REGISTERED COmP￿y NUMBER: 04943183 (EnglaDd and Wald) REGISTERED CHARITY NUMBEIL. 1101444 REPORT OF THE TRUSTEES AND NANCIAL STATEMENTS FOR THE YEARENDED 31 J)ECEMBER 2024 FOR SOCIETY OF TIIE SACRED MISSION (A COMPANY LIMrrED BY CUARANTEE) SOCIETY OF THE SACRED MISSION CONTENTS OF THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of the Trnsteei Report of the Independent Audltor8 7 to 10 Statement of Flnanclal Activitlej B*]ance Sheet 12 CA8h Floiv Statement 13 Notes to the Calh Flow Statement 14 Note¥ to tbe FIDanelal Statementi 15 to 27 SOCIETY OFTHE SACRED MISSION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The tnLStees pr¢sent their annual report together with the audited fmancial statements of the Con]pany for the year I January 2024 to 31 De¢ember 2024. The annual report serves the purpose of both a Tn￿te¢s, report And 4 director5, report und¢r r(wany law. The Tn￿tee8 conftrm that the Annual repxjrt and financial statements of the charitable company coryly with the cutrent stathtory requirements. the T¢quirement5 of the cbaritable compan￿5 governing document and the provisions of th¢ Ststement of Recornmended Practice (SORP) applicable to chaTiti¢s prep￿ing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS102) (effcctivc l January 2019). Since thc Con)pany qualifies as Small under section 382 of the Companies A¢t 2006. the Strategic rcport required of medium and large Conwies under the Compani¢5 Act 2006 (Strategic Report al￿ Directors, Report) Regulations 2013 has been omitte OBJECTIVES Al￿ AcTIv￿IEs Polkles and objecthies Th¢ charity'8 objectives Are 8¢t out in the Memorandum and Article8 of Association. The Tn￿ have given due ¢onsidcration to 8eneral 8uidanc¢ published by the Charity Commission relating to public b¢n¢frt. The Charity exists for the puwses 8et out iti its Arti¢le5, revised in 2020.. 'The objccts of the Charity, for th¢ benefit of the publi4 the advancement of the Clri8tian reli8ion by the followittg & The conduct of a r¢co8llised religious ￿mmunity of the Chur¢h of England known as the Society of the Sacr¢d Missio b. The pursuit of any pl]￿03e. charitsblc according to the law of England arld Wale5 which is Calculated to express the Gospel in praclical fonn., Since its inception the aim8 of the Society have been f1r¥l, to increase the number of those who give their liv¢$ to the divin¢ 8￿Vice, eSp￿lalIY by training ihos¢ of whom at present Use cannot be or 18 not made. wheth¢r throu8h their lack of means or of education or through other causcs, and to deepen the wholene88 of sacrifice in thcm, wher¢ the vocation exist8, by buildiD8 them into the or8Ani6ation of the religious life,, next, to lal)our for the ¢onversation and ￿rfeCtion of souls, e8pxiAlly anK*ll8 the hcath¢n and in the Church abroad,. thirdly. to have Kgard for the cultivation of divin¢ science. In 8¢ekin8 to fulfil its general object the Society shall interpr¢l and apply the aims in the changing conditions of the world, ¢onsiderin8 not only the history of the So¢iety but also new opportuniti¢s of glorifying God which h¢ may 81ve. Today, we Seek to advance these aims through charitable activities in the fields of Christian ministry and cducation. by romoting vocation, nurturing faith And gpiTltuality. and encoura8ing theological learning,. In partAculaT, this 18 primarily achieved through the operation of St AntonYs Priory as a ChTiStian spirituality centre, offering gpiritual direction and the training and ongoin8 5UPPOrt of spiritual directors, together with providing r¢tr¢at accommodation and quiet days for individuals and wups. Th¢re is a regular timetsble of daily and weekly wotsbip in the clwpel, and the library is available for theological 8tudy. New Work I￿ludeS the establisliment of thc Herbert Kelly In8titutc for Anglican Reli8iOU8 Lif¢. The Charity also administers a restricted fimd for the benefit of the indcpendent SSM Province of Southern Africa, and the Kelham The010￿.Cal College Fund, from which grnnts are madc for courses of theolo8ical study and ministeriai fornmtion. The trugtee5 confjnn Ihat in developing and undertAkin8 a¢tivities by the Society, they are mindful of th¢ir obligations to ensure that th¢y are furth¢ring the charity's pu￿08¢8 for th¢ public be￿fi¢ and have bad due rcsard to the guidance publis1￿d by the Charity Cornmission in this rc5pect. Pag¢ I SOCIETY OF THE SACRED MISSION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTTVES AND ACTivrriES GraDt-makinE polkle8 The respoL8ibility for making decisions on grant making rests with the Trnstees. Grants are considered by the InJ8tee8 at 8chedul¢d board meetings or by correspondcnGe. An annual budg¢t kn grfints is agreed by the ttustees. Grants are provided through the Kelham Th¢ological Collegc Fund established for the specific purpose of supportiD8 minist￿781 training and theological education. The Society occasionally 8UPPOrts other Christian related activities and projects through discretionary grants from its General Fund. Page 2 SOCIETY OF THE SACRED MLSSION REPORT OF THE TRUSTEES FOR THK YEAR ENDED 31 DECEMBER 2024 STRATEGIC REPORT AChIeven￿llts and performanee Charitable arllvlties The ChariW5 principal activities include the sUPPOrt 4nd care of the professed members of the Society, the distribution of grants for ministerial trainin& and the operation of St Antony's Priory as a C￿]$tilln spirituality centre, together with the various activities conducted there. Fr Edmund remAins in Westbury Grange C￿e horne, Fr Jonathan moved to new acconJmodatioD in St Alban4 where he 18 able to partiripate in the worshipping life of the catbedraL and Fr Robert Contitll￿S to be fvlly involved in the parith of St John the DiviDe. KeDniDgton. Br Andrew. in Yokoham4 keeps in touGh via Fr Jonathan. The Venerable Bob Cooper resigned a8 Chair of Trustees in December. following his appointment as Dean of Guildford CathedraL and Mark Tomlinson was duly elect￿ Is the new Chair. It has been another busy year for St Antony's Priory, with a 80(Kl level of bookings for Tetr¢at8 in the cottage, spiritual diT￿tiOn sessions, and other bookiog8 for ChU￿b groups, qui¢t day8 ond the like. The ch&pel Gongrcgation continues to flouTi5h. with a numbcr of 8tud¢nts occasionally attending (inrluding on¢ who wos baptised _ thc first baptism ever to take place in the cbapel), and we regularly hav¢ orditionds from Crajllner Hall on placement. A D￿JOr part of the work of the PrAOry involves the traiDill8 and provision of Spiritual Director8. To thi5 end we administer a n¢twork of nearly 90 8piritual directOTS, and our revised trainin8 course AS now in its third year. We ntinue to review and develop the course. and have