Company reglstratlon numb&r 479317 (England And Wales) Charity reglstration number 221617 (England and Walgs) THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED LEGALAND ADMINISTRATIVE INFORMATION Counclllorg Thomas Quin Michael T8wnor Philip Dulson Alison Fry Michaèl Bro55ard Sir Hector Sants Charlty number 221617 Company number 479317 Principal address Mucknell Abbey Mucknell Farm Lane Stoulton Woreestershire WR7 4R8 Reglstered offlce First Floor. Park Centr81 4041 Paik End Street Oxford OX1 1JD Audltor Gravita Audit Oxford LLP First Floor, Park Central 4041 Park End Stroet Oxford OX1 1JD Principal Bankeys Bardays B8nk plc 30 Market Square tney Oxon OX28 6BJ Invostment advisors Charfes Stanley Stockbrokers Wllow Court West Way Minns Business Park Oxford Oxon OX2 OJB
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED CONTENTS Page Counrillors. report Statement of councAllors' r85ponsibilities Independent auditotrs report Stalernent of finanaal activities 10 Balance 5he8t St8terllent of cash flows 12 Notes to the financjal ststements 13-24
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED COUNCILLORS, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025 Definillons.. "Membe. f8rS to Alembers of the Soclety, bound by its AMcles ofASl&tIon, members" ol any other body are given 8 lower-cAse 'm'8nd the relev8nt body is mentioned in the text. 'Abbey' or"monasterf are synonymous and refer either to Ihe fiJnGlional prtsperty of Ihe Charity or lo Ihe Communily resident at that property, whose worship énd hospit8lily provide the public b6nefil. 'Ordel' reffjrs lo the Benedicline Order of which this abbey And its members S a pèrt,. however this abbey is aulonomous. legally 8nd h"nancially. The counclllors present their annu81 port and finanry81 statemenis for the year ended 31 December 2025. The financial statements have been prepared in 8ccordance with the accounting policies sel out in note 1 to the financial statement5 and comply with the charity's Memorandum and Articles of As3oci&tion, the Companies Act 2006 and 'Ac¢ounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 8pp11cable in the UK and Republic ol Ireland IFRS 1021 leffeclive 1 J8nuary 20191" ObSectlv+s and actlvltie$ In accordance with the Memorandum ofAs50uation, the PTincipal object of the Charity is the adVanrnent of the Christian Religion and the promollon ol its practice, prfm8dly by maintaining the life of a Benedictine Rel¥3iOUS Cornmunity. Since 1952 the Mernbers have pursued thi5 object by maintaining the Benedictine monastic life. thin the Church of England,. the Tnajority of Mernber5 are also members of the Order. lsving the Religiovs Life under Vows according to the Rule of St Benedicl. al Mucknell Abbey. IN accordance with this Rule, public ChTlStian worship is offered several times daiw throughout the year, pastoral counsel is offered Ito those who seek It) and hospitality (including Quiet Oays and Relre8tsl is given., these constitute the most visible forms of public benefit. Some exlernal engagements such as preaching, the conducting of services. teaching days or Retreats elsewhere, are also undertaken. Hospitalty is an important part of the Benedictine monastic tradition. People of all ages and frorn all walks of lrfe, from a variety of religious backgrounds and none, have discovered Benedictine monasteries to be pla¥ of restoration, reconciliats'on and peace, and many look to members of this Community for friendship and spiritual guidance. They value the opportunity the monastery affords lor quiet and ieflection. GTounds are m8intsined in ways Ihat foster this atrnospheie. and to allow guests, visitors and users of the public right of way to 8njoy their un5poiIt quiet. The bulk of the work of the Charity is carried out by volunteers. indeed the members of the Order make over any income they might receive to the Chaiity. Voluntary help is provided by some rnembers of the Fnends Association (the informal support group who raise funds for the Charity and publicise its workl who help with the administration of the Friends alld the organisats'on of Friends, events. The Councillors (DirectorsrUSteeSl give their tirne and expertise on a voluntary basis. The councillors have paid du8 regard to guidancg issued by the Charity Commission in deciding wh81 actlvits'es the charity should undertake.
