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 be￿een 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 re￿iVed 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 De￿rnber 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 De￿rnber 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