St Cecilia's Abbey
Annual Report
Year Ended 31 December 2023

St Cecilia's Abbey
Annual Report
Year Ended 31 December 2023
Contents
Page
Trustees, Report
Independent Auditors, Report to the Trustees
9-11
Statement of Financial Activities
12
Balance Sheet
Statement of Cash Flows
14
Noles and Accounting Policies

St Cecilia's Abbey
Trustees, Report
The Truslees present their report along with the financial statements of the Charity for the year ended 31
December 2023.
OBJECTIVES AND ACTIVITIES
The principal object of the Charity is the advancemenl of Ihe Calholic religion. The principal means of
advancing the Catholic religion is prayer, and the value and effects of this prayer can be measured only by
God. Nevertheless the Charity undertakes the following activities in support of this aim.
The Charity maintains St Cecllla's Abbey and the communlty of Benedictine nuns which Inhabits it. Th8
chief work of the nuns is the celebration of the Divine Office, which is sung in Latin and in Gregorian Chant.
Among communities of nuns in the British Is18s St C8cilia's is unique in using Latin Gr8gorian Chant
exclusively in Its liturgy.
The nuns seek to earn their living by the production and sale of altar breads., they also undertake artistic
commissions and sell religious books. recordings of their Gregorian Chant, rosaries and other pious articles,
some of which are made by the nuns themselves.
The community share their contemplative life by welcoming visitors to their church and retreatants to the
Garth, the Lower Lodge or the Hermitage, and through newsletters and Ihe Inlernel. No charges are made
for these services, and anyone is welcome to participate. The section below entitled 'Mlnistry to Visitors and
Retreatants, explains these activities in mora detail.
When possible the Abbey lakes the opportunlty to asslst other religious communlties. either by financial help
or by providing hospitality to other contemplative nuns for long or short visits. for studies and training in crafts
which can contrlbute to th8 development of their own communities, or for a time of rest.
The Charity makes a number of grants. at the discretion of the Abbess, to both institutions and indivSduals.
Further details are contained in note 5.
The Trustees have considered the Charity Commission's general guidance on public benefit.
ACHIEVEMENTS AND PERFORMANCE
Th Abbe
he Communi
At 31 December 2023 there were 25 solemnly or perpetually professed nuns in the communily, four
temporarily professed, novices and postulants.
A number of young women visited the Abbey during the year to discem their vocalion.
Two young women entered the monastery as postulants.
Two novices made their First Profession.
A postulant who entered in 2022 received the habit and began her novitiate.
A professed nun of another Benedictine community who with the agreement of her superior had transferred
to St Cecilia's in 2020 completed her three years of probation., after a positive vote by the community Chapter.
and with the consent of the Abbot President of the Solesmes Congregation and of her former superior, she
was admitted to the Chapter of St Cecila's Abbey and the Solesmes Congregation.
Mother Abbess. Silver Jubilee of Profession was celebrated on 2 February, Feast of the Presentation of the
Lord. The monks of Quarr Abbey together with Mother Abbess, family and friends Jolned the community of
St Cecilia's for Mass, followed by lunch and a festiva r8creation', the day concluded with Vespers sung by
the monks and nuns together.
The Bishop of Portsmouth paid a visit to the commLSnity during the Easter Octave.

St Cecilia's Abbey
Trustees, Report
The Abbot President of the Solesmes Congregation visited the community in May.
After the death of Pope-Emeritus Benedict XVI, a solemn Requiem Mass was celebrated at the Abbey.
The Coronation of King Charles111 was marked at the Abbey by special prayers as requested by the Bishops
of England & Wales, a Mass for the King (including the singing of the antiphon Domine salvum fac) and
suitable non-liturgical Gelebrations.
Maintenance of the Abbe
Buildin
s and Eslate
In addition to the continuing programme of maintenance of the Abbey's extensive buildings, the following
major works were undertaken..
Re-roofing and insulating Ihe roof of St Mary's.,
Replacing extem boiler and boiler pump.,
Alterations to plumbing system required by Southem Water report:
Re-decorating parlours.,
Re-decorating bathrooms in Holy Angels.,
Replacing old strip lights with LEDS.,
Novitiale shelter at Keur Moussa.
New fire door at end of parlour corridor,
Promotion of Gre
orian Chant
The nuns continued work on the production of interlinear LatinlEnglish booklets for the Divine Office for the
use ofvisilors and postulants. These works require much time on the part of the nuns and also expenditure
on paper and ink to make booklets of durable quality and suitable for their sacred function, but the nuns
consider this work an important part of their apostolate.
The Chant Group of Ealing Abbey visited for a day's tuition in Gregorian Chant by the choir mistress of Sl
C8cilia's.
Several nuns from other communit18S Stayed at Sl Cecllla's Abbey In order to participate at th8 Gr8gorlan
Chant Forum at Quarr. The focus of the Forum this tim8 was Ihe repertoire of the Paschal Triduum, and the
speakers were Giedrius Gapsys, Jaan-Eik Tulve and Fr Abbot Xavier Perrin. Several of the nuns of St
Cecilia'5 also attended the forum, and on one day the forum's Mass and all ils sessions were held at st
Cecilia's so that more of the community could benefit.
Minist to Visitors and Retreatants
The Abbey Church was available all day throughout the year for those who wished to attend the daily Mass
and eight services of the Divine Office, or for private prayer.
The Abbey Chronicle, produced Iwice in the year, was sent to approximalely 750 addresses free of charge.
The Abbey also maintained a website on the life and work of the community, www.stceciliasabbe
There is always a Sister available lo welcome visitors or give counsel to anyone in need.
The Abbey's small retreat house, the Garth, welcomed 115persons for ret￿al$. Though most retreatants
make donations for their stay, no charge is levied, and Ihis year offerings were not made for 50 nights. The
retrealants were able to participate in the Divine Office and to see the Guest Mistress or other nuns for
spirilual counsel if they wished.
The Lower Lodge flat which was renovated in 2021 was also available as additional accommodation for
short-term guests or retreatants.