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED COUNCILLORS, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Achlevèmènts and performancè The abbey constilLJtes the functional property of the Charity and was deslgned in order lo provide suitable buildings for monastic life, accommodation for guests on Retreat. and a more sustainable way ol life which - by incorporating appropriate 'green' technologies reduces the Charity's carbon footprint. Maintenance work is carried out each year with the 8dvice ol Acanlhkjs Clews. In 2025. the Communily Continued renewing flooring in parts of the Abbey, repaired the balcony of the Community buildin9 and erected the Toundhouse to extend the facilit$ available to day guests and sm811 groups. The Insurance Surveyor inspected the whole property and sorne of the recommended improvernen15 were made with others to be Cornpleted in 2026. Meanwhile work conlinues in the grounds to enhance their amenty and conservation value Including further hedge-laying and trimming. The regulai pattem of public worship continued all year. The demand for h05Pitality remained high, however there were still disappointing numbers of last minute cancellations. 350 resident guests12024.. 3691 and 183 quiet day visilors12024. 1901 came to the monastery during the year. Mainiaining the practice of inviting people to Iwe alongside the Community for a period of sever81 months li.e.. lollger than that ordinarily spent by a Relreatantl, the Community engaged wth several enquiiers and welcomed one new'alongslder, during the year. Members irf the Order conb'nu8d to accept a few requesis to minister outside the abbey. One Member ha5 continued to serve as a representatNe of Religious Cornmunilies on the General Synod of the Church of Engl8nd. Two other Members serve on the House of Bishops Advisory Council foi Religious Communities, and one on the cornmittee of Anglican Religious Communrties In England. which regulate and 8SSlSt all Church DI England Religious Communities. One Member, who is a Methodist presbyter, accepted part-time stationlng by the Methodist Church within their Bristol Dislricl.. his income and expendthre are distinctly noted in the fflnancial statements. Financial revlew The financial statements alongside this report comply with the Charities Act 2011. the Companies Ad 2006 and the 'AcGounting and Reporting by Charities.. Sla18rnenl of Recomrn8nded Prnclice, applicable to charities in the UK and Republic of Ireland trom l January 2019 under FRS 102. The audited accounts Show significant changes from last year. again rnainty 8ttrfbutable to a ftjrther instalment ol legacy, which w85 Tnuch larger than antlcipated, and restricted donations towards the roundhouse project. Guest donations have increased again, as have Pensions and Benefrts made over to the Charity by Metnbers. Investment Incorne fell, prompting a review by the investment manager. S8le of Work remained at a similar level. On the expenditure side Ihe cost of Ilving has incre8sed significantly and the Charty has taken on an employee. On Investments, the cash held is in an aggTeg3ted charity cash deposit which returns consistently higher th8n the 74ay LIBOR. The capital value of the Chades Stanley investment portfo110, net of cash injected, rose by 11%, underperfomiing the FTSE 100 (rose by 210/0) bul exceeding the 'RPI + 4%, benchmark. Mthile index benchmarks indicate the porifolio perfotrnance, or perhap5 It5 asset allocation felative to the FTSE100 index, the 'RPI + 4Vo benchmark relates to the costs of running the monastery. 'Donalions Teceived, include £24,408 01 Tnjslees, penslons and beneffts made over lo the Charity., other major fundlng sources during the yeAr were investrnent income and donations.
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED COUNCILLORS, REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED FOR THE YEAR ENDED 31 DECEAIBER 2025 Reserve8 poIIcy The Council has monitored the property's runnlng costs and the returns on investments and has concluded that, since the current activities are dependent on the level of pensions made over to the Charity by Mernbers, it IS prudent to build up the R85etves 85 8nd when possible. In accord with the policy of clarifying the accovnts and the financial policy of the Charity. the Council now divides the Reserve5 lathough these are neither permanent nor restricted) according to certain De$lgnated Funds which represenl future plans and needs, Three suth Funds are allocated. The first is thg Fabric Repalr Fund which is an allocation for repair. maintenance and long terrn care of Ihe functional property., this Fund 15 Stated at 15% of construction costs, wth subsequent increases by inflation and decrease5 according to Malor Repair expenditure Islanding at £973,229). The second is the Future Care Fund which is a provision for the cost of residential care of elderly Members should they need it towards the end of their lives.. this c05t has been a sudden and considerable addition to costs in the history of the Community and is set to cover local care costs fDr o person5 ft)r six years. with annual uplift for inflation Istanding at £658,523). The third is the Opportunity Fund (standing at £751,850).. when the design for Mucknell Abbey was agreed by the Council, planning and cost constraints determined which facilitie3 for treatants and vlsitors rnight be provided. and the emphasis was on the core needs of those coming lo the abbey for residential retreats., this fund represents an approximate cost of Pfoviding further facilities on site or in the vicinity should the size of the Comrnunity and the skills it can offei increase.. part of It might have been used in 2025 for the roundhouse but, in the event, the cost was raised trom oulside through an appeal. The Opportunity Fund also provides one source for major expenditure which May be necessitated by the development of the proposed new town around the monastery. The principal material asset of the Charity has long been its funcliollal property. The book value of Land and Bullrsings, in the balance sheet, represents the purchase cost of Mucknell Farm and the building additions to date, less depTeciation. Inve¥trnent pollcy Investment powers are described by Ihe Charitys Memorandum of Association, and by the Trustee Investrnents Act 1961, with such 8mendments as given in the Chanties Act 2011 and the Trustees Act 2000. The Council determines inve5trnent policy.. to ensure that inve5tTnent decision5 are taken only by person5 or Drganisation5 wth the skills and resources necessary to take them effective, the Council delegates routine investment decisions to inveslmenl manage[5. The investrnent performance, which aims at a long-terrn balan of overall capital and income growth, is reviewed at least twice each year. The Statement of Investment Policy (last reviewed In 20221 addres5e5 such pararneters as asset allocation. performance benchmarks, suitability of investments and ethic81 crfteria. Although the ChaTty's assets are unrestricted. the investment portfolio is maintained in order to provide uneamed incom& to enable the Metnbers to conb'nue doing the ch8fltable work which does not 9enerate incotne
