2024 31,12.24 31.12.23 es FIXED ASSETS Tansible assets Investments Investments Investment WOF 13 716.029 729,928 14 1,447,602 1,422,235 3 489 8Z8 6,610,779 5,641,991 CURREKf ASSETS Debtors Cash at bank and In haThJ 16 170,802 308,384 118,952 1,OTI, 479,186 1.191,020 CREDITORS AmoLmt5 fallir@ due within one year 17 1110,9311 1162.5511 NET CURRE1 ASSETS 1 028,469 TOTAL ASSETS LESS CURPENT LIABIUTIES 6,979,034 6,670,4É NET ASSETS 6,670,4ei¢ FUND5 Unre5trkted fLnds ReStrted fdS 19 6,879.6CQ 6,537,543 132.917 TOTAL FUNDS 66704 The finan¢lal statèments were apwoved by the Board of Trustees and authori*d for 155ue on 0123.............................. and were slgned on its behalf ty.. Very Ilev K B M Thomas- Trustee The teS form part of tse flnaKial statements 15
Be1m¢t Gen2ral CIO Cash Flow Statement for the Year Ended 31 De¢ernr 2024 Period 1.7.23 Year Ended 31.12.24 31.12.23 Notes Cash flows from operatlrry actlvltles Cash gerated from OFerations 103,2311 3Z.1461 Net cash used in oFerating activities 103.2311 32,146 G)sh fl¢)ws from Imitstlng aetlvlties Purthase of tangTrble fixed assets Purchase of inyestment prortY Sale of tangible fixed assets Sale of fixed asset investments Sale of investment proFerty Interest recelved 177,4f111 1957,3201 195 I46,3) 169,5791 117,3451 102.640 366,472 Net cash lused Inllprovtded by Investlng actlvltles Change In cash and cash equfvalents In the reporting perfod Cash and cash eqtfvalents at the beglnnlrva of thè reErt1Thg pèrSJd 1771.3751 99.fL7 1 132 843 1033 116 Cash and cash equlvalents at the end of the reporting perlod 1 132.843 The notes fcrfm part of th finarKial statements 16
Belrn(nt Abbe GerEral CIO tes to the Cash Flow Statement for the Year Ended 31 De£ernLEr 2024 RECONCIUATION OF NET INCOME TO NET CASH FLOW FROAI OPERATING AcfiviTIES Perfod 1.7.23 Year Ended 31.12.24 31.12.23 Net Income for the reportln8 pedod {a5 per the Statement of Firncial Actlvttlesl Adju5trnents for: Depreciation charges Gain on investrnents Profit on disposal of flxed assets Interest received Decreallincreasel in stock DecrealI1ncrease1 in debtors IDecreasellirease in creditors 299,934 99,793 1(Kl,038 125,3671 11951 1366.4ni 5(K) 156,8691 47,(135 155,8371 11,6(KJl 1160.8601 13,3961 475 Net cash used in operatkir 103 231 32 1461 ANALYSIS OF CHANGES IN NET FUNDS At1.1.24 Cash flow At 31.12.24 Net cash Cash at bank in hand 1.132,843 771.375 361,468 Total 1,134,843 771,3751 361,468 The notes form part of these finarKial statements 17
Belmcnt GerEral CIO Note5 to the Financial Staternents for the Year Ended 31 Decernker 2024 ACCOUNTING POLiaES Basls of preparlng the flnandal statements Basls of preparathjn The aCCot$ have en prepared under the historfcal cost conventlon wlth Items recc4nld at cost or transacti value unless otheThSe stated the levant attountlng p)Ilcles loW or note5 to tISe account5. The account5 have been prepared in accordance kcounting and Reporuns by Charities.. Statement of RecL¥nrnendgd Practlce appiltable to charltles preparlng thelr accounts In accordance Flnancial Re)rtIng Standard appllcable in Unlted Kingdom and Republlc of Ireland Icharltks SORP FRS 1021 and the Charities Act 2011. The tharlty constltutes a PLJllc beneflt entity as deflned ty FRS 102. The coUnt5 are presented in sterling and are rjnded to the nearest und. Basls of corfjolidatlon The con7dated statement of financial activities and the group balance sheet consolldate the xc(yJnts of Belmont bbey General CIO and its 5ub5idiary companles, Monksoft Limlted and Benedornus LTrmited. Crttical aCcounng e5tfmates and area5 of judgement Preparatlon of the accounts rewlres the tru5tee5 and management to make significant judgements and estimates. Tl Itwns In the accounts wlpre these judgemerts and estimates have rnade Include: assessing the probability of the receipt of legacy Incorne., determining the basis for the allcxalion of sup)rt and 9)Vernan costs across the various categories of explture on charitable activities; assessing the recoverability of any debts and the ed for provi51on a8ainst doubtful or bad debts. the Judgements made by the tru5t5 and rnana9ent 15 ?stirnatI the fa¥ thI[P5 attrilKJted to the group and charity5 investment properties., estimatlng the useful eccfftomic life of tangible fixed as*ts for the purposes of calculatlng the depreciatlon charge. determining the value of designated funds needed at the perlcxl end, In partkuiarln resrect to the a55umptions made in determlnir@ the value of the retirement fuThJ' and estlmatlng the future IrKcme and exFendUre flows of thè charity fi the purp05e5 of assing going cryKem. Assessment of sDfjng concern The Trustee's have assessed weather the use of going COnrn assumptlon Is approprlate In wepadng these financial 5tatement5. The directors have rnade this a55essment in re¥t of at least ffle year from the date of appral of these financial statements, as hpll as consideration