OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Fraternitas Sacerdotalis Sancti Petri Limited

2025-03-29-accounts

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

TRUSTEES’ ANNUAL REPORT AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR TO

31 MARCH 2025

Charity Registration Number: 1129964 Company Registration Number: 06852978

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

CONTENTS Page
Charity Information 1
Trustees’ Annual Report 2
Report of the Independent Examiner 9
Statement of Financial Activities 10
Balance Sheet 11
Cash flow Statement 12
Notes to the Financial Statements 13
Comparative Statement of Financial Activities 22

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

CHARITY INFORMATION

YEAR ENDED 31 MARCH 2025

Trustees: The Reverend Father Armand Miche de Malleray
The Reverend Father Matthew Goddard
The Reverend Father Andrzej Komorowski
The Reverend Father John Emerson
The Reverend Father John Berg (appointed 27 February 2025)
The Reverend Father Stefan Reiner (resigned 27 February 2025)
Company Secretary: The Reverend Father Matthew Goddard
Registered office: St Mary’s Priory
Smith Street
Warrington
Cheshire WA1 2NS
Independent Examiner: Domenico Maurello
Chartered Tax Advisers and
Chartered Certified Accountants
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 2025

The trustees, who are the directors of Fraternitas Sacerdotalis Sancti Petri Limited, present their report and financial statements for the year ended 31 March 2025. 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 allocated this specific role. Given the charity’s small size and the nature of staff members' roles, no decisions are delegated to staff members.

The charity is currently organised into four regions, three of which are local (Reading, Warrington and Bedford) and the other covers the rest of England and Wales. The larger region handles occasional work outside of the other three 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 Bedford centre, while the other now manages the Warrington 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 administrator 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 (Fraternitas Sacerdotalis Sancti Petri in Latin, or ‘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'.

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.

Page 2

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

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, e.g. 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 activities at the charity’s house in Reading, in Bedford and at St Mary's Shrine Church, 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 2024/25 financial year, 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, Reading and Bedford, a spiritual retreat was led for lay people, chaplaincy duties continued three and a half days a week at the Royal Berkshire Hospital in Reading, along with chaplaincy duties on a monthly basis to a group of about seventy young Catholic adults in London. Furthermore, two youth summer camps were held, a retreat was led, a vocation retreat for young laymen, while chaplaincy support was given to two pro-life annual conferences run by the Society for the Protection of Unborn Children (SPUC).

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 forms of worship and discipline of the Roman Catholic Church, particularly what the Church now refers to as the ‘1962 Missal’. By furthering the availability of, and access to, these traditional forms of worship and discipline through its activities, the charity advances the religious and other charitable work of the Roman Catholic Church for the benefit of the public.

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:

Page 3

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 MARCH 2025

REVIEW OF ACTIVITIES (continued)

The significant activities undertaken are as follows:

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

In ‘England and Wales’ (i.e. national activities):

The consistency and stability of our Warrington, Bedford 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 known as Priory Court, which fundraising enabled the charity to acquire and maintain, will significantly enhance the facilities in 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 before 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.

Page 4

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 MARCH 2025

REVIEW OF ACTIVITIES (continued)

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.

The charity is undertaking steps to increase the numbers attending at Reading, Bedford (including its satellite) and Warrington, and participating in its national activities. In the longer term, it is hoped that further centres/parishes are opened across the country.

In order to achieve an increase in activities and numbers in Warrington, the charity acquired the Priory Court property, behind St Mary’s Church, to increase much-needed meeting space. The project has been beset with problems of one kind or another from the outset. While works on the property commenced in mid-2023, the works ground to a halt in May 2024 when the contractor unexpectedly announced that he was selling his business as a going concern, pulling his workers off site, awaiting the new owner’s oversight. However, the company is no longer trading under its new owner – a company based in Florida, USA. The Charity has been badly failed by this development, not only in terms of not having the ability to use any of the premises, but also has since identified significant losses in respect of work paid for but not undertaken. This is shown in the accounts as an impairment loss. We have sought solutions to recover these losses, through complaints to the Financial Ombudsmen Service regarding our insurer and an adjudication process against the quantity surveying service which represented us during the works. Unfortunately, these were not upheld, and we are going to have all that has been done reviewed by someone senior in legal services in order to help us to look at next steps to recover losses and get the facility opened. We also intend exploring the use of project management companies for future building works.

