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
Ex￿ndIture
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 be￿een 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
pr￿rata 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 r￿ed 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￿ re￿￿gnISed 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
CHAR￿ABLE 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 cha￿1n￿(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