Benedictine Monks STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating an Income and Expenditure Accounti for the financial year ended 31 December 2023 Unrestricted Funds 2023 Total Unreslricted Funds 2022 Total 2023 2022 Notss Income Donations and legacies Charitable aclivilies Grants from govemments and other co-funders Investments Other income 115,589 115,589 155,275 155,275 62,441 (1,057) 72,583 62,441 (1,057) 72,583 59,933 (44) 58,402 59,933 44 58,402 Total income 249,556 249,5S6 273,566 273,566 Expendlture Charitable activities 244,239 244,239 269,943 269.943 Net gainsl(losses) on investments 197,690 197,690 (173,6801 {173,680> Nat incomel{exponditure) Transfers beeen funds 203,007 203,007 {170,057) (170,057> Nat movèment in fund8 for tho financial yaar 203,007 203,007 (170,057) (170,057) Reconclllatlon of funds Balances brought forward at 1 January 2023 12 5,403,128 5,403,128 5,573,185 5,573,185 Balanc•8 carrled forward at 31 December 2023 5,608,135 5,606,135 5,403,128 5,403,128 The Statement of Financial Activities includes all gains and losses recognised in the finan¢ial year. All income and expenditure relate to continuing activities. The notes on pages 14 to 18 form part of the financial sts18ments 12
Benedictine Monks Company Number: BALANCE SHEET as at 31 December 2023 2023 2022 Notes Fixed Assets Tangible assets 2,886,783 2,757,997 Current Assets Investments Cash at bank and in hand 2,520,276 201,018 2,374,187 272.653 2,721,294 2,646,840 Credltors: Amounts falllng duè wlthln on• year 10 11,942) (1,709) Net Current Asset8 2,719,352 2,645,131 Total Assets le88 Current Llabilitlas 5.606.135 5,403,128 Funds General fijnd (unrestrided) 5,606,135 5,403,128 Total fund$ 12 5,606,135 5,403,128 These financial statements have been prepared in accordance with the speclal provlslons relating to small companies within Part 15 of the Companies Act 2006. Approved by the Board of Trustee8 and author18ed for i88ue on 24 May 2024 and slgned on Its behalf by Rev ark-Ephrom Nolan Trustse os? Rev Erlc Loisel Trustee Thie Marteaux The note8 on pages 14 to 18 form part of the financial statements 13
Benedictine Monks NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2023 GENERAL INFORMATION Benedictine Monks is a company limited by shares registered in Northern Ireland. The registered office of the charity is Holy Cross Abbey. 119 Kilbroney Road, Rostrevor, Co. Down. BT34 3BN, Northern Ireland which is also the principal place of business of the charity. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the charity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity's financial statements. Basis of préparation The financial statements hav8 been pr8par8d on the going concern basis under the historlcal cost convention, modified to include certain items al fair value. The financial ststements have been prepared Sn accordance with the Statement of Recommended practi (SORP) "Accounting and Reporting by Charities preparing Iheir accounts in accordan wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102" As pemitted by the Compani6s Act 2006. the charity has varied the standard formats in that act for the Statement of Financial Activities and the Balance Sheet. Departures from the standard frjrmats are to comply with the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP. Statement of compllance The financial stalemenls of the charity for the financial year ended 31 December 2017 have been prepared on the going concern basis and in accordance with the Statement of Recommended Practice ISORP) "Accounting and Reportlng by Charlties preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland FRS 102" Cash flow 8tatement The charity has availed of the exemption in FRS 102 from the requirement to produce a cash flow statement because it is classified as a small charity. Fund accountlng The following are the categorises of funds maintained: Restricted funds Restricted fvnds represent income received which can only be used for particular purposes, as specified by the donors. Such purposes are within the overall objéctives of the charity. Unre8tricted fund8 Unrestrided funds consist of General and Deslgnated funds. General funds represent amounts which are expendable at the discretion of the board, in furtherance of the objectives of the charity. Designated funds Comprise unrestricted funds that the board has, at its discretion, set aside for particular purposes. These designations have an administrative purpose only, and do not legally restrict the board's discretion to apply the fund. Income Voluntsry inwrne or capital is includèd in the Statement of Financial Activities when the charity is legally entitled to it, its financial value can be quantified with reasonable rtainlY and there is reasonable certainty of its uttimate receipt. Entitlement to legacies is considered established when Ihe chartty has béen notified of distribution lo be made by the executors. Income reiVed in advance of due perfomiance under a contract is ac¢ounted for as deferred income until eamed. Grants for activities are recognised as income when the related conditions for legal entitlement have been met. All other income is accounted for on an accruals basis. 14
