THE ORDER OF ST URSULA AS ESTABLISHED IN WALES FINANCIAL STATEMENIS FOR THE YEAR EIWED 31 DECEMBER 2024
THE ORDER OF ST UILSULA AS LSTABLJSHED IN WALES INDEX TO THE Fll¥iANCtAL sTATEMEs YEAR ENDED 31 December 2024 Rep)rt of the trustees IndetKlldent ¢xaminer's report ststement of financial activities Balance she& Notes to the financial statements
THE ORDER OF ST URSULA AS ESTABIJSHED IN WALES REPORT OF THE TRUSTEES For the year ended 31 December 2024 The trustees present their annual report and fitwicial statements of the oharity for the year ended 31 December 2024. The financial statements have been ppared in acrdanC¢ with the accounting policies s out in note I to the accounts and comply with the charity's )aust deed. the Charities Act 2011 and Accounting and R¢porting by Clwities.. SLtrm¢nt of R¢commended Practic£ applicabl¢ to clwities preparing their 8ceounts in accordance with the Financial Reporting Standard applicable in th¢ UK and Republic of Ireland published October 2019. Ob e¢tives aetivities for the blic benefit The objects of the Charitable Trust of the Order of St Ursula in Wales are ' the advancement of the Roman Catholic religion through such lawfvl charitable purEM)S¢S &8 the trnstees, wlth the approval of the Superior, hall from time to time think fit." In fujfilment of the objectives of the Trust it is the w)licy of th¢ Charty to undertake a rnnge of charitable activities. The principal areas tn which the charity h&s involved are: edllcation in its broadest sense, including the completion of academic research to ben¢fit the l(Kal pastoral activities. Members of the Order undertake voluntary work in the local communities and parishes. This iludeS the instrnction of children in th¢ Catholio Faith. visitation of hospitals and the hOUseund &c. Achievement and rformydnce Brecon and Cardi Th¢ wmmunity in Br¢wn was occupying Havard House. th¢ PrOrtY h&8 been sold and there i5 llo r¢sid¢nt Sister there. However, the Ursuline A$slat¢S Continue to function, as do the Catschists, Museum Friends and collection points for blankets and knitt¢d itsms for the Romanian Aid Foundation. Cardigan.. the Sister in Cardigan continues to ¢ngage ill pastoral and liturgical work hs well as accommodating stamp collection for Cancer Research. Education A retired Si5Èer, recently deceased, was a Post8raduats Research Strjdent (Oxford Brooks Univ¢rsity) in topic in Social History (Theatr¢) of interest locally and more widely. Her work is wntinuing from Ursuline and BrKknock Society sw>nsorship. This work is currently awaiting publication. Dancial Review There is presently one Sister in th¢ Cardigan Community, who receiv¢s 8 full State Teacher's Pension. The funds r¢ceived are used for voluntary charitAbl¢ w0S and activittes cTled on by the Sist¢r.
