REGISTERED COMPANY NUMBER: 04943183 (England and Wales) REGISTERED CHARITY NUMBER: 1101444 REPORT OF THE TRUSTEES AI¥D FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 DECEMBER 2023 FOR SOCIETY OF THE SACRED MISSION (A COMPANY LIMITED BY GUARANTEE)
SOCIETY OF THE SACRED MISSION COIYTENfs OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the Trustees Report of the Independent Auditors Statelnent of Financial Activitie5 BalAnce Sheet io Casb Flow Statement Notes to the Cash Floiv Statement 12 Notes to the Financial Statements 13 to 26
SOCIETY OF THE SACRED MISSION REPORT OF TUE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annual report together with the audited financial statements of the Company for the year I January 2023 to 31 December 2023. The annual report serves the purpose of both a Trnstees, report and a directors, report under company law. The Trustees confimi that the Annual report and financial slatemenls of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Sialement of Recommended Practice (Sol) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective l January 2019). Since the Company qualifies as small under section 382 of the Companies Act 2006, the Sirdtegic report required of medium and large companies under the Companies Act 2006 (Strdtegi¢ Report and Directors, Report) Regulations 2013 has been omitted. OWECTIVES AND ACTIVITIES Polieie$ and objectives The charity's objectives are set out in the memorandum of association. The Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. The Charity exists for the purposes set out in its Articles revlsed in 2020: e objects of the Charity, for the benefit of the public, the advancement of the Christian religion by the following means.. The conduct of a recognised religious community of the Church of England known &$ the Society of the Sacred Mission. b. The pursuit of any purpos4 charitable according to the law of England and Wales which is calculated to express the Gospel in practica] fom)., The atms of the Society are to support and encourage those who wish to prep&t and train for Christian rninisty in all its fonns and by so doing assist and pastor those wishing to affirni and come to a life enhancing knowledge of the Christian faith. The Society undertakes charitable activities within the fields of Christian ministy, Spirituality and education. This has been the Society's policy since its inception. The principal areas in which the Society is currently involved are supporting theological education and training, in addition to providing grdnt funding in support of projects consistent with its aims and objectives. Specific a¢tivtties include the operation of St Antony's Priory as a Christian spirituality centre that provides spiritual direction and the training and ongoing SUPPOrt of spiritual directors, togeiher with retreat accommodation and quiet days for indTrviduals and groups. There is a regular timetable of wOl)Ip in the Chapel, and the libjw is available for theological study. New work in¢ludes a project to develop an Institute for Anglican Religious Life. The ChaTity also administers restricted funds for the benefit of the independent SSM province of Southern Africa and the Kelham Theological College Fund for grants in support of training for ministry. The trustees ¢onfirn] that in developing and undertaking activities by the Society. they are mindful of their obligations to ensure that they are furthering the Charity's purposes for the public benefit and have had due regard to the guidance published by the Charity Commission in this respect. Grant-m4king poltcies The responsibility for making dlSIonS on grant rnaking rests with the Trustees. Grants are considered by the trustees at s¢h¢duled board meetings or by cOesPondenCe. An annual budget for grants is agreed by the trustees. Grants are provided through the Kelham Theological College Fund established for the specific pUoSe of supporting ministry training and theological education. Th¢ Society also supports wider Christian related aGtivities and projects through discretionary grants from its General Fund. Page I
SOCIETY OF THE SACRED MISSION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRATEGIC REPORT Achievement and performance Report from the chairman The Charity's principal activities include the support of the professed members of the Society, the distribution of grants, and the operation of St Antony's Priory, Durharn, as a Christian spirituality eentre. The ongoing process of governance review continued over the course of 2023, with the development and approval of a comprehensive strategic plan, and review of the ¢haritable objects. Fr Edmund remains in Westbury Grnnge care home, Fr Jonathan - who celebrated hi5 60th anniversary of ordination lo the priesthood in December - lives independently in Newport Pagnell, and Fr Robert continues to assist in the parish of St John the Divine, Kennington. Fr Andrew, in Yokoharna, keeps in touch via Fr Jonathan. It has been a g(KJd year for St Antonys Priory - the first year of uninterrupted operations since 2018. We have enjoyed a very satisfactory level of bookings for retreats in the cottage, spiritual direction sessions, and bookings for a wide range of church groups for quiet days and the like. The chapel Congregation continues to flourish, with a nurnber of studenls also starting to attend, and we regularly have ordinands on placement. A major part of the work of the Priory involves the trdining and provision of Spiritual Directors. We athninister a network of more than 70 spiritual directors. and in 2024 a new cohort will join the network for the first lime since training was interrupted by lockdown in 2020. In September 2023, a second cohort began the two-year course, meaning that we now run two cohorts simultaneously. There is also a Comprehensive programme of ongoing fonnation for existing members of the network. Plans for the future include the development of pastoral supervision for clergy as a natural extension of the work we already do in this area. 2023 also saw the approval, in O¢tober, of exciting plans for the establishment of the Institute for Anglican Religious Life, with the redevelopment of our property at 72 Claypaih scheduled for 2024. As part of this work, a new serie5 of speaker events was initiated in May 2023, comprising lernily research seminars hosted in partnership with the Centre for Anglican Studies at Durham University, well as other one-off events. The Society administers the Kelham Theological College Fund (KTC) which exists to fund training for ministry. broadly understood. 