Communit of St Mary the irgin Report and Accounts Year to 30 September 2024 The Community of St Mary the Virgin at Wantage Charity registration number 1181510
Contents Reports Reference and administrative details Rewrt of the trustees Independent auditorfs report 10 Accounts statement of financial actwities 15 Balan sheet 16 Statement of cash flry•VS 17 Principal accounts.ng policies 18 Notes to the accounts 23 The Communtty of Sl Mary the Vlrgln at Wanlage
Reference and administrative detalls Tntstees Ven ChItin2 Sandra Ca1 IRetir&J 10 January 20251 &ster Stelk Colkett IResi9ned 4 20241 Foot Rt Revd Cmma Gr R6vd Canon Dr Peter Groves C&ydon JOyr IArwintsd 23 May 2024} AL8on Jestico (Chalrl Rgvd Carrt Darren McFarfand Vèry Revd RKhard Peers (Retired 2 March 20241 Sisler El81eth Jane Tw8thJé14)wxlltÈd 23 Novemb8r 20231 Principal address The Commuw of St M8ry thè Virgin Si MaS Convent Wantage Oxfordshire OX12 9AU Sister in Charge Sister Ehzabalh Jan•T%*ddle Steward Keith G]enny {Retired 30 April 20241 GertrdI (Ainted 1 May 20241 Telephone 01235 763141 W•bsitO csmvm.uk Charity v•gislration nwnber 1181S10 W(od Street Lond EC2V 6DL Bankers Naliond W8stiFurtster B8rsk pk 11 MaetH AbingthNI OX14 3HH Investment managels CCLA On9 Angel L8n8 Ld0Th EC4R 3AB Solldlors WinclTh4uth LLP 2 ChavAey Park Cumnor Hill OX2 9GG The Commtjnty of St Mary the Wirgin at WanlèJe 1
Report of the trustees Year to 30 September 2024 Introduction The Communtty of St Mary the Virgin at Wantsge ("CSMW or 'the charilf} is a charitable incorporated organisab.on regtstered with the Charty Commission. It was iTrcorForaled on 10 January 2019. The bijslees are pleased to present their report together with the accounts for the year erKled 30 September 2024. The charrty was set up to take over the 8Ctivibes of an unincorporated charitable tnjst with the 'Communty of Sl Mary the Virgin at Wantage. llhe CSMV Trusf) (charity registration number 240513). With effecl from 1 October 2019. all the assets. liabilities and activities of the CSMV Trust were transferred lo the charity- The origins of CSMV'S activities gj back lo 1848 when an AngEan religKJus community of Slsters lllhe Communiw,) was founded by the Revd. William Butter. Vicar of Wantage at the time. The CSMV Trust was created in 1879 to take forward the actiwlie5 of the Communty. Following th8 transfer of activities to the charlty, the CSMV Trust remairE as a separate entty but is no loThJer actNe and ts constituted as a rink ¢haTity within this charity. The charÉtable obj.ects of Ihe CSMV Trust were reviewed arKI reXpressed during 2018119 to refflecl today'5 wodd. The new objects We approved by the Charity Commission and are the objects which this charity has adopted. They refl1 the Ihree broad areas which have 8lways at the heart of the Community sirTrce ils founding in 1848. These are: LNing and growing in farlh. and in particular sustsining the lrfe of the Community of &sters which is at the centre of CSMV. Supportiro educatwjn founded on An91 Christian principles. Caring for the vulnerdile. in partTrcular women and girfs and those who are ill. This rem describ8s hthv thes8 obj.ects have been realiwj during the year. The trustees confimi that in planning and overseeing the charty's tiVItI8S they have taken into account the Chanty Commission's guidance on public benefft. Living and growing in faith The charty seeks to live and grow in faith and to help otheTS lo corne closer lo God. The charty's Convent and grounds in Wantage is Ihe home of the Community of Sisters who a at the c8ntr8 of CSMV. ToWhw the Sisters sustsin thè cycle of pr8y8r and worship which ha5 be8n offered al the Convent for more than 175 years. Visitors are welcome to join them for worship. The Commtjnty comprtses 7 fully wofeswJ Sisters as weN as a Sister under Promise who continues Ihrwgh Ihe process of ex[lath)n. discemment and f(Thation. The Rétreat WINJ offws irxlivKluals and groups space for quiel days and retreats. to reflect, learn and pray irb the quiet peace of the Retreat Wing and with the Sisters. During the year, CSMV offered a programme of retreats arml quiet days iy)vering a variety of subjects which wer8 well attènded and morè plannad for thè yèar ahèad. We have also wejcomed many groups to use the Maribel Centre. from educth.on organisations. DSan bodiès. the Cathedral, and other charities kxjkillg f(K somewhere to meet. This ministry of welcome is growing steadily at a pace with which Sisters and trustees are comfortable. The Community of St Mary the Virgin at Wanlage 2
Report of the trustees Year to 30 September 2024 Indivhluals who woubj like to devekjp a dose assw1a1 with CSMV are invSled to find out more about the Communty's groups of Oblates and Associaies. Both groups welcome women and men. lay or ordained. from any Christian denomination. Associates are received as frier¥Js of the Community. Oblates are those who feel drawn by God lo express in their own lives the charism ofthe Community. As more people come to know about CSMVthrou9h retreats and corrference events. we hope to see both groups growing. FollOwg the pattem established duriro Covid 19 both groups continue lo mael regulady via Zoom as well as face to faca. The chartty works with other cKganisatsons to promote prayerand the ligIouS lrfe. Currently. we are sUp[Kting organisalKJns in partular. by k8gPtng them in our prayers and by providing grants. Discovering Prayer offers those seeking to eXple prayer many dtfferent ways to do so through the medwjm of the internet. Founded and run by CSMV Oblate mheNe Eyre, the website offers the opportunity to explore a deeper latIonShIp Nwlh God and is conb'nualty developing new wrdys of engaging in prayerful activities. Besp8 is a charity whh equips local thurches to facilitate prayer and refiection spaces in S¢)C4S and other ¢(mn areas in Oxfordshire. Bespace provides ckssrcom kits. and hleas lo local church teams and. and in some cases volunteers to help lead the prayer groups. Supporting education Supporttng high qualty educalton of children of all agas, and particularly girfs, has en guiding principle of CSMV since its origins in the nineteenth century. The charity is invofved •) S6veral ways of offering thal support both in Wantage and overseas. At thè Convent in Waniage. we are prov¢ding office space for two muhi-acadomy trusts - the carnan Trust (succeeding the Vale Academy Trust) which now has eighteen schools in and around Wantsge. Faring1C and Abingdon. and the Oxford Diocesan Schxls Trust whith has gr(rwn lo a family of 43 priJnary schools in the Diocese of Oxford. One of the chaIng6S facd by local sd)ools is the hSgh ¢x6t of housing In Oxfordshire. This makes it drffFcuII to recrurt young teachers in partirajlar. We are helping with this a small way by offering six )lats at affordable rents in St Mary's Lodge. In India. the lety crf St Mary Ihe VitYJin in India {"SSMVI") c(M)tlnues the work of CSMV Sisters at three schods in and around Pune. These sch)ols edLtcate more than 1,tKJO chldren, many from very disadvantsged bad(grounds. We have ntinued to prowde prayer supwrL The charity also made a grant to Wanlage Partsh Music Guild foriis work training young church musicians. The Community of St Mary the Virgin at Wantage 3