of the prior years where tIse have a material s1gn1f1can the ldLtIonS made for futwe outcomes. In t1r assessment they ha considered the busine$ finarKTal Indicators, any posslble fInaIng dlfftultye5, operatlonal Issues, and flnally any slgnfflcant extemal factor5 that rnay impact on the l$lneSS in a Fh)Sitive or rwtive way. The company berfited frorn benefactcfs in 2024 providing signlficant IKome. lthllsl these are not ¢ertsln, t forecast for 2025 shows a conlinualion of this renue stream. Slgnificant bldIng work wll be completed in 2025, giving its trading arm, knlfsoft an addltlcmal 8 rm$ on short term let, and 10 r00rn5 on long terrn let. Gfven expected Iradlng le¥els the hkJnk50ft income shId te strong based on expected 617A CUpancy. Idltlonally, Belmont Abbey General wlll complete kyjlldlng works addlng an add(tfonal 10 new retrèat rwm& Cont[n.. 18
Be1rnt Abbe Gerra1 CIO Notes to the Flnandal Statements - contlnued for the Year EThJed 31 Decemter 2024 ACCOUNTING POLiaES. continued Assessment of plng concern Invettments continue to perforni and while there is Th) certainty in long term, the short.term tradin8 profile show5 little risk or ccncem. The trustees afffrm that there 15 no materfal uncertainties related to events or conditicffts that may cast significant (fr)ubt on the ablllty of the CKI to continue as a going coKern. The trustees are of the cyinion that the group and CIO wlll have sufflclent resreeS to meet thelr Ilabllllles as the fall (kne. Income recognition Incorne 15 rerognid in the Feriod in which the charlty has entltiement to the Income, the amount of Income Can measwed rellably it 15 probable that the income wll be reIved. IrKome is deferred only when the chartly has to fulfll tdItIOnS before becomln8 entitled to It or where the dcOr has Specified that the inccffle is to be eynded in a future accc4Jnting [eric. Income cornw5 donations and lesleS. income from trading activities, investrnent income and interest receivable. irKcrne fr(qn charitable activities and other irKome inclLwJing the surplus on disposal of tangible fixed assets. DOnatiS, iLUdIng salarfjès and penslons of lYKJlvldual rellglous rÈceSvèd under Glft Ald or deed of toNnant, are recognised the charity has ccnfirmation of both the arnount and settlernent date. In tIE eNtnt of donation5 pledged 1 rK)t received. the amount is aCcd for Wre the reipt 15 considered probable. In the event that a donati is subject to conditions that require a level of Ferformance before the charity is entitled to the fund5, th incorne is deferred and not recognised Lmtil either those conthtion5 are fully rnet, or the fulfitrnent of those conditions is wholly thin the control of charity, and it is probable that tho¥e conditfons w611 iy ffIlLed In the reFx)rtin8 period. In a(cae w6th the Charftles SORP FPS 102 volunteer t(me Is not recognlsed. Legacles are fncluded fn the statement of flnandal aCVIlIeS when the charity is entitled to the legacy, theexecutors have establiSd that there are sufficient 9Jrplus assets in estate to pay the legacy> and any conditions attached to the legacy are within the control of the charity. Entitlement is taken as the earlier of the date on whith either: the charity 15 aware that probate has Ien granted, the estate has been finalised and notification has been made by the executor to the char(ty that a dlstributlon 11 made, or when a distribution is reIVed from the estate. Recelpt of a legacy, In whole or In part, is only consldered probaLle when the amount can measured reliably, and the charity has been notified of the executorfs intenticn to make a diStritIon. Where legacies have been notified tr) the chartty, or charlty fs aware of the granting of probate, twt tlE criteria for incorne recognition have not been nt, then the legacy is treated as a contlngeThi asset and disclosed if material. In the event thai thè slft Is in the fomi of an asset other than cash, or a fi.nancial asset tradeil on a rCnIsed stock exchange. recogn1t1 Is subject to the value of the gift bein8 reliably measurable with a degree of reasonable accuracy and the tltle of the asset han# been transferred to charity. Income from other tradlng a¢tfv(tie5 tnprIS Incl fr¢Yn tradlng subsldfarles and Is recogni*d In the Feric¥J to which the subsidiary company and the group ccThpany has entitlernent to the incorne, the amtyjnt of IKcffte can be measured reliably and it is probable that the inc¢xne will received. "wdeThJs are recognised once the diMdeThJ has been declared and noiifKati(n has been recefved of the diwdend Income from inltstment properties comprises rent receivable and it 15 reco8nised in the statement of financlal activltie5when due der tenarKy or lease agreements. contlnued... 19