Ix¢n in di5cu$¥ion about a training pArthership with Newcaslle diocese. The programme of ongoing fommtion for existing members of the network continues to grow and th¢ development of pastoral supervision for cler8y ig being adVa￿ed, with four members of our ne￿rk undergoing trainin8 lo become accredit¢d pastoral supervisors. The plans lu ¢stablish the Herbert Kelly Institute for Angliran Religious Life continued with the redevelopment of our property at 72 Claypath. Atlcr extensive preparatioffj building works commenced in Septernber. scheduled for Completion by April 2025. During the y¢ar, the Seminars speaker events initiated in 2023 continucd. includitig the t¢nnly research seminar8 hostsd in p4rtnership with the Centre for Anglican Studies at Durham University, as well as othcr one-off events. Plans for other programmes and &ctivitie8 remain und¢r discussion as the tnstitutc is established and th¢ work around spiritual aCL¥)Mpanime￿ and related areas is developed fi￿tI￿. The Society administerg the Kelham Theolo8icAI Colleg¢ Fund (KTC) Nvhich exists to support training for ministy, broadly understood. 25 8rants wer¢ awarded in 2024. totalling £104K. These included grants for a number of students nd serving clergy to undertske course8 of theological 8tudy, or othcr project4 as well ￿ 5UPPOrt for the Healing of Men￿rieS Institut¢ in South Africa. We 8180 Continue to support the Pa8toral Assistant programm¢ at St John the Divine, Kennington. The rel&tioDship with SSM Souther Africa wa8 Si8nificantly enhanced a8 a result of a visit from four of thc brethren who sp¢nt about 10 days in the UK splitting their time between London and Durham. D￿]ll8 the rour8e of their vt5iL a meeting with member$ of the Board of Tru8tses discu88ed the possibility of returning the we hold on thcir behalf for safekeeping in order that theymight r¢8ain full control of their rewurces. The Charity retained ownership of Propety in Milton Keynes. including the forn]er Willen Prlory site. which had been leased to Willen Hospice. In April 2025, the prop¢rty was trarL8ferred to the Hospice upon completion of its purchase. We are gratefi￿ to Fr Nichola5, the D1￿ctOr, and his excellent staff team for all their hard work during the past year. Flnanclal review Result8 for the year Results for the year,. Incomc for the year was £511,801 (2023: £515,362). Expenditutt for the Y¢￿ wa5 £853.376 (2023: £793.560). Net iD¢omel(expenditure) before investment gains was (£341,575) (2023: (£278.198)). Net investment losses for the year were £441.733 (2023: gains of £225,674) together with net expenditure before Allvestment losses of £341.575, accounting for the overall decrease in fimds during the year from £13,996.115 (2023) to £13212,807. Page 3 SOCIETY OF THE SACRED MISSION REPORT OF TRE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRATEGIC REPORT Financial revkw PrlncipAI fundlng The principal funding str¢am8 are derived from the donations of incomt from the profeBsed members and investn income from the investment portfolios held. MAterlAI thvestn*nts pollcy The Society opeiates an actively m8Jwge(l investment portfolio of equities and bonds which has been reviewed during the year to provide a Br¢ater cmphasis on in¢ome 8eneration rather than capital gro￿ The Society seeks to avoid direct inve8tmcnts in Jnilitary-relat¢d and lobaccovrelated holdings alld concentratc uw)n ¢thical securities. The Society'5 primary investments were managed by Rathbones during the year with some short4erni cash deposits also held. Reservei poll¢y The Societys reserve policy focuses on the l¢vel of'fr¢c reservcs,. Free reserves exclude restrirtcd fimds, designated funds and the net book valuc of th¢ Societys tan8ible fixed assets and inveAtment propcrty. At the ￿aT-Cnd free Te8erv¢8 amounted to £4,405.372 (2023: £2,671.299). The Society seeks to rnhintllin sufficient free reserrfes to manage thc riskg to which the charity is ¢xpo8ed in th¢ course of its business, including, but not limited to, s2feguardin8 against volatilc incon￿. The Ch￿lty has designated £1.543m of its funding for the care of the Profe8se(L all of whom are ¢lderly. It recogntzeB its need to provid¢ for the ongoing car¢ of these mcn. Th¢ amount is an estimats of costs and remains under review, Our fwst Charitable Object 15 the conduct of the religious ¢ommunity. and we bclieve that this desi￿110￿ is Buifici¢nt for th¢ mfiintenance of tILe m¢mbers of the order. The Charitys reserves are hcld at their cwrent level to enable the generation of incorne to nmteh the bulk of its operating costs. It 8en¢rates some income from operntional activities. The Charity 18 currently reviewing its 8trategi¢ objectives, which may include ncw activities that both require capital inve8trAcnt and may generate additionAI fuDdin8 strcams. Th¢ Charity will keep its r¢8erv¢s under review ill order to makc the best use of its financial assets for the strategic purpo8¢8 of the Charity. The reD]ainin8 balance of unrestricted re8erve8 £6,883.920 (2023: £7,025,305) ha$ decreased during the year. These reserves are Considered by the Trustees to be more than adequaQ to meet futuK ￿ditIonal designations in addition to providing substsntial capitsl 8rants in support of projects consistent with the Society's aims ar￿ objectives, Plans lor future p¢rlod The Charity will continuc its core obj¢ctive8 and tbe ongoin8 activities OUtlin¢s above. It will keep itB activitie8 und review and will Seek to strengthen furthcr its Board. It will maintain and improve its builditi85 and look for ways to further its objective8. Page 4 SOCIETY OF THE SACRED MtssioN REPORT OF THE TRUSTEES FOR YHE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Board has str&t¢gic oversight of the Charity and it has in the past year reviewed its skills and memb¢rship needs. It is aclively sttking to recrnit additiODaJ ￿bers, Rlik management Trustees TeViCW the organisation's objectives, 88 8¢t out in the &tsategic plan, on a re8ular basis. This enable8 them to identify the major risks the clwity n)ay be exposed to, a5 rccorded in the Risk Register. which is Teviewed at evcry board meeting. Risks identified and prioritL¢S to be addressed are based on pn)babiiity, impaGt and current mitigation. Attention has recently been focuscd on safeguardin8. trustee iccruitnjent, stsffing needs, nwmgement of our inve8tnKnt portfoIio and the financial relationship with SSM Southern Africa. Pro￿1 to appolnt new Iruitsei Tn￿lee& Ite Nominated to the board based on their skills and experience in order to fill any gaps identified by the current Board of Trustees. Appointment is by election at a schduled meeting of the board. Newly appuintcd