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 ACCO￿tants
Statutory AL￿llOr$
2 Wyevale 8u5ine5s Park
Kinss Acre
Hereford
Herefordshlre
HR4 7BS

BeImc￿t General CIO
Contents of the Final￿la1 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￿ S￿t
15
Consolidated Cash Fl¢)w Statement
16
Notes to the Cash Flow Staternent
17
Notes to the Finanaal Staternents
18 to 37

Belmcfftt
Ge￿ra1 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
R￿khaIl La
Belm¢￿t
Hereford
HR2 9RZ
REGISTERED COIIPANY NUMBER
CE022252 (England and Wales
REGISTERED CHARITY NUMBER
1190J35
AUDITORS
Thorne Widgery Acctyjntary Ltd
Chartered Acco￿tants
Statutory Auth"tors
2 Wyevale Buslr*ss Park
Kings kre
Hereford
He￿fOrdShire
HR4 7BS
SOLICITORS
Lamte ccffj￿r 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 Ger*ral CIO
Re
rt of the T￿￿tee$
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 De￿mber 2024. tnjstees have adopted the provislons of
AccoLntingand Reporting bycharities: Statement of Reccmrnended Practlce applicable to thwltles preparfn8 t1￿1r 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
Be1m￿L 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. Alt￿et￿r there are 30 monks120 in the UK and 10 in Perul I'lhe Comrnuniwl, who engage in
pastoral, retreat, ed￿atIonal and other work. Some are still St￿Y7n8, whilst others are reti￿d.
OBJE￿vE5 AND ACTNITtES
Specific objectives and activitie5
MISgON
The charity's objectiNE is to sUprm￿ the reliw¢)u5 and other charitatrAe w￿k carried by ￿n￿r$ of the Comrnunity.
The pri￿7paI 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 CC￿erS7on 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￿$) in the Abw Church, in the
Mtsna￿ery In Peru and el*vkne￿. Both at eelmont Abbey and In Its de￿nde￿Ie$, members of the charity are involved in
parlsh, pastoral and ret￿at 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, yo1￿teerS or parishIc￿er$. 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, i￿1￿￿n9 the ed￿atic￿ of rew mernters of the C￿munity 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 Ge￿13[ CIO
Re
rt of Trthtees
for the Year Ended 31 Decemttr 2024
oBJE￿yEs 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)d￿l¥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 tOget￿r In cholr
every day. These *rvices are oFen to public ￿rticIpatIon. It is this work which rnakes it ￿K￿51ble 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 rA￿se of Lurin. This monastery forms a separate charity under Peru￿an law. Its life reflects
that of the MOt￿rho￿* 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 mem1￿r$ and a numEEr of YO￿4er ￿￿rn￿rs who are in f0M￿tIOn.
Parlshes and pastoral work
Ttr￿ charityaitns to 5UPPOrt and pr¢Jnote the SPIdt￿l, 9xial atkl charitable work of thecatholic Ccrnrnunityin Herefcfd5hlre
and elsew1￿re. The Abbey Chwch also 5erve5 a5 par15h church for Par5sh of BelmonL
Parl$￿$ trel¢Jnglng to the ￿Chdi￿e8e of Carth'ff and P*knont Abbey Mission CIO have Farish wlests prO￿ded by the
Community.
In ad<litlon. the charlty undertakès many Initlatlves, trL)th spiritual and social. to prornote the ￿tIlbeIng of all age ￿0upS
throUgh￿t these parishes.
Educatlon
Education of
cwn
Thls was a major ￿tfi￿tY of the charity until Belmont Abtey Schwl c105ed in 1994. Sln¢e then, e(knatlonal vtslts from
schoJ15 of all derK)rninatiL￿S 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 rn￿ks. 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 rn￿ks organises a largè team tsf volunteers, both helcome wsitors
and show thern arwnd. There are also Occasi￿al recitsls and concerts given by choirs aThJ musicians, incI￿1n9 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.