There have been significant developments in terms of planning for necessary repairs and maintenance of St Mary’s Church building, which is a particularly fine Grade 2 listed structure. With significant holdups around some planned works to stabilise some deteriorating masonry and clean paintwork, after the accounting period end we made a fresh start in terms of contracting architectural services, and took on a specialist conservation architect who is well known and respected locally by the regulatory body for works on historic Catholic church buildings, the Historic Churches Committee (HCC). A new baseline inspection has been completed and most of the findings professionally costed. As is very often the case, larger elements of repairs and renewal will have to be funded via grants; but our architect and HCC believe we are well placed to make successful applications, given the church building’s notable architectural and cultural importance.

The 150[th] anniversary of the opening of St Mary’s Shrine is going to be celebrated in 2027. In preparation, as an improvement of importance to the life and daily worship within the building, a modest fundraising campaign of £50,000 has commenced to recreate the high altar (main altar in the church’s sanctuary) which had been removed in the 1970s (a temporary wooden structure is currently being used). Given all the disappointment around the Priory Court property, this is also a way of boosting morale within the Mass-going community. By March 2026, 57% of the £50,000 target has been raised.

PLANS FOR FUTURE DEVELOPMENTS

After various administrative holdups, the ground floor of Unit 1 of Priory Court has been refurbished and was opened up in March 2026, in order to provide St Mary’s Shrine community with somewhere further to meet, beyond the church narthex.

Page 5

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 MARCH 2025

ACHIEVEMENTS AND PERFORMANCES The significant activities undertaken were the daily operations in Warrington, Reading and Bedford. Objectives were for:

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

These sources directly fund the day-to-day work of the charity and this supports its key objectives.

Social, environmental and ethical considerations sit at the heart of the decision to let our second property in Woodley, Reading, at below market rate to those who could not otherwise be parishioners in Reading, due to high housing costs.

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, was £466,000 (2024: £381,000). Charitable activities generated £39,000 (2024: £29,000) of income. Unrestricted income amounted to £462,000 (2024: £302,000), an increase of £160,000, or 53% and restricted income amounted to £43,000 (2024: £108,500), a decrease of £65,500, or 60%.

Page 6

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 MARCH 2025

FINANCIAL REVIEW AND RESERVES POLICY (continued)

Total income for the year of £505,000 (2024: £410,500) did not cover the costs of £949,000 (2024: £458,000), which included the impairment losses of £569,000, (2024: £141,000). The trustees obtained valuations of the properties owned by the charity and these supported the need for the impairment review and hence the adjustment during the year. The net expenditure, before revaluations of investments, for the year amounted to £444,000 (2024: £47,500).

In respect of its equity investments, the charity made unrealised gains in the year of £27,000 (2024: £48,500). Overall, the charity had a total deficit of £417,000 for the year (2024: £1,000 total surplus). The accumulated unrestricted funds at 31 March 2025 were £2,820,500 (2024: £3,262,000), including fair value reserves of £408,000 (2024: £381,500) and restricted funds stood at £181,000 (2024: £156,000). The charity’s total funds were £3.0m (2024: £3.4m) at the year end.

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.

However, due to financial challenges faced in completing the works on Priory Court, Warrington, in autumn 2023 the trustees decided to suspend the reserves policy in order to facilitate the completion of phase 1 of those works, recognising that not to do so would have a major detrimental impact on the charity’s reputation and the general morale in the Warrington centre.

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 £896,500 at the year-end. This figure is arrived at by deducting the sum of restricted funds of £181,000, non-distributable reserves of £408,500, and tangible fixed assets of £1,516,000 from the charity's total funds of £3.0m. The Reserves are held in cash and a common investment fund.

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 these 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 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).

Page 7

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

YEAR ENDED 31 MARCH 2025

TRUSTEES’ ANNUAL REPORT

LEGAL FRAMEWORK AND STATEMENT OF TRUSTEES’ RESPONSIBILITIES (continued)

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 and must not sign them if they do not.

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.

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 29 April 2026

Page 8

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

YEAR ENDED 31 MARCH 2025

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 2025.

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 the Association of Chartered Certified Accountants, 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 that in any material respect:

  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.

Domenico Maurello Keelings Limited Chartered Tax Advisers and Chartered Certified Accountants Broad House 1 The Broadway Old Hatfield Hertfordshire AL9 5BG

29 April 2026

Page 9

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

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

YEAR ENDED 31 MARCH 2025

Notes
Income:
Donations and legacies
8
Charitable activities
8
Total
Expenditure:
Charitable activities
Impairment losses
Other
Total
4 & 5
Net (expenditure)/income for the year
2
Unrealised gains/(losses)
on revaluation of investments
10
Net movement in funds
Total funds bought forward
Total funds carried forward
15		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2025
2025
2025
£
£
£
423,204
42,799
466,003
38,976
12
38,988
462,180
42,811
504,991
353,389
18,171
371,560
568,948
-
568,948
8,400
-
8,400
930,737
18,171
948,908
(468,557)
24,640
(443,917)
26,938
-
26,938
(441,619)
24,640
(416,979)
3,262,302
156,336
3,418,638
2,820,683
180,976
3,001,659		 Total
Funds
2024
£
381,103
29,212
410,315
309,097
141,601
7,200
457,898
(47,583)
48,480
897
3,417,741
3,418,638

The split of the comparatives between unrestricted and restricted funds for this Statement of Financial Activities is given in Note 17.

