Charity registration number 1135334 Company registration number 07198198 (England and Wales) SOCIETY OF THE SACRED CROSS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
SOCIETY OF THE SACRED CROSS CONTENTS Page Trustees report Independent examinerfs report Statement of financial activities 10 Balance sheet 11 Notes to the financial statements 12-25
SOCIETY OF THE SACRED CROSS TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's goveming document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" Objectives and activities Charitable Purposes for which the Society Exists The objects of the Society are the advancement by contemplation, intercessory prayer and practical work of the following charitable purposes.. The advancement of the Christian religion in accordan with the doctrines and principles of the Church in Wales by.. The provision and maintenance of a RetreaUGuest house b. The promotion and maintenance of public worship The promotion of religious and spiritual teaching The main activities undertaken in relation to the above are noted throughout the report. Public Benefit The Trustees have paid due regard to guidan issued by the Charity Commission in deciding what activities the charity should undertake. The main activities undertaken in relation to public benefit are noted throughout the report.
SOCIETY OF THE SACRED CROSS TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance Land and Buildings The Society moved to Tymawr in 1923 when Miss Chilver gave the propety to the Trustees of the Number 1 Trust (of which the Trustee was then the Fidelity Trust Limited). The Number 1 Trust became a charitable trust in 1977. The Society became a charitable trust in June 1995 and the Land and Buildings were gifted to the Society in 1998. It was Miss Chilver's wish in 1923 that the property should be used "for the occupation and use of the members for the time being of the Society of the Sacred Cross who are now permissively in occupation of the propety" The Society continues to occupy and use Tymawr in accordan with Miss Chilver's expressed wish. Buildings There is a rolling programme of Maintenan and improvements. This year saw the start of a significant project on sustainability with the goal of coming off fossil fvels by 2030 thereby reducing the carbon footprint of the Society in accordan with the policy of the Church in Wales. At the same time planning permission has also been obtained to improve the accessibility of the Convent, Chapel and Michaelgarth in the near future. Sustainability Project this year In August 2023, the chapel oil fired heating system was replaced with clay core electric radiators. Later the night storage heaters in the Old Print House were upgraded to electric radiators. In January 2024 the Lodge cavity wall and roof were insulated. By the end of February 2024, the Society had installed an air source heat pump for the generation of heat and hot water and solar panels for energy generation at the Lodge. In March 2024, cavity wall insulation was installed in the South Mfing of the convent building. Survey and research work undertaken includes accessibility report prepared for the whole site., laser survey of all the buildings,. energy loss reports prepared for Michalegarth and the Convent,. research work for energy generation,. heating systems for Michaelgarth and the convent- design proposals for acSsibl11tY at Michaelgarth and the Convent.
SOCIETY OF THE SACRED CROSS TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Sustainability Project going fOard Survey and research work as detailed above has continued. Since the start of the new financial year further work has been undertaken to prepare Michaelgarth for the installation of an air source heat pump and heating system in August 2024. Ground mounted solar panels to supply electricity to the Convent and Michaelgarth wll be installed in the summer 2024. In order to provide extra funding for the sustainabilty projects, the Society has put the Old Barns on the market to be sold. Land The changes in the pattems of land management in recent years have continued this year, namely an increase in the area set aside for wildflower meadows and a d)ange to the rhythm of mowing across the whole estate. This project is also supported by Gwent Wldlife Trust who lease the majority of the land. They have reduced the density of grazing and are encouraging wder wild areas near the hedgerows. Activities of the Society 2023 was the Centenary of the arrival of the community of the Sisters in Wales at Tymawr Convent. This occasion gave the community the opportunity to reach out and share the gifts of its life through the organisation of public events a Thanksgiving Eucharist for 100 years of the Community's presen in the diocese of Monmouth held at St Woolos Cathedral. 6 Quiet Days celebrating 'Women at Prayer, wth nationally known speakers - open to public (approx. 240 people} held at Tymawr. a Pilgrimage to St Melangell's Shrine led by Rt. Revd. Rowan Wlliams. a Harvest Eucharist and lunch wth Gwent Wildlife Trust Volunteers. the grafting of the fruit trees in St Teilo Orchard, an orchard especially planted to celebrate the arrival of the Sisters at Tymawr. Also, as part of the continued renewal of the communty a new website was launched this year. Throughout the year Sisters undertook formation and training induding.. a monthly formation day with the Warden weekend session with Revd. Rachel Mann on gender and transitioning participation in the Llandaff and Monmouth DI0$an Days of Prayer a retreat with Very Revd. Sarah Rowland Jones. Dean of St David's Cathedral individual retreats undertaken by Sisters participation in the bi-annual Conference for Inter-denominational Religious in Sweden participation in the First Professed conferen in Alnmouth partiapation in the Novice Guardian and Leaders, of religious Communities cOnferenS Other activities have included the Associates Day given by Associate Kath Jones., the Oblates Retreat given by Revd. Simon Taylor,. the Oblates Day given by Rt Revd. Martin Shaw- the annual visit to Whitland Abbey and the Cistercians Sisters and participation in the annual Ecumenical Vespers held at Tintem Abbey. The Sisters continued their work of Intercessory prayer and listening. Communication with individuals requesting prayer was sustained throughout the year by letter, telephone and email. The Society continues to welcome any individual or group who wishes to join the Community's life of prayer. The facilities are in great demand for retreat and educational groups as well as individual visits. Tymawr is the only Anglican Contemplative Community in the Diocese of Monmouth and the Province of the Church in Wales offering a place for retreat and renewal.
