.The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantee Statement of Financial Activities (includlng income and expenditure account) Y8ar ended 31 December 2024 2024 Unrestricted funds Total funds Total funds 2023 Noto Income and endowments Donations and legacies Charitable activities 1,020 14,371 1,020 14,371 1,020 17,608 Total Income 15,391 15,391 18,628 Expenditure Expenditure on charitable activities Total axpenditure 103,994 103,994 107,231 103,9g4 103,994 107,231 Net expenditure and net movement in funds (88,6031 (88,603) (88.603) Reconciliation of funds Total funds brought forward Total funds carried forward 4,088,294 4,088,294 4,176,897 3,999,691 3,999,691 4,088,294 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notss on page8 11 to 16 form part of these financlal statements. The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantee Statement of Financial Position 31 December 2024 2024 2023 Note Flxed assets Tangible fixed assets Total assats less current Ilablllties 13 3,999,691 3,999,691 4,088,294 4,088,294 Funds of the charlty Unrestricted funds 3,g99,691 14 3,999,691 4,088,294 Total charity funds 4,088,294 For the year ending 31 December 2024 the charity was gntitled to exemption from audit und&r section 477 of the Gompanies Act 2006 relating to small companies. Directors, responsibilities: 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 requirements of theAct with respect to aGcounling records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to compani8s subject to the small companies, regime. The inancial statements were approved by the board of trustees and authorised for issue on 25 and are signed on behalf of the board by.. Fr Keevins Secretary r Sweeney Trustee The notes on pages 11 to 18 fomi part of these flnanclal statements. 10 The Monte Argentario Private Trust (Nl) Limited Company Lirnited by Guarantee Notes to the Financial Statements Year ended 31 December 2024 General Infomiation The charity is a public benefit entity and a private company limited by guarantee, regis18r8d in Northern Ireland and a reglstered charity in Northern Ireland. The address of the registered office is Holy Cross Rstr8at, 432 Crumlin Road, Belfasl, Co Antrim, BT14 7GE. Statemant of compliance These financial stalements have been prepared in compliance with FRS 102, 'The Financial Reporling Standard applicable in the UK and the Republic of Irel8nd', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appl icable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006, Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modrfied by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The f inancial statements are prep8red in sterling, which is the functional currency of the entity. Golng concem There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estlmatlon uncertalnty The preparation of the financial statements requires management to make judgements, estim8tes and assumptions that affe.ct the amounts reported. These estimates and judgements are Gonlinually reviewed and are based on experience and other factors, inGluding expectations of future events that are believed to be reasonable under th8 circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charlty's purposes. Designated funds are unrestricted funds earmarked by the directors for particular future project or commitment. Reslrict&d funds are subjected lo restrictions on their expenditur8 declared by the donor or through th6 tèrms of an appeal, and fall into one of two sub-classes.. restricted in¢ome funds or endowment funds. 11 The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2024 Accounting policies (contlnued) Incoming rosourcos All incoming resources are included in the slalement of financial activities when entitlement has passed to the charity., it is probable that the econom ic benefits associated with the transaction will fFow to the Charity and the amount can be reliably measured. Th@ following specific policies are applled to particular categories of income: income from donations Dr 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 entitlernent 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 facilitles and services are recognised in the account8 when received if the value can be reliably measured. No amounts are Included for the contribution of general volunteers. income from contracts for the supply of services is recognised wlth the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requlrement for it to be Spent on a particular purpose and returned if unspent, in which case it may be regarded 2s restricted. Resources expended Exp8nditure is recognised on an accruals basis as a liability is incurred. Expendlture includes sny VAT which cannot be fully recovergd, and is classrfied under headings of the statement of financial activit18S to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non- Charitable trading activities, and th8 sale of donated goods. expendilure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charltable aims for the bensf it of its beneficiaries. including those support costs and costs relaling to the governance of the charity apportioned to charitable