Belffl￿t
General CIO
Re
rt of the Tnrtees
for the Year Ended 31 De￿rn￿er 2024
oB￿cnyES AND ACTNlnES
R•tr*ats and hospltallty
In normal circumstances retreats and hospltsllty are prfrnarily provl(W thrwgh Aknnkxjft Limited, Belmont's guesthou
Hedley Lodge. Th15 has pr￿ded meals, accommodauon, f￿ctIonS and conference5 for wsitors and a150 has accommcmjated
people wsitlng Belmont Abw on retreat or for other pastcral purposes. The S￿SthOuse kbtchens also wpplied catering to
the rnonastic comrnunity.
In adthtion, the facilities of Hedley Lodge were also made available to local Ccmm￿1[tY and cha￿table ￿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 othern￿Se 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 rene￿Ed guesthouse OFen to guests again.
Publlc beneflt
In formuiatlng charltys alms Ènd In piannfng w￿k of the member5 of the C￿rn￿lty, the trustees ha￿ had regard
to the general guidance wbllshed by the Charlty C£ynrnis￿0n on public benefit. The trustees belie¥e that the Abbey and
works of the monks have infLuen￿d morals and attitudes of those w51ting the Abbey for retreat or wayer, as well as
ethancing their spiritual wellbeing. The trustees. by maklng t*Jnatlons 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 coMrn￿1(ate5 with donors and other suppM)rters. It t*es
care with both the tone of cornmunication5 and the acojracy of its data to min7mise the pressures on sUp￿rterS. It applies
best practice to protectsupporters'data and neversellsdata, never swaps data and ensuresthatcc*))munlcatlon prefere￿e5
can Le changed at any tlme. The charity rnanage5 its fundraisin8 activit￿$ and does not employ the *rVi￿$ of
professlonal f￿dral$erS. It undertakes to re&t to and Iiivesilgate ary crrnplaints re8arding fundraising activifjes and to
leam frcm thern and irnprove Its serytce. Durlng year, there were no cLmplalnts abcAK fundra151ng &Uvities.
Investment ￿licY
There are Th) restriclicns on the charfty's to Invest. ThrwghoLrt the year thè tru5tres' investment athiw5were ￿lIter
Cheviot Lirnited, who have been provided wth an investment pollcy statement whfth wowdes gtmdance a5 to how the asset
managementfunctions delegated to them slwjuld IE exerclsed. The tA)licy staternent was formulated with a vlew to en$u￿n4
that asset management functlc*7s are exerclsed ¥￿thIn the t￿St interest5 of the charity.
The twstees. investment objectwe is that the real Val￿ of the chariws assèts be maintained and enhan￿d 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 en￿ronMental c￿CeM5 in all in¥e5tment dectSTons. Repre￿ntativeS of the tnLStees re8ularly
dfiscu￿ vAth the Investment manager5 the tRrforrnance of the portfolio and the investment strategy.
The tha￿ty 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 C￿Viol Limited of C54,145.
Property In￿Stment pollcy
The charity ha5 a nurnber of propertles which it rents to tenants at commercial rents. The market value of these proFertles
Is cOn￿dered to be £3,516,460.
Ernployee5
The charity strives to Ee an e¢wal OPPLYtunities employer and applies objective criteria to a￿sS rnerit. It alms to enwre
that ￿ Job applicant fx emploste receive5 les5 favowabie treatment cm ￿ grouThJs of age. race, cdow. natsonallty.
relig1￿, ethnlc or na￿onal 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, cow*s 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 refurbiS￿d gue5thou¥e is reopened. These attract
rnany peoFle of all faiths and of nr￿e. 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 I￿ndred 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 COnfere￿e centre's
tralnlng facillttes. The tharlty seeks to supk¥)rt (athdic edL￿allon 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 Be1rn￿t and in Peru, the Divine Office is s￿8 by the mr￿kS every day. In all our thurthes and cha￿ls, 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 CC￿Vent. 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 Cc*id-19 pandemic has continued to irnpact our wc*k.
Our commercial am), hk)nksoft, saw the cessaticffi of normal crynmercial actI￿tIeS 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 th￿kfUl. tryjt there is no Sign of a
sustained change to the declire in recent decades.
The cifftmunlty discussed the best use of our I￿1(￿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 mC￿aSteryWhIth 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.
I￿oMe 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 Decern￿r 2024 amo￿ted to £332,619(2￿43.
£174,4671. Income frc*n 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).
E￿ndIture 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 DeCern￿r 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 t￿Tr 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 De￿rnber 2024 totalled E49,96812023.' £13,613).
Net eXr￿dItUre 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 i￿reaSe in funds for the period to 31 December 2￿24 perlod, therefore.
arn￿nted to £299,93412023.' E99,7931.
Inv•stsn•nt F*rformanc•
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 I￿rea￿d In value durfng the year, glving ri* to net investment gains of £25,367 12023:
£55,837).
Investment Ffoperties prc￿￿ed rental incOw￿ of £322,344 during the year to 31 December 2024 I2￿23. £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 sUp￿rt the work of the Ccffirnunity. and to CO￿ wth the risks and Un￿rtaIntieS of the future.

