2024-12-31-accounts

St Cecilia's Abbey Annual Report Year Ended 31 December 2024

St Cecilia's Abbey Annual Report Year Ended 31 December 2024 Contents Page Trustees, Report Independent Auditors, Report to the Trustees 9-11 Statement of Financial Activities 12 Balance Sheet 13 Statement of Cash Flows 14 Notes and Accounting Policies 15

St Cecilia's Abbey Trustees, Report The Trustees present their report along with the financial statements of the Charity for the year ended 31 December 2024. OBJECTIVES AND ACTIVITIES The principal object of the Charity is the advancement of the Catholic 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 Cecilia's Abbey and the community of Benedictine nuns which inhabits it. The 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 Isles St Cecilia's is unique in using Latin Gregorian 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 and Upper Lodges and the Hermitage. and through newsletters and the Internet. No charges are made for these services. and anyone is welcome to participate. The section below entitled 'Ministry to Visitors and Retreatants, explains these activities in more detail. When possible. the Abbey takes the opportunity to assist other religious communities, 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 contribute to the 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 individuals. Further details are contained in note 5. The Trustees have considered the Charity Commission's general guidance on public benefit. ACHIEVEMENTS AND PERFORMANCE The Abbe and the Communit On 31 December 2024 there were 25 solemnly or perpetually professed nuns in the community, five temporarily professed, three novices and two postulants. A number of young women visited the Abbey during the year to dIs￿rn their vocation. Two young women entered the monastery as postulants. Two postulants received the habit and began their novitiate. One novi￿ made her First Profession. One junior completed her three years of temporary profession and renewed her vows for one year, according to the new formation requirements of the document Cor Orans. With the necessary permissions from the Abbot President of the Solesmes Congregation, in August the nuns created a 'Juniorate' for the formation of the Sisters in temporary vows who have already spent some years in the novitiate. ahead of full integration into the community- The Juniorate has its own area in the house, separate lessons and recreations, with a Junior Mistress appointed to the care and development of its members. The Bishop of Portsmouth paid a visit to the community on the feast of Pentecost. The Abbot-Primate of the Benedictine Confederation visited the community in July.

St Cecilia's Abbey Trustees, Report The Apostolic Eparch for Syro-malabar Catholics in Great Britain visited the community in October. At the request of a member of the Bishops, Conference, the Sisters undertook the final proof-reading of the new English translation of the Mass Lectionary for use in England, Wales and Scotland. They undertook this major project without any recompense. as a labour for the good of the Church. The work was completed in Lent, in time for the new Lectionary, in four volumes totalling over 3,600 pages, to come into public use in Advent 2024. The tenant who has occupied the Upper Lodge for many years moved elsewhere in April 2023. The Charity decided to renovate the flat., this work was completed by August 2024 and the Upper Lodge is now available for guests and retreatants. The tenants of the propety on the mainland found another home during 2024. The Charity therefore via its professional advisers put the property up for sale, and in due course sold it to another Catholic charity for £1,030,000. Maintenance of the Abbe Buildin s and Estate In addition to the continuing programme of maintenance of the Abbey's extensive buildings, the following major works were undertaken.. Re-roofing the Hermitage. Replacing three boilers for the church- Redecoration of cloister and St Scholastica's- Repair of plumbing and upgrade of safetylhygiene frttings in the infirmary bathroom; Installing driveway and entrance lights- Replacing old strip lights with LEDS. Replacing an industrial-size washing machine- Purchasing new equipment to complete installation of a new telephone system. Promotion of Gre orian Chant The nuns continued work on the production of interlinear LatinlEnglish booklets for the Divine Office for the use of visitors 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 nuns received sessions of specialist choral direction in March and November. in order to maintain and improve their singing. Some CDS of the nuns singing Gregorian Chant recorded many years ago have been made available on Spotify by the record company. The related "channel" has neady five Ihousand monthly listeners. 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 Offi￿, or for private prayer. The Abbey Chronicle, produced twice in the year, was sent to approximately 750 addresses free of charge. The Abbey also maintained a website on the life and work of the community, ww.stceciliasabbey.org.uk , where the chronicle is also available to download. There is always a Sister available to welcome visitors or give counsel to anyone in need. The Abbey's retreat accommodation welcomed 158 persons for retreats. Though most retreatants make donations for their stay, no charge is levied. This year offerings were not made for only 5 nights. The

