Society of the Precious Blood Registered Charity number: 900512 Accounts for the year ended 31st December 2024 Wenn Townsend Chartered Accountants Oxford
Society of the Precious Blood Administrative information as at 31st December 2024 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 Audltors: Wenn Townsend 30 St Giles Oxford OX13LE Solicitors: Wrigleys Solicitors LLP 3rd Floor 3 Wellington Place Leeds LS14AP Investment managers: CCLA Investment Management Ltd One Angel Lane London EC4R 3AB
Society of the Precious Blood Report of the Trustees for the year ended 31st December 2024 The Trustees present their report and the audited financial statements of the Charity for the year ended 31st December 2024. 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 governing document of the Charity are its constitutions as amended from time to lj'me. The Reverend Mother is an ex officio Trustee. Other Trustees who are members of the Community are elected by the Chapter, being 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 hvo External Trustees, appointed by the Chapter. Upon election, all Trustees are provided with a copy of the latest ststement 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 documenL 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. Since November 2020. Church of England Religious Communtties 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 Rellgious Communltles. The House of Bishops issued Regulations as to provisions to be included in each Community's Constitutions.
Society of the Precious Blood Report of the Trustees for the year ended 31st December 2024 (continued) Objects The Society of the Precious Blood is a contemplative Religious Community, devoted to perpetual intercession. According to the Constitutions The Exclusively Charitable Objects of the Communlty 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 of Augustinian Canonesses, in the partly restored ruins of which the present Community lived for over 100 years}. The Charlty and Public Benefit The Trustees have had regard to the Charity Commission's guidance on public benefit in carrying out these purposes. There are no charges in connection with the Sisters, ministry, which benefits members of the public regardless of their means. Although 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 daily Offices, together with celebrations of the Eucharist, which include a sermon on most Sundays, Thursdays and some Feast days. On most days the Community of the Sisters of the Church (CSC) and the Sisters of the Society of the Precious Blood {SPB) worship together. Times have been advertised on the CSC website. Members of the public who a 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 100 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 320 other people in regular contact with the Society and generally contains some religious teaching. It is known that many of these Newsletters are shared with others who may be interested. Review of actlvities 2024 has been the first full year for the SPB Sisters in their new home at St. Michael's Convent, Gerrards Cross where they live alongside the Community of the Sisters of the Church. Ivherever based, the Society's work is always ongoing to varying degrees since it springs from the whole life of prayer of the Community. Copies of the brochure about the Community's life, including photographs of Burnham Abbey and its garden, have been available as they continue to be a useful means of informing the public about our way of life and the potential for public benefit. The Community's website includes much of the material in the brsxhure, in order to reach out to the public and make known the possibility of benefiting in various ways by contact with the Sisters. The website also continued to generate 2 Steady flow of requests for prayer as well as enquiries about visiting not only the Sisters in their new home but also Burnham Abbey. as referred to below.
Society of the Precious Blood Report of the Trustees for the year ended 31st December 2024 (continued) Review of actlvities (continued) As a way of promoting a deeper spirituality and meeting an often expressed need, leaflets 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 Communty. The Sisters have continued their links with many people who used to value time spent at Burnham Abbey, especially Oblates and Companions of the Society. and a number of these came to St. Michael's Convent during the year, either for retreats or to re-connect with Sisters following their move from the Abbey to Gerrards Cross. Hospitality is of significant importance to both Communities at the Convent and the Visitors, Book records guests, delight at the warm welcome they received, the many kindnesses they experienced and the peace and quiet to be found at St. Michael's Convent, not least in the beautiful garden. just as at Burnham Abbey. While the trustees continue to consider a range of options for the future use of Burnham Abbey, so too they continue to care for the buildings and wider site. The repair of ancient buildings (in which the Community were previously living) and the preseNation of Burnham Abbey's 13th century Grade 1 monastic buildings and associated Grade 2 structures on the site continue to be signif5cant expenses, as do the security arrangements and insurance costs in particular during this interim period. However, this period has also offered a unique opportunity for members of the public to visit the Abbey for pre- arranged guided tours that have Included rooms they would not have been able to see while the Sisters were in residence. The Society's steward at the Abbey reports as follows:. "Over 100 people have taken up this opportunity over the past year, nearly all of whom live in or are connected to the local area in some way. Several travelled a considerable distance to see the Abbey, such as a one-time owner of West Town Farm, opposite the Abbey. who has now moved away, with someone who came from Gloucester being the furthest so far. A large number said they had lived in the area "all of my life" and were "really impressed" with the Abbey buildings and grounds. Nearly all of our visitors commented on how "well preserved the building is and how beautiful it is inside" Many others mentioned the "feeling of peace" andlor "the spiritual atmosphere" especially in the Chapel. Most of the visitors enjoyed the gardens and grounds as well. How lovely everything is" and how do you possibly keep everything so beautiful?" Perhaps the most encouraging and successful part of the tours has been seeing a number of people return with different groups.. for example, several belong to the Maidenhead Civic Society and also to the Maidenhead Archaeological Society. In fact we had someone come back three times and he plans to come again in 20251 The most common comment was along the lines of one lady's statement that'this is so wonderful.. we must preserve it at any cost" l am looking forward to a number of visits that have already been booked in 2025, and hope we will have the opportunity to show some other groups round while the Charity continues to discern the future use of the Abbey." Visitors. experience of visiting the Abbey went on being enriched as a result of the Community's engagement some year5 ago 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 celebrations, is still available to view on the website. The other artist worked with a Youth Group at the time of the 2012 Olympic Games to produce imaginative sculptures inspired by the Olympics values and the Abbey still provides a home for one of these, an Angel of Peace.
