THE ORDER OF ST UILSI)LA AS ESTABIJSHED WALES FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 DECEMBER 2023
THE ORDER OF ST URSULA AS ESTABLISHED IN WALES JNDEX TO THE FINANCIAL STATEMENTS YEAR ENDED 31 December 2023 Pgge Report of the trnstees Independ¢nt examin¢T'S rewrt Statement of financial activities Balance sheet Notes to th¢ financial statements
THE ORDER OF ST URSiJLA AS ESTABLISHED IN WALES REPORT OF THE TRUSTEES For the year ended 31 Dernber 2023 Th¢ trustees present their annual re[ and financial statements of the charity for the year ended 31 December 2023. The financial statements have b¢en prepad in accordance with the accounting policies set out in nole I to the aUnts and comply with the charffity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Stat¢menl of Recommended Practice applicable to charities preparing their accounts in accordance wtth the Financial Reporting Standatxi applicable in thc UK and Republic of Ireland publish on 16 July 2014. ob'ectiv alld aetivities for the Mblie benefit The objects of the Charithble Trust of the Order of St Ursula in Wales are ' the advancement of the Roma Catholic religion through such lawful charitsble purposes as the trustees, with the approval of the Superior, shall from time to time think fit." In fulfilment of the objectives of the Trust it is the lleY of the Charity to undertake a range of chaTitabl¢ activities. The principal areas in whi¢h th¢ charity has been involved are: education in its broadest sense, including the completion of academic regearch to benefit the l(Kal pastoral activities. M¢mbers of the Order undertake voluntary work in the local communities and parishes. This includes the instNction of children in the Catholic Faith. visitation of hospitsls and the housebound etc. Aebievement aDd rfornce Brecon and Cardi The community in Brecon was occupying Havard House; the propety h&s been sold and there is no resident Sister there. However, the Ursuline Associates continue to function. as do the CatschIs Mus¢um Friends and coll¢Glion points for blankets and knitted items for the Romanian Aid Foundation. Cardigan.. the Sister in Cardigan continues to engage in pastornl and littgIcal work well gs accommodating stamp collection for Cancer Research. Education A retired Sister, recently dec¢as¢d was a Postgraduate Research Student (Oxford BriK)ks University) in a topic in SIKial History (Theatre) of interest l(*ally and more widely. Her work is continuing from Ursuline and Brecknock siety sponsorship. This work is CUTrent]y awaiting publication. Financial Revlew Th¢ro is presently one Sister in the Cardigan Community. who recelves a full Stat¢ T¢acher's Pension. The fijnds rtr¢ived are us¢d for voluntary charitabl¢ works and activities carried on by th¢ Sister.
THE ORDER OF ST iIRSULA AS ESTABLISHF.D IN WALES REPORT OF THE TRUSTEES (cont.) For the year ¢ndpAI 31 Dettmber 2023 Investment w¢rs and lic Under th¢ governing documenL the Order b&8 the power to invest in any inveshnents for the time being authorised by law for the investhient of trust funds. The strategy of the trustees is to retain liquid lldS equal to approximately ofte year's operating costs of the Ord¢r, and these are invested in one or MO high Interest deposit accounts. The remaining funds are invested for long tenn growth following adviLY tsken from the Order's investment advisers. Reseryes The Order uses its investmcnt income to help to sw)port the Cardigan Community. The Order does not provide direct financial support to individuals or other bodies, so there is no requirement to maintsin a minimum levol OF reserves. The present reserves have built up largely from the proceeds of disposal of a number of fitehold properties which were previously used to house a school. Structure Governance and Mana emen¢ Governin Tr document The Order of St Ursula as established in Wal¢s is a Roman Catholic religious order, founded from Ireld in 1948. The Order is constituted under a INst deed dated 10 February 1964, as varied by a scheme dated 6 May 1994 and as amended by a wh¢me dated 27 January 2023. It is an unincortKyrated registered charity, no. 233769. intm¢nt of trustees The trustees a appointed by the Provincial and her team. Trustee induction and trainin Induction is by apw)inttnent. and fornial training tskes place whenever courses are available. One of the trustees and the secretary to th¢ tnte¢S attended a Trustee Training Day provided by the Catholic Charity Conference in tA)ndon in May 2014. The house in Wales is under thc jurisdiclion of the Provincial and her council and the dally administration is eArTied out by the residetrt Sister. Its Provincialate 15 located in Dublin, and the Order has on¢ house in Wales. located in Cardigan. Risk manaujement The trustees have a risk mRnagem¢nt strategy which comprises.. an annual review of the risks the charity may face. th¢ estsblishment of systems and procedures to mitigate those risks tdentified in the plan; and the implementation of pri)cedures d¢signed to minimise any potential impact on the charity should thos¢ risks materialise. This work has not identified any specific risw but it has fo¢us¢d attention on ensuring the p¢rsoDal safety of the Siskr while undertaking her work within the community.