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED COUNCILLORS. REPORT (INCLUDING DIRECTORS, REPORT) ICONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 Rlsk assessment The eouncillors have assessed the major risks to which the charfty is exposed. and afe satisfied that systems are in place to mitigate exposure to the major iisks. The Ch8rftys Rlsk assessment and Flre Rlsk a58es5ment policies remain under regular review. Flnanclal rlsk cornpTise5 Investment risks and fraud risks. The statement of investment policy ctsvers the foSlowing'. manager, liquidity, political, custodial, currency, market and inflation risks. Most ol these are addressed by employing professional investment Tnanagers, whose p8rformance 18 regulady reviewed, and agreeing appropriate iisk levels, asset allocatioll and diversification. These are being Monitored by the Council and kept under discussion with the investment managers. Additionally, although inflation is now moderate. increased costs are still affecting the Charity. The risk of fraud is mib"gated by a double-signature requirement lor all significant payments, professional accounting sofvare 8nd material locks as well as password protection in IT,. internel banking is used lor the Friends accounts and for the secondary b8nk account. Property ri8k affects the functionBI property of the Charity and all the lurni5hings and equipment used there. This is largety addressed ty a schedule of inspections, from the architects. Quinquennial inspection (last made April 20211 to regular observ8tional checks on roof 51ates, maintenance contracts on all significant equipment, and a bespoke insurance policy designed wilh the particular needs of Religious Communities in mind. Reputatlon rlsk comprises products and care for guests. Mthile the Charity does not set out lo work with young people or vulnerable adults, some retreatants or visitOf5 might be so described." in any c858 the Charity has a written Safeguardlng pollcy which matches all Ihe objects and requirernents of the wider Church of England SafeguaidiTTrg instruments. As 8 Consequen of this, all the members of the Order participate in Safeguarding training (latest course in J8nuary 2023 and November 20241 and the safeguarding offirS have attended further information and training days organised centrally by the Church of England andlor the Methodist Church of Great Biitain. Product quality 5s checked by the use in-house of our t)wn products, and Produci liabilily insurance is held in regard to products sold. In accordance with best Practice there is also a written hèalth and safety pollcy, which is reviewed at le8St annualty. Plans lor future perlods The principal plan and hope for the monastery is the maintenarnce of daily worship and to continue providing pastoral care and h05Pltality. Meanwhile economic uncertainty and geopolitical concerns demand eareful monitoring and prudent responses in the financial managernent of the Charity. 2026 will see a review of investrnent pollce and another quinquennial inspection of the property. Since moving to Mucknell. the monastic Cornmunity has received 33 Alongsiders, of whorn ten havejoined the Community as noViS and six of these have since made their monastic Life Profession and become Members of the Society. Increasing numbers strengthen the Benedictine life. enhance the public worship and enable the Society to provide mole hosprtalily and spiritual accompaniment. The evolution of the South WorcestershiTe Development Plan wll undoubtedty &ffect future plans and may prompt pa51oral work with more local residents as well 85 retreatants from further away.
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED COUNCILLORS. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 StruCre1 governaneè and manJg*m8nt The char Is a company Ilmlled by guarantee, Ineorporated 9th March 1950, regi51eTed company number 00479317.. ¢hari¢y gIstratIon number 221617. The Trustees of the Ch8rity arè thè Councillors ol th8 SoctY and ar8 a150 the dir8Ctors lorthe purp058 01 company law. Tb9 Councillors who Served during the year and up lo the dBte of sign8ture of tho financial stolernents were.. Thomas QuSn Mich891 Tavinor Philip Dulson Alison Fry Mlchael Brossard Sir He¢lor Sants The firnancial officers of tha Charlty durfng 2025 waro.. Thomas Quin Ilrusle81 Micttaél 8rossard Itrustoè11 Th¢ Councll conslsts of some memb8rs of th& Order and some lay persons (two currenllyl eo-opled onto th8 Council for their particular expertise and appreoiallon ol thg obj8cts ol the Charity. The Council meets at leasl twice each calendar year. The Arbcles of Association provide for retirement of Counclllors in rot8lion,' new Councillors are co-opted by the conlin¢Jing Councillots until Ihe n8Xt AGM when they musl Stand for eledvjn by the M8mb8rs. Indu¢lion of CouncilloT5 who arts members of Ihg Order is by the system of monasti¢ forrnation Itrainingl which involves living and arnIng the life under supervision for a tninimum of five yeats. Members of the Order becom8 Members of Sou8ty befor6 being ellgitl8 for Councll and thus hav? previous exposur& to the work of th8 Council. Lay person¥ on the Council are Inducted into the particular work and needs ol tho Charity by th¢9 Councillors who are m9rnb9rs of the Order. Councillors are regularly r8ferr8d lo the guidance pul out by th8 Charity Commis$i¢)n. None ol the coun¢illors has 8ny benelSclal Interest in the company. All of th8 coundllors are members ol the (yjtnpany and guarantee lo ¢ontribut8 £1 in the event ol a winding up. Auditor According to good pral¢e th8 role of audltor was put out to tènder during Spring of 2024. The appoint8d audllor, GravitaAudlt Oxford LLP, conducted their1Srst audit during 2025. Ol$¢losuro of information to audltor Each ol Ihe counclllors has confirmed that Iherfr is no infomalion ol whl¢h they are aware whlch Is rel8vanl to the audit, bul of whlch the auditor is unawar8. Thay have lurther confirmed that they have taken appropriate Steps to identify such relevant Inlomiatson and to 8Stabllsh that the auditor Is aware of such inforrnatk)n. The ¢ounclll¢xs' r8POrt was approved by Ihe Board of Councillots. Thomas Quln Direclofrrruslee Dated.. Ii...............Z. oa
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED STATEMENT OF COUNCILLORS. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025 The councillorB, who are also the directors of The Society of the salutats.on ol Mary th¢ Mrgln Limrted for the purpose of oornpany law, are responsible lor pparIng the Councillors, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Gener8lly Accepted Accounting Practice). Company law require5 the councillors to prepare fin8nci81 statements for each fflnanaal year which glve a true and fair view ol the state of affairs of the charity and of the Incoming resources and applicab'on of resources, induding the income and expenditure, ol the charitable cornpany for that year. In preparing th85e financial staternenls, the councillors are required to". select Suitable accounting policies and then appty them consi51ently,' observe the methods and principles in the Charities SORP., make judgements and eslirnates that are reasonable and prudent., and prepare the financi81 statements on the going COllC8m basis unless il Is inappropriate lo presuffle that the charity 11 continue trn operats"on. The councillor5 are responsible for keeping adequate accounting records that disclose MAth reasonable accuracy at 8ny tirne the finanaal position of the ch8rity and enable them lo ensure ihat the financial statements comply with the Companies Act 20C6. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable slep5 for the pievention and detection of fi8ud and other IgUlare5.