Society of the Precious Blood Report of the Trustees for the year ended 31st December 2024 (continued) Review of activities (continued) In recognition of our very long association with the parish, a donation of £400 was given this year to the Parochial Church Council of St. Andrew's Church. Cippenham. the Abbey being situated in that parish which formed part of the parish of St. Peterfs, Burnham when the Abbey was founded. The local congregation have been most appreciative of the life going on at the Abbey and of the prayer offered by the Sisters day by day. In view of this close connection, The Society hopes to give some financial support for a further year or 0. Other modest donations were given to charities for which the Sisters pray. Public benefit in the form of help grven 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 distance, and even abroad, to join in. These are led by Oblates and Companions of the Society and such 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. The Associates were linked with the Sisters in that Province of the Anglican Church in a similar way to the Companions in the UK. and like those of us in the UK. were saddened by news of the death in December of the last of the SPB Sisters in Africa, who had formerly been at the Society's Priory in Lesotho. The very last of those Sisters is in Nursing Care in the UK and remains eligible for help from the Trust Fund set up in Lesotho to support for the rest of their lives the remaining Sisters of that SPB Priory, which closed in 2014. While no donation was required from the UK in 2024. it is expected that further help will be forthcoming if the need arises. 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 to know that the Sisters, regular life of prayer goes on faithfully now they are living at St Michael's Convent. Given that hospitality and various kinds of support to those in need thereof are now carried out to a considerable degree through the Community of the Sisters of the Church, the Society has begun to assist with the costs arising by means of generous alms-giving to the Church Extension Association. As well as the guided tours mentioned above, copies of the Society's booklet, A Short History of Burnham Abbey and A Guide to the Bulldings and Gardens of Burnham Abbey, both written by a member of the Society, have been on sale at the Abbey and at St. Michael's Convent as part of our advancement of public education in the history and archaeology of Bumham Abbey. Details of these publications continued to be available on the website. Besides the ongoing engagement with our charitable work, the Trustees have been heavily engaged throughout the year wilh all that has been involved in preparing to modernise the governance arrangements by changing from an unincorporated Charity to being a Charitable Incorporated Organisation, along with working with Knight Frank whom we have engaged to act for us with regard to passing on the Abbey into other hands. Achievements and Performance We consider that we have achieved our objects to a satisfactory degree this year, given the continuing impact of the upheaval of the Sisters, move to another convent as well as the unusually large volume of legal matters requiring attention with regard to both the Charity and its property. Importantly. guests connected with the Society, and many other 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 Mornings greatly appreciated such opportunities for spiritual inpuL
Society of the Precious Blood Report of the Trustees for the year ended 31st December 2024 (continued) Achlevements and Performance (continued) Financially, income held up quite well, though legacies were lower than in 2023. Further, the completion of establishing the new Charitable Incorporated Organisation (CIO), Registered Charity Number 1206835, was achieved in time for the assets of this unincorporated Charity, to be passed to the CIO on the last day of the financial year, 31st December 2024. See note 15 for more details. This unincorporated Charity (Reg. Number 900512) will now remain dormant until arrangements are finalised regarding the change-over to new Bank accounts where applicable. It IS Ihen expected that the Trustees will arrange for it to be placed on the Charity Commission's Register of Mergers in due course. Flnanclal Review Reserves Prior to their transfer to the CIO on 31st December 2024. referred to above, the reserves of the Charity were £7,676,969 (2023: £7,748,023). Of this £2,446.018 (2023.. £2,446,018) represented 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 reserrfes prior to transfer to the CIO was adequate but not excessive to enable the declining number of Sisters, WFth such help as may be necessary, to fulfil the objectives of the Charity. The amount of free reserves (general funds not represented by tangible fixed assets) prior to transfer to the CIO was £3,446,857 (2023.. £3,414,409}. During 2024, we continued to retain an amount that we considered reasonable in the Deposit Fund both as part of our policy of diversification and because work continually needs to be done at Burnham Abbey, including in particular during 2024 the ancient ruins and also the Listed cob wall. 