St Cecilia's Abbey
Annual Report
Year Ended 31 December 2021

## Annual Report 

## Year Ended 31 December 2021 

|**Contents**|**Contents**||**Page**|
|---|---|---|---|
||||1-8|
|||the Trustees|9-11|
|Statement of Financial Activities|||12|
|Balance Sheet|||13|
|Statement of Cash Flows|||14|
|Notes and Accounting Policies|||15|






The Trustees present their report along with the financial statements of the Charity for the year ended 31 December 2021. 

## **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. 

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. 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, the Lower Lodge or the Hermitage, and through newsletters and the Internet.  No charges are made for thes 

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. 

## **ACHIEVEMENTS AND PERFORMANCE** 

## The Abbey and the Community 

At 31 December 2021 there were 26 solemnly or perpetually professed nuns in the community, two temporarily professed, four novices and two postulants. 

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

Two young women entered the monastery as postulants. 

Two postulants who entered in 2020 received the habit and began their novitiate. 

A novice made her temporary profession at a Mass in August followed by a festive recreation. 

A junior renewed her temporary vows in accordance with the new legislation for contemplative nuns, _Cor Orans_ . 

A Sister celebrated her Silver Jubilee of Profession in September, with a special Mass and a festive recreation. 

1 




## Maintenance of the Abbey Buildings and Estate 

In addition to the major works were undertaken: 

Renewal of part of the roof of the Sacred Heart Oratory; 

Re-gilding of a number of gold and silver items for use at Mass; 

Installation of a radiator in the Altar Bread Bakery; 

Repair of lead and a corner slab on the roof of Holy Angels; 

Repointing of part of the gable of Holy Angels; 

Renewal of the roof of the Conservatory; 

Replacement of the door of the outside garage; 

Repair of the roof of the Little King corridor; 

Replacement of the front doors, cloister doors and the doors of St Scholastica; 

Renovation of sash windows in the Oratory, Novitiate and library; 

Replacement of the boiler in the back kitchen; 

Repairs and improvements to the sound system in the church; 

Extension of the kitchen food store with new flooring and redecoration 

Transfer of the dairy to another site, with a new sink. 

Included in capital expenditure are a replacement robot lawn-mower and iron railings for the extension to the 

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

Replacement of the shower, carpets and vinyl in the Lower Lodge, and redecoration throughout; 

Renewal of the Lower Lodge garden; 

Replacement storage heater for the Upper Lodge. 

## 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. 

2 




## Ministry to Visitors and Retreatants 

In spite of 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 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_ . The website was completely renewed during the year. 

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. 

count of the pandemic.  In the later part of the year it was open and welcomed 40 persons for retreats.  Though most retreatants make donations for their stay, no charge is levied, and this year offerings were not made for sixteen nights.  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 Lower Lodge flat which had become vacant at the end of 2020 was thoroughly renovated at the beginning of 2021 and equipped to serve as additional accommodation for short-term guests or retreatants. 

The numbers of secular oblates remained steady at about 40.  The oblates received their own letter of news and discussion of monastic spirituality several times in the year.  Once household mixing was allowed, a number visited the Abbey to receive spiritual counsel from the Oblate Mistress.  A novice-oblate made her together.  A group of local oblates meets regularly for fellowship and mutual support. 

## Assistance to and Collaboration with Other Religious Communities 

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, Quarr Abbey, which was in particular need as a result of the pandemic. 

## Other Activities of the Community 

of churches and the suspension of the Sunday obligation meant that this income was much reduced in 2020. In 2021 there was a gradual increase in demand, but sales remain below what they were in 2019. 

The Sisters continued the venture of selling home-made soap, which has proved very popular, especially with the visitors to Quarr Abbey. 

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 lockdown in the first part of the year.  There was only modest 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 dep -ends and wax scrapings recycled. 

to be valued chiefly for the pollination of the orchard and soft fruit. 

3 




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, strawberries) are an important source of food for the nuns. 

At the beginning of 2021 Gracewing published by Sr Claire Waddelove.  Many readers wrote to express their appreciation and it has received complimentary reviews in _The Tablet, Faith Magazine_ and elsewhere. 

