Benedictine Monks STATEMENT OF FINANCIAL ACTIVITIES Ilncorpornfjng an Ineome and Expenditure Account} for the financial year eaded 31 December 2024 Unrestrlcted Funds 2024 Total Unrestricted Funds Funds 2024 2023 Total Fund5 2023 Notes Income Donations and legacies Charitable aclivltles - Grants from govemments and other co-funders Investments other income 145,892 145.892 115,589 115,589 48,962 48,962 62,441 11.0571 72,583 62,441 1.057 72,583 71,597 71,597 Total Income 266,451 266,451 249,556 249,556 ExndIture Ch8rhabl8 a¢tlvlUes 250.251 250.251 244.239 244,239 Net galnslllossesl on investments 194,292 194,292 197,690 197,690 Net Incomellexpendlturo) 210,492 210.492 203,007 203,007 Transf6rs beeen funds N&t rnovemgnt In funds for the flnanclol ygar 210,492 210.492 203.007 203.007 Reconclllatlon of funds: Total funds beginning of the year 13 5,606,135 S.606.135 5,403.128 5.403,128 Total funds at tho end ol the year 5,816,627 5.816,627 5,806,135 5,606,135 Th8 Stal¢ment of Finandal ActSviUes Includ68 all gains and losses recognised in the financlal year. All Incom$ and expenditure relate to contlnulng aclivitl¢$. The notes on pages 14 tr) 18 fomi part or the financial st8ternents 12
Benedictine Monks Company Number: BALANCE SHEET as at 31 December 2024 2024 2023 Notes Fixod Assgts Tangible assets 3.459.128 2,886,783 Current Agsèts Debtors Investments Cash at bank and in hand 8,320 2.217.183 135,896 10 2.520.276 201,018 2,361.399 2.721.294 CTOditors: Amounts falllng due wlthln one yèar 11 13,900) {1,9421 Net Current A880ts 2,357,499 2,719,352 Total Assets less Currgnt Llabilitie$ 5,816,627 S,606,135 Funds General fund lunreslrlctsd 5,816,627 S,606,135 Total funds 13 5,816,627 5,606,135 Th8$8 financlal statements have bean prepared in a¢cordanGe wllh the speclal provlslons relatSng lo small companies within Part 15 of the Componies Ad 2006. Approved by Ihe Board of Trustg9s and authorlsod for l••ue on 2 Aprll 2025 and 8lgn•d on its bohalf by Rgv Mark*phrem Nolan Trustee Rov Erlc Lo1581 Tru8to8 Thler t•• Ma èaux The not88 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 2024 GENERAL INFORMATION Benedictine Monks Is a company limited by shares registered in Northem Ireland. The registered office of the charity is Holy Cross Abbey. 119 Kilbroney Road, Roslrevor. Co. Down, BT34 3BN, Northern Ireland which is also the Principal place of business of the charity- The financial slalements have b8en presented in Pound 1£) whlch Is al80 the fijnctlonal currency of the chadty. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have b88n applied consistently in dealing with ilerns which 8r6 consld8red material in relation lo the chaTIty's financial statements. Basis of prèparation The financial statements have been prepared on the golng concern basis under the historical cost convention, modified lo include ¢ortain items al fair value. The financlal slalements have been prepared In accordance wllh the Slalemenl of Recommended Practice {SORPI "Accounung and Reporting by Charlties preparfng their a¢wunt3 in gGwrdence with the Fin?n¢ig1 Reporting Standard applicab16 in the UK and Republic of Ireland FRS 102.. As permitted by the Companies Act 2006. the charity has vari6d the standard formals in that act for the ststem8nt of Financial Activities and the Balance Sheet. Departures fronl the standard formals are to wmply wllh the requlremenls of tho Ch8rStl88 SORP and 8r8 In compliance with secllon 4.7, 10.6 and 15.2 of that SORP. Statom8nt of compllance Th6 financial slalemenls Of the charity for the flnancial year ended 31 Decemb8r 2017 have been prepared on the going