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2022-06-30-accounts

REGISTERED CHARITY NUMBER: 1191221

Report of the trustees and Financial Statements for the Year Ended 30 June 2022 for Belmont Abbey Mission CIO

A D Accounts (Trusts) Limited Rural Enterprise Centre Vincent Carey Road Rotherwas Hereford Herefordshire HR2 6FE

Belmont Abbey Mission CIO

Contents of the Financial Statements for the Year Ended 30 June 2022

Page
Report of the trustees 1 to 8
Independent Auditor’s Report 9 to 11
Statement of Financial Activities 12
Balance Sheet 13
Statement of Cash Flows 14 to 15
Notes to the Financial Statements 16 to 30
Detailed Statement of Financial Activities 31 to 32

Belmont Abbey Mission CIO

Report of the trustees for the Year Ended 30 June 2022

The trustees present their statutory report together with the accounts of Belmont Abbey Mission CIO for the year ended 30 June 2022.

The accounts have been prepared in accordance with the accounting policies set out on pages 16 to 20 of the attached accounts and comply with applicable laws and the requirements of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (Charities SORP FRS 102).

Introduction

The accounts accompanying this report are the accounts of Belmont Abbey Mission CIO, a charity registered on 9 September 2020, Charity Registration No. 1191221.

The charity is governed by a Constitution. The period from 9 September 2020 to 30 June 2021 was dormant, with the charity having received no income and incurring no expenditure during this period. With effect from 1 July 2021, all assets, liabilities and activities from Belmont Abbey Mission Trust were transferred to Belmont Abbey Mission CIO. Therefore these accounts show the first full year of activity.

History and organisation

Belmont Abbey Mission Trust (Charity Registration No. 226277) was set up originally in 1936 to operate the parishes belonging to the Benedictine community of Belmont Abbey. At 1 July 2021, the Trust comprised five parishes, namely St Michael and All Angels (Belmont), Our Lady and St Michael (Abergavenny), St Thomas of Hereford (Weobley), St Begh (Whitehaven) and St Wulstan’s (Little Malvern). With effect from 1 July 2021, the assets, liabilities and activities of Belmont Abbey Mission Trust were transferred to the CIO.

The Abbey itself is now owned and operated by Belmont Abbey General CIO (Charity Registration No. 1190035) following the transfer of assets, liabilities and activities of Belmont Abbey General Trust (Charity Registration No. 226278) to that CIO on 1 July 2021.

Members of the Belmont community also have pastoral care of several diocesan parishes, belonging to the respective diocesan trust. This work currently involves parishes in the Archdiocese of Cardiff and a parish in the Diocese of Lurin in Peru.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The principal objectives of the charity are:

Put more generally, the aims of the charity are to safeguard, develop and promote the interests of the incorporated parishes belonging to Belmont Abbey. This also involves maintenance of all the buildings, including listed buildings of some architectural importance and other objects of historic and ecclesiastical significance, such as the Tudor vestments at Abergavenny.

Significant activities

The charity exists to support and benefit the Roman Catholic parishes, churches, chapels, cemeteries, presbyteries and halls in its care. The five parishes belonging to the charity during the year were:

1

Belmont Abbey Mission CIO

Report of the trustees for the Year Ended 30 June 2022

OBJECTIVES AND ACTIVITIES (continued)

Significant activities (continued)

There are many initiatives, both spiritual and social, to promote the wellbeing of all age groups throughout these parishes, making good use of the churches and other buildings belonging to them.

The activities of the charity can be divided into four principal areas: the administration of the Sacraments and maintenance of Divine Service, the education of young people in accordance with the Roman Catholic faith, pastoral work in propagation of the Roman Catholic faith and charitable work in connection with any of the foregoing activities. Each of these is briefly considered in turn below:

Education

There are parish schools for infants and juniors at Abergavenny and Whitehaven, which educate a substantial number of non-Catholic as well as Catholic children. The school land and buildings at Abergavenny belong to the Mission Trust, while at Whitehaven the school dining hall and kitchen are loaned by the charity to the Diocese of Lancaster. The clergy act as chaplains to the schools.

In addition to the daily services, the clergy visit the sick and aged in their homes. A good deal of catechetical work is done with the help of volunteers and there are a number of active groups in the parishes that meet on a weekly basis, for example Bible study and choir groups.

All the parishes support a wide variety of charities that work both in the UK and abroad. This is done through fundraising activities and weekly collections. They also support and work with the disadvantaged who live locally. Much of this work is done in conjunction with other Churches and institutions.

Relevant policies

Fundraising Policy

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters' data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of Professional Fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year to 30 June 2022, the charity received no complaints about its fundraising activities.

2

Belmont Abbey Mission CIO Report of the trustees for the Year Ended 30 June 2022

OBJECTIVES AND ACTIVITIES (continued)

Relevant policies (continued)

Policy for donations

The parishes each donate to other charitable causes whose aims and objectives are consistent with those of the charity, i.e. the advancement and maintenance of the Roman Catholic religion and the relief of poverty. Donations are made from special collections held within each parish for each specific cause. In addition, each parish makes contributions towards the costs of the Roman Catholic Diocese in which it is situated and assists with meeting the expenses of the repair and maintenance of local Roman Catholic Schools.