St Cecilia's Abbey Trustees, Report retreatants were able to participate in the Divine offi￿ and to see the Guest Mistress or other nuns for spiritual counsel if they wished. The numbers of secular oblates remained steady at about 40. The oblates received their own letter of news several times in the year and a Sister appointed to their spiritual care corresponds with them when this is required. An oblate weekend was held in October, during which the oblates heard talks from Mother Abbess and other Sisters,. they also met the Sisters in the padour 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 Communities Barrington Cottage continues to be let to a consecrated hermit at a low rent. The Abbey made donations totalling £65,000 in 2024 to Quarr Abbey, which belongs to the Solesmes Congregation and whose monks serve St Cecilia's as chaplains. in order help with particular needs of their community. In the new year. Mother Abbess travelled to Shanti Nilayam Abbey in Bangalore. India in order to help conduct their canonical visitation with a monk of St Pierre de Solesmes. She travelled in late July to Notre Dame de Wisques in the north of France. also to help conduct their canonical visitalion, this time with the Abbot-President of the Solesmes Congregation. Mother Abbess continues her role as a member of the council for the Union of Monastic Superiors, which consists of all the superiors of communities which follow the Rule of St Benedict in the UK and Ireland. In November, she travelled to Ireland to attend the Abbatial Blessing of the new abbess of Kylemore. The Abbey continues to host a member of another community of the Solesmes Congregation. Other guests received within the enclosure were an abbess for a period of rest and another nun while she awaited a visa application in another country. Other Activities of the Communi The Altar Bread Department continued to be the nuns. principal means of earning their living. Tumover continues to increase, but rising costs mean that actual profit levels are low. 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 fulure development. The candle department provides candles forthe needs of St Cecilia's Abbey and Quarr Abbey. 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 cages (blackberries, boysenberries. loganberries, gooseberries) are an important source of food for the nuns.

St Cecilia's Abbey Trustees, Report CAPITAL COMMITMENTS There were no capital commitments at 31 De￿mber 2024. LEGACY As noted in the accounts for 2021, the Charity has been infomied 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. The estate's portfolio of shares was transferred to the Abbey over the course of April-may 2024. The remaining proceeds were received in March 2025. SIGNIFICANT EVENTS AFTER THE YEAR END For several years Barrington Cottage at the gates of the Abbey has been let to a Catholic hermit for a low rent. In 2025 she decided to move elsewhere. The trustees decided to use the cottage for retreatants and guests, pending possible renovations. PLANS FOR FUTURE PERIODS No significantchanges in the activities ofthe Charity are planned. The Charity intends to continue to maintain the Community at St Cecilia's Abbey and the celebration of the Divine Office. FINANCIAL REVIEW AND RESERVE POLICY During the year, the Abbey re￿iVed income totalling £1,092,778 (2023.. £1,906,131). The on-going principal sources of income were £764,959 (2023: £720,121) investment income, £111,349 (2023.. £101,707) from the sale of Altar Breads and £140.817 (2023: £123,187) from the pensions and allowances re￿iVed for the nuns. In addition to this, the Abbey benefitted from legacies and dowries of £14,376 {2023: £891,343). Gifts from benefactors were £35,013 (2023: £49,382). Expenditure for the year amounted to £827,935 {2023: £669,874)- Of this, £489,446 (2023: £455.211) related to the costs of maintaining the religious community, £132,256 (2023: £59,150) to the grants and donations made, £66.585 (2023.. £59,692) to the costs associated with the Altar Bread production and shop sales, £22.156 {2023= £9,628) to church expenses and £6,505 {2023.' £5,128) to the costs of running the retreat house. £110.987 {2023= £81,065 was spent on raising funds including investment managers, fees and rental property expenses. After taking into account the net gain on the revaluation of investment assets of £376,985 (2023-. net gain of £394,298), the charity had net income for the yearof £641,828 (2023.. nel income £1,630,555). The charity's funds mainly comprise tangible fixed assets and an investment portfolio which at 31 December 2024 was valued at £22,276,620 (2023: £21,183.902). 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 that the long temi nature of the Trust's charitable objectives requires that it relain some of its 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. At 31 December 2024, the total reserves of the charity were £27.259,996 {2023: £26,618,168). Of this total, £1,901.796 are restricted reserves that are not available for the general purposes of the charity. The Trustees have designated funds totalling £11,373.582 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,

