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2020-12-31-accounts

St Cecilia's Abbey Annual Report Year Ended 31 December 2020

St Cecilia’s Abbey

Annual Report

Year Ended 31 December 2020

Contents Page
Trustees’ Report 1-9
Independent Auditors’ Report to the Trustees 10-12
Statement of Financial Activities 13
Balance Sheet 14
Statement of Cash Flows 15
Notes and Accounting Policies 16

St Cecilia’s Abbey

Trustees’ Report

The Trustees present their report along with the financial statements of the Charity for the year ended 31 December 2020.

OBJECTIVES AND ACTIVITIES

The principal object of the Charity is the advancement of the Catholic religion. The principal means of advancing the Catholic religion is prayer, and the value and effects of this prayer can be measured only by God. Nevertheless the Charity undertakes the following activities in support of this aim.

The Charity maintains St Cecilia’s Abbey and the community of Benedictine nuns which inhabits it. The chief work of the nuns is the celebration of the Divine Office, which is sung in Latin and in Gregorian Chant. Among communities of nuns in the British Isles St Cecilia’s is unique in using Latin Gregorian Chant exclusively in its liturgy.

The nuns seek to earn their living by the production and sale of altar breads; they also undertake artistic commissions and sell religious books, recordings of their Gregorian Chant, rosaries and other pious articles, some of which are made by the nuns themselves.

The community share their contemplative life by welcoming visitors to their church and retreatants to the Garth or the Hermitage, and through newsletters and the Internet. No charges are made for these services and anyone is welcome to participate. The section below entitled ‘Ministry to Visitors and Retreatants’ explains these activities in more detail.

When possible the Abbey takes the opportunity to assist other religious communities, either by financial help or by providing hospitality to other contemplative nuns for long or short visits, for studies and training in crafts which can contribute to the development of their own communities, or for a time of rest.

The Charity makes a number of grants, at the discretion of the Abbess, to both institutions and individuals. Further details are contained in note 5.

The Trustees have considered the Charity Commission’s general guidance on public benefit.

ACHIEVEMENTS AND PERFORMANCE

The Abbey and the Community

At 31 December 2020 there were 26 solemnly or perpetually professed nuns in the community, one temporarily professed, three novices and two postulants.

A number of young women visited the Abbey during the year to discern their vocation.

Three young women entered the monastery as postulants, two of whom were still present at the end of the year.

The two postulants who entered in 2019 received the habit and began their novitiate.

A junior completed her first three years and renewed her temporary vows in accordance with the new legislation for contemplative nuns, Cor Orans .

The community celebrated the Platinum Jubilee of one Sister in May, and the Diamond Jubilee of another in November.

In January 2020 the community’s five-yearly canonical visitation was carried out by Fr Abbot Xavier Perrin of Quarr Abbey and Mère Abbesse Claire de Sazilly of Abbaye Ste-Cécile de Solesmes. In February the community’s annual retreat was preached by Bishop Hugh Gilbert of Aberdeen. Both events in their different ways were a source of encouragement to the community.

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Maintenance of the Abbey Buildings and Estate

In order to reduce the need for fires, the community invested in a shredder-chipper to turn hedge clippings and broken branches into chippings for paths and mulch for flower beds.

Linear motors were installed for two of the church bells, with a digital control panel allowing automated ringing with great flexibility about the settings, to fit in with the many variations in the monastic time-table.

In addition to the continuing programme of maintenance of the Abbey’s extensive buildings, the following major works were undertaken:

replacement of rusted gas pipes;

replacement hot water cylinder for the novitiate;

solar-powered lighting for the garage;

provision of water heaters for the Sisters and the employees, to encourage hand-washing;

erection of a new larger shed for the workmen’s breaks, with electric power, to give them more comfort and to allow for social distancing.

Because of the pandemic the trustees sought to minimise the visits of contractors to the Abbey and so from March onwards only essential repairs were undertaken.

In addition to the continuing programme of maintenance of the rental and guest properties, the following major works were undertaken:

upgrading the electrical fittings at the Upper and Lower Lodge flats.

Promotion of Gregorian Chant

The nuns continued work on the production of interlinear Latin/English booklets for the Divine Office for the use of visitors and postulants. These works require much time on the part of the nuns and also expenditure on paper and ink to make booklets of durable quality and suitable for their sacred function, but the nuns consider this work an important part of their apostolate.

For the first part of the year, every Sunday and Holy Day the Abbey continued to produce leaflets for all the proper and ordinary chants, prayers and readings of the Mass, with Latin and English translations side by side, for the use of visitors to the Abbey Church. When the pandemic began, however, the Sisters had to give up distributing leaflets and booklets to the laity, in accordance with the guidelines of the Diocese of Portsmouth.

Ministry to Visitors and Retreatants

Before the pandemic, the Abbey Church was available all day throughout the year for those who wished to attend the daily Mass and eight services of the Divine Office, or for private prayer. The church was closed during the first two lockdowns like all places of worship. The church was reopened as soon as churches were allowed to open.

The Abbey Chronicle, produced twice in the year, was sent to approximately 750 addresses free of charge. The Abbey also maintained a website on the life and work of the community , www.stceciliasabbey.org.uk . During the year a daily reflection on the Rule of St Benedict continued to be provided on the website.

A short presentation on life at the Abbey was available on Gloria TV and YouTube.

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There is always a Sister available to welcome visitors or give counsel to anyone in need. Because of the pandemic, the usual groups of Confirmation candidates and others were unable to visit.