Protection of Children and Vulnerable Adults

Like all other organisations who serve in the community, the trustees recognise the absolute necessity of ensuring the protection and safety of all those the charity serves in any way. This means that the trustees, volunteers and staff engaged in the work of the charity in Great Britain must obtain clearance from the Disclosure and Barring Service (DBS). The trustees are fully committed to implementing all policies and procedures of the Catholic Safeguarding Services Agnecy (CSSA). Each parish has a Child Protection Officer which operates under the safeguarding authorities of the relevant Roman Catholic Diocese of which the parish is a part.

Employees

The charity strives to be an equal opportunities employer and applies objective criteria to assess merit. It aims to ensure that no job applicant or employee receives less favourable treatment on the grounds of age, race, colour, nationality, religion, ethnic or national origin, gender, marital status, sexual orientation or disability.

Future plans

The trustees will continue to keep both income and expenditure under review. Whilst there will undoubtedly be challenges ahead as a result of the long-term impact of the Covid-19 pandemic and broader geopolitical and macroeconomic factors, the trustees do not expect material concerns to arise over the charity’s financial position (please see the going concern section, below).

Investment policy

The charity has a portfolio of listed investments with a market value (including cash held for reinvestment) as at 30 June 2022 of £2,508,771 (2021: £nil).

There are no restrictions on the charity's power to invest. The trustees' investment advisors are Quilter Cheviot Limited. They have been provided with an investment policy statement which provides guidance as to how the asset management functions delegated to them should be exercised. It was formulated with a view to ensuring that the asset management functions are exercised within the best interests of the charity. The trustees' investment objective is that the real value of the charity’s assets be maintained and enhanced over the long term by investment in a portfolio comprising primarily equities, fixed income stocks, property and cash. The trustees have adopted the following ethical policy, the main purpose being to avoid investment in, and therefore support for, activities that are contrary to the beliefs of the Catholic Church. Therefore the trustees do not wish to invest in companies that are involved in unethical activities. Specifically, investments should not be made in businesses where it should reasonably be known to the investment managers that they:

3

Belmont Abbey Mission CIO Report of the trustees for the Year Ended 30 June 2022

OBJECTIVES AND ACTIVITIES (continued)

Investment policy (continued)

Due regard shall be given to environmental concerns in all investment decisions.

Representatives of the trustees regularly discuss with the investment managers the performance of the portfolio and the investment strategy.

The trustees' overall policy with regard to the charity's listed investments is to maximise total return through a diversified portfolio, with the aim of providing the level of income advised by the trustees and, at the same time, with a view to ensuring capital appreciation exceeding inflation over any five year period.

The charity also owns a small plot of land at the charity's Weobley Parish which is included in investments. Due to the difficulty in finding comparable plots of land to estimate a market value and the disproportionate cost of a formal valuation, the trustees have decided to account for the land at historical valuation.

FINANCIAL REVIEW

Results for the year

A summary of the charity's income and expenditure can be found on page 12 of the accounts.

Income for the year to 30 June 2022, excluding the transfer of net assets from Belmont Mission Trust, totalled £490,943 (2021: £nil). The main source of income to the charity is the weekly collection carried out in each parish. In the year to 30 June 2022, general collections accounted for £328,973 (67%) (2021: £nil), whilst special collections used to fund donations and grants accounted for a further £16,015 (2021: £nil). Other significant income sources include the proceeds from small scale fundraising events; legacies; income from parish centre, room and hall hire; investment income; grants from the Listed Place of Worship Grant Scheme and interest receivable.

Expenditure in the year to 30 June 2022 totalled £411,921 (2021: £nil). Donations amounting to £16,250 were paid during the year to 30 June 2022 (2021: £nil).

Net income for the year to 30 June 2022 before investment gains and excluding the transfer of net assets from Belmont Mission Trust, amounted to £79,022 (2021: £nil). Investment losses of £208,361 (2021: £nil) and the transfer of assets in relation to Belmont Abbey Mission Trust of £3,584,821 (2021: £nil) resulted in a net increase in funds for the year of £3,455,482 (2021: £nil).

Financial position

The unrestricted funds of the charity represent the original funds deposited by the parishes to form a central fund, designated as the Commune Depositum, amount to £84,950 (2021: £nil). Despite being designated, these funds are set aside in order to meet emergencies rather than for specific purposes. They are regarded, therefore, as free reserves.

4

Belmont Abbey Mission CIO Report of the trustees for the Year Ended 30 June 2022

OBJECTIVES AND ACTIVITIES (continued)

FINANCIAL REVIEW (continued)

The restricted funds at 30 June 2022 amounting to £3,370,532 (2021: £nil) represent the net assets (including land and buildings) of the five parishes that form part of the charity. Under Canon Law each parish is a separate financial entity and as such each is treated as a separate restricted fund (note 20).

The charity's assets

Acquisitions and disposals of fixed assets the year are recorded in the notes to the accounts.

Reserves policy

It is the trustees' current policy to retain free reserves (i.e. those unrestricted funds not represented by tangible fixed assets, designated for specific purposes or otherwise committed) of between six months' and two years' expenditure on unrestricted funds. This is not regarded as excessive when viewed in the light of the need to retain sufficient funds at a central level to cover the administrative costs of the charity and, importantly, provide short term loans to parishes in the event of special projects, unforeseen events and/or emergencies.