Report of the trustees Year to 30 September 2024 Caring for the vulnerable In the late 191h century and for much of the 20th Cenry, the Sisters of the Community were called to work vthh the poor and disadvantaged in Southem Africa as well as in India. The charity continues to supportthis work thn)ugh projects wtth an historical link to the Community. In Pretoria, South Afri, the charity supwrts Ire Horrs whi¢h ¢ares for vulnerable adults. and offers them residents and day re support and s115 training. In Botswana, CSMV Associate Margaret Taylor continues to manage donations from Wantage lo develoF)menl projerts at the Gabane C(ynmunity Care Centre and the Holy Cross Hospi in Gatrx)rone. In Pune, lThlia. the charity supports SSMVI as it cares for a number of mostly elderfy women at Si John's Home. At the nearby St Miiael's Hostel, SSMVI provides resKlenlial Gare for 190 gwls at risk. induding children who are orphans or from single parent hcxjseholds. those affected by HtV-AIDS, and thildren of prostitute5 or from broken aNI pcor families. In the UK. the Medaile Twst is the largest provider of supported accommodatton for victims of rThMJem slavery. Their network of safe houses provides personalised support. empowerirwJ dnts their path to a Irfe free from slavery and exploitatton. CSMV (x)ntinues to suppcrt the Medaille Tfust financially and with prayer. Governance and operatlons The charity is govemed by its (xjnstrtution which is regISted at Ihe Charity Commission. AS referred lo in the inlroducbon lo thts report. the charity twk over the activities of the CSMV Trust, incFLKling all its assets and liabilities, with effect from 1 October 2019. The charttable objects of the charity are identlcal lo IIN)se of the predece&sor CSMV Trust They are as follows: To advance the Chrtstian religion for the benefit of the public. in particular through maintsining Sl Mary's Convent, Wantage and sustaining th8 lIgiouS communjty there. as wdl as the promotion of the religious lrfe generally, a¢xordance wtth thè doctrine of the Church of EThJland and of those (*urchès in communion with the Churth of England. For the benefrt of the public. lo promole and supw>rt educetion in institutions or through projects which have an Angliw character. or through joint and ecumenical enterprises which include an Anglican partner. in such ways as the trustees think fil. To support projects which assist in the care and treatment of persons SLrffering from illness of any descripts.on or in need of rehabilitalion. in partiwlar f( vulnerable women and girls and women sufferiThJ from mental i11rsSeS. incbjding through the provisK)n by such projects of facilities for work and reall)n arKJ the pmmotion of heatth ucation. The Community of St Mary the Vlrgln at Wantage 4
Report of the trustees Year to 30 September 2024 The trustees are resp(msible forthe overall govemance of th8 charity. Trustees are appolnled by a resdution passad at a Meeting of the charity's trustees. To be apwmnted, an individual musl be a regular communicant member of the Church of England or of a church in communion with the Church of EAand, in acwrdance with the Church Representstion Rules 2017. Truslees are appointed for a spectfied temi of up to three years. They may be r appointèd for up to two futhr conse¢ulive tenns bul may then only be r&appointeLI after an interval of at least on8 year. The trustees meet al least four tunes a year. The trustees are members of ihe chanty. If the charity We to be wound up. they would havè no14qbilty to contribute to its assets and no personal respsIbilIty any debts of tho charty. indu¢bon prcramrne and training opportunities for trustees ensure Ih8t they are appropriately briefed on their responsibilities and on the activities and financial position of CSMV. When necessary. the trustees seek advice and SUPKKJrt frorn CSMV'S professional advisers. The Steward (CEO) and Clerk to the Trustees. Rachel Gerhardi (from l May 20241, is reswnstjle for ovetseeing the staff and day-tfrday operaticS at Sl Mary's Convent The Steward reprrt% to the Sister in Charge of the Community and the Chair of Trustees. The trustees have fomied a numLEr of small groups suptmxted by relevant members of staff, giwng them greater insKJht into Ihe operational ¥bvibes and chlenges ofthe charity. These groups report to the main board of trustees. The trustees COnSKJer that they. together With the Steward. comprise Ihe key managemant of the charity. Senior staff report lo the Steward. The Sistsr in Charge is reswnsible for the care of members of the Community and ts their ministy. She advises the trustees of the vtews of Sisters atKJut the future dweclion of the tharity and other relevant matters. The Sister in Charge ks )th a member of the Communty of CSMV Sisters and a trustee. Whi18t her living and person expew are l)orne by the chatity in th8 same way as other Sisters, receN85 no remuneration or reimbursement of expenses in ¢onnecb"on with her duties as a mber of key managemgnL The trustees at the dale of this rert we as folb)ws: APpointedlaPpOInted Ven Ch"e AJt50PP Mith18 Fool Rt Revd OINkq Graham Revd Canon Dr Peter Groves Gordon Joyner Alis Jestio) Ichairof Trustees) Revd CarK)n Dar¥En k1cFarfd SFSteT 8Eabeth Jane Tweddte ReappcAntwY 19 March 222 for a fvrther three years Reapwnbj 12 September 2022 for a fut1herthree years Reapwjinted 10 JanLFary 2023 for a furtt)er Ihree year5 Re4)wrrt&Y 7 Marc 2L124 for a furlher three years Appointed 23 May 2024 Reap[#Th1ed 19 k4arch 2022 fora furtherthree years Reapw"nted 7 March 2024 for a further three year5 'nte(123 Novernb8r2023 fcxth There was ono resignation {Sist8r Stella Co*ett} and iwo nèw appointm8nts of Truste89 during the year ended 30 September 2024 ar¥J the Very Revd Richard Peers retired at the end of his term of office on 2 March 2024. Sintte Ihe year-end Sandra Capel has relwed at th8 end of her lerm of office. The Community of St Mary the Virg¥7 at Wanlage S
Report of the trustees Year to 30 September 2024 Risk managemenl The trustees wularly rewew Ihe princip& risks and UnrtairItieS fad by the charity and tre Iles. systems and procedures in place or needed lo mltigate the ftsks Identified. The key risks identified are described b8iow, tcoelher with the prinapal ways in which they are mitsgated.. Most of the Sisters are over state [slon age and the charity has both a moral and legal obligation to care for the Community's older members. None of the Sistsrs have resources of Ih8ir ovm as th8y (knnate all their eamiry5. pensions and other income to CSMV. Key elements of the management of this risk are.. {al setting aside asset5 in a deSnated fund, the Val of which is based on actuar prirKiples, in order to ensure that there wl be sufficient funds to cover the costs of care,. and Ib) ensuring ihal processes are in pla to regulaty revi8w the ministrÈès and needs of ind¢vidual Sisters, enabling them when appropriate to take on less demaThling ministries and identrfying those who need extra care and help. The charity w(ks wrth vulnerable peopbe arKI the tTUStees recognise the esSIlY of ensuring the prolecbon and safety of all tIK)se served by the charity, induding the older Sisters. A safeguarding group. led by a trustee, meets al #51 tw.ce a year lo review the charity's safeguarding pclicy and prcredures related issues. An audit of safeguarding prose$. procedures and wrfiaes was carried out in 2022 by an experienced safeguarding professional. No signtficant Issues were found and the ath.ons recommended in her report have been taken forward by the group. Under the Past Cas&% Review prrKess. the archives were examined by an extemal reviewer in 2022 and matters reqtjiring further investigation ¢ame to fight. Where appropriat6, certtfi(3tes fr(xn the Disclosure and Barring Semce {D8SI are obtained and safeguarding training is provided fcf staff. Sisters. trustees and those who volunteer for Ihe charity. Thecharity dones to otOryaniSaltons wse leCtNeS are corksistentwith its own. Whether the funds are used here in the UK overseas. the trustees ensure that they ere familiar with the work of any potential recipienl of funds. that fvnds are transferred via bank transfer. that proof of receipt is obtained arKI that written reports of how the monies have been ulilised and applied are obtsined from the recipienL A svJnificant pr(4)cNtson of the thaty.$ assets are held in investrnents in pO0d ftjnds whith comprise st9nthcant prop(¥tS of liste(l investrnents in thè UK and Overseas and therefore dependent on rVernents on UK and wortij strKk market The funds are managed by experienced fund managers, CCLA, and the undeilytng investrnents are well diversified. The tryslees et regulaty Trmth the inveslment managers lo review and monitortheirperfcxmance. The investment strategy is assessed annually lo ensure remalns apprwate. The Community of St Mary the Virgln al Wantage 6