St Cecilia's Abbey
Trustees, Report
Visiting groups included a group of Confirmation candidales and their families from Portsmouth Cathedral
and a parish group from Bournemouth. Some of the Sister5 showed them a power-poinl presentation of life
at the Abbey, and answered questions. The Island's Divine Mercy Group came one Sunday and held the
Divine Mercy devotions in the Abbey church.
The numbers of secular oblates remained sleady at aboul 40. The oblates received their own letter of news
several times in the year. A novice-oblale made her oblalion in June and another in July. An oblate weekend
was held in October, during which the oblates heard talks from Mother Abbess and other Sisters on such
subjects as the Luminous Mysteries of the Rosary, lectio divina and prayer., they also met the Sisters in the
parlour and at the end renewed their oblation. A group of local oblates meets regularly for fellowship and
mutual support.
Assistance to and Collaboration with Other Reli
ious Communilies
Barrington Cottage continues lo be let to a consecrated hermit at a low rent.
A propety on the mainland continues to be lel to another religious community at a low rent.
The Abbey made a final paymenl of £37,446, in fulfilment of the commitment to the Monastery of the
Immaculale Heart of Mary, Westfield, to pay for their new altar bread machinery {the full amount of the
commitment to Westfield was accounted for in 2019).
Mother Abbess assisted in the canonical visitations of the Abbey of Ste Cécile de Solesm8s in January and
of Slanbrook Abbey in November. The Monastery of the Immaculate Heart of Mary, Westfield, was raised
to the rank of an abbey during the year. In order to support this young and vibrant community, Mother
Abbess attended the Abbatial Blessing of the new abbess- this occasion was also the opportunity for
meetings with other abbesses of the Solesmes Congregation.
Other Activities of the Communi
The Altar Bread Department continued to be the nuns, principal means of earnlng thelr Ilvlng. After a severe
fall in demand during the pandemic and its aftermath, sales have started to increase.
The Sisters continued the venture of selling home-made soap, which has proved very popular, especially
with the visitors to Quarr Abbey.
There were also modest sales of rosaries, candles, pyrography and knitted items made by the nuns, together
with other pious goods and religious books. There was only modest income from the art studio (calligraphy
and illumination} but the younger Sisters are being trained in these arts so that there is hope for future
development. The candle department provides candles for the needs of St Cecilia's Abbey and QuarrAbb&y,
as well as for sale in the Abbey shop. The wax for this work comes entirely from the Abbey's bees and from
old candle-ends and wax scrapings recycled.
The Abbey's bees continued to be valued chiefly for the pollination of the orchard and soft fruit.
The extensive vegetable garden continued to be maintained by the young nuns. This garden, the orchard
{apples, pears, plums, quince, walnuts, hazelnuts, cobnuts} and the soft fruit Gages {blackberries,
boysenberries, loganberries, gooseberries) are an important source of food for the nuns.
Sr Claire Waddelove was among the contributors to Beloved of God and Men." Essays in Honour of Blessed
Columba Marmion, published by Silverstream Priory lo mark the centenary of the death of Marmion. Sr
Anne Eason's study of the SeNant Songs of Isaiah, The Passion of the Word, was published on
Academia.edu.

St Cecilia's Abbey
Trustees, Report
CAPITAL COMMITMENTS
Before 31 December 2023 the Charity had accepted a quotation of £21,000 for the renewal of the telephone
system. This work took place in 2024.
LEGACY
As noted in the accounts for 2021, the Charity has been informed that it is the principal beneficiary under the
will of a friend ofthe Abbey who died in Scotland in early 2022. The legacy has been estimated at £840,000.
Confirmation of the estate was obtained from the Scottish Courts only in October 2023 and consequently it
was recognised in the 2023 accounts.
SIGNIFICANT EVENTS AFTER THE YEAR END
The tenant who has occupied the Upper Lodge for many years moved elsewhere in April 2023. The Charity
decided lo renovate the flat with a view to using it as additional accommodation for guests and retreatants.
this work was complete only in 2024.
The tenants of the property on the mainland found another home during 2024. The Charity therefore via its
professional advisers pul the property up for sale, and in due course sold it to another Catholic charity for
£1.030.000.
PLANS FOR FUTURE PERIODS
Czech, German and Korean translations of The Joy of God are in preparation.
No significant changes in the activities of the Charity are planned. The Charity intends to continue to maintaSn
th& Community at St Cecilia's Abbey and the celebratlon of Ihe Dlvlne
FINANCIAL REVIEW AND RESERVE POLICY
During the year, the Abbey received income totalling £1,906,131 (2022.. £895,334). The on-going principal
sources of income were £720,121 12022.. £6,000,870) investment income, £101,707 (2022.. £83,635} from
the sale of Altar Breads and £123,187 (2022: £109,194) from the pensions and allowances received for the
nuns. In addition to this, the Abbey benefitted from legacies and dowrie5 of £891,343 {2022.' £27,361). Gifts
from benefactors were £49,38212022: £57,515). Expenditure for the year amounted to £669,874 (2022..
£735,379). Of this, £455,211 (2022.. £393,141) related lo the costs of maintaining the religious community,
£59,150 {2022.' £201,395) lo the grants and donations made, £59,692 (2022.. £31,278} lo the costs
associated with the Altar Bread production and shop Sales, £9,628 {2022.' £24,982) to church expenses and
£5,128 (2022.. £7,996) to the costs of running the retreal house. £81,065 {2022.. £76,587) was spent on
raising funds including investment managers, fees and rental propety expenses.
After laking into account the nel gain on the revaluation of investment assets of £394,298 {2022: net loss of
£1,195,347}, the charity had nel income for the year of £1,630.55512022'. net expenditure £1,035,392). The
charity's funds mainly comprise tangible fixed assets and an investment portfolio which at 31 December
2023 was valued at £21,183,902 (2022.. £20,485,581 }.
The Trustees have reviewed the reserves and income of the Charity against its immediate and foreseeable
needs and are satisfied that the reserves are not excessive and should be sufficient to meet their needs.
The Trustees consider Ihat the long term nature of the Trust's charitable objectives requires that it retain
some of ils surplus income as reserves. These reserves are necessary in order to secure the future ability
of the Charity to support the religious community at St Cecilia's Abbey.

