REGI8TERED COMPANY NUMBER 09806062 {ENGLAND AND WALES)
REGISTERED CHARITY NUMBER.. 1165957
REPORT OF THE TRUSTEES AND
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDEO 31 DECEMBER 2023
FOR ST MARY'S ABBEY, QUARR
Moore (South) LLP
g st John's Place
Newport
18le of Wight
P030 1LH

ST MARY'S ABBEY, QUARR
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page
Foreword
Report ofthe Trustees
Refeience and Administrative Del8118
Independent AudiloVs Report
Consolidated St8t8menl of Financial AclNilies
12
Cpns9lidaled Balance Sheet
13
Charity Balance Sheet
14
Consolidated Cash Flow Statement
15
Notes to the Flnandgl SlaleNnents
16-30

ST MARY'S ABBEY. QUARR
FOREWORD
FOR THE YEAR ENDED 31 DECEMBER 2023
The BenedKtine Community who wn Qu4rr Abbey as a Monastery and a Charfly is looking backward to 2023 a5 a good year. A
young monk Ilnked himseM by temporary vows with th8 Community in June. A Poslulant has beuun his discemment pro¢es$
August. Two senior monks celebrated their Si￿er Jubilee of Priestly Ordination. The Ofdinary Visitation of the house was conducted
in January by the Abbot of Fonlgombautt and the Assistant to the Abbot President ol thè Congregation. The Vlsilors noted with
s81isfaction the dimate of peatr£ and welcomed the sign5 of growth in the Community. They enC￿ra￿ad 8 close examination of our
ofganisation and a wiew of our governance to improv6 the management of the actSvltie$. Later in the year, Ihe newly appDinled
Abbot of Solesmes and Presidènt ttf thè Congregation paid his first visit lo Quarr. He was impressed by the beauty of the site and
the building8 built by his forefathers of Solesmes in thè timé of their exile in England atlhe beginning of the 20th Century. Hè èxpressed
g￿t conffidence for the future and promised his ond th¢ cc￿VregallQn,s svpport.
In turn, Abbot Xavier altended a Solesmes tho Gener31 Ghapler of the Congregation together with around 30 superiors of monastic
houses who had trav8lled from Europe. Africa and North Amerl¢a. He made known the finanaal neèds of the Abbey and rewved
promises of help towards the foreseeable refuibishffienl works in Ihe guesthouse. A Safeguarding Guidance Docum8ntwas approved
for the Congregation. lo be adap18d by each house a¢¢ording lo theif circumstances. Abbot Xavier acted as Canonical Visiior lo
¢ommuni118s of nuns lone in Ffanco and onè in Scollandl and preached Ihe relroat al Belmont Abbey {Herefordshirel. This is Iypicgl
of the life of Benedictine houses. all basically indep8nd8nt, ￿ nalionalty and internationalty linked by lies of support and fratemity.
The inlefest for Qua￿ remains hi9h with the public. A gfoup of London Architects visited the new Abbey, whilst guided tours of the
ruins of tho old Abbèy proved so popular that a new seri95 had lo be organised. Many events took place drawing Iv thg Abbey
ifferenl publics. In Juty. Jim Towèy, IBwyer lo the late Mother Teresa of Calcutta, paid an important visit to Quarr, giving talks and
meeting whh dlffeienl gioups, whilst advising our mgnaging le8m around fundraising in which he has a great exp&rtiS8. Two day8 of
talks were organised on the oc¢8slon of his presen￿ with speakers frotn Ihe18le of W9hl and the mainland, attended by over 250
visitors. At the of the same month, the usual Organ Rè¢ilal8 sertes hosted hlghly lalonled organists from England and the USA
who expressed theirjoy al playing the Cavaillé-coll inslrumant. In September, a Chant Forum gathered a wide international oroup
for 3 days of intense study and perfomanee of Gregorian Chant. Al the boginning of December, a Chrlstmas market was an
opportunity lo weloorne at the Abbey artists and craftsmen and wcxnen of the Island, whi15t. doser to the feast ol Christmas, an
exceptionally crowded Chrlslmas Carol seNce helped many lo appn)ach the beaub'ful mystery of this unique seas¢)n ol the year.
Dealing with ash tye b￿k has become a sad feature ofwoodland life Ih858 day8. A lirst campaign h• secured the felling of part of
tho trees, whilst other areas had to be t8mp(Y8ri1y ¢108ed to the public, and others will be dealt wrth next year. We also had a very
useful fire in$pedion in Seplemberwhich led to a few minor adjustments lo our fire safety procedures and equipment.
Th8 busSness8$ have been perfomiing well overall ¢von if il remains obvious thBt WÈ are still very much in the aftermath of the
pandemic which hit them so mtjch. 11 requiTes great vigilance to adapt nearly all the Ilme lo new ￿rcUmstanGe8 of suppliers, on the
one hand. and visitors. on the other hand, whilst tsking sufficient care ol our staff. We wekDme as an encouraging sign the success
ol our Ilne of In-house made products, as well as thts Imid bul eonstsnl growth of our onllne shop.
The po811ive lone of this foreword does not rnean that we are not touched by Ihe gw)èral fragility and insecurity whlch Seems lo be
hallmarf( of our limes. Th6 Trustèès are aware that these call for ever greater care for all- monks, st&ff, volvnleers and visitors-
who come to the Abbey. Compliance with ever-growing demand8 from extemal regulations be at lime a challengè lor oui limited
managing team. We are hoping to be able lo adjust our govemane6 arbd pul in place a fundraising strategy lo copewlh the challenges
of maintaining our buildin9s anrl èstatè 80 that they can better serve the aims of our Charity for the good ol as many as possible.
Fr X8vigr, Quarr Abl

ST P41ARVS ABBEY, QUARR
REPORT OF THE TRUSTEES
FOR THE YEAR ENDEO 31 DECEMBER 2023
The Iruslees who are also directors ol the charlty for the purF)o$es of the Companies Acl 2006. present their report with the fingna81
statements of the chafty for tho year ended 31 December 2023. This report 8180 includes the requirements of a Dir¢dors' Report
urKler Company Law. The Tnjstèès who seNed during the year and Sin￿ tha y88r 8nd arè 8È shown on page 10.
The ffinanci81 stat8menla h8ve been preparal in accordanTr wllh the accounting policies sel out in th8 notés to thèse accounts and
comply wlh the Trusvs Memorandum & Artide8 of A8socialion, the Charilies Act 2011, Companles Act 20C6. and the provisk)ns of
Ihe Statement of RecomTnended P¥act￿e ISORPI "Accountlng and Reporting by Charitres" applicable to tharities p￿parIng their
accounts in accordance ￿th thé Fin8nd81 Reporting Standard applicable In th¢ UK and Republic of Ireland published In o￿ober
2019.
OBJECTIVES AND ACTMTIES
Charitable objects, alm$ and intended Impact
The principal objects ofSI Mary's Abbey, Quarr fThe Abbeyl are the maintenance of worship in IheAbbey Church and ()fthe resident
Benedictin8 Community,. and the promotion of the Cathollc Fallh forthe benefit of the publiclhrough carryin9 Out Spiritual duties in the
Community induding the giving ol retreats.
Th8 Abbey generates its main comrneroal in¢offjo Ihrough the 8uccessful operation of an Art gallery, Tea Shop, Farm Shop,
MDn881ery Shop, Holiday Cottage, and Bookbindery,. all of which are popular with th8 local Island population as well as tthJrist¥ and
Provide a steady income for the Abbey.
The ￿ntral aim oftheAbb¢l5 rommercial and finan￿al plans is lo achiev8 th8 long-tgrm sustainability of the Abbey and ts operations
where, each yoar, expenditure is balanced with income.
During the ￿ar, the Abbey received further restricted and unrestri¢ted donation8. and these were used towards rneeling the cost of
speofi¢ PTOJ'ects and the running costs of the Abbey. The Abbey 8180 received income from the production and Ilcen8ing of Quarr
Abbey products.
Oblecllvès for th8 ygar
The followirig core objectives will continue to be the prime focus for the management team Lluring the year.
Updating and reviewing th& short-. medium- and long-lerm financial frarn8WOrt( for the Abbey to ddiver2032 vision
Identifying addilionwl financial opportunities and savings to support th8 fin8n¢lal 8uslainabilty of the Abbey.
Raislng new fvnds. through planned program of fund-raising lar9Ètlng $pec•fic and urgent proleds, for the rnaintenance and
r8fvrbi$hment of Ihe Church and ils buildings.
Monitoring the on-going expanditure on various projects, lo ensufe that expend41uro Stay8 wilhln budget and the approved
purposes are met.
Examining further measures and marketing strategy lo ensure The Abbey's commeraal activitie8 prodLKe a profft 8nd building
the business in Ihe quielgr months.
Strategy forachlèvlng obJèetsv93
To ènableTh8 Abb8y to malntain the rnomenlum of progress made in re￿nI years the following 8trategi8s are considered key..
8uilding a strong rnanayemenl learn through Suc￿ssfUl recruitment of the right candidates and a comprehens5vo succession
plan induding monks, professional em￿oYees, and external advisors.
Supporling thé fijnd raising a(aNilies established by1he'Friends of Qu8rf.
M8inlaining a marketlng plan for the Bookbindery.
Conlirbue with a vi￿nt rnarkeling plan targeted lo key audiences with a focus on digital and social marketlng C8mpapans and
8elecled print marketing in the Island Visitor magazin& and diréel marketing lo island resodents through regional and Island
ftxussed publi¢alions to supFM)rt business enteiprises and visilcys lo the Abbey grounds.
Rggularmanagemenl review of financial and commercial p8rfom)ants.

