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2021-03-29-accounts

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

TRUSTEES’ ANNUAL REPORT AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR TO

31 MARCH 2021

Charity Registration Number: 1129964 Company Registration Number: 06852978

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

CONTENTS Page
Charity Information 1
Trustees’ Annual Report 2
Report of the Independent Examiner 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the financial statements 14
Comparative Statement of Financial Activities 24

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

CHARITY INFORMATION

YEAR ENDED 31 MARCH 2021

Trustees: The Reverend Father Armand de Malleray
The Reverend Father Matthew Goddard
The Reverend Father Andrzej Komorowski
The Reverend Father John Emerson
The Reverend Father Stefan Reiner
Company Secretary: The Reverend Father Matthew Goddard
Registered office: Broad House
1 The Broadway
Old Hatfield
Herts AL9 5BG
Independent
Examiner: Peter McKay BSc FCA
Jones Hunt & Keelings
Chartered Certified Accountants and Chartered Tax Advisers
Broad House
1 The Broadway
Old Hatfield
Herts AL9 5BG
Bankers: Lloyds TSB
2-4 Palmerston Road
Southsea
Hampshire PO5 3QH
Solicitors: Blake Morgan
New Kings Court
Tollgate
Chandler's Ford
Eastleigh SO53 3LG
Governing Deed: Memorandum and Articles of Association
Other: Fraternitas Sacerdotalis Sancti Petri Limited is:
- a charity registered with The Charity Commission under number 1129964
- a company registered in England & Wales under number 06852978
- a company limited by guarantee

Page 1

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 MARCH 2021

The trustees, who are the directors of Fraternitas Sacerdotalis Sancti Petri Limited, present their report and financial statements for the year ended 31 March 2021. In preparing this report and these accounts, the trustees have adopted the provisions of the Statement of Recommended Practice: Accounting and Reporting by Charities ('the Charities SORP (FRS102)') effective 1 January 2019, the special provisions of Part 15 of the Companies Act 2006 relating to small companies, applicable UK accounting standards and the Charities Act 2011.

The information on page 1 forms part of this report.

CHARITABLE AIMS

The aim of the charity is to advance the religious and other charitable work of the Roman Catholic Church for the benefit of the public.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is governed by its memorandum and articles of association, and is a company limited by guarantee, with no share capital. The liability of each member in the event of a winding-up is limited to £10.

The trustees are responsible for the activities of the trust. New trustees are nominated by serving trustees and may be appointed at any meeting. Resolutions are passed by majority vote, with the chairman having a casting vote in the event of a tie. New trustees are provided with the documents relating to the constitution, objects and activities of the trust, together with current financial and other information relating to the operation of the trust. All trustees are expected to keep up-to-date with the requirements of the Charity Commissioners. Trustees are encouraged to be alert to issues that might affect the charity. Major decisions, such as those regarding aims, objectives and specific fundraising, are undertaken collectively by the trustees who ordinarily meet quarterly. Decision-making regarding the day-to-day work of the charity is undertaken by the two trustees who have been given this specific role. Given that the charity is relatively small and the nature of the staff members' roles, no decisions are delegated to staff members.

The charity is organised into three regions, two of which are local (Reading and Warrington) and the other covers the rest of England and Wales. The larger region handles occasional work outside the other two centres, along with the publication of a quarterly magazine.

Five trustees provide the charity’s governance. Of these five, two have been given executive responsibility for managing the day-to-day activities of the charity - one manages the activities of the Warrington centre, while the other manages the Reading centre, oversees the administration of the ‘England and Wales’ region and, as bursar, deals with the overall administration of the charity; these trustees are supported by a part-time secretary and a part-time bookkeeper.

The charity undertakes the day-to-day work, in England and Wales, of an international society of Roman Catholic priests, called the Priestly Fraternity of St Peter ('the FSSP'). The FSSP’s international superior, along with its international bursar, are both trustees of the charity. The general aims, objectives and practical approach of the FSSP is laid out in its Vatican-approved constitutions, while its governing body, led by the international superior, makes decisions as to how and where the FSSP’s work will be undertaken and by which of its clergy. Consequently, the superior of the FSSP is not only a trustee, but also registered as a ‘person with significant control'.