At 30 June 2022 the free reserves of the charity amounted to £84,950 (2021: £nil). Given the ongoing impact of the Covid19 pandemic, alongside factors currently affecting the macro-economic and geopolitical environments, the trustees are of the opinion that these are adequate but not excessive, in spite of exceeding the stated reserves policy.

Going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

The trustees do not expect material concerns to arise over the charity's financial position or for the charity's going concern to be threatened and the trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governance and management

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

The charity is established and governed by a trust deed dated 25 July 1936.

The Abbot of Belmont Abbey is the 'Controller' and is ex officio trustee of the charity. The Abbot appoints a minimum of two other trustees. The names of the trustees in office at the date on which this report was approved and of those who served during the year are set out on page 8 of this Annual Report and Accounts.

Structure and management reporting

The overall responsibility for the charity lies ultimately with the trustees. The names of the priests working in the five parishes belonging to the charity are shown above. At Abergavenny, Belmont and Whitehaven, the priests are assisted by deacons. In all five parishes, an enthusiastic group of lay people assist in every aspect of pastoral work and in the general organisation.

The parish priests, as Benedictine monks and members of the Belmont Abbey community, live a life of prayer, work and study, bound by the traditional Benedictine vows of obedience, stability and conversion of life. Belmont forms part of the English Benedictine Congregation, which in turn is part of the worldwide Benedictine Confederation. Its mission statement is contained in the Rule of St Benedict and in the Constitutions and Declarations of the English Benedictine Congregation as approved by the Holy See. General Chapter, which meets every four years, is the supreme authority in the Congregation.

5

Belmont Abbey Mission CIO Report of the trustees for the Year Ended 30 June 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Structure and management reporting (continued)

The day-to-day governance of the charity is in the hands of the Abbot of Belmont, the legitimate Superior of the Community, elected every eight years.

The body of trustees consists at present of five members of the monastic community, chaired by the Abbot of Belmont. Three of these trustees are parish priests. The Abbot appoints the trustees, of whom three are elected by the Community. They are by convention also members of the Abbot's Council. The trustees meet about eleven times per annum and the Director of Finance, who is also Secretary to the trustees, attends all trustee meetings. The trustees determine the general policy of the Charity and review its overall management and control.

The trustees authorise all major financial decisions within the charity apart from those that require the consent of the Monastic Community in accordance with the Constitutions of the English Benedictine Constitution. Consent is required for any project involving extraordinary expenditure exceeding £160,000 or expenditure on repairs and restorations of buildings exceeding £160,000.

A charity benefits from the expertise that can be provided by a varied body of trustees. As the trustees can only be chosen from a relatively small group, ad hoc subcommittees of trustees and lay people exist to supplement the knowledge and skills offered by the trustees, reporting back to the trustees. No major decision is taken without consulting The Chapter, which is composed of all solemnly professed members of the Community.

Training of trustees

At each of the meetings of the trustees throughout the year, held in the various parishes, recent changes and developments in charity law, in financial strategy, and in questions relating to health and safety are discussed and, if necessary, implemented. A number of the trustees attend in-service training days provided by the dioceses and by the local education authorities in which they are situated. The trustees remain satisfied with the quality of financial and legal advice given to them by their professional advisers, and are able to bring to this charity the expertise they possess through their work with other charities and charitable bodies.

Statement of trustees' responsibilities

The trustees are responsible for preparing the trustees' report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that year. In preparing accounts the trustees are required to:

6

Belmont Abbey Mission CIO Report of the trustees for the Year Ended 30 June 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Statement of trustees' responsibilities (continued)

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Key management personnel

The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis.

The five trustees are parish priests in the parishes operated by the charity. The trustees receive no remuneration or additional reimbursement of expenses in connection with their duties as trustees to the charity. The Parish Priests are all members of Belmont Abbey, The English Benedictine Congregation of the Order of St Benedict, and their living and personal expenses are borne by that charity known as Belmont Abbey General Trust.

Risk management

The trustees have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity, its investments and its finances. The trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks. The trustees review a risk management matrix annually, which includes such potential risks as the loss of key staff, disaster recovery and reputational risk.

In addition to the challenges faced because of the long-term impact of the Covid-19 pandemic (see above), the key risks for the charity, as identified by the trustees, are described below together with the principal ways in which they are mitigated:

Loss of key management

The trustees are aware that they are very dependent on certain key people and the implications of losing these people would be serious. The trustees consider that strong support from financial advisers, training of trustees, and ongoing discussion of ways of lightening the load of the Abbot will all mitigate this risk. In addition the English Benedictine Congregation, of which the Abbey is a member, has developed structures of congregational support, including the lending of personnel, to assist any parishes who find themselves in difficulties.

Dependence of income from investments

The charity relies to a large extent on the returns from its investment portfolio to cover its outgoings. The performance of the investment portfolio and the investment strategy are reviewed in meetings of the trustees and in regular meetings with the investment managers, taking into account current and future political and economic uncertainties. This risk and its mitigations are especially important at the present time given the Covid-19 pandemic.