The Abbey’s small retreat house, the Garth, had to close once the pandemic began. It reopened in July, and then had to close again for November and December. In the time that it was open it welcomed 25 persons for retreats. Though most retreatants make donations for their stay, no charge is levied, and this year one person made no offering. The retreatants were able to participate in the Divine Office and to see the Guest Mistress or other nuns for spiritual counsel if they wished.

The numbers of secular oblates remained steady at about 40. The oblates received their own letter of news and discussion of monastic spirituality six times in the year. In the parts of the year when household mixing was allowed, a number visited to receive spiritual counsel from the Oblate Mistress. Two ladies were affiliated as novice-oblates and three novice-oblates made their oblation. During lockdown a group of oblates “met” by Zoom each week to sing Compline together.

Assistance to and Collaboration with Other Religious Communities

Following the meeting of the Abbesses and Conventual Prioresses of the Solesmes Congregation in Martinique in 2019, substantial work was undertaken in 2019 and 2020 to revise the Declarations and Constitutions of the nuns of the Congregation, with all the houses collaborating by email.

One of the nuns of St Cecilia’s had been sent in 2017 to give assistance to the Abbey of Ste-Marie des DeuxMontagnes, Canada, in its endeavour to become a bi-lingual community, serving also as Zélatrice to the novitiate. Having completed three years and three months in this task, she returned to her own monastery during 2020.

Barrington Cottage continues to be let to a consecrated hermit at a low rent.

A property on the mainland continues to be let to another religious community at a low rent.

As stated in note 5, the Abbey made a significant donation to another community in the Solesmes Congregation which was in particular need as a result of the pandemic.

Other Activities of the Community

The Altar Bread Department continued to be the nuns’ principal means of earning their living, though the closure of churches and the suspension of the Sunday obligation meant that this income was much reduced in the year.

The Sisters continued the venture of selling home-made soap, which has proved very popular, especially with the visitors to Quarr Abbey. Sales accordingly suffered from the reduction in the number of tourists to the Island in 2020.

There were also modest sales of rosaries, candles, pyrography and knitted items made by the nuns, together with other pious goods and religious books, though these too were less than usual, because of the closure of “non-essential” shops for part of the year. There was little income from the art studio (calligraphy and illumination) but the younger Sisters are being trained in these arts so that there is hope for future development. The candle department provides candles for the needs of St Cecilia’s Abbey and Quarr Abbey, as well as for sale in the Abbey shop. The wax for this work comes entirely from the Abbey’s bees and from old candle-ends and wax scrapings recycled.

The Abbey’s bees continued to be valued chiefly for the pollination of the orchard and soft fruit. They produced honey for consumption by the nuns, and their wax was used in candle-making.

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The extensive vegetable garden continued to be maintained by the young nuns. This garden, the orchard (apples, pears, plums, quince, walnuts, hazelnuts, cobnuts) and the soft fruit cages (blackberries, boysenberries, loganberries, raspberries, gooseberries) are an important source of food for the nuns.

At the beginning of 2020 Gracewing published Our Father: a Biblical meditation on the Lord’s Prayer by Sr Claire Waddelove. Many readers wrote to express their appreciation.

The Pandemic

The Coronavirus Pandemic prompted the Sisters to redouble their work of intercession for the world, both informally and by the addition of special prayers at the end of Vespers each day. They followed the instructions of the Catholic Bishops of England and Wales in closing their church to the general public when required, but re-opened as soon as it was permitted to do so. During the closure they maintained the full round of worship and prayer. At the beginning of the national lock-down in March 2020, for a period of nine days no Mass was said at the Abbey, but subsequently a visiting priest and the monks of Quarr made it possible for the nuns to have Mass every day. Persons living near to the Abbey commented on how comforting they found the sound of the Abbey bells, even when they were not permitted to attend the services themselves.

When lock-down began the three of the Abbey’s lay-employees who work indoors were asked to stay at home on full pay. After about a month the Abbey’s maintenance man was asked to return, with procedures in place to ensure that his presence did not create undue risk of infection. The absence of the employee who helped in the kitchen revealed that her services could be dispensed with and she was made redundant in September. The third employee returned on a part-time basis in the summer. The Abbey took advantage of the Government’s flexible furlough scheme in her regard. She returned to full-time work only in June 2021.

The closure of churches and the restrictions on numbers even after the re-opening meant a massive fall in the orders for altar breads. By August 2021 altar bread income for the year was still only half of what it had been at the same stage in 2019.

Once the impact of the pandemic began to be felt in the worldwide stock markets, the Charity’s investment manager made a careful review of the portfolio, noting which companies had cut or suspended dividends and which investments had fallen significantly in value, and what action the management of those companies were taking in the face of the global disaster. It should be noted that, because Abbey’s ethical investment policy makes it impossible to hold pharmaceutical stocks, the Charity could not compensate for its losses through the high performance of this sector. The review indicated that there would be a fall of 30% in investment income for the year, and this prediction proved to be most accurate. The Trustees decided that it would be prudent to retain those stocks which were likely to recover after the pandemic, and the improvement in the value of the portfolio in 2021 has borne out this decision.

CAPITAL COMMITMENTS

There were no capital commitments at 31 December 2020.

SIGNIFICANT EVENTS AFTER THE YEAR END

Receipt of Legacies

The Abbey was a residuary beneficiary under the will of a benefactor who died in 2003. The only asset in the estate was a house which was held in trust for a life-tenant. The life-tenant died in 2019 and the house

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was put up for sale. The sale was completed in October 2020. After all other expenses had been paid, the Abbey received an interim payment of £100,000 in 2020 and a final payment of £15,300 in 2021.