ST MARY'S ABBEY, QUARR
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
OBJECTIVES AND ACTIVITIES (COND ...
Significant aclivitioB contribudng to a¢hi*vemtrnt of objectives
Significant adivities that will further conth'bule lo the financial growlh at The Abbey indude Ihe folknying..
Examlne measures and financial viabilty lorthe reloration of the farm shop to a permanent location BS a standalone bLFslness
from the lea shop
Examine ffj985urgs to inctèaso indoor $¢aling for thg tea shpp to in(¥ease all-￿8[ rou1￿ capauty in poty w¢ather and lo
rnaintain custom from our dog walking CU¥tomer8 that arg not lo use the lea ¥hop.
The training and development of the Management Team in effective bL*Jgel management and commercial perfovmance.
Increase in the use of $o¢ial media to meet new al￿￿￿en￿S who are inlere8ted in Quarr Abbey and gaining an audien￿ that
we can communica18 with on a regular basis.
Development of schemes to produce increased quantilles ofAbbey grown produce that are lo be incorporated in QuarrAbbey
branded products s￿h as beer, ￿der. apple luSce, confectionery, lams, thutneys, stationary and branded product.
Continue to update the Web51te, to include relevanlarticles on IheAbbey and it8 produce,. logelherwiththewider site which will
serve to provide interest and infwmalion lo the wKler community.
Publlc benefit
The Irustees confirm Ihat they have complied with the dirty in s17(5} of the Charities Act 2011 to have due regard to the Charty
Commission's guidancè on public b•nefit. This includes the additional guidance for eJ)Brities on the 8dvancem8nt of th& Catholic
roligion, in deading what activities the charity Shou￿ undertake. Tn linè W￿th its aims and objective$.
Th& Abbey promoles public bonèfft through the provislon of a I￿ace of worshlp and 8 gueslhouse whh* Is used for the purpose of
religious iet¥eals. They ate open to membèrs of the publi¢whowl$h loexplore and séeklimè lo rèflect. To f8¢ililalé this, the (x)mmunty
carfies out spiritual duli85 and undertake thè PF88ervation of Ihe hi3loTiC Abbey buildings and ruins. Monks al80 conduct retreats
elsewhere lo other communities and groups. A Theological Conference Serie5 occasionally lakes place given by noted experts in the
fields of Theology and Phi1050phy, A two-monlh Intern Program 18 in place lor young men laged beiween 18 and 251, and the Abbey
hosls a GregoFian Chant Forum in conjunction with St Cecilia's Abbey. The Friends of Quafi also organize regular day retreats each
year. Oigan Recitsls take place annually with the performance of religious rnuBic by noted organists.
Whlle the Tea Shop serves lo support the Abbey commercially il is also a vital part of providing hospitality lo visitors with carelul
consideration glven lo its operation to reflectthetraditlon of hospitality within Ihe Rule of St. Benedlct. The grounds and the tea garden
8r& usèd by many local and island visltors as a ￿8¢8 of calm and w811beino.
ACHIEVEMENT AND PERFORPMNCE
Revlew of tjtrvolopm￿ts
The community of QuarrAbbey Seeks lo temain lailhful lo Ils tdeal8 a¢¢ording to the way of Ilfe Iwd down in Ms R￿e¥ and Conslituiion.
The community of monk8 and the rnona51ery play an important role in the spiritual. social and educational lifeof the Isle of Wghl. Many
visitors from all ovor the worfd vis11 tho monastery, recognizing it as a place of prdyeT, peace and tranquility.
In 2023. the community of monks al Quarr SUPPLYied their spiritual aims by improving theAbbeYs lon*temi financial and commercLal
perfomiatKe through the following..
Various Inlelledual pursuits are being conduded by the cnmmunity Including writing and tran8laling books and articbs.
New choir books are being produced to enhance the celebrat￿Tr of our liturgies.
Tk>& priests of the monastery continue to assist Sl Cecilia's Abbey with the celebration of masses and other ministerial
works.
Various members of the monaslic communty have preached retreats al other monasteries.
Work wos completed on the refvrbishment of the monastery kitchen.

ST MARY'S AB8EY, QUARR
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER2023
ACHIEVEMENT AND PERFORMANCE
Rèview of Devoloprnents IContlnued...I
Work was completed lo refurbish and replace 9utterin9 lo the Chapter house. wowk Gontinued to the relurbishment of the
monastery windows.
RgpaSr ofwater damag8, improvemènt8 to Insulalion and rede¢or3ts'on wa8 completed to the main office.
The18le of Wghl Beekeepers continu8(I with the management oflhe Abbeys hives and leachlng Apiary.
Successfully traded at three Island show days. induded the County ShN. Chale Show and Wolverton Show. ralslng furK18
and awareness of the Abbey and its product fanges.
The first Christmas Fair was held in a marquoo along with a wntèr &y8nts program, which wa8 both popular and commercial
Su￿$$.
Succassfully launch8d Quar Abb8y Gin and a rangè of br8nded stationery and grfts.
Carpenter8 created and manufactured a range ol bespoke products, which sold successfully from the fami shop.
Two successful exhibibons were curat&d by Ihe Abb8y on th8 Book Bindery and The Two Abbeys Journey.
Social m6dia continu8d to yrow 8chl8vlng tsrget of rÈ8ching over 5,000 8di¥e followers lo our Fa￿book page.
Grants and donatton¥
The Iruslee$ wi$h lo express Iheir gratitude to the individuals and organizabons who have made donations and grants to the Abb8y
durlng the year.
Friends of QuarrAbbey
Sl. Cecilia's Abbey
Foundation of Sl Benedict of Nursia
FINANCIAL REVIEWAND RESERVES POUCY
During the ye8r the Abtw received irKome of£l,448,747 (2022- £1,672,335). TheAbbey's cornmercial operation generated income
Of £762,201 12022 - £673,260) of which represen18 sales in the Tea Shop, Faym Shop and Abbey Shop operated by the chorily's
subsidiary Quan Abbey Enlerpri8e8 Limrted. The Abbey received donation5. legacies and grants lotalling £488,286 12022
£833.1471, whlch included £57,704 {2022- £51.132) in donations from guests staying in the Abbey's 9uesthous8.
Expenditufe for the year an)xrt￿Jb?£1.489,f￿]3(2(y22- £1,W3781. Ofthis. £55),%￿ (arz2- £580,142) related to the general upkeep of
the Abbey and its Community and £878.812 12022 - £741,090) to the costs of th8 activities for raising funds and ¢0￿meT¢la1
operations.
After t3￿.n9 into account the gains on the revaluation of the Abbey's investment portfolio the charity had incurred an overall defh)t of
q18,1531 when compared to the priory•arsurplus of £402,682, which indudèd rÈvalu8tlon gains of £60,725.
The Abbel8 hjnds lolalling £4.349,60412022 - £4,367,757) are divided between unre8tricted and restricted funds and are main
mprised of tsngible fixed assets and its Investment portfolio.
Al 31 December 2023 Ihg Inveslmtrnl portfolio was valued at £836,048 12022 £837,60718nd the book value of tangible fLxed
a8￿1&waS£￿0,fj2l(2o22-£97￿,6l9l. Notsbleaddilionslu e4uipmentthisyearirK*uded compulerand k5tchen and groLmds equipment
of£36,719.
Re$eryeJ pollcy
It is the trustees. pollcy to retain reseNe5 to ensure that the charfty's day to day commilmonls for the ongoing cost8 of the upkeep of
the Abbey and it8 community can be met, The Charitable Group had free reserves at the year end. belng those reserves in
unrestrictèd funds, not liad tsp In fixed ass81s or inv881m8nt prop8rt1Ès, of £9,059,49012022- £1,048,852).
As the chatity is dependent on income fr￿ d￿stions, legacies and invesknenl incoffle, the liming and amount of whith 18 variab
in nature, the Iru3tees cO￿lder that reserves Should be sufficient to cover 9 10 12 months of these costs. In addition, reserv¢s aro
held to cover the 8ignific8nt C081$ of ongoing maintenancè and refttrt)ishmenl PfograMme8 which continue to be reouired on the
Abbey and its buikling5. In Teviewing the level of Teserve8 the trustees are mirKlful of the requirements of th8 Congragation of
Sole5mes.

