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← The St Barnabas Society

2025-05-31-accounts

~~PO~~ THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee) REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MAY 2025

Registered Charity Commission No: 1009910

Registered with the OSCR No: SC046482 ~~——~~ Registered Company No: 02645233

CWH

C H A R T E R E D A C C O U N T A N T S

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

INDEX TO THE FINANCIAL STATEMENTS

Officers and professional advisers
Report of the trustees
Independent auditor’s report
Statement of financial activities
Statement of financial position
Statement of cash flows
Notes to the accounts		 Pages
1
2 - 6
7 - 9
10
11
12
13 - 20

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES (incorporating Directors’ Report)

for the year ended 31 May 2025

OFFICERS AND PROFESSIONAL ADVISERS

Principal address and registered office

Principal address and registered office Regus, Green Park
200 Brook Drive
READING
RG2 6UB
Registered charity commission number 1009910
Registered OSCR number SC046482
Registered company number 02645233
President Cardinal Vincent Nichols
Board of directors Mr I.B Hambleton (Chair and President’s Representative)
Mr D. Colehan
Mr S.C. Doyle
Miss J. C. Gough
Revd D. Humphreys KHS
Mrs J.M. Mellor DHS
Mrs V. Stonier
Director/Secretary of the charity Revd P.B. Martin
Bankers National Westminster Bank PLC
249 Banbury Road
Summertown
OXFORD
OX2 7HR
CAF BANK Limited
25 Kings Hill Avenue
Kings Hill
WEST MALLING
ME19 4JQ
Auditors Cocke, Vellacott & Hill
Chartered Accountants
Unit 15 City Business Centre
Lower Road
LONDON SE16 2XB
Investment managers Cazenove Capital Management Limited
1 London Wall Place
LONDON
EC2Y 5AU

Page 1

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES (incorporating Directors’ Report , continued )

for the year ended 31 May 2025

The trustees present their thirty second report together with the financial statements of the St. Barnabas Society (hereafter referred to as the ’Society’) for the year ended 31 May 2025 which comply with the Charities Act 2011 and the Companies Act 2006, the Charities and Trustees Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, the requirements of the charitable company’s Memorandum and Articles of Association and the requirements of 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) – Charities SORP (FRS 102).

Continued Impact of Covid-19

Although the pandemic is largely past, the Director continues to find it difficult to organize appeals, as parishes are still in financial difficulties. Efforts are ongoing to organise more appeals in parishes where the Priest is a former beneficiary and parishes which fall under the Ordinariate. It is hoped that more appeals will take place in coming years.

Structure, governance and management

The Society is a non-trading company, limited by guarantee without share capital, incorporated in England, and is registered with the Charity Commission and the Scottish Charity Regulator. Its affairs are governed by its Memorandum and Articles of Association. Upon winding-up of the company, the liability of every member is limited to £1.

On 1 June 1992 the Society assumed from The Converts’ Aid Society, a charity having the same objectives as the Society, certain assets and all the obligations including those to pensioners. The Converts’ Aid Society continues to hold funds amounting to £711 at 31 May 2024.

Organisation

The trustees are responsible for the management of the Society and meet four times a year. They are assisted by the head office staff. Day to day administration of the Society is in the hands of the Director.

President

The President of the Society during the year was Cardinal Vincent Nichols.

Trustees

The trustees (and directors of the company for the purposes of company law) in office during the year were as follows:

Mr R.E Hayes KSG KC*HS (former Chair and President’s Representative) resigned on 18 September 2024 Mr I.B. Hambleton (Chair and President’s Representative from 18 September 2024) Mr S.C. Doyle Miss J.C. Gough Revd D. Humphreys KHS Mrs J.M. Mellor DHS Mrs V. Stonier Mr J.P.J. Turner resigned on 18 September 2024

Since the year end Mr D. Colehan has been appointed to the board.

Trustees’ recruitment, induction and training

The Society is always open to the possibilities of new trustees, usually by recommendation of existing trustees, staff, or the wider Church.

The Society provides induction packs to all new trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Connected Charity

The Converts’ Aid Society is a connected charity that has similar objects and activities as the Society. The employees of the Society administer both charities from the same registered address at Windsor House, Heritage Gate, Sandy Lane West, Littlemore, Oxford, OX4 6LB. Details of transactions between the charities are given in note 12 to the accounts. The Converts’ Aid Society is dormant at present.

