2023-09-30-accounts

Report and Accounts Year to 30 September 2023 The Community of St Mary the Virgin at Wantage Charity registration number 1181510

DRAFT

Contents

Reports
Reference and administrative details	1
Report of the trustees	3
Independent auditor’s report	11
Accounts
Statement of financial activities	16
Balance sheet	17
Statement of cash flows	18
Principal accounting policies	19
Notes to the accounts	24

The Community of St Mary the Virgin at Wantage

Reference and administrative details

DRAFT

Trustees	Ven Christine Allsopp
	Sandra Capel
	Sister Stella Colkett
	Michele Foot
	Rt Revd Olivia Graham
	Revd Canon Dr Peter Groves
	Alison Jestico (Chair)
	Revd Canon Darren McFarland
	Very Revd Richard Peers(retired 2 March 2024)
	Sister Elizabeth Jane Tweddle
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 (To 7 September 2023)
	Sister Elizabeth Jane Tweddle (From 8
	September 2023)
Steward	Gina Hocking (Resigned 31 July 2023)
	Keith Glenny (Appointed 1 August 2023)
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
	One Angel Lane
	London
	EC4R 3AB

The Community of St Mary the Virgin at Wantage 1

Reference and administrative details

DRAFT

Solicitors Winckworth Sherwood LLP 2 Chawley Park Cumnor Hill Oxford OX2 9GG

The Community of St Mary the Virgin at Wantage 2

Report of the trustees Year to 30 September 2023

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 2023.

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.

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 175 years. Visitors are welcome to join them for worship.

The Community comprises 7 fully professed Sisters as well as a Sister under Promise who continues through the process of exploration, discernment and formation.

During the year the Sisters received the report on the Visitation to the Community made by the Visitor, the Right Reverend Dame Sarah Mullally in September 2022. The report belongs to the Community, but it makes several recommendations for engagement with the Trustees and the staff to sustain and enrich the life of the Community and these are actively being undertaken.

The Community of St Mary the Virgin at Wantage 3

Report of the trustees Year to 30 September 2023

During the year, we have welcomed many groups to use the Maribel Centre from education organisations, Diocesan bodies, the Cathedral, and other charities looking for somewhere to meet. The Retreat Wing offers individuals and groups space for quiet days and retreats, to reflect, learn and pray in the quiet peace of the Retreat Wing and with the Sisters, and we are keen to develop this ministry of welcome during the coming year.

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. Following the pattern established during Covid 19 both groups continue to meet regularly via Zoom as well as face to face.

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

• 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 became an even more vital resource during the global Covid-19 crisis.

• BeSpace is a charity which equips local churches to facilitate prayer and reflection spaces in schools and other community areas in Oxfordshire. BeSpace provides classroom kits, and ideas to local church teams and, and in some cases volunteers to help lead the prayer groups.

Supporting education

Supporting high quality education of children of all ages, and particularly girls, has been a guiding principle of CSMV since its origins in the nineteenth century. The charity is involved in several 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 nine schools in and around Wantage and Abingdon, and the Oxford Diocesan Schools Trust which has grown to a family of 43 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.

• 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. We have continued to provide prayer support.

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

The Community of St Mary the Virgin at Wantage 4

Report of the trustees Year to 30 September 2023

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 residential and day care support and skills training.

• 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 at St John’s Home. At the nearby St Michael’s Hostel, SSMVI provides residential care for 190 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.

• In the UK, the Medaille Trust is the largest provider of supported accommodation for victims of modern slavery. Their network of safe houses provides personalised support, empowering clients on their path to a life free from slavery and exploitation. During the year CSMV has established a new prayerful and financially supportive relationship with the Trust.

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 Community of St Mary the Virgin at Wantage 5

Report of the trustees Year to 30 September 2023

The trustees are responsible for the overall governance of the charity. 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 reappointed for up to two further consecutive terms but may then only be re-appointed 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, Keith Glenny (from 1 August 2023), 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. The trustees have formed a number of small groups supported by relevant members of staff, giving them greater insight into the operational activities and challenges of the charity. These groups report to the main board of trustees.