ST MARY'S ABBEY, QUARR
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
InY•stmènt pèrfomi•n¢•
Thè charity has a portfolio ol inveslmenls, which is comprised of listed investments with a market value as at 31 December 2023 of
Z809,658 (2022 - £817.375), other unb'sted Investmen15 of £16.006 12022 £16,006) and cash held for reinvestment of £10.384
12022- £4,226).
During the year th8 POrtfol¢o generated £32.740 12022 £26,830) of knvestment Incom&, reali8ed a 1058 on di8posa18 of £246
(2022- profits £5,467), and a r8Va￿allOn gain of £2,70312022- loss £80,210}.
The portfolio Is managed by Charfes Slonley & CorTTrpany Limited, who operate within SFecific guidelines that are Sel and regularty
reviewed by the tru51ees. The strategy is lo maximise total returns, acceptable levels of risks. Investment management chargas
amounted to £3,92012022-£4,2eoi,
ThgTruslees expect that performance demanded by their inveslrnent polscy will be achieved in the medium to long term.
Rlsk Management
The Trustees have carried out work on the major rlsks lo which the Charlty Is exposed. In partKular those relatsd to the operalior
and finances of the Trust and are satisfied that Systems are in place to manage any exposure to the major risks.
Trading subsldlary
The d)arity has a wholly owned tsding subsidiary, Quarr Abbey Enterpllse5 Limited. The trading cornpany operates the lea shop,
farm shop aTKI Abbey shop and the funds that il generates to assists the charily in Meeting its objectNes. Distributions wwe ma¢Je In
the year of £25,41012022- £40,000) as donations to the charity, and a further donation was made after the year Ènd of £2S.081.
EnvSronmental Pollcy
The Trustees believe tha( all buslnesses are responsible for aChIe￿n9 good environmental practic¢ and operating in a suslainabte
manner. The board is therefore committed to reducing ils environmental Impact and conlirnually Improv(ng its enviJDnmental
performance as an integral and fundamental part of its busin8SS Stratègy and operatin9 mèthodg.
PLANS FOR FUTURE PERKJDS
TheTru51egS, 85 81fvised by the Finance Cvmmittee anEI the Abbe￿8 management team. are continuing with the Two Abbeys Joumey
10 2032. Looking al renovaling buildings, develop new ways ol welcoming, work al pre8erwng the unique building ol Quarr, and
enhance the spiritual and cultural potential of the two abbeys. The Trustees wish to ensure a sufficlent capacmy to ¢aler ft)r Ihg
increased number of visitors lo the Quarr Estate that is manageable and sustainable while supporting the abbey financially. The
followng are planned lo be undertaken within the next tsvelve months..
Further consolldalbon work on the Andent Abbey Ruins wllh a grant application lo the World Monument Fund afKI Histo
England to support this. Introduce a'contaclless. mèthod lo fadlllate further vSsllor don8tion8.
Continup work orb the slrate9lc 10-year plon (rhe Two Abl￿Y5 Jotsm&y To 20321.
Begin agaln our annual bi-annual Theological Conferences and wnlinue our bi-annual Char)t.
Conlinup an ongoiwvj c0518d, budgetsd, and phased maintenance plan for all Abbey buildings.
Complete a program of slFUCtural a￿1 refurbishment lu Ihe Guest House fvnded fiom a program of fundraising.
Implement a Bchedule of projects for the Abbey grounds and replace cages and potytunnels in the monastery vegplable
plot.
Agree arxl implement an Events programme that financially sUPPOrts the Abb8y.
Curate ts¥o exhibitions- CuafrAbbey a PholDgTaph(c Joumey and Monastic Life at Medieval QLkirr Abb8y.
Devek)p the owTrline shop platft)rm lo ifflpme user experience, grow the range of prodLth available and achleve cctmtTrercial
tatgets..
Continue to budget and plan lor the implementation of measures frorn Ihe ongoing review of cuffent ￿alth and $af@ty and fl
and including the launch of the updated Health and Safety Policy lor Staff and Volunteers.

ST MARY'S ABBEY, QUARR
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
PLANS FOR FUTURE PERIODS Icontlnued...)
Roll out of updated Employee Handbook.
C¢Jntinue to work with schools giviro woik experfence, supporting carefrrs development, Young Enterprfso wogram 8n(I vislt
opportunities al the Abbey.
Continua to d8valop our social media pres8nc8 on F8eAbook, Instsgram and X to reach aL1dl￿¢8$.
STRUCTURE, GOVERNANCE AND MANAGEMENT
st Nlary's Abbey, Quarr, Incorporated Charity was incorporated in England and Wales C￿ 2 October 2015 by articles of association
gnd is constituted by guarantéè. ItW8s subsèqu8ntly rBgist8réd with thè Charity Commi8slon on 9 March 2016.
Re$ponslbllty for de¢lslon making rests w>lh the TnJsle¢$,' all of whom aro senior m¢rnLYr¥ of the Benedlctine Community. The
TrusleÈ$ holding offlcè duTing th8 perlod and 81 the d8te of this feport are in¢Juded within tha reference and adminislralwa details
8edion of this report. Trtbslees are currently elected by the members of the Cornn7unity at Quarr through the Abbot's Council.
The Trustees are supported in their decision making by the Procurator and a finance athisorycommittee consisting of exlernal advisors.
together with the Fundraising and Operations difector, the Commercial Manager and the Estate Manager, to whom the delegation of
operational malters within a￿eed budgets and project plans ensures the smooth wnning of the Group. The Charity's governing
document predudesthe Intrslees from receiving any remuneration. The pay for employees startswith recommendatlons from Ihe budget
s&tting pfoc8ss and th& finance advisory group, but is uttimataly a decision for th8 Trusts8s.
The Charitys govemlng document predudes the Trustees from recenilng any remuner&lKJn.
Induction and tralniny of new tJu&te
New Tru51ees are provided with a copy of the rnemorandurn and artide8 of a85orAation and Informed ol their obligations under
company and charity law. All Trustees are encouraged lo allend appropriate extemal courses which may assist them to carry out thelr
role.
STATEMENT OF TRUSTEES, RESPONSIBIUTIES
The Trustees (who are also the directors of the charitable group for the purposes of company law) are responslble for preparing the
Report of the Trustees and the financial statements in accordan￿ with applicable law and United Kingd()m Accounting Standard8
{United Klngdom Generally Accept8d Accounting Pr8Lticel.
The law applicable to charit*s in En9land and Wales, the Ch8ri1ies Act 2011, Charity (Accounts and Reports) Re9ul8tions 2008 and
the provision5 of the ItU51 deed requires the INslees to prepare financial 5taternenls for each financial yearwhich give a true and fair
view of the stale of affairs of the charity and ol the inGomin9 Fe80urces and apFrfication of Tesources. induding the incorne and
expenditure, of the thar¢ty foF th81 period. In preparir@ those finanrial statements, the Trustees are required to..
select suitable accounting policies and then apply them consi81enlly',
observe the methods and princi￿e$ in the Charity SORP.,
make judgements and estimates that are reasonable and pwdenl:
prepare the financial ststements on the going concern basis unless it is inappropriats to presume that Ihe charity will
continue in business.
The TTustees are responsible for keeping proper accounting records which disdose with reasonable accuracy at any Ilmethefinandal
position of tha charity and to enable them to ensure that the financial stat&m8nts comply with th8 Charities Act 2011, th& Charity
(Accounts and Repurts) Règulations 2008 and the provisions of the Iwust d88d. Thay are also responsiblé for s8f8gu8rding the assèts
of the tharily and hen¢e for tsking ￿¥SOn￿ble $l¢ps lor the prevenllon and dete¢tion of fraud and olhor lrrogulari11gs.
statement a¥ to Dlsclo8uro of Inforrnatlon to Auditorn
The following statements have been affim)ed by each of the T¥uslees of the charitable company..
50 lar 8s each Trustee is awar8. th&re is no relevant audit information. (that is inlormation néed8d by th8 companls auditors
in Connection with preparing their report), of wh￿h the company's auditors afe unaware,. and
68ch Twstee has taken all the steps that he l Bhe ought lo have taken as a Trustee in order to make himselfl herself aware ol
any relevant audit information and to eslabh'sh that th8 company's a￿lItorS are aware of that infomialion.

ST MARY'S ABBEY, QUARR
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEM8ER 2023
Audltor8
Bright Brown Limile¢J has indicated 118 willingness lo be reappointed as statutory auditor and a resolution lo re-appoint Ihem as auditors
will bé proposBd Bt tho n8xt Annual G8nar81 MÈèting.
This report ha5 bgeTI prepared in accordance with Ihe Statement Df Recommended Practice.. Accounting and Reporting by Charit¢es
(SORPI.
Rt Rev Dom Xavl8r Pèftin Abbot 8nd H88d Tru81É•

ST MARY'S AB8EY. QUARR
REFERENCE AND ADMINISTRATIVE OETAILS
FOR THE YEAR ENDED 31 DECEMBER 2023
RegSsl•red Company numb•r
098CfO82 (England and Wales)
Regl¥tornd ChaTIty number
1165957
Prin¢lpal address
QuarrAbbey
Ouarr Road, Ryde
Isle ofwight P033 4ES
Abbot and Head Trusteg
Rl. R Dotn Xavioi Perrin
Tru$teo8
R Oom Nlchola5 Spencer
R Dom Gregory Corcoran
Procurator
R Dom 8rian Kelly
Secretary
R Dom Brian Kelly
Audltor
Bright Brown Limited
Exthange House
St Cross Lane
Newport
1518 of Wight
P030 SBZ
Bankern Lloyd8 Bank plc 35 Union Street Ryd
Isleofvmghl P033 2LH
Invgstment managers
Charfes Stanley & Company Limlted 55 Bishopsgate
London EC2N 3AS