Page 2

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES (incorporating Directors’ Report, continued )

for the year ended 31 May 2025

Structure, governance and management (continued)

Risk Management

The trustees have examined the major strategic, business and operational risks, which the Society faces and confirm that systems have been established to lessen the risks. A list of risks was prepared by the administrative staff and reviews of the risks are carried out each year.

Objectives and activities

The objects and principal activities of the Society, in co-operation with the Catholic Bishops, is to provide support and assistance to former clergy and religious of other denominations and their dependants who have come into the full communion of the Roman Catholic Church, until such time as they have been integrated into the Catholic community and have re-established themselves, for a maximum of five years. In addition to financial support, the Society provides pastoral support to convert clergy and religious and their families.

The Society also seeks to raise the Church awareness and understanding of conversion and converts. This is primarily the work of the Director, who is convert clergy, with support from the Board and the administrative staff.

In shaping our objectives for the year and planning our activities the trustees have considered the Charity Commission’s guidance on public benefit.

Achievements and performance

During the year the Society has made 275 (2024 - 314) net grants totalling £257,604 (2024 - £355,523) to 36 (2024 - 30) individual beneficiaries. Included within net grants, the Society made no unsecured loans in the year (2024 - £nil) and recovered no loans (2024 - £nil). Accommodation for beneficiaries has been provided in the various properties owned by The Society for which rents have been received amounting to £39,957 (2024 - £19,252). The rents charged are below market rates and represent a subsidised rental to seven individuals. Properties relating to four individuals were sold during the year. The maintenance and the repair of these properties is managed by the administrative staff of the Society.

The Society’s supporters still find hard copies of the St Barnabas Society News helpful and approximately 5,000 copies are sent out each year, usually in Lent and Advent. The Society’s website is a very useful source of information for supporters, beneficiaries and others and offers saving of cost as well. It can be found at www.stbarnabassociety.org.

Financial review

The net deficit for the year amounted to £556,246 (2024 – surplus £285,345).

Income included £244,997 (2024 - £283,326) from investments, £54,816 (2024 - £46,115) from interest and rents, £93,875 (2024 - £86,884) from appeals, collections and donations, and £527,529 (2024 - £309,470) from legacies. No amounts were transferred from The Converts’ Aid Society during the year (2024 – £nil) but one amount was paid on their behalf.

Four properties were sold in the year (2024 - none). £1,986,196 was released from the Property Revaluation Reserve to the General Fund in 2025 following completion of these disposals.

The charity expended £628,559 (2024 – £676,831) on charitable activities and £10,903 (2024 - £9,154) on fund raising.

Surplus on investments was a net loss of £46,957 (2024 – net gain £246,059). The net movement in all funds for the year amounted to a decrease of £556,246 (2024 – increase of £285,345). This includes property write downs of £nil (2024: £nil).

Funds arising in the year transferred to designated funds amounted to £527,529 being the transfer of legacy receipts to the Legacy Reserve (2024 – transferred to designated funds £309,470). Details of the incoming and outgoing resources for the year are shown on in the Statement of Financial Activities on page 10. Fund movements are shown in note 11.

Significant additional travel costs were incurred due to travel to Aston Hall during the purchase process and afterwards to supervise the extensive renovations required.

Page 3

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES (incorporating Directors’ Report, continued ) for the year ended 31 May 2025

Financial review (continued)

Fixed assets

Movements in fixed assets during the year are shown in notes 7 and 8 to the financial statements. Following the introduction of FRS 102 for Charities, the Society’s freehold properties were revalued by the Trustees at the 31 May 2014 based on advice received from estate agents based in the same areas as the properties. Adjustments to those values were made at 31 May 2015 and 31 May 2016. The result of this is that the value of the properties was increased by £3,804,800 in 2014, an additional £274,649 in 2015 and an additional £85,197 in 2016.

With the exception of two investment properties purchased after May 2016 (which are shown at cost), all investment properties had been professionally valued by the year to 31 May 2016, and having taken advice the trustees consider that these valuations remained appropriate as at 31 May 2024.

The previous revaluation was in April 1997, since then three further programme-related properties were acquired at a cost of £798,962, the latest still held being a property in Somerset acquired in 2018.

As all the properties are now occupied by beneficiaries at a rent below the normal market rate, the properties have been reclassified as programme related fixed assets.

The gain on revaluation of investments during the year has been included in the funds. At 31 May 2025 the cumulative unrealised gain on investments was £909,354 (2024 – unrealised gain £956,311) - see note 8 for more details.

