REGISTERED CHARITY NUMBER: 230948
Report of the Trustees and
Audited Financial Statements
for the Year Ended 31 December 2020
for
THE SOCIETY OF ST PAUL THE APOSTLE
Harmer Slater Limited Chartered Accountants & Registered Auditors Salatin House 19 Cedar Road Sutton Surrey SM2 5DA
THE SOCIETY OF ST PAUL THE APOSTLE
Contents of the Financial Statements for the Year Ended 31 December 2020
| Page | |
|---|---|
| Report of the Trustees | 1 to 6 |
| Report of the Independent Auditors | 7 to 10 |
| Statement of Financial Activities | 11 |
| Statement of Financial Position | 12 to 13 |
| Statement of Cash Flows | 14 |
| Notes to the Statement of Cash Flows | 15 |
| Notes to the Financial Statements | 16 to 29 |
| Detailed Statement of Financial Activities | 30 to 31 |
THE SOCIETY OF ST PAUL THE APOSTLE
Report of the Trustees for the Year Ended 31 December 2020
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Society, through the activities of its priests and brothers, aims to spread the Gospel through the media of social communication as expressed in the constitution and other official documents of the Society of St Paul the Apostle.
The original trust deed dated 10th November 1955 and the supplemental trust deed dated 5th July 2021 requires the trustees to hold the trust fund and the income thereof upon trust to apply the same either as capital or as income for the advancement of the Roman Catholic religion in England and Wales by such lawful charitable means in keeping with the aims of the Society as the trustees think fit.
The Society's main objects are:-
(a) the perfection of charity (to be attained through the spirit and practice of the evangelical counsels of poverty, chastity and obedience in common life) and the evangelisation of humankind through its apostolic activity in and through the media of social communication.
(b) to assist all sections of the society and especially the simple, the poor and the masses far away from truth and religion to a better knowledge of the truth about Jesus Christ and the Christian religion, and with that object, and generally, to promote the circulation of and to disseminate books, other publications and audio visual products inculcating and advancing the truth about Jesus Christ, his sacrifice mission and the Good News of God's love for humankind.
Significant activities
The Charity consists of the St Paul multimedia centres in London, Leeds and Birmingham, and the Community and Publishing Divisions. Surplus stocks of books are stored in the St Paul distribution centre in Manchester.
The St Paul distribution centre in Manchester became a wholesale division of St Paul, engaged in the distribution and promotion of books and products from the UK and overseas, covering a wide range of subjects. It stocks and distributes St Paul publications, books and products from other publishers and distributors for which St Paul has distribution rights.
The St Paul centre in Manchester has enabled improved logistics and distribution of St Paul publications within the UK and outside.
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THE SOCIETY OF ST PAUL THE APOSTLE
Report of the Trustees for the Year Ended 31 December 2020
OBJECTIVES AND ACTIVITIES
Public benefit
The trustees have had regard to the Charity Commission's guidance on public benefit.
One of the principal commitments of the Society in terms of its mission is integrating with the organic pastoral actions of the Church, both on a general and a local level. The Charity, through its religious order of priests and brothers does this by cooperating with local churches in areas of social communication and dovetailing its own programmes with those of the Church.
Besides employing the media of social communication with the objective of evangelisation, the Society also trains people to use these media for their own well-being and development, for healthy relaxation and spiritual uplift.
The Society contributes to the education of readers, viewers and listeners through appropriate publications and aids. Furthermore, by focusing on the content of publications, the Society carries out various undertakings of a formative-teaching nature in aid of schools, institutes and associations.
The Society seeks to evangelise the more educated classes, those who represent the field of letters, science and the arts: persons who often exert a determining influence on public opinion. With this in mind the Society encourages its members to cultivate specialised research studies. Two members of the Society continue their research studies in Journalism and Media Management.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
It is the policy of the Charity to further the advancement of the Roman Catholic religion by undertaking a range of charitable activities.
The principal charitable activities of the St Paul multimedia centres are the dissemination of books, periodical publications, CDs, DVDs, mini media, etc that contribute to pre-evangelisation and furtherance of the Roman Catholic faith so that all human thought and knowledge will be permeated by the Gospel.
The principal charitable activities of the Community and Publishing Divisions are that of looking after the community of priests and brothers of the society and publishing books and multimedia products.
Fundraising activities
The principal fundraising activities of the Charity are the trading activities to achieve the charitable objectives, carried out through the St Paul multimedia centres, publishing and distribution activities. The Charity does not carry out significant fundraising from the public; it does not engage in any fundraising activities directly or indirectly. The Charity has converted a building into residential flats to generate a consistent source of additional funds to achieve its objectives.