INDEPENDENT AUDITORS REPORT
TO THE MEMBERS OF ST MARY'S ABBEY. QUARR
FOR THE YEAR ENDED 310ECEM8ER 2023
Quallfled Oplnlon
W6 have audited the finanaal statements of St Marls Abbey, Quarr {the 'parent charilable company'l and ils subsidiary (the
'ch#ritabl& group'l for the year ènded 31 Decemb6r 2023 which compfise thè consolidated Sl8tement of Finan￿al Activit￿&s, the
consolidated and parent Balance Sheets, the consolidated St*ment of Cash flows and notes lo the financial $talemenls, including
o summ8ry of sS9nlficanl accounting p(4ioes. The finanaal ￿pOrt1￿j framework that has been applled In their preparalion Is applS¢8ble
law and Unit*l Kingdom Accounting Stsndards, induding FRS 102 °Th8 Fin8nci81 Rèporting Standard 8ppli¢8bl& In thè LIK 8nd
Republic of Ireland. (United Kingdom Gener81ty Accepted Accounting Practice}, and the Charities SORP 2019.
In our opinion, except lor the po&$i￿e eflects of the fflatter described in the basis for qualified opinion section ol our report. the
financial statements..
gSve a true and falr view of the state of the group's and parent charitable company's affalrs as al 31 Oecember 2D23 and of
tho 9roup's incominy resources and application of resources, in¢luding tt$ income and expenditure. forthe perwjd thèn ended..
hav8 bèen propèrly pr•par8d in 8ceordancè with Unit8d Kingdom Genorally Ac(*pt8d Accounting Practic￿,.
have been prepared in a¢coidan¢e with the requirements ofthe Companies Act 20[￿ and the Charities Ad 2011,. and
have been prepared in accofdance with Ihe Charities SORP 2019.
Basls for qualifled oplnlon
The group financlal staternents include cash donation irthme of £61,314 over which limited controls exist prK>r to the cash recelved
being recorded In tha parent charitabla company's accounting records. There were no practical procedures availatle to us lo confim
the cumpl8t&ne5s ol this income, and aecordingty, we wefQ unabl¢ to obtain sulfici¢rbl appropriate 8L¥Jil eviden￿ in thi8 8ra8.
Consequenlly. we were unable lo (IBI?iffline whether avTry adjvstrnents lo the amount of £61,314 of Eash donations incotng rgcorlled
wa5 necessary. In addition, were any adjust[F￿11 to the c&sh income to b8 Tequired, the Btralegic report would also need lo be
amended.
We conductecf our audit in accordance with Inlemational Standards on Auditing (UK) IISAS IUKII and applKable law. Our
responsibilities under those standards are further described in Ihe Audilo<s responsibilities for Ihe audit of the group and parent
flnanclal stalemenls secbon of our report. ive are independent of Ihe group and parent charitable company in accordance with the
ethical reouirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and
w8 hav8 fulfilled our ethical responsibilities in accordance with th8se requirements. Wè believe that the audit ￿idence w& have
obtained 15 suffiaent and appfopriate to provide a basis for our qualified opinion.
Concl￿1¢n¥ relating to golng ¢on¢•m
In auditing the finanual statements, we havé cttnclkjdad th81 the trust8è$' usa ol thè going conc@rn basis fkl 8tt0kJntw)g in the
preparation of th8 ffinanGval ststsmonls Is 8ppfopTiale.
Based on the work we have perfomed, we have noTrl identified any material uncertairrties relating lo events or conditions that,
individually or ¢ollectivety, may casl sigrMf5canl doubt on the group's or pgrènl charitable company's ability to ¢onlinue as a going
concern for a period of al least Iwelve mnlhs frorn when the linancial statements are authorised for i86ue.
Our responsibillbes and Ihe responsibillts'es of the trustees with respect lo going concem are descrlbed in the relevant sections olthls
report.
Other informatlon
The Ifustses responsible for Ihe othgr information. The other itrfgimalion wmprises the infvtrnalion indudetl in tho aTinual ToPQrt,
other than the financial slalemen18 and our audltof s report the￿on. Our opinion on the finan¢lal stslemenls th)es not ¢ovef the othe
Infonnation and, èxcapt to th8 8xtenl othanp4ls8 èxplleidy stated in oui report, wè dts not express any form of assurancè eA)ncluslon
thereon,
In connection with our audit of the group and parent financial 81alemenls, our responsibility is lo read the olher information and, in
dolng so. considerwhell)er IhÈ other infomalion18 maleilally in¢on$i$lenl with the financial slalÈmenl$ or our krwledge obtained in
the audit or otherwise appears to be rnaterially misstated. 11 we identify such material inconsistencies or apparent material
mi8st8temenls, we are required lo delemiine whether there is a material misstatement in the finanrAal statements or a material
misststement of the other InfO￿lIa1￿)n. If, based on the work we have performed, we conclude that the￿ is a material misslatemenl
of Ihls other information, we are required lo report Ihal f8c
As dÈscribed in the basis for qualified opinlon seclion of ourieport, we were tsnable lo satisfy oursefves concerning the cash donation
incomo of £61,314 recorded in the period. We have concluded that where the other information rèfers donations income or related
balances such as total ￿cOMe il may be rnalerialty rnisslated forthe same reason.

INDEPENDENT AUDITORS REPORT
TO THE MEMBERS OF ST MARYS ABBEY, QUARR
FOR THE YEAR ENDED 31 OECEMBER 2023
Opinion8 on other mattgrs pres¢ribgd by the Comp#nles A¢t 2006
Except for the posSi￿e effècts of the matter described in the basis of qualified opinion section of our rèport, in our opinion. based
on the work undertaken in th6 course of our audit..
the informaiKin given in the Trustees, Report. including the incofporaled Strategic Roport ts Ihe financial period foi which Ihe
accounts are prepared, is ttonsistenl wlh the financial statements., and
the Trusle8s' Report. ￿n￿dIng Ihe incorpDTaled Strategic Report, have been prepared in accordavKe wlth applicable ￿81
r8quiremenls.
Matter3 on whlch we aro required to report by Èxeeptlon
Except for the matter described in the basis ol qualifsed opinion section of our report, In the light of th& knowledge and understanding
ol the group and the parent charitablè company and their envivonmgnl obtained in Ihe course of the audit, we havè not identified
materi81 misstatements In the TTu81ees' Report, including the incorporated Strategic R&port.
Arising solely from the lirDitation on the scope of our work relating lo cash dgnalicffl irthmè. r8ferred to above..
we have not obtslnèd all the informauon and explanations that wé consider necessary for the Pufposes of our audit., and
we wÈr8 unable to detem)ine whethw adequate accounting fecords have b8en kept by the parent charitable company.
We have VK)Ihing to report in respect ofthè followng Matte15 where the Companies Act 2W6 requiTe8 U8 to re[￿ to you If. in our
opinion..
felum5 adequak for tsur aLwJil have not been received from branches not VlBiled by vs,. or
the group and parent Ilnancial statements are not in agreement with the accountinu records and rotums., Of
certain disclosu￿S of tTUStees' remunèration specified by law are not made.. of
the tru51ees were not 8ntitled lo take advantage of the small cornpanlès 8xemplion from the Tequiremenlto prepare 4 Strotegic
Report or in preparing Ihp Report of IhÈ Trustees.
Re$pon8lbllitles of trustees
As expl8inad rnOFe fully in the Irustee5' reSponsib￿ltieS Statement set oul on pag8 6. the Iruslees {who afe al$0 the direL%or5 of th8
group ch81itable company for the purposes of company lawl are responsible for the preparation of the group financial statements
and for belng satisfied Ihat they give a true and fair view, and for guch internal control as th8 trustees delefmlne is nece88ary lo
enable the preparation of financial statemen18 that are tree from vnaterial misstatement, whelhei due to fraud or 8r(or.
In preparing the group ffinancial ststements, Ihe trustees are respon8ible for assessing the group's and the parent charitable
company's ability to conts'nue as a 90ing concem, discjosing, as applicable, matters re131ed to going concern and using the gomg
concein basis 01 accountin9 unless the trustees either intend to liquidat8 the group and parent charitable ¢(*npany or to cease
operations, or have no realistic atternative bul to do so.
Audltorfs rn8ponsibilitles forthe audlt of th• flnancial statsmeEJts
Our objectives are to obtain reasonable assurance about whethei the group financ4al slglements as a whole are freè from material
mi&slatement, whether dkJ& to fraud or errol, and to issue a RepDrt of the Independent AuditOf8 Ihat includes our opinion. Reasonable
assurance is a high lev81 ol assurance, bul is not 8 gtjaranlee that an audlt conduoted in accordance with ISAS {UKI will a￿ayS delecl
a material misstatement when it exists. Misstatements can arise ffom fraud or error and aig considered material bf, individually or in
the aggregate, th*y could reasonably be expected lo influeneA thé 8conomic decisions of users taken on the basis of IhesB fiviancial
statements.
Irregularities. includino fraud. ale instances of non-com￿lance with law& and regulations. We design proceduies in liné our
responslbilities, outlined abDve, to detect rn8terlal misst8iemenls in respecl of irregLJl8rits'es, including fraud. The exlenl lo which our
procedures are capable ol delecling irregularities. including fraud is detailed bèlow..
Basgd on our undgrslanding of Ihe group and par•nl charitable company, tho prinripal risks are that of management overyKlè Of
controls. valuation of investment properties, potential fraud in fevenue reeognition and polential for undisdo3ed related parties. The
ell9a9e￿￿n1 tèam considered these risks and audit procedures were und8rt8ken as follows..
Discussions with management regarding the abilityto ove￿Ide ￿ntrOl5 8nd iaviewof proc&86es in placeto confirm rK) oveTride
had oC(￿rred.
Extension of sample sze8 relating to revenue recognition.
Review of oxternal valuer reports rÈlaling to the investment propewties held.
Revi8w of financlal statement disclosures. induding completion of a Televanl disclosure checklist.
Discussions with management regarding transactions with related partl8s, induding consideration of any known or su8pected
in$tsn￿S of non-compli8nce with laws and fegulations or of fraud, and a review ollhe nominal ledger.
10-