The trustees consider that they, together with the Steward, comprise the key management of the charity. Senior staff report to the Steward. 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 at the date of this report are as follows:

	Appointed/reappointed
Ven Christine Allsopp	Reappointed 19 March 2022 for a further three years
Sandra Capel	Reappointed 10 January 2022 for a further three years
Sister Stella Colkett	Reappointed 10 January 2023 for a further three years
Michele Foot	Reappointed 12 September 2022 for a further three years
Rt Revd Olivia Graham	Reappointed 10 January 2023 for a further three years
Revd Canon Dr Peter Groves	Reappointed 7 March 2024 for a further three years
Alison Jestico (Chair of Trustees)	Reappointed 19 March 2022 for a further three years
Revd Canon Darren McFarland	Reappointed 7 March 2024 for a further three years
Sister ElizabethJaneTweddle	Appointed23November 2023forthree years

There were no resignations or new appointments of Trustees during the year ended 30 September 2023. However, the Very Revd Richard Peers retired at the end of his term of office on 2[nd] March 2024.

The Community of St Mary the Virgin at Wantage 6

Report of the trustees Year to 30 September 2023

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.

• 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 twice a year to review the charity’s safeguarding policy and procedures and related issues. An audit of safeguarding processes, procedures and policies was carried out in 2022 by an experienced safeguarding professional. No significant issues were found and the actions recommended in her report are being taken forward by the group. Under the Past Cases Review process, the archives were examined by an external reviewer in 2022 and no matters requiring further investigation came to light. 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.

The Community of St Mary the Virgin at Wantage 7

Report of the trustees Year to 30 September 2023

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 period to 30 September 2023, which follow this report, have been prepared in accordance with the accounting policies set out on pages 19 to 23 and comply with the charity’s constitution, applicable laws and accounting standards.

The charity has significant investments which generate gains or losses in value. Inevitably, this means that the charity’s total income can vary from year to year, depending on movements in investment markets. All the charity’s financial investments are managed by CCLA Investment Management through the CBF Investment Fund and the CBF Global Equity Income Fund.

The value of the accumulation shares in both Funds fluctuated slightly during the year but finished 4.8% higher at the end of the year for the CBF Investment Fund and 7.5% higher for the CBF Global Equity Fund. This resulted in a total gain of £751K across the two funds. Funds of £1,549k were withdrawn from the portfolio to fund the operational deficit.

In addition to its financial investment portfolios, the charity holds a number of investment properties to generate rental income. In the year ended 30 September 2023 no adjustments were made to the valuation of investment properties. In 2022 one additional property was reclassified as an investment property and all these properties were re-valued increasing the value by £494k.

The programme of renewal of the Convent buildings in Wantage was started by the CSMV Trust and was largely 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. At 30 September 2023 the charity had total commitments for retentions of £10k in respect of this work.

Reserves

At 30 September 2023 the total reserves were £30.5M (2022: £31.3M)

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 £14.5M (2022: £14.2M). 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.

The Community of St Mary the Virgin at Wantage 8

Report of the trustees Year to 30 September 2023

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 consider the value of this fund should remain at £4M.

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.

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 2023 was £16.0M (2022: £17.1M), comprising a designated Sisters’ care fund of £4M and general unrestricted reserves held as investments of £12.0M (2022: £13.1M).

Outlook for the future

Trustees were encouraged by the outcome of Bishop Sarah Mullaly’s episcopal visitation in September 2022, referred to earlier in the report, and continue to work with the Sisters to enable her recommendations to sustain and support the life of the Community. During the coming year, we look forward to increasing the programme of retreats offered in the refurbished Retreat Wing and hope to attract more guests on retreat, individually and in groups. A number of groups, particularly those with a close connection to the Community, are regularly using the facilities in the Maribel Centre and we hope that this will continue to grow as other groups become aware of the excellent facilities and warm welcome.

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);

The Community of St Mary the Virgin at Wantage 9

Report of the trustees Year to 30 September 2023

• 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.

