2020-09-30-accounts

Reports
Reference and administrative		details
Report ofthe trustees
Independent auditor's	report
Accounts
Statement offinancial	activities		16
Balance sheet			17
Statement ofcash flows			18
Principal accounting	policies		20
Notes to the accounts			26

		Trustees	Ven Christine Allsopp	Ven Christine Allsopp
			Sandra Capel
			Sister Stella Colkett
			Michele Foot
			Rt Revd Olivia Graham
			Alastair Hunter (Chair)
			Alison Jestico
			Revd Prof Teresa Morgan
			Revd Canon Toby Wright
Principal		address	The Community	ofSt Mary the Virgin
			St Mary's Convent
			Denchworth Road
			Wantage
			Oxfordshire
			OX12 9AU
Sister		in Charge	Sister Stella Colkett
		Steward	Gina Hocking
	Telephone		01235763141
		Website	csmv.co.uk
Charity registration		number	1181510
		Auditor	Buzzacott LLP
			130Wood Street
			London
			EC2V 6DL
		Bankers	National Westminster		Bank pic
			11 Market Place
			Abing don
			Oxon
			OX14 3HH
Investment	managers		CCLA
			Senator House
			85Queen Victoria Street
			London
			EC4V 4ET
		Solicitors	Winckworth Sherwood		LLP
			16Beaumont Street
			Oxford
			OX1 2LZ

Following the transfer	ofactivities of	ofactivities of	ofactivities of	the CSMV Trust to the charity with effect from	the CSMV Trust to the charity with effect from	1	October	October	October
2019, the trustees	consider		that	they, together with the Steward, comprise			the		key
management of the	charity.	Senior		staff report to the Steward and Sister in	Charge.				The
Sister in Charge is also responsible				for the care of members of the Community	and		for		their
ministry. She advises the trustees ofthe views ofthe Sisters about the future direction								ofthe
charity and other relevant matters.
The Sister in Charge	is both	a member of the Community of CSMV Sisters			and	a	trustee.
Whilst her living and	personal		expenses are borne by the charity in the same		way	as		other
Sisters, she receives	no remuneration			or reimbursement of expenses in connection			with		her
duties as a member ofkey management.
The trustees at the date ofthis			report are as follows:
				Appointedlreappointed
Ven Christine Allsopp				Appointed 19March 2019for three years
Sandra Capel				Appointed at incorporation for three years
Sister Stella Colkett (Sister in Charge)				Appointed at incorporation for one year; reappointed				10
				January 2020 for three years
Michele Foot				Appointed 12September 2019for three years
Rt Revd Olivia Graham				Appointed at incorporation for one year; reappointed				10
				January 2020 for three years
Alastair Hunter (Chair ofTrustees)				Appointed at incorporation for two years; reappointed				10
				January 2021 for three years
Alison Jestico				Appointed 19March 2019for three years
Revd Prof Teresa Morgan				Appointed at incorporation for two years; reappointed				10
				January 2021 for three years
Revd Toby Wright				Appointed at incorporation for two years;	reappointed				10
				Janua 2021 for three ears

ln recent years, this charity and the	ln recent years, this charity and the	ln recent years, this charity and the	ln recent years, this charity and the	CSMV Trust which	CSMV Trust which	CSMV Trust which	preceded	preceded	preceded	it have	it have	incurred additional
expenditure	in updating		governance	arrangements		and	undertaking			the	review ofoperations
referred to	above.	This work is now complete and future						expenditure			is likely to be more
stable.
The following table		provides a summary			of the income and			expenditure			ofthe charity for the
year to 30	September		2020 excluding		the transfer	of assets			from the			CSMV Trust. For
comparative	purposes,		the table shows		figures for	the	CSMV Trust in				the previous period.
These comparative		figures are annual		figures calculated			on	a pro	rata basis from the accounts
ofthe CSMV Trust		for the eighteen-month			period to	30 September				2019.
								This	charity			CSMV Trust
												Period to
									Year to			30September
							30September					2019on an
										2020		annual basis
										OOOO		f000
Income
Donations	and legacies									93		84
Rental, visitor 8 miscellaneous income										99		89
investment	income									147		220
Investment	gains									1,008		1,744
Total income, including			gains							1,347		2,137
Expenditure
Charitable	activities	at St Mary's Convent								1,569		1,375
Assisting	others in	the UK 8 overseas								104		118
Investment	management		expenses							33		34
Total expenditure										1,706		1,527
Net (decrease)ifncrease			in funds							(359)		610