SOCIETY OF THE SACRED CROSS TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Various local groups e.g Gwent Wldlife Trust volunteers, and friends and Associates help with seasonal work on the land on a voluntary basis. Monthly newsletters are produced and distributed among the community and to the Oblates, Associates and Companions. In addition. a quarterly newsletter dedicated to the stewardship of the land has been printed and distributed. For many years. individuals have lived alongside the community. During their stay, usually between 3 months and 1 year, they receive experience of communty life, training in prayer and support for their future careers. The house and land provided employment for 5 people. Pension The Society has fully complied with all regulations regarding aut(Fenrolment. There are Currently 5 employees enrolled in the Society's pension fund opened for this purpose. Risk Management Risk Management is on the agenda for all meets.ngs of Trustees. All relevant policies are reviewed, and remedial action and training implemented as required. All necessary steps have been taken during this last year to ensure the safety of employees and volunteers. Fundraising In the absence of an appeal for a specific purpose, monies from legacies and donations come from people who want to give to the Community because they know the Community needs money and that it will be used wisely. Legacies of £57,322 were received during the year. The Society has an annual commitment to the giving of alms. proposed after discussions within Chapter. The beneficiaries are normally charities and similar organisations close to the care and concem of the Society. Financial review Results The charity made an unrestricted surplus of £35,040 before net gains on investments, an unrestricted surplus of £104,566 was made after such gains and transfers. The investment managers are under instructions to follow the ethical investment policy of the Church in Iales. The Trustees and Members undertook work to ensure financial sustainability going forward and a plan was approved and adopted in July 2023. Trustees will continue to closely monitor financial perfoman¢e {including investments) and updated forecasts of income and expenditure and adapt the plan accordingly. Reserves The Society has designated resetves which reflect the value of the premises from which the Society operates. The unrestricted reserves are in parts.. The first is made up of the investments and bank deposits which produce income to part-fund the activities of the Society. The remaining unrestricted funds are to cover operating costs and the Society aims to maintain this at a minimum of six months expenditure. At 31 March 2024 the charity had reserves totalling £3,697,341 consisting of unrestricted reserves totalling £3,690,406 and restricted resetves totalling £6,935. The free reserves of the charity (excluding fixed assets and designated funds) totalled £1,811.455. After a rigorous selection process Brewin Dolphin were appointed by Trustees as the new Investment Managers for the Society's portfolio in February 2023. The handover VMS finalised in Dember 2023.