This report was approved by the trustees on 7 March 2024 and signed on their behalf by:

Alison Jestico

Trustee

The Community of St Mary the Virgin at Wantage 10

Independent auditor’s report Year to 30 September 2023

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 2023 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 2023 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 11

Independent auditor’s report Year to 30 September 2023

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 12

Independent auditor’s report Year to 30 September 2023

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 Senior Statutory Auditor 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 13

Independent auditor’s report Year to 30 September 2023

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 14

Independent auditor’s report Year to 30 September 2023

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.

12 March 2024

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

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 15

Statement of financial activities Year to 30 September 2023

	Year to	30 September 2023	30 September 2023	Year to 30 September 2022	Year to 30 September 2022	Year to 30 September 2022
	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 4 Total income Expenditure on: Charitable activities . Provision of charitable activities at St Mary’s Convent 5 . Assisting others in the UK and overseas 5 Total expenditure Net expenditure before investment (losses)/gains and transfers between funds Net (losses)/gains on listed investments 11 Net gains/(losses) on investment properties 11 Net (expenditure)/income before transfers between funds Transfers between funds 14 Net movement in funds 7 Reconciliation of funds: Total funds brought forward at 1 October 2022 Total funds carried forward at 30 September 2023 17	65,207 67,256 173,942 26,360	5,521 — — —	70,728 67,256 173,942 26,360	129,226 66,548 162,295 5,235	12,789 — — —	142,015 66,548 162,295 5,235
	332,765	5,521	338,286	363,304	12,789	376,093
	1,698,844 62,716	2,546 42,550	1,701,390 105,266	1,641,334 111,500	3,544 42,500	1,644,878 154,000
	1,761,560	45,096	1,806,656	1,752,834	46,044	1,798,878
	(1,428,795) 751,202 (10,276)	(39,575) — —	(1,468,370) 751,202 (10,276)	(1,389,530) (579,989) 493,888	(33,255) — —	(1,422,785) (579,989) 493,888
	(687,869) (45,000)	(39,575) 45,000	(727,444) —	(1,475,631) (40,000)	(33,255) 40,000	(1,508,886) —
	(732,869) 31,189,175	5,425 64,942	(727,444) 31,254,117	(1,515,631) 32,704,806	6,745 58,197	(1,508,886) 32,763,003
	30,456,306	70,367	30,526,673	31,189,175	64,942	31,254,117

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 16

Balance sheet 30 September 2023

Notes	2023 £	2023 £	2022 £	2022 £
Fixed assets Tangible assets 10 Investments 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current (liabilities)/assets Total assets less current liabilities Creditors: amounts falling due in more than one year 13 Total net assets Represented by: Income funds Restricted funds 14 Unrestricted funds . Tangible fixed assets fund 15 . Designated fund 16 . General fund	87,700 71,915	14,554,028 16,043,585	97,756 47,362	14,178,069 17,147,722
		30,597,613 (20,940)		31,325,791 (41,674)
	159,615 (180,555)		145,118 (186,792)
	14,554,028 4,000,000 11,902,278		14,178,069 4,000,000 13,011,106
		30,576,673 (50,000)		31,284,117 (30,000)
		30,526,673		31,254,117
		70,367 30,456,306		64,942 31,189,175
		30,526,673		31,254,117

Approved by the trustees on

and signed on their behalf by:

Alison Jestico

Trustee

The Community of St Mary the Virgin at Wantage 17

Statement of cash flows Year to 30 September 2023

Notes	Year to 30 September 2023 £	Year to 30 September 2022 £
Cash flows from operating activities: Net cash used in operating activities A Cash flows from investing activities: Investment income and interest received Proceeds from the disposal of listed investments Proceeds from the disposal of investment properties Purchase of tangible fixed assets Purchase of listed investments Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 1 October 2022 B Cash and cash equivalents at 30 September 2023 B	**(1,340,430) **	(1,229,772)
	67,256 1,550,000 449,724 (547,336)	66,548 950,000 — (210,349) —
	1,519,644	806,198
	179,214 102,862	(423,573) 526,435
	282,076	102,862

Notes to the statement of cash flows for the year to 30 September 2023.