16 grants were awardcd in 2023, totalling £95K. These included support of the Healing of Memories project in South Afric4 the pastoral assistant programme at St John Ihe Divine, Kennington. and grants for a number of students and serving clergy to undertake ¢ourses of theological sbjdy. We also make grants to SSM Southem Afiica from a restricted fund established to support their work. The new administrdtive protocols developed at the beginning of 2023 have worked well and there is a good working relationship between the two organisations. The Charity retains ownership of properties in Milton Keynes, currently leased to Willen Hospice. Due ¢onsiderdtion will be given to the future of these holdings during the course of 2024. It only remains to thank the Director. Staff and Trustee5 for all their hard work during the past year. Financial review Results for the year Results for the year.. Income for the year was £515,362 (2022.. £489,887). Expenditure for the year was £793,560 (2022.. £745.793). Net incomel(expenditure) before investment gains was (£278,198) (2022.. (£255,906)). Net investment gains for the year were £225,674 (2022: 105ses of £1,524,109) together with net expenditure before investment gains of £278,198, accounting for th¢ overall deCrC in funds during the year from £14,048,639 (2022) to £13.996,115. Principal funding The principal funding streams are derived from the donations of income from the professed members and investment income from the investment portfolios held. Page 2
SOCIETY OF THE SACRED MISSION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRATEGIC REPORT Financial reeW Material investments policy The Society operates an actively managed investment portfolio of equities and bonds which has been reviewed during the year to provide a greater emph&sis on ineome generation rather than capital growth. The Society seeks to avoid direct investments in military-related and tobacco-related holdings and concentrate upon ethical securities. The Society's primary investments were managed by Rathbones during the year with some short-tern cash deposits also held. Reserves poliey The Society's reserve policy focuses on the level of 'free reserves,. Free reserves exclude restricted funds, designated nds and the net book value of the Society's tangible fixed assets and investment propety. At ihe year*nd free reserves amounted to £2,671,299 (2022: £2,656,672). The Society seeks to maintain sufficient free resCeS to manage the risks to which the charity is exposed in the course of its business, including. but not limited lo, safeguarding against volatile income. The Charity has designated £2m of its funding for the care of the Professed, all of whom are elderly. It recognizes its need to provide for the ongoing ¢are of thes¢ men. The amount is an estimate of costs and remains under review. Our first Charitable Object is the conduct of the religious community, and we believe th this designation is suificient for the maintenance of the members of the order. The Charity's reserves are held at their cuttent level to enable the generation of income to match the bulk of its operating Costs. It generates some income from operational activities. The Charity is currently reviewing its strategic objectives, which may include new activities that both require capital investment and may generate additional fundinE streams. The Charity will keep ils resCeS under review in order to make the best use of its financial assets for the strategic purposes of the Charity. The remaining balance of unrestricted resetves £7,025,305 (2022.. £7,119,218) has decreased slightly during the ycar. These reserves are considered by the Trustees to be more than adequate lo meet future additional designations in addition to providing substantial capital grants in support of projects consistent with the So¢iety's aims and objectives. Plans for future period The Charity will continue its core objectives and the ongoing activities outlines above. It will keep its activities under review and will seek to strengthen further its Board. It will maintain and Improve its buildings and look for ways to further its objectives. STRUCTU GOVERNANCE AND MANAGEMENT The Board has strategi¢ oversight of the ChaTity and it has been in the past year reviewed its skills and membership needs. It is actively seeking to recruit additional members. Day to day nllming of the Charity in its operations at St Antony's and its grant making is delegated to the Director, Fr Nicholas Buxton and his able team of dedicated staff. The Financial Manual gives clarity on Financial proSe$ and delegations. The Board meets by zoom or in person four to six times a year as needed and conducts urgent business by correspondence. It is aware that it needs new and more members and is a¢tively looking at options for this. The Board discusses and agrees staff pay reviews by comparlng with market rates and ihe circumstances at the time of the annual review. The Charity has no subsidiarics or trading aTJn and the only close relationship is with the independent province SSM Southern Africa which the Charity supports through a Restricted Fund, advised by an Advisory Group. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 04943183 (England and Wales) Page 3
SOCIETY OF THE SACRED MISSION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Registered Charity number 1101444 Registered office St Antony's Priory 74 Claypath Durham DHI IQT Trustees Revd Canon S J Bamber Fr J Ewer Fr R Stretton M Tomlinson The Ven R G Cooper Rev Canon S Jones (appointed 21212023) (resigned 2611012023) Rev A Arnold (appointed 11912023) Rev C P Irvine (appointed 11912023) Auditors Haines Watts Newcastle Limited 17 Queens Ln Newcastle upon Tyne NEI IRN Solicitors Wrigleys Solicitors LLP 19 Cookbridge Street Leeds LS2 3AG Ateountants Ribchesters Chartered Accountants Finchale House Belmont Business Park Durham DHI ITW TRUSTEES, RESPONSIBILITY STATEMENT The trustees (who are also the directors of Society of the Sacred Mission for the PUTPOSCS of company law) a responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards nited Kingdom Generally Accepted AccountiT]g Prd¢ti¢e). Company law requires the Injstees to prepare financial statements for cach financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure. of the charitable cornpany for that period. tn preparing those financial statement4 the tru51ee5 are required to select suilable accounting policies and then apply them consistently. observe the method5 and principles in the Charity SORP. make judgcmenls and estimates that are reasonable and prudenl; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. Page 4