Reserves Policy

The Society cannot predict the level of demand from potential beneficiaries. However, in recent years both the number of applicants and the scale of their individual needs have increased, and the prudent and informed judgement of the Board is that, in the medium term, these will continue at the higher level and that the increase is likely to continue.

The Society does not have a permanent endowment or any restricted funds. The Board have reviewed the level of free reserves (that is funds not tied up in fixed assets) the charity will require to sustain its operations over the next five years and conclude that these are no longer adequate in the light of the increasing calls on the Society. The board considers it is essential that the Society increases its income and is actively looking into ways of doing this. Moreover, the Society is subject to forces beyond its control, such as a major increase in the number of converts following decisions made by other denominations and this may require further action by the charity.

Investment Policy and Performance

The Society’s investments are managed on a discretionary basis by Cazenove Capital Management Limited (CCM) and carefully monitored by the Board. After review of the requirements of the Society’s running costs and the needs of beneficiaries of the charity, surplus funds are passed to CCM for investment. The overall policy is to grow the portfolio’s capital and income over a period of time with a growth attitude to risk. No investment restrictions have been placed on CCM. The current benchmark for the investments, which adopts six different categories of investment was agreed with CCM and adopted from 1 December 2014. Quarterly reports are provided by CCM which contain performance against benchmarks. All income arising is returned to the Society’s bank account.

Investment income has decreased by 13.5% over the previous year. The market value of the fixed asset listed investments at the year-end rose by £677,720, an increase of 10.8%, to £6,942,008. For the 12 month period to 31 May 2025 the portfolio returned 2.9% compared with its inflation target of CPI+4% of 7.5% and the FTSE All Share return of 9.4%. (12 month period to 31 May 2024 the portfolio returned 9% compared with its inflation target of CPI+4% of 6.1% and the FTSE All Share return of 15.4%).

In light of current market conditions and the decision to invest in Aston Hall, the Trustees are satisfied with the performance of their investment portfolio. They note that there was a general marked increase in the value of investments past 31 May 2025.

All investments held by the charity have been acquired in accordance with the powers available to the trustees. The trustees regularly review the portfolio performance and the costs of portfolio management.

Page 4

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES (incorporating Directors’ Report, continued ) for the year ended 31 May 2025

Grant Making Policies

The Society exists to provide financial and other help in case of need to former clergy, ministers, religious or paid lay workers of non-Catholic Churches, who have been received into the Catholic Church, and to their families. It is primarily concerned with those who live in the areas of the Bishops’ Conferences of England & Wales, Scotland and Ireland. It aims to give support to individuals until they have either become financially self-sufficient or have been incardinated (by ordination to the diaconate) in any diocese or equivalent or taken religious vows in any religious order. Further, the Board considers that there will be an increasing call on its resources as converts, who have not been ordained, find in retirement that, as a result of their conversion, they are in financial hardship.

Applications for grants are either received directly from applicants who are aware of the Society’s activities or result from the intervention of other members of the Catholic Church. Each convert’s application for help is assessed individually on its merits with full information about the applicant’s needs, liabilities, income and assets. In each case the Board determines the level of grant, which, in its absolute discretion, it considers to be proper and appropriate. The amount of any grant proposed may be amended should the beneficiary’s circumstances alter.

Moving Forward

COVID continues to have an impact on the Society’s finances. Few churches have been able to invite the Director to make an appeal and we are grateful to those who have. The Society’s major source of income in the year has come from legacies.

The Society’s research project ‘ Convert Clergy in the Catholic Church in Britain: the Role of the St Barnabas Society ‘ was published after the year end in November 2025. Led by Professor Stephen Bullivant, this research covers the period 1992 - 2024. Its preliminary findings have been an eye opener in that c700 former Anglican clergy have become catholic between these years. For many this would not have been possible without the support of the St Barnabas Society. We will write more about this and the report’s impact next year.

Aston Hall is now fully refurbished. The Chapel has been beautified by the artist Marcelo Lavallen and contains a statue dedicated to Blessed Dominic Barberi. It has cost the society in excess of £500,000 to bring the hall up to a fitting standard and we now move forward with plans to make it a place of pilgrimage to Blessed Dominic Barberi.

The Society continues to receive new enquiries, but the Trustees are always mindful of the ongoing position with regard to future beneficiaries.

Trustees’ responsibilities for the financial statements

The trustees (referred to as trustees but who are also directors of the society for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom generally the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 5

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES (incorporating Directors’ Report, continued )

for the year ended 31 May 2025

Disclosure of information to auditors

As far as the trustees are aware, there is no relevant audit information of which the company’s auditors are unaware. Each of the directors has taken all the steps that he/she ought to have taken as a trustee in order to make himself/herself aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

Public Benefit

The trustees have complied with the duty in Section 4 of the Charities Act 2006 to have regard to the public benefit guidance published by the charity commission, including the guidance ‘Public Benefit: Running A Charity’ (PB2).

