Regiit•r•d charlty numb•r: 211004 R•port tha Tru•. •nd Accounts for th• yoar •ndod 31 March 2026 The Trust of Mount Salnl Bernard Abboy In Coalvllle IRogl8tsred a• 'Mount st Bernard Abbey Trustees R•glstsrod') The Rowleys Partnership Limited Statutory Auditors Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester LE19 1WP
The Trust of Iaount Salnt Bernard Abbey In c1mIle Contents of the Annual Report For the year ended 31 IAarch 2025 Pag• Admlnlstratfve Infomiatlon about the charfty Tru81ee8' report Report of Ir•pendent akOr1 12 Statement of flnancial acb'vib'es Balart 8h••l 17 Statement ofcash flows 18 Notu to the accounts 19
The Trust of Alount Saint Bernard Abbey In Coalvlllè Admlnlstratlve Informatlon about the charlty. Its trustees and adv15eTS For the year ended 31 March 2025 Trtr•S Rev Pèter Claver Craddy Rl Rev Joseph Delargy Rev Nichouqs Palmer Rev AndrewStoSanovic Rev Terence Wl¥¢)n Abbot Rt Rev Joseph Delargy Addre8• Mount S4lnt 8emard Abbey Oaks Road Whck Coalvllle Lelcester LE67 SUL Tohphon• 01530 8322981832022 W•b•lt• rn Charlty R•glstr*tlon Numb•r 211004 Audltor The Rowleyj Partnershlp Llmlt•d Stalulory Audllors Charnwood Hou$• Harcourt Way Meridian 8u8lnesJ Park Leicester LE19 1 B•nkern N8tlonal Westminster Bank pl 5 Market Place Loughborough Leice81er8hlre LE113NZ Inve$tm•nt manager• Brewin tlolphin Limlted The cha1n Building 6th fioor 81 Colmore Row Bimiingham B3 2BA
The Trust of mnt Salnt Bernard Abbey In Coali*llle Admlnlstratlve Informatlon about the charlty, fts trustees and athisers For the year ended 31 March 2025 Invalment prop•rty managorn Fisher German LLP Ivanhoe Office Pa Ivanhoe Park Way Ashby de la Zouch Leicestershire LE65 2AB Sollcltorn Moss Soll¢Kor8 LLP 80-81 Woodgate Loughborough Leicester LE112XE
The Trust of Mount Saint Bernard Abbey in Coalvllle Trustees, Report For the year ended 31 March 2025 INTRQDVCTION The Irusloes pre$ent their statutory report together with the accounts of The Tru31 of Mount Saint Bemard Abbey in Coalvllle (registered as 'Mount St Bemard Abbey Trustees Reglstered'l Ilhe charKyi for the year ended 31 March 2025. The accounts h8ve prepared in accordance wlh the accounting policies sel out on pages 19 10 25 01 the attached occount5 and comply wlh the Charity's Trust Deed, applicable laws, applicable Unfted kn'ngdom Accounts"ng Stsndards {United Kingdom Generally Accepted Accounting Practice) and the requirements of Accountsng and Roporting by Charilles.. Stslement of Recommènded Practice applicable lo charitie8 preparing their accounts in accordance wrth the Fbnancial Reporbng Standard appllcable in the United Kingdom and Republic of Ireland {FRS 1021 leffeclwe 1 January 2019). 08JECTIVES AND ACTIVITIES The purp08e of the mon88lery18 lo promote religlon by.. Bearlng I1n988 lo the Gonlemplatlve dimenslon of ChrIsan Ilf•,' Cekgbrab'ng Mass dally and the Divine Office throughout every day.. Preachlng and hearing ¢onfes#ion8'. Provtding a ¥plrftual cenlre, of Chrf$ll4n cultur• and herllagè. for people of all faith$ ¥nd 811 people of good wlll., Demon8lraling the mnasllc Ideal to the Indivlduals and groups who vlstt the mona¥tery and rts Christlan book8hop', Provldlng ovemlght and day gG¢ommodatlon for vi8ltors $6èklng retreat and spiritual &dce., and Helping peopl• lo pray. In addition to provldlng publicworshlp, prè8chlng, hearfng confeg8lon6 and glvlng splTilual guidance the Communlty, work8 comprl8e'. The opèration of a guesthouse welcoming individuals and groups for retreat., The maintenance of gardons and groun(ts Ihat are open to the publlc., A pottery pioduclng ceramic8 for Sale in the shop,. A brewery., and The running of a shop selllng religious artefacts, books, candles. honey. and pottery. The charty malnlaln8 the properties where Ihg religlous Ilve and from wh8re they carry out their work. In addition, rt has a number of lenanled properties, including The Abbey Grange, whlch is run by MONOS, an organisalp)n set up for the promollon of monastiG life amongst lay people. Publlc b•n•flt In fomulating the tharity's aims and in planning the work of the members of the Community, the trustees have had regard lo the gener81 guidance published by the Chanty Commission on public benefft. The tru81ees believe that the Abbey and works of Ihe monks have influen¢ed morals and ath"tudes and enhanced the spiritual wellbeing of those V15iting the Abbey. Public benefit 18 also demonstrated by making donations to individuals and organisab'ons in need.
The Trust of IAount Saint Bernard Abbey In Coalville Trustees, Report For the year ended 31 March 2025 ACHIEVEMENTS AND PERFORMANCE Revi•w of actlvltios •nd futurè plans Al 31 M8rch 2025. the Communty of Mount Salnt Bernard numbered 18 solemnly prolessed mernbeTS ofthe community, 13 ar• resident al the abbey. and there 1$ one re8idenl Oblate. During the year, the chanty contlnued lo a3515t the monks with their charrtable and religious work. Prayer, reading and work are the elements that make up the life of8 monk. The Order as a wholg seeks lo move forward. while pre¥erving the fundamentsls of tts history of community lrfe and dedicated service to the wider Community. Llturgy and wornhlp OUT liturgy conlinugd lo the centre of our life. We are seeing our Sunday congregation grow. Memb8rs of the public regularly appreciate the solemnity of the worship and Singing and varlety of celtsbrants. On weekdays we have had 8 regular group of about len members of the public coming lo Mass, not counts'ng guests may be staying. A new time for the celebrab'on of the Easter vigil and a new fomial for viglls of Chrlslmas continues lo be very successful and appreuated by the visitors who come. We continue lo off•rthe sacrament of reconciliation every day from 2.30pm-3.00pm. On average aboLrt flve people com8 èach day. People tr8vel from far and vlde lor IhlB. Our small shrlne lo B¢essed Cyprlan T8n$l conUnue8 to develop. Many people find 801ac• there, leavlng thelr prayer requests and lighting a candle. Each day prayer inlents'ons are left al thg shrlne. Other groups gomelime8 aik to us• our church and facililles and we do our best to accommodate them. Hosptt•llty Our guesthou¥e opened after a long perlod due to Covid and ongoSng fire Safety works. We now Ilmlt OUT Staying guests to 10. A number of groups come throughout the year for a day visrf( and often a monk I11 be available to glve them 8 talk or reflectS0n. We host a number of school group8, where a monk 98$ a talk and they can ask quegtions. These are always very fruifful, and the Children enjoy their visit. During the year we offered a series of retreat days for the English Martyrs School, Lelc&8ter. The Bl. Cyprlan Tansi Pllgrlmage day ha8 resumed and 4180 the Rosary Pllgrlmage. Both these events were very well attended. The gardens continue to 8ttract visitors. Wo receive lett?rs and emails saying how the gardens help malntsin people's mental health. We contlnue lo (Jevelop the gardens and grounds and the number of casual visilors coming for a few hours of peace and quiet 15 Increaslng. We see this is as an important mlnl8ty - providing a haven of peace for people Sn a hectic World. Our grounds are open lo the general public f free from 7..00am to 7.'OOpm èvery day of the year. Some of the hundreds of comment5 of vi$ilors this year follow.. 898uiiful s8r8n8 monastery. A spec1 slay. v&ry soothing. Th8nkyou. I feel morn 81 peace. Always dgopty spiritual. tt is my spinlu81 I19 for thg past 32 years. What a b88ullftIl 8bbey. Rooms so well slockgd. Food amazing. A very holy plaog. My lime has aed my healing and ber98vem8nl. Appreciate thg beautrfulgft)unds, the peace and slillngss and th8 kind and fnendly monks.
