## |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|