The Society exists for public benefit by the relief of poverty and the advancement of religion by helping financially and pastorally those who have been received into the Roman Catholic Church and who were previously clergy, ministers or religious of other Christian Churches.

Auditors

The auditors Messrs. Cocke, Vellacott & Hill have indicated their willingness to continue in office and will be proposed for reappointment in accordance with the Companies Act 2006.

Signed on behalf of the Board of Directors on 20 February 2026 by

I.B Hambleton

Director

Page 6

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE ST BARNABAS SOCIETY

Opinion

We have audited the financial statements of The St. Barnabas Society for the year ended 31 May 2025 which comprise the statement of financial activities incorporating income & expenditure account, statement of financial position, statement of cash flows and notes to the financial statements including a summary of significant accounting policies. The financial framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

In our opinion the financial statements:

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 7

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF THE ST BARNABAS SOCIETY (continued)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Other matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report, included within the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 20006 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 5 the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder. This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the Charitable Company’s Trustees, as a body, in accordance with the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the Charitable Company’s members and Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company, the Charitable Company’s members as a body and the Charitable Company’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We have obtained an understanding of the charitable company’s policies and procedures through discussions with senior management and trustees.

We also drew on our existing understanding of the work that the charitable company does and the sector that it operates in.

Page 8

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

TO THE MEMBERS OF THE ST BARNABAS SOCIETY (continued)

INDEPENDENT AUDITORS’ REPORT

Auditor’s responsibilities for the audit of the financial statements (continued)

We understand that the charitable company complies with its responsibilities through close involvement of senior management and trustees in the day to day running of the business. Were there any litigation or claims they would come to the attention of the senior management directly.

The charitable company also holds regular board meetings at which all such matters are discussed if applicable. We have reviewed the minutes of all board meetings and no irregularities were identified. We attended three board meetings (out of four) as observers. Key management information is circulated monthly to all trustees and senior management and discussed in detail at board meetings.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the charitable company’s ability to conduct business and where failure to comply could result in material penalties.

We have considered the disclosure requirements of the Companies Act 2006 and the Charities SORP (FRS 102) as part of our finalisation processes.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

DAVID WARREN (Senior Statutory Auditor)

For and on behalf of COCKE, VELLACOTT & HILL Chartered Accountants and Statutory Auditor Unit 15 City Business Centre Lower Road LONDON SE16 2XB

20 February 2026

Page 9

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (incorporating Income and Expenditure Account) for the year ended 31 May 2025

Notes
Income from:
Charitable Activities: rental income
Donations & legacies
6
Investments
Other:
Funds transferred from connected charity
12
Interest receivable
Rents
Events
Total
3(b)
Expenditure on
Costs of raising funds4
Expenditure on charitable activities4
Total resources expended
4
Net gains/(losses) on investment assets
Realised loss on sale of property
Net income/(expenditure) for the year
Transfers between funds
11
Other recognised gains and losses
Gains/(losses) on revaluation of properties
7,11
Net movement in funds
Total funds brought forward
11
Total funds carried forward
11		 General
fund
£
39,957
621,404
244,997

-
5,157
9,702
872
922,089
(10,903)
(628,559)
(639,462)
166,841
(791,916)
(342,448)

1,458,667
1,116,219
-
1,116,219
2,483,878
3,600,097		 Designated
funds
£
-
-
-
-
-
-
-
-
-
-
-
(213,798)
-
(213,798)
(1,458,667)
(1,672,465)
-
(2,033,153)
10,251,443
8,578,978		 Total
2025
£
39,957
621,404
244,997
-
5,157
9,702
872

922,089

(10,903)
(629,559)

(639,462)

(46,957)
(791,916)

(556,246)
-


(556,246)
-


(556,246)
12,735,321

12,179,075
 Total
2024
£
19,252
396,354
283,326
-
16,637
9,702
-
725,271
(9,154)
(676,831)
(685,985)
246,059

-

285,345

-

285,345
-
285,345
12,449,976
12,735,321

All of the operations undertaken by the charitable company during the current and preceding year are continuing operations. The charitable company has no recognised gains and losses other than those included in the results above.