The Trust of Mount Saint Bernard Abbey in Coamlle Trustees, Report For the year ended 31 March 2025 ACHIEVEMENTS AND PERFoRNcE {contlnu•d) R•vlow of actlvltlos and futurn plans {continu•dl Outr•ach We support a number of charll8ble projects, both in the UK and ovorseas, by means of financial aid. We 8UPPOrt number of local Charities, partUlarty those helping the homeless, the local foodbank and some local schools providlng breakfast clubs. We have è colleetK)n point for ((ems for Ukraine. We are now regularty supportlng a monastery in Bamenda, Cameroon. with regular donation¥. Shop The shop continues to attract a great nuMr of customers, offering an excellent selection of religious books and objec18 of piety. In addition. the community produces various Ttems fL)r sale, induding Ilterary work, pottery, cards and vegetables. Our original photocard products and annual MSB-calendar continue lo prove popular. Ceramics produced in our Pottery department are a major atlraclion, fealurlng in local and regional tourist brochures. Rosaries made by the monks al our Rosary depathient also contlnue lo be popular. For u8 the shop is not luyt a buglnes$ venture- we 8ee1188 part of our mlni8try and servlce lo the local populatson. Oftèn people vl¥lt the ghop lor prayer requésts. Ma$8 Inlenllon8 and a klnd word In tlmo of need or just to talk wrth someone. The shop has now become the main oullel for our beer. We are pleased to note that the gale ol beer In the Shop ha8 not negatively affected other sales and on the ¢onlr8ry. they have Increased due to the greatar number of peop coming lo the shop. Br•w•ry The brgw•ry has now been runnlng for seven years and ¢ontinufj¥ to perfom well. Thls yèar we launch•d our $gcond 'core' beer, Tyne Meadow Blond, and have al80 expanded into kegglng and ¢8$king. in order lo reach new and varied customer8. We hove recently Invested In a new fermentation vessel lo increase our overall capacity and Improve flexiblllty In producllon. Demand conllnues to oul$lrip supply and we are focusing on 8elling our beer In the most profitsble way. We empk*y a bWery manager to oversee the daY-tdaY operations, as well as a full-time brewer, and a genèral asslstant who works part-time In packaglng and dellverffts. We continue lo uts'lls• a team of approximately 20 volunteers. from the local community, who help whh the different aspects of packaging. they are a great asset, and a good Ilnk beN¥een the Abbey gnd the wder community. Not only Is the tsrew a source of income bul ty conducting tours we are providing educatlonal and outreach dimenslong, Carlng for th8 memb•rn of th• Mona•tsry The monastery ha3 an obligation, both moral and legal, to provlde care for its members. none of whom have re$tsurce$ of thelr own and all of whom have devoted Ihelr livgs lo serving in the monastic life. AS the age of the senior monks Increases so too does the need lo provide Increasingly expensive care for the monks. This year we have been caring for 5 monks ov&r the age of 90. We endeavour lo care for the monks wilhln the mon88tery. thelr home. only resorting lo outside care when we are unable to cope ourselves. Caring for th• envlronmont The community is conscious of ils obligation lo Care for the environment. Efforts have been made to attract more wlld birds to our gardens. A wildflower meadow has been plènled. and atlditional works have been made on cleaning up the wooded areas and securing gate access and fencing. We recycle as much as we can. The Spent grain from the brewery is Used to feed a local herd ofcows. All the trees on the propety have been surveyed for health and a number of remedial actions have been tsken. The employment of a full time worker for the estste means that there is now a plan for the future management of the estate. We now produce charcoal and various wood products from the tree$ on the ests1•.
The Trust of Alount Saint Bernard Abbey In CoalvilLe Tru5tees' Report For the year ended 31 March 2025 FINANCIAL REVIEW Results for the year A summary of the yea¢8 re8uh8 is given on page 16 of the attached accounts. Total income during the year amounted to £1,394,18712024- £1,189,339). 29% {2024- 37.5%} of this total comprises donatK)ns, legacies and other sources of voluntary income includlng £62,225 {2024 £57,0241 being the pensions, Salaries and other gift8 from indlvldual members of the Community don818d to thè charity under Gift Aid. £765,51312024- £546,704) of the charity's Income derlves from charitsble activities including the Shop and the brewery. Incorne from other trading aGtivllies of £2,26712024 - £Nill include8 income from the liter8ry and other arts and crafts carrièd out by individual membors of the Communlly. Inveslmenl income, includlng rental Income from the chority'8 investment properltss, lotalled £210.912 12024 £191.3361 and acwunled for apprL)xlmalely 15.1% 12024 - 16.1%) of total income. Such incorne Is Important lo the charity and highlights the need lof the charlty to retaln the real value of its investment portfollo in the medium lo long term. Expenditure amounted to £1,306,42512024- £1,128,308). £526,719 {2024- £608.4771. being 40.3%12024 - 53.9%) of lolal expenditure, related to the care of members of the Cornmunity and to 8UPPOrting them in their minigty. Grants 4nd donations l01olled £27,421 (2024- £16,573>. £38,85512024- £38,855> comprised the expendllure Incurred on the operation of the gue8lhou5e. Expenditure during 2023124 and 2024125 related primarily lo ongolng fire safety works, which re8ulted In the closure of g[$t house lor a period ol kn'me. A further £137,77312024- £102,948) wag expended dlrecty on the charty's shop. Expenditure on the runnlng of the brewery, including the annual depreclalion charge on plonl and equipment, amounted to £413.09612024- £260,695). The cost of maintaining the investmgnt properties and of managing the charrty's listed Invegtments totalled £76,597 12024- £91,140). Net income (before other 9alns and1088e81 therefore 81ood at £87,74312024- £61,031). Net loss6$ on the charity'8 listed investments amounted to £4,191 12024 nel galns of £85,0011. Revaluatbns of the hority's Investment propertles resuhed in gains of £732,50012024- gains of £Nill. The overall net increase in funds for the year was Iheiefora £816,05212024- nel Increase of £126.0321, R•Mrv•• pollcy The trustee5 havg examined the requ1ment for free Teserve5 i.e. those unreslrfcted fund8 not Invested In langlble fixed 8ssels, designated for specific purposes or otherwise commltted. The trustees consider that the n4luffj of the charity's work and the heavy reliance on Inve8trnenl$ for generating income necessitates that the charity 8lwayg relaln 8 wnode3t level of free reserves. The trustee5 consider it prudent lo hold at least an amount equivalent to approximately year's expenditure a8 free reserves. The Iru51ees believe that such a level of reserves enables them to plan for the future and have flexibility to Cover temporary shortfalls in income and allows th• charity to cope and respond to unforeseen emergencies.
The Trust of Mount Saint Bernard Abbey In Coalville Trustee5' Report For the year ended 31 March 20Z5 FINAMCIAL REVIEW (continuodl R•sults for the year {contlnu•dl Flnanclal po•lll¢)n The balance sheet shows total funds of £11,092.15812024- £10,276,107). Funds totalling £5,480,311 12024 - £5,490.3531 have been sel 45ide by the trustees as a tanglble fixed assets fund which repiesents the tangible fixed assets. A declsion was made lo separate this fund from the general funds of the charity in recogniti'on of the fact that the tangible fixed assets arè ttssents'al to the day to day work of the charity and 83 such their value shoultj not be regarded as funds that would be reallsable with ease, in orderlo mettfulure contingencies. £3,000,0 12024 - £3,000,000) has been de81gnated by the trustees lo provide lor the care and welfare of Ihg communrty. GSven the Increasing age proflle of the monks, the sum will provide only mofJe$t resources lo look after the monk8, many of whom will need inereaglng and increasingly expensive care and 8UPPOrt in the years ahead, A further £10,95512024- £12,397) repiesents amounts sel aside for the purchage of new book8, journa15 and perio¢Jlcals lor the community library. General funds IOT free reserves) of the Gharity al 31 March 2025 tolalled £2.600,89212024 - £1,773.357). The free re88rves fall short of the above re5erveg policy followng investment in the new brewery durlng 2017118, the subsequent Covid-19 pgndemic and the volalillty arlslng from the geopolrtical 188Ue8 of the past tsvo years. However, the Injstees belleve that with the establlshm•nt of the brewery, the increased aclivSlles since the lrftsng of Covid-19 reslriclions and the expected long-term recovery of the global stock market5, future income wll be sufficient to replenish free reserves to the desired level during the coming few financial years. In particular, the lèvèl of ServeS 18 d8emed 8uffici8nl when consldered in the light of the unc•rtolnlieJ of the current macroeconomic ond geopolitscal cllmale. Investment pollcy The charTty's lioted InveJtm•nls are managed by Brewln Dolphln Limlled and It8 Investment propertle8 are managed by Fisher Geman LLP. There ore no reslrlcllons on the charty's power to Invest and th• charfty's trust deed provSde8 the trustees wtth full aulhofity over Investment declslons. The poIY th rngard to listed Investments is to maximise total relum Ihrough a diverslfled portfollo whllst provldlng 8 ltrvel of Income advised by the Iruslees from lime lo time. There 18 also an elhkal pollcy preGluding Investment in any company whlch, after reasonable enqulry, ¢learfy ha8 $Sgnificanl profits from an activity which is contrary lo the teachlngs of the Roman Catholi¢ Church. The communtty have also decided lo move away from inve¥tmenlg in lossil fuel$ as part of thelr portfollo. Invejlmenl properties comprise those properb'es on the ylle owned by the charity whlch are not requlred for the charty's ¢)wn acVIe$ and whkh, Ihefelore. are rented to tenants and managed by property agents. GOVERNANCE, STRUCTURE AMD MANAGEMENT Gov•manc• Mount Salnt Bemard Abbey 18 8 C18t8rcian monastery founded in Leiceslershiro in 1835. Follobying th¥ tradrtions of the Cistercian Order ills a mon8stlc institute wholly ordered to contemplation. The monks dedicate themselve$ to the worshlp of God in a hidden life wlhin the monastery under the Rule of St Benedi. The CSslercl8n Order is a worldwide Roman Catholic Religious Orderfounded In 1098. Today it con8i$t8 of approximately 4,000 members, monks and nung, In 1 $0 monasteries. The monastery 1$ govemed by the con5tilulion8 and Statutes of the monks and nuns of the Cistercian Order of the StriGI Observance, and other legislative documents, approved by the Congregation for Institutes of Conse¢rated Life and Societies ofApostolic Lrfe, in Rome on 3 June 1990. The as5e15 comprising the monastery are held on a charitable trust, registered with the Charity Commission (Charity Registration No 211004) and rt Is through this trust Ihatthe varied works of the community are accounted for.
