The Society of the PreGious Blood (also known as Burnham Abbey) Registered Charity number: 900512 Accounts for the year ended 31st December 2023 Wenn Townsend Chartered Accountants Oxft)rd The Society of the Precious Blood (also known as Burnham Abbey) Administrative information as at 31st December 2023 Principal address: Burnham Abbey Lake End Road Taplow Maidenhead Berks SL6 OPW Trustees Sister Victoria Mary Lay (The Reverend Mother) Sister Mary Laurence Hood Sister Mary Benedict Ward The Revd, Mieke Gaynor Mr Alastair Hunter Bankers: CAF Bank Ltd POBox389 West Malling Kent ME19 4TA National Westminster Bank plc Slough Trading Estate 177 Buckingham Avenue Slough Berkshire SL14RD Santander UK plc 2 Triton Square Regent's Place London NW1 3AN Auditors: Wenn Townsend 30 St Giles Oxford OX1 3LE Solicitors: Charles Russell Speechlys LLP 5 Fleet Pla London EC4M 7RD Wrigleys Solicitors LLP 3rd Floor 3 Wellington Place Leeds LS14AP Investment managers: CCLA Investment Management Ltd One Angel Lane London EC4R 3AB The Society of the Precious Blood (also known as Burnham Abbey) Report of the Trustees for the year ended 31st December 2023 The Trustees present their report and the audited financial statements of the charity for the year ended 31st December 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) °Accounting and Reporting by Charities. (FRS 102) in preparing the annual report and financial statements of the charity. Structure, Governance and Management The charity is a Religious Community recognised by the House of Bishops of the Church of England. The members of the Community have taken life vows as professed Sisters. The goveming document of the Charity are its constitutions as amended from time to time. The Reverend Mother is an ex officio Trustee. Other Trustees who are members of the Community are eleded by the Chapter, which consists of all the professed members of the Community. The members receive no remuneration for their work. have no personal property and arrange for any pensions or other income to be paid to the Society. They are therefore entirely dependent on the Charity for all their living expenses and overheads. As professed members of the Community, they come into post already familiar with the Constitutions and with some knowledge of the Society's finances and budgeting. There are also two Extemal Trustees, appointed by the Chapter. Upon election, all Trustees are provided with a copy of the latest Statement of Accounts and Trustees, Annual Report and are asked to read the Charity Commission Booklet CC3, The Essential Trustee. In addition, an External Trustee will receive a copy of the Constitutions. Thereafter, the Trustees keep abreast of developments mainly by reading information emanating from the Charity Commission, or from the Society's Solicitors and Auditors. They may also occasionally attend seminars. Policies on investments, reserves, risk management, etc.. are set by the Trustees. They also set and monitor the annual budget. Members of the Community have authority to spend modest sums within their areas of responsibility, subject to budget constraints. Permission for spending larger amounts must be sought from the Trustees. Major expenses must also be authorised by the Chapter. The Chapter decides matters concerning the Community's charitable activities. with advice as necessary to ensure that what is done is consistent with Charity Law and the Society's governing document. Risk Management The major risks to which the Charity is exposed. as identified by the Trustees, are kept under review as are the systems established to mitigate those risks. In particular. insurance cover. including indemnity insurance in respect of the External Trustees. is in place and the Society's finances are kept under review. There is a Health & Safety Policy in operation and also Safeguarding and Associated Policies. Disclosure and Barring (DBS) certificates currently required have been obtained. Sisters. Safeguarding training was refreshed, in accordance with ChurGh of England policy, in February 2020 and the External Trustee in post at the time also attended. In November 2023, the Sisters attended Safeguarding training on'heallhy Cultures in Community Since November 2020, Church of England Religious Communities have been incorporated into Canon Law. A significant consequence is that the Safeguarding Policies of the Church of England now apply to all such Communities. Specific Regulations and Guidance are contained in Safeguarding in Religious Communities. The House of Bishops issued Regulations as to provisions to be included in each Community's Constttutions. The Society of the Precious Blood (also known as Burnham Abbey) Report of the Trustees for the year ended 31st December 2023 (continued) Objects The Society of the Precious Blood is a contemplative Religious Community, devoted to perpetual intercession. According to the Constitutions The Exclusively Charitsble Objects of the Community are the advancement by both intercessory prayer and practical work of the following charitable purposes= The advancement of the Christian religion in accordance with the doctrines and principles of the Church of England (and in Southern Africa in accordance with those of the Church of the Province of Southern Africa) by.. The provision and maintenance of a Retreat l Guest house- The promotion and maintenance of public worship., The promotion of religious and spiritual teaching. The protection and preservation of spiritual, emotional and psychological health by providing supportive help to those in need thereof. The advancement of public education in the history and archaeology of Burnham Abbey (a Medieval Abbey ofAugustinian Canonesses. in the part]y restored ruins ofwhich the present Community has been living). The Charity and Public Benefit The Trustees have had regard to the Charity Commission's guidan￿ on public benefit in carrying out these purposes. There are no charges in connection with the Sisters, ministry and hospitslity, which benefit members of the public regardless of their means. though many visitors live in Buckinghamshire or adjacent counties. there is no