2024-12-31-accounts

REGISTEREO COMPANY NUMBER: cE02z9￿ (England and Wales) REGISTERED CHARITY NUMBER.. 1191221 ReporE of the Tru5tee5 and Financial Staternents lor Ihe Year Ended 31 December 2024 for Belmont Abbey Mission CIO A D Accounts ITru5ts1 Limited Rural EniÈrprise CÈntrÈ Vincent Carey Road Rothew4as Hereford Herefordshire HR2 6FE

8elmont Abbey Mission CIO Contents of the Financial Stalements for the Year EndÈd 31 Detember 2024 Page Report of the tru5tee5 Ito9 Independent Audltorfs Report IOto12 Statement of Financial Aciivities 13 Balance Sheet 14 Statement of Cash Flows ISto16 Noies to ihe Financial 51aiements 17to30 Detailed Statement ol Financial Attivitie5 314032

Belmont Abbey Mission CIO Report of the trustees for the YÈ3r EndÈd 31 DetÈmber 2024 The tru5tee5 present their 5tatut¢)ry report tOEether with the accounr5 01 BelfflontAbbey Mission CIO fof the year to 31 December 2024 The repon 15 signed on beTralf of the trustees by Abbot Bfepdan Thomas who wa5 appoinied a Trustee of the CIO and a5 the 12- Abbol of BelTnont on 4 June 2024 on the retirernent ol Abbot Stonham alter over 24 years of much appreciated service as a trustee and a5 the Il" Abbot of Belmont. The accounts have been prepared in accordance with the accounting policie5 Set out on pa8es 17 to 21 of the attached accounts and co.Trply with applicable laws and the requi.'ements of the Statement of Re(ommended Praitice., Accounting and Reporting by Charities preparing their accounts ir accordance wilh the Financial Reporting Standard pplichble in the UK and the Republic of Ireland (Charities SORP FRS 1021 leffertive L Januèry 20191. Introdurtbon The accounts 3ccomp3ny1n8 this report ère the actounts of Belmont Abbey Mission QO. a charity registered on 9 5epiember 2020, Charily Re8lSlrètion No. 1191221. H15tory and organisation Bolmofjt Abbvy My5510n T¥ust Ichèrity Registration No. 2262771 was set up ori8inally In 1936 to operate the parishes belonging to Ihe Bcnedictine community of Beirnont Abbe¥. Al l July 2021. the Trus¢ comprise¢ five parishes, ramelv St Michael and All AnRels18elmonll. Our Lady and Si Micnael IAber8avennyl. St Thornas ol Hereford Iweobleyl, St Begh Iwhitehavenl and St Wulstan'5 ILitile Mdlvefnl. With effect from l July 2021, the assets. liabilities and activitie5 01 Belmont Abbe.y Mission Trust were tran51erred io Ihe CIO. Tho Abbey Itsolf is now owntd and oporated by Belmont Abboy General CIO (Charity Registration No. 11900351 following the trèn5fer ol asseL5. liabiliLics and ècii¥ities ol Belmont Abbey General Trust (Charily Registration No. ??fi?78110 thdi C.10 an I july ?O?l. Members ofthe 8elmontcommunity also have pastoralcare of several diocesan parishes. belonBing to the Archdioeese ol Cardiff. 08JECTIVES AND ACTIVITIES Oble¢iives and alrns The pdncipal objectives ol The charity are.. • The support and benefit ol Roman Catholic parishe5. churches, thapels. cemeteries, presbweries and halls., • The support of the dergy wh¢+ are or have Served thetharity's parishes.. The oducation and training of priests." and • The relitf of thÈ neÈdy and poor. Put more generally. the aims of the Charity are io sèfe8uarc. develop and promoie the Inlerest5 of the intorporated p3rishe5 belonEin£ to Bplrnont Abbey This a150 involve5 rnalntenance ol all ihe building5, jnc'udin8 ligted buildines ol gome arthitectural importance and otherobierts of histor.£ and Èc£lesi3stical significance. such as the Tudorvestrnents at Aber8a¥enny.

Belmont Abbey Mission CIO Report of thÉ trustÈÈs lor the Year Ended 31 December 2024 08JECTIVES AND ACTIVITIES IcontinJedl SIRnifirant actlvities The charity exi5t5 to 5UPPOrt and benefit the Rornan Catholic parishes. churches, chapels, cemeteries, presbyteries and ha115 in Its care The fwe parishes belongin8 to the charity durin8 the yeèr were-. • Aber8avenny.' Our Lady and St Michael. 10 Pen y Pound. Abergavenny NP7 SUD. Tel.. [phone]. Rev Dom Matthew Carney. Belmont Abbey. the Abbry of 51 Michael and All AnKds. Ruckhall Lane. Hereford HR2 9RZ Tel. [phone]. Rev Dom Au8UStine Prim3vÈsi • Weobley.. St Thomas of Hereford, Kin8ton Road, Weobley. Hereford HR4 BQS Tel.. [phone]. Also serves Kington. Very Re¥ L)om Simon McGurk. • Whitehaven.. St ee8h'% Priory, Coach Road. Whiiehav*n, Cumbria CA78 TfF Tel.. [phone] Rev Oorn Cenydd Marrison (Parish Prie511 and Flev i)om Richard &rnons (Parish Administrarorl. • Llttle Malvern= St Wulstan's, Wdls Road. Lillle Malvern. WR14 4JL Ttl..01684 574658, Rev Oom Thomas Rcgan. .¥ilJvgh'.IPnory.".fi. fi1v￿ryO1d,¥IPfflnCL r LWIJ,￿￿.l-l.ll{ch￿e1. AhcrguvLJllnV 5171K>md$(trfHerefiJrd. IleohleTr Bede.

Belmont Abbey Mi55iory CIO Report of the trustees for the Year Ended 31 December 2024 OBJECTIVES AND ACTIVITIES Icontinuedl SiBnificant activities Iconlinuedl There 8re many ￿niLlatIVes, both spiritual and social. to promotp the wellbeing of 311 a8e 8roups throughoui these parishes, making good use of the churche5 and other buildings belonging to ihÈm. The attivities of the charity Can be divided into lour principal areas.. the administration of the 5acrhmen¢s and mainten£ncÈ of Divine Services, the educaiion of youn8 people io accordance with the Roman CdthDlic laith, pèstoral work in propagation ol ¢he Rornan Catholic failh and charitable work in connection w.th any of the lore80in6 activitie5. Each of these is briefly considered in turn below. • Admlnlstratlon of the Sa(rament5 ar￿ rnainien#n¢e of Do￿tte Servi In each parish. the EJcrydris¢. wniih ollrail5 a lor8e number Op worshipper5. 15 celebrated both on Sundays and weekday5 Corfession5 are heard re8ularfy and baptlsms, ¢ontirm3tions. weadipgs and funerals are celebrated when requested by parishioners. • Educaison There are parish schools lor infant5 and juniors ot Abergèvenny ènd Whitehaven, which educate 8 4ts,b%tantial nurnber of non-C?tholic 05 well as Cèiholic Children. The school land and buildin8$ at Aber83venny belong to the Mission Trust, wh.le at Wh"'tehaven '.he sthool dinin8 hall and kitchen are loaned by the charity to the Diocese of Lancasrcr. The cler8y act as thaplains to ¢he schools. • Pa51oral work In addilion to the dèily services. the cler8y visir the sick and aged in their homes. A good deal ol catcchetital work 15 done wih ihe help of volunieers and rhere are a nurnbei of aaive 8roup5 in the pari5he5 that meet Dn weekly basis. for exaw,ple Bible slud¥ and choir groups. • Other charitable wo Ail the Pdrishps support a wide variely of charilies that work both In the UK and abroad. Thi5 is done throu8h fundra151n8 activities ap.d weekly collettion5. They also support and Work with the disadvant3ged who live locally. Much cf this work Is done ift conjunction wilh other Churches ind Institulions. Re￿¥aft1 polKles Fyndra151n8 Polky The chdrity aim5 10 achieve best practice in the way in whiih It communicates vAth donor5 and other 5UPPOrtÈrs. It take5 care with botn the lone of Its iommunic3tion5 and tbe accurncy of 115 daia to rninitnisÈ the pressires on supporter5 It applies best practice ro protect SUPPOrters' data and never sells data. li never 5WaP5 data and ensures that cornmunication preferences can be changÈd at any time The charity ma?a8es 115 own fundraising activities ènd does not employ ihe services ol Professional Fundraisef5. The charity undertakes to re3ci to and investigate any ornplaints regarding its fundraising activities and to learn frorn theffl and improve Its service. Dur ng the year to 31 Decp.mber 2024. the charity received no tomplaints about its fundraising aaivlties. Pollcy for donaiions The parishes each donaie to otheT C￿.aT1t3b1e(au5e5 whose aims and objettives are consistent with those of the charity, i.e. the advancement and maintenance of the Rornan Cèttslit-eligion and the relief of poverty Donations 3."e made from special collections held wirhin e3ch p3ri5h for eèch specifit L)uie. In addition. eacb. parish makes contributions towards the costs ol the Roman Qtholic Di0￿e.n which Il Is situated aid 3s5i5ts with meeling ihe expenses of Lhe repair and maintenance ol local Roman Catholic sch￿)1$.