activities. other expenditure includes all èxpenditure that is neither related to raising funds for the charity nor part of its expenditure 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 al cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are record6d at the fair value at the date of revaluation less any subsequent 8ccumulated depreciation and subsequent accumulated impairment10sses. 12 The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements (oontlnugd) Year ènded 31 December 2024 Accounting policles {contlnued) Tangible assets (contlnued) 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 r6suIt of revaluatlon, 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 cf financial activities. Depreclatlon 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 2Y¢ Straight line Financial Instruments A financial asset or a financial liability is recognised only when Ihe charity becomes a party to the contractual provlsions of the instrument. Basic financial instruments are initially recogni8@d at the amount receivable or payable Including any related transaction ccsts. Current assets and current liabilities are subsequently measured at Ihe cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their falr value can olherwi8e 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 normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the fulure payments discounted at a market rate of interest for a similar debt instrument. Otherfinancial instruments are subsequently measured atfair value, with any char)ges recognised in the statement of financial activities. with the exception of hedging instruments In a designated hedging relationship. Financial assets that are measured at cost or amortise.d 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 statemer¢t 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 (Gontinued) Year ended 31 December 2024 Accountlng policies (continuod) Financial instruments (continued) For all equity instruments regardless of signif icance, 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 sim Ilar credit risk characteristics. Any reversals of impairment ar8 recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds whal the carrying amount would have been had the impairment not previously been recognised. Limited by guarantaa The company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute lo the assets of thè company, in the event of a winding up, such an amount as may be required not exceeding £1. Donatlons and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Expenses r@imburs8d 1,020 1,020 1,020 Charitable activiti88 Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Rental Income 14,371 14,371 17,608 17.608 Expenditure on charitable activities by fund typo Unrestricted Total Funds Unrestricted Total Funds Fund5 2024 Funds 2023 Donation to the Congregation of the Passion Support costs 14,371 89,623 14,371 89,623 17,608 89,623 107,231 17,608 89,623 103,994 103,994 107,231 14 The Monte Argentario Private Trust (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 December 2024 Expenditure on charitable activities by activity type Activities undertaken directly Support Total funds costs 2024 Total fund 2023 Donation to Ihe Congregation of the Passion 14,371 89,623 103,994 107,231 Analysls of support costs Analysis of support costs Total 2024 Total 2023 Support costs - Accountancy Support costs - Depreciation 1,020 88,603 1,020 88,603 1,020 88,603 89,623 89,623 89,623 10. Net expendlture Net expendlture Is stated after chargingllcrediting).. 2024 2023 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: 2024 2023 NIL NIL The average head count of employees during the year was Nil {2023'. Nil}. The Trust does not have any staff. No employee received employee benefits of mcre than £60,000 during the year (2023: Nil). 12. Trustee remuneration and expenses None ofthe Trustees have received any remuneration during the year in their capacilyas Trustees. 15 The Monte Argentario Private Trust {Nl) Limited Company Limited by Guarantee Notes to the Financial Statements (condnuod) Year onded 31 December 2024 13. Tanglble fixed assets Freehold property Cost At 1 January 2024 and 31 Decembar 2024 Depreciation Al 1 January 2024 Charge for the year At 31 December 2024 4,430,153 341,859 88,603 430,462 Carrylng amount At 31 December 2024 3.999,691 At 31 December 2023 4.088,294 14. Analysis of charitable funds Unrestricted funds At 1 Jan 2024 At Income Expenditure 31 Dec 2024 General .lund8 4,088,294 15,391 1103,9941 3,999,691 At 1 Jan 2023 At Income Expenditure 31 Dec 2023 General funds 4,176,897 18,628 1107,2311 4,088,294 Other res8rves relat8 to the property costs of The Graan, Enniskillen and Glasgow donated by the Congregation of th& Passion. 15. Related parti8S The Moiite Argentario Private Trust (N.1.) Limited Is related to the Congregation of tTrie Passion, a charity registered in Ireland (Charity No. 20004927). The purpose of this company is to hold property on behalf of the Congregation of the Passion. During the year, the Congregation received rentsl income of £14,371 and paid expenses on behalf of Monte Argentario Trust amounting to £1,020. 16