geographical limit on those members of the public who are eligible to benefit. There is no restriction on the members of the public who are able to benefit from attendance at the Community's worship, The daily monastic Offices. together with celebrations of the Eucharist. which include a sermon on most Sundays and some Feast days. have all been open to the public, subject to any restrictions. e.g. in respect of COVID-19, being in force. Times have been advertised on a notice board in the Abbey, in a brochure and on the Society's website. Members of the public who are drawn to intercessory prayer in the context of a simple 'rule of life, can apply to become Oblates or Companions of the Society. At present some 130 people are linked in this way and benefit from spiritual support and religious teaching contained in the quarterly letters sent to them by the Society. One of these is an annual Newsletter which is also sent to about 370 other people in regular contact with the Society and likewise contains some religious teaching. It is known that many of these Newsletters are shared with others who may be interested. Review of activities The Society's work is always ongoing to varying degrees since it springs from the whole life of prayer of the Community. The repair of ancient buildings {in which the Community has been living) and the preseNation of the 13th century Grade 1 monastic buildings ¢ontinue to be significant expenses. Copies of the brochure about the Community's lrfe, including photographs of the Abbey and the garden. have been on sale as they continue to be a useful means of informing the public about our way of life and the potential for publi¢ benefit. The Community's website continued to generate a steady flow of requests for prayer as well as enquiries about visiting and some about vocations to the Religious Life. The site includes much of the material in the brochure, in order to reach out to the public and make known the possibility of benefiting in various ways by contact with the Sisters. It also has a news feature with links to some of the excellent sermons preached in the chapel, along with material from one or two Quiet Mornings held via Zoom. The Society of the Precious Blood {also known as Burnham Abbey) Report of the Trustees for the year ended 31st December 2023 (continued) Review of activities (continued) As a way of promoting a deeper spirituality and meeting an often expressed need. leaffets on prayer, including a series specifically about intercession, written by one of the Sisters, have been available free of charge. as has a leaflet on Lectio Divina written by an Oblate of the Community. Two booklets written by Companions were also on sale while stocks lasted. Hospitality continued to be offered at the Abbey for some months and most resident guests took their midday meal with the Sisters in the Refectory. We encouraged this whenever possible, not least because it provided an opportunity to experience a further dimension of the Community's life and enabled them to see the remnant of the original thirteenth century church. We were pleased to welcome a group for a day in March from a local Baptist Church. They thanked the Sisters for welcoming them into the beautiful and peaceful Abbey, and for the hospitality provided both then and on previous occasions over several years. Several people assured the Sisters that they looked forward to continuing the link which had benefited them so much and after the Sisters, who moved in August to be the guests of the Community of the Sisters ofthe Church, had had a chance to begin settling in at St Michael's Convent, Gerrards Cross, the Society's guests started coming there for retreats and Quiet Days. hospitality being of significant importance to both Communities. The Visitors, book records their delight at the warm welcome they received, the many kindnesses and the peace and quiet to be found at St Michael's Convent, just as at Burham Abbey. Visits to see and learn aboLrt the Abbey have also continued, by appointment, and have included a number of individuals who have heard of it from the Sisters at Gerrards Cross. At the beginning of the new School Year. eight pupils and two teachers from a local secondary school specialising in supporting pupils with learning differences were welcomed to Burham Abbey. The visit was part of their religious studies course: they were interested in visiting a place of community. Over the course of an hour or so, they spent time looking at the building and were especially interested in the Chapel, and loved ringing the Chapel belll They were particularly interested in the history of the Abbey, especially in the medieval walls and some of the graffiti. much of which is extremely old. They were also fascinated by the idea of ancient burials, as shown on the plans drawn up by the Sister who also wrote the booklets referred to below on the history of the Abbey. The teachers were pleased that their pupils were happy to spend so much time on site and had displayed such interest in the buildings and grounds. Indeed, they would like to bring another group from the school during 2024, so it was a really worthwhile aftemoon. Later in the year, a Local History Society were shown round and were thrilled to be shown areas whi¢h would not fomially have been open, being part of the Sisters, domestic accommodation. Visitors, experience of visiting the Abbey continued to be further enriched as a result of the Community's engagement with two local artists who are Companions of the Society. For example, the beautifully executed and intriguing ground sculpture in the part of the garden adjacent to the recently repaired medieval Infirmary ruins, continued to be appreciated. A painting by the same artist. depicting St. Christopher and the Abbey, which was used in of the special acts of worship for the 2016 centenary ￿lebrationS. is still available to view on the website. The other artist worked with a Youth Group some years ago to produce imaginative sculptures inspired by the Olympics values and the Abbey has been providing a home for one ofthese, an Angel of Peace. Throughout the first half of the year the