COMPANY REGISTRATION NUMBER.. N1011822
CHARITY REGISTRATION NUMBER.. NIC102970
The Monte Argentario Private Trust (Nl) Limited
Company Limited by Guarantee
Unaudited Financial Statements
31 December 2022
NUGENT CHARTERED ACCOUNTANTS
Chartered accountants
33b Church Street
Antrim
Co Antrim
BT414BE

The Monte Argentario Private Trust (Nl) Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2022
Page
Directors, annual report (incorporating the directorfs report)
Chartered aGcountant's report to the board of trustees on the
preparation of the unaudited statutory financial statements
Statement of financial activities (including income and
expenditure account)
Statement of financial position
10
Notes to the financial statements
11

The Monte Argentario Private Trust (Nl) Limited
Company Limited by Guarantee
Directors, Annual Report (Incorporating the Director's Report)
Year ended 31 December 2022
The directors, who are also the directors for the purposes of company law, present their report and the
unaudited financial statements of the charity for the year ended 31 De¢ember 2022.
Reference and administrative details
Registered charity name
The Monte Argentario Private Trust (Nll Limited
Charity registration number
NIC102970
Company registration number N1011822
Principal office and registered Holy Cross Retreat
office
432 Crumlin Road
Belfast
Co Antrim
BT14 7GE
The directors
Fr Keevins
Fr Blake
Fr Byrne
Fr Craven
Fr Cross
Fr Darcy
Fr Donegan
Fr Donnelly
Fr Duffy
Fr Egan
Fr Fitzgerald
Fr Friel
Fr Gallagher
Fr Kennedy
Fr Lowe
Fr Mccarthy
Fr McGuckin
Fr McKeever

The Monte Argentario Private Trust (Nl) Limited
Company Limited by Guarantee
Directors. Annual Report (Incorporating the Director's Report) (continuedj
Year ended 31 December 2022
Fr Scanlon
Fr Spencer
Fr Sweeney
Fr Thornas
Fr Trias
Fr Troy
Fr O'Kane
Fr Connelly
Accountants
Nugenl Chartered Accountants
Chartered accountants
33b Church Street
Antrim
Co Antrim
BT414BE

The Monte Argentario Private Trust (Nl) Limited
Company Limited by Guarantee
Directors. Annual Report (Incorporating the Director's Report) (¢ontlnued)
Year ended 31 December 2022
Structure, governance, and management
(Re Membership)
1. The subscribers to the Memorandum of Association of the Trust and such other persons as shall be
admitted to mernbership in accordance with these presents shall be members of the Trust and shall be
entered in the Register of Members accordingly. 2. Persons may become members of the Trusl by
original subscription or by admission. The subscribers lo the Trust's Memorandum of Association are
members by original subscription. 3. The liabilily of the members is limited. 4. The powers and privileges
of a member shall not be transferable and the membership of each member of the Trust shall cease'.-
4.1 . If he becomes a salaried employee or fee earning consultant of the Trust or hold any other office or
place of profit under the Trust. 4.2. If he shall become bankrupt or suspend payment to or compound
with his creditors. 4.3. If he is of unsound mind. 4.4. If he resigns his office by notice in writing to the
Trust.
4.5. If he shall fail to perform any obligation binding upon him under these presents for one month after
notice in writing requiring him to do so shall have been served on him by the Trust or if in the opinion of
the Council his conduct shall be calculated in any respect to be prejudicial to the interest of the Trust
and he shall fail to remedy such conduct to the satisfaction of the Council for one month after notice in
writing requiring him to do so shall have been served upon him by the Trust and if also in either such
cases the Council by resolution passed by a majority of not less than three-fourths of the members of
the Council present at a meeting of Ihe Council of which notice specifying the intention to propose the
resolution has been given and al which the member concerned shall have been given reasonable
opportunity to attend and speak on his own behalf. shall resolve that his membership be terniinated.
4.6. If he is directly or indirectly interested in any contract with the Trust and fails to declare the nature
of hi5 interest in manner required by the Act. 4.7. If he is removed from membership by extraordinary
resolution of the Council. the Secretary shall keep an accurate record of the members of the Trust.
(Re Council)
5. There shall be a Council whose duty it shall be, subject to the general directions of the Trust. to cary
out the objects and general policy of the Trust and to provide for the administration. management and
control of the property and affairs. 6. The Council shall ¢onsist of twelve members and shall include the
offices of Chairman. Vice-chairman. Treasurer and Secretary. The first members of the Council shall
be the subscribers to the Memorandum of Association. No person who is not a member of the Trust
shall in any circumstances be eligible to hold the office as a member of the Council. 7. Members of the
Council shall hold office for the first two years of the Trust, or for shorter period if the Council so decides,
and at the end of the period decided upon. one sixth of the Council membership, excluding the office-
bearers of Chairman, Vice-chairman, Secretary and Treasurer shall retire and in this regard the Council
shall bring proposals as lo the methods of retirement and re-ele¢tion to the first Annual General Meeting,
the members for Ihe time being of the Council may act nolwithslanding any vacancy in their body
provided Ihat if their number shall be less than seven they may act for the purpose only of convening a
general meeting of the Trust. 8. The Council may at any time fill any vacancy on the Council by
appointing a member of the Trust to fill such vacancy and any member so appointed or co-opted shall
be subject lo retirement al the same time as if he had become a member of the Council on the day on
which the person in whose place, he is appointed was last elected a member of the Council. 9. The
Chairman and Vice-chairman of the Council shall also be Chairman and Vice-chairman of the Trust.
The Chairman shall at all times be the Very Reverend Father Provincial for the lime being of St. Patrick's
Province of the Passionists_ 10. The Secretary of the Council shall also be the Secretary of the Trust
and shall be appointed by and shall hold office during the pleasure of the Father Provincial. 11. The
Treasurer of the Council shall also be the Treasurer of the Trust. The Treasurer shall at all times be
the Provincial Bursar of Sl. Patrick's Province of the Passionists. 12. The member5 of the Council may
meet together for the dispatch of business, adjourn, and otherwise regulate their meetings. as they think
fit. Questions