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 continues to be needed to maintain the Abbey, as well as covering various living costs for all members of the Community and taking forward plans for the future, which has required significant input from the Charity's solicitors. Princlpal Funding Sources The principal funding sources have been investments, pensions and rental income. Sadly donations no longer make up a significant proportion of the Society's income. Investment Policy Our investment policy has aimed at generating as good and reliable a source of income as possible, though with a degree of capital growth, as our other incoming resources are relatively unpredictable. Indeed, the Society looks set to remain heavily dependent on investment income once the CIO takes over. Some expenses have continued rising as the Community becomes smaller and more dependent on outside help, and there have been significant expenses such as legal advice and site security relating to the current period of discernment regarding the future of the Abbey. The Trustees have also been mindful of the ongoing uncertainties in the area of international peace 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 2024, with the Trustees considering that the Charity is well placed as they prepared to pass the assets to the CIO at the year end. The income received on these investments amounted to 2.9Yo and the capital value increased by 2.1%. Our investments are held in funds managed by CCLA on behalf of Church of England entities in order to achieve the level of 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 in funds overseen by the Central Board of Finance of the Church of England we can have confidence, as a Christian body. in their approach.
Society of the Precious Blood Report of the Trustees for the year ended 31st December 2024 {continued) Plans for the Future Since moving in August 2023 the Community has been gradually adjusting to living as the guests of the Community of the Sisters of the Church at SL Michael's Convent. Gerrards Cross. This is making the practical aspects of the Sisters, everyday lives more viable and should ensure that they can continue to carry out their charitable work in accordance with the charitable objects of the new CIO. especially responding to those who seek prayer or other forms of support. A significant part of the CIO'S task from 2025 will be the ongoing care of all Sisters of the Society, the majority of whom are now in residential or nursin9 care. 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 continue being mainly by Zoom. We also intend to set up a new website and to continue exploring ideas for carrying out our charitable objects in ways consistent with changing circumstances. The trustees of the new CIO will continue to care for the Bumham Abbey buildings and wider site while they consider a range of options for its future use. Trustees The Trustees who served during the year and since the yearond were: Sister Victoria Mary Lay {Reverend Mother) Sister Mary Laurence Hood Sister Mary Benedict Ward The Revd. Mieke Gaynor Mr Alastair Hunter Trustees, Responsibilltles in Relation to the Flnancial Statements The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & 14Vales 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 conrn basis unless it is inappropriale to presume that the Charity will continue in operation.
Society of the Precious Blood Report of the Trustees for the year ended 31st December 2024 (continued) Trustees, Responslbilities in Relatlon to the Flnancial Statements {continued) 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 trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Audltors Wenn Townsend have indicated their willingness to be reappointed as auditors. The accounts were approved by the Trustees of the Society on 181h September 2025 and signed by.. Trustee Sister Victorla Mary Lay
Soclety of the Precious Blood Independent Auditor's Report to the Trustees of Soclety of the Precious Blood for the year ended 31st December 2024 Oplnion We have audited the financial statements of Society of the Precious Bl¢Jod (the 'Charity') for the year ended 31st December 2024 which comprise the Statement of Financial Acb-vities, 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 Financial Reporting Standard appIabl@ in the UK and Republic of Iland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the Charity's affairs as at 31st December 2024. 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 Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs 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 accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate, however please see note 15. 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 Iwelve 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 inforrnation 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 assurance conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othemise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial ststements themselves. If, based on the work we have performed, we conclude that there is a malerial misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard.