St Cecilia's Abbey
Trustees, Report
At 31 December 2023, the total reserves of the charity were £26,618,16812022'. £24,987,613. Of this total,
£1,813,396 are restricted reserve5 that are not available for the general purposes of the charity. The
Trustees have designated funds totalling £11,569,247 including a fixed asset and PRI fund that represents
those funds 'tied up, in fixed assets and programme related investments and a number of other reserves,
full delails of which can be found in note 13. At 31 December 2023 general unrestricted funds stood at
£13.235,525 (2022.. £11.955,475}.
The Trustees consider that there are no material uncertainties about the charity's ability to continue as a
going concern.
Investment 8rformance
The investment policy of the Trustees is to maintain and enhance the real value of their assets over the long
tem by investment in a portfolio comprising equities, fixed income stocks and cash. The investment policy,
drawn up in consultation with Charles Stanley. aims to ensure a steady stream of dividend income while
taking capital gains when an attractive opportunily arises.
The main portfolio is split be￿een a capital account with a balanced objective and an income account with
an income objective. The investment managers do not work to a fixed benchmark but use market indices to
gauge the performance of the portfolios.
The Abbey's investment income for 2023 was £720,12112022.. £600,870).
Rl8k management
The Sisters entrust themselves and their future to Divine Providence. Knowing, however. that part of the
proper exercise of this trust is the careful stewardship of the resources which Providence has granted, the
trustees have considered the risks faced by the charity.
The risk which requires most attention from the Trustees is the possibility of the decline of the community of
nuns at St Cecilia's Abbey. The object of the Charity could not be achieved without the presence of a
monastic community. As recruitment and retention of new members, under Ihe Holy Spirit, is largely
dependent on the fervour and integrity with which the nuns follow their calling, the effective apostolale of the
Charity requires paradoxically constant vigilance lo safeguard the silence and seclusion of the monastery.
The Trustees strive to mitigate the risk of such a decline by managing the assets of the Charity appropriately
and providing the resources necessary to support this effort. In particular, a continuous programme of
maintenance ofthe buildings and grounds ofthe Abbey obviates the risk ofmajorworks and all the disruption
they would entail. Investment in modern machinery reduces the need for seculars within the enclosure, while
provision of the modern means of communication reduces the need for exits by the nuns. While frugality
should characterize the life-style of the Sisters, the Trustees ensure that funds are available to maintain the
library and pay for outside speakers when appropriate. The sick and elderly of the community are seen as
a special treasure, and the trustees watch that sufficient resour￿5 are available to ensure their proper care.
The Charity's investment portfolio is a major support in providing funds for the Abbey's own needs and
charitable giving. The Trustees consider the variability of returns on the portfolio lo be the Charity's major
financial risk. To reduce this risk they maintain a diversified portfolio and use the services of investment
advisors who are not only experts in the charity sector but who also know Ihe Abbey well and understand its
ethos.
In this era of increasing government legislation and third-paty litigation, the Trustees note also the risks
which these present lo the Abbey. The Trustees seek lo reduce these risks by using the services of experts
in the relevanl fields (for example, lawyers, financial advisers, insurance brokers) and also engage health
and safety and employment law services to provide the knowledge which the trustees may lack.

St Cecilia's Abbey
Trustees, Report
In making charitable donations the Abbey risks that these grants will be ineffective. The Trustees reduce
this risk by donating in the main to charities which are well known to them and whose accounts are available
for inspection. Where ne￿SSary they seek the advice ofrelevant professionals or other charities in the field.
STRUCTURE, GOVERNANCE AND MANAGEMENT
st Cecilia's Abbey is a charity established and governed by a Trust Deed dated 1 November 2000.
The Abbey is governed by the Abbess, who is elecled for life by the nuns. She is advised by her prioress
and by a council consisting of the prioress, a nun chosen by the Abbess and nuns elected by the
community. The Abbess appoints a bursar who oversees the financial affairs of the charity.
Trustees are appointed by the Abbess from members ofthe community and decisions are made on a majorlty
basis. The Trustees in office during the period and al the date of this report are set out on page 7.
All ofthe Trustees are senior nuns ofthe community and, as such, have an in depth knowledge oflhe charity.
The Trustees also seek guidance whenever necessary from professional firms (for example. accountants,
solicitors, investment managers, Insurance brokers) of suitable standing and with wide knowledge of the
religious charity sector.
St Cecilia's Abbey Is a member of the Benedlctlne Congregatlon of Sol8smes, a grouplng of abbeys and
priories in several countries which have a common history and traditions, derived from the Abbey of S-Pierre
de Solesmes, France. The nuns at Sl Cecilia's follow the Rule of St Benedict as Interpreted by the
Declarations of the Abbey of Ste-cécile de Solesmes. Th8 chief financial consequence of the Rule and
Declarations is that any activities of the Abbey must nol trespass on the strictly enclosed contemplative life
of the nuns, which finds its principal expression in the praise of God in the Divine Office. In accordance with
ihe aforesaid Rule and Declarations, the Abbey of St Cecilia is an independent religious community and Its
financial affairs are in the hands of the nuns Ihemselves.
REFERENCE AND ADMINISTRATIVE DETAILS
The name of the Charity:
St Cecilia's Abbey
Charity registration numb8r:
1088086
Address:
st Cecllla's Abbey
Appley Rise
Ryde
Isle of Wight
P033 1LH
Trustees..
H Eckhardt (retired 22 February 2023)
ELee
A-M Fiévet
C Quale (appointed 22 February 20231
M Mccann (appointed 22 February 2023)
The custodian trustees at 31 December 2022 were as above.