Protection of Children and Vulnerable Adults

Like all other organisations who serve in the community, the trustees recognise the absolute necessity of ensuring the protection and safety of all those the charity serves in any way. This means that members engaged in any ministry in Great Britain must obtain clearance from the Disclosure and Barring Service (DBS). The trustees are fully committed to implementing all policies and procedures of the Catholic Safeguarding Advisory Service (CSAS).

Volunteers

The trustees are very grateful to the many volunteers who have given their time to the charity within the individual parishes over the past year and who have provided invaluable assistance.

7

Belmont Abbey Mission CIO

Report of the trustees for the Year Ended 30 June 2022

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity Number: 1191221

Principal Address: Belmont Abbey Ruckhall Lane Hereford Herefordshire HR2 9RZ

Trustees

Rt. Rev Dom P. Stonham, B.A.,S.T.B. Very Rev Dom S. McGurk, B.A., S.T.L. Rev Dom C. Marrison S.T.B. Rev Dom M. Carney Rev Dom P. Lobo Auditor Solicitors Buzzacott LLP Lambe Corner & Co 130 Wood Street 36/37 Bridge Street London Hereford EC2V 6DL HR4 9DJ Accountants A D Accounts (Trusts) Limited Investment Managers Rural Enterprise Centre Quilter Cheviot Limited Vincent Carey Road One Kingsway Hereford London HR2 6FE WC2B 6AN Principal Bankers National Westminster Bank Plc Broad Street Hereford HR4 9AH

27th February 2023 Approved by order of the board of trustees on ………………………………... and signed on its behalf by:

Paul Stonham ……………………………………………………

Rt. Rev DOM P Stonham, B.A., S.T.B. - Trustee

8

Report of the Independent Auditors to the Trustees of Belmont Abbey Mission CIO

for the Year Ended 30 June 2022

Opinion

We have audited the accounts of Belmont Abbey Mission CIO (the ‘charity’) for the year ended 30 June 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report and accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

9

Report of the Independent Auditors to the Trustees of Belmont Abbey Mission CIO

for the Year Ended 30 June 2022

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

10

Report of the Independent Auditors to the Trustees of Belmont Abbey Mission CIO

for the Year Ended 30 June 2022

We assessed the susceptibility of the Charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Other matters

In the previous accounting period the charity did not exceed the audit thresholds as defined in the Charities Act 2011. Therefore the prior period financial statements were not subject to audit.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

…………………………………..

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

27th April 2023

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

11

Belmont Abbey Mission CIO

Statement of Financial Activities for the Year Ended 30 June 2022

Notes
Unrestricted
general
fund
£		 Restricted
general
funds
£		 Year to 30
June 2022
Total
funds
£		 Period
to 30 June
2021
Total
funds
£
Income from:
Donations and legacies
2
Charitable activities
5
Other activities
3
Investments and interest receivable
4
Transfer from Belmont Abbey Mission Trust (Charity
Registration Number 226277)
21
Total income
Expenditure on:
Raising funds
6
Charitable activities:
7
- Support of the Parishes and their ministry
Total expenditure
Net income before investment gains
Net losses on investments
Net income and net movement in funds
Reconciliation of funds
Total funds brought forward
Fund balances carried forward
-

-

-

1,939		 362,595
29,508
33,393
63,508		 362,595
29,508
33,393
65,447		 -
-
-
-
1,939

91,050		 489,004
3,493,771		 490,943
3,584,821		 -
-
92,989 3,982,775 4,075,764 -

522

1,389		 17,223
392,787		 17,745
394,176		 -
-
1,911 410,010 411,921 -
91,078
(6,128)		 3,572,765
(202,233)		 3,663,843
(208,361)		 -
-
84,950
-		 3,370,532
-		 3,455,482
-		 -
-
84,950 3,370,532 3,455,482 -

The comparative period to 30 June 2021 relates to the period from 9 September 2020 when the charity was registered to 30 June 2021.

The charity has no recognised gains and losses other than those shown above and therefore no separate statement of total recognised gains and losses has been prepared.

With effect from 1 July 2021, the activities, transactions, assets and liabilities of Belmont Abbey Mission Trust (‘the charitable trust’) were transferred to the charity (please see note 21). The charity’s activities commenced on 1 July 2021, following the dormant period from 9 September 2020 to 30 June 2021.

12

Belmont Abbey Mission CIO

Balance Sheet for the Year Ended 30 June 2022

Notes 2022
Total
funds
£		 2021
Total
funds
£
Fixed assets
Tangible fixed assets
12
Listed investments
13
Investment property
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors:amounts falling due within one year
17
Net current assets
Total net assets
Funds
19,20
Unrestricted funds
Restricted funds		 663,836
2,508,771
4,000		 -
-
-
3,176,607
1,120
112,624
196,081		 -
-
-
-
309,825
(30,950)		 -
-
278,875 -
3,455,482 -
84,950
3,370,532		 -
-
3,455,482 -

26th February 2023 The financial statements were approved by the Board of Trustees and authorised for issue on ………………………….. and were signed on its behalf by:

Paul Stonham

…………………………………..