St Cecilia's Abbey Trustees, Report full details of which can be found in note 13. At 31 De￿mber 2024 general unrestricted funds stood at £13.984,618 (2023: £13,235,523). The Trustees consider that there are no material Un￿rtaIntieS about the charity's ability to continue as a going concern. Investment erformance The investment policy of the Trustees is to maintain and enhance the real value of their assets over the long temi by investment in a portfolio comprising equities, fixed income stocks and cash. The investment policy, drawn up in consultation with Chades Stanley, aims to ensure a steady stream of dividend income while taking capital gains when an attractive opportunity 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 2024 was £764.959 (2023: £720.121). Risk 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 reSoUr￿S 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 presen￿ of a monastic community. As recruitment and retention of new members. under the Holy Spirit. is largely dependent on the fervour and integrity with which Ihe nuns follow their calling, the effective apostolale of the Charity requires paradoxically constant vigilance to safeguard the Silen￿ 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 of the buildings and grounds ofthe Abbey obviates the risk of major works and all the disruption they would entail. Investment in modem 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 lifestyle 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 resources 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 retums on the portfolio to 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 the Abbey well and understand its ethos. In this era of increasing govemment legislation and third-party litigation, the Trustees note also the risks which these present to the Abbey. The Trustees seek to reduce these risks by using the ServI￿S of experts in the relevant 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 necessary they seek the advice of relevant professionals or other charities in the field. STRUCTURE. GOVERNANCE AND MANAGEMENT St Cecilia's Abbey is a charity established and govemed by a Trust Deed dated 1 November 2000. The Abbey is governed by the Abbess. who is elected 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 two nuns elected by the community. The Abbess appoints a bursar who oversees the financial affairs of the charity. Trustees are appointed bythe Abbess from members of the community and decisions are made on a majority basis. The Trustees in office during the period and at the dale of this report are set out on page 6. All of the Trustees are senior nuns of the community and, as such. have an in-depth knowledge of the charity. The Trustees also seek guidance whenever necessary from professional firms (for example, accounianls, solicitors, investment managers. Insuran￿ brokers) of suitable standing and with wide knowledge of the religious charity sector. St Cecilia's Abbey is a member of the Benedictine Congregation of Solesmes. a grouping of abbeys and priories in several countries which have a common history and traditions. derived from the Abbey of S-Pierre de Solesmes. Fran￿. The nuns at St Cecilia's follow the Rule of St Benedict as interpreted by the Declarations of the Abbey of Ste-cécile de Solesmes. The chief financial consequence of the Rule and Declarations is that any activities of the Abbey must not 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 the 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 themselves. REFERENCE AND ADMINISTRATIVE DETAILS The name of the Charity.. St Cecilia's Abbey Charity registration number= 1088086 Address: St Cecilia's Abbey Appley Rise Ryde Isle of Wight P033 1 LH Trustees.. ELee A-M Fiévet C Quayle M Mccann The custodian trustees at 31 December 2024 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 101 St James, Street Newport Isle of Wight P030 1 HX Investment Managers: Chades Stanley Limited Ropemaker Place 25 Ropemaker Street London EC2Y 9LY

