2021-09-30-accounts

Report and Accounts Year to 30 September 2021 The Community of St Mary the Virgin at Wantage Charity registration number 1181510

Contents

Reports
Reference and administrative details	1
Report of the trustees	2
Independent auditor’s report	12
Accounts
Statement of financial activities	17
Balance sheet	18
Statement of cash flows	19
Principal accounting policies	21
Notes to the accounts	27

The Community of St Mary the Virgin at Wantage

Reference and administrative details

Trustees	Ven Christine Allsopp
	Sandra Capel
	Sister Stella Colkett
	Michele Foot
	Rt Revd Olivia Graham
	Revd Canon Dr Peter Groves
	Alison Jestico (Chair)
	Revd Darren McFarland
	Revd Prof Teresa Morgan
	Revd Canon Richard Peers
Principal address	The Community of St Mary the Virgin
	St Mary’s Convent
	Denchworth Road
	Wantage
	Oxfordshire
	OX12 9AU
Sister in Charge	Sister Stella Colkett
Steward	Gina Hocking
Telephone	01235 763141
Website	csmv.co.uk
Charity registration number	1181510
Auditor	Buzzacott LLP
	130 Wood Street
	London
	EC2V 6DL
Bankers	National Westminster Bank plc
	11 Market Place
	Abingdon
	Oxon
	OX14 3HH
Investment managers	CCLA Investment Management
	Senator House
	85 Queen Victoria Street
	London
	EC4V 4ET
Solicitors	Winckworth Sherwood LLP
	16 Beaumont Street
	Oxford
	OX1 2LZ

The Community of St Mary the Virgin at Wantage

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Report of the trustees Year to 30 September 2021

Introduction

The Community of St Mary the Virgin at Wantage (“CSMV” or “the charity”) is a charitable incorporated organisation registered with the Charity Commission. It was incorporated on 10 January 2019. The trustees are pleased to present their report together with the accounts for the year ended 30 September 2021.

The charity was set up to take over the activities of an unincorporated charitable trust with the name ‘Community of St Mary the Virgin at Wantage’ (“the CSMV Trust”) (charity registration number 240513). With effect from 1 October 2019, all the assets, liabilities and activities of the CSMV Trust were transferred to the charity. The origins of CSMV’s activities go back to 1848 when an Anglican religious community of Sisters (“the Community”) was founded by the Revd. William Butler, Vicar of Wantage at the time. The CSMV Trust was created in 1879 to take forward the activities of the Community. Following the transfer of activities to the charity, the CSMV Trust remains as a separate entity but is no longer active and is constituted as a linked charity within this charity.

The charitable objects of the CSMV Trust were reviewed and re-expressed during 2018/19 to reflect today’s world. The new objects were approved by the Charity Commission and are the objects which this charity has adopted. They reflect the three broad areas which have always been at the heart of the Community since its founding in 1848. These are:

• Living and growing in faith, and in particular sustaining the life of the Community of Sisters which is at the centre of CSMV.

• Supporting education founded on Anglican Christian principles.

• Caring for the vulnerable, in particular women and girls and those who are ill.

This report describes how these objects have been realised during the year. The trustees confirm that in planning and overseeing the charity’s activities they have taken into account the Charity Commission’s guidance on public benefit.

Like so many other organisations, the activities of the charity have been significantly affected by the Covid-19 pandemic during this financial year. This has restricted some activities and delayed others, but it has also led to some positive new initiatives. The impact of the pandemic is referred to in more detail below.

The Community of St Mary the Virgin at Wantage

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Report of the trustees Year to 30 September 2021

Living and growing in faith

The charity seeks to live and grow in faith and to help others to come closer to God. The charity’s Convent and grounds in Wantage is the home of the Community of Sisters who are at the centre of CSMV. Together the Sisters sustain the cycle of prayer and worship which has been offered at the Convent for more than 170 years. Visitors are once again welcome to join them for worship, albeit in reduced numbers because of the on-going impact of Covid19 restrictions.

As well as a Novice Sister who continues through the process of exploration, discernment and formation, the Sisters also had living with them at the Convent, a Postulant and Alongsiders who were exploring the Religious Life.

The charity took over from the CSMV Trust a programme of renewal of the buildings at St Mary’s Convent in Wantage. The work is now largely complete and the newly refurbished building is now able to offer opportunities to more people for prayer and reflection, as well facilities for groups to meet and learn. The main elements of the renewal work are described below.

• A striking new entrance and reception area where we can offer a warm welcome to visitors to the Convent.

• The refurbishment of the North Wing which provides a new office for CSMV’s Bursary staff and, on the first floor, office space for the Oxford Diocesan Schools Trust.

• Work on the West Wing of the Convent, which houses CSMV’s Retreat Wing, has created 21 comfortable bedrooms and a variety of spaces where those on retreat and coming for quiet days can reflect, learn and pray. Disabled access has been much improved by a new lift.

• A newly created area of meeting and conference rooms, named the Maribel Centre, have created a place of encounter, where we offer a welcome to churches, diocesan bodies, education organisations and other charities looking for somewhere to meet. (The name recalls Mother Maribel, artist, sculptor and Mother General of the Community from 1940 to 1953.)

The work on the West Wing was interrupted by the onset of the Covid-19 pandemic in 2020. Work was suspended for a period but subsequently resumed. As a result, completion was delayed until 2021. The first few retreat guests began to arrive joyfully in July 2021 and various groups have now begun to meet in the new facilities on the ground floor.

As part of the Convent renewal programme, the charity commissioned a new sculpture from the artist and sculptor Nicholas Mynheer. He spent much of 2020 working on three large blocks of English limestone. Painstakingly, he has worked to reveal a striking, new largerthan-life-size sculpture of Mary and the Christ-child which was set into position in front of the entrance in April 2021, welcoming visitors as they approach the new reception area.

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Report of the trustees Year to 30 September 2021

Living and growing in faith (continued)

Individuals who would like to develop a close association with CSMV are invited to find out more about the Community’s groups of Oblates and Associates. Both groups welcome women and men, lay or ordained, from any Christian denomination. Associates are received as friends of the Community. Oblates are those who feel drawn by God to express in their own lives the charism of the Community. As more people come to know about CSMV through retreats and conference events, we hope to see both groups growing.