PLANS FOR FUTURE PERIODS

Work is underway for translations of The Joy of God in French, German and Polish.

In 2019 the Charity made a commitment to pay for new altar bread machinery for a community of the Solesmes Congregation in the United States, to a total of 206,002 euros. This sum was accounted for in the accounts for that year. The first payment of £36,091 was made in that year. The project was delayed by the pandemic, and the remainder is not expected to be paid until 2022. The Charity has acquired investments in euros as a hedge against exchange movements.

No significant changes in the activities of the Charity are planned. The Charity intends to continue to maintain the Community at St Cecilia’s Abbey and the celebration of the Divine Office.

FINANCIAL REVIEW AND RESERVE POLICY

During the year, the Abbey received income totalling £695,881 (2019: £1,187,216). The on-going principal sources of income were £466,949 (2019: £649,407) investment income, £43,703 (2019: £101,796) from the sale of Altar Breads and £101,535 (2019: £103,170) from the pensions and allowances received for the nuns. In addition to this, the Abbey benefitted from legacies of £11,500 (2019: £291,426). Gifts from benefactors were £50,383 (2019: £21,354). Expenditure for the year amounted to £535,653 (2019: £886,872). Of this, £379,008 (2019: £443,653) related to the costs of maintaining the religious community, £60,216 (2019: £329,443) to the grants and donations made, £19,367 (2019: £26,701) to the costs associated with the Altar Bread production and shop sales, £9,070(2019: £9,704) to church expenses and £3,846 (2019: £4,020) to the costs of running the retreat house. £64,146 (2019: £73,351) was spent on raising funds including investment managers’ fees and rental property expenses.

After taking into account the net loss on the revaluation of investment assets of £711,147 (2019: net gain of £1,679,566), the charity had net expenditure for the year of £550,919 (2019: net income £1,979,910). The charity’s funds mainly comprise tangible fixed assets and an investment portfolio which was valued at £19,337,794 at 31 December 2020.

The Trustees have reviewed the reserves and income of the Charity against its immediate and foreseeable needs and are satisfied that the reserves are not excessive and should be sufficient to meet their needs. The Trustees consider that the long term nature of the Trust’s charitable objectives requires that it retain some of its surplus income as reserves. These reserves are necessary in order to secure the future ability of the Charity to support the religious community at St Cecilia’s Abbey. At 31 December 2020, the total reserves of the charity were £24,209,099. Of this total, £2,660,616 are restricted reserves that are not available for the general purposes of the charity. The Trustees have designated funds totalling £11,120,598 including a fixed asset and PRI fund that represents those funds ‘tied up’ in fixed assets and programme related investments and a number of other reserves, full details of which can be found in note 13. At 31 December 2020 general unrestricted funds stood at £10,427,885.

Investment performance

The investment policy of the Trustees is to maintain and enhance the real value of their assets over the long term by investment in a portfolio comprising equities, fixed income stocks and cash. The investment policy,

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drawn up in consultation with Charles Stanley, aims to ensure a steady stream of dividend income while taking capital gains when an attractive opportunity arises.

The main portfolio is split between a capital account with a balanced objective and an income account with an income objective. The investment managers do not work to a fixed benchmark but use market indices to gauge the performance of the portfolios.

The Abbey’s investment income for 2020 was 28% lower than in 2019. Nevertheless, the Trustees do not foresee any difficulty in continuing the work of the Charity. By August 2021 the investment income of the Charity was 15% higher than at the same point in 2020.

Risk management

The Sisters entrust themselves and their future to Divine Providence. Knowing, however, that part of the proper exercise of this trust is the careful stewardship of the resources which Providence has granted, the trustees have considered the risks faced by the charity.

The risk which requires most attention from the Trustees is the possibility of the decline of the community of nuns at St Cecilia’s Abbey. The object of the Charity could not be achieved without the presence of a monastic community. As recruitment and retention of new members, under the Holy Spirit, is largely dependent on the fervour and integrity with which the nuns follow their calling, the effective apostolate of the Charity requires paradoxically constant vigilance to safeguard the silence and seclusion of the monastery. The Trustees strive to mitigate the risk of such a decline by managing the assets of the Charity appropriately and providing the resources necessary to support this effort. In particular, a continuous programme of maintenance of the buildings and grounds of the Abbey obviates the risk of major works and all the disruption they would entail. Investment in modern machinery reduces the need for seculars within the enclosure, while provision of the modern means of communication reduces the need for exits by the nuns. While frugality should characterize the life-style of the Sisters, the Trustees ensure that funds are available to maintain the library and pay for outside speakers when appropriate. The sick and elderly of the community are seen as a special treasure, and the trustees watch that sufficient resources are available to ensure their proper care.

The Charity’s investment portfolio is a major support in providing funds for the Abbey’s own needs and charitable giving. The Trustees consider the variability of returns on the portfolio to be the Charity’s major financial risk. To reduce this risk they maintain a diversified portfolio and use the services of investment advisors who are not only experts in the charity sector but who also know the Abbey well and understand its ethos.

In this era of increasing government legislation and third-party litigation, the Trustees note also the risks which these present to the Abbey. The Trustees seek to reduce these risks by using the services of experts in the relevant fields (for example, lawyers, financial advisers, insurance brokers) to provide the knowledge which the trustees may lack.