TJTE ORDER OF ST I]RSIJLA AS ESTABLISHED IN WALES REPORT OF THE TRUSTEES (eonl.) For the year ended 31 Deeember 2024 Investtnent wers and olicv Under the governing d(KumenL the Order h&8 the power to invest in any investtn¢nts for the lime being authorised by law for the investment of trnst funds. The strategy of the trustees is to relain liquid funds equal to approximately one year's opernting costs of the Order, and these are inv¢sted in one or more high int¢r¢st deposit CoUnts. The r¢m&ining funds &re invested for long terttL growth folli)wing advice taken from the Ord¢T'S inveslment advisers. Reserves lic The Order uses its investment income to help to supw)rt the CardRg8n Community. The Order does not provide direct finanGial support to individuals or other bodi¢& so there is no requirement to maintain minimum level of r¢s¢rYes. The present reserves have built up largely from the proceeds of diswysal of a numl*r of freehold prottrties which were previously used to house a school. Strneture Governance and Mana emeDt Governin d(Kument The Order of St Ursu]a as ¢stabli5h¢d in Wales is a Roman Catholic r¢ligious ord¢r. founded from treland in 1948. Th¢ (kder is constitutd under a trnst deed dated 10 February 1964, as varied by a 5ch¢me dated 6 May 1994 and as arnended by a scheme dated 27 January 2023. It is an unincorporated regist¢Ted charity, no. 233769. intment of The trustees apw)intsd by th¢ Provincial and her team. Tnlee indurtion and trainin Induction is by appointmenL and fornal training takes plAce vthenev¢r courses are available. One of the trustees and the Sectsry to th¢ tTUStees attended a Trnst¢¢ Training Day provided by th¢ Catholic Charity Conference in L4ThdoD in May 2014. anisation The house in Wales is under the jurisdictii)n of th¢ Provincial 8nd her council and th¢ daily administrdtion is carri out by the r¢sident Sister. Its Provincialat¢ is lol in Dublift. th¢ Order h&$ on¢ house in Wal¢s, Iwated An Cardigan. Risk malla ement The tTUSt¢es have a risk management slrntc which compris¢8: an annual review of th¢ risks the charity may fac¢. the estsblisbment of systems and procedures to mttigal¢ those risks identified in the plan. and the implem¢ntation of pr(wlures designed to minimis¢ any potential impact on the charity should Ihose risks mateTialise. This work has not identified ally specific risks, but it has f(Kused attention on ¢nsuring the personal safety of the Sister while undertaking her work within the COMunIty.
THE ORDER OF ST URSULA AS ESTABLISHKD IN WALES REPORT OF THE TRUSTEES {conL) For the yeAr ended 31 De¢ember 2024 Referen nd &dmlnL8tra¢iv detai Charity number 233769 Addre Ursuline Convenl l Glamorgan Street Brecon Powys LD3 7DW Trnstees Sister Mairead O'Re88n Sist¢r Angela Anne Murray Sistsr Mariano¢ O'connor Sister gAret J CaTr Peryon responqlble for day to day m4n4gement Sister Ang¢l& Ann¢ muaY Reportillg aclltsts WJJames&Co Charteral Accountanls Bishop House 10 Wheat Street Brecon Povrys Bankers Lloyd Bonk plc 38 High Street Brecon Powys Cat¢rAllen Ltd Pembroke House 15 Pembrokn Road Clifton Bristol Solicitors R¢d Kite Solicitors 48 Free Street Brecon Powys lllvestment advisen Mr Daniel Curtis Portfolio D]rtOr Schroder & Co Lld 12, Moorgate London EC2R 6DA
THE ORDER OF ST URSULA AS ESTABLISHED IN WALES REPORT OF THE TRUSTEES (con¢.) For the year ended 31 December 2024 Trustee5' res n8ibilitfies In relation to the fjnancial statements The charity tnS responsible for preparin8 a tnle¢s. amiual rerK)rt and fmancial 02tements in accordance with applicable law and United Kingdom Accounting StsndBrds (Unit¢d Kingdom G¢neralty Accepted Accounting Practice). The law appiithle to chari¢i¢s in Eng18nd alld Wal¢s requires the charity tSteeS to pr¢tAre fancial statements for each year whi¢h give a tsu¢ and fair vi¢w of th¢ state of affairs