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THE SOCIETY OF ST PAUL THE APOSTLE
Report of the Trustees for the Year Ended 31 December 2020
FINANCIAL REVIEW
Financial position
The London multimedia centre is the central point of all operations of the Society of St Paul the apostle, including publishing, distribution and multimedia, and it provides support to the other multimedia centres in Birmingham and Leeds. The Society believes that these centres serve and contribute to the objectives of the Charity. The operations in these centres are regularly reviewed to ensure that they achieve their stated goals.
Due to the Covid-19 pandemic, this year has been a challenging one for the Society of St Paul the apostle. However, despite the difficulties, the Charity continued to serve the community during the pandemic within the operating guidelines of the government. In its effort to reach out to a wider community, the Charity focused on e-marketing, thus reducing the physical barriers in reaching out to a wider community. The Charity is hoping to expand to Scotland, with a view to operationalising this in the next few months, and legal formalities are underway in order to establish a multi-media centre in Edinburgh.
Investment policy and objectives
The Society has decided to continue to invest more in developing its website and online marketing in order to reach out to a larger number of people. Therefore, it has decided to revamp the existing website to have greater functionality and to have more products displayed through it.
Reserves policy
The Reserves Fund represents the unrestricted funds arising from past operating results. It also represents the free reserves of the Society, which includes its fixed assets. The trustees are satisfied that the cash reserves of £268,415 are sufficient to meet the medium term direct charitable expenditure.
Going concern
Although turnover has reduced during the lockdown period and subsequently, the prompt steps and procedures implemented by the Charity have helped to keep costs to a minimum. Opening its media centres (with the exception of Hinsley) and the distribution division have helped to achieve a reasonable turnover. The additional source of regular funds generated from the investment property will also help the Charity. The legacy of prudent financial management over many years and the Charity's strong place in its market will enable it to operate in this exceptionally difficult period.
FUTURE PLANS
In line with one of the key objectives of the Trust, the first activity the Charity intends to begin in early 2022 is a Christian Book Centre which will cater to the Christian populations in Scotland, especially in Edinburgh. This centre will supply value-based and Christian literature and will also supply religious articles necessary for liturgical celebrations. Besides, it will also cater to both young Catholics in their faith formation, as well as mature Catholics for their ongoing faith formation. The Charity also intends to begin publishing and distribution of Christian literature in Scotland in the future. This will promote local authors and local culture. The new multi-media centre will be located in a property leased out to the Trust by the Archdiocese of St Andrews & Edinburgh, situated at 61 York Place, Edinburgh, EH1 3JD. The furnishing of the proposed book centre is underway, and the trustees hope to begin trading activities shortly. At the request of the Archbishop, the Order will also offer priestly ministry to the Catholics in Edinburgh.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
The accounts accompanying this report are the accounts of the charitable trust of the Province of England and Wales. The trust is governed by a trust deed dated 10th November 1955 and is registered with the Charity Commission as 'The Society of St Paul the Apostle', charity registration number 230948.
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THE SOCIETY OF ST PAUL THE APOSTLE
Report of the Trustees for the Year Ended 31 December 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
The trustees are appointed by a deed of appointment between the new trustees and the continuing trustees. The trustees are from the Religious Community of the Society of St Paul.
Organisational structure
The trustees in office during the year and up to the date of signing this report were as follows: Rev Fr Joshy Joseph Thumpakattu Chairman Rev Fr Jose Mathew Rev Fr Celso Godilano Rev Dn Jose Jereus Bangcaya
Decision making
The Society's mission involves the use of substantial assets and this brings with it, as a consequence, complex and wide-ranging administrative tasks. The board of trustees, who are members of the Society, are responsible for the acquisition and management of all material goods needed for furthering the Society's charitable objectives. A wider consultation and deliberation is undertaken when a major decision or investment is required which involves the Directors of Publication, Media Management and Multimedia Centres.
Wider network
The Society of St Paul the Apostle is an international Roman Catholic religious congregation founded in Alba, Italy in 1914. The general governing body is located in Rome. The Society is divided into a number of separate provinces in various parts of the world.
Related parties
The Society of St Paul the Apostle, London is the head office of the mission for the U.K. It is closely associated with the mission and activities in Maynooth, Ireland, as both same societies share the same goal and mission. For the Society of St Paul, UK and Ireland are considered as one region and any trading transactions between these two societies is treated as in the normal course of business.
All other societies in the various countries are independent and only related as being under the same religious congregation. However, any trading transactions with societies in the various countries are treated as in the normal course of business.
Risk management
The trustees have conducted a review and assessed the major risks to which the charity is exposed, in particular those in relation to the operations and finances of the Charity. They are satisfied that a risk mitigation procedure appropriate for their expansion has been implemented.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
230948
Principal address
Morpeth Terrace Victoria London SW1P 1EP
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THE SOCIETY OF ST PAUL THE APOSTLE
Report of the Trustees for the Year Ended 31 December 2020
Trustees
The trustees in office during the year were as stated in the organisational structure.