One of the Sisters contributed articles to the German publication, _Die Tagespost_ . 

## The Pandemic 

As noted in the accounts for the year ended 31 December 2020, 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.  These prayers continued throughout 2021. 

In the national lockdown in the first few months of 2021 churches were permitted to remain open.  The nuns accordingly kept their church open for the benefit of anyone who wished to attend services or to spend time in silent prayer.  Thanks to the monks of Quarr Abbey, Mass was celebrated every day.  The nuns continued to sing the Divine Office. 

The restrictions on numbers in parish churches meant that even though Masses were permitted the demand for altar breads was weak.  By August 2022 altar bread income for the year was still only 80% of what it had been at the same stage in 2019. 

## **CAPITAL COMMITMENTS** 

There were no capital commitments at 31 December 2021. 

## **SIGNIFICANT EVENTS AFTER THE YEAR END** 

On 3 January 2022 Mother Abbess Ninian Eaglesham announced to the community that on account of her failing health she had submitted her resignation to the Abbot President of the Solesmes Congregation and it had been accepted.  This news caused profound sorrow to the nuns, who are immensely grateful for Mother -five years as abbess.  At the request of the Abbot President she remained in office until the Chapter of the community could elect her successor.  On 17 January Mother Eustochium Lee, formerly Prioress, was elected and was confirmed in office by the Abbot President.  The Abbatial Blessing was conferred by the Bishop of Portsmouth on 26 April. 

## **PLANS FOR FUTURE PERIODS** 

Translations of _The Joy of God_ in French and Polish were published in 2022.  A German translation is in preparation. 

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 second payment of £105,022 was made only in 2022.  The balance should be paid towards the end of 2022 or the beginning of 2023.  The Charity had 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 

4 




## **FINANCIAL REVIEW AND RESERVE POLICY** 

During the year, the Abbey received income totalling £801,011 (2020: £695,881).  The on-going principal sources of income were £522,426 (2020: £466,949) investment income, £59,703 (2020: £43,703) from the sale of Altar Breads and £106,965 (2020: £101,535) from the pensions and allowances received for the nuns. In addition to this, the Abbey benefitted from legacies of £43,404 (2020: £11,500). Gifts from benefactors were £45,080 (2020: £50,383).  Expenditure for the year amounted to £617,974 (2020: £535,653). Of this, £397,710 (2020: £379,008) related to the costs of maintaining the religious community, £87,812 (2020: £60,216) to the grants and donations made, £28,575 (2020: £19,367) to the costs associated with the Altar Bread production and shop sales, £18,463 (2020: £9,070) to church expenses and £4,131 (2020: £3,846) to the costs of running the retreat house. £81,283 (2020: £64,146) was spent on raising funds including investment manager fees and rental property expenses. 

After taking into account the net gain on the revaluation of investment assets of £1,630,869 (2020: net loss of £711,147), the charity had net income for the year of £1,813,906 (2020: net expenditure £550,919).  The £21,397,633 (2020: £19,337,794). 

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. some of its surplus income as reserves.  These reserves are necessary in order to secure the future ability 21, the total reserves of the charity were £26,023,005.  Of this total, £1,606,959 are restricted reserves that are not available for the general purposes of the charity.  The Trustees have designated funds totalling £11,865,934 related investments and a number of other reserves, full details of which can be found in note 13.  At 31 December 2021 general unrestricted funds stood at £12,550,112. 

The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. 

## _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, 

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. 

1 was 12% higher than in 2020 but at £522,426 was still significantly less than the pre pandemic level seen in 2019 of £649,407.  Nevertheless, the Trustees do not foresee any difficulty in continuing the work of the Charity. 

## **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. 

5 




The risk which requires most attention from the Trustees is the possibility of the decline of the community of 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. 

charitable giving.  The Truste 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** 

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 during the period, who was also a trustee, attended the meetings of Benedictine bursars of the British Isles and also of the Solesmes Congregation whenever possible to hear of new 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. 

gregation 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 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. 