The notes form part of these financial statements

Page 10

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED (COMPANY NUMBER: 06852978)

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
FIXED ASSETS
Tangible assets
9
Equity investments
10
CURRENT ASSETS
Debtors
11
Cash at bank and in hand
CREDITORS: amounts falling due
within one year
12
NET CURRENT ASSETS
NET ASSETS
FUNDS AND RESERVES
Unrestricted funds
General funds
15
Fair value reserve
15
Restricted funds
15
TOTAL FUNDS		 £
£
1,515,850
857,853
2,373,703
139,371
501,060
640,431
(12,475)
627,956
3,001,659
2,412,332
408,351
2,820,683
180,976
3,001,659
2025		 2024 2024
£
139,371
501,060
640,431
(12,475)
 £
146,299
342,613
488,912
(34,308)		 £
2,133,120
830,914
2,964,034
454,604
3,418,638
2,880,889
381,413
3,262,302
156,336
3,418,638

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

These financial statements were approved by the Board of Trustees and authorised for issue on 29 April 2026 and were signed on its behalf by:

Reverend Father Matthew Goddard

Trustee

The notes form part of these financial statements

Page 11

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

CASH FLOW STATEMENT

AS AT 31 MARCH 2025

Cash flows from operating activities:
Adjustments for:
Depreciation
Impairment
Bank interest received
Bank interest paid
Losses/(gains) on investments
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Cash flows from investing activities:
Payments to purchase fixed assets
Bank interest received
Cash flows from financing activities:
Bank interest paid
Change in cash in year
Net cash provided by/(used in) investing activities
Net income/(expenditure) for the reporting period (as per
the statement of fiancial activities) - net movement in
funds
Net cash provided by /(used in) operating activities
Net cash provided by/(used in) investing activities
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the reporting
period		 Total
£
(416,979)
48,321
568,948
(4,836)
2,398
(26,938)
6,928
(21,833)
156,009
-
4,836
4,836
(2,398)
(2,398)
158,447
342,613
501,060
2025		 Total
£
897
44,012
141,601
-
2,017
(48,480)
54,950
(67,678)
2024
127,319
(512,833)
-
(512,833)
(2,017)
(2,017)
(387,531)
730,144
342,613

The notes form part of these financial statements

Page 12

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

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 and the Charities Act 2011. As the charity is small, the disclosure requirements of section 1A of FRS 102 have been adopted, other than where disclosure is required to show a true and fair view. 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 (£).

Significant Judgements and Estimates

Estimates and judgements are periodically evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Actual results may differ from these estimates.

The company's critical accounting judgements and estimates are in respect of impairment of assets and depreciation.

Details of these judgements and estimates are described in the relevant accounting policy as set out below:

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 the Income and Expenditure account.

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 the Income and Expenditure account.

In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Page 13

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (Continued)

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.

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

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 its financial instruments.

Page 14

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (Continued)

Financial instruments (continued)

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 i i l b i li h d l h li bili i l l

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price, including transaction costs and, if due to be realised after one year, 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.

Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Going concern

The trustees have a reasonable expectation that the charity will continue to operate for at least the next twelve months and so these financial statements have been prepared on the going concern basis.

2. NET (EXPENDITURE)/INCOME
This is stated after charging:
Depreciation of owned fixed assets
Impairment losses
Independent Examiner’s remuneration
Auditors' remuneration
Accountancy		 2025
£
48,321
568,948
5,600
‐
2,800		 2024
£
44,012
141,601
-
4,800
2,400
  1. TRUSTEES' REMUNERATION AND REIMBURSED EXPENSES

No trustee received remuneration in connection with his services as trustee, but two trustees were paid stipends of £4,260 each, totalling £8,520 (2024: £8,520) and car allowances of £4,260 each, totalling £8,520 (2024: £8,520); additionally, a trustee had pension contributions of £3,286 (2024: £3,267), and another trustee had National Insurance contributions of £824 (2024: £796), paid on his behalf. These payments to or for trustees were in respect of their services as priests.