The titles to the certain properties have been held in the name of founder trustees and other trustees who are no longer on the board. They are the late Rev Fr Sebastian Karamvelil SSP, Rev Fr Aderico Dolzani SSP and Rev Fr Joseph Nechikattil SSP. All of them were or are members of the religious congregation. The Society is in the process of transferring the titles to the current trustees.
Rev Fr Joby Madan SSP is the Chief Executive of the Society and is in charge of the Social Media Management. He together with the other trustees is actively involved in the day-to-day affairs of the Society. The senior management to whom the trustees delegate the day-to-day management responsibilities are:
Dr Christopher Shell London Multimedia Centre Mr Lorenzo Torri Birmingham Multimedia Centre Mrs Catherine Whatmough Hinsley Hall Multimedia Centre Mr Valerio Colombo Manchester St Pauls Distribution Mr Jose Lopes Finance/Accounts
Auditors
Harmer Slater Limited Chartered Accountants & Registered Auditors Salatin House 19 Cedar Road Sutton Surrey SM2 5DA
Solicitors
Martin Shepherd Solicitors LLP 753 High Road North Finchley London N12 8LG
EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.
STATEMENT OF DISCLOSURE TO THE AUDITORS
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information (as defined by the Charities Act 2011) and to establish that the charity's auditors are aware of that information. The trustees confirm that there is no relevant information that of and of which the auditors are unaware.
Mani Chacko & Co Ltd resigned as the charity's auditors during 2020. Harmer Slater Ltd were appointed to fill the vacancy and have express their willingness to continue in office. A resolution for the reappointment of Harmer Slater Limited will be proposed at the forthcoming annual general meeting.
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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
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THE SOCIETY OF ST PAUL THE APOSTLE
Report of the Trustees for the Year Ended 31 December 2020
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity 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 charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 20 DECEMBER 2021 and signed on its behalf by:
Joshy Joseph Signed on 21/12/21 @ 11:16 .................................................................
Rev Fr Joshy J Thumpakattu - Trustee
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Report of the Independent Auditors to the Trustees of The Society of St Paul the Apostle
Qualified opinion
We have audited the financial statements of The Society of St Paul the Apostle (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion, except for the effects of the matter described in the Basis for qualified opinion on financial statements paragraph, the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 December 2020 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for qualified opinion on the financial statements
We were not appointed as auditor of the charity until after 31 December 2020 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2020, which are included in the balance sheet at £826,675, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.
We conducted our audit in accordance with International Standards on Auditing (UK) (iss (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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the fri'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 qualified opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' 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 charity'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 trustees with respect to going concern are described in the relevant sections of this report.
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Report of the Independent Auditors to the Trustees of The Society of St Paul the Apostle
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 trustees are responsible for the other information contained within the annual report. 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.
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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.
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Report of the Independent Auditors to the Trustees of The Society of St Paul the Apostle
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 a Report of the Independent Auditors 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.
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience of the charity;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Charities Act 2011, Charities SORP (FRS 102), The Equality Act 2010, General Data Protection Rules (GDPR), taxation legislation, anti-bribery, employment law and health and safety legislation;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement to disclosures underlying supporting documentation;
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enquiring of management as to actual and potential litigation and claims; and
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reviewing correspondence with HMRC, analysing legal costs to ascertain if there have been instances of non-compliance with laws and regulations
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Report of the Independent Auditors to the Trustees of The Society of St Paul the Apostle
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Harmer Slater Limited, Statutory Auditor Salatin House 19 Cedar Road Sutton Surrey SM2 5DA
20 December 2021
Harmer Slater Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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THE SOCIETY OF ST PAUL THE APOSTLE
Statement of Financial Activities for the Year Ended 31 December 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Other trading activities 3 Investment income 4 Total EXPENDITURE ON Raising funds 5 Charitable activities 6 Multimedia centres Publishing & community Other Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ - 925,054 80,337 1,005,391 625,099 372,814 144,405 12,000 1,154,318 17,000 (131,927) 3,299,083 3,167,156 |
Endowment funds £ - - - - - - - - - - - 974,518 974,518 |
31.12.20 Total funds £ - 925,054 80,337 1,005,391 625,099 372,814 144,405 12,000 1,154,318 17,000 (131,927) 4,273,601 4,141,674 |
31.12.19 Total funds £ 86,009 1,593,170 53,391 |
|---|---|---|---|---|
| 1,732,570 1,098,523 257,441 199,687 12,000 |
||||
| 1,567,651 1,248,733 |
||||
| 1,413,652 2,859,949 |
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| 4,273,601 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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THE SOCIETY OF ST PAUL THE APOSTLE
Statement of Financial Position 31 December 2020
| Notes FIXED ASSETS Tangible assets 10 Investment property 11 CURRENT ASSETS Stocks 12 Debtors 13 Cash at bank and in hand CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 15 NET ASSETS |
Unrestricted funds £ 1,062,056 1,694,533 2,756,589 826,675 98,924 268,415 1,194,014 (454,449) 739,565 3,496,154 (328,998) 3,167,156 |
Endowment funds £ 430,551 543,967 974,518 - - - - - - 974,518 - 974,518 |
31.12.20 Total funds £ 1,492,607 2,238,500 3,731,107 826,675 98,924 268,415 1,194,014 (454,449) 739,565 4,470,672 (328,998) 4,141,674 |
31.12.19 Total funds £ 1,551,951 2,221,500 3,773,451 847,217 110,983 226,604 1,184,804 (371,159) 813,645 4,587,096 (313,495) 4,273,601 |
|---|---|---|---|---|
The notes form part of these financial statements
continued...