trustees receive the Trustee Indurtion Pack, containing 0 selection of rel¢vant documcnts, including the strategtc plan and infornwtion about Iheir le8&1 rcsponsibiliti¢y. They will also have an orientation meeting with thc Chair of I"ru81ees, th¢ Chief Executive and other staff members. DAY to day running of the Ch8rity in its operations at St Antony's and its gr8nt making IB delegatcd to th¢ CEO. Fr Nicholas Buxton And his abl¢ tsam of dedicatcd staff. The Financial M8nuAI 8iv¢s clarity on Financial proce8se8 end delegatioll$. The Board mttts online or in person Six tAmes a year and ¢onducts urgent bu5ines8 by ¢owond¢nc¢. It 18 aware that it ne¢d5 llew and more members and is actively looking at options for this. The Board discusses and agre¢s 8taff pay reviews by comparillg with market rate$ and th¢ ¢ir¢umstanceB at the time of the annual review. The ChaTity haB no subsidiaries or trading arni and the only close relationship is with the indepcndent province SSM Southern Africa which the Charity support8 through a Restricted Fund, overseen by an Advisory Group. REFERENCE AND ADMINISTRATIYE DETAILS Regliter¢d Company number 04943183 (England And Wales) Reglitered Ch2rlty nllmber 1101444 Regtstered orrwe St Antony's Priory 74 cla￿ath Durbam DHI IQT Trulte Revd Canon S J Batnber Fr J Ewer Fr R Stretton M Tomlinson The Ven R G Cooper (r¢8igDed 3011212024) Rev A Arnold Rev C P Irvine AuditorB S&W Audit Statutory Auditor Chartered Ac¢ountants 17 Qu¢a]s Lane Newcastle upon Tyi NEI IRN Page 5 SOCIETY OF THE SACRED MISSION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS Soli¢ilor Wrigleys Solicitors LLP 19 Cookbridge Street tKeds LS2 3AG A¢eountants Rmf Ribchestsrs Finchalc House B¢lmont Business Park Iknham DHI ITW TRUSTEES• RESPONSIBILITY STATEMENT The truBtees (who ar¢ al80 the director8 of Society of tbe Sacred Mi68ion for the purw)5es of company law) are responsible for preparin¥ thc R¢port of the Th]stees and the fmancial statcmcnts in accordance with applicable14w and Unitcd Kingdom Accountsng Standard$ IUDited Kin¥dom Gen¢r8lly A¢¢¢pt¢d Accounting Practice). Conwony law requires the trustees to prepare financial ststements for each ftnancial year vknich give A true and fair view of thc state of affair8 of the c]wit&ble Company of the incoming re80urces and application of resources, {￿lUding the income And expenditLwe, of the elwitable company for that pcriod. In prcparing those fLDan¢ial statements, the ty8tse8 are required to ¢IKt 8uilable accounting policics and then apply Ih¢m conBi8tentJy: observ¢ th¢ m¢thods and principlcs in th¢ ChaTity SORP; make judgements and estimates that are rea8onable and prudent. Btste whethcT ppplicable accounting standards have been followed. 8ubject to any material departure8 disclo￿1 and explained in the financial ststcmellts. prepare the financial 8tatem¢nt$ on the goin8 concern basis unl￿S it 18 inappropriate to preslllne that the clwitabl¢ company will continuc in busines8. The trustees are respoAuible for keeping proper accounting records which di8cIo8e with reasonable Accuracy at any time the fmAn¢ial position of the Glwiiable Company aod to enable them to en8ure that the financial statements ¢ornply with the Con]panie5 Act 2006. Thry arc also responsible for safe8uarding the assets of the charitsble company and hence for taking re88onable steps for the prevention and detection of fraud and other irregularities. In so far 88 the t￿Stee8 ar¢ aware: there ig no relevant audit infomation of which the charAtsble ¢on)pany's auditots Are unaware; and th¢ tru8tee8 hve tsken 011 stcps that thcy ou8ht to have taken to nuke themselve8 aware of any relevant audit infonnation aDd to estAbli5h Ihat the auditors ate aw8r¢ of that information. Rcport of the trusttts, in orporating a strategie report, approved by order of thc board of tswtee8, as the company directors, on..................,...................,...... and signed on tb¢ board's behalf by.. Revd Canon S J Barnber- Trnstee Page 6 lI￿EPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOCIETY OF THE SACRED MISSION Opjnlon We have audited the financial 8tatements of Society of the Sacred Mission (the 'chaTitable compan￿) for the y¢ar ended 31 D¢ccmber 2024 which comprisc the Stat¢ment of Financial Activities, the Balance Shrt the Cash Flow Ststement and notes to the financial stat¢ment4 including a 5umm8ry of significant a￿oUnting policies. The finAncial r¢porting framcwoTk that has been applied in their preparation is applic2ble law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reportin8 Stand￿d fipplicable ID the UK and Republic of Ircland. (United Kingdom Generally AcKepted kncounting Practice). In our opinion th¢ fi[￿nCl￿ statements: give a true at)d fair view of the statc of the charitable coll￿&￿￿$ affairs as at 31 Dccember 2024 and of its illcoming resour¢¢5 and application of resources, including its income and expenditurc, for the year th¢n ended. have been properly pr¢pared in a¢¢ordance with United Kin8dom Generally Awted Accounting Practi¢e' and have been prepared in accordance with the requirements of the Companies Act 2(Ki6. Baiii for oplnlon We condurtcd our audit in accordance with International Standards on Auditing (UK) (ISA8 (UK)) and applicable law. Our responsibilities under thosc st8ndArd8 are fiuther described in ehc Auditors, re8ponsibilitie8 ftir the audit of the finan¢ial statements section of our reporL We are independent of tlle chatitable company in accordance with th¢ ethical reqUireM￿t8 that are Televant to our audit of the financial statements in the UK including th¢ FRCS Ethical Standar¢ and we have fulfilled our other ethical responsibilities in a¢¢ordance WAth these requirements. We believe that the audit evidence we have obtain¢d 15 sufficient and appropriate to providc a b88is for our opinion. ConcluBlons reIatlng to gojng Concern In auditing th¢ financial 8tatement8. we have Co￿]uded that the truste¢$' u8¢ of the goin8 concern ba815 of I¢￿Unting iu th¢ preparation of the financial >tatcments is appropriate. Based on the work we have perfonned, we have T)Ot identified any material uncertainties relating to events or ¢ondition8 thal individually or ¢ollectivcly¥ may cast significallt doubt on the thoritsbl¢ ¢ornpanYs ability to conlinue as a goin8 conc¢rn for a P¢Tiod of at1¢88t twelve £t￿nthS from when the fll)ancial $tatem¢nts are authori8¢d for i8$ue. Our r¢8POn8ibilities and the rcsponsibilitie8 of the trustee8 with respect to going ¢oncern are deseribed in the relevant sections of this report. Other IDformatlon The other infomation compTi5¢8 the infornmtion included in thc Report of tbe Th18tees and Financial Statements, other than the