of th¢ charity, and of the incoming resources and application of r¢source4 of the charity for that peri. In preparing the financial Statements Ihe trustees are required to: select suitable COunting PK)licies and then apply th¢m consistcntty" make judgerrLents and estimates th&t gre reasonabl¢ pruden¢ state wh¢ther applicable accounting standards and statements of recommended practice have b¢¢n followed subject to any depattses disclosed and explained in the fin8n¢ial statements. alld prepare the financial statements on the going concern b&sis unless it is inappropriat¢ to presume that the charity will continue ITh business. Th¢ trustees are responsible for k¢¢ping proper accounting records which disclose with reasonable accuracy at any time the fmancial position of the charity and etthble them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, 2008 and the provisions of the Trust deed.. They are also reswynsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and det¢otion of fraud and other irregularities. Approved by th¢ TTUStees and sisned as authorised on their behalf by: Trustee.. Sister n8eLa Anne mUY
THE ORDER OF ST i)RSULA AS ABLISHED IN WALES Independent Examlner's Report to tke Trustees ofthe Order of St UrJul# AS e8tAblighed ID Walej I report on the &ccounts of th¢ Trust for th¢ year endeAI 31 D¢cember 2024, which are set out on pages 6 to 12. Respective r&sponsibilities of trustees aDd esAmiDer The charity's trustees are T¢sponsible for the prepardtion of the accounts. The charity's trustees Consider that an audit is not required foT this year under Section 144 of the Charlties Act 2011 (the Charities Act) and thal an independ¢nt examination is needed. It is my responsibilty to: . ¢xamine the awounts under Section 145 of the Charities Act. follow the pr(llres laid down in the General Directions given by the Charity Commission und¢r Section 145{5Xb) of the CharÉties Act: at state Nthether particular matters have come to my attention BA8is of independellt ewnlner's report My exami[tIOn was carried out in accordance Mith the geDeral directlons given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts present¢d with those records. It also includ¢s consideration of any unusual items or disclosures in the ac¢ounl4 and seeking ¢xplanations from you as trust¢es concerning any such matt¢rs. The procedures undertak¢n do not ptDvide all the evid¢nc£ that would be requir&1 in an audi¢ and consequently no opinion is given as to whether the accounts pr¢sent a 'lrue and fair View" and the report is limit to those matter5 S¢t out in the stat¢m¢nt below. Indepelldent exAmlner's st#temeDI In connection with my examinatio no material matters have come to my attention which give m¢ se to believe thaL in any mat¢rAal respt. the acwunting rths were not kept in accorthce with S¢ction 130 of the Charities ACL or the accounts did not accord with the accounting records" or the accounts did not comply with the applicable requirements concerning the forni and content of accounts set out in the Chariti¢s {A¢coutsts and Reports) R¢gulatiODS 21)08 other than any r¢quirernent that the accounts give a'lrue and fair" view which is not a matter considered as part of an ind¢pendent ¢xamillation. I have come rO&S no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper und¢rstallding of the accoutrts to be Teached. N J Morrell B.Com.. F C A Chartcr¢d Accountant Bishop House 10 Ivheat Sttpet Bre¢on