Report of the trustees Year to 30 September 2024 Supporters & fundralslng The charity seeks to achieve best practice in the way in which it communieales with donors and othgr suppcrters. taking care with both the tone of its communications and the accuracy of ils data. Supporters a 8ile to change their communicatK)n preferences at any time and the charity does not employ Ihe services of professvjnal fundraisers. The chaiity does not sell w swap dats aboLrt supporters with other organisations. The charity has received no cofflplaints about its fUndsIng activibes. but rf it does so in fvtwe il will investigate and aM from them. Financial review The accounts f the nIx1 lo 30 September 2024. vthich follow this rewrt, have been prepared in accordance with Ihe accounting polKies set Iwl on pages 18 10 22 and compty with the charity's constitution, apt4icatAe laws and accountiw stsTrJards. The tharty has signfficant investments which generate gains or thses in value. Inevitabty. this means that the charity's total inLx)me can vary from year to year, depending on movements in investment markets. All Ihe ¢harity's financial Énvesknents are managed by CCLA Investment Management thrcyJgh the CBF Investrnent Fund and the CBF Global Equ Income Fund. The Va of the ac(yJmulation shares in both Funds Ibuctuated during the year but finishgd 12.7% higher at the end of the year foi the CBF Investment Fund and 16.10th higher for the CBF Global Equity Fund. This resulted in a tolal gain of £1.772K across the ftjnds {2023 - £751kl. Funds of £T18K were withdrawn from the wJrtfc4v) to fund the operational defknt (2023- £1.5491. In addition lo its financial irwestmenl portfolios. the charity hokls a number of investment prope¥ to generate rental income. In the year ended 30 September 2024 no adjustments were made lo the valuatKJn of investment properties. The programrne of renewal of the cvent buiklings in Wantage was started ty the CSMV Trust and was lryly cometed by the o*arity during 2020121. The cost of this work is refiected in the freehold improvemerts shown in 10 to the accounts. Al 30 September 2024 the charity had no capital wmmitrnents. At 30 septemb 2024 the totsl reserves were £30.9M {2023: £30.5M) The charity has a small am(MJnt of reserves which are restrthd for specific purwses. Details ar& given in note 14 tr) the acrA)Lbnts. The charity's tangible fwed assets. wincFpalty the Convent site in Wantage. are Orded al net book value of £14.5M {2023: £14.5M). As these assets are essents.al to the charlS activities. their value coukl not easity be realised to meet future ntIngencies. Accordingty. the trustees have set aside a reserve of an equNalent amounL The Community of St Mary the Virgin at Wanlage 7
Report of the trustees Year to 30 September 2024 A primary responsibilty of the twstees is to ensure that the charity has sufficient fijnds for the futufg to alk)w Sisters who make up the Community to continua their religious lrfe and to care for the Sisters as they 0W okler. Accordingly. the tnjstees have set aside a designated reserve forthis PUfPOSe. The value of tr4$ fund is reviewed annually using actuarial principles. In light of the mst recent detsled revtew, whth toc& account of the relatively high and increasing costs of rKovMlirrtJ eare. as well as the current number of Sisters. the trustees consider the valu8 of ttNS fund should remain at £4M. The trustees have carefully cork8idered Ihe charity's need for free reserves. i.e. those funds not invested w) tangibfe fixed assets or restricted for specffic purposes. The ch8rily will lY to a targe extent on relums from its investsnents lo generate the income required to ntinUe to run Sl Mary's Convent in Wantage, to support the Sisters in Iheircalling and more generally to carry out GSMWS charitable objeciNes. Takir#J into account likelyluture expenditure needs. oth8r sourc&s of incomè and estimaled long-lerm investmenl fetums. the trustees consider that they needed lo rnaintain an investmeni portfol worth approximatety £15M {at currènt pricE levels) in order to generate sufftient irrf>)me to sustain the charity. irKluding Garing for the Si%lers in their retiremenL Ac(xJrdingly. it is thè ImlcY of the trusiees iu INJkl unreStrad reserves represented by invesbnenls of approximate thig amount. The value of Such reserves at 30 September 2024 was £16.4M (2023.. £16.OMI. comprisirrfJ a desynated Slslers. care fund of £4M and general unrestfi¢l8d reserves hsld as investments of £12.4M12023". £12.OMI. Outlook for the future Tnjstees were erouraged by the oulcome ol Bishop Sarah Mullaly s episcopal vlsitation in September 2022. and continue to work wrth the Sisters to enable her recommendations to sustain and support the lrfe of the Community. During the coming year, we l(KJk fonwd to increasiro the programme of retreats offered Sn the refvrbished Retreat WirrfJ and hope lo attract more guests on retreat. individually and in groups. A number of groups. particularly those wrth a cknse CCneC.0n lo the Community, are regularty ¥Jsing the facilities in the Maribel Centre and we pe that this will continue to grow as other gTOUPS become aware of the excellent fa(alities and warm welcome. The Community of St Mary the Vlrgln at Wantage 8
Report of the trustees Year to 30 September 2024 Statement of trnstees. responslbllities The truslees are responsknle for pParing this trustees. report and the accounts In ac¢c¥d)ce wtth applicable jaw and United lQngdom Accounting Standards (United Kingd(Kfi Generalty ACpted Accouniww PractV>. The law apr11ble lo charities in England and Wales w4uires the trustees to prepare crtjnts for each finanoal pericl whith give a true and fair wew of Ihe slate of affairs of the tharity and of the income and expendthjre of the charity for that pericd. In preparing th8sg ants, the trustees are reqUIrj to: select suitable accounting pdioes and then apply them consislendy.. observe tha wtho(J$ and prinwAes in Accounling and R8porting by Charstles: Statement of Recommended Praclice appIate to charttses preparing their accounts in accordance with the Finanaal Reporting Standard applirAble in the United Kingdom and Republic of IrelaThl (FRS 1021; make judgements and estimates that we reasonable and PTudenL state whether apptlcable United IfjNJdom Accounliro Standards have been followed, subject to any material departures disdowy and expL4ined in the accounts; and prèpare the tnts on the going concwn basks unkss it is inappropriate to presume that the charity wll continue in operation. The trustees are responsitAe for kwing proper acwnting records that discbse with reasonable accurw at any time the financial pos0 of the charity and enable them to ensure that a¢cwnts o)mply the Charitw Act 2011. the relevant Charity {Accounts and Reports) RegatiOnS and the provisicffts of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for tskir¥J reasonable steps f the prevention and delectM)n of fraud and olher irregularthes. This rep(xt was approved by th8 trustees on 4 W *thiland signed on their behalf by.. Jison Jestico TTU5tee The Community of St Mary the ViDJin at Wantage 9
