The Soclety of the Preclou$ Blood Registered Charlty number: 1206538 Accounts for the period ended 31st December 2024 Wenn Townsend Chartered Accountants Oxford The So¢lety of the Preclous Blood Admlnistratlve Information as at 31st December 2024 Princlpal addrttss.. Burnham Abbey Lake End Road Taplow Maidenhead Berks SL6 OPW Twstees Sistef Victoria Mary Lay IThe Reveiend Molherl Sister Mary LaU￿nCe Hood Sister Mary Benedict Ward The Revd. Mieke Gaynor Mi Alastsir Hunter Mr Duncan Mccallum Bankers: CAF Bank Ltd POBox389 Wesl Malling Kent ME19 4TA Nats"onal Westminster Bank plc Slough Trading Estate 177 Buckingham Avenue Slough Berkshi SL14RD Auditors: Wenn Townsend 30 Sl Giles Oxford OX1 3LE Sollcltors.. Wrigleys Solicitors LLP 3rd Floor 3 Wellington Place Leeds LS14AP Investment manayers: CCLA Investment Management Ltd One Angel Lane London EC4R 3AB The Society of the Preclous Blood Report of the Trustees for the perlod ended 31st December 2024 The Trustees present their report and the audited financial slalemenls of Ihe Charity for the period ended 31st December 2024. The Trustees have adopted the provision5 of the Statement of Recommended Practice (SORP) °Accounting and Reporting by Charities. {FRS 102) in p￿parIng the annual report and financial stslements of the Charity. Formation The Charity was first registered on 15 January 2024 wrth the Charity Commission and therefore these ac¢oiJnts cover the period from this date to 31 December 2024, which will be the Charity's accounting referen* date. The Charity was set up lo take oveT the activities of its unincorporated, predecessor charlty which has the name Society of the Precious Blood IRegi51ered number 9005121. As described in more detail within these accounts, the Charity remained domiant until 31 December 2024 when the activities. assets and liabllities ofthe predece$50r charity were transfer￿d to this Charity and will be operated on a continuous basis, under the very Similar ¢harilable objects and govemance slructUTe. Structure, Governance and Mana9emont The Charity is a Religious Community recognised by the House of Bishops of the Church ol England. The members of the Community have taken life vows as professed Sisters. The governing document of the Charity is Fts conslitulion as amended from time to time. The first Tiuslees of the Charity, on incorporalion, were the trustees of the prede￿ssor charty. Going forward, the Reverend Mother is an ex officio Trustee and other Trustees are appointed 81 a meeting of the Charty's Trustees, who are to have regard when selecting IndNidJJals to the viows of members of the Chapter Ilhe professed members of the Community). The Reverend Mother and other Tiustees who are professed members of the Community ￿ceIve no remuneration for Iheir work. have no personal property and arrange for any pensions or other income to be p3id lo the Society (in the same way as all Community members). They ale therefoie entirely dependent on the Charity for all their living expenses and overheads. As professed members of the Community, they come into post already familiar with the Constitutions and with some knowledge of the Society's finances and budgeting. There are currenuy three External Twstees in addition lo the Reverend Mother and two other professed members ofthe Community. Upon appointment, all Trustees are provKled wth a ¢opy of the latest Ststement of Accounts and Trustees, Annual Report and ale asked to read the Charity Commission Booklet CC3, The Essential Trltslee. In addition an Extern81 Trustee will re￿1Ve a copy of the Charity's conslitulion. Thereafter. the Trustees keep abreast of developments mainly by reading information emanating from the Charity Commission, or from the Society's Solicitors and Auditors. They may also occaslonally attend seminars. Policies on investments, reserves, risk management, etc., are sel by the Trustees. They also set and monitor the annual budget Members of the Community have authority to spend modest sums within their areas of responsibility. subject to budget ¢onslrainls. Permission lor spending larger amounts musl be sought from the Trustees. Major expenses musl also be authorised by the Chapter. The Chaptei decides mallers concerning the Community's charitable aclivib'es. with advice as necessary to ensure that what is done is ¢onsistent with Charity Law and the Society's goveming document. Rlsk Management The major risks to which the ChaT¢ty is exposed, as identified ty the Trustees, are kept under Teview as are the systems established lo mitigate those risks. In particular, insurance cover. including indemnty insurance in respe¢t of the External Trustees, is in place and the Society's finances are kept under review. There is a Health & Safety Policy in operation and also Safeguar¢Jing and as￿cIated Policles. certif￿aleS currently required have been obtained. DEsclosLtre and Barring {DBSI Since November 2020. Church of England Religlous Communities have been incorporated into Canon Law. A Significant con$equen¢e is that the Safeguarding Poli¢ies of the Church of England now apply lo all such Communities. Specific Regulations and Guidan￿ ale contained in Safe9uardlng In Religious Communltl¢s. The House of Bishops Ssstsed Regulations as to wovisions to