6 




## **REFERENCE AND ADMINISTRATIVE DETAILS** 

The name of the Charity: Charity registration number: 1088086 Address: Appley Rise Ryde Isle of Wight PO33 1LH Trustees: E Eaglesham (retired 22 January 2022) H Eckhardt E Lee A-M Fiévet The custodian trustees at 31 December 2021 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 

7 



St Cecilia's Abbey
Trustees, Report
ststement of Tru8tees' Responslbllltie8
The trustees are responsible for p￿parIng the Trustees, Report and the financial statements in accordance
with appIl￿ble law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Praclicel.
The law applieable lo charities in England and Wales requires the Trustees to prepare financial statements
for each financial year which give a lrtje and frdir view of the state of affairs of the charity and of the incoming
resources and application tsf resouices of the ¢harily lor that period. In preparing these financial statements,
the tnjslees are required lo..
select suitable accounting policies and then apply them consislentty.,
observe the methods and principles in the Charities SORP.,
make judgments and eslimales that are reasonable and prudent.,
stale whether applicable accounting standards have been followed, subject lo any material departures
disclosed and explained in the financial ststements., and
prepare the financial ststemenls on the going concern basis unles$ it is inappropriate to presume that
the Charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy
al any time the financial posi12on of the charity and enable them to ensure that the financial statements
comply with the Charities Ac: 2011, the Charities (Accounts and Reports) Regulations 2008 and the
provisions of the trust deed. They a￿ 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.
Slgned on behalf of the Trustees
Trustee

## **St** 

## Independent Auditor 

## **Opinion** 

We have December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the statement of Cash Flows and the related notes. 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 in the UK and Republic of Ireland (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 31 December 2021 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; 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and 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 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 are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the annual report, other than the financial The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and 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. 

9 



## **St** 

## Independent Auditor 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

page 8 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 prepari 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. 

## **responsibilities for the audit of the financial statements** 

We have been appointed as auditor under the Charities Act 2011, s144 and report in accordance with regulations made under the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether 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 

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

10 



## **St** 

## Independent Auditor 

- Enquiries of management and those charged with governance regarding their knowledge of any non-compliance with laws and regulations by the charity that could affect the financial statements. 

- As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none. 

- Reviewed filings with the Charity Commission and enquired with management whether there were any Serious Incident Reports made during the year of which there were none. 

- Reviewed legal and professional costs to identify any possible non compliance or legal costs in respect of non compliance; 

- Reviewed Board minutes; 

- Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business of which there were none. 

- Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates. 

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 

## **Use of our report** 

This report is made solely to the Charity 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 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) Francis Clark LLP, Statutory Auditor 

Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF 

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 2021 

|**2021**<br>**Restricted**<br>**Unrestricted**<br>**Total**<br>**Fund**<br>**Funds**<br>**Funds**<br>**Notes**<br>**£**<br>**£**<br>**£**<br>**Income from:**<br>Donations and legacies<br>3<br>**-**<br>**88,484**<br>**88,484**<br>Retreat income<br>**-**<br>**5,210**<br>**5,210**<br>Nuns' pensions and allowances<br>**-**<br>**106,965**<br>**106,965**<br>Charitable activities:<br>Sale of Altar Breads<br>**-**<br>**59,703**<br>**59,703**<br>Other Shop Sales<br>**-**<br>**9,067**<br>**9,067**<br>Investment income<br>4<br>**-**<br>**522,426**<br>**522,426**<br>Other<br>**-**<br>**9,156**<br>**9,156**<br>**Total**<br>**-**<br>**801,011**<br>**801,011**<br>**Expenditure on:**<br>Raising funds:<br>**-**<br>**56,630**<br>**56,630**<br>Rental property expenses<br>**-**<br>**24,653**<br>**24,653**<br>Charitable activities:<br>Altar breads and shop expenses<br>**-**<br>**28,575**<br>**28,575**<br>Retreat expenses<br>**-**<br>**4,131**<br>**4,131**<br>Church expenses<br>**-**<br>**18,463**<br>**18,463**<br>Costs of maintaining the community<br>6<br>**-**<br>**397,710**<br>**397,710**<br>Grants and donations<br>5<br>**-**<br>**87,812**<br>**87,812**<br>**Total**<br>**-**<br>**617,974**<br>**617,974**<br>Net gains/(losses) on investments<br>9<br>**-**<br>**1,630,869**<br>**1,630,869**<br>**Net income/(expenditure)**<br>**-**<br>**1,813,906**<br>**1,813,906**<br>Transfers between funds<br>12<br> **(1,053,657)**<br>**1,053,657**<br>-<br>**Net movement in funds**<br> **(1,053,657)**<br>**2,867,563**<br>**1,813,906**<br>**Reconciliation of funds:**<br>Total Funds brought forward<br>**2,660,616**<br>**21,548,483 24,209,099**<br>**Total funds carried forward**<br>1**,606,959**<br>**24,416,046 26,023,005**|**2021**<br>**Total**<br>**Funds**<br>**£**<br>**88,484**<br>**5,210**<br>**106,965**<br>**59,703**<br>**9,067**<br>**522,426**<br>**9,156**|<br>**2020**<br> <br>**Total**<br> <br>**Funds**<br> <br>**£**<br> <br>61,883<br> <br>2,570<br> <br>101,535<br> <br>43,703<br> <br>5,570<br> <br>466,949<br> <br>13,671<br> <br>695,881<br> <br>46,638<br> <br>17,508<br> <br>19,367<br> <br>3,846<br> <br>9,070<br> <br>379,008<br> <br>60,216<br> <br>535,653<br>(711,147)<br>(550,919)<br> <br>-<br>(550,919)<br> 24,760,018<br> 24,209,099|
|---|---|---|
||**801,011**||
||**56,630**<br>**24,653**<br>**28,575**<br>**4,131**<br>**18,463**<br>**397,710**<br>**87,812**||
||**617,974**||



The notes on page 15 to 25 form part of these accounts. 

12 



St Cecilia's Abbey
Balance Sheet
31 December 2021
Notes
2021
2020
Flxed assets
Tangible assets
Investments
5,814,592
21.397,633
5,850,709
19,337,794
27,212,225
25,188,S03
Current assets
Stock
Debtors
Cash 21 bank and In hand
4,700
107,260
210.830
4.700
88,108
231.416
10
322,790
324,224
Llabilities
Creditors". Amount5 falling due within one year
11
11,512,010) 11,303,628)
Net current liabilities
11,189,220}
1979,404}
Total Net assets
26,023,005
24,209,099
The fund$ of tho charlty:_
Restricted funds
Unrestricted funds"
Designated funds
General funds
12
13
1.606.959
2,660,616
11.806.924
12.609.122
11,120,598
10,427,885
Total charlty funds
26.023.005
24,209,099
Approved by the Trustees on .
and signed on their behalf by..
Trnstee
Tb,e fiotes on page 15 10 25 form part of these accounts.
13

## **St** 

## Statement of Cash Flows 

## Year Ended 31 December 2021 

|**Notes**<br>**Cash flows from operating activities:**<br>**Net Cash provided by/(used in) operating activities**<br>**17**<br>**Cash flows from investing activities:**<br>Dividends, interest and rents from investments<br>**4**<br>Purchase of property and equipment<br>**8**<br>Net (investments) from investment portfolio<br>**9**<br>**Net cash provided by investing activities**<br>**Change in cash and cash equivalents in the reporting**<br>**period**<br>**Cash and cash equivalents at the beginning of the**<br>**reporting period**<br>**Cash and cash equivalents at the end of the reporting**<br>**period**||**2021**<br>**£**<br>**(108,092)**<br>**522,426**<br>**(5,950)**<br>**(428,970)**<br>**87,506**<br>**(20,586)**<br>**231,416**<br>**210,830**|**2020**<br>**£**<br>61,056<br>466,949<br>(38,801)<br>(394,559)<br>33,589<br>94,645<br>136,771<br>231,416|
|---|---|---|---|
|||||
|||||
|||||



The notes on page 15 to 25 form part of these accounts. 

14 



## Notes and Accounting Policies 

## Year Ended 31 December 2021 

## 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: 

- (a) **Basis of preparation and assessment of going concern** 

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. 

as a going concern. 