The notes on pages 13 to 20 form part of these financial statements

Page 10

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

STATEMENT OF FINANCIAL POSITION

as at 31 May 2025

Notes 2025 2024
£ £
Fixed assets:
Tangible Fixed Assets 7 921,161 587,268
Programme Related Fixed Assets 7 3,335,364 5,605,657
Investments
Investments 8 6,942,008 6,264,288
Programme Related Investments 8 - -
Total fixed assets
11,198,533		 12,457,213
Current assets:
Debtors 9 35,753 24,825
Cash at bank and in hand 969,309 272,099
Total current assets 1,005,062 296,924
Liabilities:
Creditors:Amount falling due
within one year 10 (24,520) (18,816)
Net current assets (liabilities) 980,542 278,108
Total net assets 12,179,075 12,735,321
The funds of the charity:
Unrestricted funds:
Designated funds
Capital fund 11 2,765,318 2,765,318
Property revaluation reserve 11 803,022 2,789,218
Investment reserve 11 742,513 956,311
Legacy fund 11 4,268,125 3,740,596
8,578,978 10,251,443
General fund 11 3,600,097 2,483,878
Total unrestricted funds 12,179,075 12,735,321
Total charity funds 11 12,179,075 12,735,321

The financial statements were approved by the Board of Directors on 20 February 2026 and signed on their behalf by:

I.B. Hambleton (Trustee)

Registered Company Number: 2645233

The notes on pages 13 to 20 form part of these financial statements

Page 11

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS

for the year ended 31 May 2025

Notes
Cash flows from operating activities:
Net income/(expenditure) for year
Adjustments for:
Depreciation
7
(Gains)/losses on sale of fixed asset investments
(Gains)/losses on sale of fixed assets
Dividends received
Interest
Rents
(Increase)/decrease in debtors9
Increase/(decrease) in creditors
10
Net cash from operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
7
Proceeds from sale of fixed assets

Receipts from programme related assets
(Increase)/decrease in cash held - fixed asset investments

Purchase of fixed asset investments
Proceeds from sales of fixed asset investments
Dividends
Interest
Rents
Net cash provided by (used in) investing activities
Change of cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period		 2025
£
(556,246)
50,799
213,798
791,916
(244,997)
(5,157)
(49,659)
(10,928)
5,703
195,229
(554,398)
1,648,084
-
(856,518)
(360,000)
325,000
244,997
5,157
49,659
501,981
697,210
272,099
969,309		 2024
£
285,345
1,564
(246,059)
-
(283,326)
(16,637)
(28,954)
264,327
(8,618)
(32,358)
(1,949,260)
-
9,335
25,218
-
1,830,000
283,326
16,637
28,954
244,210
211,852
60,247
272,099

The notes on pages 13 to 20 form part of these financial statements

Page 12

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

NOTES TO THE ACCOUNTS for the year ended 31 May 2025

1. General information

The St. Barnabas Society (hereafter referred to as ‘the Society’) is a charitable company limited by guarantee, incorporated and domiciled in England. The registered office is Windsor House, Heritage Gate, East Point Business Park, Sandy Lane West, Oxford, OX4 6LB. The principal activity of the Society in co-operation with the Catholic Bishops, is to provide support and assistance to former clergy and religious of other denominations and their dependants who have come into the full communion of the Roman Catholic Church, until such time as they have been integrated into the Catholic community and have re-established themselves. In addition to financial support, the Society provides pastoral support to convert clergy and religious and their families.

2. Statement of compliance

These financial statements have been prepared in compliance with the 2019 Charities SORP (FRS 102).

3. Principal accounting policies

The financial statements of the charitable company are prepared in accordance with 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 United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019) – Charities SORP (FRS 102), the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), other than set out below.

The Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are recognised at historical cost or transaction value unless otherwise stated in relevant accounting policy notes.

The financial statements reflect the assumption of assets and obligations from the Converts’ Aid Society, as explained in the Report of the Trustees.

With the exception of voluntary income, which is included in the statement of financial activities when received, all income is credited to the statement of financial activities when it becomes receivable. Legacies are regarded as permanent accretions to the capital of the company and the income there from, having first been credited to the statement of financial activities is transferred to the credit of the legacy fund account on the Statement of financial position. Legacies are regarded as receivable when there is sufficient evidence to provide the necessary certainty that the legacy will be received and the value of the incoming resources can be measured with sufficient reliability.

Liabilities, including attributable VAT, are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. Expenditure is included in the statement of financial activities on an accruals basis. Expenditure incurred on activities falling directly within one cost category is attributed to that category. Expenditure, which involves more than one cost category, is apportioned on a reasonable, justifiable and consistent basis to the cost categories involved.