The Covid-19 pandemic meant that many of the normal meetings, quiet days and retreats organised by the CSMV Oblates and Associates could not take place in 2020 and early 2021. Much of their communication has gone online, and regular meetings have been held via Zoom. Members continue to pray for each other and keep in touch by phone.

The charity works with other organisations to promote prayer and the religious life. Currently, we are supporting three organisations in particular, by keeping them in our prayers and, in some cases, providing grants.

• The Community of St Frideswide in Oxford is one of an emerging network of new religious communities sharing a common rule of life. CSMV is supporting the development of the community, and the previous leader was regularly in contact with the Sisters at the Convent, as well as presiding at the Eucharist. The new Mission Priest is establishing contact with the Community.

• Discovering Prayer offers those seeking to explore prayer many different ways to do so through the medium of the internet. Founded and run by CSMV Oblate Michelle Eyre, the website offers the opportunity to explore a deeper relationship with God. This has become an even more vital resource during the global Covid-19 crisis. Amid the worry and uncertainty of the pandemic, and when many churches have been closed for extended periods, Discovering Prayer offers a space to take some time out to be with God.

• BeSpace is a charity which equips local churches to facilitate prayer and reflection spaces in schools and other community areas in Oxfordshire. The Covid-19 pandemic has restricted visits to schools, but BeSpace responded with classroom kits and other resources to help teachers support themed activities around topics such as Remembrance, Thanksgiving and Advent.

Supporting education

Supporting high quality education of children of all ages, and particularly young girls, has been a guiding principle of CSMV since its origins in the nineteenth century. The charity is involved in exciting new ways of offering that support both in Wantage and overseas.

• At the Convent in Wantage, we are providing office space for two multi-academy trusts – the Vale Academy Trust which has eight schools in and around Wantage and Abingdon, and the Oxford Diocesan Schools Trust which has grown to a family of 41 academies in the Diocese of Oxford.

• One of the challenges faced by local schools is the high cost of housing in Oxfordshire. This makes it difficult to recruit young teachers in particular. We are helping with this in a small way by offering six flats at affordable rents in St Mary’s Lodge.

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Report of the trustees Year to 30 September 2021

Supporting education (continued)

• In India, the Society of St Mary the Virgin in India (“SSMVI”) continues the work of CSMV Sisters at three schools in and around Pune. These schools educate more than 1,000 children, many from very disadvantaged backgrounds. Pune has been very badly hit by the Covid-19 pandemic. The schools were closed for many months in 2020 and 2021 creating major new challenges. We have continued to provide prayer support and given additional financial help.

• The charity and the Sisters are supporting the new role of deanery Chaplain. The vision for the Chaplaincy is to provide spiritual and pastoral care to the schools of the Wantage Deanery area and Rachel Woods will provide this valuable support to several thousand children.

The charity has also made a grant to Wantage Parish Music Guild for its work training young church musicians.

Caring for the vulnerable

In the late 19th century and for much of the 20th century, the Sisters of the Community were called to work with the poor and disadvantaged in Southern Africa as well as in India. The charity continues to support this work through projects with an historical link to the Community.

• In Pretoria, South Africa, the charity supports Irene Homes which cares for vulnerable adults and offers them training in various craft skills.

• In Botswana, CSMV Associate Margaret Taylor continues to manage donations from Wantage to development projects at the Gabane Community Care Centre and the Holy Cross Hospice in Gaborone.

• In Pune, India, the charity supports SSMVI as it cares for a number of mostly elderly women and offers day care facilities for a small number of children at St John’s Home. At the nearby St Michael’s Hostel, SSMVI provides residential care for 150 girls at risk, including children who are orphans or from single parent households, those affected by HIV-AIDS, and children of prostitutes or from broken and poor families.

All these projects have faced additional challenges as a result of Covid-19. We continue to pray for them and provide financial support.

The Community of St Mary the Virgin at Wantage

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Report of the trustees Year to 30 September 2021

Governance and operations

The charity is governed by its constitution which is registered at the Charity Commission. As referred to in the introduction to this report, the charity took over the activities of the CSMV Trust, including all its assets and liabilities, with effect from 1 October 2019.

The charitable objects of the charity are identical to those of the predecessor CSMV Trust. They are as follows:

• To advance the Christian religion for the benefit of the public, in particular through maintaining St Mary’s Convent, Wantage and sustaining the religious community there, as well as the promotion of the religious life generally, in accordance with the doctrine of the Church of England and of those churches in communion with the Church of England.

• For the benefit of the public, to promote and support education in institutions or through projects which have an Anglican character, or through joint and ecumenical enterprises which include an Anglican partner, in such ways as the trustees think fit.

• To support projects which assist in the care and treatment of persons suffering from illness of any description or in need of rehabilitation, in particular for vulnerable women and girls and women suffering from mental illnesses, including through the provision by such projects of facilities for work and recreation and the promotion of health education.

The trustees are responsible for the overall governance of the charity. At incorporation, the initial trustees were the trustees at the time of the CSMV Trust. Following incorporation, trustees are appointed by a resolution passed at a meeting of the charity’s trustees. To be appointed, an individual must be a regular communicant member of the Church of England or of a church in communion with the Church of England, in accordance with the Church Representation Rules 2017. Trustees are appointed for a specified term of up to three years. They may be re-appointed for up to two further consecutive terms but may then only be reappointed after an interval of at least one year. The trustees meet at least four times a year.

The trustees are also the members of the charity. If the charity were to be wound up, they would have no liability to contribute to its assets and no personal responsibility for any debts of the charity.

An induction programme and training opportunities for trustees ensure that they are appropriately briefed on their responsibilities and on the activities and financial position of CSMV. When necessary, the trustees seek advice and support from CSMV’s professional advisers. The Steward and Clerk to the Trustees, Gina Hocking, is responsible for overseeing the staff and day-to-day operations at St Mary’s Convent. The Steward reports to the Sister in Charge of the Community and the Chair of Trustees.