SOCIETY OF THE SACRED MISSION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES, RESPONSIBILITY STATEMEF4T- eontinued The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statemen15 mplY with the Companies Acl 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other ]egularitIes. In so far as the trustees are aware.. there is no relevant audit inforniation of which the charitable Company's auditors are Unaw and the trustees have taken all steps that they ought to have taken to rnake themselv4s aware of any relevant audit infonnation and to establish that the auditors are aware of that infonnation. AUDITORS The auditors, Haines Watts North East Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trnst directors, on ........ ........ . corpordting a strategic report, approved by order of the board of trustees. as the company and signed on the board's behalf by: Revd Canon S J Bamber- Trustee Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SOCIETY OF THE SACRED MISSION Opinion We have audited the financial statements of Society of the Sacred Mission (the 'charitable company,) for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The finan¢i21 reporting framework that ha5 been 2pplied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PrdCtice}. tn our opinion the financial 51atements-. give a true and fair view of the state of the charitable company's affairs &$ at 31 December 2023 and of its incoming resources and applitIOn of resources, including 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 Companies Act 2006. 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 Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable company in accordance with the ethical requirements that aJe relevant to our audit of the financial slalements 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 obtsined is sufficient and appropriate to provide a basis for our opinion. Conelusions relating to going eoneern In auditing the financial statements, we have concluded that the trustees, use of the going con¢ern b&sis of accounting in the prepardtion of the financial statements is appropriate. Based on the work we have perfonned, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trnstees with respect to going concern are described in the relevant sections of this report. Other informAtion The trustees are responsible for the other infomiation. The other infomiation comprises the infomation included in the Annual Reporl other than the finan¢Tal statements and our Report of the Independent Auditors thereon. Our opinion on the fin2n¢ial statements does not cover the other inforniation and, except to the extent oth¢rwise explicitly stated in our reporL we do not cxprcss any form of assurdnce conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infonnation and, in doing so, considcr whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the audil or olh¢rwise appears to be materially misststed. If we identify such material inconsistencies or apparent material misstatemenls, we are required to detemiine whether this gives rise to a material misstatem¢nt in the financial statem¢ntS themselves. If. based on the work we have perfornied, we conclude that there is a materia] misstat¢ment of this other infonnation, we ar¢ required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 tn our opinion. based on the work undertaken in the course of the audit.. the infonnation given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial s¢8tements' and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SOCIETY OF THE SACRED MISSION Matters on which we Are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audiL we have not identified material misslalements in the Report of the Trustees. We have nothing to report in respect of the following matters Whe ihe Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been receiv from branches not visited by us. or the finan¢ial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the infornialion and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the prepardtion of the financial statements and for being satisfied that they give a true and fair view, and for such internal conlrol as the trustees detem)ine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or emr. In preparing the financial statements, the trustees are rwonsible for assessing the charitable ¢ornpany'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 tnjstees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative bul to do so. Our responsibilities for the audit of the finantial statements Our objectives are to obtain raSOnable assurdnce about whether the financial statements as a whole are free from rnaterial misststement, whether due to frdud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of &8surance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstatement when it exists. Misstatements can arise from frdud or eor and are considered m2terial if, individually or in the aggregate, they could reasonably be ¢xpected to influence the economic decisions of user5 taken OD Ihe b&8is of these financial statements. The extent to which our procedures are ¢apable of detecting ittegularilies, including fraud is detailed below- Wc obtained an understanding of the legal and regulatory framework applicable to both the company itself and the industry in which it operates. We identified are&s of laws and regulations that could reasonably be expected to have a malcrial effect on the financial statements from our sector experience and through discussion with the directors and other management. The most significant were identified as the Charities SORP (FRS 102) 'Aceounting and Reporting by Charities, Companie5 Act 2006 and UK GAAP (FRS102). We considered the extent of ¢ompliance wtth those laws and regulation5 as part of our procedures on the related financial statements. Our audit procedures included- making enquires of directors and management as to where they consider Ihere to be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud. obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. assessing the risk of management OVaTide including identifying and testing journal entries,. challenging the assumptions and judgements made by management in its significant accounting estimates. Our audit did not identify any key audit matters relating to the dcte¢tion of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAS (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitation5 of the audit, and that by their very nature, any Such instances of fiaud or ittegularity likely involve wllusion, forgery, intentional misrepresentations, or the override of internal controls. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsre5ponsibilitie5. This description fonns part of our Report of Ihe Independent Auditors. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SOCIETY OF THE SACRED MISSION Use of our report This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required to stale to them in an auditors, report and for no other purpose. To the fullest extent perniitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have fonned. Stephen Easton FCA (Senior Slatutory Auditor) for and on behalf of Haines Watts Newcastle Limited 17 Queens Ln Newcastle upon Tyne NEI IRN Date.. 3Q oXIt Page 8