Fund raising income is generated from voluntary contributions received as a result of donors’ knowledge of the company enhanced by special appeals.

The greater part of the emoluments of regional organisers are treated as costs of generating funds and the remainder as expenditure for charitable/pastoral purposes where their work entails visiting beneficiaries and prospective beneficiaries of the company.

This includes the making of grants and loans and the expenses involved in making those grants and loans. It also includes the expenses of the upkeep of the premises which are rented out to beneficiaries of the Society and an apportionment of the regional organisers’ emoluments as mentioned above.

Grants payable are those grants that have been recognised as payable or for which a moral obligation to pay the grant exists. Loans to beneficiaries which are not secured by a first charge on the recipient's assets and where there is therefore some uncertainty as to whether or not they will be repaid are charged to the statement of financial activities when they are recognised as payable and for which a moral obligation to pay the loan exists. Any amounts of unsecured loans which are repaid are set against the payments in the year they are received.

Page 13

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

NOTES TO THE ACCOUNTS (continued) for the year ended 31 May 2025

3. Principal accounting policies (continued)

(f) Governance costs

Governance costs comprise all costs involving the public accountability of the Society and its compliance with regulations and good practice. These costs include costs related to the statutory audit and an apportionment of overhead support costs.

The charitable company previously adopted the transitional provisions of FRS 15 and the freehold property was carried at the 1997 valuation with subsequent additions carried at cost.

The freehold properties are now stated at market value. Gains and losses on the disposal of properties are taken into the income and expenditure account and the statement of financial activities. Unrealised gains and losses are taken to the statement of financial activities, from where they are transferred to the property revaluation reserve.

The majority of properties are occupied by beneficiaries, maintained to acceptable standards and recorded as programme-related assets.

Additions to computer equipment, furniture, fixtures and fittings are capitalised where material and depreciated over their useful lives.

Depreciation is provided at the following rates:

Investments are included in the financial statements at their market values. For listed investments, market value is based on the closing middle market price on a recognised stock exchange. Gains and losses on disposals of investments are taken to the income and expenditure account and the statement of financial activities. Unrealised gains and losses go through the statement of financial activities from where they are transferred to the investment reserve. Investment income has been taken into account on the basis of the due date of payment.

Programme related investments

These include loans to beneficiaries in accordance with the objectives of the charity. The loans secured by a first charge on a recipient’s assets are expected to be recovered in due course. In the event that the loan or part of the loan becomes non-repayable it will be written off in the statement of financial activities.

The company is a charity and does not carry out any trading activities. It is therefore considered that the company is not liable to taxation on its activities.

The capital fund represents the net amount of the tangible fixed assets, investments and bank balance transferred from the Converts’ Aid Society on 1 June 1992 together with subsequent transfers of monies and net income received on behalf of the Society.

The property revaluation reserve represents the difference in value between the historic cost of the properties and their market value.

(iii) Investment reserve

The investment reserve represents unrealised gains on the listed securities as a result of their market values being higher than their cost.

(iv) Legacy fund

The legacy fund represents legacies received by the company since its inception.

The general fund represents the net surplus made by the company during its operations.

The Society makes contributions towards the appropriate Scottish Widows personal pension scheme on behalf of the employees. Contributions are charged to the income and expenditure account in the year in which they are payable. In addition, the company pays ex-gratia pensions to certain former staff.

Page 14

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

NOTES TO THE ACCOUNTS (continued)

for the year ended 31 May 2025

4. Analysis of expenditure on charitable activities

Costs of
Basis of
generating
Charitable
Allocation
funds
Activities
Costs directly allocated to activities
£
£
Annual report & meeting/event
Direct
-
1,965
Auditor's remuneration:
Audit Fees
Direct
-
7,128
Accountancy Fees
Direct
-
5,268
Grants and unsecured loans
to beneficiaries (see below)
Direct
-
257,604
Legal & professional fees
Direct
-
23,944
Pensions to former employees (note 5) Direct
-
22,970
Property repairs and maintenance
Direct
-
29,722
Rates, insurance and utilities
Direct
-
4,224
Staff costs
(see note 5)
Staff Time
8,372
47,441
Travel costs
Direct
547
7,621
Research project
Direct
-
-
Chairman’s and trustees’ expenses Direct
-
1,476
Total Direct Costs
8,919
409,363
Support Costs Allocated to activities
Advertising
Transactions
-
682
Investment managers fees
Transactions
-
7,280
Bank Charges
Transactions
-
644
General office costs -
including equipment
Usage
1,328
3,985
Communications
Usage
656
1,968
Depreciation and losses on
tangible fixed assets
Usage
-
50,798
Staff costs (see note 5)
Staff Time
-
82,009
Printing and publications
Transactions
-
180
Property repairs and maintenance
Transactions
-
-
Rates, insurance and utilities
Transactions
-
71,650
1,984
219,196
Total Resources Expended
10,903
628,559		 Total
2025
£
1,965
7,128
5,268
257,604
23,944
22,970
29,722
4,224
55,813
8,168
-
1,476
418,282
682
7,280
644
5,313
2,624
50,798
82,009
180
-
71,650
221,180
639,462		 Total
2024
£
8,415
7,500
4,920
355,523
4,884
22,371
7,441
6,196
53,541
14,197