Independent auditorfs report Year to 30 September 2024 Report of the independent audftor to the trustees of The Community of St Mary the Virgin at Wantage Oplnion We have audited the accounts of The Community of St Mary the Virg#7 at Wantsge {the 'charity') for the year to 30 September 2024 which comprise the statement of financial activities. the balance sheeL the statement of 12sh flows, the principal a¢Unting policies and the notes to the accounts. The financial reporting framework Ihat ha5 been applied in their preparation is applicable law and United Kingdom Accounting Star¢dards, including Finan¢kg1 Repcfftiro Standard 102 'The Financial RetKJrb"ng Standard 8ppli¢8ble in the UK and Republic of Irgland. (Uniled lfjngdwi General Aepted Accounting Practi1. In our opin. the aecounts: gr¥e a true and fair view of the slate of the charity's affairs as at 30 September 2024 and of its income and expenditure for the year then ended.. • have been property prepared in acojrdance with United Trfj"n9dom Generally Accepted Accounting Pra¢li¢e". and • have b88n prepar1 in aclxJrdan with the wUements ofthe Charib'es Act 2011. Basis for opinion We conducted our audtl in accordance Vdith Intem8tional Stsn¢Jard$ on Auditing IUK} IISAS (UK)) and appli¢aNe law. Our restK)nsibilibes under ItKJse standards are furth&r d&s¢ribod in the auditorfs respOnsibileS fDr the audit of the a¢xounls 5ects.on of our POrt. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the accounts in the UK induding the FRC'S Ethical Standard, and we have fLslfilled our other ethical responsitxlities in accordance wilh Ihase requirements. We believe that the audtt evidence we have obtsined Os suffiL?ent and 8ppropriate lo provhye a basis for our opinN)n. Conclusions falating to golng concern In auditsng Ihe accounts, we have conduded that the Irustees. use of the going COnM basis of accounting in the preparation of the accounts i¥ appropriate. Based on the work we have performed. have not identified any material uncertainties relating to events or condiions th*. in(Jividudly or ojllecttvely. may cast significant doubl on the charity's ability to conkn.nue as a going concem a period of at least tW8lve months from when the acUnts are ahOriSed for issue. Our $nSibilitieS and the restsIbilItieS of the trustees with respect to going concgm are described in the relevant SectIS ol this re The Community of St Mary the Virgin al Warbtage 10
Independent auditorfs report Year to 30 September 2024 Other infomiation The trustees are resp(ille for the other infom)ation. The other infomiation compdses the information induded in the Annual Report and Accounts. other than the accounts and our auditor's report thereon. Our opinion on Ihe accounts does cover the other infom)atw)n and we do nol exprvss any form of assurance concbjsion Ihereon. In conn8ction our audil of the accounts. our responsibiltty is to read the other infomiatKJn and. in doing 50. consider whether the other in1ma.0 15 materially inconsistent with the acccJnts or our knowledge Obtain in the audit CK otherwise appears to be materially rr115ststed. If we Klenlrfy sud) material inconsislenues or apparent material misstatements. we are required lo detemiine whether this gives rise io a maleTBI misslalement in the accwnts Ihefflsefves. If. based on the work we have perfornied. we conclude that there is a material mi85ts1ement of Ihis other information. we e required to rewrt Ihat facL We have n¢kning to report in Ihis rard. Matt•rs on whith we are rwuired to report by •xc•ption In light of the knowledge anij understsnding of Ihe Charity and its environment obtained in the cijurse of the audiL we have not Klentthed material misstatemertts in the trustees. report. We hav8 nothing to report in respect of the following matters in relaticx) to which th6 Chariligs {A¢counts and R8Wrtsl R8gulatioThs 2008 requires us to retx)rt io you rf, in our opinion". • the information given in the Irustee5' report is inconsistent in any material respect with the accounts: or • suffmient accountirvJ re¢dS have not been kept: or + the aCCllts are not in Jreement wilh Ihe a¢uting rdS and returns.. or we have )t reNed al the Ènf0mW and explanalions we require for our audit. Respon$ibilitiès of trust••s As explained more fvlty in the trusle&s' reSnsIbIlitieS slalemenl set (Krt on pago 9. the trustees a responsitrAe for the preparation of the accx)unts and for being satisfied that they give a true aThl fair view, and for sud) intemal control as the trustees determine is necessary to enable the preparation of acLxsunts that are free from material misstatement, whether due to fraud iy err. In preparing the acc43ts. the trustses are responsible for assessing the charity's ability lo continue as a going nm, disclosing, as applible. matters rdated to goirvj concem and using the going CCeM basts of accounting unless the trustees ether inteNJ lo liquidate the charty or to cease operations. or have no realistic altemabve but to do so. The Communlty of St Mary the Virgln at Wantage 11
Independent audltorfs report Year to 30 September 2024 Auditorf$ responsibilities for the audit of the accounts We have been appointed as auditor under section 144 of the chartb.es Act 2011 and report in acrdanCe with the Act and relevant regulati made or having eff1 thereunder. Our ofyectives are to obtain reasonab assurance ab¢xJt whether the aCLX)unls as a whole are free from materBI mksstatemenl. whether to fraud or error, and to issue an auditor's report that in¢ltJdes our opinion. Reasonable assurance is a high level of assurance, but is not 8 guarantee that an audf( conducled in acCOrdar wtth ISA5 {UK) will always dgtgct a material misstatement when it exists. Misstatement5 can arise from fraud err and are consider malerial rf. indivklually or in the aggregate, they could reasonably b8 expected lo influence the economic decisions of users tsken on the b8sis o these accounts. Irregulartties. induding fraud. are instsnces of rth-cOm$iance wth laws and regulatlons. We dasign procedures in line our reSnsibIr1ties. outlined above. lo detect material misstatements in respect of irregLAarities, including fraud. The 8Xtent to which our procedures are capatrAe of detecting irreguLgrilies. wKluding fraud Is detamed below. Our approach to KIentng and assessing the risks of material rnisstatemenl in respect of irregulariknes. including frd and nonwc0mpl1an with laws and regulations. was as follows.. The Senic Statutory Auditor ensured that the engagement team coll8ctively had the appropriate competen. capabilrties and skills io identify or recogniso non-CA)mpliance with aptAicable laws and regUlatic,. + We oblained an understanding of the legal and regulatory frameworks applicable to the chartty and the sector in whK it operates. We f(ffttsed on specific laws and regulations which we conShlered may have a direct material effect on the financial st81ements or the operations of the charity. We detemiined that the fdlowing laws and regulations were most swJnificanL AccountiThJ and ReportiThJ by Charities.. Statement of Recommended Practice appluble to chartties preparing their accounts in accordance with the Financial Reporting Standard applble in the UK and Rewblic of Ireland IFRS 1021, the Charities Act 2011 and safeguarding r8gulations; We undeT5tood how the thafity is complyiThJ with tIse gaI and reguLAtory frameworks by maksng enqu of management aThJ those reskKJnsible for legal and compliance pn)cedures. We corrolyxated our enquiries thrcwh Thjr rèview of Ihe relevant minutes and correswndence from regulatory bcJies; We idellttfied laws and regulatKH were (municated within the audil tearn regularly and the team remaiied alert to Instan of nOn-mlance throughout thè audrt. We assessed th8 susceptibility of Ihe charity's financid ststements lo material mtsstatement, indudiThJ obtaining an uThJerstanding of how fraud mw3ht occur, by". The Community of Sl Mary the Virgin 8t Want8ge 12