Sisters hosted several gatherings before they moved to St Michael's Convent. There were special acts of worship for the Community'5 clergy friends and then for Oblates and Companions of the Society. as well as neighbours and many local friends calling in. A nearby neighbour of over 40 years wrote of how the Abbey had been part of her family's life. She had found it possible to talk with the Sisters about anything and everything and appreciated the kindness shown to her and her family over such a long period. The Society of the Precious Blood (also known as Burnham Abbey) Report of the Trustees for the year ended 31st December 2023 {continued) Review of activities (continued) A donation of £600 was again given to the Parochial Church Council. the church having been most appreciative of the life going on at the Abbey and of the prayer offered by the Sisters day by day. Small donations were given to number of charities for which the Sisters pray. Public benefit in the form of help given by the Society to those in need ripples out widely by this means. Periodic Zoom Quiet Mornings continued as they are greatly appreciated, and enable those living at some distan￿, and even abroad, to join in. These events also help the 20 or so Associates in South Africa to feel linked to the Society in England now that the Society has no Community presence in Southern Africa where Associates were linked with the Sisters in a similar way to the Companions in the UK. A donation was made to the Trust Fund set up in Lesotho to support for the rest of their lives the remaining Sisters of the SPB Priory at Masite in Lesotho which closed in 2014. The last of these Sisters are elderly and infirm but they have continued as far as they have been able, to be faithful to their life of prayer in their particular circumstances. Sisters continued throughout the year to work daily for the public benefit by lending a listening ear to those in various kinds of need and to give support as usual via letter, telephone and email. It has been a great comfort to many simply to know that the regular life of prayer was ongoing in this ancient Abbey and that the prayer of the Sisters will go on just as faithfvlly while they are living at St. Michael's Convent. Copies of the Society's booklet. A Short History of Burnham Abbey and A Guide to the Buildings and Gardens of Bumham Abbey, both written by a member of the Society, have been on sale at the Abbey. and more recently at St. Michael's Convent, as part of our advancement of public education in the hislory and archaeology of Burnham Abbey. Details of these publications continued to be available on the website. Achievements and Performance We consider that we have achieved our objects to a satisfactory degree this year, given the continuing impact of the COVID-19 pandernic on visitor numbers and the inevitable upheaval of the Sisters, move to another convent. Although resident guests were less for both of these reasons. many people received support through means of contact such as letter. email or telephone and those who were able to join the ongoing programme of Zoom Quiet Momings greatly appreciated such opportunities for spiritual input. Financially. the increased income from investments outweighed the reduction in donation income. Flnancial Review Reserves The balance sheet shows reserves of £7.748.021 at 31st December 2023 (2022- £7,556.550). Of this £2,446,018 (2022.. £2.446.018) represents property owned by the Society and used for well over 100 years as their living and work accommodation. The Trustees consider that the Charity's level of reserves, given the unpredictability of income. is adequate but not excessive to enable the declining number of Sisters. with such help as may be necessary, to fulfill its objectives including the ongoing care of the Burnham Abbey property. The Society of the Precious Blood (also known as Burnham Abbey) Report of the Trustees for the year ended 31st December 2023 (continued) Reserves (continued) The amount of free reserves (general funds not represented by tangible fixed assets) at the year-end was £3,414,409 (2022.. £3,230,903). We continue to retain an amount that we consider reasonable in the Deposit Fund both as part of our policy of diversification and because work continually needs to be done on the buildings, including in particular during 2023, the ancient ruins. In addition, there is an ever increasing future liability in respect of the charity's obligation to provide appropriate care for ageing Sisters and engaging such help as has been needed to run the Abbey, as well as covering the normal living costs for all members of the Community and planning for the future. Principal Funding Sources These are currently investments. pensions and donations. Most of the routine expenditure relates to the running costs of the Community, which carries out the charitable objects of the Society. Investment Policy Our investment policy continues to aim at generating as good and reliable a source of income as possible, though with a degree of capital growth. as our other incoming resources (donations, which apart from regular, committed giving, continued to be affected by lower visitor numbers, pensions. legacies etc.) are unpredictable. Indeed, the Society looks set to remain heavily dependent on investment income. At the same time some expenses have been rising as the Community becomes smaller and more dependent on outside help and there have been significant expenses relating to the current period of discernment regarding the future. The Trustees are also mindful of the ongoing uncertainties in the area of international Pea￿ and stability and of the impact of high rates of inflation. Both income and capital growth are reviewed regularly and we are satisfied with their performance in 2023. The income received on these investments amounted to 2.90/0 and the capital value increased by 7.9%. Our investments are held by the Central Board of Finance of the Church of England in order to achieve the level ol guidance and diversification that the Trustees consider appropriate to enable us to carry out our charitable purposes, within the context of