There were no other related party transactions in the year.

Page 15

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 MARCH 2025

4. EXPENDITURE

Charitable activities
Rent and rates
Repairs and maintenance
Light and heat
Insurance
St Mary's choir costs
Travel and motor expenses
Food
Church/retreat
Printing and stationery
Books and literature
Liturgical costs
Priests’ allowances
Priests' costs
Bank interest and charges
Sundry
Bookkeeping fees
Wages
Telephone
Depreciation
Grant and donations paid - individuals
Legal and professional fees
Impairment losses
Other costs - governance
Total expenditure		 Unrestricted
Restricted
Total
Funds
Funds
2025
£
£
£
43,035
-
43,035
17,380
18,080
35,459
23,381
-
23,381
10,828
-
10,828
1,634
-
1,634
30,139
-
30,139
17,599
-
17,599
38,379
38,379
13,250
-
13,250
4,772
-
4,772
31,577
-
31,577
28,245
-
28,245
5,716
-
5,716
2,307
91
2,398
3,874
-
3,874
2,601
-
2,601
21,446
-
21,446
4,613
-
4,613
48,321
-
48,321
2,000
-
2,000
2,293
-
2,293
353,389
18,171
371,560
568,948
-
568,948
8,400
-
8,400
930,737
18,171
948,908		 Total
2024
£
24,184
25,534
19,023
10,393
2,103
30,162
17,437
30,586
15,677
3,470
21,197
27,512
4,980
2,017
1,447
2,311
21,180
3,816
44,012
1,265
792
309,097
141,601
7,200
457,898

Included above are impairment losses amounting to £568,948 (2024: £141,601) that reflect the diminution in value of improvements to property. This matter is referred to further in note 9 to the accounts.

Page 16

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 MARCH 2025

5 EXPENDITURE BY ACTIVITIES

EXPENDITURE BY ACTIVITIES
Rent and rates
Repairs and maintenance
Light and heat
Insurance
St Mary's choir costs
Travel and motor expenses
Food
Church/retreat
Printing and stationery
Books and literature
Liturgical costs
Priests’ allowances
Priests' costs
Bank interest and charges
Sundry
Wages
Telephone
Depreciation
Impairment losses
Grant and donations paid - individuals
Legal and professional fees
Support costs
Total expenditure		 Dowry
Camps/
Total
Magazine
Retreats Warrington
Reading
2025
£
£
£
£
£
-
-
3,838
39,196
43,035
-
-
34,780
679
35,459
-
-
17,583
5,798
23,381
-
-
10,828
-
10,828
-
-
1,634
-
1,634
-
-
17,800
12,338
30,139
-
-
10,532
7,067
17,599
-
38,379
-
-
38,379
8,561
-
4,030
660
13,250
-
-
2,124
2,648
4,772
-
-
9,316
22,261
31,577
-
-
17,240
11,005
28,245
-
-
884
4,831
5,716
-
-
1,394
1,003
2,398
-
-
2,250
1,626
3,876
-
-
21,446
-
21,446
-
-
1,820
2,793
4,613
-
-
48,321
-
48,321
-
-
568,948
-
568,948
-
-
-
2,000
2,000
-
-
2,293
-
2,293
8,561
38,379
777,062
113,907
937,908
100
450
9,114
1,336
11,000
8,661
38,829
786,176
115,243
948,908		 Total
2024
£
24,184
25,534
19,023
10,393
2,103
30,162
17,437
30,586
15,677
3,470
21,197
27,512
4,980
2,017
1,448
21,180
3,816
44,012
141,601
1,265
792
448,388
9,510
457,898

The charity incurred support costs of £11,000 (2024: £9,510). These have been allocated pro-rata to the expenditure directly incurred on activities.

6 FUNDS RECEIVED AS AGENT

During the year, the charity collected £19,030 (2024: £20,292) on behalf of organisations affiliated to the charity, and paid over £20,365 (2024: £18,780) to these organisations. At the year-end, the charity was holding £1,907 (2024: £3,242) on behalf of these organisations.

Page 17

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 MARCH 2025

7
STAFF COSTS
Wages
Number of employees, including part-time staff,
employed during the year (in administration and the choir):
No employee earned more than £60,000 during the year (2024 - nil).		 2025
Total
£
21,446
3		 2024
Total
£
21,180
3
8
INCOME
Donations and legacies:
General donations
Legacy
Gift aid tax recoverable
Charitable Activities
Sale of books and other items
Rental income
Retreats
Interest received
Total income		 Unrestricted
Restricted
Total
Funds
Funds
2025
£
£
£
372,262
42,799
415,061
10,000
-
10,000
40,942
-
40,942
423,204
42,799
466,003
6,815
-
6,815
12,000
-
12,000
15,337
-
15,337
4,824
12
4,836
38,976
12
38,988
462,180
42,811
504,991		 Total
2024
£
341,117
-
39,986
381,103
5,248
11,000
12,964
-
29,212
410,315

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 totalling £121,844 from six individuals (2024: £14,000 from two individuals).