					Year to 30September 2020	Year to 30September 2020	Year to 30September 2020	10January	10January	to 30September 2019	to 30September 2019
					Unrestricted	Restricted	Total	Unrestricted	Restricted		Total
					funds	funds	funds	funds		funds	funds
						5	E		F		E
Income from:
Donations and legacies				1	77,858	14,784	92,642
Investment income	and	interest		2
receivable					147,216		147,216
Charitable activities
. Rental and visitor	income			3	90,870		90,870
Other sources
. Miscellaneous income					5,905	2,380	8,285
Income before transfer		from
predecessor charity					321,849	17,164	339,013
Transfer of net assets from
predecessor charity				20	31,955,028	110,090	32,065,118
Total income					32,276,877	127,254	32,404,131
Expenditure on:
Raising funds
. Investment managers'		fees		4	32,980		32,980
Charitable activities
. Provision ofcharitable
activities at St Mary's Convent				5	1,567,082	2,078	1,569,160
.Assisting others in the		UK	and
overseas				5	41,250	63,000	104,250
Total expenditure					1,641,312	65,078	1,706,390
Net income before investment
gains					30,635,565	62,176	30,697,741
Net gains on listed	investments			11	873,154		873,154
Net gains on investment				11	135,000		135,000
properties
Net movement in funds					31,643,719	62,176	31,705,895
Reconciliation offunds:
Total funds brought	forward		at 1
October 2019
Total funds carried	forward		at 30
September 2020				17	31,643,719	62,176	31,705,895

(see note 20	).
			This charity	CSMV Trust
				18month
			Year to	period to
			30September	30September
			2020	2019
			6
income (excluding		transfer from the CSMV Trust)	339,013	589,431
Expenditure			(1,706,390)	(2,291,003)
Net Investment	gains		1,008,154	2,616,076
Net movement	in	funds	(359,223)	914,504

				2020	2020	2019	2019
			Notes			E
Fixed assets
Tangible assets			10		14,109,177
Investments			11		17,354,626
					31,463,803
Current assets
Debtors			12	129,770
Cash at bank and	in	hand		337,930
				467,700
Creditors: amounts		falling due
within one year			13	(225,608)
Net current assets					242,092
Total net assets					31,705,895
Represented by:
Income funds
Restricted funds			14		62,176
Unrestricted funds
.Tangible fixed assets fund			15	14,109,177
. Designated fund			16	4,000,000
.General fund				13,534,542
					31,643,719
					31,705,895

					Period
				Year to 30	ended 3P
				SePtember 2020	September 2019
			Notes
Cash flows from operating	activities:
Net cash used in operating	activities		A	(1,565,471)
Cash flows from investing	activities:
Investment income and interest received				147,216
Proceeds from the disposal	of listed investments			4,013,602
Purchase oftangible fixed assets				(1,935,794)
Purchase oflisted investments				(1,775„645)
Net cash provided by investing activities				449,379
Change in cash and cash	equivalents	in the year		(1,116,092)
Cash and cash equivalents	received from predecessor
charity (including cash held by investment managers)
(note 20)				1,836,824
Cash and cash equivalents	at 1 October 2019
Cash and cash equivalents	at 30September 2020		B	720,732

A Reco	nciliation of net	m	ovement in funds	to net cash used in op	erating activitie	s
						Period
					Year to 30	ended 30
					SePtember 2020	September 2019
						E
Net movement in funds (as			per the statement	offinancial activities)	31,705,895
Adjustments for:
Depreciation charge					130,422
Gains on	listed investments				(873,154)
Gains on	investment properties				(135,000)
investment	income and interest receivable				(147,216)
Decrease	in debtors				77,901
Decrease	in expense creditors and accruals				(259,201)
Transfer from predecessor		charity (note 20)			(32,065,118)
Net cash	used in operating		activities		(1,565,471)