SOCIETY OF THE SACRED MISSION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total funds 2022 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 88,524 88,524 96,945 Charitable activities Income from charitable activities 32,632 32,632 16,421 Investment income Other income 228.574 2,403 163,229 391,803 2,403 374,925 1,596 Total 352.133 163,229 515,362 489,887 EXPEIYDITURE ON Raising fjjnds 26,613 29,303 55,916 56.486 Charitable'ACtivities Grant funding of activities Support costs Activities undertaken directly Governance costs 13,723 12,Il3 482,293 21,016 208,499 222,222 12,113 482,293 21,016 210,499 21,354 441.934 15,520 Total 555,758 237,802 793,560 745,793 Net gainsl(losses) on investments 109,712 115.962 225,674 (1,524,109) IYET INCOMEI(EXPENDITURE) (93,913) 41,389 (52,524) (1,780,015) RECONCILIATION OF FUNDS Total funds brought fonvard 9,119,218 4,929,421 14,048,639 15,828,654 TOTAL FUNDS CARRIED FORWARD 9,025,305 4,970,810 13,996,115 14,048.639 The notes forni part of these financial slalements Page 9
SOCIETY OF THE SACRED MISSION BALANCE SHEET 31 DECEMBER 2023 2023 2022 Notes FIXED ASSETS Tangible assets Investments Investments Investment property 16 1,454,004 1.566.014 17 18 9,469,257 2,900,002 9.290.952 2,900,002 13,823,263 13.756.968 CURRENT ASSETS Debtors Cash at baT)k and in hand 19 77,470 188,636 20,915 316,374 266,106 337,289 CREDITORS Arnounts falling due within one year 20 (93,254) (45,618) NET CURRENT ASSETS 172,852 291,671 TOTAL ASSETS LESS CURRENT LIABILITIES 13,996,115 14,048.639 NET ASSETS 13,996,115 14,048,639 FUNDS Unrestricted funds Restricted fimds 9,025,305 4,970,810 9,119,218 4.929,421 TOTAL FUNDS 13,996.115 14,048,639 The fi cal statements were approved by the Board of Trustees and authorised for issue l.................. and were signed on its behalf by.. on SK4 Canon S J Bamber- Trustee The notes form part of Ih¢s¢ financial statements Page 10
SOCIETY OF THE SACRED MISSION CASH FLOW STATEMENT FOR THE YEAR EIYDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating aetivities Cash generated frorn operations (495,556) (454,754) Net cash used in operating activities (495,556) (454,754) Cash flows from investing activities Purchase of tangible fixed assets Purchase of fixed asset investments Sale of fixed asset investments Dividend income Interest received 4,634 (3,115,846) 3,163,215 313,325 2,490 (305,608) (1,724,154) 2,345,089 298,441 1,150 Net cash provided by investing activities 367,818 614,918 Change in cash and ¢ash equivalents in the reporting period Cash and cash equivalents at the beginning of tbe reporting period {127,738) 160,164 316,374 156.210 Cash and cash equivalents at the end of the reporting period 188,636 316,374 The notes forni part of these financial statements Pagell
SOCIETY OF THE SACRED MISSION NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net expenditure for the reporting period (as per the Statement of Financial Actiiryties) Adjustments for: Depreciation charges (Gainylosses on investments Interest received Dividends received (Increase)Idecrease in debtors Increasel(decrease) in creditors Difference between pension charge and ¢&sh Contributions (52,524) (1,780,015) 107,376 (225,674) (2,490) (313,325) (56,555) 47,636 80,770 1.524.109 (1,150) (298,441) 27,150 (5,177) {2.000) Net cash used in operations (495.556) (454.754} ANALYSIS OF CHANGES IN NET FUNDS At 1.1.23 Cash flow At31.12.23 Net cash Cash at bank and in hand 316,374 (127,738) 188,636 316,374 (127,738) 188,636 Total 316,374 (127,738) 188,636 The notes fomi part of these financial statements Page 12
SOCIETY OF THE SACRED MISSION NOTES TO THE FIPIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 GENERAL INFORMATION The Society of the Sacred Mission is a charity registered in England and Wales with the Charity Commission and is a company limited by guardntee. The Charity's registered oifice is St Antony's Priory, 74 Claypath, Durham DHI IQT. Its principal activity is set out in the Trustees, Report and relates to Christian ministry. The financial statements are presented in the charity's functional currency of sterling and rounded to the nearest £1. ACCOUNTING POLICIES Basis of preparing the financiAI statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in aecordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in ihe UK and Republie of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Reporting StandaTd applic2ble in the UK and Rq)ublic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exeeption of investments which are included at market valu4 as modified by the revaluation of certain assets. Society of the Sa¢red Mission meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless OtheIse stated in the levant ac¢ounling policy. Critical Accounting judgements and key sources of estimAtion uncertainty Estimales and judgements are continually evaluated and are b&sed on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The company makcs estirnates and &ssumptions coneerning the future. The resulting accounting estimates and assumptions will. by definition, seldom equal the related actual results. The estimates 2nd assumptions that have a significant risk of causing a material adjustment to canying amounts of assets and liabilities within the next financial year are discussed below. Valuation of listed investments Whe valuations can be subject to variations arising from external factors which can impact on the future actual results. The annual depreciation charge for tangible fixed &5sets is sensitive to changes in the estimated usefvl economic lives and residual values of the assets. The useful economic lives and residual Valu are reassessed annually. Critical aTe&s ofjudgement: Valuations of investment properties where the trustees have considered the infomiation available to them and made a judgement accordingly. Going concern The financial Statements have been pr¢par¢d on a going concern basis. The directors have considered budgets, cash flows and the impact of events. The directors are satisfied that the charity h&5 sufficient available resources, both in tenns of ¢ash and investments that can be converted to cash, such that there is no material uncertainty and the going concern basis of preparing the financial statements conlinues to be appropriate. Income All income is recognised once the Company has entitlement to the incom4 It is probable that the income will be received and the amount of income receivable can be measured reliably. Page 13 continued...