Belmcfflt Abbe General CIO
Re rt of the Trustees
for the Year Ended 31 DeCeM￿r 2024
rnTEGIC RÉPORT
Flnanclal revlew
Flnandal posltlon
The baiarKe 51Eet at 31 DecemLEr 2024 5h¢)ws total fl￿dS for the group of £6.980,99312023: £6,681,059).
These funds Indude an amcyjnt of £99,43412023: £132,917) which is restricted. These Mc￿leS have either been raised for,
and t￿1r use restricted to specific purposes, or they cornw5e donatlons wbject to (*)nor-Impo*d 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 PUrp￿￿S 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 rneM￿rs 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 f￿￿e.
c1¢J),(￿ has been set aside towards the cost of future irnprovements to, and rna1ntena￿e of, the Vaughan and Benet
building which is rented out to NHS Property Services Limited.
£￿,869 has been Set a￿de toward5 edLfatlgn arml traln5ng ￿th1Th Belmont Community.
The tan￿ble fixed assets fund equal to the net bwk value of the tanqlble flxed a￿ets and amcwntlng to £754,038 {2￿23.
£776,583) ha5 been identified as a separate f￿d 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 m￿t futsre commltments.
Further detai15 of the purp￿eS of the designated funds and an analysls of tlE m￿MentS on the funds are *t out in note
19 to the accounts.
General f￿d5 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 CL￿tent 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 u￿ra7￿ 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.

Be1rn￿t Ab
General Ch)
Re
of the T￿￿tee5
for the Year Ended 31 r￿ern￿r 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￿￿$7b1e for taking an
oVe￿W to ensure that all risks emanating frm the charitys aCti￿tieS are woperly managed.
Detalied conslderatlcms of rlsk are delegated to those resFonslble for the super￿s7on of dlscrete ￿tl￿tIeS undertaken by
the charity. These individuals formally review their risk map on a regular basis and at least annually. Each of tkjse
responslble ￿￿￿ts annually on their risk management aCtI￿tIeS to the tntstees. The repcrt confSmis whether or not rlsks
have teen rewewed and highlights any specific risk is5￿ if aFolicable.
The trustees belleve that byfollowing tt*se pro￿dure$, m(ffiitorfng reseNe levels, enyjrlng controls exlst over key fina￿Tal
Sy5tem5 and by exarnining the 0￿rational 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 hiS￿c31 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 a￿th￿Ise 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 cr￿stitutIOnS of tl
Engllsh Be￿dICti￿ Constltution. Consent is required for any project TnvoI￿r￿ extraordinary expen(liture exceethng
£180.(KM) evn(lit￿e 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 pro*ide care for the memt*rs. 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 re￿eW
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 I￿1p.
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 meM￿r$ 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 DI￿l05ure and Barring servi￿ IE8SI. The trustees are cornmitted fully to implernenling the
polic￿5 of the Catholic Safeguarding Standards AgeKy ICSS41 under the direction of the established RLSS
(Rellglous Llfe Safeguardlng Se￿Ce). The Belmont Par15h wll continue un￿r 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 s￿h rnemtrRrs throughout the often protracted pr¢xess of Investlgation
and WcThJ.
Investments