INDEPENOENT AUDITORS REPORT
TO THE MEM8ERS OF ST MARVS ABBEY, QUARR
FOR THE YEAR ENOED 31 DECEMBER 2023
There are inherent limitations in audit procedures described above. and the fvrther removed npn<ompliance wilh laws and
regulations 18 from thè events and transactions reflected in financial 81al&rnents. the less likew we are lo become aware of it. The
risk of not deleciing a material mi5slatemenl dueto fraud is higher than the risk of not detecb'ng one resulting from èrror as fr8ud m8y
involve deliberate concoalrThenl or intentional mlsrepresentalions.
A furlher descTiplion of our ￿sponSibl11118S for tha audit of tha fina￿181 statements Is located on the Financigl Reportlng Coundl$
website at.. www.fre.org.ukJaLKlitorsresponsibililies. Thls description form5 part of our audllof$ report.
Usa of our report
This report is made solely to the par6nt charltable company's mernbers, as a body. iri ac¢ordan¢e wSth Chapter 3 of Part 16 of the
Companies Act 2CK)6 and with Chapter 3 01 Part 8 of the Ch8rilie$ Act 2011, and fegulaions made under Section 154 of that Act.
OUF audil work has been undertaken so that we might state to the parent chaT*lable company's members those malters we are
requirèd lo statè to Ihem in an auditor'8 report and for no olhef purpos¢. To the fullest extent permitted by law, we do not atspl or
assume responsibilrty to anyTh)e other than the group and the parent charitable coryany's mefflbers 8s a body. for our audit work.
forthi8 report, or fof the opinions we have fomied.
David Stevens ACA (Senior Statutory Auditor)
For and on behalf ¢f Bright Brown Limit8d
Slalulory Auditor, Chartered Accounlanls
Exchan9a House
N¢wport
Isle of Wight
P030 58Z

ST PAARY'S A8BEY, QUARR
CONSOLIDATeD STATEMENT OF FINANCIAL ACTIVITIES
{INCORPORATING AN INCOME ANO EXPENDITURE ACCOUNTI
FOR THE YEAR ENDED 31 DECEMBER 2023
Total
Funds
2023
Total
Funds
2022
Unrestr5¢tsd
Fund$
Rgstrlcted
Funds
Note
Income and Endowment• from..
Donations and legacies
Olher trading a¢bvities
Investment income
Olher
492,136
869,725
85,736
6,150
488,286
833.147
869,725
748,666
65,736
78,718
IKM) 11804
Total Income
1.442,597
6.150
1,448,747 1.672,335
Expenditurè on:
Raising funds
Charitable activilles
878,812
573
878.812
590 791
741,Q90
589 288
Total expendlture
1,452,6eO
16.943
1.469,603
1,330,378
Net g81nslllosses) on inveslm?nts
10
2.703
2,703
60,725
Net lncornè1lèx￿ndItUre1
(7.360)
110.7931
{18,1531
402,682
Transfers behveen fLmd$
Ngt movement In funds
17,3601
110.7921
(18,1531
402,682
R•¢on¢lllation of fund$
Totsl funds as at 1 January 2023
4 327 471
3 965 075
Total funds ￿ at 31 Decern￿r 2023
4.320,111
29,493
4.349.604 4.387.757
All I￿￿)me and expendlturè has arisen fFom continuing actSvities.
The accompanying accounting poliaes and notes form an Sntogral part of these finandal statements.
The indwidual resutts ofthe Charty alone are included in the nola to these acLounts and arg not Pfesented as a primary
Blalernent in accofdance with $408 Companies Act 2006.
12-

ST MARYS AB8EY. QUARR
BALANCE SHEET
AT 31 DECEMBER 2023
Total
Funds
2023
Total
Fund¥
2022
Unrestrfcted
Funds
Restri¢tèd
Fund¥
Note
Fixed ￿ets
Tangible assets
16
863,647
863,647
871.122
Investment propartiès
Investments
17
18
2,300.000
836 050
2,300.000 2,300,000
3,999.697
3.099,897 4.008.731
Currènt assèts
Stock5
DeblD15
Cash al bank and In hand
19
20
2,500
194,542
2,500
104,542
247
4.000
?48.655
322
415.045
29,493
444.538
474,￿a7
Creditors: amounts falling duè
within one year
21
201
104110
Net ¢urr•nt assets
493
360
370 887
Total a8$ets le88 curront liabillties
4.330,541
29,493
4.360,034 4,379.fj18
Creditors.. amounts falling due In
More than one year
Net Assets
4.312,824
29,493
4,342,117
4,362,978
Funds
Unie5tri¢led funds
Restricted funds
4.312,S24 4.322,692
23
Total Funds
4.342,117
4,362.978
These financial statemen15 have bgen prepared in accordance with thè sp8cial provision8 of Part 15 of the Companies Act 201
relating to chaiilable small cx)mp8nies.
The finanrAal slalements were approved by th8 Board ofTnJstee8 on %l%lzg4 Bnd were slgned on behalf Lry..
Ff Xavier Perrin
Head Trustee and Abbot
14-

ST MARY'S ABBEY. QUARR
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Note
Cashflow from operntlng a¢tlvltloS:
Cash ganerated from operations
See below
{59.6481
Ngt Cilsh provided by fU￿d inl
operating activili
{59.646)
378,110
Cash Ilows from Invg8tlng actlvltle8'.
Purchase ol tangible frxed assets
Salo of tangible fixed assets
Purchase of investment properties
Sale of Investments
Purchase Of invé$tments
Inveslment income re￿iVed
127,9291 (353.831)
{44,0651
47,039
232,0
145,0691 {133,9C151
Net cash Provid￿ by (used Inl
Inve8tlng ac￿VItieS
Cashfl¢)w from flnanclng a¢￿VItieS
Hire purchase repayments
Net ¢a$h provld•d by (used Inl
Financlng octlvltlè#
15.034)
(5501
Change in cash and cash èqulvalents
In the reportlng period
14,9031
158.873
Cash and cash equlvalgrts at the
Beginnlng of the rgporting perlod
363 877
07
Cash and cash equivalents at the end
of tho raporting perlod
358,974
363,877
RECONCIUATION OF NET INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES
2023
2022
Net Incomellexp¢nditurè) lortha rnporting perlod (aB per thv $tstement
of flnanclal a¢tivitie81
Adjustments for.
Dèpfèciation charges
Lo551lprofitl on disposal of r￿ed asgats
Chaftge in market value of inveslm8nls
Falr value gains on investment proptrrty
Investment ¢ncome
Decreasellin¢reasel in stock
Decr8gsellincreasel in debtors
Increasèlldecreasel in creditof8
{18,153)
402.882
54,717
46,189
(4111
81.802
1140.935}
178,7181
113,409}
23,811
185,7361
1,099
112,5911
Net cash provided by {used inl operatlny aetlvltl•$
159,646}
378,110
ANALYSIS OF CHANGES IN NET FUNDS
At
01101123
Ca$h
flow
Non cash
Change8
At
31112123
Net Cosh
Cash al bank anij in hand
363,877
{4,￿3)
358,974
Borrowlng$
Debt du8 With one year
Debl due in more than one year
{3,520)
5,034
17,513)
15,999)
Totsl
343,717
131
18,7goi
335.058
15-

ST MARY'S ABBEY, QUARR
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CHARITY INFORMATION
St hlary's Abbey, Quarr, an Incorporated Ch?Tity, was incorporated in England and Wales on 2 October 2D15 by Artlclas of
A$soaation and is constituted by guarantee. The re9isleied company number is 00981J6C62.
ACCOUNTING POLICIES
8a81¥ of prtrparing the financlal 8tatemeni8
The finan¢ial statements of thè charStBbla company. which 18 a public benefil pntity FRS 102, have been prepared in
accordance with the Charitie8 SORP IFRS 1021'Accounling and Reporting by Charrtie5'. Slalemonl of Re¢ommended Practice
Bpplicable lo charities preparing thgir 8ccounts in accordance with the Financial Reporting Standard applicable In the UK and
R&public of Ireland IFRS 1021 lelleclive 1 January 20191,, Financial Reporting Standard 102'The F1rt8nei81 R8POrting St8ndard
applicable in the UK and Republic of Ifeland, and the CoMp8ni8s Act 2006.
The financial statements have been prepared under the historical cost ￿c￿VentIOn with Ihe exception of investments, which
are bnclUd￿ at market value.
The Iruslee8 consTrder that there are no material uncertainties about ihe chafitles #bility to ¢ontinua as a going concem.
The presentation ¢Ufren¢y ￿e0 in thè ffinancial $tatemenl$ is £ sterfing.
Parènt Charity dlsclosure exemptlons
In preporing the separate financial statements of the Pa￿nI cA)mp8ny, advantsge has been taken of the following disclosure
exemptions..
Sedon 7'Statemenl of Cash Flows,: Presentation of a st8tem8nt of cash flow and related notes and disclosure8,'
Section 11 '8881¢ Financi81 Instrum8nts' and section 12 '0ther Finallcial Instruments, Dlsclosures In respect of the
parent charitys financial ￿nstrU[n¢￿ts have not been presented as equivalant di$dosurès are included in respect of Ihe
group as a whole.,
Group Flnanclal Statements
The financial statements consolidate the re3uIt5 of the charity and it's wholly owned subsidiary Quarr Abbey Enterpris8s
Limited on a line.by-line basis. Intercompany Iransadions and balances between the two enlilie3 hav2 béÈn elimin8t8d in full.
A sgparate Statement of Financial Actnrities foT the charity ha# not been presented in full as the Charity has taken advantaye
ofthe exemptions afforded ty s408 of Ihe Companie8 Act 2OJ6. Sutnmary infomialion is provided in note 15.
In accordance wtth the Irans+llonal exemptions available in FRS 102, the group has chosen not to relr08peGtivety apply the
standard to IhB bu3ine5s ¢omblnallon$ Ih8t occurred before the dale of Iransltknn.
Fund accounting
Unrestricted lund5 can be u$od in aCcOr(lan￿ with the charitable objeclives 81 the discrÈtion ol tha twst6es.
Restrlcted funds can only be used for parti¢u18f réstricted purposes within the objec*8 ol the charity. RostriEtions arise when
Specified by the donoT OT when funds arè raisèd for particular reslricled purposes.
Further explanation of the nature and purFX)39 of ew¢h fund is included in the notes lo the financial 8talom8nls.
18