				Period
			Year to 30	ended 30
			September 2020	September 2019
			f.
Cash	at bank and in hand		337,930
Cash	held by investment	managers	382,802
Total	cash and cash equivalents		720,732

Income	from	: Donations and	legacies
							Period
							ended 30
						Year to 30	September
				Unrestricted	Restricted	SePtember	2019
				funds	funds f	2020 f	Total fundsf
Pensions	and other income of individual		Sisters who are
members	ofthe	Community		63,366		63,366
Other donations		and gifts		9,964	14,784	24,748
Legacies				4,528		4,528
				77,858	14,784	92,642

Income	from: I	nvestment incom	e and interest recei	vable
						Period ended
					Year to 30	30September
			Unrestricted	Restricted	September	2019
			fundsf	fundsf	2020 f	Total funds
Income from listed		investments	105,244		105,244
Investment	property	rentals	41,366		41,366
Bank interest			606		606
			147,216		147,216

Incom	e from: Rental and visitor income
		Unrestricted	funds
			Period
		Year to 30	ended 30
		September	September
		2020f	2019f
Income	from Oblates, Associates and other visitors	7,554
Rental	income	83,316
		90,870

Unrestricted	funds
	Period
Year to 30	ended 30
September	September
2020 f	2019f
32,980

Expenditure o	n: Charitable activ	ities
						Period ended
					Year to 30	30September
			Unrestricted	Restricted	September	2019
			funds	funds	2020	Total funds
Provision ofcharitable activities at StIiary's
Convent
Staff costs (note 8)			625,477		625,477
Premises costs			317,349		317,349
Other living and personal costs			339,018		339,018
Depreciation			130,422		130,422
Administrative and	sundry costs		112,232	2,078	114,310
Governance costs	(note 6)		42,584		42,584
			1,567,082	2,078	1,569,160
Assisting others	in the United Kingdom	and
overseas
Grants, donations	and related costs		41,250	63,000	104,250
Total expenditure	on charitable activities		1,608,332	65,078	1,673,410

		Unrestricted	funds
			Period
		Year to 30	ended 30
		September	September
		2020	2019
		6	F
Audit and related fees (note 7)		13,500
Trustee expenses		144
Professional	fees	6,561
		20,205

				Period
			Year to 30	ended 30
			September	September
			2020f	2019
Staff costs	(note 8)		625,477
Auditor's remuneration
.Statutory	audit		13,500
.VAT services			7,500
. Company	secretarial	services	460
. HR consultancy			5,180
Depreciation			130,422

Staff costs, trustees' remuneration and Staff costs during the year were as follows:	remuneration of key management	personnel
		Period
	Year to 30	ended 30
	September	September
	2020	2019
Wages and salaries	573,549
Social security costs	41,686
Pension costs	10,242
	625,477

Tangible f	ixed asset	s
		Freehold
		land,			Office
		buildings			equipment
		and	Assets		and
		improve-	under	Plant and	fixtures	Motor
		ments	construction	machinery	8 fittings	vehicles	Total
			F			R
Cost or valuation
At 1 October	2019
Transfer from
predecessor	charity
(note 20)		9,135,845	3,117,372	301,763	116,191	39,254	12,710,425
Additions			2,064,818	13,941	11,892		2,090,651
Reclassiflcatlons		3,202,418	(3,232,418)	30,000
At 30September 2020		12,338,263	1,949,772	345,704	128,083	39,254	14,801,076
Cost		4,243,264	1,949,772	345,704	128,083	39,254	6,706,077
Valuation		8,094,999					8,094,999
Cost/valuation		12,338,263	1,949,772	345,704	128,083	39,254	14,801,076
Depreciation
At 1 October	2019
Transfer from	predecessor
charity (note	20)	171,729		262,904	92,427	34,417	561,477
Charge for the period		88,248		31,732	7,476	2,966	130,422
At 30September 2020		259,977		294,636	99,903	37,383	691,899
Net book values
At 30September 2020		12,078,286	1,949,772	51,068	28,180	1,871	14,109,177
At 30September 2019