St Cecilia's Abbey Trustees, Report Statement of Trustees, Responsibilities The trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and Uni(ed Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial yearwhich give a true and fairview of the state 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, the trustees are required to.. select suitable accounting policies and then appty them consistently", observe the methods and principles in the Charities SORP" make judgments and estimates that are reasonable and prudent" state whether applicable accounting standards hwrfe been follow&J, subject to any material departures disclosed and explained in the financial statements. and prepare the financial ststements on the going concem basis unless tt is inappropriate to presume that the Charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial posttion of the charity and enable them to ensure that the financial statements comply with the Chartties Act 2011. the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the Trustees 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 2024 which comprise the Statement of Financial Aclivities, the Balance Sheet, the Statemenl 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 2024 and of its incoming resour￿$ and application of resources, for the year then ended" have been propedy prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practice" have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) {ISAs (UK)) 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 are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the 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 to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees use of the going concern 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 twelve months from when the original financial statements are authorised for issue. Our responsibilities and the responsibilities of the Irustees with respect to going concem are described in the relevant sections of this report. Other information The other information comprises the infomiation 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 misstated. 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 perfomied, we conclude that there is a malerial misstatement of this other information, we are required to report that fact. We have nothing to report 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 exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion= the infonnation given in the financial statements is inconsistent in any material respect with the trustees, report: sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records and returns" or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 8 the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the Charity's ability to 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. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under the Charities Act 2011. s144 and report in accordan￿ 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 statements as a whole are free from material misstatement, whether due to 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 to Influen￿ 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 requiremenls. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements. primarily the Charities Act and the Charities SORP. We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that 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 this understanding we designed our audit prO￿dureS to identify non-compliance with such laws and regulations. Our procedures involved the following: Enquiries of management and those charged with governan￿ regarding their knowledge of any non-compliance with laws and regulations by the charity that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud. of which there were none. Reviewed filings with the Charity Commission and enquired with management whether there 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 respect of non compliance., Reviewed Board minutes. Audited the risk of management override of controls, including through testing journal enlries and other 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 of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion. forgery. misrepresentations, or the override of internal controls. We are also less likely to become aware of inslances of non-compliance wilh laws and regulations that are not closely related to events and transactions reflected in the financial siatements. A further 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 permilted by law, we do not accept or assume responsibility to anyone other than the Charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed. Cla LLP. (Senior Statutory Auditor) Francis Clark LLP, Statutory Auditor Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF Date 30 October 2025 Francis Clark LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment 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 2024 2024 Total Funds 2023 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 49,389 15,893 140,817 49,389 15,893 140,817 940.725 10,741 123,187 111,349 8,357 764,959 2.014 111,349 8,357 764,959 2,014 101.707 8,752 720,121 898 Total 1,092,778 1,092,778 1,906,131 Expenditure on: Raising funds.. Investment managers, fees Rental property expenses Charitable activities= Altar breads and shop expenses Retreat expenses Church expenses Costs of maintaining the community Grants and donations 70,092 40,895 70,092 40,895 64,007 17,058 66.585 6,505 22.156 489,446 132,256 66,585 6,505 22,156 489,446 132,256 59.692 5,128 9.628 455.211 59,150 Total 827,935 827,935 669,874 Net gains on investments 376,985 376,985 394,298 Net income 641.828 641,828 1,630.555 Transfers between funds 12 88,400 (88,400) Net movement in funds 88,400 553.428 641,828 1,630.555 Reconciliation of funds: Total Funds brought forward 1.813,396 24,804.772 26,618,168 24,987.613 Total funds carried forward 1.901,796 25,358,200 27,259,996 26,618,168 The notes on page 15 to 25 form part of these accounts. 12

St Cecilia's Abbey. Balan￿ Sheet 31 December 2024 Notes 2024 2023 Fixed assets Tangible assets Investrnents 5,715.982 22,276,620 5,745,909 21,183,902 27,992,602 26,929,811 Current assets Stock Debtors Cash at bank and in hand 4,700 576,774 93,333 4,700 951,116 137,557 10 674,807 1,093,373 Liabillties Credttors: Amounts falling due within one year 11 (1,407,413> (1,405,016) Net current liabilttles {732,606) (311,643) Total Net assets 27,259,996 26,618,168 The funds of the charlty:_ Restricted funds Unrestricted funds.. Designated funds General funds 12 13 1.901,796 1,813,396 11,373,582 13,984,618 11,569,249 13,235,523 Total charity funds 27,259,996 26,618,168 Approved by the Trustees on . so- Octs6ts"2025 . and signed on their behalf by: Trust88 The notes on page 15 to 25 form part of these accounts. 13

St Cecilia's Abbey Statement of Cash Flows Year Ended 31 December 2024 Notes 2024 2023 Cash flows from operating activities: Net Cash (used in) operating activities 17 (93.450) (363,103) Cash flows from investing activities: Dividends, interest and rents from investments Net investments in investment portfolio Cash withdrawn from investment portfolio Proceeds from sale of programme related investment propety 9 764,959 (2,012,156) 300,000 996,423 720,121 {604,049) 300.025 Net cash provided by investing activities 49,226 416.097 Change in cash and cash equivalents in the reporting period (44,224) 52.994 Cash and cash equivalents at the beginning of the reporting period 137,557 84,563 Cash and cash equivalents at the end of the reporting period 93,333 137,557 The notes on page 15 to 25 fomi part of these accounts. 14