Beimct Abte Gerra1 CK) Notes to the Flnandal Statements - contlnLEd for the Year Ended 31 Decemter 2024 ACCWNTING POLiaES- contlrwjed Incorne recognition Income from charltable actfvitles Includes Income frcm wovlslon of retreats, stlpends and Income frorn the hire of the charlty's premlses and Is measured al falr value of the cOnderatI recelved OT re7¥able, excludTng discounts or rebate5. The yjrplus on the dispKJsal of tangible fixed assets is calculated as the difference bet¥%een the sale pr(Keed5 net of sale cort5 and the net t>xkvalue of the asset immediately prior to disposal. It Is accounted for once legal completic of the dfsposal has taken place. Coronavirus Job Retenticn Scheme grants are credited to the ststement of flnala[ aCtItIeS when the tharity and group are entitled to the fund5 and wlEn the naInt receivable ha5 teen ¢wantified. Other incorne is measured at fair value and Counted for on an acc1$ basls. All inccffie is stated exclusive of VAT. Expenditure recognition Liabilities are recognised as exFenditure as 500n as there is a legal or ConStNcti obllgatl(m commlttlng group charity to make a payment to a third party, it is probable that a transfèr of e¢onomlc refits will Ee rewired in settlement and Lhe arnount of the oblisaticfft can be rneasured reliably. ALI expendlture Is accounted fcw on an accnw15 basis. EwEndItU ¢omprlses dlrect costs and SUFport costs. Ail expens, including costs, are allc(ated or apportfjod tr) the applTcatAe expenditure headings. The classificaticn been activlties Is as foltows: £xFendltwe comwls the fcI1¢In8. al Expenditure on raising fund5 ccfjnprise5 the following.. Direct costs associated with the dellvery of sdIary ¢ompanV5 ryices a5 well a5 general administrati% supw>rt C05Ls. Fees paid to investment managers in connection wfth the management of 4rwp's and CrIty$ investments. bl Expen(liture charitable actiwties ccffipri5es the foilrnywry: Expendlture on the sUprt of meMr$ of the Community a1 their rnln15try whlch allow5 memtrErs to carry out the work of the tharfty In ProdIng spiritual welfare to Roman Catholics through saylng masses, administering sacraments and providing other spiritual supkDrt and guidan as well as the relief of poverty and addiction. The pslo of ¢th)natlons and flnarKlal supwt to tl Community's oversea5 mis5iCfiS. All expenditure is stated inclusive of irrecivwable VAT. Allocatlon of support and g¢MrnancÈ costs suPrt costs represent Indlrect charitable expendlture. In cder to carry the prSmary wrk$ of the charity it 15 necessary to provide sUPP)rt in the forrn of Fersonnel dtI0ment, financial procedwes. of offl seNces and equipment and a suitable working enwronment. GovernarKe c05t5 ccThwse c05t5 inw)Iving the public accwntability of the charlty (lnclj1n9 audlt costs) and Costs In reswt to its c(xnpilancÈ requlatlon and Sd practice. SUrt costs and governarKe costs are allocated to supp¢xt of members of the Comrnunity and their ministry. contIn... 20
Beirnt Ab Genèral CIO Notes to the Financial Staternents - cOntind for the Year Ended 31 December 2024 ACCOUNTING POLICIES- contfnued Tangible fixed assets and depreaation DeprK7atic is wovided at the fcllowing annual rate5 in order to te off eath asset over Its estimated useful life. All assèts costlng mcfè than £1,C(K) and whlch have an exed Ilfe exceedlng one year are capltallsed. Freehold land and bulldlngs Freeh(Ad land and (dIng$, and major irnwovements to buildangs, aTr Included In accounts at C05[. Depreciati(Xl 15 provided at 1% - 2% trr annurn on a straight line bas65 Sn order to wrlte tTr original cosi of the buildings off over their estimated useful economic life to the charity. Also included within freehold land and tIlding$ are imwovements made to the Abbey and Chjrch using funds owded by the Herilage Lottery Fund. Depreciation is prowded at 4% Fer annurn cffi a straight-line basis In order to write these improvement5 off over their estirnated useful ec0MiC life to the charity and the 8roup. Certain other improvements to freeFYJld land and buildings are deprecated at 10% per annum on a straight-line basis In order to wrlte them off over t1r estlmated usefu( economlc Ilfe to the charlty and the group. Furniture and fixtures Expend5ture on the purcha and repl&ement of furnlture and flxiures Is capitalised and (th exception of an Organ - please see below) depreciated over ten years on a straight.line basis. in order to write off the cost of each asset over its estimated useful life. Also included in furniture and fixtures are enttanrnents to an Organ. ExnditUre on these enhaernentS was capitali5ed and is depreciated at 4% per annurn on a straight- line basi5, ill or&r to wrlte off the c05t of each asset over its estimated useful life. Office equipment EXnd1e M the wr¢ha and repiacernent of offlce equ(pment Is c¥ltallsed and deprfiated ov¢r four years on a stralght-llne Les15. In order to write off the cost of each asset over Its estlmated useful Ilfe. Alotor vehicles Atr)tfX vehicles are capitalised and (kweciated over fcwr years a straighl-line basis, in order to write off the cost