The Monte Argentario Private Trust (Nl) Limited
Company Limited by Guarantee
Directors, Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2022
arising al any rneeling shall be decided by a majority of votes. In the case of an equality of voles the
Chairman shall have a second or casting vote. A Council member may, and the Secretary on the
requisition of a Council Member shall, at any lime summon a meeting of the Council. It shall not be
necessary to give notice of a meeting of the Council lo any Council Member for the time being absent
from the United Kingdom. 13. No business shall be Iransacled at any meeting of the Council unless a
quorum is present and a quorum shall consist of seven members personally present except as provided
in Article 14 above. 14. Not less than seven days. notice in writing of all meetings of the Council shall
be given to each of the members thereof and such notice shall be accompanied by the agenda for the
proposed meeting and a copy of the Minutes of the preceding meeting and such letter shall be given
personally or through the post in a prepaid letter. 15. Minutes shall be kept of all proceedings of the
Council.
(Re Powers of the Council)
16. The Council shall have absolute control over all the affairs and property of the Trust and shall
exercise all such powers of the Trust as the Council shall think fit as prescribed by statute or otherwise
provided by these presents other than powers which can only validly be exercised by special resolutions
at a General Meeting. 17. The Council shall have power to appoinl and to terminate the employment of
all secrelaries. clerks and other officers and servants as the Council shall consider necessary and shall
regulate their duties and fix their salaries and allowances lif any). 18. The Council shall have power to
appoint and delegate any of its own powers to such standing or other sub committees, composed of the
Council member5 as the Council shall think desirable. 19. A standing. or other sub-committee may elect
a Chairman of its meetings,. ff no such Chairman is elected. or if at any meeting the Chairman is not
present within five minutes after the time appointed for holding the same, the members present may
choose one of their number lo be Chairman of the meeting. 20. A standing. or other sub-committee may
meet and adjourn as it thinks proper. Questions arising at any meeting shall be determined by a
majority of votes of the members present. and where there is an equality of votes the Chairman shall
have a second or casting vote.

The Monte Argentario Private Trust (Nl) Limited
Company Limited by Guarantee
Directors. Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2022
Objectives and activities
The Monte Argentario Private Trust (N.1.} Limited Purpose 1: To enable the members of the
Congregation of the Passion to proclaim the Gospel of the Passion of Our Lord Jesus Christ by their
lives and by their works in Northern Ireland. What benefitflows from this purpose? The Monte Argentario
Private Trust {N.l.l Limited is the Trustee of all propety belonging to the Congregation of the Passion.
We have three Passionisl Comrnunities in Northern Ireland, namely Holy Cross Retreat, Ardoyne,
Belfast., Sl Gabriel's Retreat, The Graan. Enniskillen and Tobar Mhuire Retreat & Conference Centre,
Crossgar, Co Down. The correct management of our propety assists the Congregation on its work to
promote religion, which it does as a part of the Roman Catholic Church. The direct benefits which flow
from this promotion of the catholic faith and spreading the principles and values of the Roman Catholic
religion include an enrichment of the moral fabric and wellbeing of our wider society- Through preaching
a. a message of love. Passionists reach out to those who are in need, those who suffer injustice and
seek ways to overcome the causes of poverty and injustice. The members of the Congregation of the
Passion welcome members of the Roman Catholic faith and other interested parties from the general
public who wish to-
attend public worship in our parishes-
come to pray and to find solace in our
churches,. attend missions and retreats conducted by the Passionisls-. and - avail of our counselling
and spiritual direction services_ Purpose 2: To educate student members towards admission to the
Congregation of the Passion in Northern Ireland. What benefits flow from this purpose? The
Congregation of the Passion actively seeks vocations, i.e., those who are interested in becoming
members of the Congregation, to promote the Gospel of the Passion of Our Lord Jesus Christ and the
Roman Catholic faith. Student members train for approximately seven year5 before becoming ordained
members of the Congregation. When ordained Ihey will be engaged in minisiry and the promotion of the
Roman Catholic faith, in our churches and retreat centres. A student member will gain a private benefit
from the training received but this is incidental to the benefit of promoting the catholic faith and the
message of love to members of the Roman Calholic faith and other interested parties. The members of
the Congregation cannot identrfy any way in which the purposes of the charity may lead to harm.