Page 18

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 MARCH 2025

9 TANGIBLE FIXED ASSETS

Cost or valuation
At 1 April 2024
At 31 March 2025
At 1 April 2024
Charge for the year
Impairment
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
Accumulated depreciation
and impairment		 Freehold
Land &
Improvements
Buildings
to Property
£
£
1,760,710
766,766
1,760,710
766,766
222,732
173,585
23,500
24,233
-
568,948
246,232
766,766
1,514,478
-
1,537,978
593,182		 Fixtures,
Fittings &
Equipment
£
60,864
60,864
58,904
588
-
59,492
1,372
1,960		 Total
£
2,588,340
2,588,340
455,221
48,321
568,948
1,072,490
1,515,850
2,133,120

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 cost basis, the freehold land and buildings would have been included at an original cost of £1,735,210 (2024: £1,735,210).

During the year, an impairment review of the improvements to property was carried out, for the reasons mentioned in the Trustees' annual report under the review of activities section. The trustees believe this to be a permanent diminution in value.

Page 19

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 MARCH 2025

10
INVESTMENTS HELD AS FIXED ASSETS
Valuation at 1 April 2024
Fair value adjustments
Valuation at 31 March 2025		 2025
2024
£
£
830,914
782,434
26,939
48,480
857,853
830,914

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.

11
DEBTORS
Prepayments and accrued income
Gift aid tax recoverable
12
CREDITORS: amounts falling due within one year
Accrued expenses
Other creditors		 2025
£
10,215
129,156
139,371
2025
£
9,768
2,707
12,475		 2024
£
8,656
137,643
146,299
2024
£
30,266
4,042
34,308

13 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.

14 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. Its registered numbers and registered office address are on the Information Page.

Page 20

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 MARCH 2025

15 STATEMENT OF FUNDS

STATEMENT OF FUNDS
Unrestricted Funds
General fund
Fair value reserve:
Freehold land and buildings
Equity investments
Restricted Funds:
Shrine Maintenance Fund
Shrine Purchases Fund
Music Fund
Pro-life Fund
Priory Court Fund
Total funds		 At 1 April
At 31 March
2024
Income
Expenditure
Revaluation
2025
£
£
£
£
£
2,880,889
462,180
(930,737)
-
2,412,332
2,880,889
462,180
(930,737)
-
2,412,332
25,500
-
-
-
25,500
355,913
-
-
26,938
382,851
381,413
-
-
26,938
408,351
132,182
6,781
(17,706)
-
121,257
10,000
-
-
-
10,000
11,973
-
-
-
11,973
2,181
-
-
-
2,181
-
36,030
(465)
-
35,565
156,336
42,811
(18,171)
-
180,976
3,418,638
504,991
(948,908)
26,938
3,001,659

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

The Shrine Purchases Fund was set up for the purchase of items to be used at St Mary's Church.

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 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.

Page 21

FRATERNITAS SACERDOTALIS SANCTI PETRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 MARCH 2025

16 ANALYSIS OF NET ASSETS

ANALYSIS OF NET ASSETS
Unrestricted Funds Restricted 2025
General Designated Funds Total
£ £ £ £
Fixed Assets 1,515,850 - - 1,515,850
Equity investments 757,853 - 100,000 857,853
Current Assets 559,455 - 80,976 640,431
Current Liabilities (12,475) - - (12,475)
Total net assets at 31 March 2025 2,820,683 - 180,976 3,001,659
COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
Funds Funds Funds
2024 2024 2024
£ £ £
Income:
Donations and legacies 272,666 108,437 381,103
Charitable activities 29,212 - 29,212
Total 301,878 108,437 410,315
Expenditure on:
Charitable activities 307,543 1,554 309,097
Impairment losses 141,601 - 141,601
Other 7,200 - 7,200
Total 456,344 1,554 457,898
Net (expenditure)/income for the year (154,466) 106,883 (47,583)
Fund transfer 169,487 (169,487) -
Unrealised gains/(losses)
on revaluation of investments 48,480 - 48,480
Net movement in funds 63,501 (62,604) 897
Total funds bought forward 3,198,801 218,940 3,417,741
Total funds carried forward 3,262,302 156,336 3,418,638

Page 22