In making charitable donations the Abbey risks that these grants will be ineffective. The Trustees reduce this risk by donating in the main to charities which are well known to them and whose accounts are available for inspection. Where necessary they seek the advice of relevant professionals or other charities in the field.

STRUCTURE, GOVERNANCE AND MANAGEMENT

St Cecilia’s Abbey is a charity established and governed by a Trust Deed dated 1 November 2000.

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The Abbey is governed by the Abbess, who is elected for life by the nuns. She is advised by her prioress and by a council consisting of the prioress, a nun chosen by the Abbess and two nuns elected by the community. The Abbess appoints a bursar who oversees the financial affairs of the charity.

Trustees are appointed by the Abbess from members of the community and decisions are made on a majority basis. The Trustees in office during the period and at the date of this report are set out on page 8.

All of the Trustees are senior nuns of the community and, as such, have an in depth knowledge of the charity. All Trustees have been given a copy of the Charity Commission Publications, The Essential Trustee: What you need to Know and The Hallmarks of an Effective Charity so that they are fully aware of their responsibilities. The bursar, who is also a trustee, attends the meetings of Benedictine bursars of the British Isles and also of the Solesmes Congregation whenever possible to hear of new legislation and developments and to share in the bursars’ network of experience and mutual help. The Trustees also seek guidance whenever necessary from professional firms (for example, accountants, solicitors, investment managers, insurance brokers) of suitable standing and with wide knowledge of the religious charity sector.

St Cecilia’s Abbey is a member of the Benedictine Congregation of Solesmes, a grouping of abbeys and priories in several countries which have a common history and traditions, derived from the Abbey of S-Pierre de Solesmes, France. The nuns at St Cecilia’s follow the Rule of St Benedict as interpreted by the Declarations of the Abbey of Ste-Cécile de Solesmes. The chief financial consequence of the Rule and Declarations is that any activities of the Abbey must not trespass on the strictly enclosed contemplative life of the nuns, which finds its principal expression in the praise of God in the Divine Office. In accordance with the aforesaid Rule and Declarations, the Abbey of St Cecilia is an independent religious community and its financial affairs are in the hands of the nuns themselves.

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REFERENCE AND ADMINISTRATIVE DETAILS

The name of the Charity: St Cecilia’s Abbey Charity registration number: 1088086 Address: St Cecilia’s Abbey Appley Rise Ryde Isle of Wight PO33 1LH Trustees: E Eaglesham (Abbess) H Eckhardt E Lee A-M Fiévet The custodian trustees at 31 December 2019 were as above. Solicitors: Tozers Solicitors Southernhay West Exeter EX1 1UA Auditors: Francis Clark LLP Chartered Accountants Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF Bankers: HSBC 38 Union Street Ryde Isle of Wight PO33 2LJ Investment Managers: Charles Stanley Limited 25 Luke Street London EC2A 4AR

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Statement of Trustees’ Responsibilities

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and 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:

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 Charities (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.

Signed on behalf of the Trustees Elizabeth Eaglesham Trustee

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Independent Auditor’s Report to the Trustees of St. Cecilia’s Abbey

Opinion

We have audited the financial statements of St. Cecilia’s Abbey (the “Charity”) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the statement of Cash Flows 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 United Kingdom Accounting Standards, comprising Charities SORP – FRS 102 ‘The Financial Reporting Standard 102 applicable in the UK and Republic of Ireland’ and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 accordance with 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 concern 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 twelve months from when the original financial statements were 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 trustees are responsible for the other information. The other information comprises the information included in the 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.

In connection with our audit of the financial statements, 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 otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Independent Auditor’s Report to the Trustees of St. Cecilia’s Abbey

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement [set out on page 9] the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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.

Auditor’s responsibilities for the audit of the financial statements

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. 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-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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the Charity and the sector in which it operates to identify the key laws and regulations affecting the Charity. The key regulations we identified were Charity legislation and Charity Commission requirements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily the Charities Act and the Charities SORP.

We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Charity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the Charity’s ability to continue its activities and the risk of material misstatement to the accounts.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

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Independent Auditor’s Report to the Trustees of St. Cecilia’s Abbey

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. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors’ 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 its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

…………………………………………

(Senior Statutory Auditor) PKF Francis ClarkFrancis Clark LLP, Statutory Auditor

Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF

Date …………………………………….. 25 October 2021

Francis Clark LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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Statement of Financial Activities

Year Ended 31 December 2020

2020
2019
Restricted Unrestricted Total
Total
Fund Funds Funds
Funds
Notes £
£		 £
£
Income from:
Donations and legacies 3 - 61,883 61,883
312,780
Retreat income - 2,570 2,570 6,235
Nuns' pensions and allowances - 101,535 101,535
103,170
Charitable activities:
Sale of Altar Breads - 43,703 43,703
101,796
Other Shop Sales - 5,570 5,570 8,118
Investment income 4 - 466,949 466,949
649,407
Other - 13,671 13,671 5,710
––––––– ––––––– –––––––
–––––––
Total - 695,881 695,881
1,187,216
══════ ══════ ══════
══════
Expenditure on:
Raising funds:
Investment managers’ fees - 46,638 46,638
49,868
Rental property expenses - 17,508 17,508
23,483
Charitable activities:
Altar breads and shop expenses - 19,367 19,367
26,701
Retreat expenses - 3,846 3,846
4,020
Church expenses - 9,070 9,070
9,704
Costs of maintaining the community 6 - 379,008 379,008
443,653
Grants and donations 5 - 60,216 60,216
329,443
––––––– ––––––– –––––––
–––––––
Total - 535,653 535,653
886,872
══════ ══════ ══════
══════
Net (losses)/gains on investments 9 - (711,147) (711,147)
1,679,566
––––––– ––––––– –––––––
––––––––
Net (expenditure)/income - (550,919) (550,919)
1,979,910
Transfers between funds 12 642,993 (642,993) - -
––––––– ––––––– –––––––
––––––––
Net movement in funds 642,993 (1,193,912) (550,919)
1,979,910
══════ ══════ ══════ ════════
Reconciliation of funds:
Total Funds brought forward 2,017,623 22,742,395 24,760,018 22,780,108
––––––– ––––––– ––––––– –––––––––
Total funds carried forward 2,660,616 21,548,483 24,209,099 24,760,018
══════ ══════ ══════ ══════

