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 wO￿l)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 d￿lSIonS on grant rnaking rests with the Trustees. Grants are considered by the trustees at
s¢h¢duled board meetings or by cO￿esPondenCe. An annual budget for grants is agreed by the trustees. Grants are
provided through the Kelham Theological College Fund established for the specific pU￿oSe 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 deCr￿C 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 re￿eW
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 resC￿eS 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 resC￿eS 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 pro￿Se$ 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 appli￿tIOn 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 r￿aSOnable 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 e￿or
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
SK*4
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 Othe￿Ise 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 defe￿ed in￿rne. Where entitlement occurs before income is received, the income is a￿rned.
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 ch￿ltable 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
E￿E1￿1TUR￿ 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 repr￿ented 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 F￿ANCIAL 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
chU￿h 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 Ca￿led 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