Charlty r•gistration 221617 {England and Wales) Company vegistration number 479317 THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Counclllorn Thc¥nas Omin Mthael Tamncf Philip Dulsc Aliwn Fry Mlcha818rc6saTd Sir H￿*01 Sants Charlty numb•r 221617 C4)mpgny numb•r 479317 PrfrKlp•l addv Mueknell Abbey muck￿11 F8rn1 Lan• Stoullon WorcesieTshlrn WR7 4RB R•gl•i•r•d offlc• Flrst Flw. P8rk C•ntr 4041 Pawk End Sfreet O¥f(Yd OX1 1JD Audltor G￿￿1& Audit Oxford LLP Fir8t Fbor. Park Central 4041 P•k End Street O¥r￿d OX1 1JD Prtne1￿1 Bank•r* 8ardays Bank plc 30 Malkel Squa Witnoy Oxc¥) OX28 6BJ Inve•tment •dvl•or• Ch8rfes S￿leY St¢xktyokws Willow Court West Way Minns Business Pa 0xfc￿d Oxon OX2 OJ8 THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED CONTENTS Page Counclll(xs' report statement of ¢))uncilk*s' resp￿SIb￿s Independ￿t audltc<¥ St8tomwt ol flnand81 octiv6Jg8 10 B•lan￿ sheet 11 NotsB to the finan￿￿ ststements 12-24 THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED COUNCILLORS, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Definilions.. *lembers" JTl&rs to Membèrn of fhe Society, ljound by its Afticl&s OfA&soci8t￿n." 'memb8rs" of any oth8r body are gfven a low8r)sts and the returns on inveslments and has conctud8d that. since the current actiwties are dependenl ￿ the lèvel ol pen&ons made over to the Chatity by Mernbers, it i prudent to build up lh6 R•sevvM as and vthen tN)s*bl8. The genef81 unrestrid•d fund stands at £2,790,024 12023. 2.554,0941 In accord the pc4icy of cbrty'ng the acojunts and finanaal pc4icy of the Charity. the Coun￿1 divld•s the R8S8rves lallhough Ihesè Arè neither ￿n￿anent w reslrictedl according to C8rt8in D•8lgnated Funds whlch repmsent future pl&ns and n8éds. Three SLTrth Funds are allocated. The first is the Fabric Repair Fund which is an allocation for repair. Inaintenan￿ and ksng lenn care ol the functic#)al property,. thls Fund is slated 8t 15% of construction costs, with subsequent Trncreases by Infia￿￿ and decreases accordin9 to Maior Repalr expendlture (standing 8t £982,282). The Fabric Repair Pr£¥ed during 2024 was tsk8n from Ihis ￿nd. The second 1$ the Future Care Fund %thich is a wovlsion lor thè of fesi(Sèntlal care of èhlerty Members should thèy ne8d it towards the end of their Iivg8'. this cost has been a sudden and con*derabk8 aijdition to costs in Ihe history of the Community and is set to co¥er kxal csre c¥)sts for t*Y) persons for ¥ix years. wth annual upllft for Inflation (standlng at £631,979). The third 1$ Ihe Opwlunity Fund Is18nding at £721,545).. ￿8ft the design for Muckn611 Abbey was agreed by the Council. planning and (wstraints determined which fa01￿"e6 for retre8t8n18 and visitors might be prowd•d. the èmphasis was on the core need$ of those rx)ming to the abbey lor r851den¢ial r8lreals,' Ihls fund represent$ an 8pproximaie 4XJSt ol Fxowding ftjrther f80lities on site or in th8 ￿trnity should the 8ize ol the Communlty and th• Sk￿13 it oftw increasa. The opp￿tUnIty Fund also provides one Bourc• for m84or expenditure whith may be nsr*s6itate(J by ¢he dev•b)pment of Ihg propos8d new town around th mon8stery.l. The principal m8terial 88Set of the Ch8nty has kng been its fut)ctlono1 property. Th8 book value of Land Bnd Bull¢Ying8, in the bolance sh6•l. rgpres8nls Iho purthasè t>)51 of Mucknell Farrn and the building addMotN to dale, re￿ d•prgo*ion. A separate d8SWnat￿ fund is hgld ts this assd standing a¢ £5,233,213. R08trfrt¢d funds th81 represenl tho unspent balence ol funds given for Wc purpose8 Stands at £13.099. Det8118 of •ath fvnd ar• in nole 20. In¥￿*m•nI polley Invèstrnent wwers are described by th• Chanvs MerrKYandum olA8Boaation. and by Ihtr Twstee Investments Act 1961, wth such amendmenls as gfven in the Charibes kt 2011 and th• Tru$tees Act 2000. The Coundl determinès investrrenl pc4icy.' to ènsure Ihal investrnert de(xwons ara tsken On￿ by persons or organisatKJns with the Skills and resources necessary to lake them effectivefy, Ihe CoJnc41 delegates rwline investment decisions to investment manager5. The investrnenl performarte. whith aims at a loThJ-temi balance of overall eaKY'lal and Incorne growth, IB ravth￿d at ￿￿$t hw'ce each year. The Statemenl of Investment Policy (lost reviewed in 20221 addressès wch parameiers a$ aSBet alktsts"on, pert￿ce banchrnarks. SLdt8bility of Investments and •thlcal crit6rf0. Ajihough the Charitys assets are unr•sthcted, the in¥esbnèni portfdlo IB malntaln¢d in c¥d&r to p￿￿d* uneamed incomo to enabk Memtws to c(￿￿"n￿o dc¥ng the ¢hawifab18 work thfiich does ganfrrate inC￿Me of ItS8W. THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED COUNCILLORS. REPORT (INCLUDING DIRECTORS. REPORD (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Rlsk ass•siment The C￿n￿lIorS asses￿ Ihe may risks tr1 the ctsnty 18 exposed, and are satsfied that systsms are in place to mibgat8 •XPOsure to the m8y risks. The Ch8rStls Rl•k ￿•￿•m￿t and Flrn Rl•k a8•essment pokues Yemain under rtgu￿r feview. Flnanclal rlsk wmprises In¥￿tr￿ent risks and fraud nsks. Th• ststement of investrnanl pollty covers lh8 