financial 8tat¢ment8 and our auditorf8 ryort th¢reoTh The t￿Slee8 aTe responsible for the other infomiation containcd within the Report of the Th￿ts¢s and Financial Statcments. Our opinion on the fin￿Cial Statements doe8 not OV￿ the other inf0rn18tion and, except to the cxtent otberwise explicitly 8tlltcd in our report, w¢ do not express any forn of a55uranc¢ wnclusion tIKreon. responsibility 1$ to read the other inforn]Ation and, in doing so, ￿nSider whether the other infornution 18 matCTially inconsistent with the financial statements or our knowlcdgc obtained ID the ¢ourse of the audit or otherwise 4)pears to be materially misstated. If we identify such material in¢onsistencie8 or apparent material mi$statements. we are required to deterniine whether this givcs rise to a rnaterial misstatement in the finanGiaL ststcment& themselves. If, based on the work we have performed. we conclude that thcre 1$ a rn&terAal misst8tem¢llt of thi8 Other infornmtioo wc are requir¢d to report that faet. W¢ bave nothin8 to report in this regard. OplnloD8 OD other mvdtters prestrlbed by the Companles Act 2006 In our opinion. based on th¢ work undcth in thc course of the auditr. the Inforn￿tion given in thc Report of the Trustees, which inco￿0[aleS the Stratsgic Report and tbe Directorn, Report prepared for the purpos¢ of company law, for the financial year for which the financial statements are prepar￿ is Consistent with the financial 5tatenL¢nts; and the Strate8ic R￿Ort and th¢ Directors, Report included within th¢ Report of the Tn￿teS have been pr¢pared in a¢¢ordan¢e with applicable legal requiiements. Page 7 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOCIETY OF THE SACRED MISSION Matters on which we are required to report by eicepdon In the light of th¢ knowledge and und¢rstandin8 of th¢ charitsble company and its enviroDrnent obtaincd in the cour8e of the audit. we hav¢ not identified n￿terIal misstatements in the Report of the TnL5tKS. We have notbing to rcport in respcct of the following matters where the Companie5 Act 2006 rquires US to report to you if, in our opiDion: adequate accounting records h4ve not be¢n kept or Teturns adequate for our ￿dit have not been received from branches not Vl8ited by u$: or the financial stAtements are not in a8reem¢nt with the ￿¢0￿ntIng records and returns; or ertain dis¢losures of tru8tees' remuhertttion spetified by law are not made. or we have not received 411 the infornwtion and explanations we require for ovr audit. Reiponslbllftlej of truitees A5 explained more fillly in the Tn￿, Responsibilitie8 Statement #et out on page 6, the ttustCC8 (who are also directors of the cknitabl¢ Company for the purposes of company law) are responsiblc for the prepAratAon of the financial statements and for bein8 satisfied that they give a Iru¢ and fair view, And for Such internal control as the trustces determin¢ is necesBary to enable th¢ preparation of fmAn¢ial ststenlents that are free from material misstatement, wheth¢r due to fraud or error, In preparing the financial 8tatemcnts, the trnstses are r¢sponsible for a88e58tng tbe charitsblc conwl8 •bility to ODtinue as a going concer4 disclosing. a8 applicable, matter8 related to going concem and using the going concern basis of accounting unless the trustses either intend to liquidate the ¢haritsble Cou￿anY or to ¢ease operntions, or have no reali8ti¢ ajternalive but to do &0. Page 8 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOCIETY OF THE SACRED MISSION Our responilbilltles for the audit of the financial 8taten)ents Our obj¢rtive8 are to obtsin reason2bk assurance about whether the financial statements as a whole arc free from material misststernenL whether due to frdud or ern)r, Rnd to issue an auditor's report that includes our opinion. Reasonable assurAnce is a high level of assurance, but is not a 8uarant¢e that an audit wnducted in acconlance with ISAS (UK) will &lway8 d¢t¢ct a rnateri21 mi5Statement when it exist5. Misstatements can arise from fraud or c￿ and are considered nthterial 1£ individually or in the aggregate. they could reasonabjy be expected to tr￿U¢￿¢¢ the econojnic dcci5ions of users tsken on the basis of th￿C fjnancial statements. Itr¢gulaTiti¢8, including fraud. ate instances of non-compli￿ce with laws and re8ulation5. We dcsign procedures in line wlth our responsibilities, outlined above, to drtect material misstatell￿nts in respect of irre8ularitics, including fraud. The extent to whi¢h our prOcedu￿S are wble of detecting irre8ularities, including frau￿ is detailed below: We obtained a general w)derstanding of the charitsble company's Icgal and regulatory framework tlrough cnquiry of n￿￿gement concerning their understanding of r¢l¢vant laws and rc8uiation8, the entity's policies and procedures regarding compliAnce, and how they identify. evaluate and account for ]itigalion clainu. We also drew on our existing understor￿ing of thc charitable Gompany'8 indu8ty and re8ulation. We understand that the ch8Titsble company ¢omplie8 with the framework through: Outsow¢ing investment management. ac¢ount5 preparation and tax compliance to external ￿cOUnting experts. A risk assessment framework and register that includes regular review and scrutiny by the Board. The Board's cloK oversigh¢ through re8ular board rneetings. In the context of the audit, we considered those laws and re8ulation8 which detsrniine the forni and Content of the fiDancial stakments, which are central to the charttablc company'8 ability to conduet its businc85, and ￿ there ts a risk that failure to c(miply could r¢suIt in mat¢rAal p¢nhlti¢& Wc identified the following laws and re8ulation5 As being of si8nificance in the Contsxt of th¢ company: The Companies Act 2006, Cljarity Commission Ststem¢nt of Recommended Pr￿tice (SORP) oll Accounting and Reportin8 by ch￿LtieS aod FRS 102 in respect of the pr¢paration and presentstion of the financial statements. The chariti￿ Act 2011 with respect to governance and regulatory requirem¢nts. Data Protection and GDPR for donor and ￿attl ￿lpiCnI details held by the Society. We perforrned the following speeifi¢ procedure8 to gain evidence abo￿ con4)liance with the significant laws and regulations identified above". Inspecting ¢onespondencB with The Charitie8 Comn)i8sion and ensurin8 8ubmis8ions have been made on time, Perforn￿d a review of board minutes to identify uny indicators of known or 8uspected llon*ompliancc with Signifiont laws and re8ulation8. The 8enioT statutory auditor led a discussion with senior llmb¢r5 of the engagenMt t¢gm regardin8 the 5uKeptibility of the cntitys finan¢ial gtstements to material mi8StatemenL in¢luding how fraud might o¢cur. The area8 