The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2023 2023 Unrestricted funds Total funds Total funds 2022 Note Income and endowments Donations and legacies Charitable activities 1,020 17,608 18,628 1,020 17,608 18,628 1,094 17,779 18,873 Total income Expenditure Expenditure on charitable activities Total expenditure 107,231 107,231 463,729 107.231 107,231 463,729 Net expenditure and net movement in funds 188,603) (88,603) (444,856) Reconcillatlon of funds Total funds brought foNard Total funds carried forward 4,176,897 4,176,897 4,621,753 4,088,294 4,088,294 4,176,897 The statement of financial activities includes all gains and 5osses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 11 to 16 fomi part of these financial ststements. The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantee Statement of Financial Position 31 December 2023 2023 2022 Note Fixed assets Tangible fixed assets Total assets less current liabilities 13 4,088,294 4,176,897 4,088,294 4,176,897 Funds of the charity Unrestricted funds 4,088,294 4,176,897 Total charity funds 14 4,088,294 4,176,897 For the year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476., The direclors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 26th June 2024 and are signed on behalf of the board by.. Fr Keevins Secretary r Sweeney Chairman The notes on pages 11 to 16 form part of these financlal statements. 10 The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2023 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 offi is Holy Cross Retreat, 432 Cfumlin Road, Belfast, Co Antrim, BT14 7GE. Statement of compliance These financial ststements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportin9 Standard applicable in the U K and Republic of Ireland {FRS 1021 (Charities SORP IFRS 1021) and the Companies Act 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 sterling, 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 to make judgements. 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 lo further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the directors for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. 11 The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantse Notes to the Financial Statements (continuedj Year ended 31 December 2023 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial activilies when entitlement has passed to the charity,. It is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and it5 amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliab5y measured. 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 unless there is a contraetual requirement for it to be spent on a particular purpose and returned if 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 recovered, and is classified under headings of the statement offinancial activities to which it relates-. 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 ils 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 Ihe charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure cate9ories reflecting the use of the resource. Direct costs attributable to 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 atcost, 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 (continued) Year ended 31 December 2023 Accounting policies (Continued) Tangible assets (continuedj An increase in the carrying amount of an asset as a result of a revaluation. is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement cf 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 recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to 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 2910 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. 8asic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured atthe cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised Gost. Where investments in shares are publicly traded 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 investments 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 narmal business terms or financed at a rate of inteiest 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 instruments are subsequently measured atfairvalue, with any changes recognised in the statement of financial activities. with the exception of hedging instruments in a designated hedging relats'onship. Financial assets that are measured at 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 statement 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 (Contlnued) Year ended 31 December 2023 Accounting policies (continuedj Financial instruments (continued) 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 the 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 Totsl Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Expenses reimbursed 1.020 1,02a 1,094 1,094 Charitable activlties Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Rental Income 17.608 17.608 17,779 17,779 Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Fund5 2022 Donation to the Congregation of the Passion Support costs 17,608 89,623 17.608 89,623 107,231 374,032 89,697 374,032 89,697 107,231 463.729 463,729 14 The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements (¢ontlnued) Year ended 31 December 2023 Expenditure on charitable activities by activity type Activities undertaken directly Support Total funds costs 2023 Total fund 2022 Donation to the Congregation of the Passion 17,608 89,623 107,231 463,729 Analysis of support costs Analysis of support costs Total 2023 Total 2022 Support costs - Accountancy Support costs - Depreciation 1,020 88,603 1,020 88,603 1.094 88.603 89,623 89,623 89,697 10. Net expenditure Net expenditure is stated after chargingl(crediting)'. 2023 2022 Depreciation of tangible fixed assets 88,603 88,603 11. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2023 2022 NIL NIL The average head count of employees during the year was Nil {2022: Nill. The Trust does not have any staff. No employee received employee benefits of more than £60.000 during the year {2022'. Nill. 12. Trustee remuneration and expenses None ofthe Trustees have received any remuneration during the year in theircapacity as Trustees. 15 The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 13. Tangible fixed assets Freehold property Cost At 1 January 2023 and 31 December 2023 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 4,430,153 253.256 88,603 341,859 Carrying amount At 31 December 2023 4,088,294 At 31 December 2022 4.176,897 14. Analysis of charitable funds Unrestricted funds At 1 Jan 2023 At Income Expenditure 31 Dec 2023 General funds 4,176,897 18.628 (107,2311 4,088,294 (107,231) 4,088,294 4,176,897 18,628 At 1 Jan 2022 At Income Expenditure 31 Dec 2022 General funds 4,621,753 18.873 (463,7291 4.176,897 (463,729) 4,176,897 4,621,753 18,873 Other reserves relate to the property costs of The Graan, Enniskillen and Glasgow donated by the Congregation of the Passion. 16