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 Opinion We have audited the financial statements of The Society of the Salutation of Mary the Virgin Limited (the 'charity'l for the year ended 31 December 2025 which comprise the statement of financial activities. the balance sheet. the statement of cash flows and notes to the financial Statements, including signrficant accounting pollcies. The financial reporting framework that has been applled in Iheir preparation is applicable law and United 'ngdoM Accounting standards, including Financial Reporting Standard 102 The Fin8ncial Reporting Sl8ndard applicable in thg UK and Reptsblic of Ireland Iunited Kingdom Generally Accepted Acoounling Practice). In our opinH)n. the fin8nci81 statements.. give a true and fair view of the State of the charitable companys affairs as 8131 December 2025 and of its incoming SOurCeS and application of resources. lor the year then ended., have been properfy ppared in awordance with United Kingdom GeTherally Accepted Accounting Prdctice.. and have been prep818d in accordance with the requirements of the Companies Act 2006. Ba81B for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitie5 under those standards are further described in the Auditors responsibilities for the audit of the fin8nGio1 $18lements section of our report. We are independent of the charity in accordance with the elhic81 reqLJiiernents that are relevant to our audit ol the financial statements in the UK, inrjuding the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide 8 ba515 for our opinion. Conclusions Telallng to golng concern In 8uditing the financial statements, we have concluded that th8 counallors. use of the going concern basis of accounting in the preparation of the finanaal statements is appropriate. Based on the work we have perfomied, we have not identified any material UncertainlS relating to events or condrtions that. individualty or collectivety, may c88t 5ignrficant doubt on the charity's ability to continue as a going conrn for a period of at leasl e1ve month5 from when the financial Statements are aulhorised lor issue. Our responsibilities and the responsibl11eS of the councillors with respect to going concern are described in the relevant sections of this pOrt. Other Infomiatlon The other infortnation comprises the inforrnation induded in the annual Teport other than the financial st8ternents and our audito¢s report thereon. The councillors are responsible lor the other informatitsn contained within the 8nnual report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly stated in our report, we do not eKpre55 any form of assuran conclusion thereon. Our responsibility is to read Ihe other information and, in doing so, consider whether the other inforrnation is materially inconsistent with the financial statements or our knovAedge obtained in the ¢our5e ol the audit. or otherwise appears to be materialty rnisstated. If we identify such material inconsistencies or apparent material mi55tatements. we are required lo determine whether Ihis give5 ri58 to a material misslalemellt in the financial s181ements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other inforrnation, we are required to repori that fact. We have nothing to Teport in this regard. Opinions on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the councillots, report for the fin8n¢i81 year for which the financial stalements are prepared, which includes th8 directors, report prepared for the purposes of company law, is consistent wrth the financial statements", and the directors, report induded within the councillor8' report has been prepared in accordance with applicable legal requirements.
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE MEMBERS OF THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED atteryd on which we are required to report by exceptlon In the light of the knDwledge and underst8ncling of the tharity and its environment obtained in the course of the 8udit, we have not identified malerial mis8taternents in the director5. report included within the councillors, report. We have nothing to report in respect of the followng matters in rel8lion to which the Cornpanie5 Act 2006 requires us to report to you if, in our opinion.. adequate accountlng records have not been kept, or returns adequate for our audit have not been received Irom branches not visited by us., or the finanrial statement5 are not in agreernent wth the accounting records and Teturns., or rtain disclosu$ of trustees, remuneration specified by law 8re not made., or we have not received all the information and explanatiotls we require for our audlt,. or the counullors were not enb.tled tu prepare the financial statements in accoriyance wlth the small companies regime and take advantage of the small companies, exempOn$ in preparing the councillors, report and from the requirelnent to prepare a strategic report. Re5pon¥lbllltS•$ ol eounclllors As explained more fully in the statement of counrillors. responsibilities, the councillors, who are also the directors of the charity for the purpose of company law. are re3pon5ible for the preparation of the financial slalement5 and for being satisfied that they give a true and fail view, and for such internal control as the councillors detemine is necessary to enable the preparation of financial Statements that are free from Tnaterial misstatement, whether due to fraud or error. In preparing the financSal statements, the councillors are responsible for assessing the charity's Ability to continue as a going COTtcefn. disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the councillors either intend to liquidate the charitable company or to cease operations. or h8ve no reallstic alternative but to do $0. Audltorf8 respon91bllltles for the audlt of the financlal statements Our objectives are to obtain re850nable assurance about whether the fftnancial slaternenls as a whole are free froTn material rnisstatement, whether due to fraud or errof. and to Issue an auditorfs report that includes our oplnlon. Reasonable assurance is a high level of assuran but Is not a guarantee that an audit conducted in accordance with ISA5 IUKI wlll always detect a material rnisstalernent when il exists. Misstatements can 8ri3e from traud or error and are considered material if. individualty or in the aggregate. they could reasonabty be exp8Cted to influence the economic deasions ol users iaken on the basis of these firsanci81 statements. The extent to which our procedures are capable of detecting irregulanties, including fraud. is detailed below. Our approach to identifying 8nd assessing the risks of m8lerial misstatement in respect ol irregularihes, indudlng fraud and n0n-cornpl1an with laws and regulations, was as follows.. the engagement partner ensured that the engagement leam Collective had the appropriate competence. capabilities and skills lo identify or recognise non-compliance with Applicable laws and regulations., we identified the IAWS and regulations applicable to the charitable company through discussions with directorsllru5tee5 and other management. and frorn our knowledge 8nd expenence of the client's sector,. we focused on specffic laws 8nd regulations which we consider8d may have a direct material effect on the financial statements or the operations of the charitable company., we assessed the extent of cornpli8nce wlth the laws and regul3titsns identified above through making enquiries of management., and • identified laws and regulations were communicated wthin the audit team regularfy and the team remained alert to in5tanos of non-cornpliance throughout the audit.