Be1m<￿t Ge￿ra1 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
de￿￿ndent 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 rn8￿ger 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
ACcO￿ting Standards (United Kingdom Generally AC￿pted 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, I￿Luding 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 I￿eMentS and eslimates that are reasonable and wudent.
epare the financial statements on the going con￿rn basi5 unless It Is 1naFfJro￿ate to wesume t￿t 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 2￿6. 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 t￿MSelveS 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. apprO￿d 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£M￿r5 of
Be1m￿t Abbe Ge[￿ra1 CIO
Oplnlon
We have a￿lite{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 DeCem￿r 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 t￿Tr ended.
ha%t been woperly prepared In accordan￿ wlth Unlted Klngdom C*rerally Accepted Accountln8 Practlce. a￿1
hale been wepared in aCcOrda￿e 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 AudItC￿5, 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 r￿ponsibl11t1eS in accordanc? with these requirements. We belieNp that the a￿lt 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 fina￿la1 statements is approwlate.
Based on the work we have ￿rfQnned, ￿ have N)t Identlfled any materlal urcertslntles relatlng to events or conthtions
that, Indi￿d￿alLY or collectively, may cast Sl8nrficani doubt cn the CIO and group's abTlity to continue as a going cc￿￿r￿
for a Feriod of at least t*plve rnonths frcth when the fin￿￿al rtaternents are authwi5ed for i55ue.
Our resPY￿1b7lI￿7es and the rest•Jnsibilities of the trustee5 With resFect to going (￿Cern are descrited in the relevant
sections of thls re￿t.
Other irfonnation
The trustee5 are res￿nsible 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 d￿5 not cover the other information and, except to the extent Ot￿rWIse explicitly
stated In wr repor¢ we not exwess any fomi of aSSUrar￿ CO￿luSIon there(m.
In eonnecknon wih our audit of the financial statement& Oltr restKffisibility Is to read the other Infomiatlon and, In dol
so, consider whet￿r the other informati(A) is materially InC￿s7stent with thè fin2t￿l41 ststements ￿ our knowledge
obtafj￿d in the audit or otherwi* ap￿arS to te materially misstated. If we identify such material Inconslstendes or
apparent materlal mlsstatements, we are requlred to detemiine w￿ther 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 Alem￿r5 of
Belmcnt Abbe GerEral CIO
Matters on whlch we are requlred tr* report by exception
We have nothin8 to report in respect of the follo￿rt9 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 rec￿dS 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 eyplanaiic￿s we require for otJ audiL
Responsibilities of trustees
As explair￿d 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 frc*n 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 Cr￿sidered rnaterial if,
individually or in the aggregate, they C￿ld rea5￿ablY be eypected to Influen￿ the ecorK)rnk dedslons of users tsken on
the basis of these 7Lcounts.
Irregulartties, fncludlng fraud, are InStan￿S of non-comp11a￿e with laws and regulations. We design Pr￿edureS in lire wth
our rtrsponslbllllles, outifned a￿Ve, 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 res￿nding to risk5 of material rni5Statemont due to fraud
To Identify risks of material misstatement due to fraud 1'fra￿j risks") we a￿ssed 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, Susk*C￿ or alleged
fraud.
o Reading Trustees, meetings and finance c¢Ynmlttee rninutes.
o Considering ￿rfOrn1ance targets for management. We cornmunicated identified fraud risks throUgh￿t the a￿[t team and
rernained alert to any indications of fraud thr(xJghout the audlt.
As requlred by a￿litIng 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 eLCo￿ting 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 Pro￿d￿eS re￿rdIng compllance wlth laws and
regulatiL¥)S.
We communicated identified laws and règulatlons thrtyJgIw￿t 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 ccrfnpIla￿e
these law5 and regulatIf￿$ as part of our Pr￿edureS on the related finarKlal statement items.
Secondlyi the CIO and group is subject to many otlEr law5 and regulaticTh where conseq￿nCeS0f n￿CoMplIar(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 corresponde￿e, If any. Therefore, If a ￿￿eath of operatI(￿al re8ulatlons
Is not disclosed to U5 or ewdent from relevant cCfreWde￿e, an audit will not detect that breach.
Context of ability of autht to detect fraL*I or breaC￿S of law or regulatlon
I￿1n9 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 perfc*med 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{Kedu￿S 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 res￿n$7￿Ae for preventing nm-cornpliarKe or fraud and cannot be eX￿rted
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 Cou￿11'S
webslte at www.frc.org.uk/auditorsrespcfftsibilities. This dexription forms part of our a￿lItor'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)l￿ed by law, we do ¢￿t ac￿pL or assume respKJnsibility to an￿e 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 ACC￿Jntants
Statutory Audltors
2 Wyevale Bu5ine55 Park
Kings Aue
Hereford
Herefordsmre
HR4 7BS
rKy Ltd
Thorne Wl<l4¢ry Charte￿d ￿cOuntaI￿Y 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 ￿tl￿tIeS
for the Year Ended 31 DeceM￿r 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 le￿cleS
679,033
1,295
16,485
696,813
231,860
Charttable actlvbties
Support of rnern￿r5 of the
Community and their ministry
32.587
32,587
15.677
Other trading aCti￿tieS
I￿estInent 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 ac￿VItIes
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 Ger*ral 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
CRED￿oRs
Amounts fallfng ￿thin ore >far
1127,5241
1182.3241
cuR￿NT ASS￿5
432.207
1 (A2 413
TOTAL ASSEfs LESS CURRENT LIABILlnES
6,9￿),993
6,681,059
NET ASSETS
69￿993
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 fIr0￿la1 statements
14