St Cecilia's Abbey
Trustees, Report
Solicitors:
Tozers Solicitors
Southernhay West
Exeter
EX1 1UA
Auditors:
Francis Clark LLP
Chartered Accountants
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
Bankers:
HSBC
38 Union Street
Ryde
Isle of Wight
P033 2LJ
Investment Managers:
Charles Stanley Limiled
25 Luke Street
London
EC2A 4AR

St Cecilia's Abbey
Trustees. Report
Statement of Trusteas, Rasponsibilitie$
The Iruslees are responsible for preparing the Trustees. Report and the financial statements In accordance
with applicable law and Unlled KSngdom Accountlng Standards IUnit6d Kingdom Gen8rally Accepted
Accounting PractiC8).
The law applicable lo charities in England and Wales requires the Trustees lo prepare financial statements
for each financial year which give a trLte and fair view of the slate of affairs of the charity and of the incoming
resources and application of resources of the charity for that period. In preparing these financial statements,
th8 trustees are required to-
s&lect sultable aGcounllng pollcles and then apply them con51stently',
observe the methods and principles in the Charities SORP.,
make judgments and eslimales that are reasonable and prudent.,
slate whether applicable accounting standards have been followed, subject lo any material departures
disclos8d and explained in the financial statements., and
prepare the financial statements on the going concern basis unless il is inappropriate lo presumè th81
the Charity will continue in business.
The trustees are responsible for keeping proper accounling records that disclose with reasonable accuracy
at any tlme the financlal positlon of the charity and enable them to gnsure that the financial slalemenls
comply with the Charitias Act 2011, the Charitias IAccounls and Reports} Regulations 2008 and th@
provisions of the trust deed. They are also responsibl8 for safeguarding the assets of the charlty 8nd hence
for taking reasonable stgP5 for the prevention and detection of fraud end other irregu18rities.
Slgned on behalf of the Tru$tO96
Trustee

St Cecilia's Abbey
Independent Auditor's Report to the Trustees of St. Cecilia's Abbey
Opinion
We have audited the financial statements of St. Cecilia's Abbey (the "Charity"} for the year ended 31
December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the statement of
Cash Flows and the related notes. The financial reporting framework that has been applied in their
preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting
Standard 102 The Financial reporting Standard in the UK and Republic of Ireland (United Kingdom Generally
Accepted Accounting Practice).
In our opinion, the financial statements:
give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its
incoming resources and application of resources, for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice.,
have been prepared in accordance with the requirements of the Charities Act 2011.
Basls for oplnlon
We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements section of our report. We ar8 independent of the
charity in accordance with the ethical requirements that are relevant to our audit of Ihe financial statements
in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate lo provide a basis for our opinion.
Conclusions relatlng to golng concern
In auditing the financial statements, we have concluded that th8 trustees use of the going ¢oncem basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events
or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as
a going concern for a period of at least ￿e1ve months from when the original financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in
the relevant sections of this report.
Other information
The other information comprises the infonnation included in the annual report, other than the financial
statements and our auditor's report thereon. The trustees are responsible for the other information. Our
opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially mi5Stated. If we
identify such material inconsistencies or apparent material misstatements, we are required to determine
whether there is a material misstatement in the financial statements or a material misstatement of the other
information. If, based on the work we have performed, we conclude that there is a material misslatemenl of
this other information. we are required to report that fact.
We have nothing to ￿pOrt in this regard.

St Cecilia's Abbey
Independent Auditor's Report to the Trustees of St. Cecilia's Abbey
Matters on which we are required to report by oxceptlon
We have nothing to report in respect of the following malters where the Charities (Accounts and Reports)
Regulations 2008 requires us to report to you if, in our opinion..
the information given in the financial statements is inconsistent in any material respect with
the trustees, report:
sufficienl accounting records have nol been kept,. or
the financial statemenls are not in agreement with th8 accounting records and retums., or
We have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As 8xplained more fully in the truste8s' r8sponsibilities statement sel out on page 8 the trustee5 are
responsible for the preparation of financial slatements which give a true and fair view, and for such internal
control as the trustees determine is necessary to enable the preparation of financial stalem8nls that are free
from material misstatement, whether due to fraud or error.
In pr8paring the financial statements, the Iruslees are responsible for assessing the Charity's ability lo
Continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations,
or have no realistic alternative but to do so.
Audltor's rosponslbllltles for the audlt of the financlal statements
We have been appointed as auditor under the Charities Act 2011, s144 and report in accordance with
regulations made under the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial stalements as a whole are
free from material misstatement, whether due lo fraud or error, and to issue an auditor's report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected lo influence the economic decisions of users taken on the basis of these
financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below..
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is
applicable to the Charity and the sector in which it operates to identify the key laws and regulations affecting
the Charity. The key regulations we identified were Charity legislation and Charity Commission requirements.
We also considered Ihose laws and ￿gUlationS that have a direcl impact on the preparation of the financial
statements, primarily the Charities Act and the Charities SORP.
We discussed with management how the compliance with Ihese laws and regulations is monitored and
discussed policies and procedures in place. We a150 identified the individuals who have responsibility for
ensuring ihat the Charity complies with laws and regulations and deals with reporting any issues if they arise.
As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations
on the Charity's ability to continue its activities and the risk of material misstatement to the accounts.
10