concern basis and In accordance with the Statement of Recommended Practice ISORPI "Accounting and Rèporting by Charllies pr8parfng Ihoir accounts in accordanco with tho Finan¢ial R9POrting Stsndard applicable in the UK and Republlc of Ireland FRS 102.. Cash flow Statement The charity has avalled of the ex8mplSon Sn FRS 102 from the requirement lo produ¢• a ¢a8h flow Slalement because il 1$ classified as a small charity. Fund accountlng The following are the categorises of funds maintained: Restricted fund$ Restricted funds represent incomo recelved whlch can only b8 used for particular purposes. as speclfled by the donors. Such pufposes are wlthln the overall obledv8s of the charity. Unr8stricted funds Unrestricted funds consist of General and D68ignatsd funds. General funds represent amounts whlch are expendable at the discretion of th8 board, In fvrtherance of the objectives of the charity. Designated fijnds comprise unrestricted funds that the board has, al ils discretion, sel aside for particular purposes. These designations have an administratlve purpose only, and do not legally reslrlct the board's discretion lo apply tho fund. Incomo Voluntary income or capital is included in the Stslement of Financial Activities when the Gharty is legally entitled to it, its financial value can be qu8nlified with reasonable certainty and Ihgre is reasonable certainty of tts ultimate receipt. Entltlement lo legacles Is consldered established when the charity has been notified of a distribution lo be made by the executors. Income received in advance of due perfomance under a contract is accounted for as deferred income until earned. Grdnls for aclivitles are recognised as income when the related conditions for legal entitlement have been met. Al other income is accounted for on an accruals b8S1S. Expéndhure All resources expended are accounted for on an accruals basis. Charitable activities in¢lude costs of services and grants, support costs and depreciation on related assets. Costs of generating fundg slmilarly include fundraising activities. Non-slaff costs not attributed to one category of activity are allocated or apportioned prrata to the staffing of the relevant service. Finance, HR, IT and administrative staff costs are directly attributable to individual a¢llvitl8s by obj8ctwe. Governance costs are those associated with conslitulional and slalulory requirements. 14
continued Benedictine Monks NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 Tangiblg fixed assets and depreclatlon Tangible fixod assets are slated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated lo write off the original cost or valuation of tangible red assets, less their eslimaled residual value, over their expected useful Itves as follows.. Land and buildings freehold Fixtures, fittings and equlpmenl Motor vehicles 20Yo Reducing balance 200h Reducing balance Invèstments Current asset investment8 are slated al the lower of cost and n81 realisable value. Dobtors Debtors a regnISed al the settlomenl amount due after any discount offered. Prepayments are valued al the amount prepaid nel of any trado discounts due. Incomè recognised by the eharlly from governrnonl agoncies and other co-funders, bLrt not y61 recelved al year end, Is Includad In debtors. Cash at bank and In hand Cash al bank and in hand comprises cash on deposit al banks requiring less than three months notlce of withdrawal. Taxatlon and defèrred taxatlon No currant or deferred taxation arise5 as the charity has been granted charitable exemption. Irrecoverable Volued added lax is expensed as Incurred. INCOME