followng.. man8ger, I￿vIdIty, wlibcal, ￿StodI#l. ￿1rrenCY, market 8nd lrfats'on risks. Mosl of these are oddres￿d ernp1o￿ng profe6sion•l investment managers, vth05e perfomance Is regUla￿Y revlawed, and agreeing ppropnate risk leve15. as8et allocabon and d￿0￿rIcatiOn. These are i*ing monitored by the Council kept under discussbn wilh the investsnent man•3ers. Ad(J6tionalty. atthwgh inflat￿N is rrtjw m¢)der8te. incraas8d costs 8re still affecting the Ch8rfty. The risk of fraud is m￿'goted by a d￿j￿&S19natUr9 requirement lor all si9nlficant Payments, profession81 accthinb"ThJ so1￿8 and materi4 lockn as well as password protectlon in IT., Intemet banking 15 used for the Friends accwnts and fc¢ Ihe 8•ts￿￿ry bank aC￿nt. Property risk affèds thè luncb'onal prcyerty of Ihe Chanty and all the fumishings and equipment used there. This is largely addres8¢d by a schedule of inspecbws. frLm the arthitects, Quinquennial lnSpe(*L￿ l18st made Aprll 20211 to regular obseN8tKm81 chec*s on rcof 51ates, maintenance contyacts on dl signific8ni equipment, and a tegpoke Insurance pollcy desi9ned I￿th Ihe ￿tt.￿J18T ne•ds of Religious Communitse¥ in mind. Roputstlon rl•k CA)mprises products and car• guests. Whibe Ihe Charity dcés not stst Olrt to work vAth young peo￿8 ￿ vulneratAe adults. some rntreatsnis or visltrws mKJht be so des¢n￿.. in 8ny case the Charity hos 8 wrilten Saf•gu8rdlng pollcy which matth8s all the C￿je¢l$ and requiremenls of the widtr Churd) of England Safeguarding Instruments. As a Con￿qUenc￿ of this, all the Mom￿r$ ol Ihe Order pa￿.￿p¥te in Saleguarding training Ilatesl course in Jenu8ry 2023 and Novembti 20241 and the safeguanling officers have atttrnded fvrth8r Inlorm81Ion and training days organI￿d centralty by tha Churth of En9land 8ndlor the Methodlst c￿jrCh ol Great Britaln. Pr￿￿￿¢t quality Is thecked by Ihts u$¢ in-house ol our pffjduct8. and P￿lU4 Ilabillty Insuranee is h8ld In regard to Pr￿jU¢l5 sokl. In accor¢ance wlh b8St practice thw• bs #Iso 8 writtèn Iwlth and ••f•ty polley. *l)ith 1$ fo￿6wel at least annually. Plan• for fvtur• p•rfod• The principal plon and hope for the monastery is the main￿nCe ofdaity W￿ship and to continue providing pastoral care and hospitahly. Meanwhile er￿￿MiC ￿r￿rtaInty 8nd geokxslibcal c£fficems demand careful monitoring and wudent responses in the fin8ntsal management of the Charily. The Communty is planning ew of practi￿1 work arrnn98rn8nts may dwmand a Wet weview mwJ*8ar. Slnce movlng to Mucknell, the mon8sts"c Comrnunity has retsived 32 Ajongsiders. of ￿orn nlne hav¥joined the Cornrnunty 85 nowces and six ol these have Sin￿ made tt*"r monastic Lrfe PrOfew￿ and becorre Mernbers of the Society. Increasin9 numbers Strengthen the Bènedictine life. enhance the public 8nd anablg the Soo•ty to pmmde hospitality and spiritual accAynpaniment. The evolution ol the South Worce$tothire Development Han will untloubtedty affect fvtur¢ plans and may prompt pastoral work wth more Ioc81 T?￿dents 89 wpll as retreat8nts from further away. Work continue6 in the light of the la￿ auinquennial l1weclb￿. and the Mgmber5 have agr8ed an add￿On to OUT visitor accornrT*Jdalion which ￿11 ￿ effècted duriThJ 202& THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED COUNCILLORS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure. gov•mance and managem•nt The Charity is a company limited by guarantee, Inc￿[#￿ted ￿ PAarth 1950. wislerfjd company numts•r 00479317,. chanty registrati￿ numbw 221617. The TnJstee8 of Ihe Charity are th8 Coundllors of thè SoL¥ety And a￿ also the diredrms for thg purpose of company L9w. Th8 Countsllors w￿) s8rv•J duriTh3 th& year ar41 up to the dat8 of 3￿Jna￿l￿ of the financlBI 8t8tements were.. Thom8$ Quin Michad Tavinor Phillp Dulson ison Fry Michaèl Br08sard Sli Hector Sants Thè finanaal offJceTS of Ihe Chanty during 2024 were.. Thomas Quin Itrust¢?I Michaél Brossard Itru8t•••) Th• Councll consisls of sorne members of the Order and som$ lay persrms cyrrentlyl COwOPted onto th& Council ￿ their particular 8xpertise and aFvretsalM)n ol Ihe obj.ects of the Charty. The Coundl meels at least 41c8 each ealendai y¢8r. Thé Artides of Assockgtion provide lor w"remenl of Couneillors in ro¢ation'. new Coundllors are tyopted by the CMbnuing Counalk)rs unbl the ngxl AGM whon thgy must 8tsnd for olgction by th• Kl?rnb8rs. Indudion of C0￿ClI10r¥ who arg memb*s of the l>der 18 by the syslwn of monaS￿e formatkn {tralnlngl whlth involves limng and lo>aming the lrfe under supervisic￿ for a minimurn of fivts years. Members of the Ordor becom? Mèrnbers of the Society before teing aligible lor c￿n¢418nd thus have pwous Èxposu￿ to the work of the Council. Lay persons on th• Cojnal are ￿duded into the partiojlar work and n8èds of the Charity by tho89 Counryllors wh¢ 8Te m¢mbers ol the Ordor. Countsllor8 am r¢gvlaty referred to Iho guidanc• put out by the Ch8rity Commis%on. None of the eouncillors has any benefiual Inlerest in Ihe cJ)mpany. AJI of the &)undlh)rs are members of the company and guarant•• lo contribute £1 in the evant of a windiNJ up. Audltor According to gtrfKI pradr'ce the role of 8udtt¢r was put to tènder