ST PIARY'S ABBEY, QUARR
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2023
ACCOUNTING POLICIES Icont..)
Incom•
All income Is recognized ui the Statement of Financial Aclwilies once Ihts tharity has ¢nlllemenl to the fvnds, il 15 probable
that the income will b8 recèived gnd the amtyJnt can be mea8ured reliabty.
Income18 the amount d8TiV8d from ofdinary activitles and stated after discounts and 58 ntst ofVAT.
a) Grants
Income from grants is rewised, using the p8rform8n¢e model, when the charity has en￿tlement lo the fuNls, any
pèrfomanc8 conditions attached to the grant have beon Sati￿ed, recelpt of the income is probable and (he amount can b8
egsured rBliably.
b) Donation5
Income from donations Is r8cognised on receipt. Except where the donation includes lems and condilions, In which case
income is recogni8ed once any performan¢e conditi￿S attached to Ihe donation have bÈèn 98tisfièd.
¢) Legaues
Income from *acies is TecognisÉfl whén thÉ charity Is aware that there has been grant of probate, notffiealN)n has ￿en
received from Ihe executors that a distribution wll be wnade and any conditions attached lo the I￿a¢Y have been satisfièd.
WheFè the charity has been notified of a legacy bul IheTe is uncertainty 1¢ the amount of Ihe payment the legacy, (B treated as
nlingenl assgt,
d) Sale ofgoods and ￿f￿ShM0nts
Income from goods and rélreshments sokl through the trading subsidiary is recognised on the supply of goods to the buyèr
and the income from the sale and c05t of the good$ sold can be measufed reliably and incomé is probable.
el Investment income
In￿me frorn funds held on deposit IB re¢ogni8ed when rec8iv8ble and the anount can be measured reliaNy by the tharity.
Covenanted penslons
Covtsnanled pensions are pensions receivable by membèis of th8 community which Ihey pay lo the charity under deod ol
venant. Covenanted pen&ons are recognised when receivablo and the amount can be measured reliably by the chafity.
g) Gueslhouso takings
Gue51house tskiws are donations made by guest for using the gue8thou$É facilltigs. Income 15 Wognised on receipt.
Expendliure
Liabilities are fecognised as expendituie as soon as there is a legal or constructive obligation ¢ommittin9 thè charity to that
expenditure. it is probable that a transfer of economlc benefrts will be required in selllemenl and the arnounl pf the obligation
an be measured reliably. Expenditure 18 8ecount8d foy on an accruals basis and has been cla55rfied under headings that
a9gregate all cost related to the c*egory. ￿ere costs e8nnol be directly atlributed to parts'cular headings they have been
allocated to activities on a basis consistent with the usp of resOu￿e&.
Allocation and apport5onment of costs
Support costs are those fvnctions that assist the work olthe charity bul do not dlrectly undertake charilable activ￿es. Support
costs include pèrsonnel, finance, administratwe and governance costs whTrch support the operation of the charity and ils
activities. Thes6 e05ts are ollocaled between the costs of charitable 8¢tNlll&s 8nd 18ising funds. Further details of sUPPOrt
G05ts are provided in note 9.
Services providè(J by mombars of thè Community
For the purpos85 of th￿ accounts. no monetary value has been pla¢ed on tha hospitality. administration and other service8
provided by tho members of the communty.
Investments of 8ubgldLgrl•s
Inveslmenls in subsidiaries are induded at ccsl less impairrnenl.
17-

ST MARY'S ABBEY. QUARR
NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI
FOR THE YEAR ENOED 31 DECEMBER 2023
ACCOUNTING POLICIES Icont..)
Other inve8tm•nts
Listsd inv8Stments ale Includ8d at their market value. Realised and unroallzgd gains and 10&8es are recognized in Ihe
statement of finanaal adivitses In thè yé81 in wh￿h they arise.
Unlisted investments are included at C081 le88 ImpaSm)ent.
Tangiblp fTrx¢d assets
All tangible thxed assets Bre initially recognised 81 cost. Individu¥l tsngible fixed assets are capilalised and are deprèdalÉd
over their èstlm8ted economic lives on a slraighl line basi5. Lower am¢)unls are Èxpensed in the year of purtha8e
Depreaalion 18 provrded al the followlng annual rates..
Freehold property
Motor vehides
Furniture and equipment
10% and 20°/
100h and 20%
InvBstsngnt Propertie8
Investment propety, which is propety hdd to earn ￿￿1318 8ndlorfor caP￿al appreclalion, is initially Tecugnised at Q)81, whkh
in¢lude8 th@ purchase cosl and aTry directly allribulable expenditure. Subsequently it is rneasured al fair v*ue 8tthè reporting
end dale. The surplus or déficit on revaluation is recognised in the Slalemenl of Flnancial Activities.
stocks
Slod(s represeFTrting good$ held for sal& by th8 trading S￿￿'diary afe rneasured at the lower of cost and the estimated selling
prlce less costs to sell.
Crèdltors
CfedIto￿ are recognised where the charity has a presènt obligation resulting from pa81 events that will WObab￿ fe$ull In the
Iransler of fvnds to a Ihird petty and the amount lo be sellled carb bo moasured or estimated reliably.
Leases
As5815 acquired under finance leases are capitalised and dÈprèu8tad OV6T the shorter of the lease term and the expeded
Useful life of Ihe asseL Minimum lease payments are apportioned b¢tween the finan￿ charge arKI the reduction of the
outstanding lea8É 118bility using th8 effective interest method. The related rt)ligatlon$, net of future finaTr￿ charges, are
included in ¢xediloF8.
Rentals payabF8 and receivablè kjnder 0￿ratIng180$eS are charged to Ihe SOFA on a 51raighf Ilne basls over the period of the
lease.
Flnanelal Instruments
The charity only has financial assets andfinanci81 lTrabilitiès of Ihe kind that qualify as ba8icfinancAal in8lfumenls. Basi¢finan¢lal
instruments are Iniknally ￿CogniSed at Iransaction value and debt instwments are subseqLbenlly measuTed al afflort18ed oo$t.
Loan to subsldlary company
The ChaTlty accounts for a loan to ts subsidiary trading company 8S 8 concesgonary loan. The loan is measured al fho
amount paid. No inlwEst has been accrued.
Taxation
The charity is Bxernpt Ifom ¢oYporalion tsx on Its CharIta￿e aclwthe$.
Judgements In apptylng aecountlng pollelas
In preparing these financial st81oment5 the tiustees have made the followingjudgeménts..
Determinin9 whether income is restricted or unrestricted. These decisions d6p&nd upon whether the donor has given
the income subiect lo ¢9rt8in lefms or conditions which impose a reslnction in trust law.
Determining the Allocation of support costs to activities. These decision5 depend upon whether the costs can be directty
attTibuied to an aclivity Dr shared between specific activities. The balance of tJ)sts is apportioned be￿een the aclivilies.
Key sources of estlmation un¢ertalnty
Tangible fixed assets are depreeialed tsvèr their uselul ecA)nomic lives taking Into 8ccourit resldual values, where appropriate,
Tha actual lives of the assels and rosidu81 valLJe$ may vary depending on 8 rn)m￿r of faciors. Factors affecting Ihe lives of
8$SBts indude techrn)logi¢al innovatitsn and maintenance progTammes.
18.

ST MARY'S ABBEY, QUARR
NOTES TO TFIE FINANCIAL STATEMENTS ICONTINUED)
FOR THE YEAR ENDED 31 OECEMBER 2023
DONATIONS AND LEGACIES
2023
Uftrestrlctèd
2023
R￿trIcted
2023
Total
2022
Total
Donations
Lg98CiOS
Grants
Donated guest house tsklngs
Ma$8 offèrings
Covenanted pen8ion8
302,881
28,511
8.950
309,031
28,511
326.250
56,995
332.845
51.132
26,682
57,704
49,756
57.704
49,756
482.136
6,150
488,286
833,147
Grants recaved. inclLvJed in the above, are as hllow8:
2023
Unre$trfj¢t¢d
2023
R•8trlcted
2023
Totsl
2022
Total
Church Abbèy roof and windows
Abbey ruins proj9Ct
Listed pl8co$ of worship
Infiftnary roof
Other
211,208
30,QtK>
38,358
51,158
332,845
Included in donation$ 18 an amotsnl of £4,27212022- £4,011) raised by the Frlends of Quarr on behalf of the charity.
OTHER TRADING ACTIVITIES
2023
2022
Sales of Quarr Abbey products
Tea shop and fam) shop
Holiday cottage rental
Art at Quar¥
Book bindery
Eslale
26.687
762,200
37,800
17.3fj6
12,450
29,493
673,280
28,800
13,303
5,4eo
869,725
74e,666
19

