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 ofAS￿l&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 adVan￿rnent 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 (Directors￿rUSteeSl 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 offi￿rS 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 noVi￿S 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
StruC￿re1 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 Soc￿tY 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$i¢)n.
None ol the coun¢illors has 8ny benelSclal Interest in the company. All of th8 coundllors are members ol the
(yjtnpany and guarantee lo ¢ontribut8 £1 in the event ol a winding up.
Auditor
According to good pra￿l¢e th8 role of audltor was put out to tènder during Spring of 2024. The appoint8d audllor,
GravitaAudlt Oxford LLP, conducted their1Srst audit during 2025.
Ol$¢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 p￿parIng 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 I￿gUlar￿e5.

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 p￿pared 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 Uncertainl￿S relating to events or
condrtions that. individualty or collectivety, may c88t 5ignrficant doubt on the charity's ability to continue as a going
con￿rn for a period of at leasl ￿e1ve month5 from when the financial Statements are aulhorised lor issue.
Our responsibilities and the responsibl11￿eS 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, exemp￿On$ 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 Pro￿dureS 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 st￿et
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 )Inan￿￿1 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 I￿v￿tIng 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 defi￿ed 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 accoun￿ng 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 re￿Ipl 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
FUm￿Ure 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 be￿een 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.
c￿tIcal 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
Inte￿st free loans
55,223
55,223
21

ooNo
)mo
oc
No

J W (Y) ty) C)
¢5)
rkn O
No
r O
(TJ

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-