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THE SOCIETY OF ST PAUL THE APOSTLE
Statement of Financial Position - continued 31 December 2020
| FUNDS 18 Unrestricted funds Endowment funds TOTAL FUNDS |
3,167,156 974,518 4,141,674 |
3,299,083 974,518 |
|---|---|---|
| 4,273,601 |
The financial statements were approved by the Board of Trustees and authorised for issue on 20 DECEMBER 2021 and were signed on its behalf by:
Joshy Joseph Signed on 21/12/21 @ 11:16 ............................................. Rev Fr Joshy J Thumpakattu - Trustee
JOSE JEREUS BANGCAYA ............................................. Signed on 21/12/21 @ 11:06
Rev Dn Jose J Bangcaya - Trustee
The notes form part of these financial statements
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THE SOCIETY OF ST PAUL THE APOSTLE
Statement of Cash Flows for the Year Ended 31 December 2020
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash provided by/(used in) investing activities Cash flows from financing activities Loan repayment to related parties Net cash used in financing activities Change in 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 |
31.12.20 £ 46,811 46,811 - - (5,000) (5,000) 41,811 226,604 268,415 |
31.12.19 £ 327,785 327,785 (284,093) (284,093) (125,696) (125,696) (82,004) 308,608 226,604 |
|---|---|---|
The notes form part of these financial statements
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THE SOCIETY OF ST PAUL THE APOSTLE
Notes to the Statement of Cash Flows for the Year Ended 31 December 2020
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| OPERATING ACTIVITIES | |||
|---|---|---|---|
| 31.12.20 | 31.12.19 | ||
| £ | £ | ||
| Net (expenditure)/income for the reporting period (as | per the | ||
| Statement of Financial Activities) | (131,927) | 1,413,652 | |
| Adjustments for: | |||
| Depreciation charges | 59,344 | 58,992 | |
| Exchange rate movement in loans | 20,503 | (20,636) | |
| Unrealised gain on investment property | (17,000) | (1,248,733) | |
| Decrease in stocks | 20,542 | 71,479 | |
| Decrease in debtors | 12,058 | 138,687 | |
| Increase/(decrease) in creditors | 83,291 | (85,656) | |
| Net cash provided by operations | 46,811 | 327,785 | |
| ANALYSIS OF CHANGES IN NET DEBT | |||
| At 1.1.20 | Cash flow | At 31.12.20 | |
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 226,604 | 41,811 | 268,415 |
| 226,604 | 41,811 | 268,415 | |
| Debt | |||
| Debts falling due within 1 year | (25,000) | - | (25,000) |
| Debts falling due after 1 year | (313,495) | (15,503) | (328,998) |
| (338,495) | (15,503) | (353,998) | |
| Total | (111,891) | 26,308 | (85,583) |
- ANALYSIS OF CHANGES IN NET DEBT
The notes form part of these financial statements
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THE SOCIETY OF ST PAUL THE APOSTLE
Notes to the Financial Statements for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
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 the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. Although turnover has reduced during the post year end lockdown period, the prompt steps and procedures implemented by the Charity have enabled the charity to keep costs to a minimum. The additional source of regular funds generated from the investment property help the Charity. The legacy of prudent financial management over many years and the Charity's strong place in its market will enable it to operate in this exceptionally difficult period.
Judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with Charities SORP (FRS 102) requires the trustees to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are discussed below:
Valuation of freehold property held as investment
The freehold property was revalued at the year end to its fair value on the basis of market value. Market value represents the figure that would appear in a hypothetical contract of sale between a willing buyer and a willing seller. Market value is estimated without regard to costs of sale. Property valuation is inherently subjective and contains a number of assumptions upon which the trustees have based their valuation of the charity's properties. The assumptions on which the valuation have been based include, but are not limited to, matters such as recent comparable market transactions on arm's length terms, the tenure and tenancy details for the properties, ground conditions at the properties and the structural condition of the properties. The carrying amount at the year end is £2,238,500 (2019: £2,221,500).