ST MARYS ABBEY. QUARR
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2023
INVESTMENT INCOME
2023
2022
Investment portfolio I1￿OMe
Rental income
Interest receivable
32,740
51,536
26,830
51,603
285
85.7
78,718
OTHER INCOME
2023
2022
Miscellaneous income
Feed in tariff
{Loss)Iprofit on sale of inve8lments
118
6,219
5,000
11,804
RAISING FUNDS
2023
Unre8trictsd
2023
Rostrlcted
2023
Total
2022
Total
RAl8lng fundg
Investmenl management fee5
Tradlng: Cost of sales and other co8ts
C051 of auarr Abbey products
Book blndery
Trading company direct costs
Holiday let commission and expenses
Repairs, maintenance and cleaning
Public rdalions and matheting
ght & heal and ttthér èslablishm6nt &xpenses
Bank charges
Support costs (note 91
3.920
3,920
4.260
8.885
10.545
369.636
12,961
5,805
26,408
72.783
3,422
8.865
10,545
389,636
12,961
5,805
26,408
72,783
3,422
10,569
313,686
13,815
16.938
30,087
32.201
613
878,812
878.812
741,090
-20-

ST MARY'S ABBEY, QUARR
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2023
CHARITABLE ACTIVITIES COSTS
2023
Unr•Btrfet•d
2023
Restricted
2023
Total
2022
Total
General upkeep ofthe Ablw and
IV$ Communlty
Premises costs
Personal and living costs
Motor expenses
Education costs
Hire purchasè int8rnst
Miscellaneous costs
Repai18
Support ¢08ts Inolo 91
92,823
51,711
8,729
3,894
1,135
5,586
21.125
92.823
52,711
8,729
3,894
1,135
5.586
21.125
73,394
47,015
6,741
3,908
144
12,058
81,607
355 275
1,QOO
206 580 142
Othar eharftabla aetlvlti
Funded by Friends of Quawr
Other
Conservation of the Abbgy Tulns
1,749
1,749
19.415
482
19,415
718
19,415
15,943
35.358
Donations
Donations
227
Total Charitablo A¢twili88 cnsls
573.848
16,943
590,791
S89,288
SUPPORTCOSTS
2023
Charftable
Actlvltles
2023
Ralslng
Fund$
2023
Total
2022
Total
Staff eAlStg and emduments (note 131
Staff WBWaie and training
DepTeualion
Profrt ofi di5POsal offfixgd ass8ts
Legal and profe$gion81 Èxpènses
Tradlng company overheads & PFUmarketing
Offlce and administralwe c08ts
263,004
269,9Q7
s33.￿1
484,010
973
46.189
44,194
2,364
32,638
10,523
54,717
2,364
32,638
83,927
44.440
74,357
83.927
364,203
364,447
728.650
674.196
The adrninislralive costs of Ihetradlng subsidiary are allocated lo fund r8ising support cost, all other8UPPOrt Costs are alk)cated
to charitable aclivilies.
10. NET GAINSIILOSSESI ON INVESTAqENTS
2023
Unrtr¥trict•d
2023
R•strlcted
2023
Toial
2022
Totsl
Revalvatlon of inve51menl proper￿e5
Gainslllosses) on investments
140,935
2.703
2,703
60,725
21

ST MARY'S ABBEY, QUARR
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2023
11. NET EXPENDITURE
Not incom8]18xpendilure) 18 81ated after chargIn￿{cleditingl'.
2023
2022
Audllors fees
Dèpreciation- owned assets
11.450
54,717
11,450
46,189
12. TRUSTEES, REMUNERATION, BENEFITS AND EXPENSES
There wore no trustees. remuneration or olhei benefkts or expenses pald to Trustees for the year ended 31 December 21Y23,
nor frjr tha year ended 31 Oecember 2022.
13. STAFF COSTS
2023
2022
Wages and sal3rte8
Social security costs
Pension costs
497.448
27.974
446,892
29,815
533.ODO
484,010
The average monthly number ol employees duiing the year was as follows-
2023
2022
General upkeep ol the Abbey and ils communty
Adminislr8ti
Tea Bhop and farm shop
10
26
38
33
No ern ￿0yeeS receSved emolurnents in excoss of£60.000.
The Group operatès a dèfined contribution pension scheme for employees with the funds held by an exlemal provider. The
above wntribution8 Wgro paid to the scheme in the year. At the year end £2.696 (2022- £1.7431 was due to the scheme.
The totsl costs attribvtable lo senior m8n8g&ment personnel amounted to £107,571 for the year lo Dèc8mber 202312022..
£104,523). Senior management P8fsonnel comprise trie Director of Fundraising and Operations, Comtnetcial Manager and
Head G8rdan•r.
Due lo chang¢$ In the year, the comparativ•s ar& not a like for like comparison, but the roles are simllar.
-22-

ST MARYS ABBEY. QUARR
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2023
14.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrgstrieted
funds
Restricted
fund3
Total
funds
INCOME AND ENDOWMENTS FROM..
Donations and Segacies
other trading ath'vilies
Inveslm&nl Incom8
Othei
529,320
748,686
78,718
303,827
833.147
748.e66
78.718
Total
1.368,508
303,827
1.6n,335
EXPENOITURE ON:
Raising funds
Charitsble activities
741,090
741,090
Total
1,313.296
17.082
1,330,378
Nel gainsllosses) on inveglments
e0,725
60,725
NEf INCOMEIIEXPENDITURE)
115.937
286,74S
402.e82
Transfer3 beiween funds
262 368
NET MOVEMENT IN FUNDS
378,303
24,379
402,682
RECONCILIATION OF FUNDS
Total funds brought 8s a11 January 2022
396507
TOTAL FUNDS CARRIED FORWARD
4,327,471
40,288
4,367,757
-23-

ST MARWS ABBEY, QUARR
NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2023
15. PARENT CHARITY RESULT FOR THE YEAR
The Pa￿nI charlly has taken the 8xemplion under S408 CA2￿ to not present its own separats Statement of Finand81
Activities. A summary of118 financial result is presented beknw..
2023
2022
Totsl income
Total expendiluTe
Net gainsl(losses} on investments
711,958
1,028,620
(735,5201 1687,3161
2 703 ￿￿725
Nel movements In funds
120.861)
402,￿29
Total funds brought lotward
4 382 978
Total funds carried fO￿ard
4,342.117 4,362,978
16. TANGIBLE FIXED ASSETS
Group
Ffeghold
Property
Pjbotor
vehlcles
Fumlture &
egulpment
Total$
COST
Al 1 January 2023
Additions
Disposal
977.196
30,210
351,382
36,719
1,358,788
36,719
At 31 Décamber 2023
382 675
1390 081
DEPRECIATION
At 1 January 2023
Charga for year
Eliminatéd Dn disposal
83.496
19,$43
2,899
293,774
31,528
380.169
54,717
At 31 Da¢8mbar 2023
103 139
319876
NET BOOK VALUE
At 31 DecembBr 2023
874.057
23,765
e2,799
960,621
Al 31 December 2022
893,700
27,311
57.608
978,619
The motor vehicles and equipment included in the Group and Charity fix￿ 88set schedule included assèts wth a net book
value of £36,66012022- £24,336) acquired under fjnance ￿ase agreements. with depreciation being thaiged ih the year al
£3,27612022 - £6241
-24-

ST MARYS ABBEY, QUARR
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED}
FOR THE YEAR ENOED 31 DECEMBER 2023
16. TANGIBLE FIXED ASSETS IConL..)
Charily
Freehold
Property
Motor
vghi¢le$
Furniture and
equlpment
Total
COST
Al 1 January 2023
Addlllons
Dlsp¢sals
854,511
30.210
241,615
36,719
1.126.336
36,719
At 31 December 2023
30 210
1 157629
DEPRECIATION
At 1 January 2023
Charge for year
Eliminated on disposal
57,358
17.089
2,899
3,546
194,957
23,559
255,214
44,194
5426
Al 31 De¢embèr 2023
293 982
NET BOOKVALUE
At 31 December 2023
780,064
23,765
59.818
863.847
At 31 December 2022
797,153
27,311
46.658
871.122
17. INVESTMENT PROPERTIES
2023
Group
FAIR VALUE
Al 1 January 2023
Addition
Net gains through lair value adju51ment
2,300,(hJO
Al 31 Oecember 2023
2.3(K),OOD
2023
Charity
FAIR VALUE
At l Janu8ry 2023
Additions
Nel gains through fair value adjustment
2,30D,000
At 31 December 2023
2.3(YJ,OOLI
The fair valtje of the invoslment property has been arrivèd 81 on the basis ol 8 professional valuation by Tirn Smart.
Surveyors, a10¢81 independent chartered sU￿ey0r. reviewed in June 2024.
-25-

ST MARY'S ABeEY. QUARR
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2023
18.
FIXED ASSET INVESTMENTS
Group
Cash and
$ètt18m&nts
ndlng
Ll8ted
Inve9tments
Unli¥ttd
Investrnents
Totsl$
PIARKET VALUE
At 1 January 2f)23
Addition3
Oisposals
Other movement
Revaluatlons
617,375
45,069
(53,197)
12,2921
16,OC6
4,228
837,607
45.069
153.1971
3.866
e,158
Al 31 DÈcembÉr 2023
809.f)58
16,006
10,384
836,048
NET BOOKVALUE
At 31 December 2023
809,658
16,006
10.384
836.048
Al 31 Oe¢ember 2022
817,375
16,f
4,226
837.807
Shares in
Group
Undertakin
Ca8h and
8ettlements
pendlng
Listsd
Inve8tmBnts
Unllstad
Invosbnents
Charlty
Total¥
MARKET VALUE
At 1 January 2023
Addltions
Disposals
Other movements
ReValuat￿n5
817.375
45,C69
153,1971
{2.2921
16,OC6
4,228
837,609
45,069
153,1971
3,866
6,158
At 31 DÈcèmb8r 2023
809.658
16,006
10,3B4
836,050
NET BOOKVALUE
At 31 DecembeT 2023
809,658
16.006
1Q,384
836,050
Al 31 December 2022
817.375
16,Q06
4,226
837.809
-28-

