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 ac￿Ssibl11tY 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 fO￿ard
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 cOnferen￿S
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 I￿ales.
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 De￿mber 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 balan￿S 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 re￿ived.
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 be￿een 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 be￿een 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 be￿een 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 transfe￿ed 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 assetsllllabil￿e8)
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-