The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2022 2022 Unrestricted funds Total funds 2021 Total funds Note InGome and endowments Donations and legacies Charitable activities 1.094 17,779 1.094 17,779 4.138.735 5,741 Total income 18,873 18,873 4,144,476 Expenditure Expenditure on charitable activities Total expenditure 463.729 463,729 103,723 463,729 463,729 103,723 Net (expenditure)Ilncome and nel movement in funds (444.856) {444.856) 4,040,753 Reconciliation of funds Total funds brought forward Total funds carried fOrard 4.621.753 4,621.753 581,000 4,176,897 4,176,897 4,621.753 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 11 to 16 form part of these financial statements.
The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantee Statement of Financial Position 31 December 2022 2022 2021 Note Fixed assets Tangible fixed assets Total assets less current liabilities 13 4,176,897 4,621,7S3 4,176,897 4,621,753 Funds of the charity Unrestricted funds 4,176,897 4,621,753 Total charity funds 14 4,176,897 4,621,753 For the year ending 31 December 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors. responsibililies: The Members have not required the company lo obtain an audit of its financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requireménts of the Act with respect to accounting records and the preparation of financial statements. These financial statemenls have been prepared in accordance with the provisions applicable to companies subject to the small companies. regime. These financial statemen15 were approved by the board of trustees and authorised for issue on 24 May 2023. and are signed on behalf of the board by= Fr Keevins Secretary Sweeney Chairnian The notes on pages 11 to 16 form part of these financial statements. 10
The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2022 General information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Holy Cross Retreat. 432 Crumlin Road, Belfast, Co Antrim, BT14 7GE. Statement of compliance These financial statements have been prepared in compliance with FRS 102. The Financial Reporting Standard applieable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (Charities SORP {FRS 102)) and the Companies Acl 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterlirsg, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management lo make iudgemenls. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charitls purposes. Designated funds are unrestricted funds earmarked by the directors for particular future project or commitment. Restricted funds are 5ubje¢ted to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of sub<lasses'. restricted income funds or endowment funds.
The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements fcontinued) Year ended 31 December 2022 Accounting policies (Gontinued) Incoming resour¢es All incoming resources are included in the statement of financial activities when entitlement has passed to the charity- it is probable that the economic benefits associated with the transaction will flow lo the charity and the aTnount can be reliably measured. The following specific policies are applied lo particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift. receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured al the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost lo the donor or the estirnated resale value. Donated facilities and services are recognised in the accounts when received rf the value can be reliably rneasured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unle55 there 15 a contractual requirement for it lo be spent on a particular purpose and returned rf unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recover8d. and is classified under headings of the statement of financial aGtivities to which it relales= expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries. including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expendilure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable, and consistent basis. Tangible assets Tangible assets are initially recorded at Cost. and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 12
The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements {conlinued) Year ended 31 December 2022 Accounting policies (continued) Tangible assets fcontinuedj An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses. unless il reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation. is recognised in other recognised gains and losses. except to which it offsets any previous revaluation gain, in which case the loss is shown within other reco9nised gains and losses on the statement of financial activities. Depreciation Depreciation 15 calculated so as lo write off the cost or valuation of an asset. less its residual value, over the useful economic life of that asset as follows-. Freehold property 2Yo Straight line Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and Current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not di5counled. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly Iraded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investmenis are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed al a rale of interest that is not a market rate. in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument Other financial instrumenls are subsequently measured al fair value. with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured al cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment. an impairment loss is recognised under the appropriate heading in the statemenl of financial activities in which the initial gain was recognised. 13
The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2022 Accounting policies (Gontinued) Financial instruments fcontinuedj For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Limited by guarantee The company is limited by guarantee and has no share capital. Every member of Ihe company undertakes to contribute to the assets of the company, in the event of a winding up. such an amount as may be required not exceeding £1. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Donations Expenses reimbursed Donation from the Congregation of the Passion (Transfer of Building Costs) 1.094 1.094 1,094 1,094 4,137.641 4.137.641 1.094 1.094 4.138.735 4,138,735 Charitable actlvitles Unrestricted Total Funds Unreslri¢ted Total Funds Funds 2022 Funds 2021 Rental Income 17.779 17.779 5.741 5.741 Expenditure on charitable activities by fund type Unreslricted Total Funds Unrestricted Toial Funds Funds 2022 Funds 2021 Donation to the Congregation of the Passion Support costs 374.032 89,697 374.032 89.697 5,741 97,982 5.741 97,982 463.729 463.729 103.723 103.723 14
The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements fcontinued) Year ended 31 December 2022 Expenditure on charitable activities by activity type Activities undertaken directly Support Total funds costs 2022 Total fund 2021 Donation to the Congregation of the Passion 374.032 89.697 463.729 103,723 Included in above is the transfer of the property in Scotland, transferred to the Congregation of the Passion with a net book value of £356,253. Analysis of support costs Analysis of support costs Total 2022 Total 2021 Support costs - Accountancy Support costs - Depreciation 1,094 88,603 1.094 88.603 1,094 96.888 89.697 89,697 97,982 10. Net {expenditure)lincome Net (expendilurellincome is stated after ¢hargingl(crediling): 2022 2021 Depciall0n of tangible fixed assets 88,603 96,888 11. Staff costs The total staff costs and employee benefils for the reporting period are analysed as follows.. 2022 2021 NIL NIL The average head count of employees during the year was Nil (2021.. Nil). The Trust does not have any staff. No employee received employee benefits of more than £60,000 during the year (2021.. Nil). 12. Trustee remuneration and expenses None ofthe Trustees have received any remuneration during the year in their capacity as Trustees. 15
The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2022 13. Tangible fixed assets Freehold property Cost At 1 January 2022 Transfer lo the Congregation of the Passion At 31 December 2022 4,844,401 {414,2481 4,430,153 Depreciation Al 1 January 2022 Charge for the year Disposa15 At 31 December 2022 222,648 88.603 {57,995) 253,256 Carrying amount At 31 December 2022 4,176,897 At 31 December 2021 4.621.753 14. Analysis of charitable funds Unrestricted funds At 1 Jan 2022 At 31 Dec 2022 Income Expenditure General funds Other ReseNes 18,873 (18.873) (444.856) {463,729) 4.176.897 4,621,753 4.176.897 4.621.753 18.873 At1Jan 2021 At Income Expenditure 31 Dec 2021 General funds Other Reserves 6.835 4,137.641 {6.835) (96.888) 581,000 4,621.753 581,000 4,144,476 (103,723) 4.621,753 Other reserves relate to the property costs of The Graan, Enniskillen donated by the Congregation of the Passion. 16