Belmoni Abbey Mission CIO Report of Ihe trustees for the Year Ended 31 December 2024 OBJEcfivES AND AcfiviTIES (continued Proieulon ol Chlldren and Vylmerable Adylts Like all other organisation5 who seive In the cornmunity. the trustees recognise Ihe absdute DèCÈSSity of ￿ns￿rIng the prolection and 53lety ol all those tne Charity serves in apy way. This means that the trustees. volunteerg and staff engaged In ihe werk of the charity in Great Bfitèin must obtain cleafènce Irotn the &sc105ure and Barring Service IDBSI. The trustees are lully comrnitted io implernenting all policies and procedures of the Catholic Safe8uarding Services Agency ICSSAI and the charl￿S pastoral adivities areaudited bythem. Each parish has a Child Protection Officer which operate5 under the safegua.. ding authorities ol the relevant Roman Caiholic t"ocese of which the pan5h 15 8 Part. Employet$ The charity strives to be an equal opportunities employer and applies objertive rri¢eria to a5se5s rneril.ll aims to ensure thèt no job applicènt or Èmployee receNÈS1È55 favourable treatrnent on the 8round5 of a8e. race. colour, nationality, rollgion, oihni¢ or fiationol ori8in. 8ender. marital 5ratus. sexbal orientation or disability. Future plans The trustees will continue to keep boih Income ènd expenditure under review Whilst there will undoubtedly be challenge5 ahe•d as a result of the loD8.term impac: of the Covid-19 pandemic and bfoader 8eopolitical and macroeconomic factors, the tru5tee5 do not expect rnaterial concerns ro arise over the charity's financial position Ipleèse see the going toncern section. below). Investment pollcy The charity has a portfolso of listed investmenr5 Wlth a market value lincluding cash held for reinvestment) as at 31 December 2024 of £2.677.94012023.. £2,627,S301. There are no restrictions on the charity'5 power to invest. The trustees, investmeni advi50￿ are CCLA Investment Mona8ernent who took over the rnana8emenl of Ihe charitys portfollo in 2023 ènd Invested the charlws funds In'ibe Coth¢ll¢ Investrnent Fund. which has over a to.al value of over £10(￿ and Is dosi8nod to align a divofsifitd p¢rtfolio of d55ets with the fdlth of the Cètholic Church, while deliverin8 long iemi real returns The investrneni rn3nageT5 are guided in ther work by o faith con515tent inve5tmenl comrTNtiee drawn Irorn variou5 Catholic dioceses and reli8lQUS orders. Represent&tive5 of the tru5tee5 re8ularly discus5 wilh the investrnent rnana8ers ihe performance of the portfo150 and the investment strate8Y. The trustee5' overall policy with re8ard to the charity's listed investments is to m£ximise iotal retbrn through a diversified portfolio, with the aim of providing ihe level of income Mdvi5ed by the truste.e5 and, at the same time. with 3 view to en5urin¥ capital appreciarton exceedin6 Inflation over any five year pviod. The tharity als0 own4 3 %mall fipld at thp rharity'% Wpobley Parish which is included In investments. Due to the difficulty in finding comparable pIoLs of land ttr EStimaied mdrkel value dnd IheéisproportionatÈ cost of a formal valuation, the IrusteÈ5 have decided io account for the land at hlsiorical valuation. Ourin8 the year, some of Ihis paddock was leased to thÈ loc31 WÈoblÈy parish coufitil for use 35 allotments.- the venture ha5 been very well supported ané enhanced rhe standing ol the parish comrnunity within the villa8e. .4110t￿l￿al51 1710ll￿5 olHL'reford 11 i'oblri.. i'remedfvom the wc5t clidolil￿ churclL

Belmont Abbey Mission CIO Report of the trustee5 for the Year Ended 31 December 2024 OwE￿1vE5ANo ACTIVITIES Icontinuedl FINANCIAL REVIEW Results for the year A surnmary of the charity's income expenditurecan be found on page 13 of the accounts. Income for the year to 31 DÈcembÈT 2024 totalle¢ £679.91816 months to December 2023.. £257.8551. The main source cf Incorne to the charity is rhe weekly collection carried out in each parish. ln the ye3r:0 31 December 2024, general collections accounted lor E364,049 154%116 months io December 2023". £169,328 160%11. whilst gifts 2nd legacies totalled £137.979 12023.. £nill Special colleciion5 Used to fund donarion5 and 8rants accounted for a lurther £19.438 12023. E7,398I- Other significant income sources include the proceeds ffom small scèle ftsndfaising events,- legacies.. incorne from parish centre, r¢om and hall hire.. investment income and inierest receivable. Empenditure in the year 10 31 December 2024 lotalled £515,249 12023." £27J,7571. Within this were donations ountill8 to £6,72612023. £6.￿51. Ner Income/lexpen¢Stuiel for theyearto 31 Detember2024 before invesrmefit gains amounted to income 01 £164,669 12023. expendilure 01 £13.8721. Investment 8ain5 01 £50.40812023.. E145.4181 resulted in a net increase in ftsnd5 01 £215,07712023. £131,546). Flnantlal poslii•n The unrestricted funds of the tharity represent the ori￿n31 funds deposited by the parishes to form a central fund, desi8n3ted as the Commune Deposiium. afflount 10 É85.81012023.. £82,47510espite bein8 desiRnated. these funds are set aside In order io meeierner8encie5 raiherihan tor specific purp05e5. They are regarded, therefore, 85 free reserve5. The rÈstricted funds at 31 De¢eml)er 2024 amountin8 to £3.658.562 12023.. £3,446.8201 represent the nei assets lincluding land ano building510l Ime live parLshes Ihai lorrn part ot Ihe charity. ur.der Canon Law each parish is sep8T3te financial enlity and ès such each is ireaied as a separate restficled lund (note 191. The ¢h•rrty's assets Acquisitions dn(J disposals ol fixed assets ihe year are recorded in the notrs to the accounts. Reserves poIIcy It 15 the trv5tee5' (Ur￿￿1 policy io retèin free reserves li.e. those bnrestrirted lvr.ds not represer.ted by ièngible fixed asset5, designated for specific purposes or olheThvise cornmiitedl of between six rnonths, and two year5, expenditurè ori unre5tricled funds. This 19 nol re88rded as excessive %vhen viewed in the li8hi of .,he need io retain sufficient fund5 at a cep.lral lovol to covor tho adminiStratiVQ costs of tho charity and, irnportantly, proviée short tèrm 103ns to parishes in the event trf special projed5. unloreseen ￿entS andlor emergencies. At 31 December 2024 thè free re5erve5 Ot the chanty arnounted to 185.810120?3.. f 8?,4751. Given tactors currentlv affecting the rnècro-economic and geopo11tical e.nvironments, the trustees are of the opinion that these are adequate but noi excessive, in spite of ex£eedirg ihe sia.ed reserves poljcv.