during SpYOng 012024. firm were short lisled and I￿lO￿Trg dls¢ussion in Counal in May 2024. Audit Oyford LLP werè appointed as auditor of the company. Dlsclo•ur• of Inlom4tlon to audltor Each of the ¢ounullors has wnfiffted that thère is no infomialM)n ofvthith tw are aware Is relevant to the audlt, but of which the audilor is unaware. They have futher c4)nfinned Ihat they hav& tsken appyopriate steps to identify such r81evant Inf￿rn8b'on #nd to estsblth Ihat the 8udilor t5 aware of suth infoThnotion. Thè counc11kn5' rfjp￿ was 8pwoved by the Board of cou￿1￿8. Thomas Quln Dlrectorrrrust THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED STATEMENT OF COUNCILLORS. RESPONSIBILtriES FOR THE YEAR ENDED 31 DECEMBER 2024 The counullor5, who are a￿0 thè difecth of The soca￿ of the Salutstion of Mary Ihe Virgin Limited for the PUTpose of company law, are responsible for preparing the Counrillors, Report and the financial ststements in accoTdance with applicatle I￿ and Ur*led A￿Unty"ng Standards (Unrted ￿.￿Jd0M Generalty Accepted Accounting Practice). Company law requires Ihe c(NJniilots to prepare finanaal Stste￿*nts fLY ead) firwicaal year which give 8 true and fair view of the state of affaiTS ol lh8 d)arity and of the in￿ming r8sourcBs and aFrfJhcabc￿ of rgsourc8s, induding the inccffie and expendtLure, ofthe d￿litab￿ company for that year. In pr8pabing these financAI ststements, the CO￿rA110r$ are required to= - seleet surtable accounb.ng policies and Ih¢n apply them consstenty. - observe the methods and prinop185 in the Charities SORP.. - make judgements estimates tw are reasonable and F￿d￿l and - prepare the finanaal statements on the goiTrJ concem basis Un￿5$ il is inappyopriats to presume that the chartty will continue in operatKffi. The councillors are responsible for keeping adequale ac(x*Jnting r8cords that disdose wilh reasonab￿ a￿1ra￿ at any time the finanrAal posiknon of the rt￿17ty and enats4e them lo er6ure ihat the finanrial statements Compty wth the Companies Act 2006. Th8y ale also responsible for Safeguarding the assets of the charity and hence for taking reas￿able steps for the wevents.on and detecbon of fraud and other i￿g￿larities. THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SOCIETY OF ThE SALUTATION OF MARY THE VIRGIN LIMITED Opinlon We have audrt8d the fin8nual statements ol The SOCI￿ of Ihe Salutstion of Mary the Wrgln Limrt8d {the 'charitVI for the year 8n¢Sed 31 December 2024 which (£Jmwise the slalernent of finanoal ath"wb'es. the balance sh8et and notes lo Ihe finanoal 8talem8nts, includirwj svJnrficant accounting poliaes. The finanual rekY)rting framework that h88 been aptyled in their preparation is applicat4e law and United Kingdom Accounb"ng Standards, indtsdlng Finanual R8POrting Standard 102 The Financwl Reporting St8fthrtl 8ppIKable ￿ the UK 8nd Republic of I￿land Iuniled Kingdom General￿ACCepted AC￿untrIg Prnt*"cel. In our opinion. the finanual statgments.. give a true and fair view of the $tate of the tharrtatlè ￿npan￿8 affairs as 8131 December 2024 and of118 Incoming r&sourees and applicatK)n ol mswrces. for th¢ year then ended,. have b¢en pmpety F*epared kn acetydanr* 7Mth Unile(l ￿ngdoM Genaralty Aee8ptsd Actcyjnting Pract1￿., and have bwi WgP8Ted In a¢xcfdance wlh th• requirnm8n18 of Ihe Ctynpanl¢¥ Act 2006. Ba•14 for oplnl¢Jn We conducted our audit In aC￿anCe wth lntemallm￿ Standards on AuditiThJ IUKI {ISAs {UKII and appJicabl8 law. Our rasponsbilitk?s under those standards are hjrthor described in Ihe Auditoes respon￿bilitieS ffor the audit ol the financial sl4lem8nt$ Sectson of ¢JJr ￿por1. We are indèpendent ol tho tharity in accordanca wth the ethical requirements th8t are re￿an1 to our audit ol the finanaal siatements in the UK, includlng thè FRC $ Ethlcal St3ndard, and we have fuWilled our oiher ethical resFK)n&bilrties In a¢cordan¢x ￿th the6• requirements. We believe that the audit evidénce w8 havo obtwrb8d 6$8uffie￿t •nd ¥pk¥rpriats ts provld• 8 ba￿# our cpinlon. Concluslons rnlatino to golng ¢on¢ern In audilirrfJ the financial slatemeftts, we have eondudèd Ihat the c￿ndSOr*. use ol th• 9c4ng c4)ncom ba￿$ 01 aceoundng in th• prepar4tron of the finarKial slalemonts B appropnate. Basèd on the work we h8ve ￿rfCrnd. we have not id•nlified any mateiial uncertalnties ￿￿ts.ng lo ev•nts or ¢ondi¢lons that. indi￿duallY or c£41e¢tivety. may cast signffji¢ant doubl M the tharty's ability lo cx)ntinua as a going concem lor a pariod of al le8St Nvelve monlhs from ￿en the finaNial statements a￿ authorwd for issu&. 