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Report of the trustees Year to 30 September 2021

Governance and operations (continued)

Following the transfer of activities of the CSMV Trust to the charity with effect from 1 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 of the views of the Sisters about the future direction of the 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 of key management.

The trustees in office at the date of this report are as follows:

	Appointed/reappointed
Ven Christine Allsopp	Appointed 19 March 2019 for 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 12 September 2019 for three years
Rt Revd Olivia Graham	Appointed at incorporation for one year; reappointed 10
	January 2020 for three years
Revd Canon Dr Peter Groves	Appointed 2 March 2021 for three years
Alison Jestico (Chair of Trustees)	Appointed 19 March 2019 for three years
Revd Prof Teresa Morgan	Appointed at incorporation for two years; reappointed 10
	January 2021 for three years
Revd Darren McFarland	Appointed 2 March 2021 for three years
Revd Canon Richard Peers	Appointed 2 March 2021 for threeyears

During the year ended 30 September 2021 two trustees retired as detailed below

• Revd Canon Toby Wright Resigned 2 March 2021

• Alastair Hunter Resigned 23 June 2021

Risk management

The trustees regularly review the principal risks and uncertainties faced by the charity and the policies, systems and procedures in place or needed to mitigate the risks identified. The key risks identified are described below, together with the principal ways in which they are mitigated.

• Most of the Sisters are over state pension age and the charity has both a moral and legal obligation to care for the Community’s older members. None of the Sisters have resources of their own as they donate all their earnings, pensions and other income to CSMV. Key elements of the management of this risk are: (a) setting aside assets in a designated fund, the value of which is based on actuarial principles, in order to ensure that there will be sufficient funds to cover the costs of care; and (b) ensuring that processes are in place to regularly review the ministries and needs of individual Sisters, enabling them when appropriate to take on less demanding ministries and identifying those who need extra care and help.

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Report of the trustees Year to 30 September 2021

Governance and operations (continued)

Risk management (continued)

• The charity works with vulnerable people and the trustees recognise the necessity of ensuring the protection and safety of all those served by the charity, including the older Sisters. A safeguarding group, led by a trustee, meets at least three times a year to review the charity’s safeguarding policy and procedures and related issues. Where appropriate, certificates from the Disclosure and Barring Service (DBS) are obtained and safeguarding training is provided for staff, Sisters, trustees and those who volunteer for the charity.

• The charity donates to other organisations whose objectives are consistent with its own. Whether the funds are used here in the UK or overseas, the trustees ensure that they are familiar with the work of any potential recipient of funds, that funds are transferred via bank transfer, that proof of receipt is obtained and that written reports of how the monies have been utilised and applied are obtained from the recipient.

• A significant proportion of the charity’s assets are held in investments in pooled funds which comprise significant proportions of listed investments in the UK and Overseas and therefore dependent on movements on UK and world stock market. The funds are managed by experienced fund managers, CCLA, and the underlying investments are well diversified. The trustees meet regularly with the investment managers to review and monitor their performance. The investment strategy is assessed annually to ensure it remains appropriate.

Supporters & fundraising

The charity seeks to achieve best practice in the way in which it communicates with donors and other supporters, taking care with both the tone of its communications and the accuracy of its data. Supporters are able to change their communication preferences at any time and the charity does not employ the services of professional fundraisers. The charity does not sell or swap data about supporters with any other organisations. The charity has received no complaints about its fundraising activities, but if it does so in future it will investigate and learn from them.

Financial review

The accounts for the year to 30 September 2021, which follow this report, have been prepared in accordance with the accounting policies set out on pages 21 to 26 and comply with the charity’s constitution, applicable laws and accounting standards.

The charity has significant investments which generate gains in value, as well as income earned on the investments. Inevitably, this means that the charity’s total income can vary a lot from year to year, depending on movements in investment markets.

Following a detailed review of investment performance and other factors during 2020 the trustees decided to transfer all the investments managed by Investec Asset Management to CCLA Investment Management. This transfer was completed in December 2020 and all the charity’s financial investments are now solely managed by CCLA Investment Management through the CBF Investment Fund and the CBF Global Equity Income Fund.

The Community of St Mary the Virgin at Wantage

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Report of the trustees Year to 30 September 2021

Governance and operations (continued)

Financial review (continued)

The value of the accumulation shares in both Funds rose fairly steadily during the year and increased by 18.9% over the year for the Investment Fund and by 17% across the nine months in which the Global Equity Income Fund shares were held. The overall result was a gain of £2.5M even after funds of £2.0M were withdrawn from the portfolio to fund the ongoing renewal of the Convent buildings and to fund the operational deficit.

In addition to its financial investment portfolios, the charity holds a number of investment properties to generate rental income. The Trustees believe that no increase in the value of the properties is appropriate in the year. One property was sold incurring a small loss of £4K on the sale.

As discussed earlier in this report, a programme of renewal of the Convent buildings in Wantage was started by the CSMV Trust and was completed by the charity during 2020/21. The cost of this work is reflected in the freehold improvements shown in note 10 to the accounts.

Reserves

At 30 September 2021, the total reserves were £32.8M (2020: £31.7M)

The charity has a small amount of reserves which are restricted for specific purposes. Details are given in note 14 to the accounts.

The charity’s tangible fixed assets, principally the Convent site in Wantage, are recorded at a net book value of £15.1M (2020: £14.1M). As these assets are essential to the charity’s activities, their value could not easily be realised to meet future contingencies. Accordingly, the trustees have set aside a reserve of an equivalent amount.

A primary responsibility of the trustees is to ensure that the charity has sufficient funds for the future to allow the Sisters who make up the Community to continue their religious life and to care for the Sisters as they grow older. Accordingly, the trustees have set aside a designated reserve for this purpose. The value of this fund is reviewed annually using actuarial principles. In light of the most recent detailed review, which took account of the relatively high and increasing costs of providing care, as well as the current number of Sisters, the trustees increased the value of this fund from £3M to £4M in 2020.