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUEDI TO THE MEMBERS OF THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED Wè assèssed the susceptsbility of the tharitable company's fin8nci815tatements to rnalerfal misstaternent, indudlng obtaining an understanding of how fiaud might occur, by.. making enquiries of management as to where they considered there was Su$p11bI11ty to fraud. their knowledge of actual, suspected and alleged traud,. considering the intem81 ¢onlrols in place lo rniligale risks of fraud and non-compliance wth laws an¢J To address the ri8k of tr8ud through management bt8s and override ol controls, we.. performed analytical ProdureS to idents'fy any unusual or unexpeeted relationships., tested journal entrie5 10 identlfy unusual transactions-. as5es5ed whether judgements 8nd 85SUtnptions made in delermlning the accounllng estirnates were Indicative of potential bias; inve51igaled the rationale behind significant or unusual transactions. In response to the risk of irregularibes and non-compliance with 18ws and Tegulations, we designed procedure5 which included, but were not limited to.. agreeing finanryal statement disclosures to underlying supporting documentation., reading the minutes of meetings of those charged wrth governancè., *enquiring of management as to actual and potential litigation and claims.. A further description ol our responsibilitses is available on the Financial Reporting Council's website ot.. https.'Il www.frc.org.uk18uditorsresponsibiliiies. This description forms part of our 8uditofs report. Use ol our report This report Is made solely to the charitable company's members. as 8 body, in accordance wrth Chapter 3 of Part 16 of the Companies Act 2(L)6. Our audit work has been undertaken so that we might slate to the charitable company's members those rnatters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or a55urne responsibility to anyone other than the ¢harftable company and the charitable company's members a8 a body. for our audit work, foT this report, or for the opinions we have formed. //// • Robèrt Klrtland (Senlor Ststutory Audltorl For and on behalf of Gravfta Audlt Oxford LLP, StstvtoryAuditor CharterÈd Accountants First Floor. Park Central 4041 Park End stet Oxford OX1 IJD D818". 121612026
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestricted Rtstrlcted funds f4Jnd5 2025 2025 Totsl Unrestrlcted Rgstrleterl funds funds 2024 2024 Total 2025 2024 Notas Income from- Donations and legacies Charitable actlvltles InvEStments Other material income 359,564 37,849 131,552 8,666 45,892 405,456 37,849 131,552 8,666 251,015 27,487 141,349 11,814 17,127 268,142 27,487 141,349 11.814 Total Income 537,631 45.892 583.523 431,665 17.127 448,792 Expendlture on: Raising lunds Charitable activitl8S 35,227 411,131 35,227 417.055 28,412 348,612 28,412 354,004 5,924 5,392 Total expenditure 446,358 5,924 452,2B2 377,024 5,392 382,416 Net gains on investments 12 483,524 483,524 80,329 80,329 Net Incomè 574,797 39,968 614,765 134,970 11,735 146,705 Tr8nsfers befvleen funds 45,032 145.0321 Nèt movement In funds 619,829 15,0641 614,765 134.970 11,735 146.705 Reconciliation of fund5: Fund babances at 1 January 2025 10.219,657 13,099 10,232,758 10.084,887 1,364 10.086,051 Fund balances at 31 December 2025 10,839,488 8,035 10,847,521 10.219,857 13,099 10.232,756 The statement ol financial activities Includes all gain5 8nd losses recogrised in the year. All income 8nd expenditure derive from continuing activrties. 10-
THE SOCIETY OF THE SALUTATION OF MARYTHE VIRGIN LIMITED BALANCE SHEET AS A T 31 DECEMBER 2025 2025 2024 NL)tg$ Flx6d asset¥ Tangible assets Investm8nts 14 15 5,039,323 5.229,983 5,130,637 4.581,191 10,269,306 9.711,828 Current 35S8ts Debtor5 Ca8h at bank and hand 16 16,937 628.721 20.111 567,720 84S.658 587,831 CrBdltors.' amounts fa115ng due wlthln one year 17 112,2201 111,6801 N*1 current assets 633,438 576.151 Total as$ets1988 current1Sabllltlè$ 10.902,744 10,287.979 Credltors: amounts falllng du• aftgr morts than one year 18 (55,2231 155.223 N8t assèts 10,847,521 10.232.756 The funds of the charlty Restricted incomg funds Unr88tricl8d funds- gèneral Designated funds 19 20 6,035 3,501,443 7,338,043 13,099 2,790.024 7,429.633 10,847,521 10.232,756 The )Inan1 ststements were approved by the councilk)rs on .. Thomas Quin Dlrgctorffru5to0 Company reglstration number479317 IEngland and Wales)
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Note¥ Cash flowa from operatlng actlvltles Cash gener8led from operations 23 162.676 71.985 Investing actlvltles Purchase of tangible fixed assets Proceeds Irom disposal ol18ngible fixed assets Purchase of investments Proceeds from disposal ol investments Investment income received 168,3171 115,1931 358 1754,6211 589,353 131,552 3,036 1493,9651 346,510 141,349 Net cash used in IvtIng aetlvltles 1101,6751 118,2631 Net cash generated from financing activities Net Increase in cash and cash equivalent# 61,001 53.722 Cash and cash equivalents at beginning of year 567,720 513,998 Cash and cash equSvalents at gnd of year 628,721 567,720 12