0￿r respon8ibllitlts8 and the rnsponslbOlrUe8 of tho (%wncillor¥ wlth rtrBP8¢1 con¢em are dowibed In th relevant sactions olthis report. Oth•r Infomiatlon The other informayon compns•¥ the inlrmmatlon ir*duded in the annu81 r•FQrt olher than th• finanrial statements and our auditorfs repcyt ther80n. Th8 counts1￿ are res￿￿ble for Ihe oth¢r informatson rmt8Sned Vmhin the annual report. Our opinlon on the fjnanoal ststgments ¢￿￿ not cover the other Snfr*m81th and, except to Ihe exiont othe￿ise explic•ty stated In oui rem, we do not express any form of 4ssvr¥nce condtsslon thereon. Our responwbilty is lo read the other infonnau'on and, in doitwj so, consid8r whelher lh8 other infoTmab"on is matarially inconsistent wth Ihe finanaal ststements c* our kno￿edge Obtain￿ In the cOu￿e of Ihe audil. ￿ othew5e appaars to be matenally misslatetl. If we identsfy suc* matenal incorwstetr)ues or app8￿nI material misstatements. we are requi￿d to determSna whether this wves iise to a matèrial miss¢81ernent in the finanrial stslements themsdves. If, based on the work we have perfcffii¢d. ￿lthde ihat there is a Materi￿ misstst8ment of th¢s other Inforniation, we are required to repcwt Ihat lart We have rKJthing lo repfxt in this rtyard. Oplnlon8 on other matterJ proscrlb•d by the Companles Act 2006 In our opinion, based on the work vndertaken in the 0)u￿e of OUT audit.. thè infonnab'on given in the coJniilfv)rs' re￿(￿1 Ihe finanLyal year for v*hith Ihe financ4al Statemènts are wepared. which includes the dtrector8' repjrt prepared fc¢ Ihe ptjrposes o14*rrwany law, 15 cons*stenl ¥￿th the financ¥al statements,. and the directors, rekYJrt indud&J Wtin the ojuncillors. reFtht has been prepa￿ in acc(ydance vrith applicable legal requirèments. THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN UMITED Matt•r• on which ￿ •re T•qulv•d to rnport by •xc•ptlon In the light of the know￿9¢ an(J und8r5tathJiThJ ol Ihe tharity and its environment obtsined in the course of the audit, we have not ￿entsfied material M￿￿18teMentS in the ¢￿eCto￿. rep￿ induded ¥￿thin the counollors. report. We have nothing to reF<)rt In resp8d Lrf the foll￿ng mattus in relats.￿ to vthith the Companles Ad 2LY)6 require8 us lo rgport lo you if, in our c¥)inlon'. ad8quai• accounbny records have Thjt be•n kepL rx rebjms a(lequ8te for our 8udrt have not recelved frorn branches not visited by us". c financial statements are nol in agr¢W￿l wilh the acL)Junb"ng records and roiiims,. r certain disdosures of trusiees, remuneration specafied by arè not madé". or we have not received 911 the inlormallon and explanatscffl5 we require for our 8udiL or the counallors were not entit￿ to prepare thè fin8ncial stalements in accnrdance wlth the Small companies gime and take advafitsge ol th¢ small Compan￿8. exwnpb'ms in preparfng ihe counauors, rewt and from the reqyiremenl to propare a stratègic rer(wt. R•8pon•lbllltl•• of counclllo AS explained more lully in thè st8tement ol r￿und11¢y3. rn8ponsibililps. lh• c4)unulth. vth¢ are 8150 the diredors of the chBrfty fcf the purp08e of company law, arn ￿SpOnsI￿e for the prep8r8tkn of thè financial slatements and for bdng sabsfied that they give a true and fwr wiew, and for gJch Int?mal ￿)nI￿oI as the eouncilk)rs determine Is neces￿ry to •nAble ihe prepara￿ of financial Statements that are free from m&lerial Misstatem￿1, whether due to fraud or error. In pmparing th• financaal sthtements, the c￿nd1k￿8 arn respon8ibk• for assessirvJ thè ch8rftyS ability to continye as a golng eoncem. dlsclosing. as applic￿e. rnatt￿ rdated to going concem antl using the going concern basls of accounting unless the councilloTr $ither intend to liqU￿ale the charitsblè company or to cease operations. iy have no re01￿tic ah•mob¥e but lo do 80. Audltorfl r••pon•lblllil•• for th• •udlt of th• I1n•nc￿l *t•i•m•nt• Our objectivès are to obtain reasOna￿e ossuranc8 about whether thè finandal staternents as 8 whole aro free from matertal misstatement, whether du• to fraud or error, and to issue an audrto¢s ￿port that indudes our opinlon. Reasonabl8 assurance is 8 hlgh levd rjf 8ssur8nc8 but is not 8 guarantee Ihat An audit 0)nduCt￿ In eccordance wth ISAS IUKI wll afv4ays d8teci a material m15Stalement vthen rt exists. Mi$st8lernents can aris• from fraud or ?nor and are considered material il, IndNidually L¥ in the aggregale, they could ￿880￿*b￿ be expected to Influence Ihe eC¢ncffl￿ decI￿On8 of u8ern tsken on th• basi8 ol th8se financa81 stslomwls. The extent io wthich our prc¢•dureg or• capabl8 ol *J•￿ir￿j irwulariti•s, indudin9 fraud, 18 d818lled b8lcrw. Our approach to idenlifying and assessing the risks of matsrial ml$stst•ment In ￿spe￿ ol irreguLqrliles, indudlng fraud and rth-ccxnpliance v•th laws and regulation8. was as folk)ws.' . the engagement parlner ensu¥ed Ihat lh& engagwent tsam c￿ectiVe￿ had Ihe approwlate compotence, capabilrti•s ond skills to bJentfy or rewgnlse nor￿c￿mplI￿nC* wih 8prlicable ￿w$ and regulatiorts.. entifisd Ihe 18w5 and regulabons 8ppIic3t4e to ihe chantabie company through discussiorts wlth directorsArustees 8nd olher managemenl. and from wr knIM4edge and experience of the client's sector. we focuset1 on specthc Lawy and regulati￿$ ¥•hith we o)nsbJared may have a dI￿¢t materfal effect on the financial statements or the opwaty￿S of Ihe tharrtable ¢￿panY'. we ass8ss•d the extent of complianc4 the lth¥s and regulations at*)ve through Ma￿n9 enquines of managemenL and Identified laws and regLlation3 We￿ Commun￿t￿l *thin ts audit team regularfy and Iho t￿rn remalned alert to instances ol nonix)mplianc8 Ihroughout Ihe audit. THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE MEMBERS OF THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED We assassed the svsCeptit￿ty of th• therilabkn rANnpatys finan081 statements to material m15slaiem8nt. kndudlno obtsining an understanding of how fratsd ry*Jht (*Ar. by. • makirrfJ anquiries of management as to where they con$dered there wa$ suscepb"bility to froud, th•ir knovledge of actual, suspected and al￿ge￿ traud", • eonsidering the intemal C￿t￿lS In plac6 to M￿'gate risks offraud and ntybo)mF4￿n¢e law5 and To address th• rfsk of fraud through management ts.as aThJ 0￿rridO ofcc￿trfj18. W•.. performed 8nalyb.cal WocediJ￿ lo identify any unus(wl w un•xpected rtlationships". lesied Foumal entr*s to identfy unusual transat*¢Th,' assessed vthether judg•n¥3nts and a86umpticns mode in d•t•nninirw the aLX¥)unUng e8tJmatès wer• indiealive of pot¢nbal bias: ' In￿6￿.gat0d the rationakry beh￿￿ *'gnffic4nt or unu8u•I transacU￿8. In respon#e to th• risk of ltr•gulaiiti"•$ n¢y￿¢0MpNartee Lq%b% and rngulation$, wo delgned procedure8 vthlch inchJd8d, but w•r• not Ilmrt•d to-. ' 8greeirrfJ finandal s1•t￿ent di8drAur8s to Underf￿n9 suppthng doeJJnentation.' . r•#ding th• minute8 of ￿￿n9$ of Ihog• t￿￿￿ t*ith g0￿M￿nCe,. •enqUI￿r& ol m8nagem•nt as to actual and kthnbal l*ats'on and daims; A furlher d¥$crbtion ol our r•￿￿ts￿￿￿¢S is awl*t4& on the Flnanoal R¢pth'ng Coundl'$ webslte at.. htlpg.'11 w4￿.fr¢.0rg.uk1#udito1Sr•s￿OTr￿bi1rt1e8. de8￿p￿ f(vms part of our audits￿$ repcrft. ol our r•port This rep)rt is made solely to th¢ ¢harrtabl• ccthpanws members. as a t#)Jy. In 8Ctordance with Chapter 3 of Part 16 of the Companies Act 20(￿. Our audit WC￿ ha5 b¢en Und￿tsken so thal we might stat¥ to ihe ch8ntable cornpany's memÈ4rs (hos• m8tt8ts we are required to stale lo Ihem In 8n auditor's report and lor no 0lh&r purpose. To the fullest eytent ptrmitled by law, we do noi accept ry assume responsitslity to anyone other than thè chartta￿e ompaNy and Ihg tha￿table companys members as a tr￿. for our audtt wo￿. for this report, (* for the opinlons w¢ hove fomied. Ro￿rt K5rt1and IS•nlor Statutory Audltorl For and on behalf of Gravha Audit OXW LLP. StstutoryAuditor Chartered AccA)unlants First Roor, Park Central 4041 Park End Stre8t Oxford OX1 1JD t)ate. ..91fj12QlS........ THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED STATEMENT OF FINANCIAL ACTivrriES INCLUDING INCOME AND EXPEND￿uRE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrnstrid8d Restricted fund* lunds 2024 Totsl Umr•strlcted R•sirfcted fvndl fund• 2023 2023 Total 2024 2023 Not•• Income from". Donations and leg8cl•s Charitable activities Investments Other material in¢om• 251,015 27.487 141,349 11.814 17.127 288.142 27,487 141.349 11.814 181,911 25,939 136,384 10.666 7.230 189,141 25.939 136,384 10,666 Totsl I￿orn• 431.665 17.127 448.792 354. 7,230 362,130 Exp•ndltur• on: Raising funds ChAritsble acb"viti6s 28.412 348.612 28.412 3S4,004 28,349 365.802 28,349 371,948 5.392 6,148 Totsl expend￿r# 377,024 5.392 382,416 394,151 fj.148 400,297 Net gains on Investments 12 80.329 80,329 153.427 153,427 N•t Incom• 134.970 11.735 146,705 114.176 115,260 Transfers belw•en funds 1,637 11.6371 Net moY•m•nt In fund• 134,970 11.735 146,705 115,813 15531 115,260 R•con¢lllollon of fund•: Fund balar￿S at 1 JoThJary 2024 10.084,687 1.364 10.086,051 9.￿8,874 1,917 9,970,791 Fynd bal•nc•• at 31 December 2024 10.219.657 13.099 10.232.756 10,064.687 1.364 10.086,051 The 5tstement of fin8ncJal actiwties indutles all gains and kIS￿ rwni#•d ￿ the ye8r. AJI income 8nd expenditur erive from contsnuing actiwb"es. THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED BALANCE SHEET AS A T 31 DECEMBER 2024 2024 2023 Fixed a¥•ets Tangible assets Investments 14 15 5,130,637 4,581.191 5.272.269 4,353,407 Currnnt aM•t• Debtors Cash at bank and In hand 9.711.828 9,625.676 18 20,111 567,720 13.898 513,998 587.831 Credltor¥: •moont• lalllng du• wfthln one y￿r 527,894 17 {11.6801 112,2961 N•t curr•nt 576.151 515,598 Tot•1 ••uts l•M ¢uTh•nt Il•blltti 10.287,979 10,141,274 Cr•dltov¥'. •mourf• falllng du• aft•r mor• th•n on• y•*r 18 155.2231 1SS,2231 N•t aJ8•t¥ 10,232.756 10,086,051 Th• lund• of th• ch•rlty Restricted inwm8 fund8 Unreslrkted funds. g6n$ral Dasignated funds 13,099 2.790.024 7,429,633 21 1,384 2,554,094 7,530,593 10,232.756 10,086,051 Thè finanaal staternents were appro4*d by tho counL?lorn on ......................... Thomas Quin DIrector￿luste• Cc¥npany registia11￿ number 479317 (England and Wales) 11 THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A￿0￿￿tIng pollcl•s Charlty Inform•tlon The Society ol the SalutatiC￿ of Mary the Limrted is a private cthnpany Ilmited by guarantee Ineofporat8d in England and Wales. Th• registered office is First Floor. Pa￿ Central, 4Ck41 Park End Strest, Oxford, OX11JD 1.1 Ac¢ounllng conv•ntion The financial statements have boen prepamd in 8ecoTdance tmth Ihe Mernoranduffl and Arlid8s of A8stiuth'on, the C(xnpanie5 Act 2006 and 'Aco)unting and Reportlng by Ch8rits"es.' Ststèment of Recomm8nd8d Practsce applicat4e to charitigs preparing their aC￿u￿r$ in 8ccordanc& wsih th8 Finanual Rewb"ng Stsnd8rd applIca￿e in th¢ UK and Republic of Ireland IFRS 1021 {•ffective 1 January 20191". Th charity is a Public Banefit Entty as dofined by FRS 11y2. The tharity has tak•n advantage ol the provisions In the SORP for chariti# appl￿￿0 FRS 102 upda Bulletsn 1 not to preparts a Statem•nt of Cash Flow5. The finanual Ststèments am prepared in sterfkng. vhwch i8 lh• bJncdc4W Cu1￿c￿ of th• tharbty. Mon•tsry amount$ in theso financial statements are rounded to Ihe n$af8St £. The financ4al 8tatem¥nts have been pr•pared under th• hl8trKi¢•l CO￿ ts)nVenI￿n. ImtrJlfl•d to Indude lh• revaluation of freehokl prorArties and to inc￿de inveslmenl prybes and c4rtwn finandal instruments at fair Valuel. prfndpel acc￿ntIng Fdicw adopted are sot out below. 