identified in this discussion were.. MAnipulation of the financial 8tatement8 via fraudulent journal ¢ntrie8 and management overriding control8. The incorrect reGo8nition of inv¢slment incon* from fraud or error. Th¢8e are88 were COJDmuillcated to the other members of the engasement team not present at the discussion. Tbe procedures we canied out to gain evidence in the ibove areas included: T¢5ting a 8ampl¢ ofjournai entrie4 selected through applying sp¢¢ifi¢ risk assessments applied based on the Societys processes and contro15 sU￿oU￿dinS journal entriu. Reconriling investment income to third party investment rnanagement reports to ensure inwme is complek, accurate and occurred in the financial year. A further description of our responsibilities fi)r the audit of the financial 8tatcments is located on thc Financial Reporting Council's wcbsite at www.frc.org.uklauditorsresponsibilities. This description forn￿ part of our Report of the Indcpcndent Auditors. Pag¢ 9 INDEPENDENT AUDITORgS REPORT TO THE MEMBERS OF SOCIETY OF THE SACRED MISSION Use of our report Thi8 report is mad¢ solely to the charitable company's members. as a body, in a¢c0TdaJ￿c with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 80 that we might state to the charitable compattvs membus those matters we are required to State to them in an auditors, report and for no other pu4)ose. To the fullcst extcnt pern)itted by law, wc do not accept OT assull￿ rcsponsibility to anyone other than the charitsble company and the charitsble company's members ￿ 8 body, for our audit worl for tbis repoii or for the opinion8 wc have forn￿d. J6 Stephen Easton FCA Senior Ststutory Auditor for and on behalf of S&W Audit Statutory Auditor Chartcr¢d Accountants 17 Quccns Lanc Newcastle upon Tyn¢ NEI IRN £q Page 10 SOCIETY OF THE SACRED MISSIOF4 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total funds 2023 Total Unrestiycted funds Restrict¢d Notes INCOME AND ENDOWMENTS FROM Donations and legacies 84.473 84,473 88,524 Ch•rltable aetfvltlei Inconw from Ch￿ItabLe Activities 35.231 35,231 32,632 Investment incomc Other incorne 224,076 164.305 388,381 391,803 Tot 347 497 511802 515 362 EXPEI¥4DtTURE ON Raisin8 funds 17,893 36,997 54.890 55,916 Charltable acdvlde8 Grant fiU￿ing of actiVTties Support costs Activities undertaken directly Governance co8ts 10,011 33,616 514,219 220,172 230,183 33,616 514.219 222,222 12.113 482,293 Total 596 207 257 169 853 376 793 560 Net (losse8y8ains on inve8tments 349,698) 225 674 NET (EXPENDITUREYINCOME (598,408) (184,899) (783,307) (52,524) RECONCILIATION OF FUNDS Total fimds brought forward 9,025.305 4,970,810 13,996,115 14.048,639 TOTAL FUNDS CARIUED FORWARD 8 426 897 4785 911 13 212 808 13996J15 Th¢ notes forni part of these financial statements Pagell SOCIETY OFTHE SACRED MISSION BALANCE SIIEET 31 DECEMBER 2024 2024 2023 Notss FIXED ASSETS Tangible assets Investments Invc8ttnents Inve8tm¢nt propety 16 1,978.546 1.454.(X)4 17 18 8.296,048 9,469257 2 900 002 10,774,596 13,823,263 CURRENT ASSETS Stocks Ikbtors Investments Cosh at bank and in hand 19 20 21 137.467 170.189 2,100.000 167 750 77,470 188636 2.575.406 266,106 CREDrroRS Amount5 falling due within one year 22 (137.194) (93,254) NET CURRE￿ ASSETS 2 438 212 172 852 TOYAL ASSETS LESS CURRENT LJABILTTIES 13212,808 13.996,115 NET ASSETS 13 212 808 13996115 FUIYDS Unrestricled funds RestTiCted funds 24 8,426,897 4785911 9,025,305 4 970810 TOTAL FUNDS 13 212 808 13996115 The fin￿¢al ststements were approved by the Board of Trustees ond authorised for i&8ue on . and We￿ Signed on its behalf by: Canon S J Bambvr- Tn￿te¢ The notes forni part of th¢sc financial statement5 Page 12 SOCIETY OF THE SACRED MISSION CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Not¢S Cash flows from operating acdvltlei Cash g¢n¢rated from operations 591 54 495 556) Net ¢a8h used in operating activities {591 495 556) Cash tlowl frorn Inveitlng Actlvitles Purch&se of tangible fix¢d assets Pur¢ha8c of fixed ass¢t investments Sale of tangible fixed 458ets Sale of fixed a88et inve8iments Dividend income Interest received (774.931) (2,129.504) 2.037 3.160,980 303,622 4,634 (3,115.846) 3,J63215 313,325 Net cash provid￿ by investing activities 570 468 367 818 Chqnge In caih and caib ¢qulvAlenti In the reportiD% perlod Cash and Cash equfvAleDts at the beglnnlng of the reporthig perlod (20,886) (127,738) 188636 316 374 Caih *Dd ulh equlvalents It the end of tbt roortlDg perlod 167 750 188 636 The notes forn] part of these finaDci81 staten￿llts Page 13 SOCIETY OF THE SACRED MISSION NOTES TO THE CASH FLOW STATEMENY FOR THE YEAR ENDED 31 DECEMBER 2024 RECONCILIATION OF IYET &XP￿M}ITuRE TO NET CASH FLOW FROM OPERATINC ACTIVITIES 2024 2023 Net expendlture for tbe reportln8 perlod (as per the Statement of FlnaDclal Actlvhlei) Adjustments for: Depreciation charges LO￿¢8/{gain) on investm¢nts Interest received Dividends receiv¢d In¢reas¢ in debtors Increase in creditor6 (783 J07) (S2,5￿) 110.885 441,733 (8,264) (303.622) {92,719) 107,376 (225,674) (2,490) {313,325) (56.555) Net uBed In operAtioni ANALYSIS OF CHANGES IN NET FIINDS At I,1.24 Cash flow At31.12.24 Net ca Cash at bank ￿ in hand 188 636 167 750 188 636 167 750 Total 188 636 20 886) 167 750 The notes forni part of these fiDaDCAal statcrncnts Page 14 SOCIETY OF THE SACRED MISSION NOTES TO THE FINANCIAL STA TEMEiYrs FOR THE YEAR EIYDED 31 DECEMBER 2024 CENERAL INFORMATION The Society of the Sacred Mission 18 a charity registered in England and Wales witb the Charity Commission and is a company limit￿ by 8uarantee. The Charity's registered office is St Antony's Priory* 74 clajpat￿ Durham DHI IQT. Its Principal adivity is set out in the Tru5tees' Report and relates to Christian rninisty. The fllwicial st&teznentS are presented in the charitys functional currency of sterling ￿ Tounded to the nearest £1, ACCOUNTING POLICIES Basis of preparing the fingrtcial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with Ihe Charities SORP (nis 102) 'Accounting and Reporting by Chariti￿. Statement of Recommended Practice applicable to chaTiti¢5 preparing thcir accounts in hccordancc with the Financial Reporting Standard applicable in the UK And Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Flnancial Reporting Stwrfard applicabl¢ in thc UK and Republic of Ireland, and the Compallies Act 2006. The financial statcment$ have been prepared under the historicyél c08t eonvention, with the exception of investmellts which &re included at mjrket value, a8 modified by the revaluation of certain assets. Society of the Sacred Misgion rnects the definition of a public bcnefit entity under FRS 102. Assets And liabilitie& are initially