The trustees have carefully considered the charity’s need for free reserves, i.e. those funds not invested in tangible fixed assets or restricted for specific purposes. The charity will rely to a large extent on returns from its investments to generate the income required to continue to run St Mary’s Convent in Wantage, to support the Sisters in their calling and more generally to carry out CSMV’s charitable objectives. Taking into account likely future expenditure needs, other sources of income and estimated long-term investment returns, the trustees consider that they needed to maintain an investment portfolio worth approximately £15M (at current price levels) in order to generate sufficient income to sustain the charity, including caring for the Sisters in their retirement.

The Community of St Mary the Virgin at Wantage

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Report of the trustees Year to 30 September 2021

Governance and operations (continued)

Reserves (continued)

Accordingly, it is the policy of the trustees to hold unrestricted reserves represented by investments of approximately this amount. The value of such reserves at 30 September 2021 was £17.6M (2020: £17.5M), comprising a designated Sisters’ care fund of £4M and general unrestricted reserves held as investments of £13.6M (2020: £13.5M). The trustees consider these reserves to be adequate but not excessive.

Outlook for the future

As planned the newly refurbished Retreat Wing is beginning to attract guests on retreat and groups, particularly those with a close connection to the Community, are beginning to use the new facilities in the Maribel Centre. There is significant interest in bookings for 2022. At this stage it is not possible to predict what income these activities will eventually generate. The charity is fortunate to have sufficient reserves to be able to cope with this uncertainty.

Statement of trustees’ responsibilities

The trustees are responsible for preparing this trustees’ report and the accounts 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 accounts for each financial period which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these accounts, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in 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 United Kingdom and Republic of Ireland (FRS 102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and

• prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

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 accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations and the provisions of the charity’s constitution. 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.

The Community of St Mary the Virgin at Wantage

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Independent auditor’s report Year to 30 September 2021

Report of the independent auditor to the trustees of The Community of St Mary the Virgin at Wantage

Opinion

We have audited the accounts of The Community of St Mary the Virgin at Wantage (the ‘charity’) for the year to 30 September 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. 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 applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

•  give a true and fair view of the state of the charity’s affairs as at 30 September 2021 and of its income and expenditure for the year then ended;

•  have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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

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 accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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 accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts 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 accounts 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.

The Community of St Mary the Virgin at Wantage

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Independent auditor’s report Year to 30 September 2021

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 accounts 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.

Matters on which we are required to report by exception

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:

•  the information given in the trustees’ report is inconsistent in any material respect with the accounts; or

•  sufficient accounting records have not been kept; or

•  the accounts 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

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts 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 accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, 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.

The Community of St Mary the Virgin at Wantage

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Independent auditor’s report Year to 30 September 2021

Auditor’s responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

•  The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

•  We obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which it operates. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity. We determined that the following laws and regulations were most significant: 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), the Charities Act 2011 and safeguarding regulations;

•  We understood how the charity is complying with those legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of the relevant minutes and correspondence from regulatory bodies; and

•  We identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

•  Making enquiries of management and those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

•  Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

The Community of St Mary the Virgin at Wantage

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Independent auditor’s report Year to 30 September 2021

Auditor’s responsibilities for the audit of the accounts (continued) To address the risk of fraud through management bias and override of controls, we:

•  performed analytical procedures to identify any unusual or unexpected relationships;

•  tested journal entries to identify unusual transactions;

•  assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias;

•  performed substantive testing on expenditure and the authorisation thereof; and

•  investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

•  agreeing financial statement disclosures to underlying supporting documentation;

•  reading the minutes of meetings of those charged with governance and other relevant reports prepared by management for the trustees;

•  enquiring of management as to actual and potential litigation and claims; and

•  reviewing correspondence with the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of those charged with governance and management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

The Community of St Mary the Virgin at Wantage

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Independent auditor’s report Year to 30 September 2021

Use of our report

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

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

29 March 2022

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The Community of St Mary the Virgin at Wantage

16

Statement of financial activities Year to 30 September 2021

	Year to	30 September 2021	30 September 2021	Year to 30 September 2020	Year to 30 September 2020	Year to 30 September 2020
	Unrestricted funds £	Restricted funds £	Total funds £	Unrestricted funds £	Restricted funds £	Total funds £
Income from: Donations and legacies 1 Investment income and interest receivable 2 Charitable activities . Rental and visitor income 3 Other sources . Miscellaneous income Income before transfer from predecessor charity Transfer of net assets from predecessor charity 20 Total income Expenditure on: Raising funds . Investment managers’ fees 4 Charitable activities . Provision of charitable activities at St Mary’s Convent 5 . Assisting others in the UK and overseas 5 Total expenditure Net (expenditure) income before investment (losses) gains and transfers between funds Net gains on listed investments 11 Net (losses) gains on investment properties 11 Net (expenditure) income before transfers between funds Transfers 14 Net movement in funds 7 Reconciliation of funds: Total funds brought forward at 1 October 2020 Total funds carried forward at 30 September 2021 17	108,113 56,195 104,795 2,076	15,583 — — —	123,696 56,195 104,795 2,076	77,858 147,216 90,870 5,905	14,784 — — 2,380	92,642 147,216 90,870 8,285
	271,179 —	15,583 —	286,762 —	321,849 31,955,028	17,164 110,090	339,013 32,065,118
	271,179	15,583	286,762	32,276,877	127,254	32,404,131
	7,933 1,658,037 33,500	— 2,462 50,000	7,933 1,660,499 83,500	32,980 1,567,082 41,250	— 2,078 63,000	32,980 1,569,160 104,250
	1,699,470	52,462	1,751,932	1,641,312	65,078	1,706,390
	(1,428,291) 2,526,235 (3,957) 1,093,987 (32,900)	(36,879) — — (36,879) 32,900	(1,465,170) 2,526,235 (3,957) 1,057,108 —	30,635,565 873,154 135,000 31,643,719 —	62,176 — — 62,176 —	30,697,741 873,154 135,000 31,705,895 —
	1,061,087 31,643,719	(3,979) 62,176	1,057,108 31,705,895	31,643,719 —	62,176 —	31,705,895 —
	32,704,806	58,197	32,763,003	31,643,719	62,176	31,705,895

All recognised gains and losses are included in the above statement of financial activities.