be included in earh Communty's Constitutions. The Socl¢ty of th¢ Preclous Blood Report of tho Trustees for the period ended 31st December 2024 {contlnuod) Objects The Society of the Pie¢ious Blood is a religious communrty organised as a registered charity. The objects of the community are the advancement by both intercessory prayer and practi¢al work of the folkxing charitable purposes: The advancement of the Christian religion for the public benefit. inclLKling (but not limited tol.. The promotion of the religious life generally and in parti¢ular the support of Sisters ofthe Community., The support and encouragement of those who are called lo the work of ¢ontemptslive prayer and inler¢ession In their own situations in whalevei part of the world. and in particular those who are or have been affiliated to the Communty whether as Oblales. Companions or Associates or in any other way.. The support and promotion of retreats and quiet days. The promotion and Maintenan￿ of public worship., andlor The promotion of religious and spiritual teaching. The protection and presexvalion of spiritual, emotional and psychological health by prov*Jing supportive help lo those in need the￿Of. The advancement of public education in the history and archaeology of Burnham Abbey la Medleval Abbey of Augustinian Canonesses, in the partly restored Tuins of whi¢h the ptesent Community lived for over 100 years). The Charlty and Public Benefit The Trustees have had regard to the Charity Commission's guidance on public benefit in carying out these purposes. There are no charges In connection with the Sisleis, ministry, which benefits members of the public regardless of their means. Atthough many visitors live in Buckinghamshire or adjacent countEs, there 15 no geographical limit on those members of the public who are eligible to benefit. There is no reslriclion on the members of the public who ale able to benefit from attendance at the daily Offices, ogether with celebrations of the Eucharist, which inclurje a sefmon on most Sundays, Thursdays and some Feast days. On Most days the Community of the Sisters of the Church {CSCI and the Sister5 of the Society of the Precious Blood ISPB), who now live alongside CSC at St Michael's Convent in Gerrards Cross. worship togelhei. Times have been advertised on the CSC website. Members of the public who are drawn to inter¢essory prayer in the context of a simple 'wle ol life. Gan appty lo become Oblates or Companions of the Society. At present some 100 people are linked in this way and benefit from spiritual support and religious teaching contained in the quarterly letters sent to them by Ihe Society. One of these 15 an annual Newsletter which is also sent to about 320 other people in regular contact with the Society and generally contains some religious leaching. 11 is known that many of these Newsletters are shared with others who may be interested. RevSew of activities 2024 was the first period of the Charity's existence where it remained dormant until the transfer ofaclivities on the last day of the accounting period. The achievements and activities of the Community for the year are documented in the accounts of So¢￿ty of the Precious Blood (Re9lStered number 900512}. The Soclety of the Preclous Blood Report of the Trustees foi the perlod ended 31st December 2024 (eontlnued) Financlal Review Reserves Following the transfer of activities, the balance sheet shows reserves of £7,676,969 8131st De¢ember 2024. Of this £2.446.018 represents property owned by the Society and used for well over 100 years as their living and work accommodation. The Trustees consider that the Charlty's level of reserves, glven the unpredtctability of Income. is adequate but not excessive to enable the declining number of Sisters, with such help as may be necessary, to fulfil the essentially very similar objectives of this CIO as it becomes operational in 2025. The amoLtnt ol free reserves (general funds not represented by tangible fixed assets) al the year*nd was £3.446,857. We contsnue to retsin an amount that we consider reasonable in the Deposit Fund both as part of our polrcy of diversification and because work continualty needs lo be done al Buinham Abbey. In addrtion, there is an ever InC￿asing future liability in respect of the Charity's obligation to provide appropriate Care for ageing Sisters and engaging such help as continues lo be needed to m8inlain the Abbey, as well as ¢overing various Iwing costs for all members of the Community and taklng fO￿ard plans for the fvture, which has iequired significant input fiom the Charity's solicttors. Prlnclpal Fundlng Sources The principal ftjnding sources are Clrrrentty investments, pensions and rent81 income. Sadly donations no longer make up a signfficant proportion of the Society's income. Investment Pollcy Our investment policy continues to aim al generating as good and reliable a source of Income as possible. though with a degree of capital growth, as our othei incoming resources are relatively unpredictable. Indeed, the Society boks set to remain heavily dependent on investment income. Some expenses have continued rising as the Community becomes smaller and more dependent on outside help and there have been significant expenses such