St Cecilia's Abbey
Independent Auditor's Report to the Trustees of St. Cecilia's Abbey
Based on Ihis understanding we designed our audit procedures to identify non-compliance with such laws
and regulations. Our procedures involved the following:
Enquiries of management and those charged with govemance regarding Iheir knowledge of any
non-compliance with laws and regulations by the charity that could affect the financial statements.
As part ofthese enquiries we also discussed with management whether there have been any known
in5tan¢es, allegations or suspicion5 of fraud, of which there were none.
Reviewed filings with the Charity Commission and enquired with management whether ther8 were
any Serious Incident Reports made during the year of which there were none.
Reviewed legal and professional costs to identify any possible non compliance or legal costs in
respecl of non compliance.,
Reviewed Board minutes.,
Audiled the risk of management override of controls, including through testing journal entries and
olher adjustments for appropriateness, and evaluating the business rationale of significant
transactions outside the normal course of business of which there were none.
Reviewed estimates and judgements made in the accounts for any indication of bias and challenged
assumptions used by management in making the estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements. This risk increases the further removed
non-compliance with laws and regulations is from the events and transactions reflected in the financial
statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting
material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud
may involve deliberate concealment, collusion, omission or misrepr6sentslion.
A ftjrther description of our responsibilities is available on the Financial Reporting Council's website at:
www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the Charity trustees, as a body, in accordance with Part 4 of the Charities
{Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to
the trustees those matters we are required to state to trustees in an auditors, report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Charity and its trLJslees as a body, for our audil work, for this report, or for the opinions we have formed.
(Senior Statutory Auditor)
Francis Clark LLP, Statutory Auditor
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
Dale
30 October 2024
Francis Clark LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointmenl
as auditor of a company under section 1212 of the Companies Act 2006.

St Cecilia's Abbey
Statement of Financial Activities
Year Ended 31 December 2023
2023
Total
Funds
2022
Total
Funds
Restricted Unrestricted
Fund
Funds
Notes
Income from:
Donations and legacies
Retreat income
Nuns, pensions and allowances
Charitable activities:
Sale of Altar Breads
Other Shop Sales
Investment income
Other
940,725
10,741
123,187
940,725
10,741
123,187
84,876
3,465
109,194
101,707
8,752
720,121
898
101,707
8,752
720,121
898
83,635
8,920
600.870
4,374
Total
1,906,131 1,906,131
895,334
Expenditure on:
Raising funds:
Investmenl managers, fees
Rental property expenses
Charitable activities..
Altar breads and shop expenses
Retreat expenses
Church expenses
Costs of maintaining the community
Grants and donations
64,007
17,058
64,007
17,058
65,114
11,473
59,692
5,128
9,628
455,211
59,150
59,692
5,128
9,628
455,211
59,150
31,278
7,996
24,982
393,141
201,395
Total
669,874
669,874
735,379
Net {lossesl I gains on investments
394,298
394,298 {1,195,3471
Net {expendlture)Ilncome
1,630,555 1,630,555 (1,035,392)
Transfers between funds
12
1133,4651
133,465
Net movement In funds
1133,4651
1,764,020 1,630,555 (1,035,392)
Reconclllation of funds:
Total Funds brought foNard
1,946,861
23,040,752 24,987,613 26,023,005
Total funds carried forward
1,813,396
24,804,772 26,618,168 24,987,613
The noles on page 15 to 25 form part of these accounts.
12

St Cecilia's Abbey
Balance Sheet
31 December 2023
Nolos
2023
2022
Flxed assets
Tangible assets
Investments
5.745,909
21,183,902
5,781,139
20,485,581
26,929,811
26,266,720
Current as88ts
Stock
Debtors
Cash 81 bank and in hand
4,700
951,116
137,557
4,700
75,582
84,563
10
1,093,373
164,845
Llabllltles
Creditors.. Amounts falling due within one year
11
(1,405,016) 11,443.9521
Net current Ilabllllle8
1311,6431 11,279,107)
Total Not a88•t8
26,618,168
24,987,613
The funds of the charlty:"
Reslricled funds
Unrestricted funds..
Designated funds
General funds
12
13
1,813,396
1,946,861
11,569,249
13,235,523
11,085,277
11.955,475
Total charliy funds
26,618.168
24,987,613
Approved by the Trustees on
and signed on their b8half by:
Trustee
The notes on page 15 to 25 form part of these accounts.
13

St Cecilia's Abbey
Statement of Cash Flows
Year Ended 31 De￿mber 2023
Notes
2023
2022
Cash flows from operating activlties:
Net Cash (used In) operating activities
17
(363,103)
{435,695)
Cash flows from Investlng actlvltles:
Dividends, interest and rents from investments
Purchase of property and equipment
Net investments in investment portfolio
Cash withdrawn from investment portfolio
720,121
600,870
{8,148}
{483,294)
200,000
(604,049)
300,025
Net cash provlded by Investlng actlvltles
416,097
309,428
Change In cash and cash equlvalents In the reportlng
Perlod
52,994
(126,267)
Cash and cash equlvalents at the beglnnlng of th•
reportlng perlod
84,563
210,830
Cash and cash equivalents at the end of the reportlng
perSod
137,557
84,563
The notes on page 1510 25 form part of these accounts.
14

St Cecilia's Abbey
Notes and Accounting Policies
Year Ended 31 December 2023
Accounting Policies
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the
preparation of the financial statements are as follows..
(a) Basis of preparation and assessment of going concern
The accounts (financial statements) have been prepared on an accruals basis under the historical
cost Gonvention, excepi for the valuation of investments al market value. The financial statements
have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and
Reporting by Charities.. Slatement of Recommended Practice applicable to charities preparing
Iheir accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and
Republic of Ireland {FRS 1021 (effective 1 January 20191, the Financial Reporting Standard
applicable in the United Kingdom and Republic of Ireland {FRS 102} and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about th8 Trust's ability to continu8
as a going concern.
{bl Fund accountlng
The Charity's unrestricted general fund consists of funds which the Charity may use for
its charitable purposes at its discretion.
The Charity has designated certain funds. Furthor details are contained in note 13.
There is no legal force for the designations.
The Charity has one restricted fund. Further details of this fund can be found in note 12.
Ic) Income recognltlon
All incorne is recognised once the charlty has entitlement to the income, it is probable that the
income will be received and the amount of income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the Trust has been notified in writing of both the amount and
settlement date.
Where the charity does not have discretion in the collection and distribution of donations and has
no entitlement to the donations, Ihen these amounts are conduit funding. Amounts relating to
conduit funding are not included in the Statement of Financial Activities of the Charity.
Legacy gifts are recognised on a case by case basis following the granting of probate when the
administratorlexecutor for Ihe estate has communicated in writing both the amounl and
settlement date.
Retreat income
This relates to the donations received from relreatants and is recognised on a receivable basis.
Nuns, pensions and allowances
Pensions and allowances are recognised on a receivable basis.
Altar bread and shop income
Income from the sale of altar breads and shop sales is recognised when the goods are
despatched.
Investment income
Investment income is recognised on a receivable basis. Where income is receivable net of basic
rate tax, the gross amount of income is included in the Statement of Financial Activities (SOFA}
as investment inGome. No adjustment is made for accrued income included in the price of
securities that were acquired or disposed of during Ihe year.
15