THE ORDER OF ST URsifLA AS ESTABLISHED IN WALES REPORT OF THE TRUSTEES (cont.) For the year ended 31 December 2023 Reference and admini8tr4live defai18 Charlty number 233769 Addres8 Ursuline Convent l Glamorgan Street Brecon Powys LD3 7DW Trustees Sister Mairead O'R¢Ean Sister Angela Anne Murray Sister Marianne O'connor Sister Margaret J Carr Penon r¢8POll5ible for day to day management Sister Angela Anne Murray Re)rtIllg attountgnts WJJames&Co Chartered Accountants Bishop House 10 Wheat Street Brecon Powys Bankers Lloyd Bank plc 38 High Street Brecon P0yS Cater Allen Ltd Pembroke Hous¢ 15 Pembroke Road Clifton Bristol Solicilors Red Kite Soli¢it¢)rs 48 Free Street Brecon Powys Inve81meDI advigen Mr Daniel Curtis Portfolio Director Schroder & Co Ltd 12. Moorgats London EC2R 6DA
THE ORDER OF ST URSULA AS ESTABLISHED IN WAIIS REPORT OF THE TRUSTEES (conL) For the year ended 31 December 2023 Trustee8' res nsibili¢ie8 ill relation to the financial Stalrments The ¢harRty tnL8tees are responsible for preparin8 a trustees. annual rewrt and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted A¢wunting Practice). Th¢ law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for ¢a¢h year which giv¢ a tru¢ and fair view of th¢ slate of affairs of the charity, and of th¢ incoming resourc¢s and application of resources, of the charity for that period. In preparing the financial stat¢rnents the trustee5 are required to: select suitable accounting policies and then apply th¢m consistently, make judgements and estimates that are re&sonablc and prndent state whether applicable accounting standards and statements of recommended practice have been followed Subject to any departures disclosed and explained in the financial statem¢nts" and prepare th¢ financial statements on the going concern basis unless it is inappropriate to presume that the charity will wntinue in business. The trnstees are responsible for kecping prow accounting r¢cords Nthich dis¢los¢ with reasonable accuracy at any time the financfftal w)sition of the charity and enabl¢ them to ensure that th¢ financial stateTnents comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulationi 2008 and the provisions of th¢ TTUSt defyl.. They ore glso responsible for safeguarding the SetS of the clkarity and taking asOnable steps for the prevention and dettion of fraud and other irregulariti¢s. Approved by the TteeS and sign¢d as authorised on their behalf by.. Trustee.. Sister Angela Anne Murrny 16....o..q.-..Ip84-
THE ORDER OF ST ifRSULA AS ESTABLISHED IN WALES Independellt Examiner's Report to the Truslxs of the Order of St Ursula as e8labli8hed in Wales I report on the accounts of the Trust for the year ended 31 December 2023. which are set out on pages 6 to 12. Respective reyponsibilities of trustee8 and examiner The charily'5 trustees &Te r&sponsible for the preparation of the accounts. The charity's trnstee5 consider that an audit is not required for this y¢ar und¢r Scction 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to: _ ¢xamin¢ the accoullt5 under Section 145 of the Charilies Act; follow the procedures laid down in the General Directions given by the Charity Commission under S¢¢tion 145(5Xb) of the Charities Ath. and ststs whether particular matters have come to my attention Ba818 of independent examiner's report My examination wds carried out in accordance with the geneT81 directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the counts pre5enfrd with those rOrdS. It also includ¢s wnsideratiOEL of any unusual items or disclosures in th¢ aounts, and seeking explanations from you as Inte¢S concerning any such matters. The procedures undertaken do not provide all the evidence that would be r¢quired in an audi( and consequently no opinion is given as to whether the accounts present a.true and fair vi¢w- and the r¢port is limited to thos¢ mat¢¢rs s¢t out in the statement below. IDdependeDt examiner's st&tsmenl In connection with my examination, no material matters have wm¢ to my attention whiGh giv¢ me cause to believe that, in any mal¢rial respect: th¢ countIn¥ record5 were not kept in accordance with Section 130 of th¢ chariti Act. or the accounts did not accord with the accounting records. or the Accounts did not comply with the applicable requirements ¢onc¢rning the forni and content of cci)unts set out in the Charlties (Accounts and Reports) R¢gulations 2008 other than any r¢quirement that the accounts give a'xrue and fairf. view which is not a matter consid¢Ted as part of an indep¢ndent examination. I have ci)me acmss no other matters in connection with the examination to which attention should be drdwn in this report in ord¢r lo enabl¢ a proper understanding of the aecounts to be reachod. N J Morrell B.Com., F C A Chartered AOUntAnt Bishop House 10 Wheat Street Brccon