Belmont Ab
Ger￿ra1 CIO
Balan￿ Sheet
31 De￿rnber 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
ReStr￿ted f￿dS
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 t￿se flnaKial statements
15

Be1m¢￿t
Gen2ral CIO
Cash Flow Statement
for the Year Ended 31 De¢ern￿r 2024
Period
1.7.23
Year Ended
31.12.24
31.12.23
Notes
Cash flows from operatlrry actlvltles
Cash ge￿rated 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 pro￿rtY
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 reE￿rt1Thg 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 Fir*ncial
Actlvttlesl
Adju5trnents for:
Depreciation charges
Gain on investrnents
Profit on disposal of flxed assets
Interest received
Decrea*llincreasel in stock
Decrea￿lI1ncrease1 in debtors
IDecreaselli￿rease 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 aCCo￿t$ have ￿en prepared under the historfcal cost conventlon wlth Items recc4nl*d at cost or transacti
value unless otheTh￿Se stated the ￿levant attountlng p)Ilcles ￿loW or note5 to tI￿Se 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 PL*Jllc beneflt entity as deflned ty FRS 102.
The ￿coUnt5 are presented in sterling and are r￿jnded to the nearest ￿und.
Basls of corfjolidatlon
The con￿￿7dated 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 aCcoun￿ng 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
exp￿lture on charitable activities;
assessing the recoverability of any debts and the ￿ed for provi51on a8ainst doubtful or bad debts.
the Judgements made by the tru5t*5 and rnana9e￿￿nt 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 exFend￿Ure flows of thè charity fi￿ the purp05e5 of a￿ssing going cryKem.
Assessment of sDfjng concern
The Trustee's have assessed weather the use of going COn￿rn 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 appr￿al of
these financial statements, as hpll as consideration of the prior years where tI￿se have a material s1gn1f1can￿
the l￿dL￿tIonS made for futwe outcomes.
In t￿1r assessment they ha￿ considered the busine￿$ finarKTal Indicators, any posslble fIna￿Ing dlfftultye5,
operatlonal Issues, and flnally any slgnfflcant extemal factor5 that rnay impact on the ￿l$lneSS in a Fh)Sitive or
rwtive way.
The company ber￿fited frorn benefactcfs in 2024 providing signlficant IKome. lthllsl these are not ¢ertsln, t
forecast for 2025 shows a conlinualion of this re￿nue stream.
Slgnificant b￿ldIng work wll be completed in 2025, giving its trading arm, knlfsoft an addltlcmal 8 r￿m$ on short
term let, and 10 r00rn5 on long terrn let. Gfven expected Iradlng le¥els the hkJnk50ft income sh￿Id 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

Be1rn￿t Abbe Ger￿ra1 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 res￿reeS to meet thelr Ilabllllles as the fall (kne.
Income recognition
Incorne 15 rerogni*d 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 re￿Ived.
IrKome is deferred only when the chartly has to fulfll t￿dItIOnS before becomln8 entitled to It or where the dc￿Or
has Specified that the inccffle is to be eynded in a future accc4Jnting [eric￿.
Income cornw*5 donations and les￿leS. 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.
DOnati￿S, i￿LUdIng salarfjès and penslons of lYKJlvldual rellglous rÈceSvèd under Glft Ald or deed of toN*nant, 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 aCc￿￿d for W￿re the re￿ipt 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 f￿fIlLed In the
reFx)rtin8 period.
In a(c￿￿a￿e w6th the Charftles SORP FPS 102 volunteer t(me Is not recognlsed.
Legacles are fncluded fn the statement of flnandal aC￿VIlIeS when the charity is entitled to the legacy, theexecutors
have establiS￿d 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 I￿en 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 re￿IVed 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 diStri￿tIon. 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 n*t, 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 r￿C￿nIsed 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 ha￿n# been transferred to charity.
Income from other tradlng a¢tfv(tie5 t￿nprI*S 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