All of the income and expenditure in the above two financial years relates to continuing activities.

The Community of St Mary the Virgin at Wantage

17

Balance sheet 30 September 2021 2021 2020 2020 Notès Flxed a¥¥ets TangFble assets Inv•strMnts 10 15.tOB.641 17.397,166 319)5,807 14.109.17Y 17.354.626 31.4S3.8CQ 12 145.T14 271,48Q 417384 Cash a¢ ￿rnk WKI in hand 337.93Q 467.7r Cr¢ditffj.' ar￿￿ts falh'rwJ yw 13 1160,051 2S7.196 32.763.003 242,C82 31.705.69S Total nel Income filnds Rè$trKt•d Unr6slricaed funds . tsod assets . Ow8vJn•ted fund . G￿eral lund 14 S8.1J7 62.178 15 1A11YJ.641 16 4,1)00.I 13.5￿.￿65 14.109.1TI 4,000.rANJ 13,534.542 32.704.806 32.763.003 31,643,719 31.705,895 AFproved by the trustees OD 3 March 2022 and swjned ￿ their behaLS by: Akn"5ts Jts s&.49 Je¥lkn The Communty of St Mary the Vlr9in at Wantage 18

Statement of cash flows Year to 30 September 2021

		Year to 30	Year to 30
		September	September
		2021	2020
	Notes	£	£
Cash flows from operating activities:
Net cash used in operating activities	A	**(1,357,385) **	(1,565,471)
Cash flows from investing activities:
Investment income and interest received		56,195	147,216
Proceeds from the disposal of listed investments		9,639,478	4,013,602
Proceeds from the disposal of investment properties		191,043	—
Purchase of tangible fixed assets		(1,244,998)	(1,935,794)
Purchase of listed investments		**(7,478,629) **	(1,775,646)
Net cash provided by investing activities		1,163,089	449,378
Change in cash and cash equivalents in the year		(194,296)	(1,116,093)
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 2020	B	720,731	—
Cash and cash equivalents at 30 September 2021	B	526,435	720,731
Notes to the statement of cash flows for the year to 30 September 2021.
A Reconciliation of net movement in funds to net cash used in operating activities
		Year to 30	Year to 30
		September	September
		2021	2020
		£	£
Net movement in funds (as per the statement of financial activities)		1,057,108	31,705,895
Adjustments for:
Depreciation charge		172,002	130,422
Gains on listed investments		(2,526,235)	(873,154)
Losses (gains) on investment properties		3,957	(135,000)
Investment income and interest receivable		(56,195)	(147,216)
(Increase) decrease in debtors		(16,004)	77,901
Increase (decrease) in expense creditors and accruals		7,982	(259,201)
Transfer from predecessor charity (note 20)		—	(32,065,118)
Net cash used in operating activities		(1,357,385)	(1,565,471)

The Community of St Mary the Virgin at Wantage

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Statement of cash flows Year to 30 September 2021

B Analysis of cash and cash equivalents

B Analysis of cash and cash equivalents
	Year to 30 September 2021 £	Year to 30 September 2020 £
Cash at bank and in hand Cash held by investment managers Total cash and cash equivalents	271,480 254,955	337,930 382,801
	526,435	720,731

No separate reconciliation of net debt has been prepared as there is no difference between the net cash/(debt) of the charity and the above cash and cash equivalents.

The Community of St Mary the Virgin at Wantage

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Principal accounting policies Year to 30 September 2021

The principal accounting policies adopted, judgements and key sources of estimation or uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have also been prepared in accordance with 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees to make significant judgements and estimates.

The items in the accounts where such judgements and estimates have been made include:

•  determining the probability of receiving legacy income when the charity has been informed of its entitlement to a legacy;

•  estimating the useful economic life of tangible fixed assets for the purpose of determining a depreciation charge;

•  determining the value of freehold land and buildings held for both charitable and investment purposes;

•  estimating the value of the designated fund set aside to provide for the potential future care needs of the CSMV Sisters and to allow the Sisters to continue their life in community; and

•  estimating future income and expenditure flows for the purpose of assessing going concern (see below).

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Principal accounting policies Year to 30 September 2021

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect of a period of at least one year from the date of approval of these accounts.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. In making their assessment, the trustees have considered the impact of the continuing Covid-19 pandemic on the charity.

The Covid-19 pandemic has had a significant economic impact in ways which have been outside the charity’s control. The full impact on the charity’s income and expenditure and financial position through the global Covid-19 pandemic is still uncertain as the pandemic continues. In the next financial year, the charity’s investment income may again be adversely affected because of volatility in listed investment markets and the impact of the pandemic on company dividends. Rental income and income from visitors may again be reduced due to restrictions in the accessibility of the charity’s guest and meeting facilities during further periods of lockdown. The trustees will continue to keep both income and expenditure under review but do not anticipate that the impact on the charity’s finances will have a material impact on the charity remaining a going concern.

The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ending 30 September 2022, the most significant area that affect the carrying value of the assets held by the charity is the performance of the investment markets (see the risk management and financial review sections of the trustees’ report for more information).

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises donations, legacies, investment income and interest receivable, rental and visitor income, and other income, including any surplus on the disposal of tangible fixed assets and miscellaneous income.

Donations, including income of individual Sisters who are members of the Community, are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

In accordance with the Charities SORP FRS 102, volunteer time is not recognised.

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Principal accounting policies Year to 30 September 2021

Income recognition (continued)

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

Entitlement to legacies is taken as the earlier of the date on which either: the charity is aware that probate has been granted or the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made; or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

In the event that a gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a reasonable degree of accuracy and the title of the asset having being transferred to the charity.

Investment income from listed investments is recognised once the dividend has been declared and notification has been received of the dividend due. Income from the rental of investment properties is measured at the fair value of the consideration received or receivable.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Rental and visitor income consists of income from the rental of properties to organisations or individuals within the charitable objectives of the charity and income from visitors to the Convent in Wantage. This income is measured at the fair value of the consideration received or receivable.

Other income is measured at fair value and accounted for on an accruals basis.

Expenditure recognition

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

Resources expended comprise the following:

• a. Expenditure on raising funds, which comprises fees paid to investment managers.