our calling to the contemplative life and prayer. There are no restrictions on the Charity's power to invest. The Charity is not bound to have a social, environmental or ethical policy but by investing through the Central Board of Finance of the Church of England we can have confidence, as a Christian body, in their approach. This view was reinforced when our Client Manager attended and gave a briefing at a Trustees, Meeting in October 2023. Plans for the Future From August 2023 the Community began embarking on a new phase in their history when the Sisters moved to St. Michael's Convent, Gerrards Cross. as guests ofthe Communtty ofthe Sisters of the Church. This is expected to make their everyday lives as Sisters more viable and ensure that they can continue to carry out their charitable work much as before. The change arises out of several Sisters having moved into residential or nursing care. leaving an insufficient number to carry on at Burnham Abbey. The Sisters will continue to support and be supported by their Oblates and Companions. who will. for example. go on organising and leading Quiet Days. These are likely to be mainly by Zoom for the time being. We also intend to update the charity's website and to continue exploring ideas for carrying out our charitable objects in ways consistent with changing circumstances. The trustees will contirbue to care for the Burnham Abbey buildings and wider site while they consider a range of options for its future use. During the year the charity formed a new Charitable Incorporated Organisation (CIO), under the charity registration number 1206538. with the intention to transfer all the assets and activities of this charity to the new CIO in due course. This planned course of action would have no negative impact on the Trustees assessment of going con￿rn. The Society of the Precious Blood {also known as Burnham Abbey) Report of the Trustees for the year ended 31st December 2023 (continued) Trustees The Trustees who served during the year and since the year-end were.. Sister Victoria Mary Lay {Reverend Mother) Sister Mary Laurence Hood Sister Mary Benedict Ward The Revd, Mieke Gaynor Mr Alastair Hunter Trustees, Responsibilities in Relation to the Financial Statements The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements. the trustees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP 2019 {FRS 102)., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the ttust deed. They are also responsible for safeguarding the assets of the charity and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditors Wenn Townsend have indicated their willingness to be reappointed as auditors. The accounts were approved by the Trustees of the Society on 2a..- OcQ&..-. 2024 and signed by.. Trustee Sister Victoria Mary Lay The Soclety of the Precious Blood (also known as Burnham Abbey) Independent Auditor's Report to the Trustees of The Society of the Precious Blood for the year ended 31st December 2023 Opinion We have audited the financial statements of The Society of the Precious Blood (the 'charity') for the year ended 31 st December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The FinanGial Reporting Standard applicablè in the UK and Republi¢ of Ireland (United Kingdom Génerally Accepted Accounting Practice). In our opinion the financial ststements.. give a true and fair view of the state of the charity's affairs as at 31st December 2023, and of its incoming resources and application of resources, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Ac¢ounling Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordan￿ wilh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. other information The other information comprises the information included in the trustees, annual report. other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report. we do not express any form of assuran￿ conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whelher the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such rnaterial inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. The Society of the Precious Blood (also known as Burnham Abbey) Independent Auditor's Report to the Trustees of The Society of the Precious Blood for the year ended 31st December 2023 (continued Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the trustees. report., or sufficient accounting records have not been kept., or the financial ststements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 6. the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concem, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 ofthat Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misslatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.. Enquiry of those charged with governance around actual and potential litigation and claims; Reviewing minutes of meetings of those charged with gOvernan￿-, Reviewing financial statement disclosures and testing to supporting documentation to assess complianGe with applicable laws and regulations., Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness. evaluating the business rationale of significant transactions outside the nomial wurse of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-complianGe with regulation. This risk increases the more that Complian￿ with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than èrror, as fraud involves intentional oncealment. forgery, collusion, omission or misrepresentstion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. The Society of the Precious Blood (also known as Burnham Abbey) Independent Auditorfs Report to the Trustees of The Society of the Precious Blood for the year ended 31st December 2023 (continued) Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stste to the charity's trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fvllest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work. for this report, or for the opinions we have formed. W_T Wenn Townsend, Statutory Auditor 30 St Giles Oxford OX1 3LE . 2024 Wenn Townsend is eligible to act as an auditor in terms of Section 1212 ofthe Companies Act 2006 rDr40 Jvoa) Jr (N¢r) Lf> Ln ZI￿￿ fDOOLn JrQ¢ls CYJOO (D¢D 41