SOCIETY OF THE SACRED CROSS TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Plans for Future Periods The world urgently needs prayer and this will continue to be the major part of the life of the Community. More people are expressing interest in sharing in the life of the communty, induding young people, and we look forward to and pray for a continuation in the growth of vocations. Risks and Opportunities for the Future Work will continue on projects started this year to achieve financial and ecological sustainability and lessen the carbon footprint of the Society. The funds for the continuing programme of capital expenditure will come from reserves, sale of the barns, donations and grants. Sisters are continually looking for new ways to improve the use of land, the majority of which Gwent Vmldlife Trust continues to maintain. An existing sump is to be restored and utilised for the retention of rainwater for use in the kitchen garden, thus reducing dependence on mains water and improving the quality of food production. Sisters are grateful to so many people who support the Society in prayer and in practical ways, enabling the Society to continue the life of prayer at Tymawr Convent. The major Concem for the prayers of the Society for its future is a dedine in vocations experienced by traditional monastic communities. Mthilst believing that the future is in God's hands, the Sisters know the work of the Society and its relationships with the Church in Wales and the Anglican Communion worldwide. as well as with guests and visitors, continues to be of inestimable value in the world. Structure, governance and management Governing document The Society incorporated as a company limited by guarantee on 22nd March 2010 to ensure the long-term future of the organisation. The Society's goveming documents are now rts Memorandum and Articles of Association. The activities of the Society are prescribed by its constituts.on which was adopted on 8th December 1932 and subsequently amended on 12th February 1979. 25th February 1995, 17th August 2013, 8th and 15th January 2020. The Society was granted charitable status on 29th June, 1995. Recruitment and appointment of trustees Decision making is in the hands of the Chapter, which comprises the Reverend Mother and the Professed Sisters, all of whom live at Tymawr Convent, Lydart, Monmouth, NP25 4RN. All voting members of the Chapter are eligible to be Trustees of the Charity. The status and the responsibilities of a trustee can only be assumed after election by the Chapter and when the vows of poverty, chastity and obedience required of a professed sister have been made, in accordance with the Articles of the Society,. and after prescribed periods as postulant and novice. Other individuals interested in furthering the objects of the Society may be appointed by the Reverend Mother and confirmed by the Chapter. The names of the Trustees during the year ended 31 st March 2024 are given below. Sr Katharine Ann Hall (Correspondent and Reverend Mother) Mr Peter Lea FCA Sr Rosalind Mary Hawken Sr Elizabeth Allen-williams Mrs Vivienne Morgan The Correspondent and Reverend Mother also chairs meetings of the trustees.
SOCIETY OF THE SACRED CROSS TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Members The Members are the Chapter, which comprises the Reverend Mother and the Professed Sisters, all of whom live at Tymawr Convent, Lydart, Monmouth, NP25 4RN. The names of the members from 1 April 2023 to 31 March 2024 are given below.. Katharine Ann Hall Gillian Mary Fraser (died 12 April 2023) Rosalind Mary Hawken Elizabeth Allen-williams JanetAnn Ogleby Joanna Ruth Hollins The Society gives thanks for the faithful stability of the late Sister Gillian Mary over 50 years of professed life. and for her 21 years of service as Reverend Mother. Visitor, Warden and Chaplain The Visitor to the Society is the Right Reverend EWM 'Dominic' Walker. The Warden to the Society is the Right Reverend Rowan Williams. The Reverend Dr Jean Prosser MBE is Chaplain to the Society. The duties of the Visitor, Warden and Chaplain are laid down in the Constitutions. Oblates and Associates There are 32 Oblates all having a personal rule of life and prayer. There are 3 priest Companion Brothers who support each other with a common rule, 1 Companion Sister and 3 Companions wth a common rule who meet together at the Convent four times a year. Associates number 98 all with a common rule of life and prayer.
SOCIETY OF THE SACRED CROSS TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Reference and administrative details Charity name: Society of the Sacred Cross Charity number: 1135334 Company number: 07198198 Secretary Kirstie Jane Pope Trustees: Elizabeth Allen-INlliams Katharine Ann Hall Rosalind Mary Hawken Peter Evans Lea Vivienne Morgan - resigned 04110124 Registered office: Ty-mawr Convent Lydart Monmouth Gwent NP25 4RN Independent examiner: Katherine Parkin FCA Azets Audit Services Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB Bankers: Natwest Bank PLC 9 High Street Abergavenny NP7 5SA Investment managment: Brewin Dolphin Third Floor 2 Central Square Cardiff CF10 1FS Solicitors Charles Russell Speechlys 5 Fleet Pla London EC4M 7RD
SOCIETY OF THE SACRED CROSS TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees r8POrt was approved by the Board of Trustees. Katharine Hall - R•v•r•nd Mother and Trustso
SOCIETY OF THE SACRED CROSS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOCIETY OF THE SACRED CROSS I report to the trustees on my examination of the finanaal statements of Society of the Sacred Cross (the charity) for the year ended 31 March 2024. Responsibilities and basis of report As the trustees of the charity {and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordan with the requirements of the Companies Act 2006 (the 2006 Act) An independent examination has taken place instead of an audit (Regulation 31 (fj} following dispensation granted by the Charity Commission on 14 November 2024. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act}. In carrying out my examination I have followed all the applicable Directions given by the Charty Commission under section 145(5){b) of the 2011 Act. Independent examinerfs statement Since the charity s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of Association of Chartered Certified Accountsnts. which is one of the listed bodies. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act- or the financial statements do not accord with those records- or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination., or the financial statements have not been prepared in accordan with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance wth the Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial Statements to be reached. Katherine Parkin FCA Azets Audit Services Ty Derw, Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB United Kingdom 17 December 2024 Dated:.........................