A Reconciliation of net movement in funds to net cash used in operating activities

	Year to 30 September 2023 £	Year to 30 September 2022 £ (1,508,886) 154,809 579,989 (493,888) (66,548) 48,018 30,000 26,734 (1,229,772)
Net movement in funds (as per the statement of financial activities) Adjustments for: Depreciation charge (Gains)/losses on listed investments (Gains)/losses on investment properties Investment income and interest receivable Decrease/(increase) in debtors Increase in creditors due in more than one year Increase in expense creditors and accruals Net cash used in operating activities	(727,443) 171,378 (751,202) 10,276 (67,256) 10,055 20,000 (6,237)
	(1,340,430)

B Analysis of cash and cash equivalents

B Analysis of cash and cash equivalents
Cash at bank and in hand Cash held by investment managers Total cash and cash equivalents	Year to 30 September 2023 £	Year to 30 September 2022 £ 47,362 55,500 102,862
	71,915 210,161
	282,076

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 18

Principal accounting policies Year to 30 September 2023

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 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).

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.

Whilst there will undoubtedly be challenges ahead due to the current macroeconomic and geopolitical uncertainties, the trustees do not expect concerns to arise over the charity’s financial position.

The Community of St Mary the Virgin at Wantage 19

Principal accounting policies Year to 30 September 2023

Assessment of going concern (continued)

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.

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 2024, 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.

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.

The Community of St Mary the Virgin at Wantage 20

Principal accounting policies Year to 30 September 2023

Income recognition (continued)

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 (including charitable donations and grants payable) 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 comprises fees paid directly to investment managers.

• 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.

The Community of St Mary the Virgin at Wantage 21

Principal accounting policies Year to 30 September 2023

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.

• 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.

• 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.

The Community of St Mary the Virgin at Wantage 22

Principal accounting policies Year to 30 September 2023

Fixed asset investments (continued)

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.

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.

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.

The Community of St Mary the Virgin at Wantage 23

Notes to the accounts Year to 30 September 2023 DRAFT

1 Income from: Donations and legacies

Income from: Donations and legacies
	Unrestricted funds £	Restricted funds £	Year to 30 September 2023 £	Year to 30 September 2022 £
Pensions and other income of individual Sisters who are members of the Community Other donations and gifts Legacies	57,091 2,922 5,194	— 5,521 —	57,091 8,443 5,194	61,263 21,423 59,329
	65,207	5,521	70,728	142,015

2 Income from: Investment income and interest receivable

	Unrestricted funds £	Restricted funds £	Year to 30 September 2023 £	Year to 30 September 2022 £
Income from listed investments Investment property rentals Bank interest	4,661 61,515 1,080	— — —	4,661 61,515 1,080	545 65,913 90
	67,256	—	67,256	66,548

For the year ended 30 September 2023 all listed investments were held as shares in accumulation units rather than income units.

3 Income from: Rental and visitor income

Income from: Rental and visitor income
	Unrestricted funds
	Year to 30 September 2023 £	Year to 30 September 2022 £
Income from Oblates, Associates and other visitors Rental income	80,442 93,500	65,988 96,307
	173,942	162,295

4 Miscellaneous income

Miscellaneous income
	Unrestricted funds
	Year to 30 September 2023 £	Year to 30 September 2022 £
Miscellaneous income	26,360	5,235

Miscellaneous income for the year includes £25,000 being a gift over from St Dunstan’s Abbey School Trust in favour of CSMV.

The Community of St Mary the Virgin at Wantage 24

Notes to the accounts Year to 30 September 2023 DRAFT

5	Expenditure on: Charitable activities	Unrestricted funds £	Restricted funds £	Year to 30 September 2023 £	Year to 30 September 2022 £
	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	820,113 373,940 232,444 171,378 78,426 22,543	— — 1,664 — 882 —	820,113 373,940 234,108 171,378 79,308 22,543	720,121 359,688 307,755 154,810 85,496 17,008
		1,698,844 62,716	2,546 42,550	1,701,390 105,266	1,644,878 154,000
		1,761,560	45,096	1,806,656	1,798,878

6 Governance costs

Governance costs
	Unrestricted funds
	Year to 30 September 2023 £	Year to 30 September 2022 £
Audit and related fees (note 7) Trustee expenses Professional fees	14,750 47 6,321	12,850 — 4,158
	21,118	17,008