St Cecilia's Abbey
Notes and Accounting Policies
Year Ended 31 December 2023
Accounting Policies {contlnu¢d)
{dl Expenditure recognition
Liabilities are recognised as expenditure as soon as ther8 is a legal or constructive obligation
committing the Gharity to thal expenditure, it is probable that settlement will be required and the
amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis and includes irrecoverable VAT. All costs
have been directly attributed to one of the categories of resources expended in the SOFA.
Costs of raising funds consist of investment managers, fees and the costs associatecl with
rental properties.
Costs of charitable activities include the costs of maintaining the community, grants and
donations made, the costs associated with the production of altar breads and Ihe sale of
religious items as well as church, retreat house, and programme related property expenses.
(el Tangible fixed assets and depreciation
Tangible assets donated on the creation of the Trust have been valued in accordance with their
insurance values at that time. Subsequent additions are included at cost or, in the case of
property transferred from investments, at ils insurance value. Replacement fixtures. furniture
and equipment are charged to the SOFA in the year in which the expense is incurred.
Tangible assets other than freehold land are depreciated over their estimated useful lives. at the
following rates'.-
Abbey buildings
Other leasehold buildings
Fixtures, fitting5 and equipment
slraighi line
straight line
5-100/0 Straight line
No depreciation Is provided on th8 Abbey buildings. It is the Charity's polScy to maintain the
Abbey in such a condition thatthe value is not impaired by the passage oftime. Such expenditure
is charged in the year it is Committed. The nature of the Abbey owned by the Charity is such that
it is unlikely to suffer from economic changes or technical advances. As a consequence any
element of depreciation would, in the opinion of the Trustees, be immaterial and therefore no
provision has been made.
The valuation of the Abbey buildings is reviewed for impairmenl whenever events or Changes in
circumstances suggest that the Carrying value may be in excess of its recoverable amount.
Recoverable amount is the higher of net realisable value and value in use (which is measured
on the basis ofthe worth ofthe seNice delivery ofthe asset}. Where an impairment has occurred.
the carrying value of the asset is written down to its recoverable amount, and the revised value
of the asset is depreciated over its rernaining useful life. The impairment loss is charged lo the
Statement of Financial Activities I"SOFA")-
(f}
FlnanGial Instruments
The Abbey only has financial assets and other financial liabilities of a kind that qualify as basic
financial instruments. These comprise cash and bank balances, short term trade and other
debtors and Creditors and listed investments.
Basic financial instrumenls are initially recognised at transaction value and subsequently
measured at their settlement value. They are derecognised when the contractual rights to cash
fiows from the assets expire or substantially all the risks and rewards of ownership are transferred
to another paty or in the case of liabilities when obligations are discharged.
16

St Cecilia's Abbey
Notes and Accounting Policies
Year Ended 31 December 2023
Accounting Policies (continued)
(gl Investments
li) Quoted investments are originally recorded at their transaction value and subsequently
measured at their fair value 8t the balance sheet date using the quoted market price.
{iil Investment properties have been valued al fair value as follows. Investment properties
donated on the creation of the Trust have been valued in accordance with their current
insurance values. Investment properties subsequently acquired are initially valued at cost
and thereafter revalued in line with the movement in the house price index.
(iiil Programme related investments are included in the balance sheet at cost less any
impairments.
(iv) Realised and unrealised gains and losses on the investments are creditedlcharged directly
to the Statement of Financial Activities.
(v) All investments, including bank balances held as part of the investment portfolio, are
included as fixed assets.
{h) Dowrles
Dowries represent monies introduced bythe nuns when they take their solemn or perpetual vows.
or legacies which they subsequently receive. Although not legally repayable, the Trustees
consider that they have a compelling moral obligation to repay Ihese sums in the event thal a
nun leaves the Abbey and they are therefore shown as creditors. On the death of the nun they
are released to the Statement of Financial Activities.
Forelgn currenc16S
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange
ruling at the balance sheet dale. Transactions in foreign currencies are translated into sterling at
the rale of exchange ruling at the date of the transaction. Exchange differences are taken into
account in arriving al the net gains arising on the revaluation and disposal of investment assets.
Related party transactlons and trustees, expenses and remuneratlon
All trustees are nuns of St Cecilia's Abbey and do not receiv8 any r8mun8ralion by virtue of thelr position
as trustees.
The charity maintains and supports the truslees in the same way as nuns who are not trustees. As this
is part of the charitable objects of the charity it is not seen to be remuneration for their services as
trustees.
No expenses have been paid or reimbursed to the trustees by virtue of their position as Irustees.
During the year trustees donated their pensions and allowances totalling £10,818 to the charity (2022:
£18.3041, as well as dowries of £5,00012022.' £1,000).
Income
2023
2022
Donations and legacies:
Legacies and dowries
Other gifts and donations
891,343
49,382
27,361
57,515
940,725
84,876
Other gifts and donations
Includes £nil (2022: £nill restricted income.
17