DOM P Stonham, B.A., S.T.B. – Trustee

13

Belmont Abbey Mission CIO

Cash Flow Statement for the Year Ended 30 June 2022

Notes
Cash flows from operating activities
Cash generated from operations
A
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of listed investments
Sale of listed investments
Investment income and interest received
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents transferred
from Belmont Abbey Mission Trust
(Charity Registration Number 226277)
Cash and cash equivalents at the end of
the reporting period
B		 Year Ended
30 June 2022
£
102,114
102,114
(94,921)
(288,451)
296,072
65,447
(21,853)
80,261
317,519
397,780		 Period
to
30 June
2021
£
-
-
-
-
-
-
-
-
-
-

14

Belmont Abbey Mission CIO

Notes to the Cash Flow Statement for the Year Ended 30 June 2022

RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING A. ACTIVITIES

Period
Year Ended to
30 June 202230 June 2021
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 3,455,482 -
Adjustments for:
Depreciation charges 63,904 -
Losses on investments 208,361 -
Investment income and interest received (65,447) -
Transfer from Belmont Abbey Mission Trust (Charity Registration Number 226277) (3,584,821) -
Decrease in stocks 3,100 -
Decrease in debtors 27,312 -
Decrease in creditors (5,777) -
Net cash provided by operations 102,114 -
B. ANALYSIS OF CASH AND CASH EQUIVALENTS
2022 2021
£ £
Cash in bank 196,081 -
Portfolio 201,699 -
Total cash and cash equivalents 397,780 -

C. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash and cash equivalents
Total		 At 1 July
2021
£
-

-		 Cash
Transferred
from
Belmont
Abbey
Mission
Trust
£
317,519
317,519		 Cash flows
£

80,261
80,261		 At 30 June
2022
£

397,780

397,780

15

Belmont Abbey Mission CIO

Notes to the Financial Statements for the Year Ended 30 June 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.

The accounts are presented in Sterling and are rounded to the nearest Pound.

All recognised gains and losses are included in the statement of financial activities.

With effect from 1 July 2021, the activities, transactions, assets and liabilities of Belmont Abbey Mission Trust (‘the charitable trust’) were transferred to the charity (please see note 21). The charity’s activities commenced on 1 July 2021, following the dormant period from 9 September 2020 to 30 June 2021.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

The trustees do not expect material concerns to arise over the charity's financial position or for the charity's going concern to be threatened and the trustees are of the opinion, given the charity’s net assets and cash reserves relative to annual expenditure, that the charity will have sufficient resources to meet its liabilities as they fall due.

16

Belmont Abbey Mission CIO Notes to the Financial Statements – continued for the Year Ended 30 June 2022

1. ACCOUNTING POLICIES (continued)

Income

Income is recognised in the year in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises donations, legacies, investment income, interest receivable, income from the sale of books, votives and candles, funerals and church yard income, parish centre, hall and room hire; and other miscellaneous income.

Donations, Gift Aid tax recoverable are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the 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 which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charity.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Income from sale of books, votives and candles, funerals and church yard income, parish centre, hall and room hire, and other miscellaneous income is measured at fair value of the consideration received or receivable, excluding discounts.

17

Belmont Abbey Mission CIO Notes to the Financial Statements – continued for the Year Ended 30 June 2022

1. ACCOUNTING POLICIES (continued)

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

  1. The cost of raising funds relates to expenditure incurred in organising and holding small scale fundraising events, managing investment properties and costs in connection with the management of the charity’s listed investments.

  2. The costs of charitable activities comprise expenditure on the charity’s primary purposes as described in the trustees’ report and include:

  3. i. Charitable donations which comprise gifts to other charitable causes with aims and objectives which are consistent with those of the charity i.e. the advancement and maintenance of the Roman Catholic religion and the relief of poverty. Donations are made from Special Collections held within each parish for each specific cause. In addition, each parish makes contributions towards the costs of the Roman Catholic Diocese in which it is situated and assists with meeting the expenses of the repair and maintenance of local Roman Catholic Schools.

  4. ii. Expenditure on the support of the charity’s five parishes includes expenditure on the upkeep of parish buildings (including churches and parishes), staff and related costs, the living and personal expenses of parish priests, etc.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of financial procedures, provision of office services and equipment.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice. Governance costs are apportioned using percentages based on the expenditure incurred on the activities of the charity.

All expenditure on support of the charity’s five parishes are allocated to support of the parishes and their ministry as costs in respect to raising funds and giving donations are considered to be minimal.

18

Belmont Abbey Mission CIO

Notes to the Financial Statements – continued for the Year Ended 30 June 2022

1. ACCOUNTING POLICIES (continued)

Tangible fixed assets

All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised.

  1. Inalienable land and buildings

The freehold of the land and buildings legally owned by the charity and occupied rent free on behalf of the trustees of the governing body of Catholic voluntary-aided schools, which are separate charities and publicly funded, are valued at £nil. The trustees consider that no meaningful value can be attributed to these assets, since they are not used directly by the charity, do not generate income and cannot be disposed of in the open market or put to alternative use while such occupation, which may be indefinite, continues.

  1. Churches and similar properties

The trustees are the legal owners of churches and similar land and buildings situated within the seven parishes operated by the charity. In the event of the charity ceasing its work in any of these parishes, the trustees would consider themselves obliged to allow such assets to be used indefinitely to meet the needs of the parish for its church and similar property. As such assets are not, therefore, susceptible to a meaningful valuation and there is no reliable information as to their cost, they are excluded from the accounts.