Page 16
continued...
THE SOCIETY OF ST PAUL THE APOSTLE
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES - continued
Changes in accounting policies
The depreciation policy for freehold land and buildings changed in the previous year in accordance with the requirements of the applicable accounting standards. The buildings are in constant use in furtherance of the Society's charitable objectives and are properly maintained to standards that ensure that their residual value is not less than their book value. The trustees consider the expected life of the properties to be a further period of between 25 and 50 years. The additional depreciation due to the change is £32,088 (2019- £32,088). No adjustment is made for the depreciation charges for the previous years.
Income
All income is recognised in the Statement of Financial Activities. Once the Charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.
Raising funds
Raising funds for its charitable purposes includes all expenditure towards costs of sales and other costs of generating funds from the multimedia centres and publishing activity. The investment management costs represent the estate agent's costs for letting and managing of the investment property.
Charitable activities
Charitable activities include providing facilities and services to the public through the multimedia centres as well as publishing books and multimedia products. The charitable activities also include supporting and looking after the community of priests and brothers of the religious order.
Support costs
Cost allocation involves judgement to some extent, and the Society had to consider the cost-benefit of detailed calculations and record keeping. The support costs include an element attributable to the trading activity for the multimedia centres and publishing activities. Hence these are allocated towards the expenditure on raising funds as cost of other trading activities. A portion of the running costs of the multimedia centres, the publishing activities and support of the community is attributable to charitable activities. The trustees are of the opinion that the basis of allocation is fair and reasonable.
continued...
Page 17
THE SOCIETY OF ST PAUL THE APOSTLE
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES - continued
| Tangible fixed assets | |
|---|---|
| Freehold property | The freehold land and buildings are shown on the balance sheet |
| at cost, including any improvement cost. The buildings are in | |
| constant use in furtherance of the Society's charitable objectives | |
| and are properly maintained to standards that ensure that their | |
| residual value is not less than their book value. The trustees | |
| consider the expected life of the property to be between 25 and | |
| 50 years. Accordingly, depreciation is provided as follows: | |
| Office & residential - 2% on a straight line basis. |
|
| Warehouse - 4% on a straight line basis. |
|
| Short leasehold property | Short leasehold property is shown on the balance sheet at cost |
| less depreciation. Depreciation is provided so as to write off the | |
| cost of the leasehold property over the remaining period of the | |
| lease. | |
| Furniture & fittings | 25% on a reducing balance basis. |
| Computer & equipment | 25% on a reducing balance basis. |
| Motor vehicles | 25% on a straight line basis. |
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised as unrealised gains/losses in the funds.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds comprise accumulated surpluses and deficits on general funds that are available for use at the discretion of the trustees in furtherance of the general objectives of the Society and that have not been designated for other purposes.
Endowment funds are monies which must be held indefinitely as capital dependent on the type of endowment. A permanent endowment is an asset or cash given to the charity to be held in perpetuity as capital. An expendable endowment is an asset or cash given to the charity to be held as capital with trustees having the power to use the capital for income. When such power is exercised the expendable endowment is transferred to unrestricted funds. The income generated from endowment funds can be used for general purposes and is credited directly to unrestricted funds.
Revaluation reserve funds are unrestricted funds. They constitute the surplus or deficit on revaluation of investment that is recognised in the financial statements.
continued...
Page 18
THE SOCIETY OF ST PAUL THE APOSTLE
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES - continued
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Leasing commitments
Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as obligations to the lessor.
Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the profit and loss account in proportion to the balance outstanding.
Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The Charity operates a defined contribution pension scheme. Contributions payable to the Charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. DONATIONS AND LEGACIES
| Contributions receivable 3. OTHER TRADING ACTIVITIES Sales - Multimedia centres Sales - Publishing & distribution Royalties received Other income Government grants Other receipts |
31.12.20 £ - 31.12.20 £ 765,836 43,402 1,288 93,803 20,000 725 925,054 |
31.12.19 £ 86,009 31.12.19 £ 1,473,748 113,661 1,509 - - 4,252 |
|---|---|---|
| 1,593,170 |
continued...