The notes on page 16 to 26 form part of these accounts.

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Balance Sheet

31 December 2020

Notes 2020 2019
£ £
Fixed assets
Tangible assets 8 5,850,709 5,891,407
Investments 9 19,337,794 19,654,382
–––––––— –––––––—
25,188,503 25,545,789
Current assets
Stock 4,700 4,700
Debtors 10 88,108 364,604
Cash at bank and in hand 231,416 136,771
–––––––— –––––––—
324,224 506,075
Liabilities
Creditors: Amounts falling due within one year 11 (1,303,628) (1,291,846)
–––––––— –––––––—
Net current liabilities (979,404) (785,771)
––––––—— –––––––—
Total Net assets 24,209,099 24,760,018
═════════ ═════════
The funds of the charity:-
Restricted funds 12 2,660,616 2,017,623
Unrestricted funds: 13
Designated funds 11,120,598 11,101,038
General funds 10,427,885 11,641,357
––––––—— –––––––—
Total charity funds 24,209,099 24,760,018
═════════ ═════════

Approved by the Trustees on and signed on their behalf by: 21 October 2021

Sr Elizabeth Lee

Trustee

The notes on page 16 to 26 form part of these accounts.

14

St Cecilia’s Abbey

Statement of Cash Flows

Year Ended 31 December 2020
Notes 2020 2019
£ £
Cash flows from operating activities:
Net Cash provided by/(used in) operating activities 17 61,056 (426,788)
–––––––— –––––––—
Cash flows from investing activities:
Dividends, interest and rents from investments 4 466,949 649,407
Purchase of property and equipment 8 (38,801) (68,609)
Net (investments)/withdrawals from investment portfolio 9 (394,559) (551,124)
Cash withdrawn from investment portfolio 9 - 450,000
–––––––— –––––––—
Net cash provided by investing activities 33,589 479,674
–––––––— –––––––—
Change in cash and cash equivalents in the reporting 94,645 52,886
period
Cash and cash equivalents at the beginning of the 136,771 83,885
reporting period
––––—— –––––––—
Cash and cash equivalents at the end of the reporting 231,416 136,771
period ══════ ═════════

The notes on page 16 to 26 form part of these accounts.

15

St Cecilia’s Abbey

Notes and Accounting Policies

Year Ended 31 December 2020

1 Accounting Policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

The accounts (financial statements) have been prepared on an accruals basis under the historical cost convention, except for the valuation of investments at market value. The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities: Statement 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The trust constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

(b) Fund accounting

Donations and legacies

Donations are recognised when the Trust has been notified in writing of both the amount and settlement date.

Where the charity does not have discretion in the collection and distribution of donations and has no entitlement to the donations, then these amounts are conduit funding. Amounts relating to conduit funding are not included in the Statement of Financial Activities of the Charity.

Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date.

Retreat income

This relates to the donations received from retreatants and is recognised on a receivable basis.

Nuns’ pensions and allowances

Pensions and allowances are recognised on a receivable basis.

Altar bread and shop income

Income from the sale of altar breads and shop sales is recognised when the goods are despatched.

Investment income

Investment income is recognised on a receivable basis. Where income is receivable net of basic rate tax, the gross amount of income is included in the Statement of Financial Activities (SOFA) as investment income. No adjustment is made for accrued income included in the price of securities that were acquired or disposed of during the year.

16

St Cecilia’s Abbey

Notes and Accounting Policies

Year Ended 31 December 2020

1 Accounting Policies (continued)

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis and includes irrecoverable VAT. All costs have been directly attributed to one of the categories of resources expended in the SOFA.

Tangible fixed assets and depreciation

Tangible assets donated on the creation of the Trust have been valued in accordance with their insurance values at that time. Subsequent additions are included at cost or, in the case of property transferred from investments, at its insurance value. Replacement fixtures, furniture and equipment are charged to the SOFA in the year in which the expense is incurred.

Tangible assets other than freehold land are depreciated over their estimated useful lives, at the following rates:-

Abbey buildings 0% straight line Other leasehold buildings 2% straight line Fixtures, fittings and equipment 5-10% straight line

No depreciation is provided on the Abbey buildings. It is the Charity’s policy to maintain the Abbey in such a condition that the value is not impaired by the passage of time. Such expenditure is charged in the year it is committed. The nature of the Abbey owned by the Charity is such that it is unlikely to suffer from economic changes or technical advances. As a consequence any element of depreciation would, in the opinion of the Trustees, be immaterial and therefore no provision has been made.