Belmont AbbÈy Mission CIO Report of the trustÈÈs for the Year Endeé 31 December 2024 STRUCTVRE. GOVERNANCE AND MANAGEMEpir Golng con￿rn The trustee5 have 35se5sedwhethÈrthe u5È0f thÈetsinE ioncÈinassumpiion is apprtspriate in prÈparingthÈse 3Ctounis. The trustees have ma¢Je fhis assessment In respect to a period ol oneyear from tle dare of approval of these accounts. The trustees do not expert material concem5 to arise over the charivs financial p051tion or for the charity'5 80ing concern to be threatened and the Irustees are of the opinion thal the charity Will have sufficient resources to meet it5 Governance and rnan¥ement The charity is controlled by it5 governing document. a deed ol trust and constitutes an unincorporated charity. The charity is established and 8overTred by a trust deed dated 9 Septernber 2020. The Abbot of Belmont Abbey is the'cohtroller. and is ex officio trustee of the ¢harity. The Abbot ap)oint5 a rninirnum of two other Iru5tees. The names of the trustee5 in office at Ihe date on which thi5 report was approved and of those who served durin8 tho year are sel out on pa8@ 9 of ¢his Annual Report and Accovnis 5tructuro and mana8oment roportln8 The overall responsibility lor the charity lies uliimaiely with ¢he trustee5 The names uf the priest5 workin8 in the five parishes belen8iftg to the charity a"e shown above. At Aber8avenny. 8elrnont and Whilerya￿eTr. the priests are 355i5ted by deacons. In all five parishe5, an enthusiastic group of lay people assist In every aspect of pastoral work and In the Reneral org3nisaiion. The parish priests, as Benedictine monks and member5 01 the Belmont Abbey community. live a life ol prayer, work and studyi bound by the traditional Benedictine vows of •bed￿nCe. stability and Conversion ot life. Be'mont forrns part of the En81i5h Benedictine Congregati￿, which Iri ¢urn is part of the worldwidc 8encdirtine Confederation. It5 Mission siatement is contained in rhe Rule ol St Benedici and ir the Consliiutlons and Oeclarations ol the En8lish 8cnediciine Congre8alion è5 approved by ihe Holy See. General Chapter. which meets every four years. is the Supreme authority in the Congregation. Tre day-to-day 8overnance of the charity is in ihe hand5 of ihe Abbot ol BelnKni, the le8ltirnate Superior of the Community. elecieé every ei8hl Years The body of trustee5 con51Sts at present ol five members of the rnonasticcomrnunity, chaired by the Abbot ol Belmont. 1hree of these irvsiees arÈ pansh priests. The Abbot appoints the trustees. of whom three dre elected by the Community. They are by convention also members of the Abbot's Council. The trusiees meet abou: eleven Limes per nnum ind the Direitor ol Finance, who 15 a150 Secretary to the trusiee5, attend5 pll tru51ee meetin85. The trd5tee5 determine the genÈral policy of the Charity and rewew its overall rnanaBement and control. The trustees authorise all major financial decisions Within the £harity apart from those Ihal require th2 consent of the MoDa5tic Cgmmunily in accordance with ihe Con5¥ltution5 of ihe English Benedictine C0fi5tituti¢)n. Consent 15 required fer any project Involving extraordinary expÈndilure e¥ceÈding £160.0￿ or expendirure on reDairs and resiorations of building5 e¥ceeding £160.(MXI_ A Iharity benefit5 from the experiise ihai can be provitled by a varreLI body of trus-ees. As the iru51ee5 cafi only be chosen from a relaiively small Eroup. ad boi subcownrnittÈÈ5 of trusttts and lay peoplt tmlst to supplement the knowledge and skills ollereé by the tru5tee5, repor.lng balk tts the trusteÈs. No major dÈcision is t3kÈn without consulting The Chapter, which is composed of all solemnly prolessed members of ihe Communitv.

BÈlmont Abbey Mission CIO Report of the trustees for the Year Ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Icontinuedl TraiThlng of tru5tets At edch of the meetings of the irusiees ihrou8htyJL the yeaf, held In the Various parishes, recer.t chan8es and developrnents in charity law. In financial 5trate8y, aThd in questions rel3tin8 io he3iih and safety are discussed and, if necessary, Implemented. A number o! the trustees aitend in-se￿1¢e iraining days proviéed by the dioceses and by the local education authoritie5 in which they are 51tuated. The tru51ees refflain sat151ied wi¢h the quality of finonci31 and legal advice given tothem )v their professional advisers. and are able to bring to rhis charity the exper'.ise they p055e55 throu8h their work witb other Ih3ritie5 ond charilable bodie5 Statement of trustees. responsibilities The trustÈÈs èrÈ rÈ5ponsiblÈ for prÈ￿rIng the trtsstes' report and accour.ts in accordance with applicable law and Uniteé Kingdom Actountipg St)n¢ards Iunireé Kingtlom Generally A£cepred Accounting Praci.-cel- The law applicable to charitie5 in EnglanLI and Wales reqbires the tru5rees to prepare arrounts for each financial year which give a true and fair view ol the State of affairs ol tne charity And ol ihe irbC(¥ne and expenditure of ihe £harily for Ihat year. In preparir8 account5 the trustee5 are required to.. select suitable accounting policies and ihen apply them consistentlv.. observe the m?Ihods and orin(ip ol Accounting and Reporting oy Charities. siarement of Recommended Prarfi£e applicable to chèrilies preparing fheir accouTht5 In accordance With the Financial Reporiin8 SLAndard applicable in the United Kin8dom and Republic of Irelènd IFRS 1021.. make judgements ènd estimaie5 Lhdi ore rrdsonoble and pru¢eni. Stat? whelher applicable Uniled Kin8dom Accountin8 Standards havè been followed, subject to any material departures disclosed and explainel in the accounts.. • prepare the a¢ttsunts on rne 8OIN8 concem bèsis unless It is inappropnate to presufr that (he charily Will continue in operaiion. The tTU5teC5 are re5pon5ible lor keeping proper accounting records which d sdose with reasonable accuracy>t any time the financi31 position ol the charily and which enable them to ensu￿ that IhÈ accounis Comply with tne Chorities Act 2011, the relevani Charity (Accounis and Reports) Regulalions and the provisions of the trugt deed. They are. also re5pon5ible for 5afegJardin8 r*e assets of the chanty and hÈnce for takin8 reasonable sieps for ihe prevention and dtlcciion ol fraud and other irre8ularilies_ Key rnana8ement personnel The trustees consider that rhey comprise the key man•gemen= of the charity in charge of directin8 and controllin& runnin8 and operziing rhe charity on a day to day basis. The six irusiee5 are Pafish priests in the parishes operaled by the charity The irusiees receive no remuneration or dditional reimbursement of expenses in connection with theic dutie5 as tru5tee5 to the chanty. ThÈ Pèrish Priests ère all member5 of Belrnont Abbey. The Eng115h BenedirtinÈ Congre8aiion cf ihe Order 0151 Benedict. and their living and personal expenses are borne by Ihat charity known a5 Beltnont Abbey General Trust.

Beltnont Abbey M15510n CIO RÈport of the trustees for the Year Ended 31 DetÈrnber 2024 STRucfuRE. GOvER￿NcE AND MAMAGEMENT Icontinuedl Rlsk management The tru5tpes have asse55ed the major risks to which the charity is exposed. in particular those re13tinE to thè spp.¢ific operaiional areas of the tharity, it5 invÈ5tmeqts and its finances. The trustees believe that by monitoring reserve levels, by ensuring contro15 exist over key financial systems. and by examining the operational and business risks faced by the charity. they have established p.ffeclive systems to mitl8aiÈ those risks The trustees review a risk mana8ement matrlx annually. which Includes such potet)tial risks as the1055 of key 5taM. disaster recove.ry and reputationèl 'isk. The key risk5 for the charity. as Identified Jythe tnAStees, a￿ described below toeetherwith tle principal ways in which they are miligated-. Loss ofkey management The Irusiees ère èwarÈ thèt they ale very dependent on certain key people and thp implications of losin8 these people would be svious. Tht trusioos eon5ider that stroThE support from financial advisers. Irainine of tru5tee5, and ongoing discu5510n ol ways ol lighrenin8 the loaé of the Abbot Wi l èll mili8aie ihis risk. In 3ddition the English Benedicrine Con8re8ation. of which the Abbey is a membÈr. has developed strLtctures of coniregational support, including the lendin8 of personnel. ¢0 aSSlSt any parishes who find them5elve5 in diflicultie5. Dependente oflncome from In¥eMments The charify relie5 to a lar8e extent on the returns from its invesrmeni portfdio to tover its out80ings. The performance of Ihe iDwe5trnent portfolio and the investment stfate8y are reviewed in meeiin8s ol the trustee5 and in regular meeiin8s with the investment manèKpf5. lakin8 inlo account curreni and future politicèl and e¢onomlc uncertiiintie5. This ri%k and itsmitigationsare especially importani atthe presenttime 8iven theCovid-19 parsdemic. • Protocilon ol Chlldrtn and Vulnerable Adu115 Like All other or8onisalions who serve-n the cornmunily. Ihe i¢usiees reco8ni>e thè èbsolute nece551ty of cnsuring the protÈttion aftd %èfery ol all those the charity in any way Thi9 means thèt membèrs en8a8ed in anv ministry in Gfoai Britain must obiain tlearance frrom the Disclosure ond BJrrin8 Service IDBSI. The rrustees are fullv ommitied to implemeniinR all pollcies ant1 procelures of the Catholic Safe8uardinR Advisory Service ICSASI. + Volunteers Th¢ iru51Ce5 4reverygrateful lo the many volunreers who have8wen their time to thètharity within the individual parishe5 over Ihe past year and who have provideé InValua￿e assisrance.