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng policies Charlty Information The Society of the Salutslion of Mary the Virgin Limited is a private company limited by guarantee incorporated in England and Wales. The registered offl¢e Is Firsl FIooT, P8rk Central, 4041 Park End Street, Oxford, OX1 1JD 1.1 Accounting conventlon The finanaal stalernents h8ve been prepared in accordance with the charitys Memorandum And Artides of Association. the Companies Act 20[ and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financral Reporting Standaid applicable in the UK and Republic of Ireland IFRS 1021 leffethve 1 January 20191" The charity 13 8 Public Benefit Entity 83 defied by FRS 102. The charity has taken advantage of the provision8 the SORP for charfties applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterfing, which is the lunctional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. Thg finaniial statements have been prepared under the historical cost convention, Imodified ID Include the revaluatlDn of freehold propertie5 and to include investment properb'es and certain financial instnjments al fair valuel. The prinopal accounng poliaes adopted are set out below. 1.2 Golng concern At the time of approving the ffinancial statements, the councillors have a asOnable expectstion that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus councillors continue lo ad(3Pt the going concern basis of accounting in preparing the fin8ncial statements. 1.3 Charltable funds Unrestricted fund5 are available foT use at the discretion of the counallors in furtherance of their charitable objective8. The Fabric Repair Fund is a designated resetve established to cover repair5 and maintenance costs anticipated in the long temi care of Mucknell Abbey. Council has initsally set this Fund at 15Qh of reconstruction costs. The FLrture Care Fund is a designated provision for residential care of elderty members should they need rt. This is currentty sel at 8 level lo cover estimated l()cal chre costs for two peisons for six yeafS. The Opportunity Fund is a designated Teserve representing an approximate cost of providing hjrther faalities should the syze of the Community and the skills it can offer continue to increase. Abbey Property 8 designated reserve, represents the historic cost las subsequently depreci8tedl of the functional propety and fixtures and fittings of the Charity and therefore doe5 not represent funds available for expenditure on general cha¥i18ble purposes. Restricted funds are subject to specifie condibons by donors or grantors a5 to how they may be used. The purpose5 and uses of the reslri¢t8d funds are sel out in the noles to the financial statements. 1.4 Income Income is recogni5ed when the charity is legalty entitled to il after any perforrnance conditlons have been met. the amounts can be measured reliably, and it is probable that Incotne will be recewed. 13-
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng policies (Continued) Cash don8tions are recognised on receipt. Other donations are recognised once the charfty has been notified of the donation, unles5 performance condltions require deferral of the amount. Income tax recoverable in relation to doration5 received under GiftAld or deeds of covenant is recognised al the tSme of the donation. Legaries are recognised on receipt or otherwise il the charity has been nob.fied of an impending distrlbution, the amount Is known, and reIpl is expected. If the amount is not known, the legacy is treated as a conbngent asset. Dividend income is accounted for on a due and receivable b89Is. Interest on deposit accounts is uedited when received. 1.5 Expenditure Expenditure is reeognised once the is a legal or constructive obligation lo transfer economic benefft to a third party, it 1$ probable that a transfer of economic benefrts will be required in settlernellt, and the arnount of the obligation can be me88ured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs 8nd shared costs. including support costs involved in undertaking eath activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to rn0 than one activity and support ¢o$ts which are not 8ttributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Deprecihtior charyes a allocated on the portion of Ihe asseY5 use. Costs of generatlng fund5 cornprise the costs associated with Income geneThts"on wa 581e of work and costs associated with the investment portfolio. Charitable exp8lldrture comprises direct expendthre attributsble to activities. Vwhere costs cannot be direct attributed, they h8ve been allocated to activities on a basis consistent with the use of resouices. Governance costs include those costs, such as statutory audr(3nd legal and professional fees, associated w(th constitution818nd statutory requirements Vlhere costs cannot be directly attributed to particular headings, they have been allocated to 8Ctivities on 8 basis Ix)nsistent with use ol the resources. 1.6 Tangible fixed assets Tangible fixed assets are initialty measured al cost and subsequendy measured at cost or valuation, net of deprecith'on and any impairment losses. Depredation is recognised so as to write off the cost or valuation of 88sets less their residual values over their Useful Ilves on the followng base5'. Freehold 18nd and buildings FUmUre and equipment Fixtures And fittings Motor vehicles 50 years 5traighl line 5 years straight line 10 20 years straight line 4 years straight line The gain or loss aiising on the ¢Jisposal of an asset is detemiined as the difference beeen the sale proceeds and the carrying value of the a55el, and is recognised in the 51alefflent of fjnanel81 activities. 14-