wognised at hi8torical cost or transaction value unle88 otherwise 8tsted in the relevant accounting policy. Crltlcal *¢coundn8 judgements And key 8outte$ of estlmAtion uncert*lnty Estimates jud8ements arc continually cvaluated and are based on bistorical Cxpcrience and other factor8, i￿lUding expeclations of future cvcnts that are belicved to b¢ rcasonable und¢r the cir¢urnstsnce8. Critical ac¢ounting ¢stimatss and assun¥tions.' The company makes estimateg and assumptions concerning the firture. The reBultin8 ￿oUntIng e8titnate8 and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of Causing & material adjustment lo carrying amount8 of &8sets and liabiliti¢s within the h¢xt fin&n¢ial year ar¢ d1￿u55Cd below. Valuation of lisled inve81ments where valuation8 can Ix subject to variations ari8ing from external factor5 which can impact on the future actual rNuits. The Annual depreciation charge for tangible fix¢d osscts is Sensitive to ch￿Be5 in the estimaled useful eco1￿MiC lives and residual value8 of the assets. Th¢ u8¢ful ¢¢onomiG lives and residual values are reassessed arnually. itical 8reas of judgement". Valuations of investll￿nt properties where th¢ ttijstees have considered th¢ infornjation available to them and madc a judg¢nwnt accordingly. GolD% concern The fmancial ststem¢nt5 have be¢n prepared on & going con¢ern basis. The dir¢ctors have considered budgets, cash flows and the impact of events. Th¢ director8 ar¢ sati8fied that the charity h45 sufficient available r¢source4 both in tern]s of Ga5h and investsnents that be converted to cash, such that there is no material uncertainty and the going concern basis of preparing th¢ ruw￿1￿1 ststcmcnts continucs to be appropriat¢. Income All in¢onK 15 recogniscd once the Company has entitlement to thc income. it 18 probable that the in¢onK will b¢ received and the amount of income receivable can be measured reliably. Pag¢ 15 ¢onlinue(L,. SOCIETY OF THE SACRED MISSION NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES - contlnlled Income The recognition of inwllle from legacie8 ig dependent on ¢5tsblishing ¢ntitlemenl the probability of receipt and the ability to eStin￿te with Sufficient 8GGuracy the amount Kceivable. Evidence of entitlement to a legacy exists when th¢ Company has sufficient evidence that 8 gift h&s been left to thcm (through knowledge of the exi8¢ence of a valid will And the death of th¢ bellcfactor) and the executor is sati8ficd that the property in quegtion will not be requir¢d to Satisfy Claims in the estate. Reccipt of a l¢wy must be recognised when it is wobable that it will be received and the kn value of the amount receivable. which vrill 8enerally be the expect￿ cash amount to b¢ distributed to thc Company, can be reliably measured. Grants are included in the Statement of financial activities on a rcceivAbl¢ basis. Th¢ balance of incorne received for specific pU￿OSeS but not expended during the period is shown in the relevant funds on the Balance sheet. Where income 15 received in advan¢¢ of entitlcment of receipt, its re¢o8nition 1$ dofcrred and included in creditors as deferred Income. Where entitlcment occuts before incom¢ 18 receivcd, the income is aGCTued. Donations are recogni8ed on TcceipL Inv¢8tm¢nt income is recogDi5ed at th¢ time the investm¢nt illMn￿ is receivable. Other income 18 reco8nised in thc period in vthi¢h it 18 receivable and to the ¢xtent the 8ood8 have been provided or on completion of the service. Exp¢ndlture Expenditure i5 recognised on¢e ther¢ 18 a legal or constructive obligation to tran8fer ¢¢onomi¢ benefit to a third paty, It is probable that a transf¢r of economic benefits will be wuired in 8etLicment and the amount of th¢ obligation can Ix measuT¢d reliably. ExpendilLifc 15 classified by Hctivity. The c08t8 of each Activity ar¢ made up of the totsl of direct COBt8 and shared costs, including 8UPPQrt C08tg involved in undertaking each activity. Expenditure on Toisill8 fund8 include8 those incurred in managing the inve8tynents of the company. Support costs are th08e incurred dir¢ctly in 8UPPOrt of exp¢nditurc on the obje¢ts of the dwity. Grallts payabl¢ are clwged in the year when the offcr is made except in those ¢8scs wh¢re the offer is conditiott￿ such 8rants being recogni8ed as expenditure when the ¢ondition8 attaching are fiilfillcd. Grants offered subjecl to conditions which hav¢ not been met at the year end are noted as a conJrnitrnenL but not accnwd as ￿penditsjre, All expenditure i& inch￿1Ve of irreeovernble VAT. Tanglble Ilxed a$8¢ti Dcpreci&tion 15 provided at the following amiual rat¢s in order to write off each asset over its estimated uscfi life. Freehold property Buildin8 inJprov¢ments Equipment & furni$hin88 20A on cost I￿/¢j on Cost 200/0 on cost Stocks Stocks are valued at thc lower of Gosl and net reali5able value, after making due allowance for ob501ete and slow moving items. Taxatlon Tb¢ rharity 18 excmpt from cotporation tax on its charitable activitics. Fund a¢counting General fimds are unrestiicted funds which are available for usc at the discretion of the T￿￿tee8 in fi)rtheranc¢ of the get￿1 objectives of th¢ Company and whicb bave not been designated for other pwpos¢s. Page 16 continued... SOCIETY OF THE SACRED MISSION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR EIYDED 31 DECEMBER 2024 ACCOUNTJNG POLICIES - eonthiued FuDd accounting De818nated fijnds comprise unrestiycted fun(ts that have been Set &8ide by the Trustees for particular puryJose8. The aim and use of each desi8llatcd fimd is set out in the notes to the financial stst¢ments. Restricted funds are funds which are to be usal in ￿¢0[danCe specific restrictions imposed by donors or which have been raised by the Company for particular purposcs. The costs of raising and administering such fimds are char8ed against th¢ specific fund. The aim and use of ¢￿h re8tricted fi]nd is set out in th¢ Dotes to the financial ststements. Inv¢81ment income, gains and108se3 are allocated to the appropriate fimd. Investments Fixed asset investments arc a forni of fin￿cIal in8ts7]ment and are initially Tecognised at their tr￿actiOn cost and subsequently measur¢d at fair value at the Balance Sheet date, unless the value cannot be m¢asured reliably ill wbich ease it is measured at (ost I￿S in)paimnt. Investment 8ains and losse8, whether reali8ed or uDrealiscd, &Te combined and preBent¢d as ThiDsI(108$es) on inv¢stmeDts' in the Stateillent of financiat activitie& Listed investments are stated at fair value, being rnark¢t value at th¢ balance sheet date. Investment propertie8 are rne8sured at their fair value ￿ the balance sheet date based on an a88e5sment by the trustees of the markrt