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Principal accounting policies Year to 30 September 2021

Expenditure recognition (continued)

• b. The costs of charitable activities comprising expenditure on the charity’s primary charitable purposes as described in the trustees’ report and including the following:

•  Charitable activities undertaken at St Mary’s Convent in Wantage, including sustaining the life of the Community of Sisters resident there; and

•  Assisting others in the UK and overseas: this comprises charitable donations and grants in support of charitable work both in the UK and overseas.

All expenditure is stated inclusive of irrecoverable VAT.

The majority of costs are directly attributable to specific activities. Governance costs are allocated to the provision of charitable activities at St Mary’s Convent.

Tangible fixed assets

All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised and depreciated using the rates outlined below. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value or value in use to the charity.

Assets transferred from the CSMV Trust were transferred at their deemed fair value as at the date of transfer reflecting their value in use to the charity in the furtherance of its charitable objectives. Additions since that date have been recorded at cost.

• Freehold land and buildings Freehold land and buildings comprise the charity’s main freehold property of St Mary’s Convent and other smaller properties. Depreciation is charged on the buildings at a rate of 1% per annum. No depreciation is charged on the land.

• Freehold improvements Freehold improvements comprise modernisation and other improvements to the charity’s properties. Depreciation is charged at a rate of 1% per annum.

• Assets under construction

• Assets under construction include the cost (including professional fees and irrecoverable VAT) of the construction of dwellings and other functional properties on the charity’s freehold land. No depreciation is charged on such assets. On completion the costs are transferred to freehold land and buildings or other appropriate categories of tangible fixed assets.

• Fixtures and fittings Expenditure on the purchase and replacement of fixtures and fittings is capitalised and depreciated at 15% to 20% per annum on a straight-line basis.

• Motor vehicles

• Motor vehicles are capitalised and depreciated over a four-year period on a straight line basis in order to write off the cost of each vehicle over its estimated useful life.

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Principal accounting policies Year to 30 September 2021

Tangible fixed assets (continued)

 Plant and machinery and office equipment

Expenditure on the purchase and replacement of plant and machinery and office equipment is capitalised and depreciated over five to fifteen years on a straight line basis.

Fixed asset investments

• Listed investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

As noted above the main form of financial risk faced by the charity is that of volatility in investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning investments and within particular sectors.

 Investment properties

Properties held for investment purposes are included in these accounts at open market value.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and opening carrying value or their purchase value if acquired subsequent to the start of the financial year. Unrealised gains and losses are calculated as the difference between fair value at the year end and carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are recorded in the year in which they arise.

Subsidiary undertakings

For part of the year, the charity beneficially owned the entire issued share capital of St Mary’s Convent Limited, a company registered in England and Wales (Company Registration Number 10889088). The subsidiary was incorporated on 27 July 2017 and had been dormant throughout the period since its incorporation. The company was dissolved on 3 November 2020.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. Debtors have been discounted to the present value of the future cash receipt where such discounting is material.

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Principal accounting policies Year to 30 September 2021

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Funds

Restricted funds comprise monies raised for, or with their use restricted to, a specific purpose, or contributions subject to donor-imposed conditions. Details of these funds are given in note 14 to the accounts.

The charity’s funds include a number of unrestricted income funds which are available for application towards the charity’s objectives generally. Within unrestricted funds, the trustees have designated certain amounts for specific purposes and have identified those non-liquid funds represented by tangible fixed assets. Details of these funds are given in notes 15 and 16 to the accounts.

Foreign currencies

Income received, and costs incurred, in foreign currencies are translated into Sterling at the rate of exchange in force at the year end. This policy does not comply with FRS 102 but has been adopted to avoid over-complexity. The amounts involved are not material.

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Notes to the accounts Year to 30 September 2021

1 Income from: Donations and legacies

Income from: Donations and legacies
	Unrestricted funds £	Restricted funds £	Year to 30 September 2021 £	Year to 30 September 2020 £
Pensions and other income of individual Sisters who are members of the Community Other donations and gifts Legacies	58,446 13,707 35,960	— 15,583 —	58,446 29,290 35,960	63,366 24,748 4,528
	108,113	15,583	123,696	92,642

2 Income from: Investment income and interest receivable

	Unrestricted funds £	Restricted funds £	Year to 30 September 2021 £	Year to 30 September 2020 £
Income from listed investments Investment property rentals Bank interest	19,237 36,942 16	— — —	19,237 36,942 16	105,244 41,366 606
	56,195	—	56,195	147,216

3 Income from: Rental and visitor income

Income from: Rental and visitor income
	Unrestricted funds
	Year to 30 September 2021 £	Year to 30 September 2020 £
Income from Oblates, Associates and other visitors Rental income	12,426 92,369	7,554 83,316
	104,795	90,870

4 Expenditure on: Raising funds

Expenditure on: Raising funds
	Unrestricted funds
	Year to 30 September 2021 £	Year to 30 September 2020 £
Investment managers’ fees	7,933	32,980

The Community of St Mary the Virgin at Wantage 27

Notes to the accounts Year to 30 September 2021

5 Expenditure on: Charitable activities

Expenditure on: Charitable activities
	Unrestricted funds £	Restricted funds £	Year to 30 September 2021 £	Year to 30 September 2020 £
Provision of charitable activities at St Mary’s Convent Staff costs (note 8) Premises costs Other living and personal costs Depreciation Administrative and sundry costs Governance costs (note 6) Assisting others in the United Kingdom and overseas Grants, donations and related costs Total expenditure on charitable activities	641,776 391,828 313,584 172,001 120,252 18,597	— 136 1,493 — 832 —	641,776 391,964 315,077 172,001 121,084 18,597	625,477 317,349 339,018 130,422 136,689 20,205
	1,658,037 33,500	2,462 50,000	1,660,499 83,500	1,569,160 104,250
	1,691,537	52,462	1,743,999	1,673,410

6 Governance costs

Governance costs
	Unrestricted funds
	Year to 30 September 2021 £	Year to 30 September 2020 £
Audit and related fees (note 7) Trustee expenses Professional fees	12,000 17 6,580	13,500 144 6,561
	18,597	20,205