as legal adV￿e and site security relating to the eurrenl period of discemment regarding the futu￿ of the Abbey. The Trustees have also been mindful of the ongoing uncertainties in the area of inlernab.onal peace and stability and of the impact of hlgh rates of inflation. Our investments are held in funds managed by CCLA on behalf of Church of England entities in order to ￿hleve the level of guidance and diversification that Ihe Trustees consider appropfiate to enable us to carry out our charitsble purposes. within the context of our calling to the ¢onlemplalive life and prayer. There are no restrictions on the Charity's power to invest. The Charity is not bound to have ? s¢xlal. environmental or ethical policy bul by investing in fvnds overseen by the Central Board of Finance of the Church of England we ¢an have confidence. as a Christian body. in their approach. The Soclety of the Preelous Blood Report of Ihe TTUStees for the period ended 31st December 2024 (¢ontlnued) Plans for the Future Since moving in August 2023 the Community has been gradually adjusting to livin9 as the guests of the CommLEnity of the Sisters of the Church al SL Michael's Convent. Gerrards Cross. This is making the pia¢lical aspects of the Sisters, everyday lives more viable and should ensure that they can continue to cairy out their charitsble work in accordance witti the ¢harrtable objects of the new Charity, especially re$pondir$9 to those who seek prayer or other forms of support. A significant p?rt of this ChaTfty's tssk for 2025 will be the vngoing care of all Sisters of the Society, the majority of whom are now in residential or nursing care. The Sisteis will continue to support and be supported by their Oblates and Companions, who will. lor example, go on organising and leading Quiet Days. These are likely to ¢gnlinue being mainly by Zoom. We aLso intend to sel up a new website and lo contsnue exploring Ideas for carrying out our charitable obj'ects in ways consistent with changing circumslan¢es. The trustees will continue to care for the Burnham Abbey buildings and wider site while they consider a range of options for ils future use. Trustees The Tfuslees who served during the period and since were.. Sister VictOTia Mary Lay (Reverend Mother) Sister Mary Laurence Hood Sister Mary Benedi¢l Ward The Revd. Mieke Gaynor Mr Alastair Hunter Mr Duncan Mccallum Appointed 15 January 2024 Appointed 15 January 2024 Appointed 15 January 2024 Appointed 15 JanL*ary 2024 Appointed 15 January 2024 Appointed 20 February 2025 Trustee$, Responslbilities In Rolatlon to the Financial Statements The Iruslees are responsible for prepar¢ng the TnJslees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounling Pra¢ticel. The law applicable to charities in England & Wales reguires the trustees to prepa￿ financial Statements for each financial year which give a true and fair view of the state of affai¥s 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 policles and then apply them consislentW,' obserye the methods and principles in Ihe Charities SORP 2019 IFRS 1021., make judgements and estimates that are reasonable and prudent; state whether appltcable accounting stsndards have been followed, subiecl to any material departures disclosed and explained in the financial statements.. prepare the financial statements on the going concern basis unless tt 18 inappropriate to preslkme that the Charity will continue in operation. Thg Soclety of the Pre¢lous Blood Report of the Trustees lor the period ended 31st December 2024 (contlnuedl Trustèès, Re5ponslbillties In Relatlon to the Flnan¢lal Statements (contlnu¢dl The trLtstees are responslble for keeping proper accountry recoids that disclose wlth reasonable accuracy al any time the finaftcial position of the Charity and enable them to ensLtre that the financial slalements wmply with the Charities Act 2011. the Charity {AccoLrnts 3nrJ Reports) Regulations 2008 and the provisions ol the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraLtd and other irregularities. Audllors Wenn Townsend have indicated their willingnes5 to be reappointed as auditors. The accounts were approved by the Tiuslees of the Socpty on 18th Septembei 2025 and signed by.. Trustee Sister Vlctorla Mary Lay The Soclety of the Precious Blood Independent Audltor's Report to the Trustees of The So¢iety of the Preclou5 Blood for the perlod ended 31st December 2024 Oplnlon We have audrted the financial statements of The Society of the Precious Blood (the 'Charity') for the period ended 31st December 2024 which comprise the Slaternenl of Financial Activities, the Balance Sheet, 8nd notes lo the financial slatemenls. including a summary of significant accounting policies. The financial reportir¥J framework that has been applied in their preparation is applicable law and United Kingdom A¢counlin9 Standards, including Financial Reporting Standard 102 The Financial Reporting Standard appI￿able in the UK and Republic of I￿land (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. gtve a true and fair view of the stale of the Charity's affairs a5 at 31st December 2024, and of rts incoming Source5 and application of resources, for the period then ended,. have been property prepared in accordance wrth