Page 19
THE SOCIETY OF ST PAUL THE APOSTLE
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
| 4. INVESTMENT INCOME Rents receivable 5. RAISING FUNDS Other trading activities Opening stock Purchases Closing stock Post & freight Travel & subsistence Advertisement & promotion Support costs Investment management costs Rent collection & management Aggregate amounts 6. CHARITABLE ACTIVITIES COSTS Multimedia centres Publishing & community |
Direct Costs £ 281,247 84,540 365,787 |
31.12.20 £ 80,337 31.12.20 £ 847,217 394,999 (826,675) 21,530 3,563 2,309 165,590 608,533 31.12.20 £ 16,566 625,099 Support costs (see note 7) £ 91,567 59,865 151,432 |
31.12.19 £ 53,391 31.12.19 £ 918,696 803,241 (847,217) 22,311 10,696 7,389 173,939 1,089,055 31.12.19 £ 9,468 1,098,523 Totals £ 372,814 144,405 517,219 |
|
|---|---|---|---|---|
continued...
Page 20
THE SOCIETY OF ST PAUL THE APOSTLE
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
7. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Other trading activities Other resources expended Multimedia centres Publishing & community Activity Finance Information technology Human resources |
Information Finance technology £ £ 9,057 15,720 - - 2,588 4,491 1,294 2,246 12,939 22,457 Basis of allocation 70%:0%:20%:10% 70%:0%:20%:10% 50%:0%:30%:20% |
Human Governance resources costs £ £ 140,813 - - 12,000 84,488 - 56,325 - 281,626 12,000 |
Totals £ 165,590 12,000 91,567 59,865 |
| 329,022 | |||
Support costs, included in the above, are as follows:
Finance
| Bank & credit card charges Information technology Hire of equipment Repairs and renewals IT support & web |
31.12.20 31.12.19 Other trading Multimedia Publishing Total Total activities centres & community activities activities £ £ £ £ £ 9,057 2,588 1,294 12,939 19,282 31.12.20 31.12.19 Other trading Multimedia Publishing Total Total activities centres & community activities activities £ £ £ £ £ 1,209 345 173 1,727 4,589 380 108 54 542 7,306 14,131 4,038 2,019 20,188 13,555 15,720 4,491 2,246 22,457 25,450 |
|---|---|
continued...
Page 21
THE SOCIETY OF ST PAUL THE APOSTLE
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
7. SUPPORT COSTS - continued Human resources
| Salary & wages Social security Pensions Governance costs Auditors' remuneration |
Other trading Multimedia Publishing activities centres & community £ £ £ 131,276 78,766 52,511 7,193 4,316 2,877 2,344 1,406 937 140,813 84,488 56,325 |
31.12.20 Total activities £ 262,553 14,386 4,687 281,626 31.12.20 Other resources expended £ 12,000 |
31.12.19 Total activities £ 265,254 15,670 4,329 285,253 31.12.19 Total activities £ 12,000 |
|---|---|---|---|
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
9. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
31.12.20 £ 262,553 14,386 4,687 281,626 |
31.12.19 £ 265,254 15,670 4,329 |
|---|---|---|
| 285,253 |
The average monthly number of employees during the year was as follows:
| 31.12.20 | 31.12.19 | |
|---|---|---|
| Multimedia centres | 14 | 14 |
| Mail order | 2 | 2 |
| Publishing & distribution | 1 | 1 |
| Community | 1 | 1 |
| 18 | 18 |
continued...
Page 22
THE SOCIETY OF ST PAUL THE APOSTLE
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
9. STAFF COSTS - continued
No employees received emoluments in excess of £60,000.
10. TANGIBLE FIXED ASSETS
| COST At 1 January 2020 and 31 December 2020 DEPRECIATION At 1 January 2020 Charge for year At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
Freehold property £ 1,320,834 32,088 32,088 64,176 1,256,658 1,288,746 |
Short leasehold £ 834,251 587,677 23,283 610,960 223,291 246,574 |
Fixtures and fittings £ 132,770 121,161 2,715 123,876 8,894 11,609 |
Computer equipment £ 50,484 45,462 1,258 46,720 3,764 5,022 |
Totals £ 2,338,339 |
|---|---|---|---|---|---|
| 786,388 59,344 |
|||||
| 845,732 | |||||
| 1,492,607 | |||||
| 1,551,951 |
Included in the cost of freehold property is freehold land & building of £1,320,834 (2019£1,320,834) of which £430,551 ( 2019- £430,551) is represented by a permanent endowment.
The title to one fixed asset property has been held in the name of founder trustees and other trustees who are no longer on the board. They are the late Rev Fr Sebastian Karamvelil SSP, Rev Fr Aderico Dolzani SSP and Rev Fr Joseph Nechikattil SSP. All of them were or are members of the religious congregation. The Society is in the process of transferring the title to the current trustees.
11. INVESTMENT PROPERTY
| FAIR VALUE At 1 January 2020 Revaluation At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
£ 2,221,500 17,000 |
|---|---|
| 2,238,500 | |
| 2,238,500 | |
| 2,221,500 |
The title to the property has been held in the name of founder trustees and other trustees who are no longer on the board. They are the late Rev Fr Sebastian Karamvelil SSP and Rev Fr Joseph Nechikattil SSP. Both of them were or is a member of the religious congregation. The Society is in the process of transferring the title to the current trustees.
continued...