Independent auditorfs report Year to 30 September 2024 Auditorfs responsibilities for the audit of the accounts {continued) Making enquirte5 of management aThJ those chapJed with governance as to where they considwed Ihere was susceptibilty to fraud, their knowledge of ac81, suspected and alleged fraud., arKI • Consbdering Ihe internal eontrols in place lo mitwJate risks of fraud and non-¢ompliarK with laws and regulations. To address the risk of fraud Ihrough management bias and override of controls. we". • performed anafytical wureS lo identrfy any unusual or unexpectfyy relalionships.. • tested journal entries to identify unusual transacbons" • assessed whether juthjements and assuMptic5 rrle in determining the accountirw3 estimates set out in the accounting We indThtive of Fx)tential bias" • perf0m)l substantlve testlng on expeNJlture and the authorisatiori thereof.. and • invastigated the rat)ne behiThJ signifKant or unusual tfdnsactions. In response to the risk of irregularities and rK)n-compliance with laws and regulations. we deslgned pr(xlures whkh Induded. but were nol limtted to.. • agreeing finarjaI Statement disck)sures to undertying supporting doCMentall0n,. • readiThJ Ihe minutes of meetings of those Charged with governance and other relevant reports prepared by management for the trustees" • enquiring of management as to and potential lthgatth and ¢Faims; and • revI1r¥3 coeSpOndence with the o)mpany's IwJal advwrs. There are inherent lirnilauons in our audit procedures described above. The more femove(J that law5 and regulations a fr(xn financial transadions, the less likely it is that we would become awa of non-complance. Auditsng standards also limtt the audit procedures required to klenlify nonkncompliance laws and regulations lo enquiry of those charged with governance and management and the inspection of regulatory and legal TrespOndenc&, if any. Material misststements that arlse due to fraud can be harder to deW than those that from orror as thay may invofve deberate concealrnenl or clusion. A further descJiptton of our resF*)nsibtirties fDr the audit of the accounts is located on the Finarrial Reportlng Counctl's website at VA¥W ibililies. This desuiption fcrms part of our auditoes repcwL The Communty of Sl Mary the Virgin at Wantsge 13
Independent auditoes report Year to 30 September 2024 Use of our rgport This report is mad8 soldy to the charity's trustees. as a tKKly. in a¢c(*dance with part 4 of the Charrtigs {Ac(x)unts and Reports) Regulations 2008. Our audrt work has been undertaken so that we might state to the charivs trustees those matters we are required to state to them in an aLMlitoVs rerort and for no olher purpose. To the fvllest extent pemiitted by law, w8 do not accept or assume responsibility to anyone other than the Gharty and the charity's trustees as a body, for our audit work. for thi5 Tewrt or for the opinion5 we have formed. Btjzzacott LLP Slatulory Audilc 130 Wood Street London EC2V 6DL 27 March 2025 Buzzacott LLP is ellble to act as an auditor in temis of section 1212 of the Companies AGt 2006 The Community of St Mary the WirrJin at Wantsge 14
Balance sheet 30 September 2024 2024 2024 2023 2023 Notes Fixed assets Tansibl8 assets Invgstmenls 10 14,450,175 16.492,061 30,942,236 14.554,028 16.043.585 30.597.613 Current ass•ts Deblors Cash at bank and in hand 12 54.2110 48,997 103,197 87.7LN) 71.915 159,615 Credltors: amnts fallng d within ce year 13 (137.518} (180.5551 Not eur¥ènt Viabilltl•s} 134,3211 120,940) Total assets less ¢urrent Ilabilltios 30,907.915 30,576,673 Cr•dltors: amwnts falb du8 in Te Ihan one ya¥ Total n•t assets 13 115,OlJQ} 30.892.915 150.000} 30,526,673 R*pMnt¢d by. In¢ome fvnds Restrt furtds Unrestricted fimds . TarvJiNe ftyed assets fvrxl - Desigrtr8ted fund . General furKI 14 73.331 70,367 15 14A50,175 16 4,000,000 12.369.409 14.554.028 4.0(KJ.000 11,902.278 30,819.584 30.892.915 30,456,306 30,526,673 Approved by the trustees on 4 and Sign on Iheir hat[ by.. S6K& Allson Jestico Trus18e The Communty of St Mary the VITgin at W8ntwJe 16
Statement of financial activities Year to 30 September 2024 Yearto 30 SeptEmbtr2024 Year to 30 S8ptemtr 2023 Total ds 7Q87T 65207 5.521 70,728 IrNÉslm incrrn aThJ i)trtst 989 672 67,256 Charitatrttr x1vÈ5 . Rwtsl a[ Visitor 21777 217.677 173,942 173.942 . Miscdlaneou5 I1rnE 365 26,360 338.286 Total 36Q708 5.521 Expenditur2 on: CharitstrAe adiffts . PTh&¢)n of CharlNe iwts.es al St Ma5 cerrt . A551sling others in Ihe UK arKJ 1.714919 &01J 1.717.#38 1.698,844 1,701,390 549 1.721.459 32,m 35,292 3&813 1.75Q751 62.716 1,761.5f 42.550 4S.096 IOS,266 1.8(6.656 Yotsl expendltyro Netexpend1rt before investment gainsfllosses) translev5 betweEn hmds Net gains en &sted InvestryA8 Net IlosseslM i¥stm8rt prtwerbes 11•.7511 131.0361 11391.71T) 11.428.795) 1.771.969 1.7ri.969 751.2W (39.5751 11.468.370) 751.202 113.9101 1119401 1102781 110.2761 Netincomel lexpendittwel beforetransfer5 bet*en funds Trark81$ bets¥8en funds 397278 134,0001 .0361 316342 1687.8691 145.0001 139.5751 1727.4441 14 Il¢t fwK 3fj6.242 ff32.8691 5.425 1727,4441 Renlfation otfvnds= T(A81 funrss brought lotward 811 October 2023 T(al funds carried forward at 30 Sept8mber2024 45Q306 70,367 N52W 31.189,115 64.942 31.254.117 17 30.819.SB4 n.331 30.891915 30.456.306 70,36T 30.526.673 All recognised gains and keS are ifKluded in the above ststement of financia activ.eS. All of the income and exFendibJre in the above t financial years relates to continuir¥J actNits. The Communty of St Mary the Virgin at Wantage 15
Statement of cash flows Year to 30 September 2024 Year to 30 Year 10 30 S•ptomber SeptpAnb8r 2024 2023 Notes Cash fl(Ms from operating activities: Net cash Us1 in Lwab"NJ "vilies {1.364.3851 11.340.4301 Cash flu4Ys frorn investing activities: Investnt incorne and inteTesl recaved Proce8ds From the disrxksal otlisted investments PfOC8eds frcffl th8 dispos of invèstrnant propeNias Purcha%e ol tangib fixed assets Net cash provided by investWl9 activities 74,996 67,256 850,000 1.S50,0(x) 251.060 449.724 143,0821 1547,3361 1.132.974 1,519.644 change ln cash and ca8h •qulvalents In Ihe year 1231A111 179.214 Cash and ea#h •quivalènts al 1 Oetobèr 2023 282,076 102.862 Cash and Cash •qulval¢nts at 30 S•ptnber 2024 $0,66S 282,OT6 Notss to tho statement of cash flows forthe yearto 30 September 2024. A Réconclllatlon of net moveNnt In fvnds to net rA8h usod In operatlng tIVIt*S Yoar to 30 Year to 30 September SepteTnber 2024 2023 Net movem•nt In funds {as per the statement of financlal actlvltles} Adju5tmertts for. Deprecaation tharge {Gainsl on listèd invastrnonts Liisses investment pr(pe Inveslment irKcThe wtd inter8# Tl¥ab Ilncrease)Idecrease in ¢Jebtcws IDecre8seyincrease in creditcq5 due rnE than OWE year IDecreasel in exp8n5e creditorn aThJ accnwLs Net cash uswl In oporattng actlvltle8 366.242 1727,443) 176.978 171,378 (1.700,0351 1751,202) 10,276 (65,9891 {67,2561 {33,$001 10,055 {65,lJ431 20,0 143.0381 16.2371 (1.364.385) {1,340,4301 ANalys¥s of Cash and cash equtvalents Year to 30 Year to 30 S•ptember September 2024 2023 Cash at aThJ In hand Cash held by vestMent managers Total cash and cash equivalents 48.997 1,668 50.665 71.915 210.161 282.076 No separate reconciliaticm of debt has been prepared as there is no d"rfference between the net cashl{debt) ofthe charity and the above cash and cash equivalents. Community of Sl Mary the Virgin at Wantage 17
Principal accounting policies Year to 30 September 2024 The Principal ntirj pol1$ adopted. judgements and key sources of lMatIon or uncertainty in the preparation of the accounts are lahl out bekjw. Basls of preparation The accounts have been prepared under the historical cost convention with items rec(yJnised al (x)st transacb"M value unless othenNise ststed in the relevant accountiThJ policies below or the leS to these accounts. The accnts have atso been wepared in actwdance wilh AcccMJn"rKJ and Reporting by Chartb&s'. Statement of RecommeNle(I Pra¢ti¢e appl¢abl& to charitFes preparing their accounts in accordance with the Financial Reporting Stsndard 8pplic8ble in the United Kingdom and Republ of Ireland {Charitw SORP FRS 1021. the Financial RgPOrtirvJ Standard applicable in the UK and Republic of Ireland {FRS 102) and the Charities Act2011. Th8 charity constttutes a putlic tefft entity as defined by FRS 102. The accounts are presented in sterling and are rounded to the nea$t pound. crftical accountlng estlmates and areas of judgement Preparation of the coUnt$ requir8S the trustees to make signifi12nt judgements and estimates. The items in th8 accounts where such Igeffnts and estimates have been made include.. * determining the value of freehokl land and bu41din9s hekj for investment purFM)ses,' • astimating the value of the designated fund set aside to provide for the polents.al future care needs of the CSMV Sisters and to allow the Sistws to wntinue their life In communty: and AssÈssmènt ol golng concèm The trustees have assessed whetherthe vse ofthe going concem assumptlon Is appropriate in preparing these accwnts. The tru5tee5 have madè this assessment in respect of a period of at least one year from the date of apwoval ol these acctsjnts. Whilst there will UlOUbtedty be challenges 8he8d (Jue to the ujrrenl macrceconomiG and geopolitical uncertainti8s. Ihe trustees do not exr o7Thms to arise over the charity's financial position. The trustees of the thanty have cluded that there ¥e no material uncertainties related lo events orCc4)ditnS that may (ast signifvxnl do11 on the ability of the charity lo continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources lo meet its IlitieS as they I1 dug. The Communtty of St Mary the Virgin at Wanlage 18