Belmont Abbey Mission CIO Report of the trustees for the Year Ended 31 De￿rnber 2024 REFERENCE AND ADMINISTRATNE DETAILS Registered Charity Number.. 1191221 incipal Addres5= Belmont Abbev Ruckhall Lane Hertford Herefwdshire HR2 9RZ Trustees Rt. Rev Dom P. Stonham (resigned 4 June 20241 Rt. Rev B. Thcmas OS8 lappoinied 4 June 20241 Vtry Rev Dom S. McGurk RÈV Dom C. Mbrrison Rev Dom M. Carnev Rev Dom P. Lobo Ire5i8ned 5" Au8U5t 20241 Rev Dom L Primayesi Rev Dom Thoma% Re an ointed 5"Au U5t 2024 Audltor Thorne Wid8ery Aceountanty Limiie 2 W¥evale Busine55 Paik KinBs Acre Hereford R4 7BS Solkltors LambL. CorneT & Co 36137 Bridge Street Hereford HR4 9DI IfWe5tmefit Mafiart•rs CCLA In¥esiment Management Limited One An8el Lane lonéon EC4R 3A8 A D Account5 ITrustsl Limited Rural Enrerpri5e Centre Vin¢eni Cdrey Road Hereford HR2 6FE Principal Banktrs National Westminster Bank PIC Brodd Streei Hereford HR49A Approved by order of the board of trustees on.....J.l.i.e4ZS..... . and si8ned on il5 behalf by.. Rt. Rev Brendan Thomas, OSB- Trustee

Report of thÈ IndÉpÈndent Auditor5 to the Trustees ol Belmont Abbey Mission CIO for the Year Ended 31 December 2024 Oplnio We have audited the accounts of Belmnt AbbÈy Mission CIO Ithe'chafity'l for the year endod 31 December 2024 which iornpri5e the statement of financial activilies, the balantÈ sheet. t￿e Statement of cash flows, thÈ principal accounting policie5 and the notes lo the 8tcounl5 The financial reporting frampwrjrk that has been applied in their preparation is pplicdbli, IJW Uniied Kingdom Accounring 5taidar¢s, Including Financial Reporting 5tardard 102 'The Financial Reptsriing Standdrd dpplicable in the UK and Republic of Ireland. IUn5red Kin8dom Generally Accepted Accounting Practice). In our opinlon. the accounts.. • give a true and fair view of the stale of the thority'5 affalrs as at 31 D￿ember 2024 and of its 'ncome and expenditure for ihe year then ended.. have been piooerly prepared irb accordaTrce with UDired Kinidorn Generally Accepted Accounting Prartice., and + have been prepared in aciordance w th the requireffnts ol the Charitles Act 2011 Baslsfor oplnloTh We conducted our audil in attordance With InrernatTronal Srandards on Audiling IUKI IISAS IUKII and applicable law. Our re%pDnslblllties under Ih05e 51andard5 •re further described in the audiiorfs iesoonsSbll,'t1¢5 lor the du(tit ol the accounts SPClion of our roport. We £ifp in¢Jeppndpnr of the charity in accordante with the erhic31 reqJiremenis thai Ire relevant to our audit of the accounts In the UK, including the FRC'S Ethical 5tandaro, and we have Idllilleo our othgr p.Ihical responsibilities in accordancewith rhese re¢uirernenK5. We believe that the aLdit evidence we haveobiained Is sufflcient and approprlate to provide a basis lor guropinion. Concluslon5 relatlng to 8oln8 Concern In #uditin8 the acccunts. we have concluded thèt the trustees. use of the goln8 concern basls of atcountlng in the proparation of the a¢counts is appropriate. 615eé on the work we haveperformed. we have not Identifi￿ any material uncertainties relatin8to event5 0r¢onditions that, individually or collertlvely. fflav ca51518nificant doubt on the charl￿S ability io etsntinup a% a Eoin8 con£ern for a period of di lÈast Iwelve monrhs from when the accounts are avthorised for Issue. Our responsibilities and the respcnsibilitie5 of the trustees Wit￿ respect to 8tyn8 ccntern are described in the relevant sections et this report. Other Intormatlon Thè trustees ère responsible for Ihe C*ther inforrnation. Theoiher inlomiation compr ses the information included in the annual report and ace¢unts, other than the accounts and our auditcrfs rèport thereon. Our opinion on the accounts docs not cover the other inlormètion and we d¢) no: expiess any form of assurante tontlu510n ihere.on. In connection with ouravdii of ihe accounts. our rÈspon5ibility is to read rheoiherinforiiation and, in dolng so, ton5ider whplher the other Informaiion Is materially inconsistent With the accounls or our thowled8e obta ned in the audit or orherwise aopears ro be materially n)1s5tèted l+ we identify such material Inconsiglencie5 Qr apparent rnaterial m155talements. we are required to determiye whether the￿ is a mèteTial mi55tstement in the account> or a material m'sst8tement of the other Information If. based on the work we have performed, we toncludè that thprp is a Tnalprial m,55tatement of this other inlorrnat.on. we are required to rÈportthat fatt. We have nothinE to report in this regard. io

Report of the Independent Audiiors to ihe Trusiees of Belmont Abbey Mission CIO for the Year Eftded 31 Dettmber 2024 Matter5 on which we are requived to report by e¥ception WÈ have noihing to report in respeci of the lollowing matters in relation towhich the char￿leS Act 2011 requires u5 to report to you if, in our opinion.. + the Information given in the trustees. annual report is incon51Stent in any material re5pert with the a¢¢ount5,' or suKicient aciounting re(ord5 have not bÈÈn kept", or the acc¢unis are not in agreement with the èccouniin8 records and returns. or we have noi received all the i1formètion and expianaiions we require for our 3udit. Responsibilities of trustee5 As explainpd more fully in the trustees. respoThsibiliiies st31ernent. the trustee5 are responsible for the preparation of Ihe accounts and lor bein8 Satisfied that they 8ive è Irue and fair view, and for such internal control as Ihe trustees determine is necessary to enable ihe preparation of accountsthat are Iree Irom material misstatement, whether due to fraud or error. In preparin8 the accounts. the trustees are responsible for assessin8 ihe charifTrls ability io continue a5 a 80ing coniern. di5c105i08, a5 applicable, fflatters related to 80in8 cop,cern and using the 80in8 concern basis of accounting unless ihe tru5tee5 eiiher iriiend 1¢ lioui¢aie the chariiv or lo cease operations, or have no realisiic altematiwe but to do so. AudiloT'S re5p0nslbll￿Ies for th• •udtt ol the ac¢ounts Our obiettive% Bre to obtain reasonable a5surartce obtyjt wheiher the account5 a5 a vihole a￿ free from material misstaternent, whether due to fraud or error. and to issue an auditor'5 report that includes our opinion. Reasonable aSSUfdnce Is a hirth level ol assurance. bul 15 nol d guarantee that an oudit c¢>nductÈd In accordance with ISA5 IUKI will alwdyS d￿t￿(t d ITldtvrial mi%StAirnenf wh•n it VMi%t MiS4tatmpnt% can a'i4? Irorn Iraud or error and t)re con4id?rod material If, Individu3lly or in the aegregate. rhey could reasonably be expected to Influence the economic decisions of U5er5 taken en the basis ol these accounts. IrreÉularlties, includin8 fraud, are instances of non-compliance with laws and fe8ulations. We ée5i8n procedures In line with our responsibilities, outlined above, to detect ma(eTial missiaièmenis in respec1 of Irregularities, including fraud. The exteni io which our procedure5 are capatileol deteciin8 Irre6ularitie5. in¢luding traud, Is detailed below. Our apprgach to identifyinE and assessing the risks of material misstatement in respect of irre8ularitie5. including fraud and non-¢ompliance with laws 2nd re8ulation5, Wa5 as follows". the engagement parlner ensured that the engagemeni ieam col'.ectively had the appropriate competence, C<ipabiliiie5 and ski115 lo identify or reco8nise non-compliance wth applicable laws ad ￿gUlatIonS., we Idéntified the 12ws and reEulations applicable to the tharity rhrough discussions wilh those charged with governance and other man6gemEnt, and from our *Thowledge and experience ol the sector, we focused on specific 12ws and re8ulauons v4hith we considered rnay have a direct mèterial effect on ihe Br£ounts or Ihe operations of the charity. including k¢ounLin8 and Reporting by Charities Staiempnt of Recommended Praciice applicable to tharilies pieparing I￿.eIr attounts in accordance with the Financial Reportin8 Standard applicable in the Unileé Kin8dotn an£ Republic of Ireland IFRS 1021 (Charities SORP FRS 1021155ued on 16 july 2014, the Financial Reporting siandard 3Pglicable in thc UK and Republic of Ireland IFRS 1021 and rhe Charities Att 2011,- we as5e55ed the extent of Compliance with the law5 and regulations ideniified above through makin8 enquirips of trustees and inspecting legal correspondence. We corroborated ourenquiriesrhrou8h our review of tru5teEs' fflinute5,' and Identified laws and regulation5 were communicaied w thin the Èncagemenr team regularfy and the team rernained alert to Instances of r.on-compliance throu8houl the audit. li