Page 2

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

TRUSTEES’ ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

The approach and work of the FSSP as a Church organisation is mirrored in the aims and objectives of the charity, taking into account statutory obligations and responsibilities. The relationship between the FSSP and the charity provides clarity to the charity’s aims, objectives and approach, and helps guide its operating policies.

The FSSP works within the internal structure of the Roman Catholic Church. Consequently, it collaborates on a local level with the particular dioceses of the Church within which it operates, each of which, at least in England and Wales, are likewise established in law as charitable organisations in their own right. Effectively, this means that the charity dovetails its approach to legal and ethical obligations, eg safeguarding, to that established by the Catholic Church in England and Wales. (The hierarchy of the Catholic Church in England and Wales in its turn works to provide a uniform approach across the dioceses.) The charity’s charitable endeavours, while distinct and separate from those of local dioceses, nonetheless dovetail with the endeavours of those dioceses’ charities.

REVIEW OF ACTIVITIES

The principal activities of the charity are conducting religious services and running educational classes and group meetings for different age groups and genders, along with other parochial activities at the charity’s house in Reading and at St Mary's Church in Warrington. These are undertaken in collaboration with other religious groups, including parishes within UK dioceses, and the FSSP internationally. Additionally, the charity produces a quarterly magazine and leads spiritual retreats and summer youth camps. These activities continued during the 2020/21 financial year, with the exception of the summer youth camps, with the emphasis on consolidating the apostolic mission for the long-term, to provide public benefit.

During the reporting period, beyond the usual parochial activities in Warrington and Reading, a spiritual retreat was led for lay people, chaplaincy duties continued four days a week at the Royal Berkshire Hospital in Reading, along with chaplaincy duties on a monthly basis to a group of seventy young Catholic adults in London. Furthermore, the fundraising campaign to acquire the remaining property next to St Mary’s Church, Warrington, ceased during the year. However, the money generated from this campaign allowed the charity to purchase that property in October 2020.

The charity’s objective, as given on the Charity Commission’s website, is: “To advance the religious and other charitable work of the Roman Catholic Church for the benefit of the public.” The aims of the charity, stemming from this object, are particularly connected with access to, and the availability of, the traditional form of worship and discipline of the Roman Catholic Church – what the Church calls the ‘Extraordinary Form’. Currently, access to the Extraordinary Form is quite limited in England; the charity endeavours to play a significant part in rectifying this through its activities. By furthering the availability of, and access to, the Extraordinary Form through its activities, the charity will be advancing the religious and other charitable work of the Roman Catholic Church for the benefit of the public.

Page 3

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

TRUSTEES’ ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2021

REVIEW OF ACTIVITIES (continued)

The strategies for achieving this aim are as follows:

The success of its aims is assessed by the number of people accessing the charity’s services in:

The significant activities undertaken are as follows:

In Reading and Warrington, the religious and other charitable work of the Roman Catholic Church are advanced through:

Page 4

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

TRUSTEES’ ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2021

REVIEW OF ACTIVITIES (continued)

The consistency and stability of our Warrington and Reading-based operations, together with a good reputation and popular national events, all feed in to the longer-term aim of increased growth in the number of people accessing the charity’s services and the possibility of opening up new centres.

Meanwhile, once re-configured for church use, the buildings, which fundraising enabled the charity to acquire and maintain, will significantly enhance the facilities at Warrington, enabling more activities to be run.

The charity was given St Mary's Church and Priory, Warrington, by the Ampleforth Abbey Trust ('AAT') and the Liverpool Roman Catholic Archdiocesan Trust ('LRCAT') in 2015. The church is a Grade II listed building, designed by EW Pugin and opened in 1877. Although it is spectacular, the church is expensive to maintain and is unlikely to have an alternative use.