The Trust of l•lount Saint Bernard Abbey in Coalville Trustees. Report For the year ended 31 March 2025 GOVERNANCE, STRUCTURE AND MANAGEMENT Govemncè {¢ontlnuedl In term5 of the Rule of St Bene(lict, our Constltutlons and Canon law the monastery IB govemed by the SuFerior who18 elected by the solemnly professed members of the communlty for a slx year term of office. The Superiorfs govemance is overseen by the Father Immediate, makes a visitation every two year5, and also by the General Chapter, vthich meets every three years, and the Abbot General who re8ides in Rome. Tru8ts08 The trustses are appointed by lh• Superfor. There are currently five trustees and thelr names are sel out on page 1 of this report and accounts. At any one time there must be a minlmum of three trustee$. Bnef delalls on each of the trustees that seryed from 1 Aprtl 2024 are given below. Fath•r Petsr Clav•r Craddy- Bursar Father Peter Claver ha5 been a member of the communty for 80 year¥. He has served as Novice-masler, Cantor and Cholrmasler, Accountsnt. on the Bursarts Gouncil, in charge of the Engineering workshop ond also the Heating and Plumblng and water supplies. For the last 16 years, he has been chaplain lo g comrnunity of the Bemardine Cistercian nuns, who run a Retreal Centre. He led retreats and provld8d Spiritual direction and led training day¥. He returned lo the mmunily al Mount Sl Bernard in April 2022 and was appointed superior on 19 May 2022. Father Peter subsequently stepped down ay Superior on 28 July 2023 and look up the role of Bursar on 1 September 2023. F•th•r Josoph Dolargy- Abbot Father Joseph has been a member of Mount Saint Bemard Abbey lor 35 years. He seNed as bur$r of the monastery for years. He served ag Abbot lo the community for the thlve years lo June 2013 and then for two years as guest- magler, Ho 9erved a8 bursar onc8 agaln from September 2016 and was re-olecled abbot on 22 January 2019. He re81gned for hgatth rea8on8 In Aprfl 2022, bul wa8 re-lnstatsd as abbot on 28 July 2023. F•th•r NIC111* P•lm•r Father Nlcholas ha8 been a monk for 14 years. He haB been gardener, novice master and 1$ now currently guest mastèr and keeps the abbey's Facebook page up-lo-date. Broth•r Andr•w Stoj•novlc Brother Andrew entered MDunl Salnt 8em8rd AY In October 2005. He has worked on carpenty and driving and provisionlng and has been much engaged In the browery project. He Is the communlty 8ecretsry an(J carpenter. Fath•r Ter•nc• Wllson Falhgr TgrenGe ha$ been a monk for 57 years and Is the sub prior of the monastery. He has worked In many ro8 in the monastery as guest master, novice master, bursarfs offic8 and chaplain. Currently he 18 librarian, along with number ol other tasks and duties.
The Trust of Mount Saint Bernard Abbey in Coalville Trustees, Report For the year ended 31 March 2025 GOVERNANCE. STRUCTURE AND MANAGEMENT (continued) K•y managom•nt p•rsonn•l The trustees consider that they alone comprise the key management of the tharity and are in chargo of directing and running the day to day operations of the charity. None of the Irustses received any remuneration from the charty in rgspecl lo their services during the year12024- £nill. Ststsm•nt of tru•tees' responlbllltl The trustees are responsible for preparing the tru8tees' report and accounts in accordance wth applicable lawand Unhed Kingdom Accountbng Standards IUnrt8(l Kingdom Generally Accepted Accounting Practs"ce}. The law applicablè to charities In England and Wales requires the trustee8 to prepare accounts for each financial year which give a true and fair vlew of the slate of affairs of the charlty and of the income and expenditure of the charity for Ihal perlod. In proparlng these Oount$. the trustees are requirod to.. select suitable accounllng pollcies and then apply them consistently; observe the methods and plnciples In the AcGountSng and R•porting by Charltl88.' Statement of Recommended Practlce applicable to Gharities preparing their accounts in accordance wlth the Financial Reporting Standard applible lo the Untted Kingdom and Republic of Ireland IFRS 102},' make judgements and esllmates that are re880nable and prudènt: 8tale whether applicable UnSled Kingdom Accounting Standard8 have been followed, subject lo any maledal departures disc1080d and explained in the account8., and prepare the accounts on the golng conc•m b8sis unless Ills Inapproprlale to prewmg that the charlly will ¢ontinue in operallon. The trustees are Te8pon8lble for keeping adequate accounting recordj that are suffluentto Show and explaln thè ch8rfty' transactions ènd disclose wlh reasonable accuraey al any lime the financial position of the eharity and enable them to ensure that the accounts comply with the Charllles Act 2011, the relevant Chartty {Accounls and Report81 Regulations and the provisions of the charfty's trust deed. They are also responsible lor safeguarding the assets of the charity and hence for taklng reasonablè steps for the prevention and detection of fraud and olh•r Irregularitles. Structur• and managomoTht rnportlng The trustee¥ are uttlmely responsible for the polkies, aetiviUe8 and 88se18 of Ihe charty. They meet during tho yeaf I rvW developments wlh regard lo the charity or ils activities and make any important decision5. When necessary. the trustees seek advice and support from the charity's professional advisers including PTopety consvllants. investment manager5, solicitors and accountants. The day-to-day management of Ihe charity's advilles and the implemenlallon of policies Is the re8pon8ibility of the Superlor.
The Trust of Mount Salnt Bernard Abbey in Coalville Trustees, Report For the year ended 31 Alarch 2025 GOVERNANCE, STRUCTURE AND MANAGEMENT l¢ontlnuodl Rl¥k manag•m•nt The trustees have a risk asse$¥menl inventory, including those relatlng lo the specffic operational areas of the charlty. its investments and its finances. The Iruslees believe that they have established effèdve system8 to mltlgate thoge rlsks. There are risks, a180, ¢Dnnede¢J wrth the running of a brewery bul by following tho athiice of th• environmontsl health department of the local councll and trading stsndards the trustees belleve they have reduced tho$e ri$ks to a minimum. Natoonal and international 8vents k8ep the Iruslees ever conscious of the danger of fire. A Statutory fire inspection durlng 2021122 raised a number of issues and shortcomings in the monastery's fire wotection which continue lo be addressed. 11 has not escaped tho notice of the tru81ees that year-by-year Communty numbers have been falling and they aro oncemed that before long the Communlty may cease attogether to attract recruits. To counter th15 lendenw. the Communty m&mber8 ore dolng everythlng POB8lble to Ifve thelr contemplatlve Ille and value5 authentically and lo observe the Rule of Sl Bgnedicl and the Cisterclan Con$lllutlons as falthfulty as is possible. Flnalty. the Irustae8 are very muctt aware that a SIgnMnt proportion of the charity's asset base comprises listed Investments, the valuo of whlch is tlepend8nl upon movements In UK and worfd stock markets. The trustees have •ngaged Brèwin Dolphin Limited, a reputable investment manag8r, who has been instruclod lo maintain a sufficlenlly diverse portfolio in order to reduce the impact of Such Val111ty. The Iru81eeg meet regularly with the Investment manager to discuss perfomance. Prot•Gtlon of Chlldron and Vuln•rabh Adults The monastery follows the policies and procedure5 of the Catholic Safeguarding Service$ Agency ICSSAI and the Rellgiou8 Lrfe Safeguarding Servbce IRLSS} 8$ they apply lo a conlemplalive monastery. The trustees implement a process whereby all community members havo 018closure and Barrfn9 Servlce IDBSI. We participate in the safeguarding training day5 provided by the dioGe88 and have also run a speclal training day for our priests on safeguarding in confessions. The trustees have appointed a new safeguardlng presentative and inlrpduced a dedicated email for safeguarding. We had our first baseline safeguardlng audlt by the CSSA In February and were gr8ded M•t wlth R•commondatlon•. Fundrjlslng pollcy The charlty aim8 to achleve best practice in the way In whh il communicate$ with donors and othgr Supporters. It lak•8 care wlh both the lone of 518 communlcallons and the accuracy of tts data to minimise the pressures on 8UPPOrters. 11 applies best practice to protect supporters, data and never sells data. it never swaps data and ensures that ommunicalion preferen¢e$ can be changed al any lime. The charity manages ils own fundraising activities and does not employ the services of Professional Fundraisers. The chartty undertake5 to react lo and investigate any complaints regarding its fundraising activities and to learn from them and improve r(s servlce. Dumng the year lo 31 March 2025, the Charity received no complaints about it3 fundraising aclivi11g5. 10