Report of..he Independent Auditors to the Trustees of Belmont Abbey Mission CIO for the Year Ended 31 December 2024 We a5se5sed the susceptibility of theCharity'5 accounts to rnaterial misststement. includin8 obtaining an unde.rst3ndillE of how fraLd might octur. by". makin8 enquirie5 of trusiee5 as ro iheir knowledge ot 3rtual. su5pecte¢ and alleged frèud," and considerin8 the Internal controls In place to mitlE2te r-.sks of fraud and non.compliHnce with laws and regulations. To address the risk of fraud through mana8emeni bias and override of controls, we". • pÈrtorrncd analytical procedbires 10 idenii any LU5ual or unexpecLed relationships., • performod substantive te5tir8 of expenditure inclulin8 ie5tirig the authorisation thereof.. ané 35sesspd whether judgements and 45svmptions made in determining the acc¢untin8 estimates were In response to the risk of Irregularities and non-compliance with law5 and regulations. wp. designed procedures which included. bul were not Iimiid 10. financial statement disclosurpq to underlyin8 5UPPOf4ine documentation.. re?din8 thg mip)uies ol meelin85 of those charged wilh 8overnanre' There are inherent limitalions in our audit procedures describttl above. Ihe more ￿moVed that laws and reaulalions are from finaniial transactions. the less likely it IS Ihar we woulé become aware of non-compliance. Audilin8 5fandards al80 limit the audit procedures required 10 Identify non-cornpliance with laws and regulaiions to enquiry of the tru51ee5 and other mana8p.ment and.he inspection of regulatory and leRal correspondence, il any. Ma:erial misstatements that arise éue to fraud can be harder w detecl than those thai arise frorn error as they mèv involve deliberate coneealrnenl o. collusion. A further description of our responsibilitie$ t?r the audit ol the accounts is located on the Financial Reportln8 Council'5 websltè bt www.frc.or&uklauditorsre5ponsibillties. This descripilon forms part of our auditor's report. Use of ovr report Th15 report is made solely 10 the charity's trustees. 0$ • both. in aL£t)rdance with S¢¢iion 144 of the Charitles Act 2011 and wirh re8ulaiion5 rnède under sètlion 154 rtrf that Att Our audit work has been undertdkey so Ihal wo mi8ht state to the charitrfs trustet5 tryose mèttp.r% we r￿QuIred its stale io thern in an Auditor's rèptsrt fcr no Qihel purpose. To the fullest extent permitted by law. we do not accept or ès5urne responsibility to anyorè. other than the charity and Ihe charity's trustee5 as 6 body, lor our audil wor¥, for th15 reporL or lor the opinions we have formed. Thorne Wid8ery Accountancy Limited Stalutury Auditor 2 Wyewale Bu5ine5s Park King5 Acre Hereford HR47BS Thorne Widgery Chartered Accountancy Limited is eligible toatt as an audiwr in terms of 5ettion 1212 of the Companies Art 2006. }Iidlt 12

Selmont Abbey Mission CIO Statement of Financial Artivities for the Year Ended 31 De￿rnber 2024 6 month period l July 2023 to 31 Dec 2023 Total funds Year Ended u￿re￿ria￿d general AeArirted general funds 31 Dec 2024 Tutal funds Notes Incorne from.. Donation5 legacies 52IA66 38.417 41.645 7a.849 350 521A66 38.417 41.645 7B.040 350 176.726 7.505 15,849 57,80S Investments and interesr receivable Other incoine 4.191 Total Incorne 4.191 675.727 679.918 257,8È5 Expendliuie on: Raisin8 funds Support of the Pèrishes and their mini51ry T•t21 Èxpenditure 2.239 2,239 S13.010 513.010 S15.249 515249 271.757 ?71,757 Nèt Incomel lexpendlturèl bel￿+ In¥estmeni18alr*sl/ losses 1.952 162.717 164h69 113.8721 Net 8ainsl110sses1 tsn investments 13 1383 49,025 145.418 Nei In¢omel lempenditurel and ntt rnovemeni In funds 3,335 211,742 215P77 131,546 Reconclllatlon of funds Total funds brought forward 82,475 3,446020 3,529.295 3.397,749 Fund balances carrled for¥rdrd 85AIO 3,658,562 3,744J72 3.529.295 The charity has no recognised gains ané losses other than tr.ose shown above and therefore no separzre statement of total reco8ni5ed 8ains and losses has beei prepared. 13

8elmont Abbey Mission CIO alance Sheet 31 Decernber 2024 2024 2023 Total Total funds funds Nore5 Fixed assets Tangible fixed a55ets Listed inve5trnent5 Inve5trnent property 12 13 594281 2,677.940 4,¢XIO 3.276.221 589.249 2,627,530 4.000 3,220.779 14 Current a5set5 OvbtDrs 15 204,351 296,178 500.529 206,fX)O 146,016 352,016 Cash at bank in hand Credltors.. amounts fallin8 due WlThin one year 16 132.3781 143,5001 Net current assels 468.151 308.516 T￿al net assets 3,744.372 3,529,295 Funds Urtreslricted funds Restricted lunds 18. 19 85,810 3.658,562 3,744.372 82,475 3,446,820 3,J29,29J The financial 5taternen¢5 were opproved bythe Board otTrusiees and authorlsed for Issue on.... were si8neé on its behalf by.. and Rt. Rev Brendan Thomas, QSB-Trustee 14

Belmorti Abbty Mission CIO Cash Flow Statement for the Year Ended 31 December 2024 year Ended 31 Dec 2024 Period l July 2023 10 31 Dec 2023 Notes Cash flows Irorn opevating activit￿5 Cash 8eneraled from operations 148 66,246 Cash flows from investing actIvIt￿$ Purcnase of tanRible lixed ass¥1 176,8741 350 110,9981 Sale ol listed Investments Investment income and Interest received 78.040 57.805 Net cash used in investing attivities 46,807 Chan¥e in cash and cash equlvalents in the reportini period 150,162 113,053 ash and ¢4sh equlvalenis •1 the bt8lnnln8 of the reporting period 146M16 32,963 Cash and ¢ash equlvalenis ai the end ol the reportin8 per￿d 296.178 146,016 15