SOCIETY OF THE SACRED MISSION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR EIYDED 31 DECEMBER 2023 ACCOUNTINC POLICIES - continued Income The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company h&$ sufficient evidence that a gift h&$ been left to them (through knowledge of the existence of a valid wtll and the death of the benefactor) and the executor is satisfied that the property in question will not be required lo satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable. which will generally be the expected cash amount to be distributed to the Company, ¢an be reliably measured. Grants are included in the Statement of fin8n¢ial activities on a receivable b&sis. The balanee of income received for specific pu]poses but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt. its recognition is deferred and included in creditors as defeed inrne. Where entitlement occurs before income is received, the income is arned. Donations are recognised on receipt. Investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Expenditure Expenditure is recogniscd once there is a lega] or constructive obligation to transfer e¢onomi¢ benefit 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 me&suYed reliably. Expenditure is classified by activity- The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activtty. Expenditure on raising funds in¢ludes those incurred in managing the investments of the company. Support costs are those incurred directly in support of expenditure on the objects of the charity. GrdT]ts payable are charged in the year when the offer is made except in those Cases where the offer is conditional, such antS being recognised as expenditure when the conditions attaching are fulfilled. Grants offcred subject to eonditions which have not been met al the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverdble VAT. Tangible fixed assets Depreciation is provided at the following annual rates in order lo write off each asset over its estimated useful life. Freehold property Building improvements Equipment & furniS.ngS 20/• on cost 10/0 on¢05t 20% on cost Taxation The charity is exempt from Corporation t&K on ils chltable activities. Fund a¢counting General funds are unrestiicted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other PUTposes. Designated funds comprise unrestricted funds that have been set aside by the Trustee5 for particular Purposes. The aim and use of each designated fund is Set out in the notes to the financial statements. Page 14 continued..
SOCIETY OF THE SACRED MISSION NOTES TO THE FII¥ANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNfiNG POLICIES - continued Fund accounting Restricted funds are funds which are to be used in accordance with specific reslriclions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to the financial sl2lements. tnvestment incom4 gains and losses are allocated to the appropriate fvnd. Investments Fixed asset investments are a forni of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value camot be measured reliably in which case it is measured at ¢ost less impairnient. Investment gains and losses, whetheT realised or unrealised, are combined and presented as 'Gainsl{losses) on investments, in the Ststement of financial activities. Listed investments are stated at fair value, being market vdue at the balance sheet date. nvestment properties are measured at their fair value at the balance sheet date based on an assessment by the trustees of the market value with reference to valuations and the current property market. Programme related loans in the fom of investments are stated at cost less any repayments and impaiment. Leases Rental income from operating lease5 is reeognised on a straight line basis over the tenn of the relevant l¢ase. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised on a straight lin¢ basis over the terni of the lease. Debtors Trade and other debtors are recognised at the settlement amount after ally trade discount offered. Prepayments are valued al th¢ amount prepaid net of any trade discounts due. Cash gt bank and in hand Cash at bank and in hand includes cash and short-temi highly Iiquld investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company. this is nornially upon notification of the interest paid or payable by the in51itution with whom the funds are deposited. Liabilities Liabilities and provisions are re¢ognised when there is an obligation al the Balance sheet date &$ a result of a past event. it is probable that a transfer of economic benefit will be required in settlement, and Ihe amount of the settlement Can be estimated reliably. Financi81 instruments The Company only has financial a55et5 and financial liabilities of a kind that qualify as basic financial instruments. Basic financial iT]struments are initially recognised at transaction value and subsequently measured at their settlement value. Pensions The ¢ompany operates a defined contribution pension sch¢rne and the pension charge represents the amounts payable by the Company lo the fvnd in respect of the year. Page 15 continued...
SOCIETY OF THE SACRED MISSION NOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES - continued The Company is a member of a defined benefits pension scheme. The scheme is a multi-employer plan where it is not possible, in the nom)al course of events to identify on a consistent and reasonable basis, the shaTe of underlying assets and liabilities belonging lo individual participating employees. Therefore, as qUIred by FRS102. the company accounts for this scheme as if it was a defined contribution scheme. The amount charged to the Statement of financial activities inco]porating income and expenditure account represents contributions payable lo the scheme in respect of the accounting period. Deficit recovery contributions are accounted for as the plan is agreed and diseounted. DONATIONS AND LEGACIES 2023 2022 Donations Legacies 82,524 6,000 90,441 6,504 88,524 96,945 INVESTMENf INCOTr 2023 2022 Income from investment properties Dividend income Bank interest 75.988 313,325 2,490 75,334 298,441 1,150 391,803 374,925 INCOME FROM CHARITABLE ACTIVITIES 2023 2022 Income from guests and residents 32,632 16.421 32,632 16.421 All income in the above years was unrestricted. OTHER INCOME 2023 2022 Royalties Sundry Income Room hire 14 1,579 810 726 870 2,403 1,596 Page 16 Continued...