The Trust of Alount Salnt Bernard Abbey in C(MMlle Trustees, Report For the year ended 31 March 2025 ACKNOWLEDGEMENTS B•nefactors The trustees arg proft>undly gr8tsfv1 for the financial and other support roceived from frittnds and families of the communty, guests. visitors and members of the public. The many benefactors of Mount Saint 8emard Abbey are remembered in the prayers of the communty- Employ& and mombern of th• Communlty The trustees wish lo record their rocognilion of the hard work. professlonalism and commitment of all their staff and the individual members of the communlty. Their deIlI0n and support are very much appreciated. Signed on bohalf of the tru8tee8'. Rev Peter Claver Craddy Rl Rev Joseph Delaryy Dats.. £42r
Report of the Independent Auditors to the Trustees of The Trust of Mount Saint Bernard Abw in Coalvllle For the year ended 31 March 2025 Oplnlon We have audf(ed the financial stslements of Mount St Bemard Abbey Trustees Registered for the year ended 31 March 2025 on pages 16 to 36 lch comprise the Statemant of Financial Activits'es, the Balance Sheet, the Statement of Cash Flows, the pdncbpal accounkn.ng pdicie$ and the notes to the financial slatemenls. The financial repoth'ng framework that has been applled in Ihebr preparation is applicable law and United Kingdom Accountlng Standard8. Includbng Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinlon, the financial $tatemenl8'. glve a true and fair vlew of the stale of the chgrity'8 affairs as at 31 March 2025 and olthe charty's Income and expendlture for thè year then ended., have been properly prepared In accordance wlh United Kingdom Generally Accepted Accountlng Pracll¢e,' and have bgen prepared In accordanGe wllh the requirements of the Charltles Act 2011. Ba•1• for oplnlon WÈ conducted our audll In aOrdance with Internatr'onal Standards on Auditlng IUKI {ISAs IUK}l and applicable low. Our re8pon8lbili(ies under those standards are further de8Crtbed in the audltorf8 re8ponslbllllie5 for the audll ol the accounts Geclion of our report. We Are independent of the Charity In accordance wlh the ethic81 requlremenls that are relevant to our audrt of the accounts in the UK, Sncluding the FRC'S Ethical Standard, and we have fulfilled our other ethical regponsibilitses In accordance wllh these requirement¥. Wo believe that the audit evidence we have obtsined ig sufficlent gnd appropriate to provlde a b8818 for our opinlon. CoKlu•lon• f•l*tlng to golng concem In audlting the accounts, w• hove concluded thql the trustees, use of th? going conGem basis of 8ccounts.ng in the preparation of the accounts is appropriate. 8asod on the work we have perlomed, we have not identifièd any matedal uncertalntle8 relallng lo evenl8 u condltlon8 that, individually or eolleth'vety, may cast $ignific8nl doubt on the charity's ability to continue 08 8 going concorn for perlod of al least fvmlve months from when the accounts are authorised tor issue. Our r95ponslbllltles and the respon8lbllrtle8 01 the trustees wth respect lo golng concem are describ•d In the relevant sections of this report. Olh•r Informatlon The other infomialion comprfses the InformaUon Included In the annual report, Including the trustees. ieport. other than the accounts and our auditor's report thereon. The Iruslee8 are responsible for the other information contained wlhir) the annual report. Our opinion on the accounts does not ¢over the other information and, except to the extent olheThM8e expllcrtly stsled in our report. we do not express any form of assurance conclusion Ihereon. 12
Report of the Independent Auditors to the Trustees of The Trust of hlount Salnt Bernard Abbey In Coalville For the year ended 31 March 2025 Oth•r inforn)ation (continued) Our reSponsIlity 18 to read the other information 8nd, in doing so, consider whether the other information is materially inconslstent wth the financial statements or our knOedge obtained in the course of the audit or olhernise appears to be materially misstated. If we identify such material inconsistencies or apparenl material misstatements, we are requlred to determine whether this gives rise to a material misstatement in the flnancial statements Ihemsefves. If, based on the work we have performed. we conclude that there Is a malerfal misstatement of this other information, we are required to report that fact. We havè nothlng to report in this regard. Matt•r4 on thIch w• •r• r•qUIr lo r•port by •xcgptlon We have nothing to report In respect of the followng matters in relatlon lo whkh the Charrtie$ {Account$ and Reports) Regulations 2008 requires us to feport lo youll, in our opinion.. the information given In the trustees. report iy inconslslenl in any mater181 respect wlh the finonclal 3tstemenls', or 8ufficient acoounling record8 have not been kopl., or the finanGl81 statements are not In agregment with the 8ccounllng r8cord8'. or we have recelved all tha Infomatk*n and explanations we require for our audit. Ro•pon•lbllltl•• of tru•t••• AS explained more fully in the trustees, re8pon8ibllilie$ $tat¢menl set out on page 9, tho trustè8$ are responsible for the preparation of the accounts and for being $8ti8flfjd that they give a true and falr view, and for such Internal control a$ the Iru8tees delemilne Is necessary lo enable the preparation of accounts that are free from material mis5tatemenl, whether due lo fraud or error. In preparing the 8ccounts, the Iruylees are responglble for gs$essing the charfty's abllSty lo conllnue as a golng concem. di$do$iThJ, as applicable, matters related to going concern and uslng the going Goncem ba858 of accounting un8 the trustees either Snlend lo Ilquldale the Gharity or lo cease operations, or have no realistic alternative bul lo do go. Audltorf• r••pon•lbllltl•• lor the audit of th• accounts We have been appointed as auditor under section 144 of the Charhles Act 2011 and report accordance wtth the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable a88urance about whether the financial statements as a whole ar¢ free from m8lerial misstalemenl, whether due to fraud or error, and to issue an gudrtor's report that Includes our opinion. Reasonable assurance is a high level ol assurance. but is not a guarantee that an audit conducted in accordance with ISAS {UKI will 81ways detect a material misstalemenl when il exists. Misstatements can rtse from fraud or error and are considered material if, Indivldually or in the aggregate, they could reasonably be expectfjd to influence the economic decisions of users taken on the ba5ig of these financial statement5. 13
Report of the Independent Auditor5 to the Trustees of The Trust of Mount Salnt Bernard AW In Coalvllle For the year ended 31 March 2025 AUdit0S rn*pon8lbllltl•8 for thè audlt of the accounts {Gonlinuedl IgUlartIes. including fraud. are inslances of non-compllance wlth laws and regulation8. We design procedure8 in line th our responsibilf(ies. outlined above, lo dglecl malarial misstslemenls in resped of irregularities, includlng fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the leg81 and regulatory frameworks that are applicable to the tharfty and determined th81 the mogt signrficanl whh are directly relevant lo specffjc assertlon5 In the flnancial statements are those related to the financial reporting frameworks IUK Generally Accepted Accounlln9 Practice, the Chanlies Act 20111 and the relevant tax compliance regulations in the jurisdiction in which the chaTily operates. We enquired of management, whether they were aware of any instances of non-compliance wth laws and regulations or whethef they had any kno¥edge ol actual, suspected or alleged fraud., We assessed the suscepllblllly of the entty's ffinancial 8latemènts to materlal ml8slatement, Includlng how fraud might occur,. Our lesling Gonsidered unusual or unexpected loumal entde8 on a sampl8 b8818', We evaluated tho assumptions and judggments used by management wllhln Bignlficgnl aOunn9 e$Umales and assessing if these indlcale evidence of management bla8., We lesled s5gnlflcanl transactions, In p8rticular the evaluatlon of the buslne$8 r8tlonale for any whlch appear unusual or outside the chartty'8 normal course ol buslne$8,' We a98e8$ed the approprlatene58 of th8 collective competence and capabllllies of the engagement team by under$landing the pracli¢al experience wlh audit engagements o)f a 8lmiSar nature and complexity, plus ensuring the team had appropriate and relevant training of the financial reporting framework and the relevant lax compliance regulatlon$ 8peclfic to the enlrty., We revlewed the ffinandal stslements and te8t•d the disclo8ure8 898ln$t Supportlng docum•nlatlon,' and We communicated relevant matters lo all members ofthe audlt team lo ensure Ihey understood the rS8kg 8pecIflc to the entty and th8 audlt procedure8 planned lo miligale these. Becau8• of the Inherent Ilmltafjons of èn audit, there is a risk that we 11 not delecl all irregulariliey, including those leading to a material mi$slatement In the financial slalemenls or non-compliance with regulation. Th15 risk increases the more that compliance with a law ¢y regulation 18 removed Irom the evenl$ and Iransacts'ons reflected In the flnanclal 81atements. as we will be less likely to become aw8fe of instances of non<omplianc&. Tho risk is also greater regarding Irregularlties occurring due to fraud rather than error, as fraud Involves intentional conalm¢nI, forgery. lISlon. omisskin or M18repsnt0I1tin. A fijrther description of our responslbilllles for the audlt ol the financial statements 18 located on the Financlal Reporting Council'swebsile al.. www.frc.org.uklaudilorsresponsibililie$. This description forms part of our Report of the Indepen¢Jent Audftor8. 14