value with reference to valuations and the cU￿ent prop¢rty market. Leiies R¢ntal income from opcrating leases 18 recogni8ed on a Straight lin¢ basi8 over the terni of the relevant lease. Tnitial direct costs incurred in ne8Otiatin8 an operating lease are added to the carrying amount of tbc lea￿d asset and re¢o8niscd on a strai8bt line ba8A6 over the t¢rni of th¢ Icase. Debtors Trade and other debtors are ftc08nis￿ at the 8ettlem¢nt amount after finy trade diicount offered. Prepayments are valued at the amount prepaid net of ￿Y trAde discounts due. C￿￿ at bank and In hand Cash at bank and in I)8nd include8 and Jhort-terni hi8hly liquid investments with a 8hort matLuity of three months or1¢55 from the date of a￿￿18]tion or op¢nin8 of the deposit or similar account. Intereit receivAbl¢ Interest on fimds held on deposit is included when receivable and the amount can be measured rcliAbly by the Company. this is noM￿llY upon notification of the intsre5t paid or payable by the institution with w1￿M the fimds are dtyo$ited. Llabllltlej Liabilitie5 and provigions are reCo￿lSed WI￿1 th¢rc is an obligalion at the Ba]ance sheet date a8 a Ksult of a past evenL il i& probable that a tran8f¢r of economic ben¢fit will b¢ r¢quired in settlcmcnt, and the anx)unt of the Settlement can be estimated reliably. FlnAnelal AnstrnmeDts The chsritable company has finallc1￿ assets and liabilities of & kind that qualify as basic financial instrLun¢nts. Basi¢ finan¢ial iD5trunients are inittally reco8Di8ed at transaction value and sub5equ¢ntly mcasured at their settlement value. The charitable company al80 has inve8tmcnts which are finan¢iaJ assets measured at fair valuc. PeD81ons The wmpany opernte8 a defined contribution pension S¢hell￿ and th¢ F)ension charge reprcsenls the amounts payable by the COmp￿Y to the fimd in respect of the y¢ar. Page 17 continued... SOCIETY THE SACRED MISSION OTES TO THE FINANCIAL STATEMENTS- eonthiued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES - conthiued The Company i8 A member of a defined b¢n¢fits pension Scheme. The schem¢ is a multiwloy¢r plan where it is not Possiblc, in the nonnol COUTse of events, to idenlify on a consistcnt and rea8on8ble basis, the share of Underlyll￿ asgets and liabilities belonging to individual pArticipating employees. Therefore, as required by FRSI 01 the Gompany accounts ftiy this scheme as if it was a defm¢d contribution scheme. The arnount ¢harged to Ststement of financial activities inco￿)0r8tlllg income and expenditwe account reprcscnts contributions pAyAbl¢ to the schem¢ in respect of the accountill8 period. Deficit recovy contributions are accounted for as the plan is agrttd and discounted. DONATIONS AND LEGACIES 2024 2023 Donation8 Legacies 84,472 82.524 INVESTMENT INCOME 2024 2023 tncom¢ from inve81mcnt properties Dtvidend in¢ome Bank int¢re8t 76,495 303.622 75,988 313,325 388 381 391803 INCOME FROM CIIARITABLE ACTIVITIES 2024 2023 Income from 8uests and residents All income in th¢ above year5 was unrestricted. OTHER INCOME 2024 2023 Royalties Sundry Income Room hire 382 1,400 14 1,579 810 Page 18 continued... SOCIETY OF THE SACRED MISSIO NOTES TO THE FINANCIAL STATEMENfs . eontinued FOR THE YEAR ENDED 31 DECEMBER 2024 RAISING FUNDS Investment Management Costs are $p]it between the folloivlng funds: 2024 2023 General fiuKI Kelham College fimd Southern Africa fund 17,893 25,758 26,613 20,183 CHARITABLE ACflVtTIES COSTS fimding of activities (see not¢ Direct Costs (see note 9) Support costs (Se¢ note I l) io) Tota18 Grant funding of activities Support Costs Activities undertaken directly Clovernan¢¢ costs 230,183 230,183 33,616 514219 33,616 514219 514 219 230 183 798 486 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Staff ¢ost8 Dcpreciation Conjmunity Costs Travel and traDsport Furniture and equipment Publicity Adminxstration 17J,727 109.573 21 J,232 6,380 858 150 162,650 107,376 199,374 510 555 105 514 482 293 io. GRANTS PAYABLE 2024 2023 Grant fuudins of activitie8 230 183 Page 19 continucd... SOCIETY OF THE SACRED MISSION NOTES TO THE FINANCIAL STATEMENTS- ¢on¢iDued FOR THE YEAR ENDED 31 DECEMBER 2014 11. SUPPORT COSTS 2024 2023 TnJs¢ees' expenses Bank Charges Auditofs remuneration Legal and prOf￿5]Onal Accountancy and payroll 688 634 14,880 29.195 578 650 13,500 10.884 12. ET INCOMKI(EXPENDITURE) Net xncomel(exp¢nditure) is stst¢d aftw char8ingl(crediting): 2024 2023 Dcpreciation- owned a88ets 110885 107 376 13. TRUSTEESI REMUNERA TION AND BENEFITS Some of the Thtste¢8 are profes8cd members of th¢ SoGiety. In the year, they donated £39,886 (2023: £37,652) of their carnin88 to the Society and hY4d living expen8e8 of £27,886 (2023: £20,165) borne by the Society. The received no remuneration or oth¢r b¢nefit8 in con1￿CtIOn with their dutAe8 A8 tru8tee8. Truitee8' expen*1 During the year expenses of £688 were reinthursed to the Tnthe8 in respect of travel and Subsistence co8t8 (2023: £578 to the Trustees). 14. STAFF COS13 2024 2023 Wa8e8 and salaries Soci81 security costs Contributions to defined contribution pension schemes 154,474 7,113 146,099 6,375 171727 162 650 Key nW¢m￿l per80nnel comprise the Tn]stecs of the society, none of whom are remunerated. The avera8e monthly number of employees dwing the year w&s a8 follows: 2024 2023 Ernployee5 No en]ployees r¢¢¢iv¢d emolurnents in excess of £60,000. Page 20 continued... SOCIETY OF THE SACRED MISSION NOTES TO THE FINANCIAL STATEMENfs - continued FOR THE YEAR ENDED 31 DECEMBER 2024 15. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unr¢stricted Restricted funds Total JNCOME A￿lD ENDOWMENTS FROM Donations and legacies 88,524 88.524 Charit4ble aedvldes Incorn¢ from charitable &ctivitie8 32.632 32.632 Investn￿nI income Other income 228,574 163,229 391,803 Total 352 133 163 29 515 362 EXPENDITURE ON Rai$iftg fiuxls 26,613 29.303 55,916 ChArltable actlvltie• Grant fut￿ing of activitics Support Costs Activities undertaken dxrectly (lovern8nce Costs 13,723 12,113 482.293 208.499 222,222 12,113 482.293 Tot 555 758 237 802 Net gains on investments 109 712 115962 225 674 NET INCOMEI(EXPENDITURE) (93,913) 41.389 (52,524) RECONCILIATION OF FUNDS Total fiwds brought forward at 0110112023 9,119,218 4,929,421 14,048,639 TOTAL FUIYDS CARRIED FORWARD AT 3111212023 9 025 305 4 970810 13996115 Page 21 continued... SOCIETY OF THE SACRED MISSION NOTES TO TIIE FINANCIAL STATEMEI¥TS - eontinued FOR THE YEAR ENDED 31 DECEMBER 2024 16. TANGIBLE FIXED ASSETS Freehold property L4)ng l¢as¢hold Building Equipment improvernents & funiishings Totsls COST At l January 2024 Additions Disposals Reclassification 1,131.173 804,765 317,399 {3.348) 29,517 509 1,965,455 774,931 (3.348) 158 008 457,023 158 008 At 31 Deccmb¢r 2024 973 165 457 023 1118 816 2 579 030 DEPRECIA TION At l January 2024 Charge for year Eliminatcd on disposAI Rec1455ificationltrar8f¢r 239.061 20,357 252,874 83,783 (1,311) 19,516 4,460 511,451 110.885 {1,311) 2285 At 31 December 2024 238 877 NET BOOK VALUE At 31 De￿ 2024 454 738 783 470 1978 546 At 31 D¢c¢mbcr 2023 551891 Included in land and buildings is fre¢hold land at a cost of £113,334 (2023., £113334) wbi¢b is not depreciated. Included within leasehold Propety there is one property with a re￿￿1￿1n8 lea8e terni of133 years. 