Belmont Abbey Mission CIO Notes ro the Cash Flow StateTnent for the Year Ended 31 December 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM 0PEPATIP￿ AcfiviTIES Year Ended 31 Dec 2024 Period I july 2023 to 31 Dec 2023 Net income for the reporting perK+d las peritre siaiementof Financial Aci1vit￿5j Adjustmenis lor. Deprethation charges IG3inl/losses on investments Inve51rnent income and interest received Profit on disposdl of fixed d5selS Decrease in debtors Deerease in creditors 2151177 131.546 71,842 150,4101 178.0401 13501 1,649 111,1221 34,440 1145,4181 157.8051 90,139 13,344 Net cash provldtd by operatknNs 148,646 66.246 ANALYS￿ OF CASH AND CASH EQUIVALENTS 2024 2023 C3sh in bank 296,178 146.016 Total cash and cash tquivalents 196,178 146.016 ANALYSS OF CHANGE5 IN NET FUN05 Atl DecÈmber 2024 A131 De¢Èmber Cash flows 2024 Net cash Cèsh and cash equivalents 146.016 150.162 296,178 16

elmont Abbey M155ion CIO Notes 10 the Financial Statemertts for the Year Ended 31 December 2024 ACCOUNTING POUCIES Basls of weparing the financial statements The financial 5taiementS Ot the charity. whiih is a public benefit en¢ity under FRS 102, have been prepared In accordance with the Charities SORP (FR5 1021 'Accounting and Reporting by Charities.. St3tement of Recommended Pratticc applicablc to charities preparing their account5 in arcordance with the Financial ReportillE Stanéard applicable in thÈ UK ènd Rèpublic of Ireland IFRS 1021. Financial Re.pOrt￿n% Standard J02'The Financial Reporting Stèndard applicable in the UK and Republi£ of Ireland. and the Charities Act 2011. Th fin3ncial 5taremerits have been prepared undÈr thÈ historicaltost convention with the exception of inVes￿entS which are included at ￿rket value. The accounts are pre5ersted in Sterlin8 aThd are rounded to the nearest Pound. All recognised gains and losses are included In the statement of finoal activities. Critlcal accounting estimates and areas of judgernent Preparaiion of (he accounts iequire5 Ihe trusiees and management to make 5ignificartt jud8ements and estimaiès. The iterns in the a¢¢Ounts where these judgements and esiimaies have been made include.. estimating the useful economic life of tangible fixed a5sets,' • determining thÈ probability ol the receipt ol le8acie5 whith are rneasurable and to which the charitable company 15 enlitled., estimatin8 the lair Value ol investrn￿l property: and estimating future income and oxpenditure lor the purpose of assessing going concern (see below). Assessment of 8oln8 concern The trJ5tees have assessed whether the use of the goin8 cL4icern assump￿On is appropriate in preparin8 Ihese accounts. The trustees have made this assessment ifb respect to a period of at least one year from the dale ol approval of these accounts. The trustees do not expeci m31erial concerns to arise ovèr thÈ charitTrls h-nancial p051tion or for the charity's 80in6 concern to be threaiened anc thÈ trusrees are of the opinion, given the charity's ner assets and cash reserves relative to annual expendiiuTe. that the Iharity will have suificient resour¢ 10 Meet its liabililie5 a5 Ihey fall due. 17

Belmont Abbey Mission CIO Notes to thÈ Financial Staternefit5-continJed for Ihe Year Ended 31 DÈcember 2024 ACCOVNTING POLICIES IcontiThuedl Income Income 15 recognised in the year in which the charily has eniitlemeni to the income. the amount of income can be measured rdiably and it Is probable that the Income will be received. Income comprise5 donations. legaf ies. Investment income. infere5t receivable, income from the sale of books. votive5 and candles, fvnerals and Churchyard itbcome, parish centre, hal, and room hire, and other rnisceliÈnÈous income. Donation5, Gift Aid tax recoverable are recoBniseo when the charity ias confirm3tlon of both the arnount and sertlempnl dare. In theevent of donations pled8ed but not received. the amount is accrued for where the receipt 15 considered probable. In rheevent Ihar a donation 15 Subject to condilions Ihai require a level of performènce beforcthe charity Isentitled torhe funds, the Income isdeferred and nol recognised until eitherlhose conditions are fully mer, or ihe fulfilmeni of those cgfidilions ss wholly wi¢hin the control of ihe charity ano it is probablÈ Ihai tho%e. condilion5 will be fulfillee In the reportin6 Deriod. In 3c£ordance with the Charhties SORP FRS 102 volunteer time 15 not reco8nised. Legacies are included in the statement of liryancial actiyilies when the charity Is *niitled to the leeary, the executors have frsiablish￿ that thpre are suffioenr surplus a5%èts in the estate to pèy the 'eg3Cy, Jntl anv condition5 atthched 10 the legaryare within the Control ol the charity. Iniitlement 15 taker as the earller ol the date on which either.. the charty is aware that probaie has )een Rranted. the estate has been fin)lised ènd notification has been made by the executor to the charity thai a distribution will be made. or when d disiritr)utlon is received IrorT7 the estaie Receipi ol a le8aiy. rn whol+ or in part. is only£cnsiéered tsfobablewhen the arrount can be measured rp.lièbly ènd Ihe charity has bpen notified of the executor'5 inrention to rrake a di5tribu410n, Where leEacie% have been notilied 10 the charity, or the charity Is aware of the 8r4nling ol probète. but Lhe criteria fo, Income recognition have nol been meL Ihen Lhe le8acy is Ireoted a5 ) contin8en'. asset and disclosed il rnaterial. In the event that the 8ilt 15 in '.he form of an asset oiher ihan ca5I or a finandal asset traded on a recogniscd sioekexchan8e, recognition issubject lo thevalue of the gilt bein8 reli3bly measurable with a degree ol reasonable accurary and the title ol the as%pi having bein8 Iranslprred 10 the charity. Dividends arereco8nised once thedmttend hasbeen dedared and notification hasbeen received ol the dividend due. Inierpst on funds held on deposir 1% intludÈd when receivable ond rhe amount can be measured reliably by the charity-. this 15 norrnally upon notification of rhe interest pai+J or payable by the bank. Income from sale of books, votives and candles. funera15 and chLfch yard Incorne. parish ¢entrÈ, hall and room hire, and other miscellaneous income Is measured at fair value of the con￿deral10n received or rÈteivablE, excludinE discoupt5. 18

Belmont Abbey Mission CIO NotÈs to thÈ Financial 5tatements- continued lor the YÈar EndÈd 31 DetÈmber 2024 ACCOUNTING POLICIES IcontinJedl Expendliure L'-abililie5 are retoenised as expenditure as soon as there is a legal or con5tnJctivp obligation rotnmitling the narity lo make a payment to a thiré party, It 15 prob6ble Ihai a transfer of eC￿OrniC benefit5 will be required in settlement and the amount ol the obliga-.ion can be measured reliably. All oxpÈnd."Lure is accounted for on an accruals basis Empenditure comprises dirÈtt ¢os:s and support costs. All expen5e5, intludinl support tosis, are allocated or Apportioned to the appliiable expenditure hèadings. The classification between activities Is as follows.. I, The cosi of raising funds relates to expendilure incurred in or8anisin8 and hol(Jin8 5tnall stalè lundr8isin8 events, mana8in8 investment propenies and cos¢5 in tonnÈttion w1th the mana8ement ofthe charity's listed invesimenis. 2. The costs of tharitable a¢t"vilies comprise expenditure on rhe chaTitVs primary purposes as described In the trustees, report and include.. Charitable donation5 which compriseBifts to oiher charitable causes with aims obiertlves which are C00515tent with those ol the charity i.e the advoncement ènd maintenance ol the Rornan Catholic reliEion hnd the relief ol poverty. Donaiify)s ale made from Special Collections held within each pèrish for each specifit tause. In ad¢ition, each parish makes contributions towards the cosis of Ihv Roman Cainoli£ Diocese ih which it 15 siluatèd and èssisis with meetin8 the expense5 01 thÈ repair and maintenance of local R¢￿an Catholic Sthools. ii, Expenditure on ihe support ol the charity's five parishe5 in£ludes expenditure on the upkeep ol paris buildinKS lintluding Churches and parishesl. stall and related costs. thè livin£ and personal empenses of pèrish priests. etc. Alkncation 015UPPOrt and go¥ernance ¢osts Support costs represent indirecitharitableexpenditure. In ordtrr Io C41rry out the primary purposÈs of thecharitv it Is necE55ary ic provide 5uppori in ihe form of financial procedures, PfOTr115ion of offictr sÈrvitÈ% and equipment. Govp.rnènce costs comprise the cost5 Involvingl￿e public èttountabilLty of the charitylincluding au(Jit C05ts1 and Costs in respect to its Compliance with ..eguiation and good practice. Governance costs are apportioned usin8 percentages based on the expendilure inojrred ￿ the 3£tsWties of the charity. All expenditure orb 5UPPOrt ofr the charity's five parishes are a,loiated to support of rhe parishes and their ministry a% rD%t% in respect io ra151n6 lunds and 8iving donations are considered to be minimal. Tan£lble flxed asseis All assets costin8 more tnan El.OWJ and ¥￿th an expecled useful life excee(Sing one year are capitalised. l. Inalienable land and building5 The freehold of Ihe land 3nd build"n8s lÈgally owned ?y the charity and ocojpied rent free on behalf ol the trustÈÈs of thegoverning bo¢¥ ol Catholic ¥olunlary-aii5ed 5c*oo15. which are separate charities and publicly funded. are valued 3t f Dil The trusteesconsi¢Jer tb.at no meaningtul value tan be attribuied to these a55ets. 51nce they are tbot Used dire(tly by Ihe thanty. do r.ot 8enerate Income ané tannot be disposed of in the open marker OT Put to alternaiive use while such otcupation. which may be indefinite. continues. 19