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting pollcles (Continued) 1.7 Fixed asset investments Fixed asset investments are inits'ally measured at transaction price excluding transaction costs, and are subsequently rneasured at lair value at each reporting date. Changes in fair value 3re recognised in net incofflellexpenditu¥el for the year. Transaction costs are expensed as incurred. 1.8 Impairment of flxed 085et5 At each reporting end date, the charity reviews the carying amounts of its tangible assets to determine whether there Is any indication that those 8sset5 have suffered an impaimient loss. If any such indicatio exists, the recoverable amount ol the asset 1$ estimated in older to determine the extent of the impairrnent loss lif any). 1.9 Cash and cash equlvalents Cash and ¢ash equivalents include cash in hand, deposits held at call with banks, other short-tem liquid investments with onginal maturitie5 of three months or less, and bank overdratts. Bank overdrafts are shown wthin borrowings in current liabilities. 1.10 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'B85ic Financial Instruments, and Section 12 'Other Financial Instwments 15sues' of FRS 102 tts all of ils financial instrument5. Financial instruments are recognised in the charitys bal8nce sheet when the charty becomes party to the contractual provision8 of the instrument. Financjal assets and liabilrties are offset, wth the net amounts presented in the financial stalernents, when there is 8 legally enforceable light to set off the recognised amounts and there is an intention to settle on net basis or to realise the a55et and settle the li8bility simultsneously. Basic financial assets Basic financial assets, which include debtors and cash 8nd bank balances, are iniiially measured al transaction price including transaction costs and are subs8quently carried at amortised cost using the effective interest method unl85S the arrangement constitutes a finanung tran58Ction, where the transaction is measured at the present value ol the future receipts discounted at a market rate of interest. Financial 85sets dasslfied as receivable within one year ar8 not amortised. 8aslc financial liabilltlos Basic financial liabilities. in¢ludlng creditOT5 and bank loans are initialty recognised at tran53Ctlon price unles8 the afiangemenl constitute5 a financing transaction, where the debt instrument is measured at the present value ol the future payments discounted 81 a market rale irf interest. Fin8llcial liabilities classffied as payable within one year are not amortised. Debt instruments are subsequenlty carried at amortised cost, usin9 the effective interest rate method. Trade credKors are oblig81ions to pay for goods or services that have been 8cquired in the ordinary COUTSe of operats.ons from suppliers. Amounts payable a classffied as current liabilities il payment is due within one year or less. 11 not, they are presented as non-currenl liabilities. Trade creditors are recognised initially al transaction price and subsequently measured at amortised cost Using the effective interest method. Derecognition of flnancial li8bilitles Financial liabililies are derecognised v4hen the charty's contractual obligations expire or are discharged or eancelled. 15-
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng pollcies (Continued} 1.11 Dowry monie¥ Dowry monies received are Iieated as long term, interest free loans, held within credrtors on the balance sheet. ctIcal accountlng •stlmates and judgements In the application of the charily's accounting policies. the councillors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The e81iFnates and associated assumptions are based on historical experience and other lactors that are considered to be relevant. Actual results may differ frorn these esiirnate5. The eslirnates and undedying assumptions are reviewed on an ongoing basis. Revisions to 8ccounting estim8tes are iecognised in the period In which the estimate is revised where the revision affect5 only that period. or in the period of the revision and future periods where the revision affects both cvrrent and future Periods. The following judgement5 (apart from those involving ests'malesl have had the most significant effect on amounts recognlsed in the financial 81alements. Fixed Asset Depreaatio Depreciation was calculated based on management's estimate ol the useful economic lives ol tangible fixed assets. During the year ended 31 December 2025, depreciation lotalled £158,17412024.. £153,789). Income from donatlons and legacles Unre8trlcted Restrlcted fund3 funds 2025 2025 Total Unrestricted Restri¢ted fund funds 2024 2024 Total 2025 2024 Donations and gifts LegacAes 212.190 147,374 45,892 258,082 147.374 184.515 66,500 17,127 201,642 66,500 359,564 45,892 405,456 251,015 17,127 268.142 Income from charftable a¢tlvltl88 Unrestrfcted funds 2025 Unrestricted funds 2024 Sale ol goods Olher income 29,554 8,295 27,487 37,849 27.487 16-
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 In¢om• from Investmonts Unrestrlcted Unrestrlcted funds funds 2025 2024 Income frorn listed inve5ttnents Interest receivable 111,968 19,584 119,375 21,974 131,552 141,349 Ra181ng funds Unrestrlcted Unrestricted funds funds 2025 2024 Costs of goods sold 17,590 11,713 Investment management 17,637 16,699 35,227 28,412 17-