ST MARY'S ABBEY. QUARR
MOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2023
18. FIXED ASSET INVESTMENTS (Cont . .)
At 31 December 2023 8nd 31 December 2022 the charity had a 100% holding of the ordinary share capital in a subsiolary
company, Qugrr Abbèy Enterprises Limited Icompany Registration nwnbtsr 036fJ9559), a company incorporated in Eroland
and Wales, wilh a registered Office al Quarr Abbey, Quarr Road, Ryde, Islè of Wight. P033 4ES. The tradin9 company's
objeds are lo operate the lea shop, farm shop and the Abbey shop.
The results of the subsidiary are indudgd In thg consolidated ac£ounts. A summary of the Iradlno company'g results Is
prèsented below..
2023
2022
Turnover and other In￿Me
Cost of sales and administrative exper￿9
Interest payable
762,201
673,260
(734,0801 1632,5981
14
Profftllbssl for financial year
28,118
40,850
Retain8(l e8rning$ brought forward
4.779
4.129
Distributions lo St Mary'6 Abb8y, Quarr under Gift Aid
Retained earnings carried forward
7,487
4.779
2023
2022
Total assets
Total liabilities
233,351
225 862
173,528
Aggregate shar¢ Capital and reserves
7,489
4,781
19. STOCKS
Group
2023
Charlty
2023
Group
2022
Charity
2022
Goods foi r6s8
27,390
2,500
28.498
4.CN)O
20. DEBTORS: AMOUNTS FALUNG DUE
WITHIN ONE YEAR
Group
2023
Charlty
2023
Group
2022
Charlty
2022
Trade debtor8
Amounts owed by gfOUP undertaking¥
Prepayments and accNed in¢A)m8
Other debtors
3,086
3,088
161,725
15,519
189
189
128,429
12,143
15,519
12.143
31817
194,542
20.226
148.655
Amounts owed by group undertakings in¢lude$ an unsecured loan to the charity's trading subsidi8ry. the klan is accounted
for as a eoncessionary loan.
-27-

ST MARY'S ABBEY. QUARR
NOTES TO THE FINANCIAL STATEPIIENTS (CONTINUED}
FOR THE YEAR ENOED 31 DECEMBER 2023
21. CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
Group
2023
Charlty
2023
Group
2022
Charfty
2022
Trade creditor$
TaKalion and Bocial ￿urity
Hire purchase
Accruals
Other creditors
53,272
36,415
5,999
49,234
29.346
4,675
5,9QO
42,562
56,848
19,036
3,520
58,825
36,654
4.681
3,520
55.523
148.338
84,201
144,430
104,110
Js
22. CREDITORS.. AMOUNTS FALLING DUE IN MORE
THAN ONE YEAR
Gmup
2023
Chartty
2023
Group
2022
Charlty
2022
Hiie purthase
17,917
17.997
16.640
16,640
23. RESTRICTED FUNDS
Restricted funds can only be ijsed for pai*cular restricted purp08e5 Within the objeds of the charity. Restrictions arise when
specified ty the donor or whÈn fundg are raised for particular reslricte(I purposes. The restricted fund comprises the lollowin9
funds..
Friends of Quarr furbd . Friènds ol Quarr fund represents monies raised by the Frfendg of QuBff. which will be applied lo the
proje¢ls which they specify.
Wlndow fund - Window fLmd reprBsenls monl&s ralsed for th8 vestments forthe members cif the ¢ommunity.
Interns prois¢t- Donations towards the Abbey'8 intgm %heffle lowalds Ilving costs.
Abbey ruln8 project- Grant towards further work on the preserv81ion of th8 old Abbey rulns.
Rostoratlon Abbey roof and Wlndows- Part grant ￿nded work8 lo rerK)Vato th¢ Abbey.
Inflrniary roof - DOnatIc￿ towards th¢ further festoralion.
Cholr books fund- Choir books fund represents monies f8ceived for the production of thoir books.
Guo$t Hous& fund- dcthalions towards the improvement of the Guest House.
Balance at
l January 2023
Balance at 31
Dècèmber
2023
Incoming
resourceg
Resources
xpended
Group and Charlty
Transf•rn
Restrlcted fvnd¥:
Friends of Quarr
Inlems projg¢t
Abbey ruins project
Guest Houso
Ghoir book$
8.474
4.272
1,000
11,7491
11,0001
114,1941
10,997
29,282
15,088
878
878
40,286
6,150
{16,9431
29,493
-28-

ST MARY'S ABBEY, QUARR
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR EMDED 31 DECEMBER 2023
23.
RESTRICTEO FUNDS l¢ont. .)
Balance at
1 January 2022
8•l#nc* at 31
Oecember
2022
Incornlng
resources
Resources
expended
Group and Charfty
GainsJlosse8
R•8trfctsd lund8:
Friènds of Quarr
Window fufid
Interns proieGt
Abbey ruins project
Restoration Abbey rDof and windows
Infirmary roof
Choir books
11,811
4,011
6,4C()
1,050
30,000
211.208
51,158
17.3481
{7.9881
{1.0501
17181
8,474
29,282
{211,2081
151.1581
303,827
{17,0821
{262,3661
40,286
The tr8nsfars in restricted fvnds on the restoration of the Abbey roof and windows, and Infirnary roof reflects the completson
of the fund re81ridion, as those funds have begn incurred fixEd ass¢1 additions lo charity.
UNRESTRICTED FUNOS
Balance at
1 January 2023 Net income
Changes in
Le88 expendlture Valuation
8alance at 31
December
2023
Fund
Transfers
Group
Current year
Unrestrictèd funds
RevaluatiDn resewve
2,291,773
2 035 696
4,327,471
(10,0631
2.703
2,284.413
110,0631
2,703
4,320,111
The revaluation r￿Se￿e iepre3enls the un-realised gains on the valuations of the Charity's r&ntal Inveslmenl properties.
Balance at
1 January 2022 N¢t in¢ome
Changès In
Loss wjenditure Valuatlon
Balance at 31
Dècembèr
2022
Fund
TransferB
Group
Prlor ygai
Unrestrlcted funds
Revaluation regeNe
2,054.405
55.212
180,290)
140935
60,725
262.3e8 2,299,773
2 035 698
262,366 4,327,471
3,94g,168
55.212
The transfe￿ from re5tiicted funds In the pwiDryear were in respect of fund expenditure incurred on fLxed asset addittrM)S.
Balance at
1 January 2023 Net income
Change¥ in
Less expendilure Valuation
8alanc? at 31
Decgmber
2013
Fund
Transfors
Charity
Currént year
Unrestricted funds
Revaluation reseNe
2,288,994
2 035 898
{12,7711
2,703
2,27e,926
2 035 698
4,322.692
{12,7711
2,703
4,312.624
The transfers from resth'cted funds are in Fespecl of fvnd expenditufe irbcurred on r￿ed asset additions in Ihe year.
Balance at
1 January 2022 Net income
Changes In
Le88 exp8ndlturo Valuatlon
BalanGe at 31
December
2022
Fund
Transfers
Charlty
Prior year
Unre$lrict8d fund$
Revaluafjun fESgNe
2.050,279
1 894 763
3.945,042
54,559
180,2101
140 935
60,725
262,388 2,286,994
2 035 698
4.322,692
54,559
262.366
-29-

ST MARYS ABBEY. QUARR
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENOED 31 DECEMBER 2023
25.
FINANCIAL INSTRUPAENTS
Group
Charity
2023
2022
2023
2022
Financial 88sets at amortised ￿$t
Instruments measured at fail value
through incom8 and expenditure
Financial lialylilies at amortised cost
402,668
392,192
452,911
479,086
809.658
817.375
161070
809,658
817,375
Net ffinanaal assela
1.046,070
1,048,497
1,160,750 1,175,711
28. RELATED PARTY DISCLOSURES
As disdosed in Notè IB, Ihe charity has a vtholy owned trading subsidiary wmp8ny, Quarr Abbey Enterprf8es Llmhed.
Durlng the year, Quarr Abbey Enlefprises Limited m8de distribulions of £25,41012022- £40,(KM)I to St Mary's Abbey. Qu8fr,
Charitable Trusl. At 31 Decembèr 2023 Quarr Abbey EnleTprisos Limited owed an amount of £161.72512022- £128.4291 to
Sl M8ry's Abbey, Quarr.
The CharilablÈ Trust includes payfflenl8 for the living expenses of the BÈn¢dictine Monks including thosè who ar8 Trustees,
and in return those individuals covenarTrl Ihelr pgn8ion income lo the (*arity {$ee note 31. The estlm81è of caterin9 Costs for
Tru6tee3 is £13,99412022- £9.9861
27. CAPITAL COMhllTMENTS
At Ihg yEar end. the charity had capltal commitments of £Nil12022- £15,190} in rèxpè¢t of capital projects. The PTioryoarwa$
in Te3K*d of cateriro equipment for improvements lo the monastèry kitchen.
ULTIMATE CONTROLLING PARTY
The charity wa8 under the conliol of the trustees IhfoughoLrt the year.