## (b) **Fund accounting** 

- (i) 

      - its charitable purposes at its discretion. 

   - (ii) The Charity has designated certain funds.  Further details are contained in note 13. There is no legal force for the designations. 

   - (iii) The Charity has one restricted fund.  Further details of this fund can be found in note 12. 

- (c) **Income recognition** All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

## _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. 

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. 

15 



## Notes and Accounting Policies 

## Year Ended 31 December 2021 

## 1 **Accounting Policies** _**(continued)**_ 

## (d) **Expenditure recognition** 

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. 

   - Costs of raising funds consist of investment managers fees and the costs associated with rental properties. 

   - Costs of charitable activities include the costs of maintaining the community, grants and donations made, the costs associated with the production of altar breads and the sale of religious items as well as church, retreat house, and programme related property  expenses. 

- (e) **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|



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 

## (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. 

16 



## Notes and Accounting Policies 

## Year Ended 31 December 2021 

- 1 **Accounting Policies** _**(continued)**_ 

   - (g) **Investments** 

      - (i) Quoted investments are originally recorded at their transaction value and subsequently measured at their fair value at the balance sheet date using the quoted market price. 

      - (ii) Investment properties have been valued at fair value as follows.  Investment properties donated on the creation of the Trust have been valued in accordance with their current insurance values.  Investment properties subsequently acquired are initially valued at cost and thereafter revalued in line with the movement in the house price index. 

      - (iii) Programme related investments are included in the balance sheet at cost less any impairments. 

      - (iv) Realised and unrealised gains and losses on the investments are credited/charged directly to the Statement of Financial Activities. 

      - (v) All investments, including bank balances held as part of the investment portfolio, are included as fixed assets. 

   - (h) **Dowries** 

      - 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** 

- Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net gains arising on the revaluation and disposal of investment assets. 

## 2 


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 £24,193 to the charity (2020: £24,625), as well as dowries of £174,000 (2020: £nil). 

|3<br>**Income**<br>**Donations and legacies:**<br>Legacies<br>Other gifts and donations<br>_Other gifts and donations_|**2021**<br>**£**<br>**43,404**<br>**45,080**<br>**88,484**|**2020**<br>**£**<br>11,500<br>50,383<br>61,883|
|---|---|---|



Includes £nil (2020: £nil) restricted income. 

17 



## Notes and Accounting Policies 

Year Ended 31 December 2021 

|4<br>**Investment Income (unrestricted)**<br>Income received from:<br>Properties<br>Listed investments<br>Cash held as part of an investment portfolio and at bank|**2021**<br>**2020**<br>**£**<br>**£**<br>**40,962**<br>40,367<br>**481,443**<br>425,348<br>**21**<br>1,234<br>**522,426**<br>466,949|
|---|---|



## 5 **Grants Payable** 

During the year the following grants and donations were made: 

|Individuals:<br>Grants to people in financial need<br>Institutions involved in:<br>Religious Welfare<br>Overseas Aid<br>Children<br>Medical<br>Poor<br>Other<br>Total|**2021**<br>**£**<br>**Number**<br>**120**<br>**2**<br>**67,362**<br>**15**<br>**9,950**<br>**8**<br>**800**<br>**2**<br>**2,520**<br>**4**<br>**4,600**<br>**5**<br>**2,460**<br>**5**<br>**87,692**<br>**39**<br>**87,812**<br>**41**|**2020**<br>**£**<br>336<br>41,405<br>7,800<br>600<br>2,520<br>5,100<br>2,455<br>59,880<br>60,216|**Number**<br>4<br>23<br>7<br>1<br>4<br>5<br>5<br>45<br>49|
|---|---|---|---|



Included in the grants above is £nil (2020: £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|
|CAFOD||1,000|
|CAFOD - Afghan||1,000|
|Grief to Grace||1,000|
|Holy See||3,246|
|Ethiopaid||2,000|
|International Refugee Trust||1,000|
|||2,750|
|Opportunity|International|1,000|
|Earl Mountbatten Hospice||2,000|
|De Paul Trust||1,000|
|Emmaus||1,000|
|Missionaries of Charity, Manchester||1,000|
|The Passage||1,000|
|Jubilee||1,240|
|Domicans Lym||5,000|
|Quarr Abbey||40,000|