Principal accounting policies Year to 30 September 2024 Assessment of going concem {conts"nued) Tha most s¥nifKanl areas of judgement that affect items in the accounts ara detailed above. With regard to the next acwnting priod. the year ending 30 September 2025, the most signfficant area that affect the (2rrying value of the assets held by the charity is the perfomiance of the invesknent markets Isee the risk managèmant and finanGial review seth.ons of the trustees, report for more infom)ation). Income recognltlon Income is reccNJnis¢d in the per•)d in wtmch the charity has enti1jeIt to the income, the amount of incorr ean be measured relrdbty arKJ tt ig Probab that the income TrMII be Income comprises d¢Mations, legacies. investment income and interest receivable, rental and visilor inctyne, and other incorne. induding any suuS on th& diswjsal of tsngible fixed assets and miseellaneous income. DonatKJns. induding income of individual Sislers who are members of the Communty, 8re recognised when the charrty has (x)nfimRtion of both the aTTK)unt and settlement date. In the event of donaltons pledged bul not received. Ihe amunt ts accrued where the receipt is considered prithble. In the event that a donatrm is SUbit lo Conditions that requi a level of perforniar befrKe the charity is entiued to the fijnds. the income is deferred and Mot recognised until ether th)se cCdItIOnS are fulty me( or the fuffilment of those conditions is wholly wrthin the control of the charrty and it is probable that those conditions will be fulfilled In the rerxKting pericKI. In aceordan¢e with thè Charthes SORP FRS 102. volunteer time is not recognised. Le9a¢ies are induded in the slatement of financial acbvibes when tha charity is enltl8d to the leg8¢y, the executors have estsblish8d that thwè ar8 sufficient surp$ assets in the estate to pay the legacy. and any condlb'ons attadd to the legacy are wthin the control of the charity. Enltdemenl to legacies is tsken as the earfr ofthe date on which either. the charity is aware that pmbate has been granted or the estate has been finalised and nolfftation has been made by the executor to the charity that a dislribution will be made., or when a dtstribution is received from the estste. Receipt of a Wacy. in whote or in part. is onty considered probable when the amount can be EaSured re]iabty and the charity has been nolified of the executorfs intention to make a distributicm. Where legacEs have been notified to the charity, or the charily is aware of the granting of pyobate, bul the uttWi8 for income recognition have not b&n mel, then the lega is treated as a contingent asset and disclosed if material. In the event that a gift is in the fr)rm of an assel other than cash or a financial asset traded on a recognised stock excharge, recogniti)n is subj.eet to the value of the gift being reliably measurnble wrth a reasonable degree of a1racY and the t8 of the asset havlng being transferred to the (*8rity. The Community of St Mary the Virgin al Wantage 19
Principal accounting policies Year to 30 September 2024 Income recognition {continued) Investment income from listed investmants is recognised once the dividend has bgen dedared and notification has been received of the dividend due. Income from the rental of investment properties is measured at thè fair value of the conshJeration rec8wed or receivable. Interest ftjnds hekl deF4)sit is inckKled when receivable and the amount can be measure(I reliabty by th8 tharity; this is normally upon notification of the interest paid or payabbe by the bank. Rentsl and visitt inrne eonsists of income from the rentsl of properties to organisations or i[1VIdual5 within the tharitable objeth.ves of the tharity and income from v¢sitors to the Convent in Wantsge. This inco is measured atthe fairVlIe of the con5iderab.on received or receivab. Other wKorne is mwured al fair value arKI accounted for on an accruals basis. Expendlture recognitio Liabilrties linduding charilaL4e (lonalv)n5 aThl grants payable) are recognised as expenditure as s(K)n as there is a legal or IStructive obligation tx)wnmitbng the tharity to make a payment to a third party, it is probablg that a transfer ol economic benefits wlll be requlred setttement and the amount of the oblwtth can be measured reliably. Resources eXpencd comprise the flOWlrj'. a. Expendilure on raisiThJ funds comprises fees paid directty to Investment managers. b. The costs of chafitable activrlyes comprising eXpendare on the charity's primary charitable purposes as described in the trustees. report and induding the following.. • Charitsble activities urKlertaken al St Mary's CorNent in Wantsge. including sustsining the Itfe of the Community of Sisters resident there- an • Assisting others in the UK and overseas.. this cL)mwses charitaLe donatiot)s and grants in SUPFN)rt of charitable work both in the UK and overseas. AJI expenditure is ststed industve of irrecoverdble VAT. The maN)rity of costs are direcdy attriiKrtabte to 3cIr actNities. Govem8nce costs are kKated to the provision of charitsble athities al St Mary's ConvenL Tanglblo fixed assèts l assets c05kn"rvJ than £1,000 and w.th an expected useful life exceeding onè yèar are cApitalised arKI depreciated using the rales ouljined below. Assets are reviewed lor impaimient rf cir(JJmslances indicate their carrwng value may exceed their net realisable value or value in Ltse to the charity. The Community of Sl Mary the Vlrgin at W8nlage 20
Principal accounting policies Year to 30 September 2024 Tanglble fixed assets (continued) Assets transfeed from the CSMV Trust were transferred at their deemed fair value as al the date of transfer reflen9 their value in use to the ¢hai¢ty in Ihe furtherance of its charilable ciiectives. Addib"ons sirK* that date have been recorded at cost. • Freeh4)Id land and buildings Freehobd land and buildings cx)mprisÈ the charity's main freehold propety of Sl Mary's Convent and olhersmaller propwties. Depreaation is charged the buildings at a fate of 1% per annum. No dopracAIKM is charged on the land. • Fr8ehold improvements Freehokj improvements ccffiprise nK)dernisatH)n and other improvements lo the charity's woperlies. Depreciation is charged at a rate of 1% per annurn. • Fixtures and fftlings Expenditure on the purchase and reF4acement of fixtures and fftlings is c4)itslised and dèprecialed at 15% to 20% per annum on a straht-Ile basi& • Alotor vehicles Motcf vehicles are capilalised and depreciated over a four-year peri¢yJ on a stravJht line basis in onler to write off the cost of &ich vehide over its eslfmated useful lrfe. • Plantand machinery and offico 6qulpmenl Expenditure on the purchase and replacement of rAant and machinery and office equit¥n8nt 15 wlalised and depwiated over flve to fifteen years on a str8ight Ilne basis. F4xed asset investmenls • Listed investments Listed investments are a fomi of bas finawal instrument and are initially recognised at their transaction vae and subsequonty measured at their fair value as at the balance shgel date using the downg qwted market pric£. The tharity does not acquire wt optIts, derivaltves or other compkx financlal ir6truments. noted ae Ihe main f(m of financial risk faced by the charity ig thal of volatility in investsnent markets due to wider econcffir conditn$, Ihe attitude of investors to investment risk. and chanS in wtiment c£¢eMIng investments and within particular sector5. • Investn7entproperlles Pmperties heid for investment purpws are induded in these a¢)unts al open market value. The Community of St Mary the Virgin al Wantage 21