THE ORDER OF ST URSULA AS ESTABLISHED IN WALES STATEMENT OF FINANCIAL ACTIVtTIES Year ended 31 December 2023 Unrestricted funds 2023 2022 Ineorne: Pensions Investsnent incom¢ Rent of property Othcr incotne Note 22,442 2.390 5,000 210 20,893 502 5,000 841 Total income 30.042 27236 Expenditure: Raisingfynd%.' Invesknent management costs 4,658 7.029 EKpendi¢ttre on chariiable activities.. Provisions Rat¢s. water and insurancc Light and heat Maintenance and repairs Removal expenses Household 8oods Telephon¢, wstsge and stationery Grounds maintenance 'rravel Medical Personal ¢xpendilur¢ Educatio courses and on-going formation Donations and gifts Bank charges Depreciation 2,543 2.749 2,184 11.419 2,528 2,466 1,529 385 5,122 801 1.478 748 4.061 3.760 ,200 3,580 284,248 34 2.790 985 1,535 950 4,433 4,315 2.470 130 311.817 2.652 348,187 314.730 Governimce costs." Reli8lOIIS Central fund Reportin¥ acc4)untant Legal Fees 1.800 790 550 317 1.275 781 1,538 857 3.457 4,451 Totsl expenditure 356,302 326.210 Net iO¢Otlle/(expenditure) and net movement in funds before gain8 and105se8 on invutmenty cld {326.260) (298,974)
THE ORDER OF ST URSULA AS ESTABLlSItED IN WALES STATEMENT OF FINAY4CIAL ACTIVTTIES (colNUED) Year ended 31 De¢ember 2023 Unrestricted funds 2023 2022 Net IDCllnllDg/(expenditure) before g8in81(1038es) on investmellts, bld (326,260) (298,974) Net gainsl(losses) on investments 13281 (48,229) Net ineomel{expendlthre) (312,979) (347,2Q3) Other rttognised gainsloossej) Net movement in fund8 (312,979) <347,203) Unrestricted Thd5 bToughi forward 931,638 1.278,841 Unrestrieted funds earried fonvard 618.659 931,638
THE ORDER OF ST URSULA AS ESTABLISHED IN WALES BALANCE SHEET as at 31 Deoember 2023 2023 2022 Note Fixed *8sets Tangible &8sets 135.654 138.306 Investments Freehold propety Quoted inveslments Unquoted investmcnts 150,000 194,583 16.569 150.000 438.974 14.771 496,806 742.051 Currenl assets Ikbiors Short terni deposils Cash at bank 1,794 129,964 134.135 1.308 127.602 205,127 265,893 334,037 Crediton: arnounts falling due withiD one year (990) (1.400) Net current 8g8ets 264,903 332,637 Net Assets 761,709 1,074,688 Funds Unrestricted funds Revaluation reserve 618.659 143,050 931,638 143,050 761.709 1,074,688 Approved by the Board of Trustees and S1cd on its behalf by: o+ Sistsr gela Anne Murray Dat¢:..
THE ORDER OF ST URSULA AS ESTABLISHED IN WALES NOTES TO THE FTNANCL4L STATEMENTS Year ended 31 December 2023 ACCOUNTINC POLICIES (a) B&gis ofpreparation alld assesjment of goiDg Concern The &c¢ounts (financial statemcnts) hav¢ been prepared under the historical cost convention with items r¢cognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their awounts in accordan¢e with the Financial Reporting Standard applicable in the UK and Republi of Ireland (FRS 102) (effective l January 2019) - (Charities SORP (FRS 102)), Financial Reporting Standards appliLable in th¢ United Kingdom and Republic of Ireland and th¢ Charitie5 Aci2011. The cbarity constitutes a public benefit entity a5 defined by FRS 102. The trustees consider that there are no mat¢rial uncertainti¢s about the Charlty's ability to continue as a goin8 Concern. (b) Ineome r¢cogllition All gr4nts. gifts and voluntary income is accounted for wss, and they are r¢¢ognised once the charity has entitlement to the income, there is sufficient certainty of r¢ttipt so it is probable that the income will be received, and the amount of income receivable can be meAsured reliably. {e) Expendlthre recognitio Liabiliti¢$ are recognised as eXiditUre as soon as th¢r¢ is a legal or constructive obli8ation mmitting the charity to that expenditure, it is probable th&t settlement will b¢ r¢quir¢d and the amount of the obligation can be mffdsured reliably. All expenditure is accounted for on an accruals basis. All expenses are all(ted or apportion¢d to the applicabl¢ expenditu headings in the staiement of fjnancial activities. (d) Tanglble fixed assets Fixcd assets, excluding fr¢¢hold property. atr included at the trust¢¢s' valuation at l July 1995. as adjusted for additions and disposals since that dhte. Ail fixed assets are capitalis¢d when purchased. Fr¢¢hold property is shown at va]u8tion. as explained in note 4.