18 



## Notes and Accounting Policies 

## Year Ended 31 December 2021 

## 6 **Costs of Maintaining the Community** 

|**Designated Unrestricted**<br>**£**<br>**£**<br>Wages Costs<br>**-**<br>**95,918**<br>Nuns' NIC<br>**-**<br>**5,256**<br>Repairs, renewals and maintenance<br>**-**<br>**98,046**<br>Heat and light<br>**-**<br>**16,710**<br>Postage, phone and stationery<br>**-**<br>**11,123**<br>Water rates and council tax<br>**-**<br>**7,828**<br>Household provisions<br>**-**<br>**23,115**<br>Insurance<br>**-**<br>**15,845**<br>Clothing<br>**-**<br>**2,046**<br>Gardening expenses<br>**-**<br>**31,871**<br>Monastic hospitality<br>**-**<br>**1,446**<br>Medical costs<br>**-**<br>**11,111**<br>Library Costs<br>**-**<br>**1,668**<br>Motor and travel expenses<br>**-**<br>**1,491**<br>Advertising<br>**-**<br>**13,367**<br>Sundries<br>**-**<br>**8,363**<br>Depreciation<br>**40,817**<br>-<br>Legal and Professional<br>**-**<br>**109**<br>_Governance_<br>- statutory audit<br>**-**<br>**6,000**<br>- other<br>**-**<br>**5,580**<br>**40,817**<br>**356,893**<br>Included in the costs above is £nil (2020: £nil) relating to restricted funds.<br>7<br>**Staff costs**<br>Gross wages and salaries<br>Employer<br>s national insurance<br>Average number of staff|**2021**<br>**£**<br>**94,855**<br>**5,256**<br>**98,046**<br>**16,710**<br>**11,123**<br>**7,828**<br>**23,115**<br>**15,845**<br>**2,046**<br>**31,871**<br>**1,446**<br>**11,111**<br>**1,668**<br>**1,491**<br>**13,367**<br>**8,363**<br>**40,817**<br>**109**<br>**6,000**<br>**5,580**<br>**397,710**<br>**2021**<br> **£**<br>**87,685**<br>**7,170**<br>**94,855**<br>**5**|**2020**<br>**£**<br>112,236<br>2,363<br>41,262<br>15,709<br>6,334<br>7,149<br>33,079<br>15,041<br>990<br>31,519<br>1,353<br>7,240<br>1,703<br>1,009<br>120<br>7,530<br>79,499<br>3,892<br>6,000<br>4,980<br>379,008<br>**2020**<br>**£**<br>108,111<br>4,125<br>112,236<br>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 (2020: nil). 

During the year a redundancy payment of £Nil was made (2020: £8,568) 

19 



## Notes and Accounting Policies 

## Year Ended 31 December 2021 

|8|**Tangible Fixed Assets**|||**Fixtures**||
|---|---|---|---|---|---|
|||**Freehold**|**Leasehold**|**Fittings &**||
|||**Property**|**Property**|**Equipment**|**Total**|
|||**£**|**£**|**£**|**£**|
||**Cost**|||||
||At 1 January 2021|5,535,622|200,655|1,183,122|6,919,399|
||Additions|3,072|-|2,878|5,950|
||Disposals|-|-|(2,500)|(2,500)|
||**At 31 December 2021**|**5,538,694**|**200,655**|**1,183,500**|**6,922,849**|
||**Accumulated Depreciation**|||||
||At 1 January 2021|-|80,260|988,430|1,068,690|
||Charge for the Year|-|4,013|37,079|41,092|
||Disposals|-|-|(1,525)|(1,525)|
||**At 31 December 2021**|**-**|**84,273**|**1,023,984**|**1,108,257**|
||**Net Book Value**|||||
||**At 31 December 2021**|**5,538,694**|**116,382**|**159,516**|**5,814,592**|
||At 31 December 2020|5,535,622|120,395|194,692|5,850,709|