Society of the Precious Blood Independent Auditor's Report to the Trustees of Society of the Precious Blood for the year ended 31st December 2024 (continued) Matters on which we are required to report by exception We have nothing to reF)Ort in respect of the following matters in relats'on 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 statements are not in agreement with the accounting records; or we have not received all the information and explanations we require for our audit. Responslbllitles 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 concern, 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. Audltor's responsibillties for the audlt of the financlal 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 of that ACL Our objectives are to obtain reasonable assurance about whether the financial ststernents 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. Misstatements 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<ompliance 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 governance: Reviewing financial statement disclosures and testing to supporting documentation to assess compliance 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 normal course of business and revrewing 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-compliance with regulation. This risk increases the more that compliance 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 oCCu1ng due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. A further description of our responsibilities ft)r the audit of the financial statements is located on the Financial Reporting CoUn1,S website at.. www.frc.org.uklaudttorsresponsibilits.es. This description fomis part of our auditor's report.
Soclety of the Precious Blood Independent Auditor's Report to the Trustees of Society of the Preclous Blood for the year ended 31st December 2024 (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 state 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 fullest 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. Wenn Townsend, Statutory Auditor 30 St Giles Oxford OX13LE o.q/(o . 2025 Wenn Townsend is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 -10-
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Society of the Preclous Blood Balance Sheet as at 31st December 2024 Designated: Special Purposes Fund 2024 Designated: Special Purposes Fund 2023 General Fund 2024 Total Funds 2024 General Fund 2023 Note Total Funds 2023 Fixed Assets Tangible Assets Investments 2,418.762 .934,381 10 30.554 2,449.316 1.143,335 4,077,716 5.353.143 1.173,889 6.527.032 Current Assets Debtors Short Term Deposits Cash at Bank and in hand 5.862 475,106 5.643 10,298 16,160 730,665 1,205,771 5,643 486,611 740,963 1,227,574 Creditors= due within one year 12 {6,583) (6,583) Net current assets 480.028 740,963 1,220,991 Net assets 5.833,171 1.914.852 7,748,023 These accounts yre approved by the Trustees on 18th September 2025 and signed by: Trustee Sister Victoria Mary Lay The notes on pages 13 to 21 forni part of the financial statements -12-
Soclety of the Preclous Blood Notes to the Accounts for the year ended 31st December 2024 Accounting policies a) Accounting convention The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statemerrt of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued In October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). the Charities Act 2011 and UK Generally Accepted Practice. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. b) Tangible fixed assets Depreciation of tsngible fixed assets is calculated to write off their cost or valuation less any residual value over their estimated useful lives as follows= Freehold property Fixtures, fittings and equipment 10 - 20¥0 Straight line No depreciation is provided on freehold propety because the Trustees consider that the residual value of the property is equal or higher than the deemed cost (see note 9). c) Income recognltlon All income is included in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income after any performance conditions have been met. the amount can be measured reliably and it is probable that the income will be received. For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled. Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably Interest income is recognised using the effective interest method and dividend and rent income is recognised as the Charity's right to receive payment is established. d) Expendlture recognltion All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliabty. Irrecoverable VAT is charged as an expense against the ackn'vity for which expenditure arose. -13-