SOCIETY OF THE SACRED MISSION NOTES TO TUE FINANCIAL STATEMENTS- continued FOR THE YEAR EIYDED 31 DECEMBER 2023 RAISING FUNDS Investment Management Costs Are split behveen the following fvnds: 2023 2022 General fund Kelham College fund Southern Africa fund 26.613 20.183 9,120 28,052 19,404 9,030 55,916 56,486 CHARITABLE ACTIVITIES COSTS Grant fjjnding of activities (see note io) Direct Costs (see note 9) Support costs (see note I l) Totals Grant funding of activities Support costs Activities undertaken directly Governance costs 222,222 222,222 12,113 482.293 2l,016 12,113 482,293 21,016 482.293 222,222 33,129 737.644 DJRECT COSTS OF CHARITABLE ACTIVITIES 2023 2022 Staff costs Depreciation Community costs Travel and trnnsport Furniture and equipment Publicity Admini5trdtion 162,650 107,376 199,374 510 555 105 11,723 144,509 80,770 203.170 1.191 983 105 LI,206 482,293 441,931 io. GRANTS PAYABLE 2023 2022 Grant funding of activitie5 222,222 210.499 Page 17 continued...
SOCIETY OF THE SACRED MISSION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 ii. SUPPORT COSTS 2023 2022 Trustees, expenses Bank charges Auditovs remuneration Legal and professional Accountancy and payroll 578 650 13,500 10,884 7,517 545 721 10,500 15.430 9,678 33,129 36.874 12. NET INCOMEI(EXPENDITURE) Net incomel{expenditure) is stated after chargingl(crediting): 2023 2022 Depreciation- owned assets 107,376 80,770 13. TRUSTEES, REMUNEIL4TION AND BEIYEFITS Some of the Trustces are professed members of the Society. They donate their eamings to the Society and have their living expenses bome by the Society. The Trustees received no remunerdlion or other benefits in connection with their duties as trustees. Trustees, expenses Durtng the year expenses of £578 were reimbursed to the TNslees in respect of travel and subsistence costs (2022: £545 to the TNstees). 14. STAFF COSTS 2023 2022 Wages and salaries Social s¢curity costs Contributions to defined contribution pension s¢h¢mes 146.099 6,375 10,176 128.503 4,781 Ll,225 162,650 144,509 Key management personnel comprise the Trustees of the society, none of whom are remunerated. The average monthly numb¢r of employees duiing the year was as follows.. 2023 2022 Employees No employees received emoluments in excess of £60,000. Page 18 continued...
SOCIETY OF THE SACRED MISSION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 15. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 96,945 96.945 CbAritable activities Income from charÉtable activities 16,421 16,421 Investment income Other income 221,844 1,596 153.081 374,925 1,596 Total 336,806 153,081 489,887 EE11TUR OIY Raising fvnds 28,052 28,434 56,486 Charitable activitie5 Grdnt funding of activities Support costs Activities undertaken directly Governance costs 15,009 20,634 441,550 15,520 195,490 720 384 210,499 21,354 441.934 15,520 Total 520,765 225,028 745,793 Net gainsl(losses) on investments (745,755) (778,354) (1,524,109) NET INCOMEI(EXPEIYDITURE) (929,714) (3,470) (850,301) (1,780,015) 3,470 Transfers betweell funds Net movement Sn funds (933,184) (846,831) {1,780,015) RECONCILIATION OF FUNDS Total funds brought fonvard 10,052,403 5,776,251 15,828,654 TOTAL FUNDS CARRIED FORWARD 9,119,219 4,929.420 14,048,639 Page 19 continued...
SOCIETY OF THE SACRED MISSION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 16. TANGIBLE FIXED ASSETS Freehold propety Building Equiprnenl improvements & furnishings Totals COST At l January 2023 Additions 1,131,173 811,525 (6,760) 27,391 2,126 1,970.089 (4,634) At 31 December 2023 I,131,173 804,765 29,517 1.965,455 DEPIiECIATION At l January 2023 Charge for year 218,704 20,357 171,530 81,344 13,841 5,675 404,075 107,376 At 31 December 2023 239.061 252,874 19,516 511,451 NET BOOK VALUE At 31 December 2023 892,112 551,891 io.ooi 1,454,004 At 31 December 2022 912,469 639.995 13,550 1,566,014 Included in land and buildings is freehold land at a cost of £113.334 (2022: £113,334) which is not depreciated. 17. FIXED ASSET INVESTMENTS Listed investments At l January 2023 9,290,952 Additions Disposals Revaluations 3,115,846 (3,151.396) 213.855 Al 31 De¢¢mber 2023 9,469,257 NET BOOK VALUE At 31 December 2023 9,469.257 At 31 December 2022 9,290,952 There were no investment assets outside of the U Cost or valuation at 31 December 2023 is reprented by.. Listed investments Valuation in 2023 9,469,257 Page 20 continued...