of each vehicle oNpr its estimatsd useful life. Hèrltage assets Belrnont Abbey General CIO has a substsntial body of asts gifted for reteniion in perFetuity (to forrn a prrmanent record of the Abbey's hlstoryl and whlch are requlred to preserved f¢x their edlatIOnal and Spiritual valup, and through reas(ffiable pubilc $5 to tm, as a Contr1tlICn to the nation's culture and education tKJth rtatio1[ and locally. These ccffiprise numercus artefacts Wh intrinsic value is in part bound up with the AbW'5 history. lknt of these are irreplaceable originals to which no reliable value can be attmbuted, or to do soynjld Incur an ex$s1ve cosl. An inventory was conducted in 2CN)4 f insurarre wrp05es only. The buildingsconsistof churthes. preSbYteeS and parish halls and were constNcted up to 1(Dyears ago. Recent additions and improvements have been capitali%d at cosL These assets are not, trefore, SUptibie to a rneanin8f Valuati and where there Is no rellabie information a5 to their cost, they are excled frorn the acccAJnts. Investments Listed 1nN5tMtS are a form of basic financial instfument and are Inltlalty recowised at their transaction vall and SubseqntLY measured at their fair valLE as at tFE balan sheet date uslng closlng ¢woted market pri. The charity dces not acwire put options, derivatives or other comFlex finala1 instrun*nts. As noted aLYNe maln fomi of finantial rlsk faced by the charlty Is that of voiatillty in equity marts and invesknent market5 dL to wder economic cOnditiLs. the attitude of invesLLYs to Investment rfsk, and changes in sentiment cOeming equities and within particular sectors or sub sectors. crmtinued... 21
BeImct Abbe Gereral CIO tes to the Flnancial Staternents - continued for the Year Ended 31 Drner 2024 ACCOUNTING POLICIES- contlnued Investments The valuation of investrnent wopertie511.è. tho not cttupled by the charltyl, whlch are rentèd wt, 15 based on current open rnarket valuailon. These prorrtles are not depreclated. Realised gaTn5 lor105sesl on Investmènt assets are calculated as the d1fference betVen disp)sal prOed$ and thelr openlngcarryingvalue ortlrir wrcha5e value 15 acquiFed suLtsequen¢ tgthe first dayof the finanfjal year. Unreali5ed gains and loss are calculated as the dlfference between fair value at the year end and thelr carrylwa value at that date. Realid and Unrealld invesknent gains lor iossesl are cornkn in the statement of financial activities and are credited lor debited) In the year In whlch they arlse. Debtor5 Debtors are recognlsed at their settlement amcunt, less any prcwislon for ncn-reccverability. PrepayTnents are valued at amount prepaid. They have teen diKounted to the prent value of futu cash recelpt re 5u¢h dls¢wntln4 Is materfjal. Cash at bank and in hand Cash at torsk and in hand represents SLKh COUnts and instruments that are ayaiiabie on demand or have a maturity of less than three months from the date of acquisition. Dep%its for rnore than thee months but less than ore year have been (li5closed a5 shLYt terrn dew55ts. Cash placed on deFosit for more than one year is di[05ed as a fixed 5set Investment. Creditors Creditors are recognised when there is an obligation at baiatKe sheet date as a result of a past event, It Is obable that a transfer of ecommic benefit wll be required in settlement, and amjnt of the settlement can e estlmated reliably. CredItrS are recognised at the amount the charlty antfclpates It ¥1[ pay to settle the debt. They have been discounted to the prent value of the future cash payment where such discwnting is materlal. Fund structure Restricted funds are monies raised for, aThJ their used restricted to, a specific purpose. or donatfons subject to donor.irnp)sed conditlryl5. Designated funds are monies set aside of unrestiicted general fvnds and degnated for speclflc purposes ty the trustees. The tangible fixed a5SÈts fd comprises the net kValUe of chariws tangible fixed a55ets, the exIstee of whith Is fundarnental to (he tharity beingabie to perforrn its charitable workand theretyachleve ltscharitable objertfves. The value represented by such asl5 shtyjld not be regarded, therefore, as realisable. General funds represent those monles that are freely awdfiable appllcatlon towards achlewng any charitable purpose that fall within the charity's tharitable objects. tvkes provlded by members of the communlty For the pu)Se of these accoLmts, no value has been placed C thè admlnistratlvè and other seth$ pr¢wfded by member5 of the charfty. Leased as5et5 Rentals applicable to operating leaS where substantially all the benefits and risks of the (WrrshIp remain the iewr are charged on a straight lir basis over the lèase term. ttfjnd... 22