Society of the Precious Blood Notes to the Accounts for the year ended 31st December 2024 (continued) Accounting policies (continued) d) Expenditure recognition (continued) Grants payable to third parties are within the charitable objectives. lthere unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Vthere grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the Charity. Governance costs are those costs incurred in meeting the consb'tutional and ststutory requirements of the Charity. e) Operating leases Rentals paid under operating leases are charged to the SOFA on a straight line basis over the period of the lease. f) Investments Investments are recognised inits'ally at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'gains on investments, in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of $$ than one year. g) Fund accountlng Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees. Designated funds - these are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects. Restricted funds These are funds which have been received for a specific purpose and can only be used for this purpose. h) Going concern Following transfer of the operations of the Charity to the new CIO (as described more fully in note 15) the Charity no longer has any activities. assets or liabilities and the new CIO has undertaken to meet any future liabilities of this Charity. However, the Trustees intend for the Charity to remain dormant for at least 12 months following the date of this report before being formally dissolved, therefore they are satisfied it is appropriate that the financial statements are prepared on a going concern basis. Trustees remuneratlon The majority of the Trustees are members of the Community, and their living expenses throughout the year were borne by the Charity (in common with the other members of the Community). None of the Trustees received remuneration or other benefits in connection with their duties as Trustees during the year. -14-
Society of the Precious Blood Notes to the Accounts for the year ended 31st December 2024 (continued) Auditors remuneration The auditors, remuneration for the year was as follows (including VAT)" 2024 2023 For statutory audit 5,700 4,620 Voluntary Income Designated: Speclal purposes fund General Fund Total 2024 Grants and donations Pensions of members of the Community Legacies 11,941 43,228 6,000 11,941 43,228 6,000 61,169 61,169 Deslgnated: Speclal purposes fund General Fund Total 2023 Grants and donations Pensions of members of the Community Legacies 14,689 42,188 1,491 14,689 42,188 11,926 13,417 58.368 11,926 70,294 Investment Income Designated: Special purposes fund General Fund Total 2024 Bank interest Dividends 22,531 86,772 34,754 $7,285 35,097 121,869 109,303 69,851 179,154 -15-
Society of the Precious Blood Notes to the Accounts for the year ended 31st December 2024 (continued) Investment income (continued) Designated: Special purposes fund General Fund Total 2023 Bank interest Dividends 21,054 85,446 37,663 58,717 33,633 119,079 106,500 71,296 177,796 Rent receivable 2024 2023 St Augustine's rent 20.750 22,200 Expendlture on charltable activities Deslgnated: Speclal purposes fund General Fund Total 2024 Total 2023 Malntenance of publlc worshlp Chapel Publicity and printing 2,338 422 2,760 All of the expenditure on Maintenance of public worship in 2023 related to General Funds. Deslgnated: Special purposes fund General Fund Total 2024 Total 2023 Hospltalitylsupport to those in need Guest House (incl maintenance) Electricity Gas Telephone Postage Publicity Alms given Grant to Society's Sisters in Southem Africa 2,379 930 3,646 585 475 181 83 126 204 27,300 13,000 19 5,749 585 181 126 27,300 19 28,211 28,211 26,466 All of the expenditure on Hospitalitylsupport to those in need in 2023 related to General Funds. -16-
Society of the Precious Blood Notes to the Accounts for the year ended 31st December 2024 (contlnued) Expenditure on charitable activities {continued) Designated: Special purposes fund General Fund fud Total 2024 Total 2023 Communlty running costs Domestic expenses Domestic maintenance Plant maintenance Books and periodicals Conferences and education Travel expenses Insurance Sundry Electricity Gas Telephone Propety maintenance and security Council tax Water rates Sewage Postage Printing and ststionery Depreciation Sisters living away from the Community Governance costs (note 8) 22,502 9.203 3,223 822 665 304 13.934 252 2.776 11.265 585 33,684 2.298 2,081 760 181 441 3.298 32,075 53,702 22,502 30,002 9,203 7,784 3,223 1,761 822 1,083 665 323 304 170 17,212 17,349 252 422 2,776 5,269 11,265 20,655 585 474 194,097 153,245 2,298 2,212 2,081 1,927 760 720 181 84 441 625 3,298 3,298 32.075 29,700 84,011 68,076 3,278 160,413 30.309 194,051 194,000 388,051 345,179 Total Designated Fund expenditure on Community running costs for 2023 was £150,000 and the remainder related to General Funds. -17-
Society of the Precious Blood Notes to the Accounts for the year ended 31st December 2024 (continued) Governance costs Designated: Special purposes fund General Fund Total 2024 Total 2023 Legal & other professional fees Administfative support Health & safety Bank charges Auditors, remuneration 24.501 19,973 3,275 253 5,700 30,309 54,810 52,426 19,973 5,639 3,275 5,068 253 323 5,700 4,620 53,702 30,309 84,011 68,076 Total Designated Fund expenditure on Governance costs for 2023 was £48,157 and the remainder related to General Funds. Tangible fixed assets Flxtures, flttings, and equlpment Freehold property Total Cost or valuation: At 1st January 2024 Additions Disposals Transferred to new CIO (note 15) 2.446,018 45,554 2,491,572 (1,079) (1,079) (44,475) (2,490,493) (2.446.018) At 31st December 2024 Depreciation.. At 1st January 2024 Charged for the year Eliminated