St Cecilia's Abbey
Notes and Accounting Policies
Year Ended 31 December 2023
Investment Income lunrestricted)
2023
2022
Income received from:
Properties
Listed investments
Cash held as part of an investment portfolio and at bank
41,183
644,565
34,373
42,593
558,027
250
720,121
600,870
Grants Payablo
During the year the following grants and donations were made..
2023
Numbar
2022
Number
Individuals:
Grants to people in financial ne&d
4,008
21
449
Institutions involved in..
Religious Welfare
Overseas Aid
Children
Medical
Poor
Other
29,812
14,500
600
2,670
4,600
2,960
16
180,466
8,500
600
3,620
4.800
2,960
26
55,142
39
200,946
48
Total
59,150
60
201,395
55
Included in the grants above is £nil (2022.. £nil) relating to restricted funds.
Included in the above inslitutional grants are the following amounts greater than £1,000..
ACN
Grief to Grace
Elhiopaid
International Refugee Trust
Mary'5 Mea15
Opportunity International
Earl Mountbatten Hospice
De Paul Trust
Emmaus
Missionaries of Charity, Manchester
The Passage
Portsmouth Diocese
Practical Action
Mercy Ships
CAFOD
AIM
Friends Holy Land
15,000
2,000
1,000
1,000
3,500
1,000
2,150
1,000
1,000
1,000
1,000
5,000
1,000
2,000
5,000
1,000
1,000
18

St Cecilia's Abbey
Notes and Accounting Policies
Year Ended 31 December 2023
Costs of Maintaining the Community
Designated Unrestricted
2023
2022
Wages Costs
Nuns, NIC
Repairs, renewals and maintenance
Heat and light
Postage, phone and stationery
Water rates and council tax
Household provisions
Insurance
Clothing
Gardening expenses
Monaslic hospitalily
Medical costs
Library Costs
Motor and travel expenses
Advertising
Sundries
Depreciation
Legal and Professional
Governance
Auditors, remuneratlon
107,326
4,915
96,089
34,522
16,936
8,902
30,459
17,819
534
31,542
1,715
25,305
1,764
9,783
816
8,938
107,326
4,915
96,089
34,522
16,936
8,902
30,459
17,819
534
31,542
1,715
25,305
1,764
9,783
816
8,938
35,230
8,096
98,546
3,218
70,755
22,500
8,835
8,052
28,443
17,990
2,761
29,730
3,392
19,272
2,672
6,945
294
12,917
41,051
3,108
35,230
8,096
statutory audit
other
11,100
3,420
11,100
3,420
6,500
6,160
35,230
419,981
455,211
393,141
Included in the Costs above is £nil (2022.. £nil} relating to restricted funds.
Staff costs
2023
2022
Gross wages and salaries
Employer's national insurance
Employer's pension contributions
102,040
3,731
1,555
93,769
3,516
1,261
107,326
98,546
Average number of staff
The charity considers its key management personnel comprise the Trustees only to whom no
employment benefits were paid.
No employees received any employee benefits in excess of £60,000 {2022'. £60,000).
During the year a teminalion payment of £1,145 was made.
19

St Cecilia's Abbey
Notes and Accounting Policies
Year Ended 31 December 2023
Tangible Fixed Assets
Fixtures
Fittings &
Equipment
Freehold
Property
Leasehold
Property
Total
Cost
At 1 January 2023
Additions
Disposals
5,538,694
200,655
1,191,098
6,930,447
At 31 December 2023
5,538,694
200,655
1,191,098
6,930,447
Accumulated Depreciation
At 1 January 2023
Charge for the Year
Disposals
88,286
4,013
1,061,022
31.217
1,149,308
35,230
At 31 December 2023
92,299
1,092,239
1,184,538
Net Book Valuo
At 31 December 2023
5,538,694
108,356
98,859
5,745,909
At 31 December 2022
5,538,694
112,369
130,076
5,781,139
Tangible assets donated on creation of the Trust have been valued in accordance with their insurance
values at the time,
All tangible fixed assets are used in dir6ct furtherance of the charity's objectives.
The leasehold propety is held on a 1,000 year lease that expires in 2841.
20

St Cecilia's Abbey
Notes and Accounting Policies
Year Ended 31 December 2023
Investments
2023
2022
Listed on a recognised stock exchange:
Market value of Portfolio at 1 January 2023
Transfers tol{from) cash
Nel investment {disposalslladdilions made in the year
Realised and unrealised gainsl(losses) on investments
15,791,723
439,238
604,049
416,612
16,963,826
1180.572)
483,295
(1.474,826}
Market value at 31 December 2023
17,251,622
15,791.723
Cash held as part of the Investment portfolio:
Balance at 1 January 2023
Transfers {to)Ifrom listed investments
Withdrawn from investment
1,931,247
(439,238)
(300,025)
1,950.675
180,572
(200.000)
Balance at 31 December 2023
1,191,984
1.931,247
UK Investment propertle8:
Balance at 1 January 2023
Revaluation during year
2,010,119
(22,315)
1,730,640
279,479
Market value of investment property al 31 December 2023
1,987,804
2,010.119
Programmo related property Inve8tments:
Balance at 1 January 2023 and cost of programme related
investments 8t 31 December 2023
752,492
752,492
21,183,902
20,485,581
The investment property donated on creation of the Trust has been valued by the Trustees on the basis
of its building insurance value. The investment propety purchased in 2015 has been included at
indexed cost. These are considered to be fair values.
The programme related propety investment has been made to support another religious order and is
valued at cost.
The market value of the listed Investments held at 31 December 2023 was £17,251,622 {2022:
£15,791,723),. of this value £2,553,599 (2022: £5,097,949) relate5 to non-UK investments. The cash
held in the portfolio also includes £120,631 held in US$12022: £124,987 held in US$>.
The cost of listed investments at 31 December 2023 was £15,968,293 (2022.. £15,088,469).
The trustees consider that there were no material individual investment holdings in the year that requSre
disclosure.
All quoted investments are carried at their fair value. Investments in equities and fixed interest securities
are all traded in quoted public markets. Holdings in common investment funds and unit trusts are valued
at bid price. The basis of fair value for quoted investments is equivalent to the market value. Asset
sales and purchases are recognised at the date of trade at cost (that is their transaction value).
21