Belfflt Gewral CIO Notes to the Financial Statements - cOntind the Year Ended 31 DeCeMr 2024 ACCCiIKnK POUCIES- contlnued Pension costs The group and charity offer their memtership of a defined contribjtlon Fenslon scheme admlnlstered by the NatiCal Employrnent Sawng5 Trust INESTI. Contribution5 to the are debited to the statement of financial activities in the year in which tw are payabte to the scheme. The assetsof the scheme are held by an independent corFtKate trustee, whose tiltieS are governed by Natknnal Employment Savirgs Trust Order 2010, rnade ty the (retary of Stste Sn exerdse of k)owers ¢onflrmed under Pensions Act 2fyJ8. The ¥CAJP and charity alg) contri1te to a deferred annuity contract administered by charity to de benefits in respect to Indidal memlers of communlty. This lItY 15 1 ¥thth Awva. DONATIONS AND LEGACES PericJ 1.7.23 to 31.12.Z3 Total funds Year Ended 31.12.24 Total funds Unrestrfcted funds Restrfcted fund5 Penslc4)s etc re7Vable Lmder Gfft Ald Other DonatlCffi5 Legacle5 Tradin8 subsidlary profits donated under deed of c¢)venant 62,062 110,201 508,065 62,062 126,686 508,065 35,343 176,517 16.485 696813 OThER TrADING AcfiviMES Perf 1.7.23 Year Ended 31.12.24 Total funds 31.12.23 Total funds Unrestricted funds ReslrKted funds PUblicatiry & CD Sales Benodcmus Ltd A4thksoft Limited 30 7,623 15,547 316 624 15,547 316 624 332 619 332 619 INVESTMENT INCOME Period 1.7.23 Year Ended 31.12.24 Total fund5 31.12.23 Total funds Unrestricted funds Restricted funds Deposlt aCcOt InteTht IrKome from investments Income from inNtstrnent PTOFerty 5,828 38,3(X) 5,828 38,3LX) 18,f09 continued... 23
BelmMt Abte Gera1 CIO Note5 to the Flnan¢lal Statements- contIn for the Year Ended 31 Decemter 2024 INCOME FROM CHARITABLE ACTNMES Perlod 1.7.23 to 31.12.23 Year Ended 31.12.24 Actiwty Swport of memters of the Community and Ihelr ministry Support of wters of the Community and thelr ministry support of mem1r5 of the Comrnunity and their ministry Retreats and related Incclne Stipends recelvable Contributions frorn Belmont Abbey Parlsh 17,587 8,177 RAISING FUNDS Raising dOnaOn5 and le8Kie5 Peri 1.7.23 Year En(kd 31.12.24 Total fwtds 31.12.Z3 Total funds Unrestrlcted fuThJs Restricted funds Inve5trnent yoperty costs Investfflent management Costs Perlts 1.7.23 Year Ended 31.12.24 Total funds 31.12.23 Totsl funds UnrestrfjctÈd funds Restrlcted funds Alministrative exFen5es Other tradlng actlvltl•s Period 1.7.23 to 31.12.23 Total fund$ Year Ended 31.12.24 Total fLmd5 Unrestrlcted funds Restrlcted funds Benedomus Ltd J%*)nksoft Limited 13,547 221051 13,547 221051 6,623 regate arnounts continued... 24
Beimcffit Ibte Gerra1 CIO Notes to the FInCial Statements- cOntind fcY the Year Ended 311)ecember 2024 CHARITABLE ACTNMES COSTS Supp)rt C05L5 (see note 81 Direct Costs Totsls Supwrt of [TEMtr$ of Community and their rninistry Donatlims and wpptyt of oversèas missions 719,799 80,209 8(Ll.(KJ8 769 767 SUPPORT COSTS GovernasKe costs 4anagement Totals Support of meTnber5 of the Cornmunity aFHI thelr mlrtlstry INCOMEIIEXPENDITUREI Net IncomellexFendlturel 1$ stated after charglng/lcrethdngl: Pericxj 1.7.23 Year Ended 31.12.24 31.12.23 Audltors, remunerati7 Depreciation - owned as*ts Surplus on disposal of flxed assets 17,611 1Q).038 16,780 47,C85 10. TRUES. REMUNERATION AND BENEFITS There were no trustees, remuneratlon or other befits for the year ended 31 December 2024 nor for the wiod ended 31 Decernber 2023. Tru5tees' expenses There were no trustees. exFenses paid for the year ended 31 Decemter2024 ncf for the period e[ed 31 DKernber 20Z3. cc4)tinued... 25
Belmcffit GerEral CIO th)tes to Flnanclal Statements . contin for the Year Ended 31 Decernter 2024 STAFF cosrs Period 1.7.Z3 to 31.12.23 Year Ended 31.12.24 Wages and salaries Social security cost5 Other Fenslon costs 248,078 16,240 115,173 5,647 124919 The average monthly MJmEer of ernployee5 during year wa5 as follow5: Period 1.7.23 Year Ended 31.12.24 31.12.23 Belmont Abbey General CIO hknksoft Llmted 10 10 The numEer of emptye5 ts)se ernployee terpfit5 (excludin8 ernployer penon cosisl exceeded £60.IJXI was: Pertod 1.7.23 Year Ended 31.12.24 31.12.23 £60.1)J1 . £70,c The key maiagement persc)nel In charge of dlrectfng and £trOllIng1 runnlng and operatir4 the grJP and charity ) a day.to-day basis comwi the trustees, the Secretsry to the trustees and the Buwr of the charity, is also the Managtng Dlrector of hknnksoft Llmlted. As members of the COmmlty. the trustees. liwng and personal expereS during the star were by the charfty, but they recelved no remuneratfon or relmbursement of expe[5 in cOnE£t7 th their duiies as trustees or memters of key mana8ement Fersonnel durin8 the year to 31 Dec 2024. The MUratIon of the remaining management wrsonnel was £69.75212023 - £33,T391 was pald to the key rnanagement personnell. The key management personnel of the gjbsidiary c(rfnpanles, CCmFYlses Its dlrectors. of tlE director5 of mkSOft Limited or Berd0MUS Limited received ary Temlmeration for their Servi$ to these cc4npanies durlng t year lo 31 Oec 2024. continwl...