Belmont Abbey Mission CIO Nores to the Financial Staternents-continued for the YÈar Ended 31 De￿mber 2024 ACCOUNTrNG POLICIES Icontinuedl Tanglble fi¥ed 4ssÈis Icontinuedl 2. Churche5 and similar properties The trustees are the lÈeal owners of thur¢hÈs and Similar land and buildings 51tuated within the Seven parishe5 oper3ted by the charity- In the event of the charity teasing ils work in any of these pari5he5. tho trustÈes would consider [hÈmse￿eS obliged to hllow suth 3ssets to be used Indefinitely to meet the needs ol the parish for its church ènd similar property. As such assets are not, therefore, 5U5ceptible to a meaningful vèluation and Ihere is no reliaDle inlomiation as to their c05t, they are excluded frorn the accounts. 3. Functional freehold properry Freehold propcrties used for thedire(t charitsble Wofk of the charity are induded In the accounts èt cost or at è V31uation deterrnined ès ai tbe date ol acquisition. based on open market value.. and adjusted for rhe 05t of additions andlor IrnPr￿emeM¢S since acquisitiop. The valuations have been deemed tost under the transitional arrangements set out in FRS 102 and wll appty going forward with additions accounted Igr at cos:. Functional freehold o¢operties are deprecialed al a rate of 2% per annum on a straight line basis in order to write the buildin85 off over Iheiv estimated useful economic life to the charity. 4. Freehold building improvements ImDrovemenis to funckional Ireehoid buildin￿ are included in the a£counis al c05t as IncUr￿d. The Improvemenls. once complete, are éepreci4red al IO% per bnnum on a strai8ht line basis. in order to Wflte the c05t ol these improvements off oveT their expected uselul life. 5, Other tan8ible fixed asset5 Other tangible f'.xed assets are capiralised and deP￿Cla(ed at the lollowins annual rates in order to write them off over Iheir eslirnated useful lives". • Plant ant fixtu￿5 IO% pv annum based on cost • Office equipment IO% per ènnum based on cost Motor vehides 25% per annum based w c05t FINed a591 irtvÈstments L15ttd irtvesiments JTe a form of basic financial insrrurnent ané are initially recognised ai their transaction Value hnd subsequenily measured al Iheir fair value as èt the balance Sheet date usin8 the closin8 qLlOted m4rket price. The £harity does not acquire put optios. derwaiives or other complox linancial Instrvment5. As noted above, the main fomi of linancial risk faced by the charity is ihai of Volatility in equity markEt> and investment markets due to wider economic conditlQn5. the attitude of investor5 to investment risk, and thanges in sÈntiment concernin8 equities and within particular 5eciors or sub 5ertor5. FixÈd asset investments compfj5ing long temi deposits are stated at the value of the In1tial deposit 85 this will be returned in full upon maturity. 20

Belmont Abbey Mlssion CIO Notes to the Financial Statements-continued for the Year Ended 31 Deiember 2024 ACCOUNTING POLICIES Icontinuedl lrtvesimertt woperty Fixed a55et investments cornpri5in8 freehold land are included in the accounts at a valuation based on tru5tee'5 estimation of their market vèlu? st￿ks Stock5 hre valued at the Icrt¥er of cost and netrealisablevalue. after making dueèllowance forobsolete and slow moving items. Taxaiion Belrnont Abbey Mi55ion CIO is a reK15tered chanly and ihereforo is not liable to incorne tax or corporation tax on income derived from its charitable activilies. a5 li fa115 With.'n the v4rious exeniplions available tc re8i5tereLI Fund O¢¢OUniln8 Unrestricle¢J fund5 can be used in accordance with the charitsble objectivesat the discretion of ihe trustees. Resiriiied funds Can only be usedfor parlicular ie5tric¢ed purposes within theobjects of the charity. Resirictions arise when spe¢ified by the donor or when fund5 are raised for particular restricted purposes. Furthcr emplanaiion of the nature and purpose of each fund 15 intluded in the notes to the linanoal 5taiements. Pension ¢osts othér posi-retlremeThi benelits The charity operates a defined contribution penslon scheme. Contributions payable to the charity's penslon scheme are char6cd io the siaiemenL of Financial Aciiviiics in rhe period o which they relate. Debtors Debtor5 hre re£o8nised at their set:lement amouni. less any provision lor non.recoverability. Prepaymenrs ère valued at Ihe amouni prepaid. They have been discounted to the presentvalue of the future£ash receipt where such discounting Is material. Cash at bank and In hand Cash at bank and In hand repfesen15 such actounts and Instruments thai are availèblc on demand or have a maLurity ol le55 than three months from rhe datÈ of ècquisition. Deposits for morÈ than three monihs but le5$ than one year have boon disclosed as short term deposits. Cash placed on dep05ii for more than one year is isclosed as a fixed asset inveslment. Creditors and pvo¥islons Creditor5 and provisions are recogTri5ed whtn there is an obligation at the balance shee: d3te a5 a result of a Past event, It Is probable that a transfer of economic benefii will be reqtsired in se¥tlemeni, and the amount ol the settlement can be esiimaied reliably. Creuitor5 and Pro￿s1on5 are recognised at the amouni thp charity antitipates il will pay io setLle ihe debl. They have been discounte¢ to Ihe present val'Je of the future cash payment whpre such discouniin8 is Material. 21

Belmont Abbey Mission CIO Note5 to the Finèntial StBtÈmeTrts- iontinuÈd for the Year Ended 31 Decefflber 2024 tX)NATION5 AND LEGACIES Restritted fund5 Period l Jul 2023to31 Dpc 2023 Year Ended 31 Dec 2024 564N9 137,979 19.438 521,466 L69,328 Gifrs and lo8ècies 7,398 176,726 OTHER AcfiviTIES Restrlcted funds Year Ended 31 Dec 2024 2023 Lo 31 Oei ?0?3 Rent Sale of books, papers, VOTives and candle5 Fundrai5in8 9,921 8,961 22,763 41,645 4,007 3,179 8,663 15.849 INVESTMENT5AND INTEREST RECEIVABLE Unrèstrlrted Restrkted Year Ended funds 31 Dec 2024 f¥nds Deposit a£¢ount interest Portlolio income 1,097 Z,QY7 75,943 78.040 73.849 73,849 4.191 Period I lul Restricted 2023 to 31 fund5 Dec 2023 UnrestrittÈd funds Deposit account interest Portfolio Income 939 939 1.613 55,2S3 55,253 56,866 57,805 2,552 22

Belmont Abbey Mi55ion ao NoiÈs to the Financièl Statements-conbnued for the Yepr Ended 31 December 2024 INCOME FROM CHARITABLE A￿1VITIEs Restricted funds Year Ended 310ec 2024 2023tts31 Der 2023 Grants Orher income Funerals and church yard income Re51orarion conlribulions 13,139 7.073 17,870 335 805 6.700 38.417 7,S05 EXPENoifuRE ON RAISI￿ FUNDS Year Ended Aemrlcted 31 Dec 2024 Unresirlrted Inve5trnenl portfolio mona8ÈmÈni Period l Jul 2023 to 31 Dec 2023 Unresiricted Restricted Inve%tmpnt portfolio man3gen*nt Total expenditure on raising funés EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted funds Restr￿ed Year Ended fvnd5 31 Oet 2024 Dirett costs 472.5&) 6.726 33,724 513,010 472,560 6.726 35.963 515249 Donaiion5 support costS-8overnance and finantr costs 2.239 2,239 23