Beimc￿t Abte Ger￿ra1 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 cOn￿deratI￿ recelved OT re￿7¥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 flna￿la[ aCtI￿tIeS 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 acc￿1$ 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
expen*s, including costs, are allc(ated or apportfjo￿d tr) the applTcatAe expenditure headings. The
classificaticn be￿￿en activlties Is as foltows:
£xFendltwe comwl*s the fcI1¢￿In8.
al Expenditure on raising fund5 ccfjnprise5 the following..
Direct costs associated with the dellvery of s￿￿dIary ¢ompanV5 *ryices a5 well a5 general
administrati%* supw>rt C05Ls.
Fees paid to investment managers in connection wfth the management of 4rwp's and C￿￿rIty$
investments.
bl Expen(liture ￿ charitable actiwties ccffipri5es the foilrnywry:
Expendlture on the sUp￿rt of meM￿r$ of the Community a￿1 their rnln15try whlch allow5 memtrErs to
carry out the work of the tharfty In Pro￿dIng 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 p￿￿slo￿ 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
suP￿rt costs represent Indlrect charitable expendlture. In c*der to carry the prSmary wrk￿$ of the charity it
15 necessary to provide sUPP)rt in the forrn of Fersonnel d￿tI0￿ment, financial procedwes. of offl
seNces and equipment and a suitable working enwronment.
GovernarKe c05t5 ccThwse c05t5 inw)Iving the public accwntability of the charlty (lncl￿j1n9 audlt costs) and
Costs In reswt to its c(xnpilancÈ requlatlon and S￿d practice.
SU￿rt costs and governarKe costs are allocated to supp¢xt of members of the Comrnunity and their ministry.
contIn￿...
20

Beirn￿t Ab￿ Genèral CIO
Notes to the Financial Staternents - cOntin￿d
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 ex￿￿ed Ilfe exceedlng one year are capltallsed.
Freehold land and bulldlngs
Freeh(Ad land and ￿￿(dIng$, and major irnwovements to buildangs, aTr Included In accounts at C05[.
Depreciati(Xl 15 provided at 1% - 2% trr annurn on a straight line bas65 Sn order to wrlte tTr￿ original cosi of the
buildings off over their estimated useful economic life to the charity.
Also included within freehold land and t￿Ilding$ 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 ec0￿MiC 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 t￿1r 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 enttan￿rnents to an Organ. Ex￿nditUre on these enha￿ernentS 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
EX￿nd1￿￿e M the wr¢ha* and repiacernent of offlce equ(pment Is c¥ltallsed and depr￿fiated 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 as*ts gifted for reteniion in perFetuity (to forrn a prrmanent
record of the Abbey's hlstoryl and whlch are requlred to preserved f¢x their edl￿atIOnal and Spiritual valup, and
through reas(ffiable pubilc ￿￿$5 to t￿m, as a Contr1t￿lICn to the nation's culture and education tKJth rtatio1￿[ and
locally. These ccffiprise numercus artefacts Wh￿ intrinsic value is in part bound up with the AbW'5 history. lknt
of these are irreplaceable originals to which no reliable value can be attmbuted, or to do soynjld Incur an ex￿$s1ve
cosl. An inventory was conducted in 2CN)4 f￿ insurarre wrp05es only. The buildingsconsistof churthes. preSbYte￿eS
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, t￿refore, SU￿ptibie to a rneanin8f￿ Valuati￿ and where there Is no rellabie
information a5 to their cost, they are excl￿ed frorn the acccAJnts.
Investments
Listed 1nN*5tM￿tS are a form of basic financial instfument and are Inltlalty recowised at their transaction vall
and Subseq￿ntLY 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 fina￿la1 instrun*nts.
As noted aLYNe maln fomi of finantial rlsk faced by the charlty Is that of voiatillty in equity mar￿ts and
invesknent market5 dL￿ to wder economic cOnditiL￿s. the attitude of invesLLYs to Investment rfsk, and changes in
sentiment cO￿eming equities and within particular sectors or sub sectors.
crmtinued...
21