Page 23
THE SOCIETY OF ST PAUL THE APOSTLE
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
11. INVESTMENT PROPERTY - continued
The the original cost together with any improvement cost of a freehold land and building is classified as investment property, of which £543,967 (2019- £543,967) is represented by a permanent endowment.
The fair value of the investment property has been arrived at on the basis of a valuation carried out as at 31 December 2020 by the Trustees of the Charity. The valuation was made on an open market value basis by reference to market rental yield for similar properties in London.
12. STOCKS
| Books and other articles 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors |
31.12.20 £ 826,675 31.12.20 £ 59,476 10,262 29,186 98,924 31.12.20 £ 291,489 30,118 132,842 454,449 |
31.12.19 £ 847,217 |
|---|---|---|
| 31.12.19 £ 70,202 7,625 33,156 |
||
| 110,983 | ||
| 31.12.19 £ 214,027 21,946 135,186 |
||
| 371,159 |
Included in other creditors is £25,000 relating to a loan from the Society of St Paul, Maynooth, Ireland. (See below for further details).
continued...
Page 24
THE SOCIETY OF ST PAUL THE APOSTLE
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| 31.12.20 | 31.12.19 | |
|---|---|---|
| £ | £ | |
| Other creditors | 328,998 | 313,495 |
Other creditors represent loan from the Society of St Paul, Maynooth, Ireland. The loan is a foreign currency loan, interest-free, unsecured and repayable in instalments.
16. LOANS
An analysis of the maturity of loans is given below:
| Other Loans: | ||
|---|---|---|
| 31.12.20 | 31.12.19 | |
| £ | £ | |
| Amounts falling due | 25,000 25,000 75,000 213,495 |
|
| - within one year or on demand | 25,000 | |
| - between one and two years | 25,000 | |
| - between two and five years | 75,000 | |
| - repayable in instalsments over 5 years | 228,998 | |
| 353,998 | 338,495 | |
17. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
| Within one year Between one and five years In more than five years |
31.12.20 £ 104,665 392,660 539,908 1,037,233 |
31.12.19 £ 104,665 399,160 588,990 |
|---|---|---|
| 1,092,815 |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £92,030 (2019: £98,165).
Page 25
continued...
THE SOCIETY OF ST PAUL THE APOSTLE
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
18. MOVEMENT IN FUNDS
| At 1.1.20 £ Unrestricted funds General fund 2,050,350 Revaluation reserve fund 1,248,733 3,299,083 Endowment funds Regional permanent endowment 974,518 TOTAL FUNDS 4,273,601 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 1,005,391 (1,154,318) Revaluation reserve fund - - 1,005,391 (1,154,318) TOTAL FUNDS 1,005,391 (1,154,318) Comparatives for movement in funds At 1.1.19 £ Unrestricted funds General fund 1,885,431 Revaluation reserve fund - 1,885,431 Endowment funds Regional permanent endowment 974,518 TOTAL FUNDS 2,859,949 |
Net movement in funds £ (148,927) 17,000 (131,927) - (131,927) Gains and losses £ - 17,000 17,000 17,000 Net movement in funds £ 164,919 1,248,733 1,413,652 - 1,413,652 |
At 31.12.20 £ 1,901,423 1,265,733 3,167,156 974,518 4,141,674 Movement in funds £ (148,927) 17,000 (131,927) (131,927) At 31.12.19 £ 2,050,350 1,248,733 3,299,083 974,518 4,273,601 |
|---|---|---|
Page 26
continued...
THE SOCIETY OF ST PAUL THE APOSTLE
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
18. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Revaluation reserve fund TOTAL FUNDS |
Incoming resources £ 1,732,570 - 1,732,570 1,732,570 |
Resources expended £ (1,567,651) - (1,567,651) (1,567,651) |
Gains and losses £ - 1,248,733 1,248,733 1,248,733 |
Movement in funds £ 164,919 1,248,733 1,413,652 1,413,652 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Revaluation reserve fund Endowment funds Regional permanent endowment TOTAL FUNDS |
At 1.1.19 £ 1,885,431 - 1,885,431 974,518 2,859,949 |
Net movement in funds £ 15,992 1,265,733 1,281,725 - 1,281,725 |
At 31.12.20 £ 1,901,423 1,265,733 |
|---|---|---|---|
| 3,167,156 974,518 |
|||
| 4,141,674 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Revaluation reserve fund TOTAL FUNDS |
Incoming resources £ 2,737,961 - 2,737,961 2,737,961 |
Resources expended £ (2,721,969) - (2,721,969) (2,721,969) |
Gains and losses £ - 1,265,733 1,265,733 1,265,733 |
Movement in funds £ 15,992 1,265,733 1,281,725 1,281,725 |
|---|---|---|---|---|
continued...