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 Charltable actlvltl•s Abbey Donatlons IreliglOUS ommunltyl 2025 Total Abbey Donations 202S Irellglous comrnunltyl 2024 Total 2024 2025 2024 Staff cos15 Depreciation and impairment Abbey (religious community) 2,804 2.804 159.273 159,273 153,789 153,789 236,770 5,816 242.586 183,878 4,577 188,453 398.847 5,816 404,663 337,665 4,577 342,242 Share of govemance costs (see note 81 12,392 12,392 11.762 11,762 411,239 5,816 417,055 349,427 4,577 354,004 Analysls by fund Unrestricted funds Restricted fund3 405,315 5.924 5,816 411,131 5,924 344,035 5,392 4,577 348,612 5.392 411.239 5.816 417,055 349.427 4,577 354,004 Governance costs Govemance Costs 2025 Governan costs 2024 Audit fees ArLounlancy 4,625 7,767 4,625 7,767 4,405 7,357 4,405 7.357 12,392 12,392 11,762 11.762 Analysed behyeen Charitable activitles 12,392 12,392 11,782 11.762 Govemance costs indudes payments to the audltors of £4,62512024'. £4,405) for audlt fees. Net movement In funds 2025 2024 The net movemenl in fvnds 15 stated after charging11cred'ngl'. Fees payable for th8 audit of the charity's financial statements Depreciation of owned tangible fixed assets 4,625 159.273 4.405 153,789 18
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 10 Councillors None of the councillors {or any persons connected with them) received any remuneration or expenses from the charrty during the year. Living expenses of those trustees and rnernbers of the charity's key rnan8gement personn81 who are also members, of the Order were borne by the charity during the year. However all members of the Order donate personal incotne to the cha¥ity. Total don8tions received from Members of the council in th8 year amounted to £24,40812024.' £26,912) 11 Employeeg The average monthty nurnber of employees duiing the yearwas.. 2025 Number 2024 Number Total Employment costs 2025 2024 Wages and salaries 2,804 There was one employee as al 31 December 202512024.. none} There were no employees whose annual remuneratioN was £60,000 OT more. 12 Galns and losses on investments Unre8trletèd Unrestrlcted funds funds 2025 2024 Gainslllossesl arising on.. Revaluation of inves1rn8nts 483,524 80,329 13 Taxatlon The charity is exernpl from taxation on its actr'vthes because all its incom8 Is applied for c*arit8ble purposes. 19-
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 14 Tangible foxed assets Freehold land Fumltyre and Flxtsvos and Motorv•hlcto5 nd building$ equlpment ttlngs Totsl Cost At 1 January 2025 Additions Disposals 7,169.316 86.326 18,405 19,3681 183.274 49,912 34,283 7,473,199 68,317 19,3681 At 310ecember 2025 7,169,316 95,363 233,186 34,283 7,532,148 Depreelatlon and impalm)ent At 1 January 2025 DepreciatK)n charged in the year Eliminated in respect of disposals 2,075,490 139.386 67,708 8,713 19,0101 182.254 2,603 17,110 8,571 2,342,562 159,273 19.0101 At 310ecember 2025 2,214,876 67,411 184,857 25,681 2.492.825 Carrying arnount At 31 December 2025 4,954,440 27,952 48,329 8,602 5,039,323 At 310ecember 2024 5,093,826 18,618 1,020 17,173 S,130,637 Freehold land ar*d buildifigs comprise the Communitys mon8stery, known as Mucknell Abbey. This includes freehold land of £200,000, which is not depTeciated. -20-
THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 15 Flxed asset Invegtments Ll¥ted Unllsted Invg¥tmonts Investments Total Cost or valuation Al 1 January 2025 Additions Valuation ch8nges Disposals 4,578,291 749,621 483,524 1589.3531 2,900 5,000 4,581,191 754,621 483,524 1589,3531 At 31 Decembei 2025 5,222,083 7,900 5,229.983 Carrying amount At 31 December 2025 5.222.083 7.900 5,229.983 At 310ecember 2024 4.578.291 2.900 4,581,191 Cost of investments £3.575,54712024". £3,310,128). Al 31 December 2025 no single investment comprised more than 5WJ of the portfolio value. 16 Debtors 2025 2024 Amounts falling due wlthln one year- Trade debtors Other debtors Prepaymen15 and accrued income 800 2,722 13,415 6rx) 8,098 11,413 16,937 20,111 17 Credltors.. amounts f4lllng due wlthin one y•ar 2025 2024 Accruals and deferred income 12,220 11,680 18 Creditors.. amounts falllng due aft¢r more than one year 2025 2024 Intest free loans 55,223 55,223 21
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THE SOCIETY OF THE SALUTATION OF MARY THE VIRGIN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 21 Analys18 of nèt assets between funds Unrestrlcted funds 2025 Restrlcted funds 2025 Total 2025 At 31 Decernbèr 2025.. Tangible assets Investrnents Current asseisllliabilitiesl Lon9 term liabilities 5.039,323 5,229,983 625,403 155,2231 5,039,323 5,229,983 633,438 155.2231 8,035 10,839,486 8,035 10,847,521 Unrestrlcted fund5 2024 Restricted funds 2024 Total 2024 At 31 December 2024= Tangible assets Investments CuTrent asset511liabilitiesl Long term liabilities 5,130.637 4,581,191 563.052 155,2231 5,130,637 4,581,191 576.151 155,2231 13,099 10.219,657 13,099 10,232,756 22 Related party transacllons During the year costs of £6,54312024 £nill were paid on behalf of one of th8 Trustees for them to f8mity oveise85, this was fully reitnbursed frorn an 8Xtemal source. There were no other transactions paid to or on behalf of Trustees in 202512024- £nill. 23 Cash generated from opèratlong 2025 2024 Surplus for the year 614.765 146.705 Adjustments for.. Investment income recognised in statement of ffinanaal actNitie5 Fair value gains and losses on investrnents Depreciation and impairment of tangible fixed 855ets 1131.5521 1483,5241 159.273 1141,3491 180,3291 153,789 Movements In working capltsl: Decreasellinciea5el in debtors Increaselldecr8asel in creditors 3,174 540 16,2151 16161 Cash generated from operations 162.676 71,985 -24-