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

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

20 



## Notes and Accounting Policies 

## Year Ended 31 December 2021 

|9<br>**Investments**<br>**Listed on a recognised stock exchange:**<br>Market value of Portfolio at 1 January 2021<br>Transfers to/(from) cash<br>Net investment (disposals)/additions made in the year<br>Realised and unrealised gains/(losses) on investments<br>**Market value at 31 December 2021**<br>**UK Cash held as part of the investment portfolio:**<br>Balance at 1 January 2021<br>Transfers (to)/from listed investments<br>Withdrawn from investment<br>Balance at 31 December 2021<br>**UK Investment properties:**<br>Balance at 1 January 2021<br>Additions to investment properties<br>Revaluation during year<br>Market value of investment property at 31 December 2021<br>**Programme related property investments:**<br>Balance at 1 January 2021 and cost of programme related<br>investments at 31 December 2021|**2021**<br>**2020**<br>**£**<br>**£**<br>15,432,382<br>15,632,898<br>(421,216)<br>212,824<br>428,970<br>394,559<br>1,523,690<br>(807,899)<br>16,963,826<br>15,432,382<br>1,529,459<br>1,742,283<br>421,216<br>(212,824)<br>-<br>-<br>1,950,675<br>1,529,459<br>1,623,461<br>1,526,709<br>-<br>-<br>107,179<br>96,752<br>1,730,640<br>1,623,461<br>752,492<br>752,492<br>21,397,633<br>19,337,794|
|---|---|



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 2021 was £16,963,826 (2020: £15,432,382); of this value £4,912,614 (2020: £4,495,889) relates to non-UK investments.  The cost of listed investments at 31 December 2021 was £14,703,748 (2020: £14,290,343).  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). 

21 



## Notes and Accounting Policies 

## Year Ended 31 December 2021 

|10|**Debtors**|**2021**|**2020**|
|---|---|---|---|
|||**£**|**£**|
||Trade Debtors|**5,483**|5,372|
||Prepayments and accrued income|**101,777**|82,736|
|||**107,260**|88,108|
|11|**Creditors**|||
|||**2021**|**2020**|
|||**£**|**£**|
||Other Creditors|**176,955**|186,531|
||Repayable Dowries|**1,332,377**|1,117,097|
|||**1,509,332**|1,303,628|



## 12 **Restricted Funds** 

The Congregation of Solesmes restricted fund represents an amount prescribed by the Congregation. investments which enable it to be accessed if required.  A transfer is made to or from the fund to ensure . 

The movement on the restricted fund is shown below. 

||**Balance at**|**Incoming**|||**Balance at**|
|---|---|---|---|---|---|
||**1 Jan 2021**|**Gifts**|**Transfers**|**Expenditure**|**31 Dec 2021**|
||**£**|**£**|**£**|**£**|**£**|
|**Current year:**||||||
|Congregation of Solesmes|<br>2,660,616|-|(1,053,657)|<br>-|1,606,959|
|**Previous year:**||||||
|Congregation of Solesmes|<br>2,017,623|-|642,993|-|2,660,616|