St Cecilia's Abbey Notes and Accounting Policies Year Ended 31 December 2024 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 underthe historical cost convention, except forthe valuation of investments at market value. The financial statements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporling 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 the Trust's ability to continue as a going concem. (b) Fund accounting 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. Further details are contained in note 13. There is no legal for￿ for the designations. The Charity has one restricted fund. Further details of this fund can be found in note 12. (c) Income recognition All income is recognised On￿ the charity 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. then 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 the estate has communicated in writing both the amount and settlement date. Retreat income This relates to the donations received from retreatants and is recognised on a receivable basis. Nuns, pensions and allowances Pensions and allowances are recognised on a receivable basis. Attar 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 income. No adjustment is made for accrued income included in the price of securities that were acquired or disposed of during the year. 15

St Cecilia's Abbey Notes and Accounting Policies Year Ended 31 December 2024 Accounting Policies (continued) (d) Expenditure recognition Liabilities are recognised as expendrture as soon as there is a legal or constructive obligation committing the charity to that 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 associated 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 the sale of religious items as well as church. retreat house, and programme related property expenses. (e) Tangible fixed assets and depreciation Tangible assets donated on the creation of the Trusl 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 its insurance value. Replacement fixtures, furniture and equipment are charged to the SOFA in the year in which the expense is incurred. Tangible assets olher than freehold land are depreciated over their estimated useful lives, at the following rates'.- Abbey buildings Other leasehold buildings Fixtures, fittings and equipment straight line straight line 5_100/o Straight line No depreciation is provided on the Abbey buildings. It is the Charity's policy to maintain the Abbey in such a condition that the 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 impairment whenever events or changes in circumstances suggest that the carying 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 service delivery of the 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 remaining useful lrfe. The impaimient loss is charged to the Statement of Financial Activities ("SOFA"). (f) Financial 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 instruments are initially recognised at transaction value and subsequently measured at their settlement value. They are derecognised when Ihe contractual rights to cash flows from the assets expire orsubstantially all the risks and rewards of ownership are transferred to another party or in the case of liabilities when obligations are discharged. 16

St Cecilia's Abbey Notes and Accounting Policies Year Ended 31 December 2024 Accounting Policies (continued) (g) Investments (i) Quoted investments are originally recorded at their transaction value and subsequently measured at their fair value at the balance sheet date using the quoted market price. (li) Investment properties have been valued at 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. (iii) Programme related investments are included in the balance sheet at cost less any impaimients. (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) Dowries Dowries represent monies introduced by the nunswhen Ihey take their solemn or perpetual vows, or legacies which they subsequently re￿1Ve. Although not legally repayable. the Trustees consider that they have a compelling moral obligation to repay these sums in the event that 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. Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net gains arising on the revaluation and disposal of investment assets. Related party transactions and trustees. expenses and remuneration All trustees are nuns of St Cecilia's Abbey and do not re￿1ve any remuneration by virtue of their position as trustees. The charity maintains and supports the trustees 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 trustees. During the year trustees donated their pensions and alloWan￿S totalling £6,079 to the charity {2023= £10,818), as well as dowries of £nil (2023: £5,000). Income 2024 2023 Donations and legacies: Legacies and dowries Other gifts and donations 14,376 35,013 891,343 49,382 49,389 940,725 other gifts and donations Includes £nil {2023= £nil) restricted income. 17

St Cecilia's Abbey Notes and Accounting Policies Year Ended 31 December 2024 Investment Income (unrestricted) 2024 2023 Income received from.. Properties Listed investments Cash held as part of an investment portfolio and at bank 43,247 690,367 31,345 41,183 644,565 34,373 764,959 720,121 Grants Payable During the year the following grants and donations were made= 2024 Number 2023 Number Individuals- Grants to people in financial need 355 4,008 21 Institutions involved in: Religious Welfare Overseas Aid Children Medical Poor Other 109,421 12,000 450 3,780 4,600 1,650 32 29,812 14,500 600 2,670 4,600 2,960 16 131,901 53 55,142 39 Total 132,256 56 59,150 60 Included in the grants above is £nil (2023- £nil) relating to restricted funds. Included in the above institutional grants are the following amounts greater than £1,000: Quarr Abbey ACN Grief to Grace Mary's Meals Earl Mountbatten Hospi Portsmouth Diocese Mercy Ships Stanbrook Abbey Holy See Association Latin Liturgy 65,000 20,000 4,000 6,000 3.000 3.000 2,000 5,000 3,250 1,015 18