Report of the Independent Auditors to the Trustees of The Trust of Mount Salnt Bernard Abbey In Coalvllle For the year ended 31 March 2025 Usg of our r•port Thls report is made 8olety lo the chartty'8 trustees, as o body. in Hccordance with Part 4 of the Charities (Accounts and Reports) Regulallons 2008. Our audil work has been undertaken so that we might stale lo the charlty's trustees those matters we are required to slate lo thom in an auditor's report8nd for no other purpose. To the fullest extent permitted by law. we do not accept or assume responslbility to anyone other than the charty and the charity's truslee8 as a body. for our audit work, foT this report, or for the opinions we have formed. The Rowleys Pathershlp Ltd statutory Auditors Chartered Accountants Ellglble to act a8 an audltor In term8 ol Sectlon 1212 of the Companie8 Act 2008 Chamwood House Harcourt Way Meridian 8u•in¢ss Park Lel¢e$ter Lelcest6r8hire LE19 1 Date. 26," 202S 15
The Trurt of Mount Saint Bernard Abbey In Coalvllle Statement of flnandal activftles For the year ended 31 March 2025 2026 Totsl 2024 Totsl funds Unrebtricted Restrlcted tund• fvnds Mot• In¢¢mo frLVM' Donatiom and tegacies Charitabk a¢ti¥ities Act'¥itiey for generating fund8 In&1rnen1Y Snterest re1) Gvant otr irccffle 40S.435 765,513 405,435 765,513 2,267 210,912 10,040 445.785 546,704 210,912 10,040 191,336 5.514 Total kncon 1,394.187 1,394,167 1,189.339 Exp•ndltur• on: Pa'slng fiJrKIB charitsb actiwb'es - r>snis and drfflab'cI - S4)port of nwnbor8 of Ihts CGYTTrJnity Ir ffinisty - eSt hou - brery - Shop 82,142 82,142 1CO,7 27.421 526,719 119,274 413,096 137,773 27,421 528,719 119,274 413. 137.773 18,573 808,477 12 13 2e,695 102,948 Tot•1 •xp•ndttur• 1.306,425 I,X6.425 1,128,308 Net golns pryrUeB 17 732,51JJ 732.50) Not kncixne l•xp•ndltur•l bthr• othv r•cognlMd 820,242 820,242 61,031 N•t g•kn•l IloM••l on lkntsd knvwtnwnt• 14,1911 14,1911 e5,001 N•t movenwrrt In lunth for th• yw 816,051 816,051 128,032 R•conGlll&tlon of fub)d• FLmd Lyought fvrward at 1 P4)rll 2024 10,278,107 10.276,107 10,1X1,075 Fd hknnces carrled forwwd at 31 r¢h 2026 11.092,158 11.C82,158 10,278,107 All income and expenditure is derived from continuing activities. The noles on pages 19 to 36 forn part of these financial statements. 18
The Trust of Mount Saint Bernard Abbey In Coalville Balance Sheet as at 31 March 2025 2025 2024 Flxed A6Mts Tangible asts In¥nts 16 17 5,480,311 4,970,$54 10.450,865 5,4SXI,353 4,148,888 9,839,241 Curr•nt A•8•t• 18 19 248,036 94,145 390,986 733,167 242.036 125,618 348.698 716,352 Debtor8 Cash at bank and In har Current Lhbllltte8 Cre(tors'. 8rTh)unts fallng du Ihin year Net curr•nt a•••t8 20 91,874 79,486 841,293 836,886 Net a•••t• 11.092,158 10,276 107 Fund• and ra•ep410• Unrestrieba funds - Tangib fixpd 8588ts fund - Dgnated fund¥ General funds 21 22 24 5,480,311 3,010,955 2,600,892 11,092.158 5,490.353 3,012,397 1.773,357 10.276,107 Approved on beham of the truslee8'. Rev Peter Claver Craddy Rt Rev Joseph D¢largy )g¥ Date.. The notes on pa9e 19 to 36 fomi part of these financlal ststements. 17
The Trust of Mount Saint Bernard Abbey in Coalville
Notes to the Account5
For the year ended 31 March 2025
2025
Cath kn fr<Mn operatlng aGtrif<ie•:
Ca8h tlows fr
The Trust (rf Al(wnt Saint Bernard Abbey in Coalville Notes to the Accounts For the year ended 31 Alarch 2025 Accounting Policl•s Prlnclpal Accounting Polici The principal accounting policies adopted, judgements and key SOUTces of estimation UnrtaInty In the preparatlon of the accoun18 are lald out below. 84s1• of pr•parati¢yn These accounts have been prepared lor the year to 31 March 2025 with comparative information presented in re5PeCt of tho year to 31 March 2024. The account8 have been prepared under the historical cost convention wlh items recognised at cost or transaclon value unltss oth8Thvl80 slated in the relevant accounting poliaes below or the notes lo these accounts. The accounts have been prepared In aOrdanCe AccounlSng and Rtsportlng by Chariligs.. Stslement of Recommended Practice applicable to charities preparing thelr accounts in aGcordance wlth the Flnancial Reportlng Stsndard applicable in the Unlled Kingdom and Republlc of Ireland (Charities SORP FRS 102) leffeclive 1 January 20191, the Flnanclal Reportlng Standard applicable In the UK and Republ1¢ of Ireland IFRS 1021 and Iht charl•8 Act 2011. The charfty constrtLrtes a publlc bèn•fit entlty 8¥ defined by FRS 102. The accounts ar• presented In 8tertlng and are rounded to the nearest pound. Critical •ccounting ostlmatè• and •roa8 oljudggment Preparats'on of the accounts requlres the trustees to make jignlficanl judgements and e8tlmalo8, Thg itoms in the accounts where the$èjudgem8nts gnd e•timate$ have been made include.. theludgements made by trustees In estlmaling the fair values attrlbuted lothe th4rfty'8 investment propeti. the egtlmatlon of the gro88 profil percentage achlevable on shop stock In order to adlusl thè rètail value to the cost figure and any associated write down for slow moving Of obsolete $lock,' the e81imat•d value olworf( in progress and ffnS8hed goods In relatfon lo brewtrry stttk., a8ses8ing the probability of the receipt of legacy income and attrTbullng values lo rn- cash legaae8,' and the valuatlon of li$te¢J Investments. 19
The Tt of Mount Saint Bemard Abbey fn Coalville Notes to the Accounts For the year ended 31 March 2025 Accountlng Pollcies (contlnuedl As¥è$sm•nt of going conc•m The trustees have assessed whether the use of the goirg conoem a8SuMpon Os appropriate in preparing the¥e accounts. The trustoes have made th15 assessment in respect to a perlod of al least one year from the dale of approval ol these accounts. hilsl the current macroeconomicand geop01cal dimate undoubtedly pose challenges for the charrty. thè trustees do not expect materlal concerns lo arise over the Charity's Ilnancial position or ils ability to continue as a going concern. The trustee8 are of the opinlon that the charlly will have sufficient resources lo meet11s liabllilie5 as they fall due. The m081 slgnificanl area8 ofludgemenlth8t affect Items in the accounts are delalled above. Wrth regard lo the next accounting pèriod, the year ending 31 March 2026, the most signlficant area8 that affect the carrylng value of the assets held by the thartty are the l•vel ol retum from Ilsled inve8tmen18 and Ihe pèrformanee of thg investsnent markets. Income r•cognltlon Income Is recognlsad in Ihg perlod In whlch tho charty has enltttemenl to the Income, the amount of Income can be rneagured reliably and It t¥ probable that the income 11 bts receNed. Incomtt comprises donatlons and legacies. investment income and Interest reeeivable, Incom• from chgritable actlvilies, income from other trading aclivitses and irbcome from miscellan8ou$ sources. Donations, including pen¥lon8 of Indlvidu81 r•ligiou8 members, received under Glft Ald or deed of eovenanl, ar• r•¢ognised when the charity has confirmation of both the amount and settlement dale. In the event of donallon¥ pledged but not recelved. the amount 1$ occrued for where the rectrlpl is nsIdered probable. In the event that donation is subhect to conditions that require a level of performance before the charity is enlttled lo the fun¢J8, the Income is defvrred 8nd not recognised until eilherthose condf(ion8 are fully met, orthe fulfilment of those condS1ion8 18 %tholly wlhin the control of the charity and 11 Is probable that those condlllons wlll be fiJlfilL*d Iri the reportlng pemod. In accordance with the Charflles SORP FRS 102 volunteer me is not recognl¥ed. Leg8cle8 are included In the statement of financlal ¥¢tltIeS when the charity is entltled lo the legacy, the executor$ havo established that thère are sufficlent surplu8 assets in the estate to pay the legacy, antj any condlllons attached lo the legacy are thin the control of the charity. 20