Be1mt tsbbe General CIO Notes to Financial Statements - cOntind for the Year Ended 31 Derntrer 2024 12. COMPARAnVES FOR THE STATEIKNT OF FINANCIAL AcnvinES Unrestrtcted fund Restrkted funds Total funds Designated INCOME AND ENDOWME FROM DonatIc$ and legacies 125,132 287 1C6.441 231,860 Charitable activitie5 Supp)rL gf memters of Comrnunily and thelr mlnlstry 15,677 15,677 Other tradir@ actiyitles Investment income Other incomè 174,467 160,860 174,467 160,860 Total 477 766 287 EXPENDITURE ON Raising funds 130.072 130,072 Charltable actIvIe5 Support of mernber5 of the Crmmunity thelr mlnlstry Donat1ry15 and suppLYt of overseas rn1$51ons 349,758 47.095 396,853 13.613 13,613 Total 479 830 Net sain)s on investments NEf INCOMEIIEXPENDITURE) Trartsfers betsyeen funds 53.773 146,8081 92,828 99,793 Net movement in fund5 7,470 1505) 92.828 99.793 RECONCILIAMON OF FUNDS Total funds brought forward 944,515 5,596.662 6,581,266 TOTAL FUNDS CARRIED FORWARD 951 985 132 917 c(tInUed... 27
Belmont Abbe Gertral CIO Noles to the Flnanclal Statements- continued for the Year Ended 31 Decemter 2024 13. TANGIBLE FIXED ASSETS GROUP Long Leasehold Plant, rnachinery hkntor vèhkles Imwovement fixtures Totals COST At 1 Janu4ry 2024 Additions 1.241,049 58,863 1,514,5&) 8,933 82,849 9.695 2,838,407 77,491 At 31 DeML 2024 1,299,912 1.523,442 Z,915.898 DEPRECIATrON At 1 Janu)ry 2024 Char8e for year 811,755 41.974 1,211,964 Z4,443 38.103 33,621 2.061,822 ICQ.038 At 31 December 2024 853,729 1 236 407 Bf)X VALUE At 31 DmLr 2024 446,183 287,035 20,820 754,038 At 31 DeCernr 2023 429,294 302,545 44.746 776,585 CHARITY Long Leasehcld Plant, rnachlnery kjtor vehkles Improvement flxtures Totals COST At 1 January 2024 Addition5 1,213,597 58.863 1,278,046 8,933 82,849 9,695 2,574,492 n,491 At 31 Dernber 2024 1 286.979 2,651,983 DEPRECIATION At 1 January 2024 Charge for year 807,784 998,677 16.893 38,103 33.621 1,844,564 91,390 At 31 DecemtrEr 2024 1 015 570 1 935 954 BOOK VALUE At 31 DeCernr 2024 423.8¢X) 271,409 20,820 716.029 At 31 Dember 20Z3 It Is Llkely that there are material differertes between the on market val5 of the charity's land and trMJil¢thn8S and their book values. TIEse ar7 from the speclalfsed nature of son* proFerties and the effects of infiaiion. The amount of such differe1e5 ¢anMt Le ascertalned without incurring significart costs. which, in opinion of trU5tees, Is not Justlfled In tern)s of nefit to the user5 of accounts. continued... 28
Belmont Abbe Gera1 CIO Ntste$ to Flnanclal Statements - contInd fcf the Year Ended 31 Decemter 2024 14. FIXED Assrr INVESTMENTS CHARITY Shares in group Lm(kbrtakin85 Listed investments Tota15 MARI VALUE At 1 January 2024 Revaluatlons 11)J,CK)2 1,322,233 1,422,235 At 31 Derner 2024 1 347 6(KJ 1447 602 NET BOOK VALUE Ai 31 DecemLer 2024 1(KJ,LK)2 1,347,6( 1.447,602 At 31 D*0mr 2023 100,OJ2 1,322 233 1,422 235 GROUP NET BOOK VALUE At 31 December 2024 There Vre no Investment ats outside UK. Cost or valUatic at 31 Derner 2024 7s represented by: Shares in group undertakiro5 Listed Investments Totals Valuatifm in 2024 100,LX>2 1,347,6(X) 1,447,2 NB. Shares In grcup uwhyertaklngs are ellrninated on c(fft5010dated. continued... 29
Belmcnt bbe GerEral CIO tes to the Financial staterrnts - contInd for the Year Ended 31 Derner 2024 14. FIXED Ass INVEsfMENTS- contlnued The comFkinys investrnent5 at the balan sheet date In thè sharè capftsl of companlès Includè the follovAng: hknnksoft Lknlted Registered office.. Belmont Abw. Ruckhall Lane. Herefd. HR2 9RZ Nature of business: guest house Class of share: Orthnary holding 31.12.24 31.12.23 gregate capital and reseTves (Lossllprofit for the year/L¥l 107,686 117,018 The Charity has a wholly trading 5ubsidlary. hknikwjft Llmited, cpanY Registration Nnr 02315916 IEngland and Wales). A summary of trading results is sl¥)vm below. 31.12.24 31.12.23 Turnover Cost of sales 417,314 180,0891 Z19,050 80,7621 Gr055 Proflt 237,225 138,288 AdminE5trdtive expenses 193,9)41 145,3711 Interest recefvable Profivllossl for the flnandal year 143 332 Profit covenanted to parent 152,664 75,904 ¢(tinUed... 30
Belrntht Ab Ger*ral CIO Notes to the Financial Statements . contin for the Year Ended 31 Decemter 2024 14. FI0 ASSET INVESTKNTS- contlnued Benedornus Limited Registered offi. Belmont AbLw, knkhall Lane, Hereford, HP2 9RI Nature of buslness: h%3nagemeni of real estate Class of share: Orthnary )Iding 1(KJ 31.12.24 31.12.23 Aggregate capital and reserve5 2,901 2,901 The Charity has a wholly owrEd trading subsidiary, Bd0MUS Limited, Company Registraticfi Nlwnter 02727844 (England and Wales), is involved in the management of house5 at Belmcnt Abbey. A yjmmary of tradang result5 Is 5h¢)wn below. 31.12.24 31.12.23 15,547 7,623 C05t of 5ale5 Gross Profit 15,547 7,623 Adml)istratlve expenses 113,5471 16,6231 Interest receiydble Profttlllossl for the financial year Profit covenanted to parent 15. INVESTAIENT PROPERTY GROUP & CHARITY FAIRVAWE At 1 JanLHry 2024 Additlons 3,489.828 957 320 At 31 Detsrnr 2024 NET BOOK VALUE At 31 Dernber 2024 At 31 DeceMr 2023 3 489 828 During the year to 30 Juw 2021, the charitys predecessor charity comrni5soned profess5onal valuations of the investment land and properties transferred to the charity wSth effect from midnight on 30 JLne I£1. The trustees are of view that these professional waltIonS tontlnue to represent current market val5 of the land and propert(es. Cctinued... 31