BeImc￿t Abbe Gereral CIO
tes to the Flnancial Staternents - continued
for the Year Ended 31 D￿rn￿er 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 pror*rtles are not depreclated.
Realised gaTn5 lor105sesl on Investmènt assets are calculated as the d1fference betV￿en disp)sal prO￿ed$ and thelr
openlngcarryingvalue ortlrir wrcha5e value 15 acquiFed suLtsequen¢ tgthe first dayof the finanfjal year. Unreali5ed
gains and los*s are calculated as the dlfference between fair value at the year end and thelr carrylwa value at
that date. Reali*d and Unreall￿d 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 pre*nt 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 am￿jnt of the settlement can
e estlmated reliably. CredItr￿S are recognised at the amount the charlty antfclpates It ¥￿1[ pay to settle the debt.
They have been discounted to the pre*nt 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 de￿gnated for speclflc purposes ty the
trustees.
The tangible fixed a5SÈts f￿d comprises the net ￿kValUe of chariws tangible fixed a55ets, the exIste￿e of whith
Is fundarnental to (he tharity beingabie to perforrn its charitable workand theretyachleve ltscharitable objertfves.
The value represented by such as￿l5 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 lea￿S where substantially all the benefits and risks of the (Wr￿rshIp remain
the iewr are charged on a straight lir￿ basis over the lèase term.
t￿tfjn￿d...
22

Belffl￿t Gewral CIO
Notes to the Financial Statements - cOntin￿d
the Year Ended 31 DeCeM￿r 2024
ACCCiIKnK POUCIES- contlnued
Pension costs
The group and charity offer their memtership of a defined contribjtlon Fenslon scheme admlnlstered by the NatiC￿al
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 ￿ti*ltieS 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) contri1￿te to a deferred annuity contract administered by charity to ￿de benefits
in respect to Indi￿d￿al memlers of communlty. This ￿lItY 15 ￿1￿ ¥thth Awva.
DONATIONS AND LEGACES
Peric*J
1.7.23
to
31.12.Z3
Total
funds
Year Ended
31.12.24
Total
funds
Unrestrfcted
funds
Restrfcted
fund5
Penslc4)s etc re￿7Vable 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 aCcO￿t InteTh￿t
IrKome from investments
Income from inNtstrnent PTOFerty
5,828
38,3(X)
5,828
38,3LX)
18,f09
continued...
23

BelmMt Abte Ge￿ra1 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 mem1￿r5 of the Comrnunity and
their ministry
Retreats and related Incclne
Stipends recelvable
Contributions frorn Belmont
Abbey Parlsh
17,587
8,177
RAISING FUNDS
Raising dOna￿On5 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 Ger￿ra1 CIO
Notes to the FIn￿Cial Statements- cOntin￿d
fcY the Year Ended 311)ecember 2024
CHARITABLE ACTNMES COSTS
Supp)rt
C05L5 (see
note 81
Direct
Costs
Totsls
Supwrt of [TEMt￿r$ 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, remunerati￿7
Depreciation - owned as*ts
Surplus on disposal of flxed assets
17,611
1Q).038
16,780
47,C85
10.
TRU￿ES. REMUNERATION AND BENEFITS
There were no trustees, remuneratlon or other be￿fits 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 pen￿on 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 gr￿JP 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 COmm￿lty. the trustees. liwng and personal exper￿eS 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 ￿MU￿ratIon 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, CC*mFYlses Its dlrectors. of tlE director5 of
m￿kSOft Limited or Ber￿d0MUS Limited received ary Temlmeration for their Servi￿$ to these cc4npanies durlng t
year lo 31 Oec 2024.
continwl...

Be1m￿t tsbbe General CIO
Notes to Financial Statements - cOntin￿d
for the Year Ended 31 De￿rntrer 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 actIvI￿e5
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 De￿ML￿ 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 D￿mL￿r 2024
446,183
287,035
20,820
754,038
At 31 DeCern￿r 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 De￿rnber 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 DeCern￿r 2024
423.8¢X)
271,409
20,820
716.029
At 31 De￿mber 20Z3
It Is Llkely that there are material differertes between the o￿n market val￿5 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 differe1￿e5 ¢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 Ge￿ra1 CIO
Ntste$ to Flnanclal Statements - contIn￿d
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 De￿rn￿er 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*0m￿r 2023
100,OJ2
1,322 233
1,422 235
GROUP
NET BOOK VALUE
At 31 December 2024
There V￿re no Investment a￿ts outside UK.
Cost or valUatic￿ at 31 De￿rn￿er 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 staterr￿nts - contIn￿d
for the Year Ended 31 De￿rn￿er 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. Heref￿d. 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, c￿panY Registration N￿n￿r 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.
FI￿0 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, B￿d0MUS 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 Detsrn￿r 2024
NET BOOK VALUE
At 31 De￿rnber 2024
At 31 DeceM￿r 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 wal￿tIonS tontlnue to represent current market val￿5 of the land and
propert(es.
Cc￿tinued...
31