The Trust of Mount 5alnt Bemard Abw In Coalvllle Notes to the Account5 For the year ended 31 March 2025 Accountlng Pollclgs {continuedl Income recognltlon {continueiJl Entitlement is lakan as the earlier of the date on which 8tther'. the charity is aware that prob8le has been granted. the estate has been finalised and notification has been m8de by the executor lo the charity that a dlslrfbution will be made. or when a distrlbution Is reIved from the estate. Receipt of a legacy, in whole or in part, Is only considered probable the amount can be measured reliabty and the charity has been nolrfied of the executor'$ intention to make a dlstribution. Mhere legacies have been notrfied to the charity, or the charity is awarn of the granting of probala, bul th8 crlteria fot Income recognition hav• not been mel, thtsn the legacy is treated as a contingent aBsel and dbsclosed If material. In the event that the gift 1$ in the form ol an 8gsel other than cash or a finan¢lal asset traded on a r8cognlsed stock exchange, recognition is subject lo the value of the gift belng reliabty measurable th a d•gre• of reasonable accuracy and the tille of the asset having being transferred lo the charity. Income from 118led Investments 1$ recogn188d once the dlvldend has been dKIAred and notification has been rècelve¢J ol the dividend due. Income derived from the lettlng of the chartty's Inve8trnenl propertlos is recognlsed in the perlod lo whlch the tenancy rèlates. Interest on funds held on depo811 Is Included when receivable and the amount can be measurèd rnllably by the charity.. this is normally upon notificatson ol the interest paid or payable by the bank. Income from charitable acllvllles, Income from other trading 8clivllles and IOrne from m58cellaneous sources18 recognlsed lo the extent that economic benefits wll flow lo the charfty and the income can be reliably measured. It Is measured o¥ the fair value of the consldaration recelved Cf receivable excluding dlscounts. rebates and valu• added tax. Servl¢e$ pro¥ld•d by memb•rn of tho Communlty For the purposes of these accounts, no value ha8 been placed on administrative and other s•rvices provlded by the members oflhe Communty. Exp•ndltUrn rncognltlon Liabiliti&$ are recognised as expenditure as soon as there Is a legal or constructive obllgalion commtting the char to make a payment lo a thlrd party, It 1$ probable that a transfer of economic benefits wll be required in 8ettlement and the amount of the oblOon can be measured reliably. All expenditure is slated inclusive of irrecoverable VAT and accounted for on an accruals basis. Expendilurg comprises direct costs and support costs. The majority of expenditure is dbrectty attributable to spedfic actNities and any apportionment beeen headings is negligible. The classification bets¥een expgndilure headings 18 as follow9= Expenditure on rain9 funds includes the lees pald to the investment manager In connedion with the management of the ch8rty'$ listed investment5 and the Costs in connection wlth the management and upkeep of the char'ty's investment propert3. 21
The Trust of Mount Saint Bernard Abbey In Coalvllle Notes to the Accounts For the year ended 31 March 2025 Accountlng Pollcl88 Icontlnuodl Expendltur• rocognltlon Icontinuèdl Expenditure on charllable activtties includes expenditure on the char6ty's primiry purposes as des¢rib•d in the IruBtees' report and indud•s'. Grants and donatton8 relate to the support of charitable organlgalions. Charitable grants and donations are made bvhere the trustees consider there Is real need folln9 a rewew of the details of each particular case and comprise single year payments ratherthan multi-year grants. Grants payable are included in the slalementof financial aclivilieswhen approved and when the intended racipient ha8 either reoeived the fvnds or been Informed of the decislon lo make the grant and has Satisfied all performance condttbons. Grants approved bul not paid al the end ol the financial year are 8ccrued. Grants where the benefiuary has not been infomied or has to fulfll performance condltlons before the grant Is released are not accrued for but are disclosed 88 financial commilrnenls in the notes lo the accounts.. Expendlturé on the 8upport of member8 of the Communlty and thelr mlnl8ty, enabling the memberj lo carry out the charitablè 8nd rèligious work of the charlly., Expenditure on the operallon ol a gueslhousfj; Expendrture on Ihg operation of a brewery., and Expenditure on other primary purp08e trading actlvlli98 inclu¢Jlng the oyralion of * 8hop 8elllng r•llglou8 artefacts and book$. Lo$se5 on the dl8P08al oflanglble flxed assets. Support CO818 repre86nt Indlrècl charhable expenditure. In order lo carry out the primary purposes of the charlty, it is necessary lo provide support in the form of financial procedures, provision of office serylces and equlpment and ¥uil8ble worklng envlronmenl. Govemance costs comprise the costs involvlng the publlc accountabillty of the charfty Ilncludin9 audit costs) and costg of compliance th regulation and good practke. Support ¢g¥1$, induding governance co81s, are allocated to th• support of members of the Community and thelr ministy In full. 22
The Trust of lknunt Salnt Bernard Abbey In Coalville Notes to the Accounts For the year ended 31 March 2025 Accountlng Pollcle• (conllnued) Tangibl• fixed a•$•ts All asgets costlng more than £1,500 and with an expected usgful life exceedlng one year are capit81i8od. Freeholdld•ndbU1ldlng8 Freehold land and buildings e¥tIng at 31 March 1989 and in use are shown on the balance sheet al a valuation delermlned by the trustees at that dats with professional asslslance and based on existing use. Under the transOnal arrangements set out In FRS 102, this valuatbon Is deemed to be the cost of the relevant assets as al 1 Aprll 2014. Additions lo freehold land and buildings since 1 April 1989 are stated al eost. Depreclation 1$ provided at 0.5% per gnnum on a stralghl Ilne basi8 in order to wrSle the buildings off ovor their eslimaled useful economic life. The estlmaled uselul life of such bulldings is deemed to be 200 years in vlew of their age and hislorlc nature. Certain addlllons lo freehold land and buildings are depreciated over a 20 or 30 year period on a slr81ght Ilne basis in order to vnrte off the¥e Ilemg over their estimated useful eeonomic1S1e. Land purchased 58paralely, where values are ava118ble, is r1 deprecbated. Furnlture and equlpment Expenditure on the purchase and r•placement of fumilure and equlpment IJ capltali8ed and depreciated over a four yoor period on a Straight Ilne bayls. Motorv•hlcl6s Motor vehlcle8 are pItalised and deyeclaled over a ftsjr yeaf parlod on a 8lralght line bas18. Plipnt•ndmxhln•ry Expenditure on plant and mathlnery is capll81I88d and depreclated over a nty year p8rk*d on 8tralght Ilne ba¥lB. 8row•ryequWm•nt Th18 comprl¥g5 equipment purch88•d and installed for use in the charity's brewery opgrotions. The equipment is depreciated over a period of enty years on a straight Ilne ba$l8. Where there 18 an Indication that an asset may be impaired, an Impairment rgview18 carried out and a provision made where necessary. Invo¥tm•nts Listed investments are a fom of ba$iG financial instrument and are initially recognised at Ihelr transactlon valu• and subsequently measured attheir fairvalue a8 atthe b8lance sheet date using the closing quoted market price. The charfly does not acqulre put options. derivatives or other comp18x financial instruments. 23