THE OiiDER OF ST URSULA AS ESTABLISHED IN WALES STATEMENT OF FINANCIAL ACTIVITIES Yeydr ended 31 December 2024 UJwestrkt¢d fullds 2024 2023 In¢omÈ: Pension5 Investment income Rent of property Other income Note 23.468 3,335 5.000 290 22.442 2,390 5,000 210 TotAI income 31093 30,042 Expttsdlture: Raisingfvth.. Investment management ¢05ts 1,993 4,658 Expendilwe on charitable acitvilies.. Provisions Rates, water and insurance Light and heal Maintenance and repairs Hous¢hold goods Telephone, Stage and stationery Grounds maintenan¢¢ Travel Medical Personal expenditure Educatio courses and on-goin8 fomiation Donations and gifts Bank charges Depr1&110ll 3,235 3.503 2.632 1,600 1,673 2.340 1.628 2,860 7,780 2,204 1.330 2,543 2,749 2.184 11.419 985 1,535 950 4.433 4.315 2.470 130 311,817 2,151 2.652 32,936 348,187 GovernLvKe costs.. Religious Central fund Reporting accountanl L¢gal F¢es 864 980 258 1,800 790 550 317 2,102 3.457 Totsl expenditure 37,031 356.302 Net income/(expenditure) and net movement in fMknd$ before gains And losses on Investments. dd (4.938) (326260)
THE ORDER OF ST URSULA AS ESTABIJSHED IN WALES STATEMEIYT OF FINANCIAL AcfIviTIES (CONTINUED) Year ended 31 Deeember 2024 Unrestricted funds 2024 2023 Net illcomiDW(expendituYe) before gainsl(105se5) on investments, bld (4,938) (326260) N¢t gainsl(losses) on iDvesth)ents 11,406 13,281 Net ineomel(expenditure) 6.468 (312,979) Oiber reeognised gai&81(Ios8es) Net movement in funds 6,468 (312,979) Unrestricted funds brought forward 618.659 931,638 Unrestrlcted fuDds eanied forwanl 625.127 618,659
THE ORDER OF ST URSULA AS ESTABLISHED IN WALES BALANCE SHEET as at 31 December 2024 2024 2023 Nole Fixed A88ets Tangible ass¢ts 133.503 135,654 Inve8tmeDts Freehold property Quoted investments Unquoted investments 150,0(N) 203.902 16,663 150.000 194,583 16,569 504.068 496,806 Current a8Bets Debtors Short terni deposits Cash at bank 1.950 133,265 129,530 1.794 129,964 134,135 264,745 265.893 Cr4lits)ra: Amollnts falllng due within one yegr (636) (990) Net curre( a88ets 264.109 264,903 Net Assets 768,177 761,709 Funds Unrestricted funds Revaluation reserve 625,127 143,050 618,659 143,050 768.177 761,709 Approved by the Board of Trustees and signed on its behalf by: Sister Angela Anne MuTrny
ORDER OF ST URSULA AS ESTABLISHED IN WALES NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 ACCOUY4TING POLICIES (a) Bayi$ of PTeparntioD assessment of goRng Concern The accounts (financial statements) have been prepared under the historieal cost convention with items recognised at cost or transaction value unless otherwise stated in the r¢l¢vant ttotes to these accounts. The fllwicial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Prnctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in th¢ UK and Republic of Ireland (FRS 102) (effective l January 2019) - (Charities SORP (FRS 102)X and Financial Reporting Standards applicable in the United Kingdom and Republic of Ireland &nd the Charitses Act2011. The charity constitutes a public benefit entity as defin by FRS 102. The trustees consider that there are no material unrKrtainti&s aiN)ut th¢ Ch8rity's ability to continue as a going.concern. (b) Income recognlllon AJI grants. gifts and voluntary income is 8w)untsd for gross, and they are reco]sed once Ihe harity has entitlement to the income, thern is sufficient certainty of receipt so it is probable that the income will be received. al the amount of income receivable can measur¢d r¢liably. (c) Expenditure reeognition Liabilities are recognised as expenditure as soon &s th¢re is a legal or constrnctive obligatlon committing the charity to that exndItllre. it is probable that settlemeth will be required and the amount of the obligation can be m¢asur¢d reliabty. All ¢xp¢nditiur is aoUnt¢d for on all accrnals basis. All expenses are allocatsd or app¢)rtioned to the applicable expenditure headings in the statement of finon¢iai activities. (d) Tangible fixed Assets Fixed assets, excluding freehold prop¢ty. are included at the trustees, Valuati &t l July 1995. as adjusted for additions and disposals sinc¢ that date. Ail red assets ar¢ pItalIsed wh¢n purchased. Freehold propty is shomm at vaIuation, as explained in note 4.