THE ORDER OF ST trRSULA AS ESTABLISHF.D IN WALES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Yexr elld 31 Deeember 2023 {e) Depre¢iatioD Depreciation is provided to writ¢ off th¢ cost or Valuatio les5 estirnat SIdUal vahA¢& of all fixed assets over their expected useful lives, as follows:_ Freehold prop¢rty Furniture and fittings Equipment Motor vehicles on valuation over 100 years on valuation or later cost ov¢r 20 years on wsl over 5 years on written down value at 25Yo per annum. (D Flxed asset iDve8tments The freehold propety investment is recognised al the trustees valuation, which they consider to be no more than the market value at 31 Dember 2023 Investments ore a fonn of basic financial 1nstsimit and are InitilY recognised at their transaction value and subsequently measur¢d at their fair value as at the balance sheet date using th¢ closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disp05als throughout the year. The ChArity does not acquire put options. derivatives or other complex financial instnllnents. The main forni of fmancial risk faced by the Charity is that of volatility in equity Tnarket5 and investment markets due to wider econornie condition5, the attitude of investors to investmcnt risk, and changes in scntiment concerning equities and within particular StOts or sub sectors. (g) ReAlised 1$ fdtsd I5¢5 All gains and losses are taken to the Statement of Fin8ncial Activities as they arise. Realised gains and loss¢s on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase valu¢ if a¢quired subsequent to the first day of the financial year. Unr¢alised gains and losses are calculated as the difference between the fair value at ihe year end and their Carrying value. Rea]ised and unrealised investment gains and losses are combined in the Stal¢m¢nt of Finanrial Activities. INVESTMEiYf INCOME 2023 2022 Dividend&- ¢quiti¢s Deposit account interest 28 2.362 24 478 2,390 502 -i(
THE ORDER OF ST iJRSULA AS ESTABLISHED L¥ WALES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Year ended 31 Deetmber 2023 TANGIBLE FIXED ASSETS Freehold Furnl¢ure Motor Property & tqlllpment vehlcle8 Total Cost or Valuation At l Januhry 2022 165.000 14,061 9.500 188.561 At 31 December 2022 165.IM)O 14.061 9.500 188,561 A¢¢umulated depreciation At l January 2022 Charge for the y¢ar 29,700 1,650 14,061 6.494 1,002 50.255 2,652 31,350 14,061 7,496 53.045 Net book value5 At 31 December 2023 133,650 2,004 135,654 At l January 2023 135,300 3,006 138.306 The freehold propety consists of the residence in Cardigan. This was valued in 2005 by Mr J Roger Davie4 Chartered Surveyor, at an open market value of £165,000. In the opinion of the trustees. the market value of this propety at 31 December 2023 was at least equal to its written down v&h. FIXED ASSET VESTmE1¥Ts Freehold Pn)perty At l JUary 2023 150,000 At 31 December 2023 150,000 -li-
THE ORDER OF ST IJRSULA AS ESTABLISHED IN wAs NOTES TO THE FINANCIAL STATEMENTS (coNfiMJED) Year ended 31 December 2023 The investment property consists of Stafford House. Glamorgan Str¢¢L Br¢wn and it is let to Puffin5 Nurs¢ry. This propety, tO8ether with the adj¢Tht property of Havard House, were jointly valued in 2004 by James Dean, Chartered Surveyors, at an OFen mark¢t Value of £500.000. Havard House was sold in 2021 for £410,000, and the trustees have attributed a value of £150,000 ¢0 Stsfford House which is now treated as an inveslment proFty. In the opinion of the trnstw the Maet value of Stafford House at 31 December 2023 was at least equal to this figure. 2023 2022 Quoted investments Market valuc l January 2023 Disposals Investmenl management costs Net gain51(losses) 438.974 (251,216) (4,658) 11.482 710.232 (215.982) (7.029) (48247) Market value 31 December 2023 194.583 438,974 2023 2022 Unquoted investments Market valu¢ l January 2023 Disposals Net gains 14.771 14,752 1,798 19 Markel value 31 December 2023 16,569 14,771 DEBTORS 2023 2022 Other debtors Prepayments 1,794 1,308 1,794 1.308 CREDITORS: AMOUNTS FALLING DUE wrfHIN ONE YEAR 2023 2022 Accruals 990 1.400 RELATED PARTY TRANSACTIONS The trustees are members of the Ord. Memb¢rs are maintained by the charty and accommodatio meals and oiher living expenses paid for by the charity. None of the trustees received any remuneration during the year or receiv¢d any r¢imbursem¢nt of expenses other thall those received as an tIng member of the Order. The tnteeS receive pensions which are paid d]rtlY to the charity. During the year £ 22.442 (2022: £20,893) was received in r¢5P¢Ct of pensions. -12_