The Monte Argentario Private Trust (Nl) Limited
Company Limited by Guarantee
Directors. Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2022
Achievements and performance
Due to the Covid19 pandemic and in line with Public Health Guidelines, in 2021 for periods of lime our
buildings including our churches had to be closed. In 2022 we were slowly able to re-open our
buildings, including our churches to the public. Our Passionist Communities are committed lo keeping
alive the authentic memoryofchrist's Passion as a source of life and hope lo all those who are struggling
to find meaning in their lives. Passionists keep alive the memory of Christ's Passion through their service
ofothers, especiallythose who suffer. We preach parish missions and give retreats lo bring the message
ofthe Passion to God's people. We work in parishes, building up the local community in the areas where
we live.
Members of the Congregation working in the Graan, Enniskillen. Co Fermanagh and at our Relreat &
Conference Centre at Tobar Mhuire, Crossgar, Co Down. offer pastoral renewal, reconciliation. retreat
and faith development, outreach, and support. The presence of a Passionist Comrnunity in the Graan
has provided a Mass Centre for the surrounding area, especially for families living in isolated areas in
the neighbourhood.
Tobar Mhuire is a well*quipped. modern Retreat and Conference Centre. Retreat Programs resumed
and we welcomed individuals and groups from Ireland and beyond Our novitiat8 is also based at Tobar
Mhuire and thankfully we have two new entrants to our Congregation.
In Holy Cross Parish. Ardoyne, the Passionisls work to promote reconciliation and the rebuilding of
individuals and ¢ommunilies. Our Passionist Peace and Reconciliation Office, in Ardoyne, aim5 to
deliver an effective outreach in peace and reconciliation, providing support for sensitive issues in conflict
resolution across the wider community- The Houben Centre for Peace and Reconciliation
a cross
community facility opened, in Ardoyne. in 2016 - was temporarily closed in 2021 and in 2022 resumed
operations. It 15 a busy facility that provides a welcoming door for both sides of the community through
adivities such as Music Classes. Mother & Toddler Groups, Yoga and Dancing. A café also operates in
the Centre and is thriving as a cross-communily project. The Centre hosts workshops, conferences.
social occasions etc in our attempts to make this a place of welcome to all. Holy Cross Ardoyne Parish
Administration also operates within the Centre. Members of our Congregation are engaged with Daneo
Services, an agency that provides counselling and psychological therapy to persons suffering from
various kinds of trauma and also consultancy services to Ihose involved in care and Community
leadership. We continue lo explore the possible sale of the old Holy Cross monastery building in
Ardoyne. Belfast.
Financial review
During the yearThe Monte Argentario Trust received income in theform of reimbursementfor expenses
by Congregation of the Passion amounting to £1.094 (2021.. £1.094). In addition. the Trust received
rental income amounting to £17.779 (2021- £5,741). Last year ended 31st December 2021 there was a
transfer of buildings from Congregation of the Passion to the Trust for £4.137.641.
The expenditure of the Trust related to professional fees £1,094, donations to Congregation in
connection with rental income £17.779 anij depreciation on buildings £88.603. Also included in
expenditure is the transfer of the house in Scotland to the Congregation of the Passion. net book value
of £356,253.
At the end of the financial year the Trust had unrestricted ￿SerVeS of £4,176.897 compared to
£4.621,753 in the year lo 31st December 2021.

The Monte Argentario Private Trust (Nl) Limited
Company Limited by Guarantee
Directors. Annual Report (Incorporating the Director's Report) (contirtued)
Year ended 31 December 2022
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the
small companies exemption.
The directors, annual report was approved on 24 May 2023 and signed on behalf of the board of trustees
by..
Fr Keevins
Secretary
Fr Sweeney
Ixhairman