St Cecilia's Abbey Notes and Accounting Policies Year Ended 31 December 2024 Costs of Maintaining the Community Designated Unrestricted 2024 2023 Wages Costs Nuns. NIC Repairs, renewals and maintenan Heat and light Postage, phone and stationery Water rates and council tax Household provisions Insurance Clothing Gardening expenses Monastic hospitslity Medical costs Library Costs Motor and travel expenses Advertising Sundries Depreciation Legal and Professional Govemance Auditors. remuneration 123,660 4,147 107,706 39,321 17,558 9,927 33,936 15,944 1,060 31,896 152 32,624 1,493 3,794 120 10,767 123,660 4,147 107,706 39,321 17,558 9,927 33,936 15,944 1,060 31,896 152 32,624 1,493 3,794 120 10,767 29,927 8,025 107,326 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 29.927 8,025 statutory audit other 16,200 1,189 16,200 1,189 11,100 3,420 29.927 459,519 489,446 455,211 Included in the costs above is £nil (2023- £nil) relating to restricted funds. Staff costs 2024 2023 Gross wages and salaries Employer's national insurance Employer's pension contributions 115,829 102,040 6,107 3,731 1,724 1,555 123,660 107,326 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 eX￿sS of £60,000 (2023: none). During the year a termination payment of £Nil (2023= £1,145) was made. 19

St Cecilia's Abbey Notes and Accounting Policies Year Ended 31 December 2024 Tangible Fixed Assets Fixtures Fittings & Equipment Freehold Property Leasehold Property Total Cost At 1 January 2024 Additions Disposals 5,538,694 200.655 1.191,098 6,930,447 At 31 December 2024 5.538,694 200,655 1,191,098 6,930,447 Accumulated Depreciation At 1 January 2024 Charge for the year Disposals 92,299 4,013 1,092,239 25,914 1,184,538 29.927 At 31 December 2024 96,312 1,118.153 1,214,465 Net Book Value At 31 December 2024 5.538,694 104,343 72,945 5,715,982 At 31 December 2023 5.538.694 108.356 98,859 5,745,909 Tangible assets donated on creation of the Trust have been valued in accordan￿ with their insurance values at the time. All tangible fixed assets are used in direct furtheran￿ of the charity's objectives. The leasehold property 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 2024 Investments 2024 2023 Listed on a recognised stock exchange: Market value of Portfolio at 1 January 2024 Transfers froml(to) cash Net investment additionsl{disposals) made in the year Realised and unrealised gainsl(losses) on investments 17,251,622 23,351 2,012,156 126,853 15,791,723 439,238 604,049 416,612 Market value at 31 December 2024 19,413,982 17.251,622 Cash held as part of the investment portfolio: Balance at 1 January 2024 Transfers {to)Ifrom listed investments Withdrawn from investment 1,191,984 (23,351) (300,000) 1,931,247 (439,238) (300,025} Balance at 31 December 2024 868.633 1,191,984 UK Investment properties: Balance at 1 January 2024 Revaluation during year 1,987,804 6,201 2.010,119 {22,315) Market value of investment property at 31 December 2024 1,994,005 1.987,804 Programme related property investments: Cost at l January 2024 Realised gain on disposal Disposal proceeds 752,492 243,931 (996,423) 752,492 Cost at 31 December 2024 752,492 Total 22,276,620 21,183,902 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 property purchased in 2015 has been included at indexed cost. These are considered to be fair values. The programme related property 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 2024 was £19,413,982 {2023: £17.251,622)' of this value £6.398,781 (2023: £2.553.599) relates to non-UK investments. The cost of listed investments at 31 December 2024 was £17,948,262 {2023: £15,968,293}. The trustees consider that there were no material individual investment holdings in the year that require 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 investmentfunds 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 2024 10 Debtors 2024 2023 Trade Debtors Prepayments and accrued income 3.641 573,133 7,483 943,633 576,774 951,116 11 Creditors 2024 2023 Other Creditors Repayable Dowries 51,754 1,355,659 50,057 1.354,959 1,407.413 1.405,016 12 Restricted Funds The Congregation of Solesmes restricted fund represents an amount prescribed by the Congregation. It may not be expended without the Congregation's permission. The fund is held in the fomi of traded investments which enable it to be accessed rf 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 2024 Incoming Gifts Balance at 31 Dec 2024 Transfers Expenditure Current year: congregati￿ of Solesmes 1.813, 1,￿)1.7 Previous year: Congregation of Solesmes 1,946,861 (133,465) 1,813,3 22