  1. Functional freehold property

Freehold properties used for the direct charitable work of the charity are included in the accounts at cost or at a valuation determined as at the date of acquisition, based on open market value, and adjusted for the cost of additions and/or improvements since acquisition. The valuations have been deemed cost under the transitional arrangements set out in FRS 102 and will apply going forward with additions accounted for at cost.

Functional freehold properties are depreciated at a rate of 2% per annum on a straight line basis in order to write the buildings off over their estimated useful economic life to the charity.

  1. Freehold building improvements

Improvements to functional freehold buildings are included in the accounts at cost as incurred. The improvements, once complete, are depreciated at 10% per annum on a straight line basis, in order to write the cost of these improvements off over their expected useful life.

  1. Other tangible fixed assets

Other tangible fixed assets are capitalised and depreciated at the following annual rates in order to write them off over their estimated useful lives:

Fixed asset investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The charity does not acquire put options, derivatives or other complex financial instruments.

As noted above, the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Fixed asset investments comprising long term deposits are stated at the value of the initial deposit as this will be returned in full upon maturity.

19

Belmont Abbey Mission CIO Notes to the Financial Statements – continued for the Year Ended 30 June 2022

1. ACCOUNTING POLICIES (continued)

Investment property

Fixed asset investments comprising freehold land are included in the accounts at a valuation based on trustee’s estimation of their market value

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Belmont Abbey Mission CIO is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity’s pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

20

Belmont Abbey Mission CIO

Notes to the Financial Statements – continued for the Year Ended 30 June 2022

2. DONATIONS AND LEGACIES

Restricted funds Restricted funds
Year to
30 June
2022
£		 Period
to 30 June
2021
£
Collections (including gift aid)
Gifts and legacies
Special collections
Listed Places of Worship Grants Scheme		 328,973
475
16,015
17,132		 -
-
-
-
362,595 -

3. OTHER ACTIVITIES

Restricted funds Restricted funds
Year to
30 June
2022
£		 Period
to 30 June
2021
£
Rent
Sale of books, papers, votives and candles
Fundraising		 6,614
3,993
22,786		 -
-
-
33,393 -

4. INVESTMENTS AND INTEREST RECEIVABLE

Unrestricted
funds
£


Restricted
funds
£
Year to
30 June
2022
£
Deposit account interest
Portfolio income		 15
1,924
-

63,508
15

65,432
1,939
63,508
65,447
Unrestricted
funds
£


Restricted
funds
£
Period
to 30
June
2021
£
Deposit account interest
Portfolio income		 -
-
-

-
-

-
-
-
-

21

Belmont Abbey Mission CIO

Notes to the Financial Statements – continued for the Year Ended 30 June 2022

5. INCOME FROM CHARITABLE ACTIVITIES
Year to
30 June
2022
£
3,942
25,250
316
29,508
Other income
Funerals and church yard income
Restoration contributions

6. EXPENDITURE ON RAISING FUNDS

Unrestricted
£

Restricted
£

Year to 30
June 2022
£
Investmentportfolio management 522
17,223
17,745
Unrestricted
£

Restricted
£

Period
to 30 June
2021
£
Investmentportfolio management -
-
-

7. EXPENDITURE ON CHARITABLE ACTIVITIES

Unrestricted
funds
£


Restricted
funds
£
Year to
30 June
2022
£
Direct costs
Donations
Support costs – governance and finance costs		 233
-
1,156
357,642

16,250

18,895		 357,875

16,250

20,051
1,389
392,787		 394,176
Unrestricted
funds
£


Restricted
funds
£
Period
to 30
June
2021
£
Direct costs
Donations
Support costs – governance and finance costs		 -
-
-

-
-

-
-
-
-

22

Belmont Abbey Mission CIO

Notes to the Financial Statements - continued for the Year Ended 30 June 2022

8. NET INCOME FOR THE YEAR BEFORE INVESTMENT GAINS

Year to
30 June
2022
£		 Period
to 30 June
2021
£
Net income for the year before investment gains is stated after charging:
Staff costs
Auditor’s remuneration
Depreciation
14,174
10,060
63,904		 -
-
-

9. TRUSTEES' REMUNERATION AND BENEFITS

The five trustees are parish priests in the parishes operated by the charity. As such, certain living and personal expenses during the year are borne by the charity. No trustee received any remuneration or reimbursement of expenses in connection with their duties as trustees during the current or previous year.

There were no trustees' expenses paid for the year to 30 June 2022 (period to 30 June 2021: £nil).

10. STAFF COSTS

Year to
30 June
2022
£		 Period
to 30 June
2021
£
Wages and salaries
 14,174 -

The average number of employees during the year to 30 June 2022 was 3 (period to 30 June 2021: 0).

No employees received emoluments in excess of £60,000 for the year to 30 June 2022 (period to 30 June 2021: none).