Be1rnt Abbe Gereral C Notes lo the Finandal Statements . contlnLEd for the Year Ended 31 Decemter 2024 15. INVErA1Etr PROPERTY- continued Sunderlands LLP, Offa Hwse, Hef0rd Ichartered SLtyvey(Ksl vald the thariW5 interest in premises leased to NHS Property Semces LlmltÈd at £1,Eo),tm in Z021. The tnjstees have reWed thls valuatfon a5 at year end and are of t1 opinion that there ha5 been r material fluctuation in the market value SI& the Waluatl. Tly have bad this on current market rates. Balf(AJrs LLP, Whlifleld, Hereford (Chartered Sur¥eyorsl valLEd the charlty'5 interest in 10 St Michaels Court, Abbey Jge 1-3 Wcxjdvlew, 1 Abbey Cottage, 2 Abbey Cotrage, land at 14erryhill Farm, land at the Golden Post Fleid in the totsl surn of £1,550,OCtJ in 2021. The trustees haNE revivwed these valuations at year ended and are of the Cfjlnlon that there ha5 been no material flucaLlOn in the market value slnce the valUatiC5. TW have based th1$ (m current mart rates. Turner & Company, Chartered NeY0r5, 5A St Peter's S(yMre, Heyeford, valued the Trust's Interest in Fwley Lodge and the Bookshop, (both lea¥ed to the Trusys subsTdiary, Monksoft Llmltedl, at £515,IJCO in Dernber 2016. The trustee5 have rewewed thls Wdluatlon as at the year end and are of the oplnlon that there has been no matertal fluctuati1 in the market Val sirLe t*cemter 2016. 16. DEBTORS: •[urS FALLI DUE WITHIN ONE IEAR GROUP 31.12.24 31.12.23 Trade debtS rnotmt5 owed by grcwp wdertakings 1Xr debtors VAT Prepayments and accrued Income 110,129 75.178 42,105 32,0)8 CHAIRTY 31.12.24 31.12.23 Trade (lebtfxs Amounts owed by 8rwp undErtakings Other debt5 VAT Prepayments and aCd Income 25,666 28,480 19,317 118952 17. CREDITOR&. AMOUFs FALLING DUE WIThIN ONE YEAR GROUP 31.12.24 31.12.23 Trade ¢redlt¢xs Soclal security and other taxes VAT Other creditors Accruals and deferred Incclne 10,543 5,134 31.703 8,829 7,393 10,318 1Z.738 127 524 183 324 continued... 32
Be1m)t General CIO )tes to Financlal Statements - contlnLd for the Year Ended 31 Decemter 2024 17. CREDITOR&" AhlOUNTS FALLING t wrrHIN ONE YEAR - ¢tsntlnued CHARITY 31.12.24 31.12.23 Trade creditor5 Soclal secutlty and otlrr taxes VAT Other creditors kcrua15 and deferred income 29,126 174 7,393 2,814 1,362 99.109 125.081 110 931 162 551 18. ANALYSIS OF ASSEfs BETWEEN FIJNDS 31.12.24 Total funds 31.12.23 Total fund5 Unresirlcted fund Restrfcted funds Desigted Fixed asts Investrnent5 Current assets Current liabilities 754,038 5,794.748 1973,8791 754,038 5.PM,748 559,731 127,5241 776,583 4.812,063 1,274,n7 182 3241 1,434,176 127,5241 99,434 1.306.652 5.574.907 99.434 6.980.993 6 681.059 19. hlOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.12.24 At1.1.24 Unrestrirted fund5 General fLbnd Designated - Retirement fLmd Designated - Vaughan and Bet tNJilding fund tlesignated - Trainlng fund De51gnated - Tangible fixed assets fund 951.985 4,680,octJ 423.512 168.8451 1.3¢ts.652 4,0,(0) I(,oL1 39,574 1CKI,(KJO 40,869 1,295 91 3901 6,548,142 333,417 6,881.559 Restricted fund5 Friends of Belmont AbLYy fund Peru Fund North Wing Development Fund Ukralne Fund 13,045 4,529 114,128 1,215 615 134,TJ81 690 501 13,É60 130,2091 114,818 1,165 132 917 TOTAL FUNDS 6 681059 299 934 69W993 continued... 33
Belm¢Jt Gerral CK) tes to the Fh)ancial Staternents- continued for the Year Ended 31 Decemter 2024 19. MOvEmEP IN FUNDS. contlnued Net mc>vement In funds, Included In the atrthe are as follow IomIng resour5 Resources expended Gains and ioss emert In funds Unrestrfcted funds General fund tlesignated - Training fund De518nated - Tangible flxed assets flmd 1,410,9fAJ 1.Z95 11,012,761) 25,367 423,512 1,295 91.3901 91,3901 1,412,201 11,104,151) 25,367 333,417 Restrirted fund5 Frpnds of 8etrn¢mt Peru Fund North Wing Develqjment Fund Ukraine Fund 615 6,2) 6W 615 134,n81 690 140,9881 16,485 49,9681 33.4831 TOTAL FUNDS 1,154,119) 299 934 Comparatfves for movement In funds Net movement in funds Transfers between fund5 At 1.7.23 31.12.23 Unrestrkted funds General fund Designated - Retlrement fund tle518nated . Vaughan and Benet lyjlldlng fund Deslgnated - Tralning fd Designated - Taiwible fixed aSS fund 944,515 4,680,IXD 53,773 146,3031 951,985 4.6),1) 1Crf),CKX) 39,287 1,( 39,574 287 47.CB51 6.541,177 6.965 6,548.142 Restricted funds Friends of Eeknont fund Peru Fund North Wlng Developrnent Fund Uknaine Fund 12.940 12.213 14,Qh)8 928 105 17,6841 1C4J,120 287 13,045 4,529 114.128 132 917 TOTAL FUfr4>S 6 581 2É6 ctinUed..