In the event that the church and priory are not wanted by the charity at any time prior to 10 November 2042, the charity may give them back to either the AAT or the LRCAT. Even after 2042, it is unlikely that the church and priory could be sold for anything more than nominal consideration; in fact, it is probable that any new owner of the church and priory would insist on also receiving a substantial sum in cash to assist with their upkeep.

In view of the foregoing, the Warrington church and priory are considered by the trustees to be of combined negligible value and so have remained in these accounts at the nominal sum of £100.

If, before 10 November 2042, the charity fails to meet certain conditions, the Warrington church and priory can be repossessed by the AAT or the LRCAT; after that date, the conditions no longer apply. In any event, the trustees are confident that the conditions will be met and that the Warrington church and priory will remain assets of the charity indefinitely.

PLANS FOR FUTURE DEVELOPMENTS

The charity is undertaking steps to increase the number attending at Reading (and its satellites) and Warrington, and at national activities. In the longer term, in addition to the hope that its Bedford operations would increase from the part-time satellite of Reading to a new, full-time location, independent of Reading, it is also hoped that further centres/parishes are opened across the country.

In order to achieve an increase in activities and numbers in Warrington, in October 2020 the charity acquired the third unit of the Priory Court property, behind St Mary’s Church, to increase much-needed meeting space. Due to various hold-ups, plans to reconfigure and refurbish Priory Court have been slower than anticipated, but are now a more immediate priority.

The charity is also reviewing its use of the internet and social media to increase awareness of its activities.

Page 5

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

TRUSTEES’ ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2021

ACHIEVEMENTS AND PERFORMANCES

The significant activities undertaken were the daily operations in Warrington and Reading, along with the national events previously mentioned. Objectives were for:

The principal funding sources of the charity in the reporting period were:

Non-property campaign donations directly fund the day-to-day work of the charity and this supports its key objectives.

In the case of the Warrington Priory Court campaign, it was geared towards the growth and expansion of the Warrington apostolate, which in its turn supports the key objective, namely to advance the religious and other charitable work of the Roman Catholic Church for the benefit of the public. Social, environmental and ethical considerations are certainly at the heart of the decision to let our second property in Reading below market rate to those who could not otherwise be parishioners in Reading, due to high housing costs.

Page 6

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

TRUSTEES’ ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2021

RESPONSE TO THE GLOBAL PANDEMIC

When governmental restrictions were lifted during the reporting period, the charity’s usual activities recommenced as far as possible, following the Covid-19 safety measures laid out by civil and ecclesiastical authorities. Since then, religious talks (which previously were delivered face to face) have continued to be delivered by electronic means, particularly via Zoom. While the summer youth camps were not able to take place, due to Covid-related circumstances beyond the charity’s control, it is very much hoped and anticipated that these will resume as of summer 2022.

The charity is fortunate not to have suffered financially, with an increase in giving across all three of its centres - England, Warrington and Reading.

The Trustees believe that the charity is able to continue for at least the next twelve months.

FINANCIAL REVIEW AND RESERVES POLICY

The charity’s financial position is set out in the statement of financial activities, together with the balance sheet and notes to the financial statements.

Donation income for the year, including gift aid tax recoverable, increased to £422,016 (2020: £367,832). Unrestricted income amounted to £303,325 (2020: £211,272), an increase of £92,053, or 44%. Total income for the year of £437,004 (2020: £396,722) comfortably covered the costs of £212,093 (2020: £213,573).

In respect of its equity investments, the charity made unrealised gains in the year of £152,460 (2020: losses of £40,266). The overall surplus for the year was therefore £377,371 (2020: £142,883). The accumulated unrestricted funds at 31 March 2021 were £2,819,571 (2020: £2,303,931), including fair value reserves of £311,424 (2020: £158,964) and a designated fund for the Priory Court project of £139,793 (2020: £nil) that are being carried forward for future charitable activities. At the year-end, restricted funds stood at £270,970 (2020: £409,239).

