~~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:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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:
- give a true and fair view of the state of the charitable company’s affairs as at 31 May 2025, and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006, as amended in 2010.
## **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:
- the information given in the Trustees’ Report, which incorporates the Directors’ Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Directors’ Report included in the Trustees’ Report has been prepared in accordance with applicable legal requirements.
## **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:
- adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
## **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 funds**4**
Expenditure on charitable activities**4**
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 debtors**9**
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**
- (a) Basis of accounting
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.
- (b) Incoming resources
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.
- (c) Resources expended
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.
- (d) Costs of raising funds
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.
- (e) Charitable activities
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.
- (g) Tangible fixed assets
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:
- Furniture, fixtures and fittings - 15% per annum (reducing balance)/50% straight line Computer equipment - 25% per annum (on cost) Freehold properties - 2% per annum (on cost) Programme Related Freehold Properties - 2% per annum (on cost)
- (h) Investments
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.
- (i) Taxation
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.
- (j) Funds
- (i) Capital fund
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.
- (ii) Property revaluation reserve
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.
- (v) General fund
The general fund represents the net surplus made by the company during its operations.
- (k) Pension costs
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|
|---|---|
- (a) 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. Its purpose is to provide the necessary capital for the purchase of tangible fixed assets and investments.
- (b) The property revaluation reserve represents the difference in value between the historic cost of the properties and their market value and has been designated as part of permanent capital.
- (c) The investment reserve represents unrealised gains on the listed securities as a result of their market value being higher than their cost and is regarded as part of capital and is also available to meet possible deterioration in the value of the listed investments.
- (d) The legacy fund represents legacies received by the company since its inception and has been recorded as a designated fund.
- (e) The general fund, after transfers to the designated funds, represents funds available at the discretion of the trustees to further expand the activities of the charity. The fund arises from donated income and income arising on an annual basis from amounts held by way of capital and unutilised funds less direct charitable expenses and expenses of fund raising, management and administration. It also includes realised gains less losses on assets held both for investment and charity use.
## 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