17. FIXED ASSET ￿VESTMENTs Lxsted inve$tm¢nt6 MARKET VALUE At l January 2024 9 469 257 Addttio 2,129,505 (3,013,383) Di6p08als Revaluations 289 330 At 31 Dxember 2024 8 296 049 NET BOOK VALUE At 31 December 2024 At 31 December 2023 9 469 257 There were no investment assets outsid¢ of the U Cost or valuation at 31 DK¢rnb¢r 2024 is Teprcsented by: Listed investments Valuation in 2024 Page 22 ¢ontinue¢£.. SOCIETY OF THE SACRED MISSION NOTES TO THE FINAFICIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 18. INVESTMENf PROPERTY FAIR VALUE At l January 2024 Revaluation Transfer b¢tween cl88ses 2,900,002 (300,000) At 31 Dec¢mber 2024 500 002 NET BOOK VALUE At 31 December 2024 At 31 Decenther 2023 Fair value at 31 December 2024 is representsd by. Valuation in 2024 500 002 If investment propety had not be¢n r¢valued it would have been included at the followtiw historical ¢05t.' Cost £888,247 Invcstmcnt propety wa8 valued on an opcn mark¢t ba8is dc5ktop apprai841 on 9 January 2024 by RICS Registered Valuer8, Gerwyn Bryan Property Solutions. Jnvestsn¢nt propety WAS valued by th¢ ttustee8 on 31 DeGember 2024 to reflect a¢hievable market valuc. 19. STOCKS 2024 2023 Asset held for sale 137467 20. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Tradc debtor8 Prepayrnents and accrued income 62,339 107 850 31.739 170 189 21. CURRENT ASSET INVESTMENTS 2024 2023 IDVeStment propcrty 2 100 0(K) An investment propety at Willen Priory was reclassified as a ewrent as8¢t investment, as it 1$ expected to be sold within the next 12 months. Page 23 continucd... SOCIETY OF THE SACRED MISSION NOTES TO THE FINANCIAL STATEMEIYTS- ¢ontiDued FOR THE YEAR ENDED 31 DECEMBER 2024 22. CREDITORS.. AMOUNTS FALLJNG DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other tax¢5 Chber weditors Acc￿&18 and deferred income 95,133 2,818 370 50,314 2,780 644 137 194 D¢fr￿¢d income totalling £5,812 {2023: £5.627) relates to rental income And meeting room hirc income in relhtion to the year ended 31 D¢Gember 2025. 23. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total 2023 Total funds un￿StriCted funds Restricted fund$ Fixed Assets Investnknts Cu￿ellt assets Curr¢nt h'abililieB 1,978,546 4,002,682 2,575,406 129737) 1,978,546 8,796,050 2.575,406 1,454,004 12,369,259 266,106 4,793,368 8 426 897 4785911 13 12 808 13 996 115 24. MOVEME￿ IN YUNDS Net movement in fimds Transfers between At 31.12.24 At 1.124 Unrestrfjcted fundB General fund Care of the elderly 7,025,305 (598,408) 457,023 457 023 6,883.920 1542 977 9,025,305 (598.408) 8,426,897 Restrlcted fundi K¢ll)am College lkn Durham fillkl Southern Africa fimd 3,438.752 17,502 1514 556 (108,114) 3,330.638 17.502 1437 771 4970810 4785 911 TOTAL FI]NDS 13212 808 Page 24 continue(L.. SOCIETY OF THE SACRED MISSION NOTES TO YHE FINANCIAL STATEMEWfS - colltiDucd FOR THE YEAR ENDED 31 DECEMBER 2024 24. MOVEMENT JN FUNDS- contknued Net movement in fLLnd4 included in the above are as follows: Gains and losses Mov¢ment in funds Income Bxpenditure Unre&trl¢ted funds General fund 347.497 (596207) (349.698) {598,408) Re8trkt¢d funds Kelbam College fimd Southern Africa fiind 114,443 49.862 (158,048) {64,509) 27 526) (108,114) 76 785) 164 305 257 169 92 035) 184899 TOTAL FUNDS 511802 853 376) 441733) 783 07 Complrillvu for movement In Ibn Net movcmcnt in funds At 31.12.23 At 1.1.23 Unreitrl¢ted funth Gcneral fund Car¢ of the elderly 7,119.218 {93,913) 7,025,305 2 000 000 9,119,218 (93,913) 9,025,305 Re8trkted fuDdi Kelham College fimd Durham fimd Southern Afrlea fund 3.360.389 17,502 1551530 78,363 3,438,752 17,502 514356 36 974) 4 929421 4970810 TOTAL FUNDS 14048 639 ￿52 524) 13996115 Comp8rntiv¢ n¢t nwvcmcnt in fund8, included in thc abov¢ are as follows: GaiL8 and losses Movement in fimds Income Expenditur¢ UnrestrActed fund8 Gener81 fimd 352,133 (555,758) 109.712 (93,913) Reitrlctsd fundi Kelham College fund Southern Africa fund 112,739 (115282) 122 520 80,906 78.363 163 TOTAL FUNDS 515,362 793 560 225 674 52.524) Pag¢ 25 continued... SOCIETY OF THE SACRED MISSION NOTES TO THE FINANCIAL STATEMENTS - conthiued FOR THE YEAR EY4DED 31 DECEMBER 2024 24. MOVEM￿ IN FUNDS . contlnued General fuDds The General Fund existK to provide a base for the generation of investment in¢on)e to meet the operating costs of the charity. The Ch￿]tY is wrrcTrtly rcviewing it3 strat¢gic plan and will bc developing a Reserves approach driven by that strntsgir plan. Deslgnatsd funds Cire of the elderty The clw5ty has designated a fi￿d for thc car¢ of ibe elderly professed rnemb¢rs of the so¢i¢ty. They arc all aged over 75 and the charity is committed to n)eeting all living and care costs during their lifetimes. The amount is difficult to quanlify, and the amount of this designation 15 kept under review. Reitrlcted fundi Kelham College Fund Th¢ KelhAm Colle8e ￿ttd arises from a transfer from the Kelham Theological Colleg¢ Fund on l January 2004. The fund is uscd for thc training of peT¥on$ inl¢nding to take Holy Ordcrs in the Church of England or any Church in ￿t￿n)uniOn with it. the tr8inin8 for mission of member8 of the Church of England or any Church in con]munion with it and the training or education of pcrsoDS workxng for th¢ extension of Christ'$ Kingdom in any way ¢onnected vjith the Church of England or ally Chvreh in ¢ommunion with it. Durham Fund This represents grant income re¢civ¢d to fimd r¢¢ov¢ry days at Sl Anton￿5 Priory> l)urham. Soutbern Afrlca Fund The Southcrn Africa rc5tricted fund comprises of funds 8ol¢ly lo support the mi8SAon of the independent SSM Province of Southern Africa. 25. EMPLOYEE BENEFJT OBLIGATIONS Society of the Sacred Mission participates in the Church of EDglond Funded P¢DNons bcherne for 5tip¢ndiary clergy, a defin¢d b¢n¢fit pension schcrnc. This schcmc is administered by thc Church of En8land Pensions Board. ￿lch holds the &s8ets of the schcme8 separately from those of the Responsible Bodies. Each participatin8 Responsiblc Body in the Churcb of England Funded PenBion5 S¢h¢me pay8 contribution8 at a common Contribution rate applied to pensionablc stipends. The schcmc IB considcred io be a tnulti