7 Net movement in funds

This is stated after charging:

	Year to 30 September 2021 £	Year to 30 September 2020 £
Staff costs (note 8) Auditor’s remuneration . Statutory audit . VAT services . Company secretarial services . HR consultancy Depreciation	665,678 12,000 — — 2,230 172,002	625,477 13,500 7,500 460 5,180 130,422

The Community of St Mary the Virgin at Wantage 28

Notes to the accounts Year to 30 September 2021

• 8 Staff costs, trustees’ remuneration and remuneration of key management personnel Staff costs during the year were as follows:

	Year to 30 September 2021 £	Year to 30 September 2020 £
Wages and salaries Social security costs Pension costs Other staff costs: redundancy	579,333 43,927 11,081 7,435	573,549 41,686 10,242 —
	641,776	625,477

Redundancy costs include ex-gratia payments of £7,435 to one employee (2020 – £nil).

The average number of employees during the period, calculated on a full time equivalent basis, was 19.99 (2020 – 20.2). The average headcount was 28.67 (2020 – 28.4).

No employees earned £60,000 per annum or more (including taxable benefits but excluding employer pension contributions) during the year (2020 – none).

The key management personnel in charge of directing and managing the charity comprise the trustees (including the Sister in Charge) and the Steward. The total remuneration paid to key management personnel in 2021 was £47,111 (2020 – £49,381).

As a member of the Community, the living and personal expenses of the Sister in Charge are borne by the charity. The Sister in Charge receives no remuneration or reimbursement of expenses in connection with her duties as a member of key management personnel. Her living and personal expenses, which are borne by the charity, are consistent with amounts paid in respect of other members of the Community.

No trustees received any remuneration in connection with their duties as trustees. Expenses of £17 (2020 – £144) have been reimbursed to one trustee (other than the Sister in Charge, see above).

9 Taxation

The charity is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

The Community of St Mary the Virgin at Wantage 29

Notes to the accounts Year to 30 September 2021

10 Tangible fixed assets

	Freehold land, buildings and improve- ments £	Assets under construction £	Plant and machinery £	Office equipment and fixtures & fittings £	Motor vehicles £	Total £
Cost or valuation At 1 October 2020 Additions Disposals Reclassifications At 30 September 2021 Cost Valuation (deemed cost) Cost/valuation Depreciation At 1 October 2020 Disposals Charge for the period At 30 September 2021 Net book values At 30 September 2021 At 30 September 2020	12,338,263 — — 2,902,100	1,949,772 1,057,328 — (3,007,100)	345,704 — (20,936) 105,000	128,083 114,138 — —	39,254 — (12,335) —	14,801,076 1,171,466 (33,271) —
	15,240,363	—	429,768	242,221	26,919	15,939,271
	7,145,364 8,094,999	— —	429,768 —	242,221 —	26,919 —	7,844,272 8,094,999
	15,240,363	—	429,768	242,221	26,919	15,939,271
	259,977 — 117,270	— — —	294,636 (20,936) 28,051	99,903 — 25,433	37,383 (12,335) 1,248	691,899 (33,271) 172,002
	377,247	—	301,751	125,336	26,296	830,630
	14,863,116	—	128,017	116,885	623	15,108,641
	12,078,286	1,949,772	51,068	28,180	1,871	14,109,177

The net book value of freehold land, buildings and improvements at 30 September 2021, consisted of:

	2021 £	2020 £
Freehold land Freehold buildings Freehold improvements	3,513,380 4,333,871 7,015,865	3,513,380 4,379,687 4,185,219
	14,863,116	12,078,286

Assets under construction relate to the alterations and refurbishment of St Mary’s Convent which were completed during the year.

At 30 September 2021 there were no capital commitments (2020: £800,000 relating to work contracted but not provided for in respect to the alterations and refurbishment of St Mary’s Convent).

The Community of St Mary the Virgin at Wantage 30

Notes to the accounts Year to 30 September 2021

10 Tangible fixed assets (continued)

The freehold land and buildings of the charity were revalued by its predecessor charity during the year to 31 March 2018, based on a valuation performed by Green & Co in accordance with the appropriate sections of the Royal Institution of Chartered Surveyors (RICS) Valuation Professional Standards incorporating the International Valuation Standards, Global and UK Edition, January 2014 (the ‘Red Book’). The assets were transferred to the charity with effect from 1 October 2019 and the 2018 valuation net of accumulated depreciation was taken as being reflective of their fair value as at that date. Additions are recorded at cost.

11 Investments

At 30 September 2021 fixed asset investments comprised:

	2021 £	2020 £
Freehold investment properties Listed investments and cash held for re-investment	1,885,000 15,512,166	2,080,000 15,274,626
	17,397,166	17,354,626

The majority of investment properties were purchased or constructed by the charity’s predecessor charity very many years ago and no reliable record of their original cost can be found. However, it is believed that the historical cost would have been negligible. The trustees are of the opinion that the inability to disclose information relating to the historical cost of the properties does not detract from the understanding of the accounts.

All freehold investment properties were formally valued on an open market basis as at 30 September 2020 by Tim Green MRICS, RICS Registered Valuer on behalf of Green & Co (Oxford) Limited. The valuation was carried out in accordance with the International Valuation Standards (IVS) and in accordance with the current RICS Valuation Practice Standards (The Red Book). The trustees have considered whether there has been any change in value since the last professional valuation and have concluded that there has been no material movement in value since that date.

