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 sTATEME￿s
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 p￿pared in ac￿rdanC¢ 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 i￿ludeS the
instrnction of children in th¢ Catholio Faith. visitation of hospitals and the hOUse￿und &c.
Achievement and rformydnce
Brecon and Cardi
Th¢ wmmunity in Br¢wn was occupying Havard House. th¢ PrO￿rtY h&8 been sold and there i5 llo r¢sid¢nt
Sister there. However, the Ursuline A$s￿lat¢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¢ w0￿S and activittes c￿Tled 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.
Tn￿lee indurtion and trainin
Induction is by appointmenL and fornal training takes plAce vthenev¢r courses are available. One of the
trustees and the Sec￿tsry 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 lo￿l￿ 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 COM￿unIty.

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¢ mu￿aY
Reportillg ac￿ll￿ts￿ts
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]r￿tOr
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 tn￿S responsible for preparin8 a tn￿le¢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 t￿SteeS to pr¢tAre f￿ancial
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 mU￿Y

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 resp￿t.
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
Depr￿1&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 ex￿ndItllre. it is probable that settlemeth will be required and the
amount of the obligation can be m¢asur¢d reliabty.
All ¢xp¢nditiur is a￿oUnt¢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 r￿ed 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 eXp￿ted 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 reCO￿lS¢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
f￿ancial 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 PrO￿rtY 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
Accn￿lS
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-