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 fOr￿ard
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
Dep￿ciall0n 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