The Trust of Mount Salnt Bemard Abbey In Coalvllle Notes to the Accounts For the year ended 31 March 2025 A¢Un11n9 Poll¢l•J IntInued} Investmonts Icontinuedl As noted above the main form offinancial riskfaced by the charity is that of volalilily in equlty markets and investment markets due to wider onOMt¢ condf(ions, the attitude ol investors to investment risk, and changes In $entSmènt concerning equities and wthin parb'¢ukr sectors or sub sectors. Investment properties are Included In the accounts at fair value which is the estirnated current market value of the properties based on open market valuè. The valuation has been deleffliined by the trustees after consultation with tr*Sr professional propety advisor8. Reali8ed galn8 lor1088es} ¢)n inve5tm8nl assets are calculated 8$ the difference beeeTr dlsposal proceeds and thelr opening carrylng value or theii puhase value where the investment is acquired sub8equenl to the first day of the )Inancial yeaf. Unrealbsed gains and losses a ealculatod as the difference betsveen the fa5r value at tho year end and Ihelr carylng value al that dale. Realise¢J and unrealised Investment gains lor10$s081 are combined in the stalem•nl of flnancial acllvilies and are uodited lor debltedl In the year In whlch they arl88. 8toGk• Stocks held In the tharfty's retall shop comprise pUbli110n$. rellgloug artefads, and sundry supplles and are valued at the lower of cost and eslimaled selllng price ley¥ costs to complete and 8ell. Stockj relallng lo the charity's brewery include Sngradienls and empty packaging Iraw m8l•riall, beer contained whhin the brewery's fennentakn'on vats Iwork in progresg), and bottled beer for Sale (finished goods). These ilemi are valued al the lower of cost and eslimaled selling price 1•s8 costs to complote and sell. Labour costs and production overheads are not Included in the value of work In progress or finished goods as all brewing acllvrtie8 arg carried out by tha monks {who are not remunorated for theiT workl and the cost of overheads used dudng the produGti¢Jn procevd such a8 water and elecldcty ij not considered to be material. Dgbtor• Debtors are recognl8ed at their settlement amount, le88 any provision for non-re¢overabSltty. Prepaymen18 are valued al the amount prepa. They have been discounted lo the present value of the future c88h recelpt where such discounting Is materfal. Cash at bank and in hand Cash at bank and in hand represents yuch account¥ and in$trumenl3 that ale available on demand or have a maturity of less than three months from the dale of acqui¥ilion, Oepog11s for more than three months but less than one year have been disclosed ¥¥ ¥hurt-l&m deposits. Cash placed on dep08M for more than one year is disclosed 88 a nxed asset investrnenl. 24
The Trust of Mount Saint Bernard Abbey In Coalville Notes to the Accounts For the year ended 31 March 2025 Accountlng Pollci68 {contlnuad) Crèdltorn and provl¥l¢)n¥ Credttors and provisions are rgcognised when there is an obligation al the balance sheet dale as a resutt ol a past evenl,11 is probable that a transfer of economlc benefft will be required in gettlement, and the amount of settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charty an¢1paleS rt wll pay to settle the debt. They havo been dl$counted lo the present value of the future Gash payment wthere 8u¢h d18counting is materlal. Fund ¥tructur• Reslricled funds aro monle$ ralged for. and thelr use reslrlcled to. a speclfic purpose, ordonalions $ubiectto donor- imposod conditions. Designated fund¥ comprlse monles set aslde out of unreslrfcted goneral funds for spadflc future purpos08 or pTolecls. The tanglble fixed asset8 lund comprl8è5 the net book value of charlty's langlble fixed assets. Tho exlst•nce tsf 8uch 8$sets Is fundarnenlal lo th• charlty being able to wrfom ils charitable wort and thereby achieve rts CharItae obledves. The value represented ty such asse1¥ Jhould be regarded, therefore, as rea1158ble. General funds repr•8ent those moniès thich are freely avallable for 4pplicallon toward$ achleving any charltable purpose that falls wlthln the charty's ch•rilable obledveB. 25
The Trust of Mount Saint Bernard Abbey In Coalvllle Notes to the accounts For the year ended 31 March 2025 I tlonthrdb l•gxkns 2024 T(al UnrostrKtod Rtrtsd Tthl Unre81rf(thl R•Btrktwl d5 Dcrfwtion$ ar c01kti aTrJ offerir Legacies Ma58 Stipend$ Pen5hYffj aTrJ othw dOnaon9 ol indimduil reluiow gNtn to h charty urthr (Jft Aid 25,182 25.182 27.092 271.229 13.707 47.CQO 25.698 3)2,71 11,873 57,024 1.401 48,481 25,698 277,229 13,707 82.225 11,873 405,435 4C6,435 1.4Q1 2 CrRIb artmt 25 Total UrY88trlct•d Rortrkled thjnthb fundj Unrutrklod Rortrlct4d n( Jnd• Totsl FbJ5e recelpts Tr•Jiry incon from Ihe 8hop Tr•Jir¥J from the br•Y ,815 56,815 332,292 492,251 10,961 310.748 3.96S 10,961 310,748 492,251 881,359 881,359 655,674 655,674 L•sJ.' Inparth%nt saes 1115. 1115,8451 1108,9701 1108.970 765.513 785,513 546,704 546,704 2024 TrA41 thjn Unrnthcted Rwtrl¢ ndb Tcknl Unro•lrf¢tod Rekt•d Pottery s Ml8cdkr£ciJ8 - WiTrJ lUne5 - Pholocardg . Po8ary - Candes . Vona8Ic 12,236 12.236 8.123 8,123 7,174 7,174 7,114 7.114 270 270 2.179 24,749 2,179 24,749 16,454 16,454 Le55'. Interdep3th*ntsl saks 122,482) 122,4821 116,4541 116,454 2,287 2,267 26
The Trust of Mount Salnt Bernard Abbey In Coalwllle Notes to the accounts For the year ended 31 March 2025 2025 TrA41 Unro•trthd RMtrl¢tod fund• lun& funds Unr08trthd R••trirt•d T(knl Jr¥J Inccffle frcffi Ist•J inwrnrts - LK fixd interttt - Ll( wfo"e8 . IJ( tiled fv[a . CXer5eas 04lJeS ind Wwli$ lurx 7,485 11,712 12,472 10.609 42,278 7,485 11,712 12,472 10,609 42,278 5.236 7,388 I,W6 29,057 42,717 5.2 7.388 1.036 42.717 Pth•l inmrn fnxn InW8rt ycpety 184,511 4.123 210,912 164,511 4.123 210,912 146,274 2.345 191.336 146,274 191,336 5 Qrnnt and otlw kncon 2025 Totsl Unro•trrctad R••trIld fvnd• fund• 2024 Trknl Unr•Btrl¢t•d Ilwtdct•d fvndl fund• Incthm• FWafJ81 Cts rtsl in¢crt one-off Incon s.ooo 996 1.600 1,QJO 3.848 1D.040 10,040 l ExpK on 2024 Totil Unrolblctsd R•btrkted n¢*J TotAI iknrwlrktsd fvn 3,619 3.819 4,287 4,287 Inthnl property eyn8eB . R8palrs - Managernent fees . MiscdhneO eynaes lrne6trrErrt rnwwpr$fees Mtsc8larwJ5 . eocth &'TrJiry aTrd press . Plw)fvr¢A - WiTrJ ilbines . Pmary Ma[j - Carnlk$ 44,079 20,616 3,e61 8,241 44.079 20,816 3,eA1 8,241 68,030 12,591 2,407 8,112 68,030 12,591 2,407 8,112 17 1,760 11001 218 31 82.142 17 1,780 111XII 21B 31 82 142 $47 847 254 254 100.760 100.780 27
The Trt of Mount Saint Bernard Abbey In Coalvllle Note5 to the accounts For the year ended 31 March 2025 7 and don11n% 2024 Unrestrkted Rmtrk fund• Total UnrMlrKt•d R8#rkt fvr to 1rdldL to 810 26,611 27 421 810 26,611 27,421 2,29) 14.323 16,573 2,2SQ 14,323 16,573 Lkniro treyear gr rtor th80¢th wmepwd to 8 iTrthudu12024- 3 ifvJIdl. 2025 Totsl Unr••trkted R•thlct•d fun fulldB fiJnd• 2024 Tot thjnth Unr••trkt•d R••trkt•d in c1£1,1)JD L)J L of 8annd8, Carrtyo CTdw c4 Cisler¢iws rfthe s£t (*wwnce 13,0 3,257 13,IXKI 3,257 3.774 3,774 CItyFIA) IJTai M&Jcal A'd lor Palosfjthi 3.547 3,547 17,257 17,257 8.854 r>anb d¢thloni eKh of kn ttwn £1,1) 9,354 14,323 28
The Trust of Mount Salnt Bemard Abbey in Coalvllle Notes to the accounts For the year ended 31 Alarch 2025 8 Support of mpnthrn oftho Comnty and thew rninutry 2025 Totsl unreStrk R••trkthd fund• fvnds 2024 Total fvn UTrYeJIt1d Restricted nds 31.697 78,097 $0.721 4,884 188,812 172,508 31,697 78,097 $0,721 4,884 188,812 172,508 63.770 74.410 97,190 15,215 1n,111 184,781 83,770 74,410 97,1 15,215 1n,111 184,781 Depreuation Li¥ing And Feral ewsB8 Church upkeep SuFPOrt Costs IW8 91 her prerni8e& co 526.719 808,477 808,477 9 Support ¢o•ts 2025 TotAI UnMtri¢tsd Re•trktsd nd¥ fund fund¥ 2024 Totsl nd• UnMtrkt•d Ro•trlctsd nd• nd• Staff ¢08ts Bank thorges Ptrge. ststionery arl tethC Professional lees Tra¥ Irrec¢)NerHbk VAT (>rnan cc>81¥ 101 135,763 1,718 12,448 135,763 118.ceo 118,CeO 1.9 11219 8,823 8,300 8,795 14 345 173111 12,448 13,219 8,149 8,149 14 $50 188,812 8,795 14,345 173111 188,812 10 GOV•man ¢o•i• 2020 Total Unro•trktsd Ro•trl¢tsd nd• ndo 2024 Total fvnd Unr••trlct•d Rmtrfctsd nd8 Jnd• Auditorfs rmnerab. .Slaknbry audit geNce8 12,20D 12,2CpJ 2750 14,950 13,750 13,750 595 14,345 14,950 14.345 29
The Trust of Alount Saint Bernard Abbey in Coalville Notes to the account5 For the year ended 31 March 2025 11 Expendilure on: Charltsblt aelItI•l. GLt houB• •xpen•s 2025 Totsl Unrorctsd R•rictod nd• fund 2024 Tolal nd Unre*irted Rrfd•d nd• fvnd• staff costB (Includes Dept 11 Comtined eo$l#} Premises eo$t¥ Pro%A510ns Fb)us8hdd mi5GdlonBCUS expemes 51,260 24,686 39,677 3,851 51,280 24,6e6 39,677 3.851 36.527 326 1.401 37,928 326 601 119.274 119,274 37,454 1.401 38,855 11 Exp•ndllur• on: Chailtsbl• acl11#- Br•w•ry •xp•n•J• 2026 Tol•l Unrelct•d R•lct•d nd• fur 2024 Total Unr•rlct•d R•lttsd fund• fvnd• Cost ofi8Aes Staff C1 Protsssicnal foos Ajcohgl duly Repairn and mainte• CFTrCiAllon Other tYry co815 19).450 70,213 4,1 28,604 22,503 38,105 83,0 1W,450 70,213 4,156 28,604 22,503 38,105 63,5 83.198 69.987 3,686 25,815 11,734 35,771 38,258 83,198 69,987 3,868 25,815 11,734 35,771 36,25e 413,096 413,099 286,647 268,647 L•8$." knt•ep4rtmth•l Sal 15,952) 15,9521 413096 260 89S 13 Exp•ndur• on: Chlrltabkn •¢thfttlH. 8hop •xp•n• 2025 Totsl Unmtrkt•d R••trlct•d lund• fvnd8 fund• 2024 Tot•1 lund Unr••trlct•d Ro8trlet•d fund• Oporntknn ola •hop Stsff costs Cost ol gLX)ds sobj Preri388 costs Oher owrh•&Js 22,202 246,988 22,202 246,986 957 5,955 21,0&8 193,413 1,874 6,271 21,056 1WJ,413 1,674 6,277 5.%5 276.100 276.100 Y22.420 222,420 Lass". lth(1yrtenIal S*s 1138,3271 1138,32n 1119,4721 1119,4T21 137.773 137,713 102.918 102,948 30