		2020	2019
		K
Freehold	land	3,513,380
Freehold	buildings	4,379,687
Freehold	improvements	4,185,219
		12,078,286

				18month
				penod
			Year to 30	to 30
			September	September
			2020	2019
				F
Value at 1 October 2019
Transfer from	predecessor	charity (note 20)	1,945,000
Net unrealised	gains on revaluation		135,000
Value at 30September 2020			2,080,000

Movements on listed in	vestments	are summarised below:
				18month
				period
			Year to 30	to 30
			September	September
			2020	2019
Listed investments and	cash held	for re-investment
Listed investments
Market value at 1 October	2019
Transfer from predecessor	charity (note 20)		16,256,627
Additions at cost			1,775,645
Disposals at book value (proceeds: E4,013,602; gains: f101,007)			(3,912,595)
Net unrealised gains			772,147
Market value at 30September 2020			14,891,824
Cash held by investment	managers	for re-investment	382,802
			15,274,626
Cost oflisted investments	at 30September 2020		13,146,088

			2020	2019
			E	F
UK equities			1,454,269
Overseas	equities		3,142,268
UK fixed	interest		1,167,134
Overseas	fixed interest		221,368
Pooled investment		fund	7,866,307
UK alternative investments			1,040,478
Cash and	liquidity		382,802
			15,274,626

September	20	20:
						At 30
						September
						2020	%of
							investments
CBFChurch	of	England	investment	Fund	Accumulation	7,866,307	53

The asset allocation ofthe pooled investment fund	The asset allocation ofthe pooled investment fund	at 30September 2020 was: Allocation
UK equities		10.3%
Overseas	equities	59.5%
Cash and	liquidity	12.3%
Property		3.6%
Other		14.3%
		100.0%

Debtors
	2020	2019
	F
Prepayments	24,620
VAT recoverable	62,277
Other debtors	42,873
	129,770

Creditor	s: amounts	falling	due within one year
				2020	2019f
Expense	creditors			45,528
Accruals	and deferred	income		25,223
Creditors	in respect to	tangible	fixed asset additions	154,857
				225,608

			Transfer from
		At	predecessor			At 30
		1 October	charity			September
		2019 f	(note 20)	income f	Expenditure f	2020 f
CSMV Associates fund				4,662	(339)	4,323
CSMV Oblates fund			14,912	3,130	(2,179)	15,863
Wantage Overseas	fund		95,178	9,372	(62,560)	41,990
			110,090	17,164	(65,078)	62,176

				18month
			Year to 30	period to 30
			September	September
			2020	2019
At 1 October	2019
Transfer from	predecessor	charity (note 20)	12,148,948
Net movement	in period		1,960,229
At 30September 2020			14,109,177

					Transfer
					from
				At	predecess-			At 30
			1	October	or charity		New	September
				2019	(note 20)	Released	designation	2020
Sisters'	care	fund			3,000,000		1,000,000	4,000,000

			Tangible
			fixed
			assets and		At 30
		General	designated	Restricted	September
		fund	funds	funds	2020
		F
Tangible	fixed assets		14,109,177		14,109,177
Investments		13,354,626	4,000,000		17,354,626
Net current assets		179,916		62,176	242,092
Total net	assets	13,534,542	18,109,177	62,176	31,705,895

		Total
		F
Tangible fixed assets		12,148,948
Investments		19,024,208
Debtors		207,671
Cash at bank	and in hand	1,014,243
Creditors: amounts due within one year		(329,952)
		32,065,118
Representing
Restricted funds		110,090
Unrestricted	funds
.Tangible fixed asset fund		12,148,948
.Designated	fund	3,000,000
.General fund		16,806,080
		32,065,118