SOCIETY OF THE SACRED CROSS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities Investments Other income 164,413 131,764 39,742 1,878 3,728 168,141 131,764 39,742 1,878 72,564 37,243 31,997 1,332 72,564 37,243 31,997 1,332 Total income 337,797 3.728 341,525 143,136 143,136 enditure on: Raising funds 9.203 9.203 14,259 14,259 Charitable activities 293,554 3,898 297,452 238,911 141 239,052 Total expenditure 302,757 3,898 306,655 253,170 141 253,311 Net gainsl(losses) on investments 12 69.526 69.526 (55,432) {55.432) Net movement in funds 104,566 (170) 104,396 (165,466) (141) (165,607) Fund balanS at 1 April 2023 3.585.840 7.105 3,592.945 3,751,306 7,246 3,758,552 Fund balances at 31 March 2024 3,690,406 6,935 3,697,341 3,585,840 7,105 3,592,945 The statement of financial activits'es indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 10-
SOCIETY OF THE SACRED CROSS BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets Investments 14 15 1.878,951 1.220.036 1,842,870 1,157,994 3.098,987 3,000,864 Current assets Debtor5 Cash at bank and in hand 16 17.021 612.616 9,702 597.647 629,637 607,349 Creditors: amounts falling due within one year 17 (31,283) {15,268) Net current assets 598,354 592.081 Total assets less current liabilities 3,697,341 3.592,945 Income funds Restricled funds nr 'cted fun Designated funds General unreslricte(I funds 19 6.935 7,105 20 1,878,951 1.811.455 1,842,870 1,742,970 3.690.406 3.585.840 3,697,341 3.592,945 The company is entilled lo the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounling records and the preparation of financial statements. The rnembers have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordano wrth the provisions applicable to companies subject to the small companies regime. The financial slatements were approved by the Trustees on Katharine Hall - Reverend Mother and Trustee Company Registration No. 07198198 11
SOCIETY OF THE SACRED CROSS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Society of the Sacred Cross is a private company limited by guarantee incorporated in England and Wales. The registered office is Tymawr Convent, Lydart, Monmouth, Gwent, NP25 4RN, United Kingdom. 1.1 Accounting convention The financial statements have been prepared in accordan with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan wth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019)" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Going Concem At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise funds vrfhich have been set aside at the discrets'on of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are subject to specffic conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Incoming resources Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably. and it is probable that income will be reived. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Community member contributions are recognised when received. Legacies are recognised on receipt or othen¥wse if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Investment income is accounted for in the period in which the charity is entitled to receipt. 12-
SOCIETY OF THE SACRED CROSS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued) 1.5 Resources expended Expenditure is recognised once there is a legal or constwctive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Costs of raising funds comprise expenditure incurred by the charity for investment management fees. Expenditure on charitable activities indudes all costs relating to the furtherance of the charity's objectives as staled in the trustees report and their associated support costs. Irrecoverable VAT is charged as a cost against the activity for vthich the expenditure was incurred. Support costs have been allocated beeen govemance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. Resources expensed are allocated to the particular activity where the cost relates directly to that activity. However, all staff costs relate directly to the rouline wnning of the order. The overall direction and administration of the charity is done by members of the community and volunteers., other costs in this connection are extemal costs only. These cannot be satisfactorily attributed beeen those costs in connection with the day to day running of the order and other regulatory costs, and have all been left in management and administration. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at Cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases= Freehold land and buildings and improvements Nil on land and buildingsl 100kn SL on improvements Plant and machinery 20%-12.5Yo on cost Motor vehides 25% reducing balance method The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carying value of the asset, and is recognised in the statement of financial activities. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs. and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. 1.8 Impaim)ent of fixed assets At each reporting end date, the Charity reviews the carying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impaimient loss (if any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call wth banks. other short-term liquid investments wilh original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 13-