1.2 Golnq GOn￿M At the time ol approvlng the finanaal Statements, thè ¢ounolltrs haw a rea8M8ble •xpect8Uon that the has adequat• ￿K￿reeS lo coniinue in opeTrtional existence for th? foreseeable future. Thus the coundlkjrs continue to 8dopl the golng COFK•m bg¥s of acwunbng in preparing the financial stalemerts. 1.3 Charbtabl• funds Unrestn'ctad bJnd8 are avail¥￿e use at th• dis￿1￿7 of tt* coundllcvs in lurther¥nce of ththr charit8￿8 objecuves. Th• F•brle RepJlr Fund ￿ a deswated r•serye •sta￿lSh8￿ to cg)¥eT f¢palrs and mwntenanc4 cKJ8ts anllcipated in Ihe loNJ term ¢are of MucKnell Abbgy. Cound initi'alty sèt this Fund at 15% of roconstruth.on costs. The Future C•r• Fund is a d¢slgnated proyi5icm for residenll81 ¢are of •kJ8rfy m•mbers shou￿￿ they rwd It. Thls is cvrrendy set at a level to cover •sts"mat•d Ic¢al care c￿ts for hvo per%)ns for six years. Th• Opportunlty Fund is a d*￿nated reseN8 Tewgsenlirwj 8n appmximate CAlSt of PTo¥idlng ftjrthar laciliti•s shoult1 the size of Ihe Communty and It can offer C4￿￿'n￿8 to ncrease. Abb•y Property a de￿gnat￿ resorve. repr￿nts the historic cost las 8ubseqventty depreciated) Of the functional prcperty and fix1u￿$ and fitb'ngs of ￿ Charity and Iberofo￿ d￿5 nol rep￿sent funds avallable for exp8ndilure on general charilable pury)0s6s. Rèstricted fvnds are subject to spwfic conditi"cffi6 by donry5 or grantcrfs as to how they rnay be used. The purposes and u3es of Ihe rèstricted funds ort set out in the Mjtes to the finanaal statements. 1.4 Incorn• Income is ￿rX)gniSed when the thanty is legalty entsued to rt after any perfiwmanrx condibons have ￿en met. amounts can be rneasured ￿Iabty. and it is syobablè Ihat incLme will be receNed. 12- THE SOCIETY OF THE SALUTATION OF MARYTHE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢￿untIng Wl¢l (Contlnu•il} Cash donabons are roco3ni8e(l on re￿ipt. Other d(￿all￿$ are rwnised once the charity has been nob.fied of th6 d(￿atic￿, unjess perfomianc• COnd￿.0nS requirn def¢Th￿ of the amount. Income tax recoverable In relation to ￿￿8￿0￿5 r8cewed under Grft Ajd or deed5 of ￿¥&DanI is reC￿JniSed at the time of the donation. L8ga¢i8s ara recognwd OT othewwse rf tho tharity h83 been rn)tified of an impBnding distrtbution. the am￿nt 1$ known. and receipt 18 expe￿￿. 11 Ihe amc¥Jnt 15 not kn¢Y*￿, legacy Is treot¢d as conb"ngent assei. Olvldend income ts accounted for ¢)n a due and recaivable basis. Internst on deposit accountsls uedlw when r8¢¢1¥&J. 1.8 Expendlturn Expenditure is recognls•J oncé there Is 8 legal or ¢on6tructsve Obligati￿ lo tr8n$f8r eo)n¢)mic benefit to g thlrd p8ty. It is probable that a Lr8nsfgr ol banefrt8 wll be required in settlement. and Ihe amount of the obl￿a￿on can mea$wed ￿lab￿. Expenditure is da$8ified by oc*'iAty. The costs of each admty are mad8 up of the total of dlred costs and shared CA)St$. Incljding Supwt costs invow in UTrderta￿"ng activity. Olr•cl ￿$ts attn'butablo to a 8lngl• activity are allocat•d ijiredy to that activty. Share(I costs which eonlribule to mor• than one activity and support costs which ar• nol attribU1ab￿ lo a actI￿ty are apportion•d beknn those a¢Yvlts'8S on a b8sIs ¢onsistent ￿th th• u8e of r•sources. Deprea8ts￿ charges are aloeated on the portion of the asset's use. Cc6ts of generaung fijnds o)mprise Iho costs a88OCAat•d with gon•rabon vla Sale ol wrxk gnd cost8 8$8OCAatthJ wth lh• investm•nl pcrfllolio. Chantab18 expenditure comwse8 diroct eXp￿dth attributabt• to Vfvre costs con1￿1 be &l￿dY ¥ttribut8d, they have been alth8ted to acovllios on a ba* ￿Mste￿I vAth Ihe us8 of resour￿. Govemance costs indudè those ¢osts, suc* a8 ststulory audrt and ltyal and Ixofe891onal fe88. 488ocAated th const￿jtK$nal and slatuw r•4uiremènts Wher& ¢08ts cannot be dire¢lty attli￿led ¢0 headings. ilw have allocated to 8clivilies o basis consistent with vse of the resources. 1.6 Tanglblè fix•d I￿01* Tangib￿ fixed assets are Inilialy measurgj al ¢osi and ￿bSeqUen1lY measureA at cosi or va￿atIon, net of deprecith'on any impairment kffjses. Depreciation is recogntsed x) ¥$ to ￿lte crff the (x)si or valuatiori of assets less th¢ir res￿￿al values over their us?ftJl Ives ￿ the folkmyig bases". Fraehold land and buildirg Fvmiture and eqU1pff￿nt Fixture5 and fittings Motor vehicles SO Str5￿h1 lin• 5 yeats straighl li 10 years straight lino 4 years straight lino The gain or 105s arising on the disposal of an assèt is det8rmin&J 89 the d[fferen￿ betr￿en the sale prcteeds and thè Caryng v*ue of the a￿[ and is recognised in the ststement offinanaal activities. 13- THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollel•4 IConllnu8dl 1.7 Flx•d •$s•t In¥e•trnènts Fixed ass*1 Investment5 are inth'alty me8SUrtd at tTrns8cb"on wic• •XC￿Ing tra￿cl￿ Costs. and are subsequently measured at lair value 8t èach reF¢Jtsng date. Changes in law valué are reoJgt)ised in net Inccfflellexpendrturel for ￿T. TMlact￿ are w￿sed as in￿￿8d. 1.8 Imp8lrment 0fflX￿ J•••ts Al eBch reporting 8nd date. the charity r•views th• carying amounts of tts tarvJlb18 assets to detemlne whelher there Y& any indicats.on that ¢hose assets have suffer$d an impaim)ent loss. If any such indic8ts.on •xisls. the TeC￿lable amount of thg as$81 B 85b"mated in Lyder to dgi*ming Ihe extent of the impairment los8 Ikf any). 1.9 Cash and e••h •qul¥ihnts Cash and cash equivalents Indu￿ cash in hgnd. derwts hdd at call wilh banks, other shc*t4erm liquid Investments vthh origln81 maturilK8S of three mcmlhs rA1888. and bonk ovwdr8fts. Bank ovardrafts are 5hovm wfthln borTowings in currorst liabililles. 1.10 Flff ancl•l InsinJm•nts The chanty has elec¢ed to apply Ihg prowsiw8 of Section 11 '88$bc Financaal Insinjmwts, and Sgth"on 12 'Oth•r Flnancial InstNmenls18W•8' ol FRS 102 to all ol ￿S finantyal ￿struman￿. Financial InstrUM￿ts are recognised in the b•Lgnce shoot wthan th• thanty ￿ComeS party to the contra¢tu81 p￿Sic￿9 of th• Instrurnent. Finanual assets 8nd llabllll￿8 8ro off801. vrith amc*Jnts kyesentod In ihe flnanclal stst&m8nts, wh•n there 18 a legally enforceable righl io set off the recoanised amounts and there is an in1¢n￿ to sèttle on net b￿18 or to reall￿ the asBet and setue Iha liability simuttaneousty. 8asic fin•ncl•l •ssets B851c financial assets. whl¢h indvde ¢J•btors and cash ¥nd bank balances. 8re Initsalty measured at transaction price Induding transacbon eosts and a￿ substy]uenUy carrie(1 81 amorb5ed c05t using Ihe effèctiv8 inte￿t method unl•ss the arr8ng8ment (xjnslitutes 8 finanong transat*"on, ¥there th& trans8cl￿n 18 measured at th8 preseni Value of Ihe fulure recAipts diS￿nItIj al 8 mathet r8t* of intergsl. Finanuo198get8 cla$$ifigd as receiv8bl8 *thin one ￿Or are ncd omrtwd. Bask nnwnel•l Il•bllili•8 Basic finanaal liabilities, Induding credhors 8nd benk loans are initwlly re¢csnis•d at transection prlce unl•$s the arrangement consJtules o financ3ng transaction. Whe￿ th? debt in5trumenl is measured at the present valuè of the fulure paymenls diSc￿nI8￿ at A mawk¥i rate of into￿$L Financwl Iwbiliues dasslfied as payable within one year a￿ nol amort"¢sed. Debt instruments are subsequenly carri￿ 8t aTrKJrb'séd cosL wng the effeth.ve intowt rate Moth￿j. Trade credit015 8T* oblg8b'M5 to pay for gy)ods or seryices that have been acquir•J in ordlnary eourse of operations frorn supplieT5. Amount$ paydble are dassffied as current 1¢8bilil'es rf payment is due within yèar or less. If not, they ￿ presénted as non-current habilibes. Trade cred￿tc￿S are re￿niSed initialty at transactscn price and subsequenty m835ured at am0￿"se￿ using the effecbve Inte￿$t method. Derewgnltlon of Ilnancl* Ilabilhl•s Financial liabilities arè de￿c￿3n1￿d when the thariws ccffltradu81 oblvJations expl￿ ￿ are tlischarged or cancellad. 1.11 D<)wry monies Dowry monies received are treated as Icw term. interest free kAns. hekl wthin ￿ditOrS on the balpnce sheet. 14- THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Crltical a￿OUnting estlmatss and ludg•ments In the applicah'on of tha ch8rity's ac(x)unbng pobrAes. the coun(illors are required to make judgements, estimate8 and assumptions abcrtjl the carTring arr¥)unt of assets 8nd liabilities th3t are not readily apparent from other sources. The estimat&s and associated assumpbons are based on historical experience an¢J other factors th81 are COn￿dered to be re18vanl. Acknal re5uhs may dFfier from these estimatgs. The estimat￿ and un¢YeAying assump￿￿S are reviewed on #n ongthng basis. Revisions to a¢¢ounting esb"mate6 ar6 rgwnisad in lh8 peric¥J in the e5bmate is rnvised where the revision 8ffects only that pedod. or in the penod of th• rnvisw and fLtDJre ¥￿￿18 th• rnM8ic￿ aff•¢ts both curr•nl and lutur• P8ri0ds. Th• f￿1￿#￿n9 ludgements (apart from tlThe VM>fvkng ostwnatssl hove had tho rnost sIgn￿rant •ffoct on amounts recc¥Jnis8d in the finano* ¥tatem•nts. FlxedAsset Depreu'at DeFyecAath￿ was calculated based on managemerfy estimat• ol the u￿(U1 eCOr￿1¢ lives ol tanglble fix8d assets. fhJrin9 the year •nded 31 D￿rnber 2024. dep￿la1￿ towled £153.789 (2023.. £156,227). Incom• from don•tloM and l•g4cl•• Total Unr••trkt•d R••trl¢t•d fvnd• 2023 T¢)tal lund* 2024 fund• 2024 2024 2023 2023 Donabons and grfls L8gacAes 184.515 17.127 201.642 181,411 7.230 188,641 500 251.015 17,127 268.142 181.911 7.230 189.141 Income froffl chArllabl• Actlvttle• lJnrn*trlct•d fvndl 2024 Unr••trf¢t•d fund• 2023 Sale of goods 27,487 25.939 15- THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Incom• from In¥e•tm Unrtstrletsd Unmtrlct•d funds fund• 2024 2023 120.195 16,1B9 Income