The trustees' reserves policy is to hold at least two years' operating expenses, which they believe will ensure the long-term viability of the charity, together with such funds as they can accumulate for the purchase of further property that will allow the charity to expand its outreach. Additionally, reserves are held to fund any deficit on the annual running costs of the Warrington centre, to cover the costs of clerical formation and the future care of elderly and sick priests who have worked for the charity. Therefore, they are satisfied with the charity’s overall results for the year.

Reserves are that part of a charity's unrestricted funds that is freely available to spend on any of the charity's purposes. On this basis, the charity's Reserves were approximately £737,000 at the year-end. This figure is arrived at by deducting restricted funds of £271,000, non-distributable reserves of £311,000, amounts designated for the Priory Court of £140,000 and tangible fixed assets of £1,632,000, from the charity's total funds of £3.09m. The Reserves are held in cash and a common investment fund.

Page 7

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

TRUSTEES’ ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2021

INVESTMENT POLICY

The trustees have the power to make investment decisions that are consistent with the aims and objectives of the charity. Investments represent equities that are held in a common investment fund in the United Kingdom and are relatively liquid, secure and accessible.

RISK ASSESMENT

The trustees are actively involved in the day-to-day running of the charity. They have assessed the major risks to which the charity is exposed and have satisfied themselves that systems have been established, or that other appropriate measures have been taken, to mitigate those risks, insofar as is reasonably practicable, but it is recognised that systems cannot give absolute assurance that risks have been eliminated. Procedures are in place to monitor risks associated with handling cash, safeguarding young people and matters associated with GDPR. The trustees continue to keep the charity’s activities under review, including considering of any major risks that might be present from time to time.

PUBLIC BENEFIT

The trustees have complied with the duty imposed by section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

LEGAL FRAMEWORK AND STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees 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 charitable company for that year and its incoming resources and their application. In preparing the financial statements, the trustees are required to:

In addition, the trustees are responsible for maintaining proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps to prevent and detect fraud and other irregularities.

Page 8

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

TRUSTEES’ ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2021

The trustees, as a board, set the overall strategic policy framework, with staff and volunteers reporting directly to them.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

SIGNED ON BEHALF OF THE BOARD OF TRUSTEES

Reverend Father Matthew Goddard - Trustee

16 December 2021

Page 9

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

I report to the charity's trustees on my examination of the accounts of the company for the year ended 31 March 2021.

Responsibilities and basis of report

As the charity’s trustees (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination, I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company’s gross income exceeded £250,000, your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination that give me cause to believe:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act, other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the Charities SORP (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report to enable a proper understanding of the accounts to be reached.

Peter McKay BSc FCA Jones Hunt & Keelings Chartered Certified Accountants and Chartered Tax Advisers Broad House 1 The Broadway Old Hatfield Hertfordshire AL9 5BG

16 December 2021

Page 10

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure account)

YEAR ENDED 31 MARCH 2021

Notes
Income:
Donations and legacies
9
Charitable activities
9
Total
Expenditure on:
Charitable activities
Other
Total
5 & 6
Net income for the year
2
Fund transfer
16
Unrealised gains / (losses)
on revaluation of investments
Net movement in funds
Total funds bought forward
Total funds carried forward		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2021
2021
2021
£
£
£
303,325
118,691
422,016
14,988
-
14,988
318,313
118,691
437,004
200,755
9,338
210,093
2,000
-
2,000
202,755
9,338
212,093
115,558
109,353
224,911
247,622
(247,622)
-
152,460
-
152,460
515,640
(138,269)
377,371
2,303,931
409,239
2,713,170
2,819,571
270,970
3,090,541		 Total
Funds
2020
£
367,832
28,890
396,722
211,573
2,000
213,573
183,149
-
(40,266)
142,883
2,570,287
2,713,170

The comparatives for the Statement of Financial Activities are given in note 19.