DONATIONS AND LEGACIES Unrestrlcted Restrictad Fund$ Funds 2024 2023 Donatlon$ and legacles 145,892 145,892 115.589 CHARITABLE ACTIVITIES Unre8trl¢t0d Restrl¢t•d Funds Funds 2024 2023 Grants from govornmgnts and othèr co-fundars: Income from chadlable aclivilie8 48,962 48.962 62.441 INVESTMENTS Unrgstrlcted Restrlctod Funds Funds 2024 2023 Invgstmenls 11,0571 OTHER INCOME Unro¥tricted Restrlcted Funds Funds 2024 2023 other Income 71.597 71,597 72,583 EXPENDITURE CHARABLE ACTIVITIES DireGt Costs Other Costs Support Costs 2024 2023 Expenditure on charitable aclivttes Govemance Costs (Note 4.21 115,783 70.022 61,371 3,075 247,176 3,075 241,239 3,000 115,783 70.022 64,446 250.251 244,239 15
continued Benedictine Monks NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 GOVERNANCE COSTS Direct Costs Other Costs Support Costs 2024 2023 Accountancy 3.075 3,075 3,000 SUPPORT COSTS Charltablo Governance Activities Costs 2024 2023 Accountancy fees General expenses Light & heat pps Computer exp8nses Bank & interest fees Telephone & fax Motor & travel expens88 3,075 3,075 3.496 32.573 3,892 1,391 2,759 3.372 13.888 3.000 670 45,859 1,141 380 1,573 4.959 10,777 3.496 32.573 3.892 1,391 2,759 3,372 13,888 61.371 3,075 68,359 ANALYSIS OF SUPPORT COSTS 2024 2023 Accountsncy fees Ggn&ral gxpensgs Llghl & heat pps Computer expens88 Bank & interest feès Telephone & fax Motor & trav81 &xpens88 3,075 3,496 32,573 3,892 1,391 2,759 3,372 13.888 3,000 670 45.8S9 1,141 380 1,573 4.959 10,777 64,446 68.359 NET INCOME 2024 2023 Net In¢omo Is statod aftgr cha1n(cre1liI1Dg). (Surplus) on forelgn curren¢ie$ 171 16851 INVESTMENT AND OTHER INCOME 2024 2023 Bank Interest 57 14 16
continued Benedictine Monks NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 TANGIBLE FIXED ASSETS Land and Fixturns, bulldlngs flttlngs and froehold equlpmènt Motor vehlcles Total Cost Al 1 January 2024 Additlons 2,838,733 $63,449 149.454 23.132 14.405 3.002.592 586.581 At 31 December 2024 3,402,182 172,588 14,405 3,589,173 Deproclatlon Al 1 January 2024 Charge for the financial yèar 105,181 13,481 10.628 755 115,809 14,236 At 31 Deeembor 2024 118,662 11.383 130.045 Net book value At 31 December 2024 3,402,182 53.924 3,022 3.459.128 At 31 December 2023 2,838,733 44,273 3,777 2,886,783 DE8TORS 2024 2023 Prepayments and a¢¢ruod income 8,320 10. INVESTMENTS 2024 2023 Inve$lmenl Bonds 2,217,183 2,520,276 11. CREDITORS Amount$ falllng due wlthln one year 2024 2023 oth8r creditors 3,900 1.942 12. RESERVES 2024 2023 At the beginning of the year Surplus for the financial year 5.606.135 210,492 5,403,128 203,007 At the end of the year 5.816.627 S,606,135 13. FUNDS 13.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrestrlcted Funds Total Funds At 1 January 2023 Movement dvring the financial year 5,403,128 203,007 5,403,128 203,007 At 31 December 2023 Movement during the financial year 5,606,135 210.492 5,606,135 210,492 At 31 December 2024 5.816.627 5.816.627 17
eolltinued Benedictine Monks NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 13.2 ANALYSIS OF MOVEMENTS ON FUNDS Balance 1 January 2024 Income Expendlture Transfers Balance botwe•n 31 Dec•mbor funds 2024 UnTestri¢ted funds Unrestricted General 5.606.135 266.508 56,016 5.816,627 Total funds 5,606,135 266,508 56,016 5,816,627 13.3 ANALYSIS OF NET ASSETS BY FUND Flxed assats charlty use Current assets Current Ilabi1StloS Total Unrestrlcted general funds 3.459,128 2,361,399 (3.9001 5,816,627 3.459,128 2,361,399 13.9001 5.816.627 POST-BALANCE SHEET EVENTS Thero hav• boon no slgnlficanl events affectlng the Charlty slnce the flnancSal year-end. 18