Irom Ilstod investments Irter•st reeeNabl 119,375 21,974 141.349 138,384 Ral•lng fund• Unr••trlct•d Unrestiiclod fund* funds 2024 2023 12.804 Costs of gojds 8old 11,713 Inveslmant management 16,699 15.545 28,412 28,349 16- THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Charttabl• athities Ireliglous COMMUn￿y) 2024 Abb•y Oonatlon 2Q24 {v•lFglou8 communlty 2023 Total 2023 2024 2023 Dtspreiyatlon and Impairment Abbey {￿lIgiOuS comrnunityl 153,789 153.789 1&8,228 156.228 183.876 4.577 186.453 200.078 4.618 204,696 337,665 4.577 342,242 356,306 4,618 360,924 Share of goveman¢e costs (see note 81 11,762 11.762 11,024 11,024 349.427 4,577 354,004 367.330 4,618 371,948 Anatysl• by fvnd V￿eStricted funds Restricted funds 344,035 5,392 4,577 348.612 5,392 361,184 6.148 4.618 365,802 6,146 349.427 4,571 354.Cv)4 387.330 4,618 371.948 Qov•mJnc• ¢o•ts Govern*n 2024 Govemanee costs 2023 Audit feès Accountan¢y 4.405 7.357 4,080 7,357 4,080 11.762 11.762 11,024 11.024 Analyg•d tse￿een Char*t8t4e ath'mties 11.762 11.762 11,024 11,024 Govemance cO￿S InrkKlas paym8nts to the #udilcys of£4.405 {2023.' £4,080) for audit fees. N•t mov•m•nt In fund• 2024 2023 Thè nel movemsnt in fvnds is ststed after ¢hargiThylcrediting}.' Fees payable lor the audit of the charitys finaThiBI staterr*nts Depreciation of owned tangib￿ fixed assets 4,405 153.789 4.080 1￿,228 17- THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Counclllors Non• of the coundVLws lor any (¥)nneded Ih•ml r•ceived any remun•ratlon OT expense5 from the charity during Ihe year. Livin9 expenses of those trustees and m8mbÉts ol the chariV5 key manag8ment personnel are 0130 members. ol the Order were bcffje by the charty dunng the yeaf. However all members of the Order donate pef50nal Income to the ch8nty. Totsl donatKm6 reCW¥￿ frrffi mefflbeTS of the ¢>)urK41 in thg year am￿nted to £28.91212023.. £17.9901. 11 Employ• Th• aver¥g• monthty number of employ88s dunng the ￿Orwa3.. 2024 Numb•r 2023 Numb•r Tol81 There ar¥ no ompbyw 86 at 31 D•cwnber 202412023: n(ml Thervj were nts •mpl¢)yee& whose annual r•mun•rnkn was £60.OCO or rnor•. 12 Galn• and lo¥Ms on In¥￿t￿•￿t* Unr••trlcted Unre*trlct•d fvnd• fundjj 2024 2023 Galnslllos￿8I arfslng on.. R¢v8luabcfi of investrnentg 80,329 153,427 13 Tax*tlon The thaiity is •xempt Irom tsxatiCA) on its actmb.es becauy• ou Its incon¥J is applied for thadiable purpos88. 18- THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Tanglbh fix•d as8•ts d lyjllthnp •wlkwn•nt Tol•l Cost Ai 1 January 2024 Addlllons DIspO8￿S 7,169.316 80.605 14.119 (8.398) 183.000 1.074 {8001 49,427 7.482,348 15,193 124,3421 115,1441 At 31 Dec&Mber 2024 7,169,316 86.326 183.274 34.283 7,473.199 0•Pr￿•￿tIon •nd Impairm•nt Al 1 January 2024 Depreciaty'on charged in the year Eliminated in r¢spect of di8wsa19 1,936,104 139,386 68.T87 183.000 22,737 9,517 115.1441 2,210.078 153.789 121,3051 (5.361) (8LXJ) Al 31 Decèmber 2024 2,075,49) 67.708 182,254 17,110 2,342,562 Canylng amount Al 31 December 2024 5,093,826 18.818 1.020 17.173 5,130,637 At 31 D8c8mber 2023 5,233,212 t2,367 26.690 5.272,269 Freehold land and bvihjings comwise Ihe Communitys monasw, kThry￿ 8$ Mucknall Abb8y. This indudes freehokl land of £200,CKJO. vhjich is nol d¢precJated. 19- THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Flx•d 8ss•t Inve•imenlS Li•t•d Unll$t•d Imf•slment• IDv•*tment• Total Coit or v*lu•tl¢)n At 1 January 2024 Additions Valuation char•Je Dl8ws81 4.350.507 493,965 80.329 (346.510) 4,353.407 493,965 80,329 {346.5101 4,581,191 Al 31 D0￿mber 2024 4.578.291 2,WO Carylng #mount At 31 December 2024 4,578,291 4.581,191 4,353,407 At 31 D8cernbor 2023 4.350,￿7 2.900 C08t of Inve8tsn•nts £3,310,12812023.. t3,111,437). At 31 De¢￿ber 2024 no single knv88tr*ni more than 5% of the porttolio value. 18 D•btor• 2024 2023 Amounts falllno du• wlthln on• y••r. 300 2.002 11,594 TT?de debtors Olher debtor8 Pr•paymonts and a¢¢rued Ii)com 11,413 20,111 13,896 17 Cr•dltor¥: amounts l•lWng du• wlthln on• y•ar 2024 2023 11.680 12.296 Acuu81s 8nd defwred inccthe 18 cr￿ltOrS. amounts falling du• aft•r morn than y?ar 2024 2023 55,223 55.223 InteT85t free loans THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Conllngent 48S•t The charlty has Ixen no11f￿ of an £18,OtM) legacy vthich %sill b¢ recewed ￿en certw"n condilkns have been mèt. 21 o)0 ¢7) O *CC¥r f£1 c c o v) ro è* 10 (V ill11 1 15115 THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Anatysl¥ of n¢t ass•ts I￿een funds ilnrestricted Regtrocted funds funds 2024 2024 Total 2024 At 31 O•cemb•r 2024.. Tangible assets Investments Current assetsllllabi1￿"e$) Long term liaLx"l￿es 5.130.637 4.581.191 563,052 155,223) 5.130,637 4.581,191 576.151 155,2231 13,099 10.219,657 13,099 10,232.756 Unrestrlcted Restrfcted fund$ fund5 2023 2023 Total 2023 At 31 December 2023: Tan9ible assets Investments Current assetsllllabilib8s) LLmg tenn liab'lities 5,272.269 4,353.407 514.234 155,2231 5.272.269 4,353,407 515.598 155.2231 10.084,687 1,364 10,086,051 23 Related party transactlons There wwe rK) transactions paid to (* on ￿h￿l1 of Tntstees in 202412023- £1.5471. -24_