7 Net movement in funds

This is stated after charging:

	Year to 30 September 2023 £	Year to 30 September 2022 £
Staff costs (note 8) Auditor’s remuneration . Statutory audit . HR consultancy Depreciation	820,113 14,750 4,415 171,378	720,121 12,850 600 154,809

The Community of St Mary the Virgin at Wantage 25

Notes to the accounts Year to 30 September 2023 DRAFT

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

	Year to 30 September 2023 £	Year to 30 September 2022 £
Wages and salaries Social security costs Pension costs Other staff costs: redundancy	744,929 56,153 15,376 3,655	655,819 50,694 13,608 —
	820,113	720,121

Redundancy costs include ex-gratia payments of £3,655 to 1 employee (2022 – £nil)

The average number of employees during the period, calculated on a full time equivalent basis, was 26.15 (2022 – 24.17). The average headcount was 33.25 (2022 – 31.75).

No employees earned £60,000 per annum or more (including taxable benefits but excluding employer pension contributions) during the year (2022 – 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 2023 was £51,356 (2022 – £48,557).

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.

None of the other trustees received any remuneration in connection with their duties as trustees. £47 of expenses (2022 – £nil) were reimbursed to trustees (excluding 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 26

Notes to the accounts Year to 30 September 2023 DRAFT

10 Tangible fixed assets

Tangible fixed assets
	Freehold land, buildings and improve- ments £	Plant and machinery £	Office equipment and fixtures & fittings £	Motor vehicles £	Total £
Cost or valuation At 1 October 2022 Additions At 30 September 2023 Cost Valuation (deemed cost) Cost/valuation Depreciation At 1 October 2022 Charge for the period At 30 September 2023 Net book values At 30 September 2023 At 30 September 2022	14,427,449 501,279	450,369 6,024	244,883 40,034	26,919 —	15,149,620 547,337
	14,928,728	456,393	284,917	26,919	15,696,957
	6,833,729 8,094,999	456,393 —	284,917 —	26,919 —	7,601,958 8,094,999
	14,928,728	456,393	284,917	26,919	15,696,957
	480,657 122,311	312,673 18,246	151,302 30,821	26,919 —	971,551 171,378
	602,968	330,919	182,123	26,919	1,142,929
	14,325,760	125,474	102,794	—	14,554,028
	13,946,792	137,696	93,581	—	14,178,069

The net book value of freehold land, buildings and improvements at 30 September 2023, consisted of:

	2023 £	2022 £
Freehold land Freehold buildings Freehold improvements	2,765,880 4,008,676 7,551,204	2,765,880 4,051,967 7,128,945
	14,325,760	13,946,792

At 30 September 2023 there were no capital commitments (2022 – £45,000).

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 and their deemed cost going forwards. Additions are recorded at cost.

The Community of St Mary the Virgin at Wantage 27

Notes to the accounts Year to 30 September 2023 DRAFT

11 Investments

At 30 September 2023 fixed asset investments comprised:

	2023 £	2022 £
Freehold investment properties Listed investments and cash held for re-investment	2,905,000 13,138,585	3,365,000 13,782,722
	16,043,585	17,147,722

With the exception of the property reclassified as an investment property in the prior year (cost of £1,000,000), 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 these 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 2022 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 assessed whether there have been any material movements since this date and have concluded that there have not been any.

Movements on freehold investment properties are summarised below:

	Year to 30 September 2023 £	Year to 30 September 2022 £
Value at 1 October 2022 Sale of property (proceeds: £449,724, loss: £10,276) Re-classification from tangible fixed assets (note 10) Net unrealised gains on revaluation Value at 30 September 2023	3,365,000 (460,000) — —	1,885,000 — 986,112 493,888
	2,905,000	3,365,000

Movements on listed investments are summarised below:

Listed investments and cash held for re-investment	Year to 30 September 2023 £	Year to 30 September 2022 £
Listed investments Market value at 1 October 2022 Disposals at book value (proceeds: £1,550,000, gains: £529) Net unrealised gains/ (losses) Market value at 30 September 2023 Cash held by investment managers for re-investment Cost of listed investments at 30 September 2023	13,727,222 (1,549,472) 750,674	15,257,211 (981,012) (548,977)
	12,928,424 210,161	13,727,222 55,500
	13,138,585	13,782,722
	9,637,043	10,718,134

The Community of St Mary the Virgin at Wantage 28

Notes to the accounts Year to 30 September 2023 DRAFT

11 Investments (continued)

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 2023, comprised the following:

	2023 £	2022 £
Pooled investment funds Cash held by investment managers	12,928,424 210,161	13,727,222 55,500
	13,138,585	13,782,722

The following holdings in pooled investment funds were the only significant holdings at 30 September 2023:

	At 30 September 2023 £	% of investments
CBF Church of England Investment Fund Accumulation CBF Church of England Global EquityAccumulation	8,562,691 4,365,733	66% 34%

The asset allocation of the pooled investment funds at 30 September 2023 was as follows:

	Allocation	Allocation
	2023	2022
UK equities Overseas equities Cash and liquidity Property Other	9.1% 72.2% 1.4% 2.1% 15.2%	9.1% 66.9% 8.1% 2.7% 13.2%
	100.0%	100.0%

12 Debtors

	2023 £	2022 £
Prepayments VAT recoverable Other debtors	33,570 14,514 39,616	52,751 20,081 24,923
	87,700	97,755

The Community of St Mary the Virgin at Wantage 29

Notes to the accounts Year to 30 September 2023 DRAFT

13 Creditors

a) Amounts falling due within one year

	2023 £	2022 £
Expense creditors Grant commitments Accruals and deferred income Creditors in respect to tangible fixed assets	41,228 35,000 14,750 89,577	41,808 35,000 28,659 81,325
	180,555	186,792

b) Amounts falling due in more than one year

	2023 £	2022 £
Grant commitments	50,000	30,000

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 2022 £	Income £	Expenditure £	Transfers £	At 30 September 2023 £
CSMV Associates fund CSMV Oblates fund Wantage Overseas fund	6,820 19,611 38,511	2,118 2,776 627	(1,053) (1,418) (42,625)	— — 45,000	7,885 20,969 41,513
	64,942	5,521	(45,096)	45,000	70,367

The specific purposes for which the funds held during the year and at 30 September 2023 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 funds allocated by the trustees to support this fund.

The Community of St Mary the Virgin at Wantage 30

Notes to the accounts Year to 30 September 2023 DRAFT

15 Tangible fixed asset fund

Tangible fixed asset fund
	Year to 30 September 2023 £	Year to 30 September 2022 £
At 1 October 2022 Net movement in period At 30 September 2023	14,178,069 375,959	15,108,641 (930,572)
	14,554,028	14,178,069

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 1 October 2022 £	Released £	New designation £	At 30 September 2023 £
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 2023 £
Tangible fixed assets Investments Net (liabilities)/ assets Total net assets	— 12,043,585 (141,307)	14,554,028 4,000,000 —	— — 70,367	14,554,028 16,043,585 (70,940)
	11,902,278	18,554,028	70,367	30,526,673

The Community of St Mary the Virgin at Wantage 31

Notes to the accounts Year to 30 September 2023 DRAFT

17 Analysis of net assets between funds (continued)

	General fund £	Tangible fixed assets and designated funds £	Restricted funds £	At 30 September 2022 £
Tangible fixed assets Investments Net current (liabilities) assets Non current liabilities Total net assets	— 13,147,722 (106,616) (30,000)	14,178,069 4,000,000 — —	— — 64,942 —	14,178,069 17,147,722 (41,674) (30,000)
	13,011,106	18,178,069	64,942	31,254,117

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. A donation £1,000 was also made in 2022, when one of the trustees of the charity was also a trustee of the Music Guild. This trustee did not participate in the decision to award the grant.

Trustee expenses are disclosed at note 8.

There are no other related party transactions that require disclosure (2022 – none).

20 Post Balance Sheet Events

There were no post balance sheet events.

The Community of St Mary the Virgin at Wantage 32