22 



## Notes and Accounting Policies 

## Year Ended 31 December 2021 

## 13 **Unrestricted Funds** 

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

|**Balance at**<br>**Current year:**<br>**1 Jan 2021**<br>**£**<br>**Designated Funds**<br>Repairs<br>584,939<br>Nursing Fees<br>1,800,000<br>Library and liturgical Books<br>22,143<br>Contingency Reserve<br>2,092,875<br>Fixed Assets/PRI<br>6,603,201<br>New Car<br>12,000<br>India<br>440<br>Visiting Nuns Fund<br>5,000<br>**Total Designated Funds**<br>11,120,598<br>Unrestricted General Fund<br>10,427,885<br>**Total Unrestricted Funds**<br>**21,548,483**<br>**Balance at**<br>**Previous year:**<br>**1 Jan 2020**<br>**£**<br>**Designated Funds**<br>Repairs<br>595,205<br>Nursing Fees<br>1,800,000<br>Library and liturgical Books<br>22,143<br>Contingency Reserve<br>2,022,351<br>Fixed Assets/PRI<br>6,643,899<br>New Car<br>12,000<br>India<br>440<br>Visiting Nuns Fund<br>5,000<br>**Total Designated Funds**<br>11,101,038<br>Unrestricted General Fund<br>11,641,357<br>**Total Unrestricted Funds**<br>**22,742,395**|**Depreciation/**<br>**Income Expenditure/**<br>**Gains/**<br>**Balance at**<br>**Transfers**<br>**(Losses)**<br>**31 Dec 2021**<br>**£**<br>**£**<br>**£**<br>**£**<br>-             (86,718)                       -             498,221<br>-             810,000<br>-<br>2,610,000<br>-<br>100<br>-<br>22,243<br>-                  (939)                        -         2,091,936<br>-                 4,975            (41,092)         6,567,084<br>-                        -                        -               12,000<br>-                        -                        -<br>440<br>-                        -                        -                 5,000<br>-<br>727,418<br>(41,092)       11,806,924<br>801,011            (250,643)         1,630,869       12,609,122<br>**801,011            476,775            1,589,777**<br>**24,416,046**<br> **Depreciation/**<br>**Income Expenditure/**<br>**Gains/**<br>**Balance at**<br>**Transfers**<br>**(Losses)**<br>**31 Dec 2020**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>(10,266)<br>-<br>584,939<br>-<br>-<br>-<br>1,800,000<br>-<br>-<br>-<br>22,143<br>-<br>70,524<br>-<br>2,092,875<br>-<br>38,801<br>(79,499)<br>6,603,201<br>-<br>-<br>-<br>12,000<br>-<br>-<br>-<br>440<br>-<br>-<br>-<br>5,000<br>-<br>99,059<br>(79,499)<br>11,120,598<br>695,881<br>(1,198,206)<br>(711,147)<br>10,427,885<br>**695,881**<br>**(1,099,147)**<br>**(790,646)**<br>**21,548,483**|
|---|---|



23 



## Notes and Accounting Policies 

## Year Ended 31 December 2021 

## 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 Ch 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 2021 and 31 December 2020 the Abbey had no capital commitments. 

24 



## Notes and Accounting Policies 

## Year Ended 31 December 2021 

## 15 **Obligations under operating leases** 

## Lessor 

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

||||**2021**|**2020**|
|---|---|---|---|---|
||||**£**|**£**|
|Not later than one year|||**5,032**|5,032|
|Later than one year and not later than five years|||**3,168**|3,168|
||||**8,200**|8,200|
|**Split of Assets Between Funds**|||||
||||**2021**|**2020**|
||**Restricted**|**Unrestricted**|**Total**|**Total**|
||**Fund**|<br>**Funds**|**Funds**|**Funds**|
||**£**|**£**|**£**|**£**|
|**Represented by:**|||||
|Tangible fixed assets|-|<br>**5,814,592**|**5,814,592**|5,850,709|
|Investments|**1,606,959**|**19,790,674**|**21,397,633**|19,337,794|
|Current assets|**-**|<br>**322,790**|**322,790**|324,224|
|Current liabilities|-|(**1,512,010)**|**(1,512,010)**|(1,303,628)|
||**1,606,959**|<br>**24,416,046**|**26,023,005**|24,209,099|



## 16 **Split of Assets Between Funds** 

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

|**2021**<br>**£**<br>**Net income / (expenditure) for the reporting period (as per the**<br>**1,813,906**<br>**statement of financial activities)**<br>**Adjustments for:**<br>Depreciation charges<br>**41,092**<br>(Gains)/losses on investments<br>**(1,630,869)**<br>Loss on fixed assets<br>**975**<br>Dividends, interest and rents from investments<br>**(522,426)**<br>(Increase) /decrease in debtors<br>**(19,152)**<br>Increase in creditors<br>**208,382**<br>Net cash (used in)/provided by operating activities<br>**(108,092)**|**2020**<br>**£**<br>(550,919)<br>79,499<br>711,147<br>**-**<br>(466,949)<br>276,496<br>11,782<br>61,056|
|---|---|



25