The Trust of Mount Salnt Bernard Abbey In Coalville Notes to the accounts For the yèar ended 31 March 2025 14 Slaff co•t• •nd tru5tq•s' r•nwner¥tlon staff costs durlng the year ere 86 frAkM¥: 2026 2024 Wages and $arl•S ScLid 8ecurlty costs PenOn 280.980 24,457 5,718 311,155 246,577 20,874 5,422 272,873 staff costs per vue as fou Supwt of [rtIer3 (Jf fv GonunIty 8rev•Vy GlAt Pkyjse 31.697 70,213 51,280 22,202 135,763 311 155 63,770 89,967 sw Suppcrt 21,056 118,(0 272,873 ) enT4oyee ewned In of £60,0(KJ ptr 8nnl Ilncludlng benthtsl u rrK>re durfng th• year {2024 The thwage nuntér of enwoyees duriry Ihe ye•r, atyed by funclcffl 88 lolhm.. 2025 2024 Support ol nwb8rs of the CunrNnlty Brerry Guest HuJ8e Shop Supwt 13 K•y m•n•g•mont p•r•onn The key nnagarrent Fr8cne1 of th• chority in charge of directlng And contrThling, running and oper8OryJ t charity on a day-trkday ba618 cery)rlse Ihe tru8tees alone. As meners of the Crnnlty, the trusteeB' lIn9 4nd perscthl eynses durfng the year wa by Ihe charlty reCd ro remunerabon or re1mlxnnt of e>pense8 In connon vAlh f'T dLlie8 ¥$ tru8te88 during Iho y•or.12024- £nlD. 15 Tu•tlon taxation Is Payab by Ihe charity for tho year a5 il is make use of Ihe taxeyzrytlon on incory* and capital 98ln8 wailabb to charlOg8. 31
The Trust of Mount Salnt Bernard Abbey In Coalvllle Note5 to the accounts For the year ended 31 March 2025 16 Tanglblo fixod Freehold Fumiture Land and and 8ulldlngs Equipnwnt PA)tor Plant and 8rth4ry hlclts mi¢hinery •quiprnnt Tot41 Ct or valuatlon Al1 Aw'l 2024 diti1& Dssp)8a At 31 VArch 2025 5,714,C07 747,527 26,7Q) 110,569 85,622 715.512 15,205 7.373,795 104,161 69,733 7.408,223 60,8751 689,986 8.858 17,242 196 191 730,717 O¢pr•clat l April 224 Charge lor Ihe yeer Eihrnlnatsd on dispos At 31 VArch 2025 821.648 68.S71 735,9X) 4,615 60.875 23,317 1,854 90,597 211,980 36,1C6 1,863,442 114,203 69,733 1927,912 248 085 N•t book valu0• At 31 VArch 2025 31 Vorch 2024 4,883,868 4,952,439 10,348 11,627 929 2.783 102,538 19,972 482,632 503,532 5,480,311 5,4S¥),353 The of Lqnd and buikl'ngs 1$ baled on a trust8e8' rr¥dg in 1989 1th Vofeone1 88818tsnca and, under the transluonal arrangerne set t in FRS 102, 18 deeffed to be equal to cosL Subaequenl adcl'lom and other tangibkn fi>xd aisets are 81ated at cost net of depyeciation. It is Ikety thatthere ore nri4 difference8 b8tswen Ihe cpen orketlJes 01th8 charity's land a1 builrfiThJ$ gnd thr book K•hJes. These arise from Ihe 5pecidised naknre of the property and th8 effects of inflatiC. The arnwnt of sh differences can1t be gscertalned lthOU1 incurring 8ignific8nt Costs, Mthich, in the opinion of trustees, 13 not justifi&J in tem of the benefrt to the UrS of th8 accounts. Capltil corrnittrront• At the year end, the charty had capital coniritrrenlg of £41,33112024'.£Nil). 32
The Trust of Mount Saint Bernard Abbey in Coalvllle Notes to the accounts For the year ended 31 March 2025 17 Inve•tm&nt• Llst•d Total PIArk•t u¥ at 1 Awil 2024 2,975,0) 732.50) 1,1.972 4.135.972 732,5fKJ 2W2.115 1164,8841 3,473 4,2,430 Addibon8 Di5posal8 at bcK ¥Je unr•afj6eLJ gains Market wlue at 31 March 2025 262.115 1164.6941 3.473 1,254.930 3,707.5LX) Ca8h inlMent rnanaprs for r•inNtstrwrt 8,124 8,124 Tctsl in4p5trnents at 31 Mgr¢h 2025 3.707,SCO 1,283,0S4 4.970,554 Cost of irne8kngnts at 31 Ilarch 2025 242 176 1,1S2,286 InBtr properbe8 L18 2024 Markat value at 1 AFfll 2023 Addi0¢8 Disp¢)$819 at ¥Tlue M)t unrealsgd gAin8 VArket u• at 31 rch 2024 2,975.Q 1,152,512 235,721 12e6,8701 59,409 1,160,972 4,127.512 235,721 12es,6701 59,409 4.135,972 2,97S,O Cagh In$tht rmnagers Icrf reinwjtrrnnl 12.916 12,916 Tot4 inwthents at 31 Mjrch 2024 4 148.8e8 Cost d Itrnts at 31 March 2024 242.178 1 024 035 The inwslment propwts'es r Vdlued by the trust as at 31 March 2025 C on open nigrket wlug bail8. atsumlrq ct p068eBBI rL) re81d¢ conIE or othar on•rou8 erKumbrm& "6tfrJ Ins•¥ty at 31 March 2025 ¢orrpriJ8d thè fdlowrg.. 2024 rixBd Sntsrest LK equib'ès LK unib.sed lund erseas unitgerj fund 157,392 2c6,e 114,941 271,675 At 31 Ktsrch 2025. listed inwthents Includ•J tho felIng hokth'ngs dèèmj corrpwad the oNrrall portk419 a5 at byat dale. 2026 Trkot 202 valu• of P•re6irtag• holdiTWJ of portfolio value of hokling Per¢entag Van9uard Irw UK LT US EqJty IDX Itis Ml Set Managèrg 8orKJ In Dls 91335 84,610 7.4% 6.7% 67,715 77,740 I li3tsI lntrnentS vre dea in 8 recognis&Y 8tctk excha. 33
The Trust of IAount Salnt Bernard Ibbey in Coalvllle Notes to the accounts For the year ended 31 March 2025 18 Stocks 2025 2024 Shop stocks Brewry stLk . materials . Work in Projress . Finished (knls Cther sthk8 121,719 124,165 92,115 3,747 24,321 6,134 248,036 3,690 21,326 3,407 242,036 19 Oebtorn 2028 2024 VAT recov8rab Prepaynpnts and 8undry debtors Trade debtors Legacy [e1VatIO InsInt inco relbI 282 16,259 4,476 58,260 46 341 125,618 6,870 45,4SS 8,289 33,531 94,145 20 Crodltors: amount8 fallkng duo vAthln on• y••r 2026 2024 Eynse creditor8 VAT Pay8b r twl'on and 80cial security c09ts Accru8 and deferred inccyr 40.529 5,248 7,159 38.938 91,874 39,172 33,956 21 T•ngtbh flxod 488et fund 2026 Al 1 Ayll 2024 Transfers reprn1•rj'. . W nennt in year At 31 March 2025 5,490,353 5.564,878 74,525 5.490,353 5 480,311 The tangIb fixd assets furKI represents the rEt Ixok Kdue of the Abbey's tangible fixEd assets. The trusiees have decided to separats this fund from the general funds of th8 charity in recognition of Ihe fact that thg taryible fi>MI assets are essential to Ihe day to day Irk of the charity. As such, Iheir lue shk1 ncl be regarded as funds that could realIsab lIh ease, in order to nmt future conbngewieB.
The Trust of Mount Saint Bernard Abbey In Coalville Notes to the accounts For the year ended 31 March 2025 22 D•signated fund• The inccrn8 furKIs of the chaty IncbJe the f01th• deslgnaw funds vknich hw set aside out cl unrestricted funds ty the trust88s lor wlfic pUr[Th.. 1 Aprll Deslgnat 2024 In yo•r Utlllsodl releas Transforrgd 31 Mirch 2025 Cwe of the Ccnyrwnity fuTh Library Fund 3.C,c 12,397 3,C(Q.O()J 10,955 11.4421 3,012,397 1.442 3 010,955 1 Aprll D•slgnat•d 2023 In year Utllls•dl relga8•d Tr•n•f•rr•d 31 Varch 2024 C8re of tho Community fund Library Fund 3,000,DJO 13,453 3,cO).¢0 12,397 I1.0) Total 3,013,453 3,012,397 The Cwe of the c1yrnIty fuThJ repre$8nt5 mnias %thlch trustees haNe set eslde in order to the Cost of lh8 care lfare of eklar nnk& Th8 u9 of the furKI has tJe8n xluarialty cakuLd to promde fubjre Inc(¥ to the Conrnjnlty. The c81cuMon$ 1ok8 into &counl thg rasources awdilab and ¢J ncl represent the totsl irrr lJ)at mlghl be requlrad. The Library furyj represents n)Jnle8 ralJ ty chorlty to wuire ngw bccks. lOdICaL8 aTrJ lournas IC the Cc<myJnity libr arJ rewr vuks to ts Ilbrary. 23 Re•trlct•d fund• The funds of the ch8rlty InGILttle Ihe followng restrS¢tod funds ¥%l)Ich Vre ¢SJnabJ for yclflc purpco6s'. 1 Nprll 31 March 2024 2025 Incom• Exp•ndlur• Tran•fvrr•d Flra safety fvr#J and gu8SthJus8 renolon fund Tolol 1 Aprll 2023 Inc¢)mè ExndoUTe Tran•fvrred 31 March 2024 Fire safety fund a5 gthoUse rerK)I8ti fund 1,401 11,401) 1.401 1,401 Th9 fire safety and guesthousa rereb.on fund rd81e8 b dtiOnS for continuing V•ork ndIfiCal5 requir8d to mcmjify the fabric of the charity's guesthouse in to ne it conyllant wlh the rtKJst rent fire safety regulations. 35
The Trust of Mount Saint Bernard Abbey In Coalvtlle Note5 to the accounts For the year ended 31 March 2025 24 Ana8 of n•t assot6 betn fund• Unrostrkted fvnd• Tanglb red •s8etN tkntgn•t•d fund funds G•n•ral fund$ Total 2025 Fund balanc•s at 31 Varch 2025 aro repro8entod by: Tangib f1>2d assets Instmènts Net current a88ets 5,460,311 5,480,311 4,970,554 641.293 11,092,158 3.000.000 10,955 3,010,955 1.970.554 630.338 2,600,892 5,480,311 rtrICted fund T•nglbl• f•d 01$ D•8lgnated lund fund8 General fund• Total 2024 Fund b•lancea at 31 lch 2024 r• r•pro8entod by: Tangible fId as8ets Ints Nel current asxts 5,49),353 5.4S¥).353 4.148,888 636,868 10.276,107 3,OQJ,000 12,397 3,012,397 1,148,888 624,469 1.773,357 5,490,353 25 Reknted party tr•nM¢Von• The totsl lue of donaticns made by the trustee8 to Ihe charlty thjriro the ye w £23,980 {2024- £20,104>, b•irKJ pensicns, 8bpendg and olher donations nwde to the charity Lmder Gft d. There %ra no otr)er reLqted p¥ty transacti# fring diKknsure in tr year12024- nong). 26 Ultlmat• control The chanty. hich1s consts"iuted as a trusL Ms controlkd IhmgTrhJut the period by the Cormwnity of rrkS resident at MLwnt Sdnt Bernard Abbey. The Conynjnity L*)e8 nGI hohj ary assets, incur lialieS cf enier inlo ary transactions in its ovm nghL Assets and li#billties of the CLYnrrunity are sted in the trust, tch undertthes 911 tran5act.ons entered into in Ihe courye ol the Ccfimwnity's tharitabkn acb'libes. 36