Be1rn￿t Abbe Gereral C
Notes lo the Finandal Statements . contlnLEd
for the Year Ended 31 Decemter 2024
15.
INVErA1Etr￿ PROPERTY- continued
Sunderlands LLP, Offa Hwse, He￿f0rd Ichartered SLtyvey(Ksl val￿d the thariW5 interest in premises leased to NHS
Property Semces LlmltÈd at £1,Eo),tm in Z021. The tnjstees have r￿eWed 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 ba￿d
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 fluc￿aLlOn in the market value slnce the valUatiC￿5. TW have based th1$
(m current mar￿t 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 De￿rnber 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: •[￿u￿rS FALLI￿ DUE WITHIN ONE IEAR
GROUP
31.12.24
31.12.23
Trade debt￿S
rnotmt5 owed by grcwp wdertakings
1X￿r 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 debt￿5
VAT
Prepayments and aC￿￿d Income
25,666
28,480
19,317
118952
17.
CREDITOR&. AMOUF￿s 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 - contlnL*d
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
Desig￿ted
Fixed as*ts
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 Be￿t 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(￿,oL￿1
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 Ger*ral 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
I￿omIng
resour￿5
Resources
expended
Gains and
ios*s
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 f￿d
Designated - Taiwible fixed aS￿S 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
c￿tinUed..

Belrncffit Ibbe Gereral CIO
Notes to ￿ Financial Statements - contin¢Rd
fcf the Year Ended 31 De￿M￿er 2024
19.
AIOVEMENT IN FUNDS- contlnued
ComF44ratfvè net movement in funds, included in thè ab)ve are as follo
Incorning
reSty5￿S
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 folLo￿rIg WXFended balances of donadons
and grants ￿ld on tnJsts to be applled for S￿￿f[C purw5es.
The specific purpose5 for which the funds were to te applied are as follows:
Frl*t)ds of Belmont AL*ey fund
Thè Friènds ol Belmont Abtey fund was e5tabli5hed with th)nati¢￿$ re￿ived 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 refurbl5hr￿nt 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 f￿d$ 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 repre*nted monies set aside by trustees to loc* after ￿ monks In thelr retlrement.
conknnued...
35

Be1m￿t Ab
Gereral CIO
Notes to the Financial Statements- tontlnL*d
fcK the Year Endèd 31 DeceM￿r 2024
19.
AIOVEMENT IN FUNDS. contlnued
Vau*an 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. T￿se
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 ed￿￿tI￿ 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 lY￿k value of charfW5 tanslble flxed assets u*d for the
support of the members of the cornm￿lty 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$a￿le easlly ff nee￿d to meet future contingetKies.
CONMNGENT LIABILITIES
Ir￿luded 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
DeCeM￿r 2024, charlty may required to repay immed5ately ary grant ￿lch has L￿n recefved.
21.
CAPITAL COhthllThlENT5
31.12.24
31.12.23
Contractèd but not pr￿ded for in the fknandal statements
Durin8 th? pertC¥J to 31st Decemter 2024 the North V*ng development comrnenced, as deKri￿d 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 inCu￿ed to date have been ir￿lUded in the aCCoL￿ts.
22.
RELATED PARTY DISCLOSURES
During the year to 31 Dec 2024, the charlty recefved le￿ I￿Orne 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 Ger￿ra{ CIO
Notes lo the Financial Statements- contin￿d
for the Year Ended 31 Decern￿r 2024
23.
ULTW&ATE CONTROLLING PARTY
The chartty, whlch Is ¢onstltuted as a trust, was ¢ontrrAied thrwghout the by Engllsh Be￿dIct￿ne
Communlty of Ee[m￿t 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 ¢￿trI￿JJted 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 a5*ts 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