The notes form part of these financial statements

Page 11

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED (COMPANY NUMBER: 06852978)

BALANCE SHEET

AS AT 31 MARCH 2021

Notes
FIXED ASSETS
Tangible assets
10
Equity investments
11
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
CREDITORS: amounts falling due
within one year
13
NET CURRENT ASSETS
NET ASSETS
FUNDS AND RESERVES
Unrestricted funds
General funds
16
Designated funds
16
Fair value reserve
16
Restricted funds
16
TOTAL FUNDS		 £
£
1,632,245
760,926
2,393,171
147,379
562,584
709,963
(12,593)
697,370
3,090,541
2,368,354
139,793
311,424
2,819,571
270,970
3,090,541
2021		 2020 2020
£
147,379
562,584
709,963
(12,593)
 £
163,311
545,241
708,552
(12,286)		 £
1,408,439
608,465
2,016,904
696,266
2,713,170
2,144,967
-
158,964
2,303,931
409,239
2,713,170

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) ensuring that the company keeps accounting records that comply with Section 386 and 387 of the Companies Act 2006, and

(b) preparing financial statements that give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The notes form part of these financial statements

Page 13

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

BALANCE SHEET (Continued)

AS AT 31 MARCH 2021

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Trustees and authorised for issue on 16 December 2021 and were signed on its behalf by:

Reverend Father Matthew Goddard

Trustee

The notes form part of these financial statements

Page 12

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities (Charities SORP (FRS 102)) effective 1 January 2019, all applicable UK Accounting Standards, the Charities Act 2011 and the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The Charity meets the definition of a public benefit entity as set out in FRS 102.

The presentation currency of the financial statements is the Pound Sterling (£).

Fund accounting

Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the trustees in furtherance of the general charitable objectives. Funds designated for a particular purpose by the Charity are also unrestricted.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

Income

Income represents the total income receivable during the year and is principally comprised of donations and legacies.

Gifts in kind and assets donated to the charity are recognised as incoming resources when receivable, at their value to the charity.

Income from charitable activities comes primarily from retreats organised by the charity and is recognised when the event is completed. It also includes letting income, subsidised for the relief of poverty, which is recognised on a monthly basis. The Charity is not registered for Vat.

Expenditure

Expenditure, including irrecoverable Vat, is charged to the Statement of Financial Activities on an accruals basis.

Charitable expenditure comprises expenditure directly attributable to, or allocated to, the principal activity of the charity.

Other costs

Governance costs comprise those costs incurred in connection with the charity’s compliance with constitutional and statutory requirements.

Equity investments

Equity investments are valued at their fair value.

Page 14

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES (Continued)

Tangible Fixed Assets

Buildings are capitalised at cost, when purchased, and at the trustees' valuation when donated. Assets are depreciated annually, as follows:

Land Not depreciated Buildings 2% straight line Other assets 10-20% straight line

Impairment of fixed assets

At the end of each reporting period, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the charity estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount and an impairment loss is recognised immediately in income and expenditure.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the lower of:

A reversal of an impairment loss is recognised immediately in income and expenditure.

Financial instruments

The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 15

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES (Continued)

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for at least the next twelve months. Consequently, they believe it is correct to adopt the going concern basis in preparing these financial statements.

2. NET INCOME
This is stated after charging:
Depreciation of owned fixed assets
Independent Examiner’s remuneration		 2021
£
30,113
2,000		 2020
£
26,586
2,000
  1. DONATED SERVICES

The charity’s Independent Examiner has provided his services without charge. A sum of £2,000 has been included as income and expenditure in these accounts in respect of this item.

4. TRUSTEES’ REMUNERATION AND REIMBURSED EXPENSES

No trustee received remuneration in connection with his services as trustee, but two trustees were paid stipends totalling £7,200 (2020: £7,200) and car allowances totalling £7,200 (2020: £7,200); additionally, a trustee had pension contributions of £2,831 (2020: £2,860) and another trustee had National Insurance contributions of £1,524 (2020: £741) paid on their behalf. These payments to or for trustees were in respect of their services as priests. Also, sundry expenses were reimbursed to a trustee (2020: two trustees) amounting to £519 (2020: £2,016).