Principal accounting policies Year to 30 September 2024 Flxed a55et investments Icontinuedl Realised gains {or losses) on investh)ent assets are calculatèd as the drfference beeerS dlstKJsal peedS and opening carrwng value or their Kwrchase value ff acquired subsequent to the stsrt of the finanual year. Unrealised gains and losses arg calculalgd as th8 drfference beh¥een fair value at the year end and carwng value at that dale. Realised and unrealised investment gains (or losses) are combined in the stslement of financial activities and are recorded in the year in which they arise. Debtors Debtors are recognised at the1rsett1ent anvjunt. less any provision for nonwrecoverabilty. Prepayments are valued 81 the amunt prepai¢J. Debtots have been disonted lo the present value of the future &ish reCe>t vthere s discounting is material. Cash at bank and in hand Cash at bartk and in hand represe[ such accounts and instruments that ar8 available on demand or have a malurity of18ss Ihan three monlhs from the date ol acquisition. Credltors and provisions Creditors and provisions are fecDJnised when there is an obligation al the balance sh8el date 3$ 3 resAJII of a past event. tt is prObats that a transfer of economic benefit will be required in settlernent. and the amount of the setuemenl (Sn be estimated reliably. Creditors and prowsions are rec(onised at the amount the tharity anticipates it will pay to settl8 the debt. They have been dis(xrtJnled to the present ¥8luo of thè future cash payment where such discountsng is material. Funds Restricted funds (J)mprise moni&s raised for, or wllh Iheir use restrirted lo. a specffic purpose. or contributions subject to donorryimp05ed condttions. Details of these funds are givan in note 14 to the aCnts. The chartty's fund5 indude a number of unrestri¢ted inwme funds which are available for application towards the charity's objectives generdlly. Wrthin unrestricted funds. the trustees have designated certain amounts fcff specffic purposes and have identified those non-liquid funds represented by tangible fixed assets. Details of these funds are glven in noies 15 and 16 to the acL)3unts. Forelgn currencles Income received. and costs incurred, in foreNJn currenctes are translated into Slerfing at the rate ofexchange in f at the year end. This policy does nol comply with FRS 102 but has been adopted to avoKI over-comrAexty. The amounts involved are not material. The Communty of St Mary the Virgin at Wanlage 22
Notes to the accounts Year to 30 September 2024 1 Incom8 from: Donation5 and legacies Ythyto 30 Yèar lo 30 vryesth11 RestriGted Septrmber Stber fvg fiJfyJs 2024 2023 members oflhe OtherthrthX5 a¥J g)Is Leg 59.275 2.9)2 14. 76.671 59,275 7.158 14.500 SQ,933 57.091 8.443 5.194 70.728 4,256 2 Income from: Investment income and Snter¢st reble Yoar fo 30 Yearto 30 Ure81j R8stTh%•J Wernber September ds 2024 2023 1.X>7 2.675 1.W7 1.507 62.675 1,807 6S,989 4.661 61.515 1.080 67.256 Bank inier8St For the year ended 30 Seplember 2024 dl listed invesknents were held as shares in accumulation units rather than income urmts. 3 Income fmm: Renlal and vlsltor income UnstriCted funds Year to 30 Ye8r to 30 september September 2024 2023 Incc¥Me from Ot4ates. Asswates aThY olher vi8iio R8ntal in(x)m8 122.009 95,66 217.677 80.442 93,500 173.942 4 Miscellaneou5 InMe Unrestricled fvnds Year to 30 Year to 30 Septsmber S8Pt8mb8r 2024 2023 MI13r05 AKx*ne 365 26,360 Miscellan99us 1c¥e for the year to Seplember 2023 induded £25.000 beiThJ a gift over from St Dunstan's Abw School Trust in favour of CSMV. The Community of St Mary the Virgin al Wantage 23
Notes to the accounts Year to 30 September 2024 5 Exponditure on: Charltable actlviiies Y•arlo 30 Year lo 30 LthstrICj Restiidej Septembvr SeplpmbBr funds 2024 2023 onvent siaff Irth 81 Premi88S ¢t$ Cmher Iiviry F*scthl costs Dewedation AdMIn¥t sthJry¢aws G0Vem8r costs lTrx&61 817.534 397. 163,643 176,978 81.118 18,622 1.714.919 877,534 39T.024 163,643 17Q978 84.137 t8,2 1.717.938 820.113 373.940 234.108 f71,378 3.019 22.543 1.701.390 1019 3B,813 10&266 1.721.459 35.292 1,756,751 1.806.656 6 Govemance costs Unrestrtcled funds Year to 30 Year lo 30 September Septemb&r 2024 2023 Audit and related fees 71 Trustee expenses PrOfeSsh81 tees 1S,SOO 41 1.750 17.291 14.750 47 6,321 21,118 7 Net movemènt in funds This is ststed after charging: Year to 30 Year to 30 September S8Pt8mbar 2024 2023 Slaff cts5ts Inote 81 Auditorfs renuneration . ststutw au¢Jrt . HR consultancy Depreuabon 877.S34 820,113 15,$00 14.750 4,415 171,378 176,978 Communty ol St Mary the Wirgin al W8nbJe 24
Notes to the accounts Year to 30 September 2024 8 Staff costs. trustse$' rgmuneratlon and Y•muneratlon of key management TonTrOl Staff costs duriry the year were as folknws.. Year to 30 Year to 30 September S8Ptemb8r 2024 2023 Wages and salaries Social security costs Pension eogts Othw staff costs.. redurKla 794,$58 06,806 10,170 744,¥29 56,153 15.376 3,655 820.113 877.534 RedurKlancy costs in the year lo 30 Septembgr2024 includgd ex-gratia payments of£3.655 10 1 emtAoyee. The average he8dcount Was 33.0 (2023- 33.251. No employees eamed £60,0 annum or rn0 (including taxable benefits but excluding emph)yer pension contribuons} during the year12023- none). The key management perSne1 in charge of direding arKI managing the charity comprise the trustees linduding the Sister in Charge) and the Steward. The totsl remuneration paid to key management personnd in 2024 was £61.63512023- £51,356). As a member of the Communtty. the INing and personal expenses of the Sister in Charge are borne by the charity. The Sister in Char9e recerves no remuneralion or reimbursement of expenses in conneclion wih her dulles as a member of key management personnel. Her living and personal expenses. whh a bome by the charity. a Consistent with anyjunts paid in resFCt of other members of tho Community. None of the othw trustees received any remuneration in o)nnection with their dutigs as stees. £270 01 expenses (2023- £47) were rMbur$ed to trustees {exdudirvJ the Sister in Charge. see above). 9 Taxation The charity is not Ibable to income tax orcorporation tax on income derived from its charitable actr¥11. as Èt fais within the various exempt¥)ns avaiLible to registered charities. The Communty of St Mary the Virgin al Wantsge 25
Notes to the accounts Year to 30 September 2024 10 Tangible ed assets twilLfjrwJs uiwent v8hic$ Totsl Cost tsr valuation At 1 (ktrthr2W3 14.928.728 81.403 14,990.131 456.393 284.917 7.415 4.207 463.808 289.224 26.919 IS696.957 73.125 26.919 15,770,082 At 30 Sewember 20 6.895.132 463.808 289.Z24 8.094.999 14,W),131 26.919 7.675.083 &1194.999 2e,919 1877Q,082 Valuation (do C 463.808 289.224 Deprtciatiort At 1 Octthr 2Q23 Charge the A¢ 30 Septemttr3)24 602. 127.325 730.293 330.919 79.321 .240 182.123 30.332 212,455 26.919 1.142.929 176,978 1.319.907 26,919 At 30 SertsMr 2024 At 30 S8ontr2023 14259.839 14.325.7 113.568 76.768 14450.175 145¥02B 125.474 1W2.794 Tha net book lue ot freehold land. buildings and improvements at 30 September 2024, consisted of. 2024 2023 Freehold land Fr£ehold buildirys FreetrKJld improvem 2,765,880 2.765,880 3.965.385 4.008,676 7.528,573 7.551,204 14,259,838 14.325.760 At 30 Seplember 2024 there were no capital u)mmitments12023- £nill. The freehold land and buil¢Jings of the charity w8r& revalued by its predecessor chartty during the year to 31 Marth 2018, based on a valuation perfomie(I by Green & Co in acC(Kdan vrilh the appropriate seth.ons of the Royal Insth"tub"on of Chartered Surveyors IRICSI Valuation Professional Sfandards incorwJrab'rKJ the Inlemation81 Valuation Standards, Global and UK Editi, January 2014 (the 'Red Boc*'l. The assets were transferred to the charity Trmth effecl from 1 October 2019 and the 2018 valuation nel of accumulated deprecAation was taken as being reflective of their fair value as al that dale and their deemed cost going foThvards. Additions ate recrKded at cost. The Communty of St Mary the Virgin al Wantage 26