The valuation of the Abbey buildings is reviewed for impairment whenever events or changes in circumstances suggest that the carrying value may be in excess of its recoverable amount. Recoverable amount is the higher of net realisable value and value in use (which is measured on the basis of the worth of the service delivery of the asset). Where an impairment has occurred, the carrying value of the asset is written down to its recoverable amount, and the revised value of the asset is depreciated over its remaining useful life. The impairment loss is charged to the Statement of Financial Activities (“SOFA”).

(f) Financial instruments

The Abbey only has financial assets and other financial liabilities of a kind that qualify as basic financial instruments. These comprise cash and bank balances, short term trade and other debtors and creditors and listed investments.

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. They are derecognised when the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party or in the case of liabilities when obligations are discharged.

17

St Cecilia’s Abbey

Notes and Accounting Policies

Year Ended 31 December 2020

1 Accounting Policies (continued)

Dowries represent monies introduced by the nuns when they take their solemn or perpetual vows, or legacies which they subsequently receive. Although not legally repayable, the Trustees consider that they have a compelling moral obligation to repay these sums in the event that a nun leaves the Abbey and they are therefore shown as creditors. On the death of the nun they are released to the Statement of Financial Activities.

(i) Foreign currencies

2 Related party transactions and trustees’ expenses and remuneration

All trustees are nuns of St Cecilia’s Abbey and do not receive any remuneration by virtue of their position as trustees.

The charity maintains and supports the trustees in the same way as nuns who are not trustees. As this is part of the charitable objects of the charity it is not seen to be remuneration for their services as trustees.

No expenses have been paid or reimbursed to the trustees by virtue of their position as trustees.

During the year trustees donated their pensions and allowances totalling £24,625 to the charity (2019: £26,219), as well as dowries of £nil (2019: £nil).

3 Income 2020 2019
£ £
Donations and legacies:
Legacies 11,500 291,426
Other gifts and donations 50,383 21,354
––––—— ––––——
61,883 312,780
══════ ══════

Other gifts and donations

Includes £nil (2019: £nil) restricted income.

18

St Cecilia’s Abbey

Notes and Accounting Policies

Year Ended 31 December 2020

4 Investment Income (unrestricted)
Investment Income (unrestricted) 2020 2019
£ £
Income received from:
Properties 40,367 39,202
Listed investments 425,348 608,362
Cash held as part of an investment portfolio and at bank 1,234 1,843
––––—— ––––——
466,949 649,407
══════ ══════
Grants Payable
During the year the following grants and donations were made:
2020 2019
£
Number		 £ Number
Individuals:
Grants to people in financial need 336
4		 1,396 7
══════
══════		 ══════ ══════
Institutions involved in:
Religious Welfare 41,405 23 309,051 23
Overseas Aid 7,800 7 7,700 8
Children 600
1		 600 1
Medical 2,520
4		 2,520 4
Poor 5,100
5		 4,600 5
Elderly -
-		 - -
Other 2,455
5		 3,576 7
––––——
––––——		 ––––—— ––––——
59,880
45		 328,047 48
══════
══════		 ══════ ══════
––––——
––––——		 ––––—— ––––——
Total 60,216 49 329,443 55
══════
══════		 ══════ ══════

5 Grants Payable

Included in the grants above is £nil (2019: £nil) relating to restricted funds.

Included in the above institutional grants are the following amounts greater than £1,000:

£
ACN 15,000
AIM 1,000
Grief to Grace 1,000
Abbey of Keur Moussa 18,676
Holy See 3,250
Ethiopaid 2,000
International Refugee Trust 1,000
Mary’s Meals 2,000
Opportunity International 1,000
Practical Action 1,000
Earl Mountbatten Hospice 2,000
De Paul Trust 1,000
Emmaus 1,000
Missionaries of Charity, Manchester 1,000
The Passage 1,500
══════

19

St Cecilia’s Abbey

Notes and Accounting Policies

Year Ended 31 December 2020

6 Costs of Maintaining the Community

Designated Unrestricted 2020 2019
£ £ £ £
Wages Costs - 112,236 112,236 110,006
Nuns' NIC - 2,363 2,363 3,659
Repairs, renewals and maintenance - 41,262 41,262 100,833
Heat and light - 15,709 15,709 15,228
Postage, phone and stationery - 6,334 6,334 4,671
Water rates and council tax - 7,149 7,149 1,730
Household provisions - 33,079 33,079 22,978
Insurance - 15,041 15,041 14,035
Clothing - 990 990 658
Gardening expenses - 31,519 31,519 32,839
Monastic hospitality - 1,353 1,353 22,136
Medical costs - 7,240 7,240 8,833
Library Costs - 1,703 1,703 1,632
Motor and travel expenses - 1,009 1,009 3,980
Advertising - 120 120 112
Sundries - 7,530 7,530 9,169
Depreciation 79,499 - 79,499 77,795
Legal and Professional - 3,892 3,892 2,559
Governance
Auditors’ remuneration - statutory audit - 6,000 6,000 6,000
- other - 4,980 4,980 4,800
––––—— ––––—— ––––––– ––––——
79,499 299,509 379,008 443,653
══════ ══════ ══════ ══════

Included in the costs above is £nil (2019: £nil) relating to restricted funds.

7 Staff costs 2020 2019
£ £
Gross wages and salaries 108,111 104,587
Employer’s national insurance 4,125 5,419
––––—— ––––——
112,236 110,006
══════ ══════
Average number of staff 5 5
══════ ══════

The charity considers its key management personnel comprise the Trustees only to whom no employment benefits were paid.