SOCIETY OF THE SACRED CROSS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued) 1.10 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Sedion 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assels and liabilities are offset, wth the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a finanang transaction, where the transaction is measured at the present value of the future receipts di$Unted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transfeed to another paty that is able to sell the asset in its entirety to an unrelated third paty. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, vthere the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The costs of short-temi employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in vthich the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide temiination benefits. 1.12 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 14-
SOCIETY OF THE SACRED CROSS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and judgements In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experien and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods vthere the revision affects both current and future periods. Donations and legacies Unrestricted Restricted funds funds Total Unrestricted funds 2024 2024 2024 2023 Donations and gifts Legacies receivable Grant income 105,341 57,322 1.750 3,728 109,069 57,322 1,750 62,439 10,125 164.413 3,728 168,141 72,564 Donations and gifts Donations Gift aid GASD 64,387 40,247 707 3,728 68,115 40,247 707 32,420 29,207 812 105,341 3,728 109,069 62,439 Charitable activities Unrestricted funds 2024 Unrestricted funds 2023 Community member contributions 131,764 37,243 15-
SOCIETY OF THE SACRED CROSS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investments Unrestricted Unrestricted funds funds 2024 2023 Investment income 39,742 31,997 Other income Unrestricted Unrestricted funds funds 2024 2023 Other income 1,878 1,332 16-
SOCIETY OF THE SACRED CROSS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Raising funds Unrestricted Unrestricted funds funds 2024 2023 Investment mana ement 9,203 14,259 9,203 14,259 8 Charitable activities 2024 2023 Staff costs Depreciation and impaimient Sundries and chapel expenses Cleaning Formation costs Domestic food Equipment and maintenance Insurance Light and heat Rates Repairs Alms Legal and professional Gardens 85,292 52,933 23,135 1,190 8,290 16,905 8,706 13,389 27,334 10,819 9,661 3,223 23,232 1,604 48,458 44,814 6,752 1,819 3,395 18.879 29.244 12.441 27.137 10.399 9,251 4,200 5,342 285,713 222,131 Share of support costs (see note 9) Share of governance costs (see note 9) 5,678 6,061 9.051 7.870 297,452 239.052 Analysis by fund Unrestricted funds Restricted funds 293,554 3,898 238,911 141 297,452 239,052 17-
SOCIETY OF THE SACRED CROSS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance costs costs 2024 2023 Basis of allocation Travel costs Postage, printing and ststionery Telephone costs 1,531 3,222 925 1,531 3,222 925 2,356 Direct 3,011 Direct 3,684 Direct Legal and professional fees 6,061 6,061 7,870 Governance 5.678 6,061 11,739 16,921 Analysed between Charitable activities 5.678 6,061 11,739 16.921 Included in legal and professional fees above are payments to the independent examiners of £2,220 (2023. £1,650). 10 Trustees As members of the Society, three trustees have their living expenses bome by the company. The amount cannot be quantified. No trustees were reimbursed for expenses during the current or previous year. 11 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries Other pension costs 82,868 2,424 47,125 1,333 85,292 48.458 Key management personnel The trustees are deemed to be the key management personnel of the charity. They did not receive any remuneration during the current or prior year. Employees earning > £60,000 There were no employees who received beneffts in excess of £60.000 during the current or prior year. 18-
SOCIETY OF THE SACRED CROSS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Net gainsl(losses) on investments Unrestricted Unrestricted funds funds 2024 2023 Revaluation of investments Gainl(loss) on sale of investments 55,758 13,768 {67,027) 11,595 69,526 {55,432) 13 Taxation The charity is exempt from tax on income and gains falling v4ithin section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 14 Tangible fixed assets Freehold land and buildings and improvements Plant and Motor vehicles machinery Total Cost At 1 April 2023 Additions 1,919,668 85,453 178,932 3,563 6,100 2,104,700 89,016 At 31 March 2024 2.005,121 182,495 6.100 2,193.716 Depreciation and impaimient At 1 April 2023 Depreciation charged in the year 106,983 37,921 148,749 15,012 6,100 261,832 52,933 At 31 March 2024 144,904 163,761 6,100 314,765 Carrying amount At 31 March 2024 1.860,217 18,734 1,878.951 At 31 March 2023 1.812,687 30,183 1,842.870 19-