Benedictine Monks NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 December 2023 Expenditure All resour$ expended are accounted for on an accruals basis. Charitable aclivities include costs of services and grants, support costs and depreciation on related assets. Costs of generating fvnds similarly include fundraising activities. Non-staff costs not attributed to one category of activily are allocated or apportionod prfrrata lo the staffing of the relevant service. Finance, HR, IT and administralive staff cosls are directly attributabl6 to individual activities by objective. Govemance costs are those associated with constitutional and statLrtory requirements. Tangible fixed assets and depreciation Tangible fixed assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible fixed assets, less their estimated residual value, over their expected useful lives as follows.. Land and buildings freehold Fixtures, fittings and equipment Motor vehicles 200/0 Reduring balan 20 % Reducing balance Investments Curr6nt asset investments are stated at the lower of cost and net realisable value. Cash at bank and In hand Cash at bank and in hand comprises cash on deposit at banks requiring less than three months notice of withdrawal. Taxation and deferred taxatlon No current or deferred taxation arises as Ihe ch8rity has been granted charltable exemption. Irrecoverable valued added tax is expensed as incurred. INCOME DONATIONS AND LEGACIES Unrostrlcted Re8trlcted Funds Funds 2023 2022 Donations and legacies 115,589 115,589 155,275 CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds 2023 2022 Income from charitable a[vitIeS 82,441 62,441 59,933 INVESTMENTS Unrestrlctsd Restricted Funds Funds 2023 2022 Investments (1,0571 11,057) (44) OTHER INCOME Unrestricted Rostrlcted Funds Funds 2023 2022 Other income 72,583 72,583 58,402 EXPENDITURE 15
Benedictine Monks NOTES TO THE FINANCIAL STATEMENTS continued for Ihe financial year ended 31 December 2023 CHARITABLE ACTIVITIES Dlrect Costs Other Costs Support Costs 2023 2022 Expenditure on charitable activites Govemance Costs (Note 4.2) 97,847 78,033 65.359 3,000 241,239 3,000 266,877 3,066 97,847 78,033 68,359 244,239 269,943 GOVERNANCE COSTS Direct Costs Othar Costs Support Costs 2023 2022 Accountancy 3,000 3,000 3,066 SUPPORT COSTS Charitsblè Governance Activitles Costs 2023 2022 Light & heat Motor & travel expenses Bank & interest f8es Computer expenses Telephone & fax General expenses Acwunlancy fees pps 45,859 10,777 1,573 380 4,959 670 45,859 10,777 1,573 380 4,959 670 3,000 1,141 49,598 18,133 1,648 2,070 5,969 2,112 3,066 3.884 3,000 1,141 65,359 3,000 68,359 86,480 ANALYSIS OF SUPPORT COSTS 2023 2022 Light & heat Motor & travel expenses Bank & interest fees Computer expenses Telephone & fax General expenses Accountsncy fees pps 45,859 10,777 1,573 380 4,959 670 3,000 1,141 49,598 18,133 1,648 2,070 5,969 2,112 3,066 3,884 68,359 86,480 NET INCOME 2023 2022 Net Income Is stated after charglngl(credltlng): (Surplus) on foreign currencies (685) (3,113) INVESTMENT AND OTHER INCOME 2023 2022 Bank interest 14 8,925 16
Benedictine Monks NOTES TO THE FINANCIAL STATEMENTS continued far the financial year ended 31 December 2023 TANGIBLE FIXED ASSETS Land and Fixtures, buildlngs flttings and freehold equipment Motor vehicles Totsl Cost At 1 January 2023 Additions 2,698,993 139,740 148,395 1,059 14,405 2,861,793 140,799 Al 31 Dernber 2023 2,838,733 149,454 14,405 3,002,592 Depreciation At 1 January 2023 Charge for the financial year 94,112 11,069 9,684 103,796 12,013 At 31 De¢emb8r 2023 105,181 10,628 115.809 Net book valua At 31 December 2023 2,838,733 44,273 3,777 2,886,783 At 31 December 2022 2,698,993 54,283 4,721 2,757,997 CURRENT ASSET INVESTMENTS 2023 2022 Investment Bonds 2,520,276 2,374,187 10. CREDITORS Amounts falling duo wlthln one year 2023 2022 Other creditors 1,942 1,709 RESERVES 2023 2022 At 1 January 2023 Surplusl{Deficitl for the financial year 5,403,128 203,007 5,573,185 (170,057) At 31 Dernber 2023 5,606.135 5,403,128 12. FUNDS 12.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrostrlcted Funds Total Funds At 1 January 2022 Movement during the financial year 5,573,185 (170,057) 5,573,185 (170,057) At 31 December 2022 Movement during the financial year 5,403,128 203.007 5,403,128 203,007 At 31 December 2023 5,606,135 5,606.135 17
Benedictine Monks NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 December 2023 12.2 ANALYSIS OF MOVEMENTS ON FUNDS Balance 1 January 2023 Income Expendlture Transferg Balance between 31 December funds 2023 Unrestricted funds Unrestricted General 5,403,128 250,627 47,620 5,606,135 Total funds 5,403,128 250,627 47,620 5,606,135 12.3 ANALYSIS OF NET ASSETS BY FUND Flxed assets . charlty u88 Current assets Current Ilabilities Total Unrestricted general funds 2,886,783 2,721,294 (1,9421 5,806,135 2.886,783 2,721,294 (1,9421 5,606,135 POST-BALANCE SHEET EVENTS There have been no significant evenls affecting the Charity since the financial y88r-end. 18