23

Belmont Abbey Mission CIO

Notes to the Financial Statements - continued for the Year Ended 30 June 2022

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (9 September 2020 to 30 June 2021)

Notes
Unrestricted
general
fund
£



Restricted
general
funds
£
Total
funds
£
Income from:
Donations and legacies
2
Charitable activities
5
Other trading activities
3
Investments and interest receivable
4
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
. Support of the Parishes and their ministry
. Donations
Total expenditure
Net income (expenditure) before investment gains
Net gains on investments
Net income and net movement in funds
Reconciliation of funds
Total funds brought forward
Fund balances carriedforward
-

-

-

-
-

-

-

-
-

-

-

-
-
-
-

-

-
-
-

-

-
-

-

-
-
-
-
-
-
-

-
-

-
-
-
-

-
-

-
-
-
-

24

Belmont Abbey Mission CIO

Notes to the Financial Statements - continued for the Year Ended 30 June 2022

12. TANGIBLE FIXED ASSETS

Freehold
property
£


Plant and
machinery
£
Fixtures
and
fittings
£
Motor
vehicles
£
Total
£
Cost
At 1 July 2021
Transfer from Belmont Abbey Mission
Trust (note 21)
Additions
At 30 June 2022
Depreciation
At 1 July 2021
Transfer from Belmont Abbey Mission
Trust (note 21)
Charge for the year
At 30 June 2022
Net book value
At 30 June 2022
At 30 June 2021		 -
468,885
-		 -

106,308

-		 -
457,523

94,921
-
80,044

-		 -
1,112,760

94,921
468,885
106,308
552,444
80,044		 1,207,681
-
173,601
9,377		 -

106,308

-		 -
133,188

49,196		 -
66,844

5,331		 -

479,941

63,904
182,978
106,308
182,384
72,175
543,845
285,907
-
370,060
7,869
663,836
-
-
-
-
-

13. FIXED ASSET INVESTMENTS

Listed investments
Market value at 1 July 2021
Transfer from Belmont Abbey Mission Trust (note 21)
Additions at cost
Proceeds from the sale of investments
Realised gain on disposals
Unrealised loss on revaluation
Market value at 30 June 2022
Cash held for reinvestment
Total value of listed investments at 30 June 2022
Cost of listed investments at 30 June 2022		 2022
£
-
2,523,053
288,451
(296,072)
31,319
(239,679)
2,307,072

201,699

2,508,771

2,085,186		 2021
£
-
-
-
-
-
-
-
-
-
-

25

Belmont Abbey Mission CIO

Notes to the Financial Statements - continued for the Year Ended 30 June 2022

13. FIXED ASSET INVESTMENTS (continued)

Listed investments held at 30 June 2022 comprised the following:

2022
£		 2021
£
-
-
-
-
-
-
UK equities
UK fixed interest
Overseas equities

Overseas fixed interest
Alternative assets
 530,069
268,926
1,059,734
81,656
366,687
2,307,072

At 30 June 2022 listed investments included the following individual holdings deemed material when compared with the overall portfolio valuation as at that date:

BNY Mellon US Equity Income Fund
Charities Property Fund
Fidelity UCITSS
Royal London Unit Trust Managers
Schroder International Selection		 Market
value of
holding
£
157,273
122,770
162,358
115,248
134,620		 Percentage
of portfolio
%
6.8%
5.3%
7%
5.0%
5.8%

14. INVESTMENT PROPERTY

£
Market value at 1 July2021 and 30 June 2022


 4,000

The charity owns a small plot of land at the charity’s Weobley Parish, which is included in investments. Due to the difficulty in finding comparable plots of land to estimate a market value and the disproportionate cost of a formal valuation, the trustees have decided to retain the above historical valuation.

15. STOCKS

2022
£
1,120		 2021
£
Stocks -

26

Belmont Abbey Mission CIO

Notes to the Financial Statements - continued for the Year Ended 30 June 2022

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022
£		 2021
£
Gift aid receivable
Other debtors		 101,940
10,684		 -
-
112,624 -

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022
£		 2021
£
Expense creditors and accruals
Deferred income		 28,622
2,328		 -
-
30,950 -

18. TAXATION

Belmont Abbey Mission CIO is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
funds
£
Restricted
funds
£
Total
funds
30 June
2022
£
Tangible fixed assets
Investments
Current assets
Current liabilities		 -
119,161
(33,371)
(840)
663,836

2,393,610

343,196
(30,110)
663,836

2,512,771

309,825
(30,950)
84,950
3,370,532
3,455,482

27

Belmont Abbey Mission CIO

Notes to the Financial Statements - continued for the Year Ended 30 June 2022

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)

Unrestricted
fund
£
Restricted
funds
£
Restricted
funds
£		 Total
funds
30 June
2021
£
-
-
-
-
-
Period to
30 June
2021
£
Fixed assets
Investments
Current assets
Current liabilities		 -
-
-
-


-
-
-
-


- -
The total unrealised gains are as follows:
Unrealised gains included above:
On listed investments
Reconciliation of movements in unrealised gains
Unrealised gains brought forward
Transfer from Belmont Abbey Mission Trust
Net (losses) gains arising on revaluation in the year
Total unrealisedgains carried forward
221,886		 -


-
461,565
(239,679)		 -
-
221,886 -

20. MOVEMENT IN FUNDS

Unrestricted fund
General fund
Restricted funds
Abergavenny parish
Belmont parish
Weobley parish
Whitehaven parish
Little Malvern
Central fund
Total funds		 At 1 July
2021
£
-
-
-
-
-
-
-
-
-		 Income
£