Belmont Abbey Mission CIO Notes to the Financial Statements- continued for the Year Ended 31 December 2024 EXPENDITURE ON CHARITABLE ACllVITIES Icontinuedl Per'od I lul 2023 to 31 Dec 2023 Unresiricted fund5 Restricted furds Direct costs 235,295 235.295 Donation5 Support C05t5- governance and finance 1,084 1.084 29.372 270,673 30,456 271,757 NET INCOME FOR THE YEAR BEFORE INVESTMENT GAINS Year to 31 De¢ Z024 Year to 31 Dee 2023 Nei Income for the year belore investment gains is stated after ¢har8ln8: Staff costs 15,768 15A78 71,842 8.947 15.120 34,440 Audltor's rernuneration Depreciation TRUSTEES. REMUNÉRATION AND 8ENEFTfs The five trust￿5 ère parish priest5 in Ihe parishes operated by the charity. As such, ¢eTtaifi IiviThR 3nd personal expenses during the yeaf 3re bome by rhe charity. No trustee r@ceiv*d any rpmunpration or reimburlement of expen5e5 in con•ection with thwr duties as trustees durirte the current or previous year. There were no trusteps, expeThse5 paid lor-.he year cnded 31 December 2024 Iperiod Irorn l July 2023 to 31 December 2023.. £nill. io. STAFF COSTS Period I July 2D23 to 31 Dec Year Ended 31 Dec 2024 2023 Wages and salaries 15.768 8.947 ThÈ average number of empl¢)yees for rhe year ended 31 December 2024 wa5 1 (period frorn l July 2023 to 31 Oecernber 2023.. 11. No employees recÈivÈd e.rnolurnÈnts in pxcp.£5 of É60.OC#J for the year ended 31 Deco¥nber 2024 (period frotn I Ju5y 2023 tD 31 December 2023.. none) 24

BÈlmont Abbey Mission CIO Notes to the Finatslial Statements- continued for the Year Ended 31 December 2024 ii. COMPARATWES FOR THE STAYEMEMT OF FINANCIAI ACTIVITIES un￿StrIcted Restricred generul generul fund5 Totol funds Nores Incomefrom.. Dontttions ond legocies Choriroble octivitie5 Orher rroding acrivjries Inve5tmen15 und InteFe5t rereivt7ble 176.726 7,505 15,849 55.253 255,333 176.726 7,505 15,849 57,BQ5 257,885 2.552 2.552 Totollncome Expenditure on.. Roi%in9 Junds Choritable Odivilies Support ol the Porjshes ond therr minisrry Totolexpendlture 1084 270,673 270.673 271,757 271,757 Net INome (expendlturej before investrnenl qolns 1.468 {15.3401 113,872) fvet losses on inveslment5 3,913 141.5Q5 145,418 Net incorne lexpenditurel ondnet nwvtment infvnds 5,381 126,165 231.546 Reconclllotlon oAlunds Tololltsiids broughiforword 77,094 3.320,655 3,397, 749 Fund balonces coirled Jor6wrd 82,475 3,446,8?O .1,529.295 25

Belmont Abbey Mi55ion ao Notes to the Financial Statements- continued for thè YÈar Ended 31 DÈtÈmbÈr2024 12. TANGIBLE FIXEO ASSETS Freehold property Plant and Flxtur*s Motor machlnery and fittinF vehicles Total Cost At l January 2024 Additions 468.88S 106,308 555,618 102,733 1,233,544 16.874 76.874 632A92 102,733 1.310,418 At 31 December 2024 468885 106308 OopfecLition At l January 3024 CharRe for the year At 31 December 2024 195.619 8.807 204,426 106,308 258,603 55.325 313.928 83.765 7,710 91.475 644.295 71,842 716.137 106308 Net book value At 31 December 2024 264.459 318564 11,258 594281 At 31 December 2023 273,266 297,015 18,968 589,249 13. FIXEDASSET INVESTMENTS 2024 2023 Llsted iThvestments Openifjg morket Valuo Adcitions èi cost 2,627.530 2,482,112 ProcÈÈds from the sale of investments Realisp.d gain on disp05als Unrealised gainl Ilossl on revalu31ion aosin8 market value 50.410 2,677,940 145,418 2,627,530 Cash held for reinvestment Total value ol lisred investments 2,677,940 2,627,530 Cost of listed investmÈnt5 2,S24,740 2.524,740 26

BelTnont Abbey Mission CJO Notes to the Financial Statements Continued for the Year Ended 31 Decernber 2D24 13. FIXED ASSET INVESTMENTS Icontinuedl Listed inve5tment5 held at 31 t>ecember 2024 comprised the following= 2024 2023 2024 2023 72.74 6.78 69.54 1.947.935 1,945,687 8.18 I81￿64 208,626 9.42 2672S8 171,315 4.88 81.409 134.530 120.507 B5,395 4.820 62,010 74,447 19.967 2,677,940 2,627,530 UK fixed Interest Infrastructure and operarin8 assets Cash and near cash PrO￿rIY Coniraciual and other income Pnvale eqtsity and other 554 1.22 0.18 2.78 1.22 14. INVESTMENT PROPERTY Mdrket V4blue ai i J¢inuary 2024 and 311)ecember 2024 4,LKIO The charity owns a 5rnè11 pltsi of lat)d at the chariws weob.ey Parish, which 15 included in investments. Due lo Ihe dilliculiy in findin8 cornparable plot5 of lané io esiimate a market value and the disproportionate cost of formal valuaiion, the trusiee5 have decidee to le￿In the above hisiorical valuation. 15. DEBTORS.. AMOUNTS FALIING i)UE WITHIN ONE YEAR 2024 ?0?3 Gift aid receivable Other debtor5 180.197 24,154 204.351 132.752 73,248 206,000 27

Belmont Abbey Mission CIO Note5 to the Financial Statements- continued for tht Year Ended 31 De￿rnber 2024 16. CREDITOKS.. AMOUNTS FAILING DUE WITHIN ONE YEAR 2024 2023 Expense creditors and £ccrvals 3Z,378 32,378 43,SDO 43,SOO 17. TAXATION elmont Abbey Mis%ion CIO is a re8iStÈred charity and therefore 15 not liable to Income tax or corporation ta¥ on income derivtd Irom it5 charitable activities. as it failswithin the variou5 exemption5 available to re81Stered ANALYSIS OF NET ASSETS BETWEEN FUNDS Unremrkted Restritted T￿al funds lunds 2024 Tan8ible fixed assets Investment5 Current asset5 594281 121A120 2,560,920 134,3211 534I50 18891 131,4891 85AI0 3.658.562 594,281 2,681,940 5Tr),529 132,3781 3,744,372 Unre51rKted Restricted fusTrd fund5 rotolfund5 2023 Fi*edossers Inve5fmertts Cyrrenr ossets 589,249 119.637 2,511,893 (35,9651 387,981 11.1971 (42.3031 82,475 3.446.820 589,249 2,63J,530 352,016 143.5001 3.529.295 Currenr IiobilAties 28

Belmont Abbey Mission CIO Note5 to the Finantial Statements- Continue for the Year Ended 310ecember 2024 19. MOVEMENT IN FUNDS Atljan 2024 At 311)ec Incorne Expenditurt Galns 2024 Unrestrlcted fvnd General fund 82.475 4,191 12.2391 1.383 85.810 Restricted funds Abergavenny parish 8elmoni parish Weobley pèrish Whiteh8¥en parish Little Malvern Central fund 779,162 995.1% 18Z.478 1.138.858 336.74S 14,381 3846,820 153,638 127,965 150/15 147.719 95.590 1148.7111 175,6181 152,1271 1184.0701 152.41841 11.129 14.214 2.606 16266 4.810 795 318 1,061,757 283,772 1,118,773 384,661 14,381 3,658,562 675.727 1513.0101 49.025 Total funds 3.S29.295 679.918 1515.2491 50.408 3.744,372 At l July 2023 At 31 Dec In￿rne Expeftdirts Goin5 2023 Unresrrlrtedlund Gpnertsllund 77.094 2.553 ILO84J 3.923 82,475 Restittedfvnds Abergovettny porish Belmont parish Wpobleypurish Whiiehuven pon5h little Molverrt pori5h Cetttrolfund 772.616 934.126 182.533 J,097.430 319,569 14,381 3.32Q.655 73. 194 55.965 20.783 77.593 27.198 (IiXl.315J 134.875) 128,6501 183.1341 123.6991 33.C67 39,980 7,812 46.969 13.677 779,162 995,196 182,478 1,138,858 336,745 14,381 3,H6.820 255.333 1270.673} 141,505 TotolJund5 3,397,749 257.885 (271,7571 145,428 3.529.295 29

Belmont Abbey M15510n CIO Notes to the Financial StatÈmÈnts- £orifinued lor the Year Ended 31 December 2024 20. RELATEO PARTY DISCLOSURE Durin8 the year to 31 De￿rn￿er 2024. the charity paid levy charEeS of f 48.331 (period from l July 2023 to 31 OecerDbp.r 2023". £24,936) and rent 04 £15,000 (period from l July 2023 to 31 December 2023.. £7,500) to Belmont Abbey General CIO. There were no other related Darty transactions during the year to 31 December 2024 Iperiod from l July 2023 to 31 t)ecember 2023.. nonel.