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 con￿rn 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 appI￿abl@ in the UK and Republic of I￿land (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 nonOO O¢Da) for ro 000 nooo or oco a)mor <00tr4 £LO 0 XO(J(rJ 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 be￿een £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-