SOCIETY OF THE SACRED MISSION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 18. INVESTMENf PROPERTY FAIR VALUE At l January 2023 and 31 December 2023 2,900,002 NET BOOK VALUE At 31 December 2023 2.900,002 At 31 December 2022 2,900.002 If investment property had not been revalued it would have been included at the following historical cost.. Cost £888,247 Investment propety was valued on an open market basis desktop appraisal on 9 January 2024 by Rtcs Registered Valuers, Genvyn Bryan Propety Solutions. The trustees consider that this valuation represents market value. 19. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade debtors Prepayments and accrued income 31,739 45.731 13,539 7.376 77,470 20,915 20. CREDITORS: AMOUNTS FALLING DUE WITHI1¥4 ONE YEAR 2023 2022 Trade creditors Social security and other taxes Other creditors Accruals and deferred in¢om¢ 50.314 2,780 5.805 2,396 153 37,264 39,516 93.254 45.618 Defe¢d income totalling £5,627 (2022.. £5,175) relates to rental incorne in relation to the year ended 31 December 2024. 21. ANALYSIS OF I¥ET ASSETS BETWEEN FUNDS 2023 Total funds 2022 Total funds Unrestricted fund5 Restricted funds Fixed assets Investments Current assets Cu]TenÉ liabilities 1.454.004 7,398,449 266.106 (93,254) 1,454,004 12,369.259 266,106 (93.254) 1,566.014 12,190,954 337,289 (45,618) 4,970,8IO 9,025,305 4.970.810 13,996,115 14,048,639 Page 21 conlinu¢d.-.
SOCIETY OF THE SACRED MISSION NOTES TO THE FINANCIAL STATEMEPITS - ¢ontinued FOR THE YEAR ENDED 31 DECEMBER 2023 22. MOVEMENT IN FUNDS Net movement in funds At 31.12.23 At 1.1.23 Unrestrieted fund5 General fund Care of the elderly 7,119,218 2,000,000 (93,913) 7,025,305 2,000,000 9,119,218 (93,913) 9,025,305 Restricted funds Kelham College fund Durham fund Southern Africa fund 3,360,389 17.502 1,551,530 78,363 3,438,752 17,502 1,514,556 (36,974) 4,929,421 41,389 4,970,810 TOTAL FUNDS 14,048.639 (52.524) 13,996,115 Net movement in fund4 included in the above are as follows.. Incoming resources Resources expended Gains and Ios5&8 Movement in funds Unrestricted funds Generdl fund 352,133 (555,758) 109.712 (93,913) Restricted funds Kelham College fund Southem Africa fund 112,739 50,490 (115,282) (122,520) 80.906 35.056 78,363 (36,974) 163.229 (237.802) 115,962 41,389 TOTAL FUNDS 515.362 (793,560) 225,674 (52,524) Comparatives for movement In funds Net movement in funds Trdnsfers between funds At 31.12.22 At 1.1.22 Unrestricted funds Gcn¢ral fund Care of the elderly 8.052,403 2,000,000 (929,715) {3,470) 7,1 l9,218 2.000.000 10.052,403 (929,715) (3,470) 9,119218 Restrlcted funds Kelham College fund Durham fund Southern Africa fund 3,902.170 18,606 1.855,475 (545.251) (1,104) (303.945) 3.470 3,360,389 17,502 1,551,530 5,776,251 (850,300) 3,470 4,929,421 TOTAL FUNDS 15,828,654 (1.780,015) 14,048,639 Page 22 continued...
SOCIETY OF THE SACRED MISSION NOTES TO THE FINAF4CIAL STATEMENTS- contillued FOR THE YEAR EIYDED 31 DECEMBER 2023 22. MOVEMENT IN FUNDS- continued Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 336,806 (520,766) (745,755) (929,715) Restricted funds Kelham College fund Durham fund Southern Afri¢a fund 104,650 (118,123) (1,104) (105,800) (531,778) (545,251) (1,104) (303,945) 48,431 (246.576) 153.081 (225,027) (778,354) (850,300) TOTAL FUNDS 489,887 (745,793) (1,524,109) (1,780,015) A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds Transfer5 between funds At 31.l2.23 At 1.1.22 Unrestricted funds General nd Care of the elderly 8,052,403 2,000,000 (1,023,628) (3,470) 7,025,305 2,000,000 10.052,403 (1,023,628) (3,470) 9,025,305 RestrRCted funds Kelham College fiEnd Durham fund Southem Africa fund 3,902,170 18,606 1,855,475 (466,888) (1.104) (340,919) 3,470 3,438,752 17.502 1,514,556 5,776,251 (808,911) 3.470 4,970,810 TOTAL FUNDS 15,828,654 (1.832.539) 13,996,115 A current year 12 months and prior year 12 months combined net movement in funds, in¢luded in the above are as follows.. Incoming r¢sources Resources expended Gain5 aTtd losses Movement in funds Unrestricted funds Generdl fund 688,939 (1,076,524) (636,043) (1.023,628) Restricted funds Kelham College fund Durham fvnd Southern Africa fund 217.389 (233,405) (1,104) (228.320) (450.872) (466,888) (1,104) (340,919) 98.921 (211,520) 316.310 (462,829) (662,392) (808,911) TOTAL FUNDS 1,005.249 (1,539,353) (1,298,435) (1,832,539) Page 23 continued...