No employees received any employee benefits in excess of £60,000 (2019: nil).

During the year a redundancy payment of £8,568 was made (2019: £nil)

20

St Cecilia’s Abbey

Notes and Accounting Policies

Year Ended 31 December 2020

8 Tangible Fixed Assets Fixtures
Freehold Leasehold Fittings &
Property Property Equipment Total
£ £ £ £
Cost
At 1 January 2020 5,527,247 200,655 1,152,696 6,880,598
Additions 8,375 - 30,426 38,801
Disposals - - -
––––—— ––––—— ––––—— ––––——
At 31 December 2020 5,535,622 200,655 1,183,122 6,919,399
══════ ══════ ══════ ══════
Accumulated Depreciation
At 1 January 2020 - 76,247 912,944 989,191
Charge for the Year - 4,013 75,486 79,499
Disposals - - - -
––––—— ––––—— ––––—— ––––——
At 31 December 2020 - 80,260 988,430 1,068,690
══════ ══════ ══════ ══════
Net Book Value
At 31 December 2020 5,535,622 120,395 194,692 5,850,709
══════ ══════ ══════ ══════
At 31 December 2019 5,527,247 124,408 239,752 5,891,407
══════ ══════ ══════ ══════

Tangible assets donated on creation of the Trust have been valued in accordance with their insurance values at the time.

All tangible fixed assets are used in direct furtherance of the charity’s objectives.

The leasehold property is held on a 1,000 year lease that expires in 2841.

21

St Cecilia’s Abbey

Notes and Accounting Policies

Year Ended 31 December 2020

9 Investments 2020 2019
£ £
Listed on a recognised stock exchange:
Market value of Portfolio at 1 January 2020 15,632,898 13,929,862
Transfers to/(from) cash 212,824 (465,710)
Net investment (disposals)/additions made in the year 394,559 551,124
Realised and unrealised gains/(losses) on investments (807,899) 1,617,622
——––––—— ——––––——
Market value at 31 December 2020 15,432,382 15,632,898
——––––—— ——––––——
UK Cash held as part of the investment portfolio:
Balance at 1 January 2020 1,742,283 1,726,573
Transfers (to)/from listed investments (212,824) 465,710
Withdrawn from investment - (450,000)
——––––—— ——––––——
Balance at 31 December 2020 1,529,459 1,742,283
——––––—— ——––––——
UK Investment properties:
Balance at 1 January 2020 1,526,709 1,464,765
Additions to investment properties - -
Revaluation during year 96,752 61,944
——––––—— ——––––——
Market value of investment property at 31 December 2020 1,623,461 1,526,709
——––––—— ——––––——
Programme related property investments:
Balance at 1 January 2020 and cost of programme related
investments at 31 December 2020 752,492 752,492
——––––—— ——––––——
19,337,794 19,654,382
═════════ ═════════

The investment property donated on creation of the Trust has been valued by the Trustees on the basis of its building insurance value. The investment property purchased in 2015 has been included at indexed cost. These are considered to be fair values.

The programme related property investment has been made to support another religious order and is valued at cost.

The market value of the listed investments held at 31 December 2020 was £15,432,382 (2019: £15,632,898); of this value £4,495,889 (2019: £4,131,740) relates to non-UK investments. The cost of listed investments at 31 December 2020 was £14,290,343 (2019: £13,662,642). The trustees consider that there were no material individual investment holdings in the year that require disclosure.

All quoted investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets. Holdings in common investment funds and unit trusts are at bid price. The basis of fair value for quoted investments is equivalent to the market value. Assets sales and purchases are recognised at the date of trade at cost (that is their transaction value).

22

St Cecilia’s Abbey

Notes and Accounting Policies

Year Ended 31 December 2020

10 Debtors 2020 2019
£ £
Trade Debtors 5,372 6,609
Prepayments and accrued income 82,736 357,995
––––—— ––––——
88,108 364,604
══════ ══════
11 Creditors
2020 2019
£ £
Other Creditors 186,531 194,449
Repayable Dowries 1,117,097 1,097,397
––––—— ––––——
1,303,628 1,291,846
══════ ══════

12 Restricted Funds

The Congregation of Solesmes restricted fund represents an amount prescribed by the Congregation. It may not be expended without the Congregation’s permission. The fund is held in the form of traded investments which enable it to be accessed if required. A transfer is made to or from the fund to ensure it continues to match the Congregation’s requirements.

The movement on the restricted fund is shown below.

Balance at Incoming Balance at
1 Jan 2020 Gifts Transfers Expenditure 31 Dec 2020
£ £ £ £ £
Current year:
Congregation of Solesmes
2,017,623		 - 642,993 - 2,660,616
══════ ══════ ══════ ══════ ═════
Previous year:
Congregation of Solesmes
1,595,730		 - 421,893 - 2,017,623
══════ ══════ ══════ ══════ ══════

23

St Cecilia’s Abbey

Notes and Accounting Policies

Year Ended 31 December 2020

13 Unrestricted Funds

The movements on the designated and unrestricted funds are shown below.