Notes to the accounts Year to 30 September 2024 11 Investments At 30 September 2024 fixed asset investments wnpriwl: 2024 2023 Freed inveStnt properbB5 Listed irbveslments cash hekl 2.640.OIXI 2.905,000 13.852,061 13,138,585 16,492,061 16.043.585 With the exception of the proty redassrfied as an investment property in the year ended September 2022 (cost of£1.[,[), the malCty0f investhienl properties were purchased or constructed ty the tharity's predecessor chanty very many years ago and rKJ reliable record of their oroinal cost can be fouwvj. However. il bdieved that the histcyical cost would have been rligible. The trustees are of the cTJInJn that the inability to disclose inf0mtiOn rdatiThJ to the historical cost of these properties does not detract from the nderstsnding of ts accounts. A]1 freehold investmenl propefb.es wer& fomplty valued on an open market basis as at 30 September 2022 by rim Green MRICS. RICS Registered vaer on bèhaK of Green & Co (Oxford} Limf(ed. The valuation wa% rarried out in ac(x)rdan¢e wlkh the International Valuation Standards (IVS) and in a(£ordance with the current RICS Valuation Practice Standards (The Red Bookl. The Trustees have assessed whether there have bèen any matefial m¢)vements sirKe this date have Conclud that Ihere have not been any. Movements on freehokj investment [ffopereS are summarisetl below. Y•arlo 30 Year to 30 SeptèmbBr September 2(124 2023 Value * 1 ora0r 2023 S81e ol FKopety IN8t w0d$.. £251,060. I. £13.940} Value at 30 Septemtr 2024 2,905,000 3.365.000 1265.000) 1460,0001 2,640,IXIO 2.905.000 Movertwits on listed investments are summarlsed below: Yèarto 30 Yearto 30 Septembar September 2024 2023 Listad lftvestments and cash h•ld for rllin¥e$tmoyrt sted investm•nts Market value at 1 Cktober 2023 Di5FKwls at value Iwlteeds: .(#xl. gains.. £71.9341 Net unr88li5ed gair mar value at 30 SgPt8mLr 2024 12,928,424 13,727,222 1778,066) 11.549.472) 1,700,036 750.674 13.850.394 12.928.424 210,161 13.852,062 13.138.565 Cost ol listed inv95trnents at 30 Septen8r 2024 8.858.978 ,637,043 The Community of Sl Mary the Virgin at Wantage 27
Notes to the accounts Year to 30 September 2024 11 Investment$ (continued) I listed investments were dealt in 8 rectsjnised stock ex¢harKJe or on an 8CtNe market readily available quoted prices. Listed investments held at 30 September 2024, compriwl the fO1n. 2024 2023 Pled inves1ml fund5 Cash held by investmenl nwrwJa 13,850,393 12,928,424 1.668 210.161 13,852,061 13,138,585 The foHowing hohJFngs in pCled invesbnent fiJnds were thè ¢)nty significant hc4dings al 30 Seplember 2024.. At30 S•pt8mb8r 2024 Y•of investments CBF Church of Engla)d Investm8nt Fund Awmulation CBF Church of Engld Gk)ba Ewty knxJmulab( 8.779.570 5.070.823 63% 37% The asset alltiOn of the pmjoled investment funds at 30 Seplember 2024 was a5 follows: Allocation 2024 2023 UK equit*s Overseas eouil Cash and liquidrty Property 9.1% 62.3% 2.4% 3.9% 22.3% 100.0% 9.1% 72.2% 1.4% 2.1% 15.2% 100.0% 12 Debtors 2024 2023 Prepayments VAT rewveraAe oth8[ d8bttxs 34597 1366 17.237 54,21JO 33.570 14,514 39.616 87,700 The Community of St Mary the Virgin al Wanlage 28
Notes to the accounts Year to 30 September 2024 13 Credltors al Amounts falling due within one year 2024 2023 E¥p8n5e credito Grant commitsnents Accruals and deferwd incA)me cT8dtto in res1 to langiNgfred asss 55,049 35.000 17.426 30.043 137,518 41,228 35,000 14,750 89.577 180,555 b) Amounts falling due in more than ono ar 2024 2023 nt o)mmttments 15,0 50.(X)O 14 Restricted funds The income ftjnds of the charity wlude restrlcted funds wmprising the folk)wing Unexnded balances of donatbjns and grants hetd on trusts to be applied for speufi¢ purposes- At30 Septqnthr 2024 1.725 2.481 12.1)661 19531 132.2731 135.2921 21497 43.290 74331 41.513 70.367 The spectfic Purposes for whth the funds held during the year and a130 September 2024 afe lo be applied are as follows.. The CSMV Associates fund 15 used forlhe instruction and support of CSMV ASSl81e$. • The CSMV Oblates fund is used fc the instrucbon and support of CSMV Oblates. • The Wantsge Overseas fund is lo support continuing charitable work in India and AfrTh. Transfers from unre51rthd funds represents funds alkjcated by the tfustees to support this fvnd. Community of Sl Mary Ihe Virgin at Wanlage 29
Notes to the accounts Year to 30 September 2024 15 Tangib fix asset furrfl Yearto 30 Year lo 30 S8ptemb8r Septembsr 2024 2023 At 1 Octobw 20Z3 Net movement in penoj At 30 Seplemljer 2024 14,554,028 14.178,069 1103,8531 375.959 14.4S0,175 14.554.028 The tsngible fixwj assets fund represents the net trk value of the charity's tangible fixed assets. A decision was made to separale this fund from the general fund of the charity in recognition of the faGt that the ta[lbIe fixed assets are essential lo the day-ldaY work of the charity and as such their value should not be regarded as funds that would be realisable wilh ease to meet future contiThJencies. 16 Designated fund The income funds of the charity include the folluwing designated fund set aside out of unrestricted funds by the trustees ftx a specific purpose: At30 S•ptsmb¢r 2024 1 Ocloter New 2023 Released 1$9$wJnation Ststefs, Ca lund 4.(1.4X) 4,000,01 The Sisters. care fijnd consists of mcmies which the tnjstees have set aside to ensure sufficiont funds are aAyS availab to allow the Sistars to continue their lrfe in community and to care for them as they gr(N4 dder. The trustees have recently undertaken a detailed rev of the basis for calcufating the reserve. tsking account of the relatNely high and increasing costs of [0vidIng care and Ihe current number of Sisters. The value of this fund will continue to be revieNved annualty using actuarial princiFAes. 17 Analysis of net assets between funds Fund balances were represented by the followiNJ assets and Ilabilities.. Tangib assets ar¥J At30 Genernl designaied Rgstricted Septemb8r fund fwids 2024 Tangkble fixed assets Investments Nel current lliabl5Y assets abilities more Ihan C year Totsl net assets 14,450.175 4.000,0(NJ 14450,175 16,492,081 134,3211 115,0001 73.331 30.892,915 12,492.061 1107.6521 (15,OCKII 12,369.409 73.331 18.450,175 The Communtty of Sl M8ry the Virgin at Wanlage 30
Notes to the accounts Year to 30 September 2024 17 Analysis of net assets between fund$ IrAJntinued} Tarpb fixed as5efs 8nd At30 G8ner81 d8sign818d Resb7Cted September fvnds fvnds 2023 Tang1& h8da&s8ts lnvèstnts Net (lbIlitie$y8$$ets Total not assets 14.554.028 4.0(10.C190 14,554,028 16,043.585 70.367 (TO.940) 70,367 30,526,673 12.043,585 1141.307) 11.902.278 18.554.028 18 Ultimate ¢ontrol The charity is trled by ts members WIKJ ¢(Mnwise the trustees. The liability of the members is limited. If the charrty is wound up, the members have no liabllity to contribute to its assets and no persona respsibl1ty for settting its debts and liabilities. 19 Related parties One of the trustees is married to a former employee of the charity who retired in ApTiI 24. The appointrnent of the em&loyee was by the CSW TrusL the charity's predecessor charEty. The CSMV Trust sought permission from the Charity Cornrnission prior lo the appOlment and no obJ"ecb"ons were raised by the Charity Commission. Trustee expenses are dosdowj at note 8. There a no other relaied party transactions that require disdosure12023- none). 20 Post Balan Shaet Events The were no post balance sheel events. The Community of St Mary the Wirgin at Wantage 31