There have been no other related party transactions in the year.

Page 17

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 MARCH 2021

5 EXPENDITURE

EXPENDITURE
Charitable activities
Rent and rates
Repairs and maintenance
Light and heat
Housekeeping
Insurance
St Mary's choir costs
Travel and motor expenses
Food
Church/retreat
Printing and stationery
Liturgical costs
Priests’ allowances
Priests' costs
Bank interest and charges
Sundry
Bookkeeping fees
Wages
Telephone
Advertising
Depreciation
Legal and professional fees
Other costs - governance costs
Total expenditure		 Unrestricted
Restricted
Total
Funds
Funds
2021
£
£
£
10,800
-
10,800
25,126
1,481
26,607
13,741
5,549
19,290
3,366
-
3,366
4,352
-
4,352
1,133
2,228
3,361
19,538
-
19,538
11,839
-
11,839
4,979
-
4,979
11,196
-
11,196
12,824
-
12,824
19,200
-
19,200
7,488
-
7,488
2,131
80
2,211
2,810
-
2,810
1,734
-
1,734
10,804
-
10,804
2,654
-
2,654
600
-
600
30,113
-
30,113
4,327
4,327
200,755
9,338
210,093
2,000
-
2,000
202,755
9,338
212,093		 Total
2020
£
7,757
15,005
11,534
3,329
5,160
1,411
24,497
10,679
24,302
12,081
20,339
21,000
4,626
1,264
2,892
1,644
9,480
2,724
485
26,586
4,778
211,573
2,000
213,573

Page 17

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 MARCH 2021

6 EXPENDITURE BY ACTIVITIES

Rent and rates
Repairs and maintenance
Light and heat
Housekeeping
Insurance
St Mary's choir costs
Travel and motor expenses
Food
Church/retreat
Printing and stationery
Liturgical costs
Priests’ allowances
Priests' costs
Bank interest and charges
Sundry
Wages
Telephone
Depreciation
Legal and professional fees
Allocation of support costs
Total expenditure		 Dowry
Camps/
Reading
Total
Magazine
Retreats Warrington Apostolate
2021
£
£
£
£
£
-
-
3,958
6,842
10,800
-
-
25,265
1,342
26,607
-
-
17,384
1,906
19,290
-
-
3,366
-
3,366
-
-
3,348
1,004
4,352
-
-
3,361
-
3,361
-
-
10,138
9,400
19,538
-
-
6,456
5,383
11,839
-
4,979
-
-
4,979
6,686
-
3,620
890
11,196
-
-
7,737
5,087
12,824
-
-
9,900
9,300
19,200
-
-
4,373
3,115
7,488
-
-
1,850
361
2,211
-
-
2,220
590
2,810
-
-
10,804
-
10,804
-
-
1,436
1,218
2,654
-
-
14,501
9,659
24,160
-
-
4,327
-
4,327
6,686
4,979
134,043
56,097
201,806
341
254
6,833
2,860
10,287
7,027
5,233
140,876
58,957
212,093		 Total
2020
£
7,757
15,005
11,534
3,329
5,160
1,411
24,497
10,679
24,302
12,081
20,339
21,000
4,627
1,263
2,892
9,480
2,724
20,632
4,778
203,490
10,083
213,573

The charity incurred support costs of £10,287 (2020: £10,083). These have been allocated pro-rata to the expenditure incurred directly on activities.

7 FUNDS RECEIVED AS AGENT

During the year, the charity collected £14,656 (2020: £5,908) on behalf of organisations affiliated to the charity, and paid over £15,428 (2020: £7,413) to these organisations. At the year-end, the charity was holding £3,078 (2020: £3,850) on behalf of these organisations.