Depreciation/
Balance at Income Expenditure/ Gains/ Balance at
Current year: 1 Jan 2020 Transfers (Losses) 31 Dec 2020
£ £ £ £ £
Designated Funds
Repairs 595,205 - (10,266)
-		 584,939
Nursing Fees 1,800,000 - - - 1,800,000
Library and liturgical Books 22,143 - - - 22,143
Contingency Reserve 2,022,351 - 70,524 - 2,092,875
Fixed Assets/PRI 6,643,899 - 38,801 (79,499) 6,603,201
New Car 12,000 - - - 12,000
India 440 - - - 440
Visiting Nuns Fund 5,000 - - - 5,000
––––—— ––––—— ––––—— ––––—— ––––——
Total Designated Funds 11,101,038 - 99,059 (79,499) 11,120,598
══════ ══════ ══════ ══════ ══════
Unrestricted General Fund 11,641,357 695,881 (1,198,206)
(711,147)		 10,427,885
––––—— ––––—— ––––—— ––––—— ––––——
Total Unrestricted Funds 22,742,395 695,881 (1,099,147)
(790,646)		 21,548,483
══════ ══════ ══════ ══════ ══════
Depreciation/
Balance at Income Expenditure/ Gains/ Balance at
Previous year: 1 Jan 2019 Transfers (Losses) 31 Dec 2019
£ £ £ £ £
Designated Funds
Repairs 606,485 - (11,280)
-		 595,205
Nursing Fees 2,100,000 - (300,000)
-		 1,800,000
Library and liturgical Books 22,143 - - - 22,143
Contingency Reserve 1,936,714 - 85,637 - 2,022,351
Fixed Assets/PRI 6,653,086 - 68,608 (77,795) 6,643,899
New Car 12,000 - - - 12,000
India 210 230 - - 440
Visiting Nuns Fund 5,000 - - - 5,000
––––—— ––––—— ––––—— ––––—— ––––——
Total Designated Funds 11,335,638 230 (157,035)
(77,795)		 11,101,038
══════ ══════ ══════ ══════ ══════
Unrestricted General Fund 9,848,740 1,186,986 (1,073,935)
1,679,566		 11,641,357
––––—— ––––—— ––––—— ––––—— ––––——
Total Unrestricted Funds 21,184,378 1,187,216 (1,230,970)
1,601,771		 22,742,395
══════ ══════ ══════ ══════ ══════

24

St Cecilia’s Abbey

Notes and Accounting Policies

Year Ended 31 December 2020

13 Unrestricted Funds (continued)

Repairs fund

This represents a reserve designated for building maintenance. A transfer from this fund has been made during the year so that the fund amounts to five years repair costs.

Nursing fees

This is a fund designated to meet the cost of nursing fees likely to be required if a Sister is in need of specialist care.

Library books

The Abbey has to meet the costs of providing new books for the library and choir. This fund is to ensure that these costs can be met as and when required.

Contingency reserve

This designation is to be used for emergency purposes and is based on the cost of maintaining the Community over the last five years. A transfer to the fund has been made during the year to reflect this.

Fixed asset and PRI reserve

This fund represents the net book value of the Charity’s tangible fixed assets and programme related investments (PRI). A transfer is made to or from unrestricted reserves each year to ensure that the fund continues to reflect the net book value of these assets.

New car

This fund is for the purchase of a new car.

India fund

This is a fund used to account for gifts and donations from the monastery and from friends so that the Charity is able to assist in an emergency and pay for machinery for altar breads from other European countries.

Visiting nuns reserve

This designation is for anticipated long term costs that will arise in connection with Sisters staying at the Abbey.

14 Commitments

The charity has promised to allow a religious community to live in one of its properties for as long as the community needs it.

At 31 December 2020 the Abbey had no capital commitments. At 31 December 2019 the Abbey had commitments of £11,509 for updating the Abbey’s bells and £11,938 for replacing gas piping.

25

St Cecilia’s Abbey

Notes and Accounting Policies

Year Ended 31 December 2020

15 Obligations under operating leases

Lessor

The total of future minimum lease payments receivable is as follows:

2020 2019
£ £
Not later than one year 5,032 4,992
Later than one year and not later than five years 3,168 3,168
Later than five years - 3,960
––––—— ––––——
8,200 12,120
══════ ══════
Split of Assets Between Funds
2020 2019
Restricted Unrestricted Total Total
Fund Funds Funds Funds
£ £ £ £
Represented by:
Tangible fixed assets - 5,850,709 5,850,709 5,891,407
Investments 2,660,616 16,677,178 19,337,794 19,654,382
Current assets - 324,224 324,224 506,075
Current liabilities - (1,303,628) **(1,303,628) ** (1,291,846)
––––––– ––––––– ––––––– –––––––
2,660,616 21,548,483 24,209,099 24,760,018
══════ ══════ ══════ ══════

16 Split of Assets Between Funds

17 Reconciliation of net (expenditure)/income to net cash flow from operating activities

2020 2019
£ £
Net (expenditure)/income for the reporting period (as per the (550,919) 1,979,910
statement of financial activities)
Adjustments for:
Depreciation charges 79,499 77,795
Losses/(gains) on investments 711,147 (1,679,566)
Dividends, interest and rents from investments (466,949) (649,407)
Decrease /(increase) in debtors 276,496 (287,422)
Increase / (decrease) in creditors 11,782 131,902
––––—— ––––——
Net cash provided by/(used in) operating activities 61,056 (426,788)
══════ ══════

18 Funds received as agent

Until the pandemic began the Abbey held a weekly collection, as agent, on behalf of ‘St Mary’s Church, Ryde’. The income and payments to the church are not included in these accounts. There was no balance due to St Mary’s Church at 31 December 2020. This practice was discontinued at the time of the first lockdown and there is no plan to resume it.

26