Belrncffit Ibbe Gereral CIO Notes to Financial Statements - contin¢Rd fcf the Year Ended 31 DeMer 2024 19. AIOVEMENT IN FUNDS- contlnued ComF44ratfvè net movement in funds, included in thè ab)ve are as follo Incorning reSty5S Resources expended Gains and losses errEnt in funds Unre5tr1cted fund5 General fund Designated - Training fund Desl8nated - Tanglble fixed assets fund 477.766 287 1479.8301 55,837 53.773 287 478,053 1526.9251 55,837 6.965 Restrfcted funds Frlends of Belmont AW fund Peru Fund North Wlng DevelorAnent Fund ukrai Fund 105 1,903 1LK>,120 105 (7,6841 1LK),120 287 19,5871 13 6131 TOTAL FUNDS The incorne funds of charity include restrfcted funds comprislng the folLorIg WXFended balances of donadons and grants ld on tnJsts to be applled for Sf[C purw5es. The specific purpose5 for which the funds were to te applied are as follows: Frlt)ds of Belmont ALey fund Thè Friènds ol Belmont Abtey fund was e5tabli5hed with th)nati¢$ reived the general upkeep on the monastery. Peru fund The Peru fund was Inltlally set w) In 1984 tOflw the e5tablishm2ntof a deFendant monastery in Peru and to SLVPXt the work of the monks in Peru. North Wing Development fund The North 'ng Development fLmd was estsbifsw wlth donatfons re¢eived for the refurbl5hrnt of Nrth Wir4 of the monastery for guests. The fL#)ds of the grLW and charity irKluded the following de5i8nated funds which were Set aside out of unrestricted funds by trustees for speclfic purposes. These fd$ were transferred to the Belmont Abtw General CIO at midni8ht on 30 Jur 2021. Ukraine Fund This was set up followlng thè Ru551an Invasim of Ukraine in February 2022 and the call by UK governnEnt f accornm(Klation for Uknainian refugees. Local parishioners, working other inter-denominalicnal groups, in Herefordshire, asked the Abbey if il ctyjld manage t funds they raised tosupp)rt thelr alms. FLbnd 15 controlled by the charity on the advice of the local suptx>rt group. Retirement fund The retirement fund reprented monies set aside by trustees to loc* after monks In thelr retlrement. conknnued... 35
Be1mt Ab Gereral CIO Notes to the Financial Statements- tontlnLd fcK the Year Endèd 31 DeceMr 2024 19. AIOVEMENT IN FUNDS. contlnued Vauan and Benet bullding fund This fuTh1 was set up in 2015 to be reta?ned for anyfutwe repairs to the chaTiWs Vaughan and BerEt Ixjildings. Tse Ajlldlng were irKluded within investrnent proFerties. Tralnlng fund This fund was set up in 2012 using a leBacy received by Father Dytrig to be used for edtI and tralnlrry wlth the Belmont community. Subsiditiry furb The subsidiary funds rewe5ented the net current assets the charlty¥ two subsldiaries and as re not availaile f(x general use by the charlty. Tanglble fixed a55et fund The tangible fixed a5set5 fund represented the rEt lYk value of charfW5 tanslble flxed assets ud for the support of the members of the cornmlty and their minlsty- A declsfj was made to separate thls fund frcm the gereral fund In reco4nition of the fact that the assets are used in the day-ttrday work of the charity, and the fund valLE W)uld not all$ale easlly ff need to meet future contingetKies. CONMNGENT LIABILITIES Irluded withln the cost of freehdd land and J11thngS of the group aThJ the charity are costs asgxiated with the restoration of Belmcnt Abbey. The original costs of this rest¢xation were ftjnded by a grant trtalling £827.494 from the Heritage Lottery Fund. In event of the sale or dlskK)sal by other mèans of any of the assets for vthKh the grant was received prior to DeCeMr 2024, charlty may required to repay immed5ately ary grant lch has Ln recefved. 21. CAPITAL COhthllThlENT5 31.12.24 31.12.23 Contractèd but not prded for in the fknandal statements Durin8 th? pertC¥J to 31st Decemter 2024 the North Vng development comrnenced, as deKrid in the tru5tees' port. The total contractw fees that have been cornmitted to at 315t Decemter 2024 are In reglon of £611,C(il 12023: £650,¢JXII, all costs inCued to date have been irlUded in the aCCoLts. 22. RELATED PARTY DISCLOSURES During the year to 31 Dec 2024, the charlty recefved le IOrne of £48,331 12023: £24,165) and rental of £8,7Ck) I2023= £4,350) from Belmont Ablw Mission CIO ICharSty Reglstratlon Number 11912211. which Is uThJer comrTK)n control. There were no other related party transactlons dwfng the year12023 . none). continued... 36
Belmont Abte Gerra{ CIO Notes lo the Financial Statements- contind for the Year Ended 31 Decernr 2024 23. ULTW&ATE CONTROLLING PARTY The chartty, whlch Is ¢onstltuted as a trust, was ¢ontrrAied thrwghout the by Engllsh BedIctne Communlty of Ee[mt AbLey by rtue of fact that the Abbot of the ccmmunity, also knoNw¢ as the controller, and is app)inted by the members, and he and Community appoint the trustees. The Ccmnrnunity ¢Jes not hold any assets. incur liabilities or enter into any transKticns in its own right. Assets and Ilabilities of the Communlty are vested fn the trustees of the char(ty, who undertake all transactions entered into in the ccvrse of tl Community's charitable activities. PENSION CONTRAcrs The charity ¢trIJJted to a deferred amuity Contract adminlstered by charlty to provide benefits in resFect to individual mernters of the Ccfflrnunity. Under terms of the deferred annuity contract the a5ts are Invested In a Wlth Profits Deferred Policy on the lives of certain scheme members to prowde a pension on the rrernber reaching the norrnal vesting date, whlch Is the age of 70. Th2 lItY also IrKlud25 a guaranteed cash option at ncYmal vesting date under which the tharity may exchan nsIOn for a cath sum to be used in XKh manrer a5 the trustees de¢lde. The deferred annuity contract continued... 37