-
2,234
487,222

-
6,028
880
5,044
1,913
1,564
89,880
6,681
-
86,773
198,763
685,985

Included within charitable activities is £9,093 (2024: £10,250) relating to Governance Costs.

In common with many other charitable companies of our size and nature we use our auditors to assist in the preparation of the financial statements.

Grants and unsecured loans paid to individuals
Grants paid

Unsecured loans paid
Recoveries of unsecured loans		 2025
£
No. of
beneficiaries
257,604
36
-
-
-
-

257,604
 2024
£
No. of
beneficiaries
355,523
3_0_
-
-
-
-
355,523

Page 15

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

NOTES TO THE ACCOUNTS (continued)

for the year ended 31 May 2025

5. Particulars of employees
The average number of employees analysed by function was:
Charitable/Pastoral
Fundraising
Management, administration and household
Their total remuneration including benefits in kind of
£nil (2024 - £nil) was:
Salaries
Social security costs
Pension costs
Pensions to former employees		 2025
No.
1
-
2
3
2025
£
122,684

8,097
7,041
137,822
22,970		 2024
No.
1
-
2
3
2024
£
123,874
7,986
11,561

143,421
22,371

All current employees are considered to be senior management. No employee earned more than £60,000 per annum.

No trustee received any remuneration for their services; 6 trustees (2024 - 2) claimed for expenses, which were incurred on charitable company matters and included additional travel and meeting costs as follows:

Travelling and charitable expenses
6. Donations and legacies
Donations, appeals and collections
Legacies
 2025
£
1,476
2025
£
93,875
527,529
621,404		 2024
£
2,234
2024
£
86,889
309,470

396,354

Page 16

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

NOTES TO THE ACCOUNTS (continued)

for the year ended 31 May 2025

7.
Tangible fixed assets
Cost or valuation
At 1 June 2024
Additions at cost
Transferred to current assets
Disposals
Revaluation of freehold properties
At 31 May 2025
Accumulated depreciation
At 1 June 2024
Charge for year
Disposals
At 31 May 2025
Net book value 31 May 2025
Net book value 31 May 2024
Cost of assets 31 May 2025		 Freehold
Properties
£
582,031
334,277
-
-
-
916,308
-
6,686
-
6,686
909,622
582,031
892,424		 Programme
Related
Freehold
Properties
£
5,605,657
212,951
-
(2,440,000)
-
3,378,608
-
43,244
-
43,244
3,335,364
5,605,657
2,816,439



Motor
Vehicles
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Computer
Equipment
£
11,081
-
-
-
-
11,081
10,394
190
-
10,584
497
687
11,081		 Furniture
Fixtures &
Fittings
£
30,353
7,170
-
-
-
37,523
25,803
679
-
26,482
11,041
4,550
37,523		 Total
£
6,229,122
554,398
-
(2,440,000)
-
4,343,520
36,197
50,799
-
86,996
4,256,524
6,192,925
3,757,467

Following the introduction of FRS 102 all the properties were valued by the Trustees, with advice from local estate agents at 31 May 2014 on a fair value basis and these values have since been reviewed annually. All properties including the former Presbytery are occupied by beneficiaries or in one case a tenant and as such they are used for charitable purposes. They are recorded above as Programme-Related Freehold Properties where occupied by beneficiaries. In September 2025 the Chair and the charitable company’s Operations Manager considered all property values and concluded that the Society’s remaining property values were unchanged as at 31 May 2025.

.