St Cecilia's Abbey Notes and Accounting Policies Year Ended 31 December 2024 13 Unrestricted Funds The movements on the designated and unrestricted funds are shown below. Depreciationl Gainsl Balance at (Losses) 31 Dec 2024 Balance at Income Expenditurel 1 Jan 2024 Transfers Current year: Designated Funds Repairs Nursing Fees Library and liturgical Books Contingency Reserve Fixed Assets/PRI New Car India Visiting Nuns Fund 446.201 2.496,000 22,243 2.088,964 6.498,401 12,000 440 5.000 {41,967) 648,960 404,234 3,144,960 22,243 2,068,723 5,715,982 12,000 440 5,000 {20,241) (752,492) (29.927) Total Designated Funds 11,569.249 (165,740) (29.927) 11,373,582 Unrestricted General Fund 13,235.523 1.092,778 (720.668) 376,985 13,984,618 Total Unrestricted Funds 24,804,772 1,092.778 (886,408) 347,058 25,358,200 Depreciationl Gainsl Balance at (Losses) 31 Dec 2023 Balance at Income Expenditurel 1 Jan 2023 Transfers Previous year: Designated Funds Repairs Nursing Fees Library and liturgical Books Contingency Reserve Fixed AssetslPRI 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 (35,230) Total Designated Funds 11,085,277 519,202 {35,230) 11,569,249 Unrestricted General Fund 11.955.475 1.906,131 (1,020,381) 394,298 13,235,523 Total Unrestricted Funds 23,040,752 1.906.131 (501,179) 359,068 24,804,772 23

St Cecilia's Abbey Notes and Accounting Policies Year Ended 31 December 2024 13 Unrestricted Funds (continued) 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 costs. Nursing fees This is a fund designated to meet the cost of nursing fees likely to be required rf a Sister is in need of specialist care. Library 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 Community over the last five years. A transfer to the fund has been made during the year to reflect this. Fixed asset and PRI reserve This fund represents the net book value of the Charity's tangible fixed assets and programme related investments (PRI). A transfer is made to or from unrestricted reserves 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 a new car. India 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 altar breads from other European countries. Visiting nuns reserve This designation is for anticipated long temi costs that will arise in connection with Sisters staying at the Abbey. 14 Commitments The charity had promised to allow a religious community to live in one of its properties for as long as the community needed it. The community left the propety during 2024. At 31 December 2024 and 31 De￿rnber 2023 the Abbey had no capital commitments. 24

St Cecilia's Abbey Notes and Accounting Policies Year Ended 31 December 2024 15 Obligations under operating leases Lessor The total of future minimum lease payments receivable is as follows: 2024 2023 Not later than one year 4,091 4,031 4,091 4,031 16 Split of Assets Between Funds 2024 Total Funds 2023 Total Funds Restricted Unrestricted Fund Funds Represented by: Tangible fixed assets Investments Current assets Current liabilities 5,715,982 5,715,982 5.745,909 20.374,824 22,276,620 21.183,902 674,807 674,807 1.093,373 (1.407,413) (1,407,413) {1,405,016) 1.901.796 1.901,796 25.358,200 27,259,996 26,618,168 17 Reconciliation of net income to net cash flow from operating activities 2024 2023 Net income for the reporting period (as per the statement of financial activities) 641,828 1.630,555 Adjustments for: Depreciation charges (Gains)Ilosses on investments Loss on fixed assets Dividends, interest and rents from investments (Increase) Idecrease in debtors Increase l (decrease) in creditors 29,927 (376,985) 35,230 (394,298) (764,959) 374,342 2,397 (720,121) (875,534) {38,935) Net cash (used in) operating activities (93,450) (363,103) 25