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 D￿ernber 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 prepa￿d in accordance with the accounting policies set
out in nole I to the a￿Unts 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 rforn￿￿ce
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 litt￿gIcal 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 s￿iety 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 Irel￿d 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¢ tn￿te¢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
P0￿yS
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 det￿tion of fraud and other irregulariti¢s.
Approved by the T￿￿teeS 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 r￿OrdS. It also includ¢s wnsideratiOEL of any unusual items or disclosures in
th¢ a￿ounts, and seeking explanations from you as In￿te¢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 A￿OUntAnt
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 (col￿NUED)
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 S1￿cd 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 eX￿iditUre 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 De￿mber 2023
Investments ore a fonn of basic financial 1nstsimi￿t and are Initi￿lY 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 S￿tOts or sub sectors.
(g) ReAlised ￿1￿$ fdtsd I￿5¢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 J￿Uary 2023
150,000
At 31 December 2023
150,000
-li-

THE ORDER OF ST IJRSULA AS ESTABLISHED IN wA￿s
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 Ma￿et 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 tn￿teeS receive pensions which are paid d]r￿tlY to the charity.
During the year £ 22.442 (2022: £20,893) was received in r¢5P¢Ct of pensions.
-12_