SOCIETY OF TUE SACRED MISSION NOTES TO THE FANCIAL STATEMENTS - eontiDued FOR THE YEAR ENDED 31 DECEMBER 2023 22. MOVEMENf ny FUNDS- continued General funds The Genernl Fund exists to provide a base for the generation of investment incorne to meet the operating costs of the charity. The charity is currently reviewing its strategic plan and will be developing a Reserves approach driven by that strategic plan. Designated funds Care of the elderly The charity has designated a fund for th¢ care of the elderly professed members of the society. They are all aged over 75 and the charity is wmmitted to meeting all living and care costs during their lifetimes. The amount is difficult to quantify, and the amount of this designation is kept under review. Restricted funds Kelh*m College Fund The Kelharn College fund arises from a transfer from the Kelham Theological College Fund on l January 2004. The fund is used for the training of persons intending to take Holy Orders in the Church of England or any chUh in communion with it, the training for mission of members of the Church of England or any church in communion with it and the training or education of persons working for the extension of Christ's Kingdom in any way connected with the Church of England or any Church in communion with it. Durham Fund This represents grant income received to fund recovery days at St Antonys Priory, Durham. Southern Africa Fund The Southern Africa restricted fund comprises of funds solely to support the mission of the independent SSM Province of Southern Africa. EMPLOYEE BENEFIT OBLIGATIONS Society of the Sacred Mission participates in the Church of England Funded Pensions Scheme for stipendiary ¢lergy. a defined benefit pension scheme. This scheme is athninistered by the Church of England Pensions Board, which holds the assets of the schemes separdtely from those of the Responsible Bodies. Each participating Responsible Body in the scheme pays contributions at a common contribution rate applied to pensionable stipends. The scheme is considered to be a multi-employer scheme a5 described in Section 28 of FRS 102. It is not possible to attribute the Scheme's assets and liabilities to each specific Responsible Body, ond this means contributions are accounted for a5 if the Scheme were a defined contribution s¢heme. The pensions costs Charged to the SOFA in the year are contributions payable towards benefits and expense5 accrued in that year which were £7,070 in 2023 (2022.. £9,323). plus any figures arising frorn contributions in respect of the Scheme's deficit (see below). The 2021 valuation Showed the Scheme to be fully funded and as Such in 2023, following the valuation resulis being agreed, the deficit contributions paid were £0. A valuation of the scheme is Caled out once every three years. The rnost recent Scheme valuation completed was carri¢d out at as 31 De¢ember 2021. The 2021 valuation r¢v¢al¢d a surplus of £560m, based on Lssets of £2,720m and a funding target of £2,160m a5ses5ed using the following assumptions.. An average discount rdte of 2.7 /0 p.a,. RPI inflation of 3.6Q/o p-a (and pensions increases consistent with this). CPIH inflation in linc wrth IIFI Ic5s 0.80/0 pre 2030 moving to RPI with no adjustment from 2030 onwards. Increase in pensionable stipends in line with CPIH. Mortality in accordance with the 9/0 of the S3NA VL tables, wilh allowance for improvements in mortality rates from 2013 in line with the CMt2020 extended model with a long lerni annual rate of improvement of1.5 %, a smoothing parameter of 7 an initial addition to mortality improvements of 0.5 /0 pa and an allowance for 2020 data of OO/. (i.e w2020= 0%). Page 24 continued...
SOCIETY OF THE SACRED MISSION IYOTES TO TUE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 EMPLOYEE BENEFIT OBLIGATIONS- continued Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from I January 2023. since the Scheme was fully funded. The deficit recovery contributions under the recovery plan in force at each 31 December were as follows: /0 of pensionable stipends 7.10/0 payable from January 202110 December 2022 31 December 2021 31 December 2022 31 December 2023 An interim reduction to deficit contiibutions to 3.2% of pensionable stipends wa5 made with effect from April 2022, and remained in place until December 2022. For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme's Nles. Section 28.1 IA of FRS102 requires agreed deficit recovery payments lo be recognised as a liability. However, as there are no agreed defjcit recovery payments from l January 2023 onwards. the balance sheet liability as at 31 December 2022 is nil. The movement in the balance sheet liability over 2023 and over 2022 is s¢t out in the table below. 2023 2022 2,000 (1,000) Balance sheet liability at l January Deficit contributions paid tnlerest cost (recognised in SOFA) Remaining change to the balance sheet liability (recognised in SOFA) Balance sheet liability at 31 December (1,000) * Comprises ¢hange in agreed defi¢it recovery plan, and Change in discount rate and assumptions between yrdr-ends. The liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions. No assurnptions are needed for December 2022 &$ there are no agreed deficit recovery payments going forward. No pricc inflation suMption was needed for December 2021 since pensionable stipends for the remainder of the rewvery plan were already known.: Dc¢ember 2023 December 2022 December 2021 Discount rate Price inflation Increase to total pensionable payroll NIA NIA NIA N/A NIA NIA 0.0% pa NIA The legal structure of the scheme is such that if another Responsible Body fails, Society of the Sacred Mission ould become r¢sponsible for paying a share of that Responsible Body's pension liabilities. Page 25 continued...
SOCIETY OF THE SACRED MISSIOIY NOTES TO THE FINANCIAL STATEMENTS- continued FOR TUE YEAR ENDED 31 DECEMBER 2023 RELATED PARTY DJSCLOSURES There were no related paty transactions for the year ended 31 December 2023. 25. FINANCIAL INSTRUMENTS 2023 2022 Financial 9ssets Financial assets measured at fair value through income and expenditUTe 12,369,259 12,190,954 12,369,259 12,190,954 26. MEMBERS LIABILITY Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while helshe is a member, or within one year after hclshe ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before helshe ceases to be a member. Page 26