Page 27
THE SOCIETY OF ST PAUL THE APOSTLE
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
18. MOVEMENT IN FUNDS - continued
Regional expendable endowment
The fund is the contribution made by the Society of St Paul, Maynooth, Ireland, the regional office of the Society, for the set up and operations of the various multimedia centres and the publishing activity. The amount was originally given as a loan and subsequently converted into an endowment. As these funds have already been utilised for operations, this amount has been transferred to unrestricted funds.
Regional permanent endowment
The fund is the contribution made by the Society of St Paul, Maynooth, Ireland, the regional office of the Society, for the acquisition of the freehold property of the Charity. The amount was originally given as a loan and subsequently converted into an endowment. Income arising from the fund is unrestricted and can be used for the charitable activities of the Society.
19. EMPLOYEE BENEFIT OBLIGATIONS
The charity contributes to a defined contribution pension scheme for its employees. The pension cost charge for the period represents contributions payable by the charity to the respective scheme and amounted to £4,687 (2019: £4,329).
Contributions totalling £396 (2019 - £417) were payable to the scheme at the end of the year and are included in payables.
20. CAPITAL COMMITMENTS
At 31 December 2020, the charity had no contractual capital commitment (2019: £nil).
21. RELATED PARTY DISCLOSURES
The related party transactions with the Society of St Paul, Maynooth, Ireland are:
| 31.12.20 | 31.12.19 | |
|---|---|---|
| £ | £ | |
| Contributions received | - | 86,609 |
| Loans due to Region | 353,998 | 338,495 |
The Society of St Paul, UK and the Society of St Paul, Ireland are both related in so far as the trustees of both charities belong to the same religious order.
The loan is interest-free, unsecured and repayable in instalments.
continued...
Page 28
THE SOCIETY OF ST PAUL THE APOSTLE
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
22. POST BALANCE SHEET EVENTS
There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements other than the ongoing effects of the outbreak of the contagious disease Covid-19.
This remains an emerging global risk for all individuals and businesses. It is not clear for how long the current outbreak will last or how much more extensive it will become, or the further measures that will be taken by governments and others to seek to control the outbreak and its impact.
Page 29
THE SOCIETY OF ST PAUL THE APOSTLE
Detailed Statement of Financial Activities for the Year Ended 31 December 2020
| INCOME AND ENDOWMENTS Donations and legacies Contributions receivable Other trading activities Sales - Multimedia centres Sales - Publishing & distribution Royalties received Other income Government grants Other receipts Investment income Rents receivable Total incoming resources EXPENDITURE Other trading activities Opening stock Purchases - Multimedia Purchases - Publishing & distribution Post & freight Travel & subsistence Advertisement & promotion Closing stock Investment management costs Rent collection & management Charitable activities Rent Rates and water Insurance Light and heat Telephone Carried forward |
31.12.20 £ - 765,836 43,402 1,288 93,803 20,000 725 925,054 80,337 1,005,391 847,217 345,184 49,815 21,530 3,563 2,309 (826,675) 442,943 16,566 92,030 6,757 7,504 25,225 17,832 149,348 |
31.12.19 £ 86,009 1,473,748 113,661 1,509 - - 4,252 1,593,170 53,391 1,732,570 918,696 756,669 46,572 22,311 10,696 7,389 (847,217) 915,116 9,468 98,165 9,393 8,655 12,923 26,141 155,277 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 30
THE SOCIETY OF ST PAUL THE APOSTLE
Detailed Statement of Financial Activities for the Year Ended 31 December 2020
| Charitable activities Brought forward Postage and stationery Sundries Repairs - premises Staff welfare Legal & professional Contributions payable Membership & subscriptions Royalties Exchange (gains)/losses Household & healthcare expenses Training Freehold property Short leasehold Fixtures and fittings Computer equipment Support costs Finance Bank & credit card charges Information technology Hire of equipment Repairs and renewals IT support & web Human resources Salary & wages Social security Pensions Governance costs Auditors' remuneration Total resources expended Net (expenditure)/income |
31.12.20 £ 149,348 40,881 4,032 21,427 41 3,900 - 1,130 4,676 30,370 44,042 6,595 32,088 23,283 2,716 1,258 365,787 12,939 1,727 542 20,188 22,457 262,553 14,386 4,687 281,626 12,000 1,154,318 (148,927) |
31.12.19 £ 155,277 47,141 (57,475) 24,269 1,413 2,150 10,032 5,443 4,543 (13,692) 51,939 11,050 32,088 23,283 2,873 748 301,082 19,282 4,589 7,306 13,555 25,450 265,254 15,670 4,329 285,253 12,000 1,567,651 164,919 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 31