on disposal Transferred to new CIO (note 15) 42,256 3,298 (1,079) (44,475) 42,256 3,298 {1,079} (44,475) At 31st December 2024 Net book value: At 31 st December 2024 At 31st December 2023 2,446,018 3,298 2,449,316 The freehold property represents the property at Burnham Abbey, which is a historical and listed building (Grade 1), which has been included at its previous valuation at the date of tfansition to FRS 102, treated as a deemed cost from that date. Wiilst the property has hIstoral characteristics, it is not principally held and maintained by the Charity for its contribution to knowledge and culture and therefore does not meet the definition of a heritsge asset. The propety is used by the Community for their charitable purposes and is maintained so far as possible to ensure the fabric does not deteriorate and that the historic, aesthetic and other attractions of the style of the building are not impaired. The Trustees therefore consider that the residual value of the property is equal or higher than the deemed cost and no depfeciation should be charged. -18-
Society of the Precious Blood Notes to the Accounts for the year ended 31st December 2024 (continued) 10 Investments The investments comprise amounts held in funds managed by CCLA on behalf of Church of England entities as follows: 2024 Investment Fund Property Fund Total General Fund: At 1st January 2024 Increasel(decrease) in market value Transferred to new CIO {note 15) 2,731,433 62,519 (2,793,952) 202,948 2,934,381 1,127 63,646 (204,075) (2,998,027) At 31st December 2024 Speclal Purposes Fund: At 1st January 2024 Increaselldecrease) in market value Transferred to new CIO (note 15) 1,015,091 23,233 (1.038,324) 128,244 1,143,335 712 23,945 (128,9561 (1,167,280) At 31st December 2024 Total at 31st December 2024 Total at 1st January 2024 3,746,524 331,192 4,077,716 2023 General Fund: Investment Fund Property Fund Total At 1st January 2023 Increasel(decrease) in market value 2,496,549 234,884 216,217 (13,269) 2,712,766 221,615 At 31st December 2023 2,731.433 202,948 2,934,381 Special Purposes Fund: At 1st January 2023 Additions Increase/(decrease) in market value 896,737 31,926 86,428 136,629 1,033,366 31,926 78.043 (8,385) At 31st December 2023 1.015.091 128,244 1,143,335 Total at 31st December 2023 3,746.524 331.192 4,077,716 Total at 1st January 2023 3,393,286 352,846 3,746,132 -19-
Soclety of the Precious Blood Notes to the Accounts for the year ended 31st December 2024 (continued) Debtors 2024 2023 Prepayments and accrued income 16,160 16,160 12 Creditors: due within one year 2024 2023 Accruals 6,583 6,583 13 Charity funds a) General fund This fund may be used by the Trustees for the furtherance of the objects of the Charity, at their discretion. b) Speclal Purposes fund This fund has been designated by the Trustees to provide funds for expenditure on both the fabric of the buildings and also for the other eventualities outside of the typical day-t(>day costs incurred by the Charity, for example, to ensure the welfare of the members of the Society and of those who leave having been in Life Vows. Both of the above funds are unrestricted. 14 Contlngent liabllities The Charity's constitutions provide for the return of her capital sum to any Sister in Life Vows who leaves the Society (totalling beeen £390,000 and £400,000) and lay down an obligation for just and equitable provision to be made for her. The liability, were it to arise, has been taken on by the CIO (see note 15)- -20-
Society of the Precious Blood Notes to the Accounts for the year ended 31st December 2024 (continued) 15 Transfer of activity, assets and liablllties to a newly formed CIO The trustees took the decision to transfer all assets, liabilities and activities of the Charity into a newly formed Charitable Incorporated Organisation (CIO> The Society of the Precious Bl¢Jod (Charity registered number 1206835). A formal legal transfer was completed on 31 December 2024 and therefore a balance sheet compromises the following assets and liabilities and funds were transferred on this date and forms the opening balance sheet of the CIO. Tangible assets Investments Debtors Short term deposits Cash at bank and in hand Creditors Net assets 2,446,018 4,165,307 18.738 1.050,491 2.288 (5,873) 7.676.969 Funds.. General Designated Total funds 5,862.321 1,814,648 7,676,969 A transfer of the net assets of £7.676.969 is shown on the Statement of Financial Activities, due to the adoption of the acquisition accounting methodology being deemed appropriate. The Charity will continue to exist, in dormant fomi. for the foreseeable future to ensure that a smooth transition can occur and for a period of at least 12 months from the date of approval of these accounts. Any amounts received or due to the Charity will be passed to the new CIO, which will also meet any future liabilities that arise in the name of the Charity. As a result, the Charity remains a going concern per the definitions under the applicable accounting standards, as detailed in note 1, and no adjustments were made to the carrying value of any of the assets or liabilities, as detailed above, because they would be recognised within the ongoing operations of the new CIO. -21-