Page 17

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

NOTES TO THE ACCOUNTS (continued)

for the year ended 31 May 2025

8.
Fixed asset investments
2025
Market value
£
Investments listed on the UK Stock Exchange
At 1 June
6,197,484
Additions during the year
360,000
Disposals during the year

(325,000)
Unrealised gains/ (losses)
(213,798)
At 31 May
6,018,686
Cash investments and cash awaiting investment
923,322
Market value at 31 May
6,942,008
Historic cost at 31 May

Analysed as follows, 2025 - indicative figures within multi-asset fund:
Investment assets in the UK
1,580,586
Investment assets outside the UK
4,438,100
Cash investments in the UK
923,322
6,942,008		 2025
Cost
£
5,241,173
360,000
(325,000)
-
5,276,173
923,322
6,199,495		 2024
Market value
£
7,781,425
-
(1,830,000)
246,059
6,197,484
66,804

6,264,288


2,075,888
4,121,596
66,804
6,264,288		 2024
Cost
£
7,071,173
-
(1,830,000)

-
5,241,173

66,804
5,307,977

There is one investment with Cazenove, being 11,181,358.07 units in their SUTL Cazenove Charity Responsible multi-asset fund. This is a material investment.

Investments are shown in the accounts at their market value at the year-end date and the gain on revaluation has been included in funds. At 31 May 2025 the investment reserve was £742,513 (2024 – (£956,311) as below:

Reconciliation of movements in unrealised
gains/ (losses) on investment assets:
Unrealised gains/ (losses) arising on revaluation
brought forward at 1st June
Addition/(Deduction) in respect of disposals
Add net gains/ (losses) arising on revaluation in the year
Transfer to general fund
Unrealised gains/ (losses) arising on revaluation at 31 May		 2025
£
956,311
-

956,311
(213,798)
-

742,513
 2024
£
710,252
-
710,252
246,059
-
956,311

Page 18

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

NOTES TO THE ACCOUNTS (continued)

for the year ended 31 May 2025

8.
Fixed asset investments(continued)
Programme Related Investment
Loans to beneficiaries in accordance with the objectives of the charity
Balance brought forward
Loans made during the year
Less:repayments received
The loans are interest free.
9.
Debtors
Trade debtors
Tax refunds due
Other debtors
Prepayments and accrued income
10.
Creditors:Amounts falling due within one year
Social security and other taxes
Accruals and deferred income
11.
Total Funds
Balance
Incoming
1st June
resources
2024
and gains
Unrestricted funds
£
£
Designated funds:
Capital fund (a)
2,765,318
-
Property revaluation reserve (b)
2,789,218
-
Investment reserve (c)
956,311
-
Legacy fund (d)
3,740,596
-
10,251,443
-
General fund (e)
2,483,878
922,089
Total unrestricted funds
12,735,321
922,089		 Resources
expended
and losses
£
-
-

(213,798)
-
(213,798)
(1,264,537)

(1,478,305)		 2025
£
-
-
-
-
2025
£
(1,638)
33,513
279
3,600
35,753
2025
£
3,890
20,630
24,520
Transfers
between
funds
£
-
(1,986,196)
-
527,529
(1,458,667)
1,458,667
-		 2024
£
9,335
-
(9,335)
-
2024
£
-
21,046
279
3,500
24,825
2024
£
1,167
17,649
18,816
Balance
31st May
2025
£
2,765,318
803,022
742,513
4,268,125
8,578,978
3,600,097
12,179,075

Page 19

THE ST. BARNABAS SOCIETY (A Company Limited by Guarantee)

NOTES TO THE ACCOUNTS (continued)

for the year ended 31 May 2025

11.
Total Funds(continued)
Represented by:
Fixed assets
Net current assets		 Unrestricted
Funds
£

11,198,532
980,543
12,179,075

12 . Connected charity and related party transactions

On 1 June 1992 the company assumed from The Converts’ Aid Society, certain of the assets and all the obligations including those to pensioners. During the year The Converts’ Aid Society transferred no funds (2024: £nil). The balance owed at the year end by the Convert’s Aid Society was £nil (2024: £nil). The Converts’ Aid Society continues to hold funds amounting to £771 at 31 May 2025 (2024 - £771). At the year-end there were no balances with the connected charity. The Converts’ Aid Society has similar objects and activities as the company. The trustees form the Executive Committee of the Converts’ Aid Society. Employees of the Society administer both charities. There were no other related party transactions to disclose.

13. Operating Lease Commitments

At the year end the Society had total outstanding commitments under operating leases amounting to:

Amounts falling due within one year
Amounts falling due between 1 to 5 years		 2025
£
4,302
-
4,302		 2024
£
4,302
-
4,302

Page 20