SOCIETY OF THE SACRED CROSS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Tangible fixed assets {Continued) The Society owns Tymawr Convent, which includes the main Victorian house with outbuildings, the Lodge, Michaelgarth, 40 acres of pasture with stone barn, and 6 acres of woodland. The property was valued by the Trustees using advice from Newland Rennie Wlkins on the 27th May 2008 at £1,590,000 subject to the occupation by the society. This propety was originally gifted to the Trustees of the Number 1 Trust (of which the Fidelity Trust Ltd was the trustee) when the Society moved there in 1923. It was at that time Miss Chilvers wish that the property should be used "for the occupation and use of the members for the time being of the Society of the Sacred Cross" The Number 1 Trust became a charitable trust in 1977. The property was conveyed to the Society trustees for nil consideration on 4th September 1998. Included in the cost are the legal costs of £4,052 at the time of conveyance together with the costs of subsequent improvements. The trustees deem there to have been no material movement in the valuation undertaken to the 31 st March 2024. No depreciation has been provided on the costs which the trustees consider to be immaterial. -20-
SOCIETY OF THE SACRED CROSS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Fixed asset investments Listed investments Cash in portfolio Total Cost or valuation At 1 April 2023 Additions Valuation changes Cash movement Disposals 1.122,443 1.034,327 55.758 35,551 1,157,994 1,034,327 55.758 {22.517) (1,005.526) (22,517) (1.005,526) At 31 March 2024 1,207,002 13,034 1,220,036 Carrying amount At 31 March 2024 1,207,002 13,034 1,220,036 At 31 March 2023 1,122,443 35,551 1,157,994 16 Debtors 2024 2023 Amounts falling due within one year: Prepayments and accrued income 17,021 9,702 17 Creditors: amounts falling due within one year 2024 2023 other taxation and social security Trade creditors Other creditors Accruals and deferred income 2,976 229 15,501 12,577 1.436 4,354 529 8,949 31,283 15,268 18 Retirement benefit schemes Defined contribution schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independenuy administered fund. During the year contributions totalling £2,424 {2023= £1.333) were made. There was £848 outstanding at the year end {2023= £363). 21
SOCIETY OF THE SACRED CROSS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Restricted funds The income funds of the charity include restricted fvnds comprising the following unexpended balances of donations and grants held on trust for specific purposes.. Movement in funds Incoming Resources Balance at resources expended 31 March 2024 Balance at 1 April 2022 Resources expended Balance at 1 April 2023 Members contributions Donations Bursary Fund 7.212 (141) 7,071 {3801 (2,9581 {560) 6,691 2,978 750 190 7.246 (141) 7.105 3.728 (3,898) 6.935 Member5 contributions Contributions given to fund formation costs. Donations Donations received to help fund the purchase of.. Kitchen items Items towards the charity's garden project Memorial bench Quince trees Medical expenses Chapel expenses Other sundry costs. Bursary Fund Donations received in relation to the Appeals Fund.
SOCIETY OF THE SACRED CROSS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.. Balance at 1 April 2022 Resources expended Transfer5 Balance at 1 April 2023 Resources expended Transfers Balance at 31 March 2024 Fixed asset fund Fixed asset revaluation fund 998,325 (44.814) 18,959 972.470 (52.933) 89,014 1,008.551 870,400 870.400 870,400 1.868,725 (44,814) 18,959 1.842.870 (52.933) 89,014 1,878.951 Fixed asset and revaluation fund In order to fulfil its charitable objectives the Society needs a property and other assets. These properties, although they are unrestricted assets cannot be realised wthout undermining the Society's work, and the trustees feel that it is therefore appropriate to reflect the investment in fixed assets by means of a designated fund. Movement Transfers and expenditure relate to the fixed asset additions and depreciation charge for the year. -23-
SOCIETY OF THE SACRED CROSS NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 21 Anatysls of net a8se18 bets¥een fund8 Total Unrtstiided DÈsignaied Restricted fund$ fvnd$ funds 2023 Total fund5 2024 fund5 2024 fund5 2024 2024 2023 2023 2023 Fund balan at 31 March 2024 are represented by.. Tanoitde assets Investrnents Current assetsllllabile8) 1.878.951 1.878,951 1.LO,038 598,354 1.842,870 1,842,870 1.157,994 592,081 1.220.036 591.419 1.157.994 584.976 6.935 7.105 1.811.455 1,878.951 6.935 3.697,341 1.742.970 1.842.870 7.105 3.592,945 -24-
SOCIETY OF THE SACRED CROSS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Related party transactions During the year, donations & contribub.ons without conditions from trustees and other related parties totalled £141,082 (2023. £27,972). -25-