COMPANY REGISTRATION NUMBER: N1011822
CHARITY REGISTRATION NUMBER: NIC102970
The Monte Argentario Private Trust {Nl) Limited
Company Limited by Guarantee
Unaudited Financial Statements
31 December 2023
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 2023
Page
Directors, annual report (incorporating the director's report)
Chartered accountant'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 2023
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 December 2023.
Reference and administrative details
Registered charity name
The Monte Argentsrio Private Trust (Nl) Limited
Charity registratlon number
NIC102970
Company registration number N1011822
Principal office and registered Holy Cross Retreat
office
432 Crumlin Road
Belfast
Co Antrim
BT14 7GE
The dlrectors
Fr Keevins
Fr Blake
Fr Byrne
Fr Cross
Fr Darcy
Fr Donegan
Fr Donnelly
Fr Dufty
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 2023
Fr Scanlon
Fr Spencer
Fr Sweeney
Fr Thomas
Fr Trias
Fr Troy
Fr O'Kane
Fr Connelly
Accountants
Nugent 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) {conllnuedJ
Year ended 31 December 2023
Structure, governance and management
{Re Membership)
1. The subscribers to the Memorandum of Association of the Trust and such othei persons as shall be
admitted to membership 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 Trust by
original subscription or by admission. The subscribers to the Trust's Memorandum of Association are
members by original subscription. 3. The liability 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 prejL6dicial to the interest of
Ihe 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 the Council of which notice specifying the intention to propose
the resolution has been given and at which the member concerned shall have been given reasonable
opportunity to attend and speak on his own behalf, shall resolve that his membership be terminated.
4.6. If he is directly or indirectly interested in any contract with the Trust and fails lo declare the nature
of his 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. lo carry
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 consist 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 to the methods of retirement and re-election to the firstAnnual General Meeting,
the members for the time being of the Council may act notwithstanding any vacancy in their body
provided that 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 to retirement at 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 time 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 St. Patrick's Province of the Passionists. 12. The members of the Council may
meettogetherfor 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) (contlnued)
Year ended 31 December 2023
arising at any meeting shall be decided by a majority of vote5. In the case of an equality of votes 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 time summon a meeting of the Council. It shall not be
necessary to give notice of a meeting of the Council to any Council Member for the time being absent
from the United Kingdom. 13. No business shall be transacted at any meeting of the Council unless a
quorum is present, and a quorum shall consist of seven members personally presentexcept 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 present5 other than powers which can only validly be exercised by special resoSutions
at a General Meeting. 17. The Council shall have power to appoint and to terminate the employment of
all secretaries, clerks and other officers and servants as the Council shall consider necessary and shall
regulate their duties and fix their salaries and allowances (if 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 members as the Council shall think desirable. 19. A standing, or other sub-committee may elect
a Chairman of its meetings-, if 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 to 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 2023
Objective5 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.) Limited is the Trustee of all property belonging to the Congregation of the Passion.
We have three Passionist Communities in Northern Ireland, namely Holy Cross Retreat, Ardoyne,
Belfast.. St Gabriel's Retreat, The Graan, Enniskillen and Tobar Mhuire Retreat & Conference Centre,
Cros5gar, Co Down. The correct management of our property 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 ofthe 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 Passionists.. 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. Studenl members Irain for approximately seven years before becoming ordained
members of the Congregation. When ordained they will be engaged in ministry 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 Catholic faith and other interested parties. The members of
the Congregation cannot identify 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) fGonlinuedJ
Year ended 31 December 2023
Achievements and performance
Our Passionist Communities are committed to keeping alive the authentic memory of Christ's Passion
as a source of life and hope to all those who are struggling to find meaning in their lives. Passionists keep
alive the memory of Christ's Passion through their service of others, especially those who suffer.
We preach parish missions and give retreats to bring the message of the 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 Retreat &
Conference Centre at Tobar Mhuire, Crossgar, Co Down, offer pastoral renewal, reconciliation, retreat
and faith development, outreach, and support. The presence of a Passionist Community in the Graan
has provided a Mass Centre for the surrounding area, especially for families living in isolated areas in
the neighbourhood.
Tobar Mhuire, Crossgar, is a well-equipped, modern Retreat and Conference Centre We welcome
individuals and groups from Ireland and beyond who wish to take time out to reflect on their human and
spiritual development Our novitiate is also based at Tobar Mhuire.
In Holy Cross, Ardoyne, the Passionists work to promote reconciliation and the rebuilding of individuals
and communities. Our ministry here centres around the need5 of the parish and includes pastoral care,
prison chaplaincy, counselling, peace and reconciliation work. Our Passionist Peace and Reconciliation
Office, in Ardoyne, aims 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- is a busy facility that provides a welcoming door for both sides of the community through activities
such as Music Classes, Mother & Toddler Groups. Yoga and Dancing. Acafé also operates in the Centre
and is a thriving cross-community project. The Centre hosts workshops. conferences, social occasions
etc in our attempts to make this a place of welcome to all.
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 those involved in care and community leadership
We continue to explore the possible sale of the old Holy Cross monastery building in Ardoyne, Belfast.
Finan¢ial review
During the year The Monte Argentario Trust received income in the form of reimbursement for expense5
by Congregation of the Passion amounting to £1.020 {2022.' £1,094). In addition, the Trust received
rental income amounting to £17,608 {2027.' £17,779}.
The expenditure of the Trust related to professional fees £1,020, donations to Congregation in
connection with rental income £17,608 and depreciation on buildings £88,603.
At the end of the financial year the Trust had unrestricted reserves of £4,088,294 compared to
£4,176,897 in the year to 31st December 2022.

The Monte Argentario Private Trust {Nl) Limited
Company Limited by Guarantee
Directors, Annual Report (Incorporating the Director's Report) (continuedj
Year ended 31 December 2023
Small company provisions
This report has been p￿pared in accordance with the provisions applicable to companies entitled to the
small companies exemption.
The directors, annual report was approved on 26th June 2024 and signed on behalf of the board of
trustees by-
Fr Keevins
Secretary
r Sweeney
Chairman