1,939
143,137

106,486
36,736

141,149
61,496
-

489,004

490,943
Expenditure
£

(1,911)

(118,629)

(55,081)

(45,767)

(145,529)

(45,005)

-

(410,011)

**(411,922) **
Gains
£

(6,128)

(48,486)

(52,192)

(12,011)

(70,409)

(19,134)

-
(202,232)
(208,360)
Transfer
from
BAMT
(note 21)
£
91,050

834,266
898,020

206,654

1,211,485

328,965

14,381
3,493,771
3,584,821		 At 30 June
2022
£
84,950
810,288
897,233
185,612
1,136,696
326,322
14,381
3,370,532
3,455,482

28

Belmont Abbey Mission CIO

Notes to the Financial Statements - continued for the Year Ended 30 June 2022

20. MOVEMENT IN FUNDS (continued)

At 9
September
2020
£



Income
£

Expenditure
£
Gains
£
At 30
June
2021
£
Unrestricted fund
General fund
Restricted funds
Abergavenny parish
Belmont parish
Weobley parish
Whitehaven parish
Central fund
Totalfunds		 -
-
-
-
-
-
-
-
-
-
-

-

-

-

-
-

-

-

-

-
-

-

-

-

-
-

-

-

-

-
-
-
-
-
-
-
-
-
-
-

21. TRANSFER OF UNDERTAKINGS

Five trustees of the CIO are also trustees of Belmont Abbey Mission Trust, a charitable trust registered with the Charity Commission (Charity Commission Registration Number 226277). The CIO was registered on 9 September 2020 and was dormant for the period ended 30 June 2021. With effect from 1 July 2021, the activities, assets and liabilities of the charitable trust were transferred to the CIO. The net assets at that date comprised:

1 July
2021
£
Tangible fixed assets (note 12)
. Cost
. Depreciation
Fixed asset investments (including cash held by investment managers of £146,388 and investment
properties of £4,000) (note 13)
Stocks (note 15)
Debtors (note 16)
Cash at bank and in hand
Creditors: amounts falling due within one year (note 17)		 1,112,760
(479,941)
632,819
2,673,441
4,220
139,939
171,131
(36,729)
3,584,821

29

Belmont Abbey Mission CIO

Notes to the Financial Statements - continued for the Year Ended 30 June 2022

21. TRANSFER OF UNDERTAKINGS (continued)

The assets and liabilities were represented by the following funds:

he assets and liabilities were represented by the following funds:
1 July
2021
£
Restricted income funds (note 20)
General funds (note 20)		 3,493,771
91,050
3,584,821

22. RELATED PARTY DISCLOSURE

During the year to 30 June 2022, the charity paid levy charges of £48,331 (period to 30 June 2021: £nil) and rent of £15,000 (period to 30 June 2021: £nil) to Belmont Abbey General CIO.

There were no other related party transactions during the year ended 30 June 2022 (period to 30 June 2021: none).

30

Belmont Abbey Mission CIO

Detailed Statement of Financial Activities

for the Year Ended 30 June 2022

These pages do not form part of the statutory accounts.

Year
Ended
30.06.22
£		 Period
09.09.20-
30.06.21
£
INCOME
Donations and legacies
Collections (including gift aid)
Gifts and legacies
Special collections
Listed Places of Worship Grants Scheme
Other activities
Rent
Sale of books, papers, votives and candles
Fundraising
Investment income
Deposit account interest
Portfolio income
Charitable activities
Other income
Funerals and church yard income
Restoration contributions
Total income
EXPENDITURE
Investment portfolio management
Charitable activities
Wages
Motor expenses
Special collections
Donations
Rent
Charitable activities carried forward


328,973
475
16,015
17,132		 -
-
-
-
362,595

6,614
3,993
22,786		 -
-
-
-
33,393

15
65,432		 -
-
-
65,447

3,942
25,250
316		 -
-
-
-
29,508
 -
490,943 -



17,745		 -


14,174
12,980
22,284
16,250
8,700

74,388		 -
-
-
-
-
-

30 31

Belmont Abbey Mission CIO

Detailed Statement of Financial Activities for the Year Ended 30 June 2022

These pages does not form part of the statutory accounts.

Year
Ended
30.06.22
£		 Period
09.09.20-
30.06.21
£
Charitable activities brought forward
House expenses
Church maintenance
Office expenses
Insurance
Sundry expenses
Paper, books etc
Fundraising expenses
Levy
Light and heat
Rates and water
Repairs and renewals
Professional fees
Depreciation of tangible fixed assets
Support costs – governance costs
Bank charges
Auditors’ remuneration
Accountancy and legal fees
Total resources expended
Net income before investment gains
Investment gains (losses)
Realised gains
Unrealised (losses)


Transfer from Belmont Abbey Mission Trust (Charity
Registration Number 226277)

Net income and net movement in funds
 74,388

23,929
27,817
13,497
26,320
2,693
7,118
3,075
58,417
21,731
7,412
39,418
4,404
63,906		 -
-
-
-
-
-
-
-
-
-
-
-
-
374,125


1,191
10,060
8,800		 -
-
-
20,051
 -
411,921 -

79,022


31,318
(239,679)		 -
-
-
(208,361) -

3,584,821		 -
3,455,482 -

32