Movements on freehold investment properties are summarised below:

	Year to 30 September 2021 £	Year to 30 September 2020 £
Value at 1 October 2020 Sale of property (Net proceeds: £191,043; realised loss £3,957) Transfer from predecessor charity (note 20) Net unrealised gains on revaluation Value at 30 September 2021	2,080,000 (195,000) — —	— — 1,945,000 135,000
	1,885,000	2,080,000

The Community of St Mary the Virgin at Wantage 31

Notes to the accounts Year to 30 September 2021

11 Investments (continued)

Movements on listed investments are summarised below:

Listed investments and cash held for re-investment	Year to 30 September 2021 £	Year to 30 September 2020 £
Listed investments Market value at 1 October 2020 Transfer from predecessor charity (note 20) Additions at cost Disposals at book value (proceeds: £9,639,478; gains: £418,380) Net unrealised gains Market value at 30 September 2021 Cash held by investment managers for re-investment Cost of listed investments at 30 September 2021	14,891,825 — 7,478,629 (9,221,098) 2,107,855	— 16,256,628 1,775,645 (3,912,595) 772,147
	15,257,211 254,955	14,891,825 382,801
	15,512,166	15,274,626
	13,146,088	13,146,088

All listed investments were dealt in on a recognised stock exchange or on an active market with readily available quoted prices. Listed investments held at 30 September 2021, comprised the following:

	2021 £	2020 £
UK equities Overseas equities UK fixed interest Overseas fixed interest Pooled investment funds UK alternative investments Cash and liquidity	— — — — 15,257,211 — 254,955	1,454,269 3,142,268 1,167,134 221,368 7,866,307 1,040,479 382,801
	15,512,166	15,274,626

The following holding in a pooled investment fund was the only significant holding at 30 September 2021:

	At 30 September 2021 £	% of investments
CBF Church of England Investment Fund Accumulation CBF Church of England Global EquityIncome Fund	10,981,362 4,275,850	71% 28%

The asset allocation of the pooled investment fund at 30 September 2021 was as follows:

	Allocation	Allocation
	2021	2020
UK equities Overseas equities Cash and liquidity Property Other	10.8% 72.2% 4.2% 2.8% 10.0%	10.3% 59.5% 12.3% 3.6% 14.3%
	100.0%	100.0%

The Community of St Mary the Virgin at Wantage 32

Notes to the accounts Year to 30 September 2021

12 Debtors

	2021 **£ **	2020 £
Prepayments VAT recoverable Legacies receivable Other debtors	27,031 43,605 10,849 64,289	24,620 62,277 — 42,873
	145,774	129,770

13 Creditors: amounts falling due within one year

	2021 £	2020 £
Expense creditors Accruals and deferred income Creditors in respect to tangible fixed asset additions	51,124 27,609 81,325	45,528 25,223 154,857
	160,058	225,608

14 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trusts to be applied for specific purposes:

	At 1 October 2020 £	Income £	Expenditure £	Transfers £	At 30 September 2021 £
CSMV Associates fund CSMV Oblates fund Wantage Overseas fund	4,323 15,863 41,990	2,910 4,019 8,654	(1,246) (1,185) (50,030)	— — 32,900	5,987 18,697 33,514
	62,176	15,583	(52,462)	32,900	58,197

The specific purposes for which the funds held during the year and at 30 September 2021 are to be applied are as follows:

•  The CSMV Associates fund is used for the instruction and support of CSMV Associates.

•  The CSMV Oblates fund is used for the instruction and support of CSMV Oblates.

•  The Wantage Overseas fund is to support continuing charitable work in India and Africa. Transfers from unrestricted funds represents donations matched by the charity and supplementary funds allocated by the trustees to support this fund.

The Community of St Mary the Virgin at Wantage 33

Notes to the accounts Year to 30 September 2021

15 Tangible fixed asset fund

Tangible fixed asset fund
	Year to 30 September 2021 £	Year to 30 September 2020 £
At 1 October 2020 Transfer from predecessor charity (note 20) Net movement in period At 30 September 2021	14,109,177 — 999,464	— 12,148,948 1,960,229
	15,108,641	14,109,177

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets. A decision was made to separate this fund from the general fund of the charity in recognition of the fact that the tangible fixed assets are essential to the day-to-day work of the charity and as such their value should not be regarded as funds that would be realisable with ease to meet future contingencies.

16 Designated fund

The income funds of the charity include the following designated fund set aside out of unrestricted funds by the trustees for a specific purpose:

	At			At 30
	1 October		New	September
	2020	Released	designation	2021
	£	£	£	£
Sisters’ care fund	4,000,000	—	—	4,000,000

The Sisters’ care fund consists of monies which the trustees have set aside to ensure sufficient funds are always available to allow the Sisters to continue their life in community and to care for them as they grow older. The trustees have recently undertaken a detailed review of the basis for calculating the reserve, taking account of the relatively high and increasing costs of providing care and the current number of Sisters. The value of this fund will continue to be reviewed annually using actuarial principles.

17 Analysis of net assets between funds

Fund balances were represented by the following assets and liabilities:

	General fund £	Tangible fixed assets and designated funds £	Restricted funds £	At 30 September 2021 £ 15,108,641 17,397,166 257,196 32,763,003
Tangible fixed assets Investments Net current assets Total net assets	— 13,397,166 198,999	15,108,641 4,000,000 —	— — 58,197
	13,596,165	19,108,641	58,197

The Community of St Mary the Virgin at Wantage

34

Notes to the accounts Year to 30 September 2021

18 Ultimate control

The charity is controlled by its members who comprise the trustees. The liability of the members is limited. If the charity is wound up, the members have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

19 Related parties

One of the trustees is married to an employee of the charity. The appointment of the employee was made by the CSMV Trust, the charity’s predecessor charity. The CSMV Trust sought permission from the Charity Commission prior to the appointment and no objections were raised by the Charity Commission.

During the year, the charity made a donation of £1,000 to Wantage Parish Music Guild (2020: £1,000). The trustees of the Music Guild include one of the trustees of the charity and the wife of another trustee of the charity. Neither of these two trustees of the charity participated in the decision to award the grant.

Trustee expenses are disclosed at note 8.

There are no other related party transactions that require disclosure (2020 – none).

20 Transfer from predecessor charity

On 1 October 2019, all activities, assets and liabilities of the Community of St Mary the Virgin at Wantage (the predecessor charity, Charity Registration Number 240513) were transferred in accordance with a legal transfer of undertakings to this charity (similarly called The Community of St Mary the Virgin at Wantage, Charity Registration Number 1181510).

The assets, liabilities and activities were transferred as a going concern. The fair value of the net assets received by this charity was:

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

The Community of St Mary the Virgin at Wantage 35