United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance wllh the requirements of the Charities Act 2011. Basis for oplnlon We ¢ondu¢led our audit In aGcordance with International Standaids on Auditing (UK) {ISAs (UK)) and applieable law. Our responsibilities under those slandaids a￿ further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in a¢cordance with the ethical requiiements that are relevant lo our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accor¢Jance wrth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provlde a bas￿ for Ouf opinion. Concluslon8 relatlng to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on th8 work we have performed. we have not identified any material Ur￿rtaInlFeS Telating to events OT conditions that, individualty or collectively. may cast signifi¢ant doubt on the Charity's ability to continue as a going oncern for a period of at least ￿e1ve months from when the financial statements are aulhorised for issue. Our responsibililEs and the responsibilities of the trLfStees wilh respect to going concern are desciibed in the relevant seellons of this report. Other Informatlon The other information comprises the Infomialion induded in the twstees, annual report, other ihan the financial statements 8nd our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwk8e explirrtly stated in our report. we do not express any form of assurance conclu5iOll thereon. Our responsibility is to read the other information and, in doing so. ¢onsider whether the other information is materially Inconsistent with the financial statements or our knowledge obtained in the audit or othenyise appears lo be materially misstated. If we identify such material inconsisleneies or apparent material misststemenls, we are required to determine whether this gives rise to a material misstatement in the financial slaiements themselves. If. based on Ihe work we have performed, we conclude that there is a material misstatement of this other infoimat*)n, we are required to report that fact. We have nolhlng to report In this regard. The Soclety of the Precious Blood Independgnt Auditor's Report to the Trustees of The Soclety of the Precious Blood for the period ended 31st December 2024 (continued) Matters on which we ar¢ requlred to report by exception We have nothing to report in respect of the following matters in relation to which the Chantles (Accounts and Reports) Regulations 2008 require us to report to yOLt rf. in our opinion.. the information given in the financial statements is inconsistent in any material respect w6th the trustees. report or sufficient accounting records have not been kept,. or the finanGial statements are not in agreement with the accounting records., or we have not ieceived all the information and explanations we require for our audit. Responslblllties of trustees As explained more fulty in the trustees. responsibilities statement set out on page 4, the Iruslees are responsible for the preparation of financial statements which give a true and fair view, and for such inteinal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misstalemenL whether due to fraud or error. In preparing the financial slalemenls. the t¥uslees are responsible for assessing the Charity's ability lo continue as a going con¢em, disclosing, as applicable, matters related lo going con￿rn and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to ￿ase operations. or have no realistrc alteTnalive but to do so. Auditor's responsibllltles for the audlt of the financial ststements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accofdance with regulations made under section 154 of that Act. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are lree trom material misslalemenl. whether due to fraud or error, and to issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audrt conducted in accordance with ISAS IUKI will ahNays detecl a material misstatement when il exists. Misstatements Can arise from fraud or error and are considered material if. individualty or in the aggregate, they Could ¥easonably be expected to Inftuence the economic decisions of users taken on the basls of these financial stalements. Irregularities, including fraud. are instances of non-compliance with laws and regulats'ons. We desKJn procedure5 in line with our responsibilities, OLrtlined above. lo detect material mi5Statements in Tespect of irregularities. including fraud. The specific Procedures for this engagement and the extent lo whi¢h these are capable of detecting irregularities, including flaud is detailed below.. Enquiry of those charged with govemance around actual and potertrtial litigation and claims.. Reviewing minutes of meetings of those charged with govemance.. Reviewing financial statement disclosures and testing to sUpp￿rng documentation to assess compliance with applicable laws and regulations.. Performing audit work over the risk of management override of controls, including testing ofjournal eniries and other adjustments for appropriateness, evaluatlng the business Talionale of significant transactions outside the normal course of business and reviewing a¢¢ounling estimales for bias. 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 misstalemenl in the financial statements or non