THE ORDER OF ST URSULA AS ESTABLISHED IN WALES NOTES TO THE FINANCLIL STATEMENTS (CONTINUED) Year ended 31 December 2024 (e) Depreeiatioll Depreciation is provided to iryrite off th¢ ¢ost or valuation, le&% estimated residual values, of all fixed &ssets over their eXpted usefijl lives. follows:_ Freehold property Furnlture and fittings Equipment Motor vehicles on valuation over 100 years on valuation or later cost ov¢r 20 years on Cost over 5 }'ears on writt¢n dowD valu¢ at 250/0 per annum. (O Fixed et Investments The freehold propety investm¢nt is recognised at the ITUSt¢es valuation, which they Gonsider to be no more than the market value at 31 D¢wnber 2024 Investments ar¢ a forni of b&sic financial instnllnent and are initially reCOlS¢d at their transactAon value and subsequently measured at their fair valu¢ as at the balance sheet date using the closing quoted market price. The statement of financial &ctivities includ¢s the net gains and losses arising on revaluation 8nd disposals throughout the year. Th¢ Chwity does not aquire put options, d¢riv#tives or other complex financial instruments. The main forni of financial risk faced by the Charity Rs that of volatility in equtty markets and investment markets due to lder economic conditions, the attitude of investors to inv¢stment risK and chang¢s in gentiment con¢¢rning equities and within particular sectors or sub sectors. (g) Realised gains and1058es All gains and losses are taken to the Statement of Firtanc1 Activities as they arise. Realised gains and losses on investments are ¢alculated as the difference between sal¢s pr(K¢eds and their opening carrying value or their purchase valu¢ if acquired subsequent to the first day of the fancial year. Unrealised gains and loss¢s are calculated as the diff¢r¢nce between the fair valu¢ at th¢ year end alld their ¢arrying value. Realised and unrealised investment gains and losses combined in the Ststement of Financial A¢tivities. VESTMENf COmE 2024 2023 Dividends- equities Dwsit account interest 33 3.302 28 2,362 3.335 2.390 -io-
THE ORDER OF ST URSULA AS ESTABLISHED IN WALES NOTES TO THE FINANCIAL STATEMENTS (CONfiNUED} Year ended 31 D¢¢¢mber 2024 TANGIBLE FIXED ASSETS Freehold Furniture Motor Property & equipment vehlcles Totsl Cost orValllAtion At l JaDU8ry 2024 165.(K)O 14,061 9.500 188,561 At 31 December 2024 165,000 14.061 9,500 188,56I Aecumulaled depreciation At l January 2024 Charge for the year 31,350 1,650 14,061 7,496 52,907 501 2.151 At 31 December 2024 33,000 14,061 7,997 55,058 Net book values At 31 December 2024 132,000 1,503 133.503 At l January 2024 133,650 2,004 135,654 The freehold property consists of the residence in Cardigan. This was valued in 2005 by Mr J Roger Davies, Chartered Surveyor, at an OF market value of £165,000. In the opinion of the thlstees, th¢ market V8lue of this Property at 31 Decemb¢r 2024 was at least equal to its written down value. FIXED ASSET INVESTMENTS Freehold Property At l January 2024 150,000 At 31 DettmFKr 2024 150,000 -li-
TRE ORDER OF ST URSULA AS ESTABLISHED IN WALES NOTES TO THE FINANCIAL STATEMEIYTS (CONTINUED) Year ended 31 December 2024 The investment PrOrtY consists of stsfford House, Glamorgan Street, Brecon and it is let to Puifins Nursery. This property, togetheT with the adjacent property of Havard House, wer¢ jointly valued in 2004 by James Dean. Chart¢r¢d SurvEyor4 at an open market value of £500.000. Havard House was sold in 2021 for £410,000. and the tsus1$ have attributed a value of £150,000 Stafford House which is now treated as an investment prop¢ty. In the opinion of the tntss. the market value of Stafford Hous¢ at 31 Decembu 2024 was at least ¢qual to this figuTe. 2024 2023 Quoted Investments Marf(ct value l January 2024 Disp)sals Inve5tmcnt managem¢nt costs Net gain(lo$S¢s) 194,583 438,974 (251,216) {4,658) 11,482 {1.993) 11.312 Mth¢t valu¢ 31 December 2024 203,902 194,583 2024 2023 Unquoted investments Market value l January 2024 Disposals Net gains 16,569 14,771 94 1,798 Market Yaiue 31 Dec¢mb¢r 2Q24 16,663 16,569 DEBTORS 2024 2023 oiber debtors PrqJayrneTht5 1,950 1,794 1,950 1,794 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 AccnlS 636 990 RELATED PARTY TRANSACTIONS The trustees are members of the Order. Members are malntained by the charity and acci)Tnm(xlAtion. meals and oth¢r living expenses are paid for by the charity. None of the trustees re¢cived any remuneratlon during the year or r¢c¢ived any r¢imbursement of expenses other than those received as an acting member of th¢ Order. The tnJst¢e5 receivo pensions which are paid directly to the charity. During the year £ 23,468 (2023: £22,442) was received in resperf of pensions. -12-