St Cecilia's Abbey
Notes and Accounting Policies
Year Ended 31 December 2023
10 Debtors
2023
2022
Trade Debtors
Prepayments and accrued income
7,483
943,633
13,371
62,211
951,116
75,582
11 Creditors
2023
2022
Other Creditors
Repayable Dowries
50,057
1,354,959
85,595
1,358,357
1,405,016
1,443,952
12 Restrlcted Funds
The Congregation of Solesmes restricted fvnd represents an amount prescribed by the Congregation.
11 may not be expended without the Congregation's permission. The fund is held in Ihe form of Iraded
investments which enable it to be accessed if required. A transfer is made to or from the fund to ensure
it continues to match the Congregation's requirements.
The movement on the restricted fund Is shown below.
Balance at
1 Jan 2023
Incomlng
Glfts
Balance at
31 Doc 2023
Transfers Expendlture
Current year:
Congregalion of Solesmes 1,946,861
{133,465)
1,813,396
Prevlous year:
Congregation of So18sm8s 1,606,959
33g,￿2
1,946.861
22

St Cecilia's Abbey
Notes and Accounting Policies
Year Ended 31 December 2023
13 Unrestricted Funds
The movements on the designated and unrestricted funds are shown below.
D8pr8ciationl
Gainsl
Balance at
(Losses) 31 Dec 2023
Balance at Income Expenditurel
1 Jan 2023
Transfers
Current year:
Designated Funds
Repairs
Nursing Fees
Library and liturgical Books
Contingency Reserve
Fixed AsselslPRI
New Car
India
Visiting Nuns Fund
445,201
1,996,800
22,243
2,069,962
6,533,631
12,000
440
5,000
1,000
499,200
446,201
2,496,000
22,243
2,088,964
6,498,401
12,000
440
5,000
19,002
135,230)
Total Designated Funds
11,085.277
519,202
135,230)
11,569,249
Unrestricted General Fund
11,955,475 1,906,131
(1,020,381)
394,298
13,235,523
Total Unrestrlcted Funds
23,040,752 1,906,131
(501,1791
359,068
24,804,772
Depreclatlonl
Galnsl
Balance at
(Losses) 31 Dec 2022
Balance at Income Expenditurel
1 Jan 2022
Transfers
Prevlous year:
Dèslgnated Funds
Repairs
Nursing Fees
Library and liturgical Books
Contingency Reserve
Fixed AssetslPRI
New Car
India
Visiting Nuns Fund
498,221
2,610,000
22,143
2,091,936
6,567,084
12,000
440
5,000
153,020)
(613,200)
445.201
1,996,800
22,243
2,089,962
6,533,631
12,000
440
5,000
(21,974)
7,598
(41,051)
Total Designated Funds
11,806.924
(680,596)
{41,051)
11,085,277
Unreslricted General Fund
12,609,122 895,334
(353,634) {1,195,3471
11,955,475
Total Unrestricted Funds
24,416,046 895,334
(1,034,230) 11.236,398)
23,040,752
23

St Cecilia's Abbey
Notes and Accounting Policies
Year Ended 31 De￿mber 2023
13 Unrestricted Funds (Gontinued)
Repairs fund
This represents a reserve designated for building maintenance. A transfer from this fund has been
made during the year so that the fund amounts to five years repair cost5.
Nursing fees
This is a fund designated to meet the cost of nursing fees likely to be required if a Sister is in need of
specialist care.
Llbrary books
The Abbey has to meet the costs of providing new books forthe library and choir. This fund is to ensure
that these costs can be met as and when required.
Contingency reserve
This designation is to be used for emergency purposes and is based on the cost of maintaining the
Communliy over the lastfive years. A transfer lo the fund has been made during the year to reflect this.
Flxed asset and PRI reserve
This fund represents the net book value of the Charity's tangible fixed assets and programme related
investments {PRII. A transfer is made to or from unrestrictgd reseNes each year to ensure that the
fund Continues to reflect the net book value of these assets.
New car
This fund is for the purchase of 8 new car.
Indla fund
This is a fund used to account for gifts and donations from the monastery and from friends so that the
Charity is able to assist in an emergency and pay for machinery for aliar breads from olher European
countries.
Visiting nuns reserve
This designation is for antlcipated long term costs that will arise in connection with Sisters staying at
the Abbey.
14 Commltments
The charity has promised to allow a religious community to live in one of its properties for as long as
the community needs it.
At 31 December 2023 and 31 December 2022 the Abbey had no capital commitments.
24

st Cecilia's Abbey
Notes and Accounting Policies
Year Ended 31 De￿rnber 2023
15 Obligations under operating leas8S
Lessor
The total of future minimum lease payments receivable is as follows..
2023
2022
Not later than one year
4,031
5.062
4,031
5,062
16 Split of Assets Between Funds
2023
Total
Funds
2022
Total
Funds
Restrl¢ted Unrestrlcted
Fund
Funds
Represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
5,745,909
5,745,909
5,781,139
19,370,506
21,183,902
20,485,581
1,093,373
1,093,373
184,845
11,405,016) 11,405,016) (1,443,952)
1,813,398
1,813,396
24,804,772
26,618,168
24,987,613
17 Reconelllatlon of net (expendlture)Ilncome to net cash flow from operatlng actlvltles
2023
2022
Net (expendlturelllncome for the reportlng perlod (as per the
statement of flnanclal activities)
1,630,555
11,035,392)
Adjustments for:
Depreciation charges
(Gains)Ilosses on investments
Loss on fixed assets
Dividends, interest and rents from investments
Ilncreasel Idecrease in debtors
Increase I (decrease) in creditors
35,230
(394,298)
41,051
1,195,347
549
{600,870)
31,678
(68,058)
(720,121)
(875,534)
(38,935)
Nel cash (used in) operating activities
(363,103)
{435,695)
25