Page 18

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 MARCH 2021

8
STAFF COSTS
Wages
Number of employees, including part-time staff,
employed during the year (in administration and the choir):
9
INCOME
Unrestricted
Restricted
Funds
Funds
£
£
Donations and legacies
General donations
279,545
109,966
Legacy
-
-
Grants
-
856
Gift aid tax recoverable
23,780
7,869
303,325
118,691
Charitable Activities
Sale of books and other items
3,828
-
Subsidised rental income
11,160
-
Retreats
-
-
14,988
-
Total income
318,313
118,691
No employee earned more than £10,000 during the year.		 8
STAFF COSTS
Wages
Number of employees, including part-time staff,
employed during the year (in administration and the choir):
9
INCOME
Unrestricted
Restricted
Funds
Funds
£
£
Donations and legacies
General donations
279,545
109,966
Legacy
-
-
Grants
-
856
Gift aid tax recoverable
23,780
7,869
303,325
118,691
Charitable Activities
Sale of books and other items
3,828
-
Subsidised rental income
11,160
-
Retreats
-
-
14,988
-
Total income
318,313
118,691
No employee earned more than £10,000 during the year.		 2021
Total
£
10,804
2
Total
2021
£
389,511
-
856
31,649
422,016
3,828
11,160
-
14,988
437,004		 2020
Total
£
9,480
2
Total
2020
£
323,447
4,792
-
39,593
303,325
118,691		 367,832
3,828
-
11,160
-
-
-		 5,328
11,160
12,402
14,988
-		 28,890
318,313
118,691		 396,722

A property owned by the charity is let to parishioners at about 70% of its market rent; without this subsidy, the parishioners would not be able to live locally. The trustees believe that this is a worthy use of the charity's asset and is of benefit to the community.

During the year, the charity received donations of £60,000 from two individuals (2020: £100,000 from one individual).

Page 19

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 MARCH 2021

10 TANGIBLE FIXED ASSETS

Cost or valuation
At 1 April 2020
Additions
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Freehold
Land &
Building
£
1,508,871
248,071
1,756,942
128,808
23,425
152,233
1,604,709
1,380,063		 Improvements
to
Property
£
22,837
5,848
28,685
2,284
2,503
4,787
23,898
20,553		 Fixtures,
Fittings &
Equipment
£
57,924
-
57,924
50,101
4,185
54,286
3,638
7,823		 Total
£
1,589,632
253,919
1,843,551
181,193
30,113
211,306
1,632,245
1,408,439

The freehold land and buildings comprise St John Fisher House, Reading, a residential house in Woodley, Reading, St Mary's Church and Priory, Warrington and three units at Priory Court, Warrington. The church and priory were given to the charity in 2016, along with the fixtures and fittings therein, and were collectively valued by the trustees at the nominal sum of £100.

Under the agreement governing the gift of the church and priory to the charity, the charity must meet certain conditions pertaining to the church and priory, otherwise the properties could be repossessed by the donors. The trustees are confident of satisfying these conditions.

On an historical basis, the freehold land and buildings would have been included at an original cost of £1,731,442 (2020: £1,483,371).

Page 20

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 MARCH 2021

11
INVESTMENTS HELD AS FIXED ASSETS
Valuation at 1 April 2020
Fair value adjustments
Valuation at 31 March 2021		 2021
£
608,465
152,461
760,926		 2020
£
648,731
(40,266)
608,465

The equity investments are held in a common investment fund in the United Kingdom, and valued at their quoted market price at the balance sheet date.

DEBTORS
Prepayments and accrued income
Other debtors
Gift aid tax recoverable
CREDITORS: amounts falling due within one year
Accrued expenses
Other creditors		 2021
£
5,481
10,542
131,356
147,379
2021
£
8,715
3,878
12,593		 2020
£
47,011
-
116,300
163,311
2020
£
7,636
4,650
12,286

12 DEBTORS

14 TAXATION

Fraternitas Sacerdotalis Sancti Petri Limited is a registered charity and is not liable to corporation tax on income or gains derived from its charitable activities.

15 LIABILITY OF MEMBERS

The charity is constituted as a company limited by guarantee and has no share capital. The liability of each of the members is limited to £10.

The Charity is a private company, registered in England and Wales. The Charity's registered numbers and registered office address can be found on the Information Page.

Page 21

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 MARCH 2021

16
STATEMENT OF FUNDS
Unrestricted Funds
General fund
Designated fund - Priory Court
Fair value reserve:
Freehold land and buildings
Equity investments
Restricted Funds:
Jewel in the Dowry Fund
Shrine Maintenance Fund
Vestments
Music Fund
Development Fund
Pro-life Fund
Priory Court Fund
Total funds		 At 1 April
At 31 March
2020
Income Expenditure Revaluation
Transfer
2021
£
£
£
£
£
£
2,144,967
318,313
(202,755)
-
107,829
2,368,354
-
-
-
-
139,793
139,793
2,144,967
318,313
202,755
-
-
247,622
2,508,147
25,500
-
-
-
-
25,500
133,464
-
-
152,460
-
285,924
158,964
-
-
152,460
-
311,424
8,307
2,500
(5,549)
-
-
5,258
107,486
-
(1,521)
-
-
105,965
-
500
-
-
-
500
12,895
2,912
(2,228)
-
-
13,579
25,407
-
-
-
-
25,407
561
-
-
-
-
561
254,583
112,779
(40)
-
(247,622)
119,700
409,239
118,691
(9,338)
-
(247,622)
270,970
2,713,170
437,004
(212,093)
152,460
-
3,090,541

The Jewel in the Dowry Fund assists with the running costs of St Mary's Church, Warrington.

The Shrine Maintenance Fund was received when St Mary's Church was given to the charity and is to be used for the maintenance of St Mary's Church.

The Vestment Fund holds funds for priestly vestments.

The Music Fund was received when St Mary's Church was given to the charity and is to be used to support the choirs at St Mary's Church.

The Development Fund was received when St Mary's Church was given to the charity and is to be used for capital improvements to the church and priory.

The Pro-Life Fund holds funds for Pro-Life activities.

The Priory Court Fund was set up to purchase and maintain units at Priory Court, Warrington. Units 2 and 3 were purchased in the previous year, with the remaining Unit 1 being purchased during the year, and a transfer has been made to the unrestricted fund in respect of this.

During the year, the trustees decided to designate £139,793 of the unrestricted fund to the Priory Court project for the renovation of the units.

Page 22

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 MARCH 2021

17 ANALYSIS OF NET ASSETS BY FUND

ANALYSIS OF NET ASSETS BY FUND
Fixed Assets
Equity investments
Current Assets
Current Liabilities
Total net assets at 31 March 2021		 Restricted
2021
General
Designated
Funds
Total
£
£
£
£
1,632,245
-
-
1,632,245
660,926
-
100,000
760,926
399,200
139,793
170,970
709,963
(12,593)
-
-
(12,593)
Unrestricted Funds
2,679,778
139,793
270,970
3,090,541

18 POST BALANCE SHEET EVENT

The global pandemic, Covid-19 continued to have an impact on the charity. However, the charity has been fortunate not to have suffered financially and the trustees believe that the charity will be able to continue for at least the next twelve months.

Page 23

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 MARCH 2021

19 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Income:
Donations and legacies
Charitable activities
Total
Expenditure on:
Charitable activities
Other
Total
Net income for the year
Fund transfer
Unrealised gains
on revaluation of investments
Net movement in funds
Total funds bought forward
Total funds carried forward		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2020
2020
2020
£
£
£
211,272
156,560
367,832
28,890
-
28,890
240,162
156,560
396,722
199,306
12,267
211,573
2,000
-
2,000
201,306
12,267
213,573
38,856
144,293
183,149
497,003
(497,003)
-
(40,266)
-
(40,266)
495,593
(352,710)
142,883
1,808,338
761,949
2,570,287
2,303,931
409,239
2,713,170

Page 24